bigone thank you, I agree, I hear very little from ABI IR-investor & PR media? - I think they should do better and would like to see; more videos, updates etc. from the IR-media -
ABCOURT REPORTS HIS FOURTH QUARTER AND YEAR-END RESULTS FOR 2019 _________________________________________________________________ Rouyn-Noranda, Québec, Canada, October 30, 2019
Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) (“Abcourt” or the “Mines Abcourt inc.) reports his results today for the fourth quarter and fiscal year ended on June 30, 2019. All amounts are in Canadian dollars unless otherwise indicated.
• Fourth quarter revenues of $ 7.3 M from the sale of 4,137 ounces of gold. Best tonnage mined at Elder mine with an average of 11 813 tonnes per month.
• Net loss in the fourth quarter of $ 2.5 M brought about by changes in accounting procedures and non-recurrent production interruptions.
• Revenues of $ 24.1 M for 2019 fiscal period. Net profit of $ 161,561. Adjusted net profit of $ 3.2 M.
• Update of Abcourt-Barvue feasibility study for silver-zinc project.
• Resources, reserves and feasibility study completed for Sleeping Giant mine.
• Cash of $ 2.8 M.
• The Company has no long-term debt. It finances itself with its operating revenues.
Recent developments:
• Drilling programs planned for Elder and Sleeping Giant gold mines and on-going drilling program for Abcourt-Barvue silver-zinc project.
• $ 728 000 recently raised by private placement for diamond drilling.
• Work started to reopen the Sleeping Giant mine.
We take advantage of the favorable gold price and the exchange rates of the Canadian/US dollars to move forward in our various projects and to increase the value of the company for the benefit of shareholders
Bottom Lines: STRATEGY AND OUTLOOK
Currently, the Company is focussing on stabilizing and increasing the Elder production. Our objective is to produce 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, to reduce the operating cost per tonne treated.
For the long-term, in the gold sector, the Company had a drilling program, in the Fall of 2019, on the Abcourt-Barvue silver and zinc project and the Sleeping Giant gold property where substantial 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) and a positive P.E.A. study (2012).
Abcourt is focusing on the exploitation of the Elder mine.
The Abcourt-Barvue property has silver–zinc reserves (2019).
A feasibility study was completed in 2007 by Roche / Genivar. An update was completed in January 2019.
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 of 700 to 750 tonnes per day.
A NI 43-101 resource estimate and feasibility study was recently completed.
To know more about Abcourt Mines Inc. (TSXV: ABI), please visit our web site at http://www.abcourt.com and consult our filings under Abcourt’s profile on http://www.sedar.com
This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt Mines Inc. Mr. Hinse is a “Qualified Persons” under the terms of Regulation 43-101. Mr. Hinse has approved the scientific and technical disclosure.
Quebec is named the fourth best mining jurisdiction in the world by the Fraser Institute, and miners in the area have just seen the beginning, this according to Maxime Guilbault, partner at PWC. “I think we’ve just seen, I won’t say the tip of the iceberg, but there’s more.
All the mines that have been developed, around those mines, in Abitibi for example, there’s a lot of potential,” Guilbault told Kitco News on the sidelines of the Xplor Mining Convention in Montreal.
Quebec is named the fourth best mining jurisdiction in the world by the Fraser Institute, and miners in the area have just seen the beginning, this according to Maxime Guilbault, partner at PWC. “I think we’ve just seen, I won’t say the tip of the iceberg, but there’s more.
All the mines that have been developed, around those mines, in Abitibi for example, there’s a lot of potential,” Guilbault told Kitco News on the sidelines of the Xplor Mining Convention in Montreal.