Abcourt presents its Objectives for 2023 and a Corporate Update
For immediate release
TSX Venture: ABI.V
Abcourt presents its Objectives for 2023 and a Corporate Update
Rouyn-Noranda, Canada, February 23, 2023 - Abcourt Mines Inc. ( “Abcourt” or the
“Company”) (TSX Venture: ABI) is proud to present its objectives for the next year following the
update of the Mineral Resource Estimate (MRE) at the Sleeping Giant mine, as well as a corporate
update.
2023 Objectives
Starting with the 2022 ERM at Sleeping Giant, Abcourt is worki ng with several
independent firms to complete a preliminary economic study (PEA ) for a rapid restart of
the Sleeping Giant mine. Abcourt expects to publish its PEA in the quarter ending June
30, 2023.
o The PEA will be based on starting operations from existing min e infrastructure.
o The initial capital costs will mainly consist of an upgrade of surface infrastructure,
the construction of a camp for the workers, the rehabilitation of the old drifts
towards the new areas and the development of new drifts towards the areas
inaccessible by the existing drifts.
o The mine and the plant have all the environmental certificates of authorization to
proceed with a rapid start-up once a pre-feasibility study is completed.
Based on the new geological model, the Company is planning a 1 5,000 m drilling
campaign at the Sleeping Giant mine in 2023 to continue increas ing mineral resources.
The objectives are to increase inferred resources and convert c ertain inferred resources
to indicated resources by drilling in existing drifts underground.
Abcourt has been advancing the ERM update for the Flordin and Discovery deposits with
an independent firm since the fall of 2022. The Company expects to be able to publish
this update in early spring 2023. Thereafter, the Company plans to start a surface drilling
campaign from the new 3D model generated with the ERM update.
Abcourt continues to clean up its ore processing plant. Gold s ales will continue into the
next quarter.
Abcourt begins a process to find buyers to monetize its base m etal assets in the short and
medium term.
Corporate Update
Given the current equity market situation affecting Canadian capital markets and more specifically
the mining exploration industry, Abcourt and Pershimex Resource s Corporation have agreed to
extend the closing date of the merger by 60 days, until April 29, 2023.
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.