Abcourt Announces its Results for the Second Quarter ended December 31, 2023
28 February 2024 - 8:30AM
Abcourt Mines Inc. (“Abcourt” or the
“Corporation”) (TSX Venture: ABI) announces its
results for the three months ended December 31, 2023. All monetary
values in this press release are expressed in Canadian dollars,
unless otherwise indicated. The financial statements and management
report are available on SEDAR+.
Highlights for the Quarter ended
December 31, 2023
- Investments of $1,571,293 in exploration and evaluation during
the quarter ending December 31, 2023.
- Cash of $1,251,445, compared to $963,974 as of June 30, 2023.
Working capital of the Company of $(4,611,593) compared to
$(4,476,223) as of June 30, 2023.
- During the quarter, Abcourt completed a private placement. The
Company issued a total of 64,503,750 units at a price of $0.04
consisting of one common share and one warrant for total gross
proceeds of $2,580,150.
- On November 22, 2023, the Company announces the start-up of the
Sleeping Giant mill and the processing of the first tonnes from the
Pershing-Manitou deposit.
- On November 27, 2023, the Company announces the conclusion of
an agreement with a Canadian insurance company to provide bonds to
the Government of Quebec in accordance with the requirements
according to the restoration plans approved by the Government of
Quebec for environmental obligations for Elder and Sleeping Giant
mine sites totaling $5,867,786. Pursuant to the agreement, the
Company provided a letter of credit secured by a cash guarantee of
$2,933,893 and the payment of an annual premium.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a Canadian gold
exploration Corporation with properties strategically located in
northwestern Quebec, Canada. Abcourt 100% owns the Sleeping Giant
mill and mine where it concentrates its activities. The Sleeping
Giant mine has a mining lease, as well as environmental
certificates of authorization to extract up to 750 tonnes per day
from its underground mine.
For further information, please visit our
website at www.abcourt.ca, and consult our filings under Abcourt's
profile at www.sedarplus.ca, or contact:
Pascal HamelinPresident and CEOT:
(819) 768-2857E: phamelin@abcourt.com |
Dany Cenac Robert, Investor
RelationsReseau ProMarket Inc.,T: (514)
722-2276, post 456E: dany.cenac-robert@reseaupromarket.com |
CAUTIONARY STATEMENT ON FORWARD-LOOKING
INFORMATION
This news release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation based on expectations, estimates and projections as at
the date of this news release. Such forward-looking information
includes, but is not limited to, statements concerning the
revocation of the MCTO. Forward-looking information involves risks,
uncertainties and other factors that could cause actual events,
results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, delays in obtaining or failures to obtain required
approvals; uncertainties relating to the availability and costs of
financing needed in the future; changes in equity markets;
inflation; fluctuations in commodity prices; delays in the
development of projects; other risks involved in the mineral
exploration and development industry; and those risks set out in
the Corporation’s public documents filed on SEDAR+ at
www.sedarplus.ca. Although the Corporation believes that the
assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Corporation disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Neither the 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 news release.
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