Abcourt Announces Search for New CEO V.ABI | 4 hours ago (TheNewswire)
Abcourt Mines Inc.
Rouyn-Noranda, Québec, Canada – TheNewswire - February 1, 2022 - Abcourt Mines inc. (« Abcourt» or the «Corporation») (TSXV:ABI) (OTC:ABMBF) is pleased to announce it has initiated the process to identify and appoint a new Chief Executive Officer (CEO) to succeed to Renaud Hinse, who has previously announced his retirement, which will take effect at the end of March 2022.
Mr. Hinse will continue to serve as CEO in the interim and will remain on the Board of directors of the Corporation.
It is expected that the new CEO will be appointed during the first quarter of 2022.
For additional information, nominations or confidential inquiries please contact:
Daniel Adam, chair of the recruitment committee: danielj.adam@outlook.com
Applications and nominations are currently being accepted until the position is filled.
The target date for applications is February 11, 2022.
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 and on the development of the Sleeping Giant property.
To know more about Abcourt Mines Inc., please visit our web site at www.abcourt.com and consult our filings under Abcourt's profile on www.sedar.com.
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Abcourt Mines press release (OTCPK:ABMBF): Revenue of C$6.24M (-25.4% Y/Y).
Rouyn-Noranda, Québec, Canada –TheNewswire -February 16, 2022 -Abcourt Mines Inc. (ABMBF) (TSXV:ABI),(OTC:ABMBF), (Berlin:AML-BE)and(Frankfurt Stock Exchanges:AML-FF) ("Abcourt" or the "Corporation"), declares results for the second quarter ended on December 31, 2021, compared to the second quarter ended on December 31, 2020. All amounts are in Canadian dollars unless indicated differently.
HIGHLIGHTS:
Revenues of $6,244,370 for the quarter ended December 31, 2021, compared to $8,360,494 in 2020, a 25% decrease, justified by lower gold prices and fewer ounces of gold sold.
A net loss of $703,322 in 2021 compared to a net profit of $454,583 at December 31, 2020 explained in part by a decrease in the number of ounces of gold sold and an increase in production costs due to absences related to Covid-19.
Adjusted loss of $108,774 in 2021 compared to adjusted net income of $1,381,572 in 2020.
Cost of sales of $6,648,137 in 2021, down 13% from $7,513,877 in 2020.
Cash of $1,031,955 as at December 31, 2021 compared to $2,454,545 as at June 30, 2021.
Gold inventory of $l,960,197 in 2021, compared to $994,624 at December 31, 2020, an increase of 97%.
Cash cost in Q2 of $2,197 (US $1,752), compared to $1,961 (US $l,518) and all-in sustaining cots of $2,693 (US $2,147) compared to $2,221 (US $1,719) per ounce sold in 2020.
Ounces produced in 2021 were 2,103 compared to 2,730 in 2020. Ounces sold in 2021 were 2,765 compared to 3,431 in 2020, a 23% decrease in ounces produced and a 20% decrease in ounces sold.
Sales of 400 ounces of gold from development work at Sleeping Giant Mine for a total of $903,856 in the 2nd quarter ended December 31, 2021. No sale in the 2nd quarter of 2020.
RECENT DEVELOPMENTS:
Advancement of drifts on levels 11, 12 and 16 and preparation of level 13 at the Elder mine to have access to existing resources, or to discover new resources.
Rehabilitation of old drifts and advancement of new drifts on the upper levels of the Sleeping Giant mine to have access to existing ore reserves and new zones indicated by previous and current drill holes.
NEW PROJETS TO COME:
Update of NI 43-101 resources calculations of Discovery, Flordin and Cameron Shear (50%)
Surface drilling program at the Sleeping Giant Mine.
Re-activate the Abcourt-Barvue silver-zinc project.
Construction of a trail to access the Tagami project.
NON-GAAP FINANCIAL PERFORMANCE MEASURES:
This press release presents certain financial performance measures, total cash costs per ounce of gold produced, sustaining costs and all-in sustaining cost per ounce of gold produced which are non-International Financial Reporting Standards (IFRS) performances measures. This data may not be comparable to data presented by other gold producers. Non-GAAP financial performance measures should be considered together with other data prepared in accordance with IFRS.
The adjusted net profit is a measure of performance that members of the direction use to evaluate the performance of activities by the Corporation. Without taking into account the accounting policies, taxation laws and the structure of capital as these elements may potentially give a wrong representation of the capacity of the Corporation to generate cash with its operation. The adjusted net profit excludes interest expenses, taxes and amortization.
The cash costs and all-in sustaining cost are common performance measures in the gold mining industry. The Corporation reports cash cost per ounce based on ounces produced. Cash cost include operating mining costs and royalties but is exclusive of amortization and depletion and sustaining capital expenditures. The all-in sustaining costs include costs of sales and sustaining capital expenditures and administrative costs but exclude amortization, depletion and accretion expenses. The Corporation believes that all-in sustaining costs present a complete picture of the Corporation’s operating performance or its ability to generate free cash flows from its operation.
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