Abcourt Begins Geological Work on the Discovery and Flordin Projects and Announces an Additional Subscription to the Private Placement Closed on September 27, 2022

(TheNewswire)

Rouyn-Noranda, Canada – TheNewswire - October 13, 2022 - Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSXV:ABI) (OTC:ABMBF) is pleased to announce the start of geological work on the Discovery and Flordin gold projects.  Abcourt commissioned the firm Innov-Explo to build the geological models, add the results of the last 15 years to the historical resources of the two projects, update the resources, and finally draw up a list of work to be done on the ground in 2023 to continue the growth of the resources. The Corporation is targeting a resource update for the second quarter of 2023.

The Discovery and Flordin deposits are located in northern Quebec, 35 km from the town of Lebel-sur-Quévillon, and nearly 100 km from the Sleeping Giant Mill. The two deposits are separated by 5 km along a shear zone. Abcourt owns 100% of the cell blocks forming part of the Discovery and Flordin deposits.

Additional subscription to the private placement closed on September 27, 2022

The Corporation has accepted a subscription for 500,000 units of Abcourt (each a "Unit") at a price of $0.065 per Unit, for proceeds of $32,500 (the "Private Placement"). Each Unit consists of one Class B share of the Corporation (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”). Each warrant entitles its holder to purchase one common share at a price of $0.15 until no later than 36 months after the date of issue of the warrant.

Abcourt will use the proceeds of the private placement for its working capital. No commission is payable for this additional subscription to the private placement closed on September 27, 2022.

All securities issued pursuant to the private placement are subject to a hold period of four months plus one day under applicable securities laws. The private placement remains subject to final approval by the TSX Venture Exchange.

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.

The TSX Venture Exchange and its regulatory service provider (as defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this press release.

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