Abcourt Announces its Results for the First Quarter ended September 30, 2023
For immediate release
TSX Venture: ABI.V
Abcourt Announces its Results for the First Quarter ended September 30, 2023
Rouyn-Noranda, Canada, November 29, 2023 - Abcourt Mines Inc. (“Abcourt” or the
“Corporation”) (TSX Venture: ABI) announces its results for the three months ended
September 30, 2023. All monetary values in this press release are expressed in Canadian dollars,
unless otherwise indicated.
Highlights for the Quarter ended September 30, 2023
Revenue of $255,000 for the quarter ended September 30, 2023, from the sale of waste
rock at the Elder mine site.
A net loss of $2,449,243, compared to a net income of $1,110,358 for the quarter ended
September 30, 2022.
Cash of $1,060,390, compared to $963,974 as of June 30, 2023. Working capital of the
Company of $(5,069,466) compared to $(4,476,223) as of June 30, 2023.
On July 12, the Company announced the appointment of Mr. Robert Gagnon, geologist,
as vice-president of exploration for the Company. As part of his new role, Mr. Gagnon will
direct all exploration activities for mining properties, including the evaluation of
partnerships to accelerate the development of certain of the Company's properties. Mr.
Robert Gagnon holds a bachelor's degree in geology from the University of Quebec at
Chicoutimi and is a member of the Order of Geologists of Quebec. Mr. Gagnon has
extensive experience in managing exploration projects and evaluating deposits. He was
President of Pershimex Resource Corporation from 2013 until its merger with the
Company in May 2023 and as such, has very good knowledge of the mining properties
thus acquired from Pershimex.
On July 19, 2023, the Company announced the filing of the technical report and
preliminary economic assessment of the Sleeping Giant Project (“ PEA”) in accordance
with Regulation 43-101 respecting Information Concerning Mining Projects.
On August 23, the Company granted 17,500,000 stock options to directors, officers,
employees and consultants of the Company. Of the 17,500,000 stock options, 13,300,000
were granted to directors and officers and 1,800,000 stock options were granted to
persons providing investor relations services. The stock options have an exercise price of
$0.05 and a term of 5 years. These options were granted under the Company's stock
option plan, which was amended to increase the maximum number of shares that may be
issued upon exercise of options to 42,810,000, representing 10% of the number of issued
shares of the Company.
On August 29, 2023, the Company announced the appointment of Jasmine Hinse as
director of the Company, replacing Renaud Hinse who died in June 2023.
On September 14, 2023, Abcourt announced the restart of the Sleeping Giant Mill in Fall
2023. The plant will begin the processing with material from the Pershing-Manitou deposit.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a Canadian gold exploration Corporation with properties strategically located
in northwestern Quebec, Canada. Abcourt 100% owns the Sleeping Giant mill and mine where
it concentrates its activities. The Sleeping Giant mine has a mining lease, as well as environmental
certificates of authorization to extract up to 750 tonnes per day from its underground mine.
For further information, please visit our website at www.abcourt.ca, and consult our filings under
Abcourt's profile at www.sedarplus.ca, or contact:
Pascal Hamelin
President and CEO
T: (819) 768-2857
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276, post 456
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains “forward -looking information” within the meaning of applicable Canadian
securities legislation based on expectations, estimates and projections as at the date of this news release.
Such forward-looking information includes, but i s not limited to, statements concerning the revocation of
the MCTO. Forward -looking information involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to differ materially from thos e expressed
or implied by such forward -looking information. Factors that could cause actual results to differ materially
from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain
required approvals; un certainties relating to the availability and costs of financing needed in the future;
changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects;
other risks involved in the mineral exploration and develop ment industry; and those risks set out in the
Corporation’s public documents filed on SEDAR+ at www.sedarplus.ca. Although the Corporation believes
that the assumptions and factors used in preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information, which only applies as of the date of
this news release, and no assurance can be given that such events will occur in the disclosed time frames
or at all. The Corporation disclaims any intention or obligation to update or revise any forward -looking
information, whether as a result of new information, future events or otherwise, other than as required by
law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news
release.