ABCOURT Releases its Objectives for the Coming Year

Rouyn-Noranda, Canada – TheNewswire – May 9, 2022 – Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSXV:ABI) releases its objectives for the coming year.

• The Corporation immediately increases its efforts in geology and engineering at the Sleeping Giant Mine to develop a budget plan that will allow the production restart of the mine. 

• In 12 weeks, the Corporation will cease its extraction activities at the Elder Mine in order to allow geologists and engineers to evaluate the best extraction methods according to the geological configuration of the existing resources, and resume exploration activities to define new sectors. The Corporation will attempt to maximize the transfer of its employees from the Elder Mine to the Sleeping Giant Mine based on mine capacity and the interest of affected employees. 

• The Corporation will evaluate all its other properties and determine the best financial alternative for each of them. Some properties could be developed in partnership, or sold according to the assessment made, or simply kept if the conditions are not favorable. 

The Sleeping Giant Mine team started the workings rehabilitation in the upper levels of the mine, and already identified new mineralized sectors.  Now, the objective is to accelerate the rehabilitation in many levels, and the shaft.  At the same time, the geologists will be able to identify new mineralized zones with all the new technological tools at their disposal and the support of veterans of the exploration industry in Abitibi.  The Corporation will continue to keep investors informed of the progress of development activities at Sleeping Giant over the coming weeks and months.

For several quarters, mining at the Elder Mine had been becoming less and less profitable despite the efforts of all employees. Faced with this fact, the Corporation has made the decision to cease its mining activities and to notify its employees today of the decision. The Corporation will proceed with a collective dismissal in 12 weeks, on Monday, August 1. Several employees may be reassigned from the Elder Mine to the Sleeping Giant Mine. A committee will be created to help affected employees relocate with other employers in the region.

 

Finally, the Corporation has several dormant assets, and it must assess the relevance of keeping them, developing them, or selling them. As an example, Abcourt owns zinc assets, such as Abcourt-Barvue, Vendôme and Aldermac in Abitibi, which cannot be processed at the Sleeping Giant plant.

 

Pascal Hamelin, President and CEO of Abcourt, says: “We need to have clear objectives and the next year will be a pivotal year in prioritizing the Sleeping Giant Mine. We have a team ready to face the challenges and I have confidence that we will find the Giant. I would like to thank the employees of the Elder Mine who have built and produced gold over the past 10 years with all the effort it took. Unfortunately, some employees will be affected by this change, and we will do everything we can to help them reduce the impact.”

  

ABOUT ABCOURT MINES INC.

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

For more information about Abcourt Mines Inc., please visit our web site at www.abcourt.com and consult our filings under Abcourt’s profile on www.sedar.com.

Pascal Hamelin, President and CEO   T : (819) 768-2857 [email protected]

Dany Cenac Robert, Investor Relations Reseau ProMarket Inc., T: (514) 722-2276 post 456 [email protected]

 

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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