(TheNewswire)
Rouyn-Noranda, Québec, Canada / TheNewswire / December 7, 2018 - Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) (“Abcourt” or the “Company is reporting very good operating and financial results for the first quarter ended on September 30, 2018 compared to those of September 30, 2017.
First quarter financial highlights
--------------------------------------------------------- | Description |3 months |3 months | | |Sept. 30, |Sept. 30, | | |2018 |2017 | | |$ |$ | |-------------------------------------------------------| |Sales of gold and silver |5,319,433 |3,716,814 | |-------------------------------------------------------| |Cost of sales |4,115,943 |3, 854,083| |-------------------------------------------------------| |Gross Profit |1,203,490 |(137,269) | |-------------------------------------------------------| |Charges |124,541 |136,046 | |-------------------------------------------------------| |Other income |28,283 |13,496 | |-------------------------------------------------------| |Profit (loss) before income taxes|1, 107,232|(259,819) | |-------------------------------------------------------| |Income taxes and deferred taxes |136,250 |14,000 | |-------------------------------------------------------| |Net income (loss) and |970,982 |(273,819) | |comprehensive income | | | |(loss) | | | |-------------------------------------------------------| |Net income (loss) per share |0.00 |(0.00) | ---------------------------------------------------------Production highlights for the first quarter terminated on September 30, 2018,
compared to the same quarter of 2017.
---------------------------------------------------------- |Description |3 months |3 months | | |Sept. 30, |Sept. 30, | | |2018 |2017 | | |$ |$ | |--------------------------------------------------------| |Tonnes treated |20,746 |19,932 | |--------------------------------------------------------| |Tonnes extracted |19,932 |19,941 | |--------------------------------------------------------| |Gold ounces produced |3,191 |2,284 | |--------------------------------------------------------| |Gold ounces sold |3,347 |2,755 | |--------------------------------------------------------| |Gold recovery |97.66% |96,75% | |--------------------------------------------------------| |Total gold jnventory |1,667 ounces|1,628 ounces| |--------------------------------------------------------| |Cash production cost ($/ounce)|1,114 |1,297 | | | ($US 853) |($US 1,039) | |--------------------------------------------------------| |All inclusive |1,378 |2,024 | |production cost |($US 1,056) |($US 1,621) | |($/ounce) | | | ----------------------------------------------------------Comments:
Substantial improvements, increase of 43.1% in sales and reduction of 31.9% in all inclusive cost of production.
------------------------------------------------------- | | |-----------------------------------------------------| |- Tonnes treated |- + 4 % | |-----------------------------------------------------| |- Gold ounces produced |- + 21,5 % | |-----------------------------------------------------| |- Proceeds from |- + 43,1 % | |sale of gold and | | |silver | | |-----------------------------------------------------| |- Average cash cost of production|- - 14,1 % | |-----------------------------------------------------| |- All inclusive production cost |- - 31,9 % | |-----------------------------------------------------| | |- $ 970,982 in 2018| |- Net profit (net loss) |$ (273,819) in | | |2017 | |-----------------------------------------------------| | |- $ 948 661 in 2018| |Cash flow from operations |- $ 857 202 in 2017| |-----------------------------------------------------| | |- $ 2.5 M in 2018 | |- Cash at the end |- $ 1.1 M in 2017 | |-----------------------------------------------------| | |- $ 150,000 in 2018| |- Mining Taxes |- $ 25,000 in 2017 | -------------------------------------------------------Please refer to the NON-GAAP performance measures contained in the Annual Management’s Discussion & Analysis
Abcourt has two gold assets of quality, Elder and Sleeping Giant mines and several other properties with important gold mineralization. In zinc, there is the Abcourt-Barvue project with substantial zinc and silver resources and the following satellite properties: Vendôme, Jonpol and Aldermac.
A surface drilling program is currently being done.
STRAGERY AND OUTLOOK
Currently, the Company is focussing on stabilizing and increasing the Elder production. Our objective is to produce 12,500 tonnes per month.
We wish to rise the full capacity of the Sleeping Giant mill by treating custom ore, to reduce the operating cost per tonnes treated.
For the long-term growth in the gold sector, the Company has started a drilling program on the Discovery and Flordin gold properties 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 resources (2014). A feasibility study was completed in 2007 by Roche / Genivar. An update is being prepared now.
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 was recently filed.
To know more about Abcourt Mines Inc. (TSXV: ABI), please visit our web site at www.abcourt.com and consult our filings under Abcourt’s profile on 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.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they are made. Except as may be required by law, the Corporation undertakes no obligation and disclaims any responsibility to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Abcourt’ annual and periodic reports. The forward-looking information contained herein is made as of the date of this news release.
For more information, please contact:
Renaud Hinse, President and CEO
T: 819 768-2857
F: 819 768-5475
Email: rhinse@abcourt.com
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.
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