Update ON the Preparation Work FOR the Opening of the Sleeping Giant MINE _________________________________________________________________
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FOR IMMEDIATE RELEASE
TSX Venture – ABI.V
August 27, 2020
UPDATE ON THE PREPARATION WORK FOR THE OPENING OF THE
SLEEPING GIANT MINE
_________________________________________________________________
Rouyn-Noranda, Québec, Canada, August 27, 2020
Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML -BE and Frankfurt Stock Exchanges: AML -FF)
(“Abcourt” or the “Corporation”), is pleased to announce that the preparation work for the opening of the
Sleeping Giant mine is progressing as planned and that the objective of producing some ore at the
Sleeping Giant mine, at the end of September or the beginning of October is attainable. To date, more
than $5M has been invested in this project and the Company was able to do that with the Elder mine cash
flow. The Company is very proud to have realized this project without contracting any debt.
Work to be done:
Shaft No.1 is used for the ventilation of mine and as an escape way. The old timber in the manway has to
be replaced by new timber.
Shaft No.2 is used for production and services. We have to repair and re -enforce the landings in the
manway.
The drifts that connect the two shafts have to be re-habilitated, as needed.
Work history:
The rehabilitation of the mill and tailings pond was started immediately after the purchase of the property
in 2016 and continues. The mine now has to be rehabilitated for its re-opening.
Repair work in the mine was started in the second quarter of the annual period ending on June 30, 2020.
It consisted in having the needed installations and the equipment for the work to be done. The repair of
landings in shafts No.1 and No.2 followed. This work was stopped in December 2019 but it was re-started
on April 16, 2020, with the re -opening of the mine after the closure due to Covid -19. For this work, we
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made sure that the timber used (Douglas fir) would last a long time and allow the operation to continue for
many years.
In a press released dated June 5, 2020, we announced that work to re-open the we announced that work
to re-open the Sleeping Giant mine had started.
Progress made on mine rehabilitation
In Shaft No.1, repairs were done from surface to level 100 and the additional timber needed to repair the
shaft to level 235 meters was recently received. This will enable us to complete the repair work in shaft
No.1.
In Shaft No.2, all repairs have been done. The re-enforcing of landings and the installation of guards
remain to be done.
The drifts that connect shaft No.1 with shaft No.2 were upgraded on levels 55, 100, 145 and 190.
After the repair of shaft No.1 to level 235 and after the upgrading of drifts on levels 235 and 295, we will
start to produce some ore, probably at the end of September or beginning of October 2020.
STRATEGY AND OUTLOOK
Currently, the Corporation is focussed on gold. At the Elder mine, our objective is to increase production
to 12,500 tonnes per month of gold mineralization.
We wish to use the full capacity of the Sleeping Giant mill by opening the Sleeping Giant mine. This should
reduce the operating cost per tonne treated.
For the long-term, in the gold sector, the Co rporation is planning a $2M drilling program at the Sleeping
Giant gold property where substantial unexplored gold mineralization is found.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically located
properties in northwestern Quebec, Canada. The Elder property has gold resources (2018). Abcourt is
currently focusing on the exploitation of the Elder mine.
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In 2016, Abcourt acquired the Sleeping Giant mine and mill, located half -way between Amos and
Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the Quebec government. The
mill has a capacity to treat 700 to 750 tonnes per day. A NI 43-101 resource estimate and feasibility study
with reserves were recently completed by PRB Mining Services Inc. Proven mineral resources total 10,900
tonnes with a grade of 12.20 g/t of gold and probable reserves total 475,625 tonnes with a grade of 11.85
g/t of gold. Inferred resources are in 93,100 tonnes with a grade of 11.85 g/t of gold.
The Abcourt-Barvue property has silver–zinc reserves (2019). A feasibility study was completed in 2007
by Roche / Genivar. An update was completed in July 2019 by PRB Mining Services Inc. A total of 8.07M
tonnes are in proven and probable reserves with a grade of 51.79 g/t of silver and 2.83% zinc. About
81.6% of these reserves are mineable by open pit and 18.4% are mineable by underground operations.
Inferred resources total 2.07M tonnes with a grade of 114.16 g/t of silver and 2.89% zinc.
To know more about Abcourt Mines Inc. (TSXV: ABI), please visit our web site at www.abcourt.com and
consult our filings under Abcourt’s profile on www.sedar.com.
This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt Mines Inc. Mr.
Hinse is a “Qualified Person” under the terms of Regulation 43-101. Mr. Hinse has approved the scientific
and technical disclosure.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements that include risks and uncertainties. When used in
this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may"
and similar expressions, as well as "will", "shall" and other indic ations of future tense, are intended to
identify forward-looking statements. The forward -looking statements are based on current expectations
and apply only as of the date on which they are made. Except as may be required by law, the Corporation
undertakes no obligation and disclaims any responsibility to publicly update or revise any forward-looking
statements or information, whether as a result of new information, future events or otherwise.
The factors that could cause actual results to differ materially from those indicated in such forward-looking
statements include changes in the prevailing price of gold, the Canadian -United States exchange rate,
grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and
production costs. Other factors such as uncertainties regarding government regulations could also affect
the results. Other risks may be set out in Abcourt’ annual and periodic reports. The forward -looking
information contained herein is made as of the date of this news release.
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For more information, please contact:
Renaud Hinse, President and CEO
T : 819 768-2857 450 446-5511
F : 819 768-5475 450 446-3550
Email: [email protected]
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276 x456
Neither 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 release.