Abcourt Presents an Update of Its Operational and Corporate Activities
For immediate release
TSX Venture: ABI.V
ABCOURT PRESENTS AN UPDATE OF ITS OPERATIONAL AND CORPORATE
ACTIVITIES
Rouyn-Noranda, Canada, October 5, 2022 - Abcourt Mines Inc. (“A bcourt” or the
“Corporation”) (TSX Venture: ABI) is pleased to present an update on its operational and
corporate activities. The Corporation is preparing the restart of the Sleeping Giant mine with the
technical teams who are currently establishing the mining plans from the reserves defined in the
Technical Report 43-101 - Feasibility study of the Sleeping Gia nt project, published on July 31,
2019. The plan is to rehabilitate the old drifts and raises fo r a rapid restart at low capital cost.
The surface infrastructure, the mill and the tailing storage fa cility are currently maintained and
prepared for start-up in 2023.
The Corporation is working to complete the financial package fo r the start-up in 2023. The ore
processing plant at the Sleeping Giant mine is operational and has all the government
authorizations to start mining and processing the ore on the Sl eeping Giant site. During this
preparatory period, Abcourt undertook the recovery of gold from its processing plant. Indeed,
Abcourt commissioned the firm Kalem Consulting of Sudbury to re cover the gold trapped in the
circuit. Gold recovery in the circuit will run until early 2023.
Along with the preparatory activities for a possible extraction at Sleeping Giant, Abcourt mandated
the firm InnovExplo of Val-d'Or to build the 3D geological mode l of the Sleeping Giant mine and
incorporate more than 35 years of geological data into a single model. Subsequently, InnovExplo
will update the mineral resources at the Sleeping Giant mine. The Corporation expects to release
this resource update in the first quarter of 2023.
Transaction concerning the acquisition of Pershimex Resources C orporation
(“Pershimex”) by Abcourt
On June 9, 2022, Abcourt announced the signing of a non-binding letter of intent with Pershimex.
Essentially, Abcourt, through a three-cornered amalgamation (th e “Transaction”) is proposing to
acquire all of the issued and outstanding shares of Pershimex.
Abcourt announces today the signing of an amended letter of int ent with Pershimex which
modifies the one dated June 9, 2022. The amended letter of inte nt aims to clarify the rights and
obligations of the parties, in particular the abandonment of th e exclusivity offered by Pershimex
to Abcourt and the magnitude of the termination costs, all depe nding on the progress of the
discussions between Abcourt and Pershimex to finalize the Transaction.
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.