Abcourt announces its Results for the Second Quarter ended December 31, 2022
For immediate release
TSX Venture: ABI.V
Abcourt announces its Results for the Second Quarter ended December 31, 2022
Rouyn-Noranda, Canada, February 22, 2023 - Abcourt Mines Inc. ( “Abcourt” or the
“Company”) (TSX Venture: ABI) announces its results for the second quarter ended
December 31, 2022.
Highlights for the Quarter ended December 31, 2022
Revenue of $4,118,938 for the quarter ended December 31, 2022 from the sale of gold
ounces from the cleaning of the Sleeping Giant processing plant.
Profit of $310,151 and adjusted net profit of $477,855, compar ed to a net loss of
$1,821,716 and adjusted net loss of $1,224,168 for the same period in 2022.
Cost of sales of $2,001,514, compared to $8,670,386 in Q1-2022 , a significant decrease
explained by the cessation of mining operations at the Elder mine.
Ounces sold were 1,723 compared to 3,165 for the same period i n 2022 and come from
mill cleaning. The average price realized on the sale of gold f or the quarter was $2,353
per ounce of gold, compared to $2,253 in Q2-2022, which is comparable.
Cash of $1,057,859, compared to $720,512 as of June 30, 2022. Negative working capital
of $3,585,982 compared to a negative working capital of $5,246,416 as of June 30, 2022;
A significant improvement in liquidity and working capital duri ng the quarter and the six-
month period ended December 31, 2022 compared to June 30, 2022, part of which is
related to financing activities.
On December 13, 2022, the Company published an update of the M ineral Resource
Estimate (ERM) for the Sleeping Giant Mine. Abcourt almost dou bled its mineral
resources inventory for the Sleeping Giant Mine.
The Company mandated an independent firm to design the geologi cal model and prepare
an update of the mineral resources estimate of its Discovery and Flordin properties located
80 km east from the Sleeping Giant mill.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a gold producer and a Canadian exploration corporation with strategically
located properties in northwestern Québec, Canada. Abcourt owns the Sleeping Giant mill and
mine where it concentrates its activities.
For further information, please visit our website at www.abcourt.com , and consult our filings under
Abcourt's profile on www.sedar.com, 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
FORWARD-LOOKING INFORMATION
Certain information contained herein may constitute “forward-looking information” under Canadian
securities legislation. Generally, forward-looking information can be identified by the use of forward-looking
terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”,
“might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”,
“could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other si milar expressions. Forward-
looking statements, including the ex pectations of Abcourt’s management regarding the completion of the
Transaction, are based on Abcourt’s estimates and are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activi ty, performance or achievements of
Abcourt to be materially different from those expres sed or implied by such forward-looking statements or
forward-looking information. Forward-looking statements are subject to business and economic factors and
uncertainties, and other factors that could cause actual results to differ materially from these forward-looking
statements, including the relevant assumptions and ri sks factors set out in Ab court’s public documents,
available on SEDAR at www.sedar.com. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
statements. Although Abcourt believes that the assump tions and factors used in preparing the forward-
looking statements are reasonable, undue reliance should not be placed on these statements and forward-
looking information. Except where required by applicable law, Abcourt disclaims any intention or obligation
to update or revise any forward-looking statement, whether as a result of new information, future events or
otherwise.
The TSX Venture Exchange and its regulatory service provider (as defined in the policies of the TSX
Venture Exchange) assume no responsibility for the adequacy or accuracy of this press release.