Abcourt Announces its Results for the Third Quarter ended March 31, 2024
For immediate release
TSX Venture: ABI.V
Abcourt Announces its Results for the Third Quarter ended March 31, 2024
Rouyn-Noranda, Canada, May 29, 2024 - Abcourt Mines Inc. (“Abcourt” or the
“Corporation”) (TSX Venture: ABI) (OTCQB : ABMBF) announces its results for the three
months ended March 31, 2024 . All monetary values in this press release are expressed in
Canadian dollars, unless otherwise indicated. The financial statements and management report
are available on SEDAR+.
Highlights for the Quarter ended March 31, 2024
• Exploration work totaling $1,765,615 for the quarter, exploration expenses incurred
mainly on the Sleeping Giant property for the underground drilling campaign for an
amount of approximately $1,709,229.
• Following the work carried out during the quarter, the Corporation confirmed the
existence of a second gold mineralized zone to the east of the Flordin deposit towards
the Cartwright deposit in the Lebel -sur-Quévillon region, 100% owned by the
Corporation.
• The Corporation carried out 1,096 meters of definition and exploration drilling on the 4
upper levels of the mine in order to refine the geological model on these levels and
plan the mining development engineering.
• Since the restart of the Sleeping Giant processing plant in February 2024 and until the
end of the quarter, the Corporation has processed 2,325 tonnes of mineralized material
from the Pershing-Manitou deposit and a total of 2,821 tonnes since November 2023.
As of March 31, 2024, approximately 2,200 tonnes of material remain to complete the
processing of the bulk sampling of the Pershing- Manitou deposit. A reconciliation of
the contents will be carried out when the 5,000 tonnes will have been fully processed.
The Corporation has mandated an independent firm specializing in metallurgy to
supervise the milling campaign for Pershing- Manitou mineralized material and to
reconcile the milled grades with the grades of the extracted mineral resources.
• On March 12, 2024, the Corporation announced a non-brokered private placement of
up to 100,000,000 units at a price of $0.05 per unit for anticipated total gross proceeds
of up to $5,000,000. It is anticipated that the net proceeds of the Offering will be used
to advance the development and exploration activities of the Sleeping Giant gold
project in the Abitibi greenstone belt of Quebec, as well as for working capital and
general corporate needs of the Corporation.
• Following the private placement, one of the directors of the Corporation, François
Mestrallet, will become a dominant shareholder of the Corporation (as this term is
defined in the policies of the TSX Venture Exchange).
• On March 26, 2024, the Corporation completed a first tranche of the private placement
for gross proceeds of $1,436,234, representing 28,724,688 units at a price of $0.05
per unit. Each unit consists of one class “B” common share of the Corporation and one
common share purchase warrant, each warrant entitling its holder to subscribe for one
common share at an exercise price of 0.06 $ for a period of 3 years from the date of
issue of the warrant.
• A net loss for the quarter of $2,892,142, or a loss per share of $0.01, compared to a
net income of $1,471,857 or net income per share of $0.00, for the same period in
2023.
• Cash of $1,016,408 as of March 31, 2024, compared to $963,974 as of June 30, 2023.
Working capital of $(4,788,700) compared to $(4,476,223) as of June 30, 2023.
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, ext. 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; uncertainties 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.