Abcourt announces its Results for the Second Quarter ended December 31, 2022

ROUYN-NORANDA, Quebec, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Company”) (TSX Venture: ABI) announces its results for the second quarter ended December 31, 2022.

Highlights for the Quarter ended December 31, 2022

• Revenue of $4,118,938 for the quarter ended December 31, 2022 from the sale of gold ounces from the cleaning of the Sleeping Giant processing plant.
  
• Profit of $310,151 and adjusted net profit of $477,855, compared to a net loss of $1,821,716 and adjusted net loss of $1,224,168 for the same period in 2022.
  
• Cost of sales of $2,001,514, compared to $8,670,386 in Q1-2022, a significant decrease explained by the cessation of mining operations at the Elder mine.
  
• Ounces sold were 1,723 compared to 3,165 for the same period in 2022 and come from mill cleaning. The average price realized on the sale of gold for the quarter was $2,353 per ounce of gold, compared to $2,253 in Q2-2022, which is comparable.
  
• Cash of $1,057,859, compared to $720,512 as of June 30, 2022. Negative working capital of $3,585,982 compared to a negative working capital of $5,246,416 as of June 30, 2022; A significant improvement in liquidity and working capital during the quarter and the six-month period ended December 31, 2022 compared to June 30, 2022, part of which is related to financing activities.
  
• On December 13, 2022, the Company published an update of the Mineral Resource Estimate (ERM) for the Sleeping Giant Mine. Abcourt almost doubled its mineral resources inventory for the Sleeping Giant Mine.
  
• The Company mandated an independent firm to design the geological model and prepare an update of the mineral resources estimate of its Discovery and Flordin properties located 80 km east from the Sleeping Giant mill.
  

ABOUT ABCOURT MINES INC.

Abcourt Mines Inc. is a gold producer and a Canadian exploration corporation with strategically located properties in northwestern Québec, Canada. Abcourt owns the Sleeping Giant mill and mine where it concentrates its activities.

For further information, please visit our website at www.abcourt.com , and consult our filings under Abcourt's profile on www.sedar.com, or contact:

FORWARD-LOOKING INFORMATION

Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions. Forward-looking statements, including the expectations of Abcourt’s management regarding the completion of the Transaction, are based on Abcourt’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Abcourt to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Forward-looking statements are subject to business and economic factors and uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in Abcourt’s public documents, available on SEDAR at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements and forward-looking information. Except where required by applicable law, Abcourt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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