(TheNewswire)
Mont-St-Hilaire, Québec, Canada / TheNewswire / March 12, 2018 - Mr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) (“Abcourt” or the “Company”) is please to announce excellent operating and financial results for the Elder mine for the three-month and six-month periods ended December 31, 2017.
Highlights are as follows
-4,225 ounces of gold sold at an average price of CAN $1,627 (US $1,281) in the second quarter with revenues of $6,873,133;
Sale for the semester ended December 31, 2017, of 6,509 ounces of gold at an average price of CAN $1,627 (US $1,289) for a total revenu of $10,589,947;
-A net income for the quarter of $784,748 and for the semester of $510,929;
-A gros profit for the quarter of $1,023,283 and for the semester of $886,014;
-A substantial increase in tonnes treated at Sleeping Giant mill, an increase of 42% over the previous quarter;
-Average production cash costs (1) for the quarter was CAN $1,293 (US $1,018) per ounce, a decrease of 5% over the same quarter of the previous year which was CAN $1,358 (US $1,020) per ounce. In 2017, important maintenance costs to the Sleeping Giant mill resulted in an upward impact on the average production cash costs (1);
-All-in sustaining costs (1) of CAN $1,526 (US $1,202) per ounce, a decrease of 15% over the all-in sustaining costs (1) for the year 2017 which was CAN $1,810 (US $1,387) per ounce;
-Abcourt reaches its production costs reduction objectives;
-The operating cash-flow was $1,187,150 for the six-month period ended December 31, 2017;
-Cash balance at the end of the quarter was CAN $3,346,810 including the net proceed of $995,212 related to a private financing completed on December 21, 2017 and in amounts receivables of $1,160,723 mainly from the sale of gold;
-A surface drilling program was started in September on the Elder property. Several good intersections were cut. This program was continued to the end of December. Additional exploration and definition drilling is planned for 2018;
-In 2018, about 8000 meters of drilling is planned on the Aldermac, Discovery and Dormex properties;
-Abcourt is focussing on increasing the Elder production to 12,000 tonnes per month. The new work schedule introduced at the end of November 2017 increased the working hours per month and will help reach our production goal;
-Abcourt maintains its goal to increase the overall profitability of the Company with a close control on Elder mine and Sleeping Giant mill production costs and by improving the Elder mine production grade.
1.Refer to the Non-IFRS Performance Measures disclosure presented at the end of this press release.
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 (2012) and a positive P.E.A. study. 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 on the Abcourt-Barvue project.
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. Resources are being revised now.
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 Person” under the terms of Regulation 43-101.
Non-International Financial Reporting Standards ("IFRS") Performance Measures.
In this press release, the terms " average production cash costs ", " all-in sustaining costs " are used, which are non-IFRS performance measures, and may not be comparable to similar measures presented by other companies. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors use this information to evaluate the Company's performance. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For full disclosure and reconciliation of these measures, refer to the Non-GAAP Financial Performance Measures section contained in the second quarter of 2018 Management's Discussion and Analysis
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 450 446-5511
F: 819 768-5475 450 446-3550
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.
Copyright (c) 2018 TheNewswire - All rights reserved.