ROUYN-NORANDA, Quebec, May 29, 2024 (GLOBE NEWSWIRE) -- 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 E: phamelin@abcourt.com | Dany Cenac Robert, Investor Relations Reseau ProMarket Inc., T: (514) 722-2276, ext. 456 E: dany.cenac-robert@reseaupromarket.com |
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 is 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 those 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 development 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.
