MONT-ST-HILAIRE, QUEBEC--(Marketwired - Oct 23, 2013) - Mr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (TSX VENTURE:ABI)(AML.F)(AML.F) (the "Company") is extremely pleased to announce that a first gold brick from the Elder mine was poured last week. To produce this gold brick, a total of 4,839 tonnes of gold mineralization were processed at the Aurbec's Géant Dormant mill from October 1 to October 11.
In the Roche Limited, Consulting Group - PEA study dated November 2012, the average mill head grade was estimated at 5.48 grams of gold per tonne and the mill recovery was assumed to be 94%. Actual results from this initial run were close to the Roche estimates. Additional runs will be done regularly for a total of at least 30,000 tonnes in the October-December period.
From the start in May to the end of September, Elder produced 17,000 tonnes of gold mineralization now on surface stock piles, including 4,200 tonnes at the Géant Dormant mill site.
The milling results will be used to validate the resources and the recovery of gold for the preparation of a feasibility study, which is expected to be done in the first quarter of 2014.
The management of the Company estimates that the milling of the gold mineralization during the development period will produce revenues which will be used to cover most, if not all, the future operating costs. If these funds are not sufficient, the Company, as in the past, will have to finance itself by the issuance of shares or by debt. With the proceeds from the milling of gold mineralization becoming available, the Company will accelerate the mine development phase of its project with the objective of reaching full production capacity in the first quarter of 2014.
About Abcourt Mines Inc.
Abcourt Mines Inc. is an exploration and development company with strategically located properties in northwestern Quebec, Canada. The Elder Mine with 43-101 gold resources, the Abcourt-Barvue Project with 43-101 silver-zinc ore reserves and resources and the Aldermac property with historical copper-zinc resources are all former producers. Abcourt is now focused on bringing the Elder and Abcourt-Barvue projects back into production with Elder as the first priority. At the same time the company is working on other projects (Aldermac, Vezza, Jonpol and Vendome) to increase its mineral resources inventory. A 43-101 resource calculation was completed in July, 2012, for the Elder Mine. A positive PEA report was prepared on Elder mine in the Fall of 2012 by Roche Limited, Consulting Group. A positive 43-101 feasibility study was completed by GENIVAR in 2007 on the Abcourt-Barvue Project. In addition, mill equipment was purchased. To know more about Abcourt, please visit our web site at www.abcourt.com and SEDAR.
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward-looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Abcourt Mines Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Company's amended and restated annual information form dated May 11, 2012 and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
This press release was prepared by Mr. Renaud Hinse, a qualified person, President of Abcourt Mines Inc.
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.