Abcourt Grants Stock Options to Directors and Modifies the Exercise Price of Previous Stock Options
MONT-ST-HILAIRE, QUEBEC, CANADA -- (Marketwire) -- 08/03/10 -- Mr. Renaud Hinse, president and C.E.O. of Abcourt Mines Inc. (TSX VENTURE: ABI)(BERLIN: ABI)(FRANKFURT: ABI), is pleased to announce that on August 2, 2010, the Board of directors of Abcourt Mines Inc. has approved the grant of new stock options to purchase a total number of 1,250,000 Class B shares of the Company, at an exercise price of $0.10 per share, in favor of the President and Chief Executive Officer, the Chief Financial Officer and one director of the Company. These stock options, granted for a five-year period, replace stock options that have expired in June 2010. Furthermore, the directors have resolved to reduce the exercise price of previous outstanding options granted to the directors at $0.10, for a total number of 950,000 stock options, and to cancel stock options previously granted to some directors at exercise prices of $0.69 and $0.36. The modification to the exercise price of options previously granted to insiders is subject to the disinterested shareholders approval at the next meeting of the Company's shareholders and to the approval of the TSX Venture Exchange.
With this grant, the Company now has a number of 2,700,000 stock options outstanding.
The directors of the Company receive no remuneration for their role and responsibilities of directors. The grant of stock options by the Company provides its officers and directors with a long-term incentive for performance and commitment to the Company. The Company believes that participation by the officers and directors in the stock option plan aligns their interests with those of its shareholders, as they are rewarded for the Company's performance as evidenced by share price appreciation. The grant of stock options allows the Company to attract, motivate and retain qualified individuals necessary to achieve corporate objectives of the Company.
Abcourt Mines Inc. is an exploration and development company with strategically located properties in Northwestern Quebec, Canada. The Abcourt-Barvue project with 43-101 silver-zinc ore reserves and resources and the Elder mine with 43-101 gold resources and the Aldermac property with historical copper-zinc resources are all former producers. Abcourt is now focused on bringing the Abcourt-Barvue and Elder projects back in production and at the same time, it is working on other projects (Aldermac, Jonpol and Vendome), to increase its mineral resources inventory. A positive 43-101 feasibility study was completed in 2007 on the Abcourt-Barvue project. In addition, mill equipment was purchased. A 43-101 resource calculation was recently done for the Elder mine. To know more about Abcourt, please consult our web site www.abcourt.com and Sedar www.sedar.com, see 'Abcourt Mines Inc'. A small location plan and longitudinal projection of the Aldermac mineralized zones are shown on our web site. A small location plan of the Elder and Tagami properties is also shown on our web site.
FORWARD-LOOKING STATEMENTS: Except for statements of historical facts, all statements in this news release, including, without limitation, statements regarding forecasts, plans and objectives of Abcourt Mines Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. This press release was prepared by Mr. Renaud Hinse, a qualified person, president of Abcourt Mines Inc.
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.
Contacts:
Renaud Hinse, president
819-768-2857/450-446-5511
819-768-5475/450-446-3550 (FAX)
rhinse@abcourt.com
Jeffery Boykin, Investor's Relations
252-299-2115
jboykin@abcourt.com