Closing to the Acquisition of the Sleeping Giant Mill and Mine
Mont St-Hilaire, Quebec, Canada / TheNewswire / June 20, 2016 - Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (TSX-V: ABI) (the "Corporation") is pleased to announce that Abcourt has completed the acquisition of mining titles and assets, including the Sleeping Giant mill and mine (the "Mining Assets"), located half way between Amos and Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the Quebec government. The Mining Assets were acquired from the firm Deloitte Restructuring Inc., acting as court-appointed receiver for the Aurbec Mines Inc.'s assets, for an amount of $2,548,727 (of which $225,000 was previously paid as deposit with the offer to purchase by Abcourt) and a royalty of $5.00 per ton on the first 350,000 tonnes or ore extracted from the Sleeping Giant property, up to $1,750,000. Abcourt will also have to pay $1,342,553 to the ministry of Energy and Natural Resources of Quebec to complete the financial guarantee required for the restauration of the Sleeping Giant mine, of which $671,277 in the 90 days from the closing date and the rest by two equal installments on a two-year period.
Among the assets purchased by Abcourt, there is a mill with a capacity of 700 to 750 tonnes of ore per day, representing about 250,000 tonnes per year. This capacity is adequate to treat the Elder and the Sleeping Giant production. The process is carbon in pulp. There are also installations to deposit the mill tailings, all the underground infrastructures including two shafts and drifts, a mechanical shop, offices, a store, dries and mining equipment, surface installations, inventory of parts, four mining leases and 69 adjacent claims and several other exploration properties. For more information on the Mining Assets, refer to Abcourt's press release issued on March 4, 2016.
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 Elder project.
The Abcourt-Barvue property has silver - zinc resources (2012). A positive feasibility study was completed in 2007 by Roche / Genivar on the Abcourt-Barvue project.
Historical resources in copper, zinc, gold and silver are found on the Aldermac and Jonpol properties. To know more about Abcourt, please visit our web site at www.abcourt.com and SEDAR.
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward-looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Abcourt Mines Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Company's amended and restated annual information form dated May 11, 2012 and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
This press release was prepared by Mr. Renaud Hinse, engineer, a Qualified Person, President and CEO of Abcourt Mines Inc.
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.
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