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Abcourt Mines Inc. ("Abcourt" or the "Corporation") (TSX Venture: ABI) (OTCQB : ABMBF) is pleased to announce the receipt of its environmental certificate of authorization for custom milling of ore from off-site deposits at its Sleeping Giant mill.
This certificate of authorization allows Abcourt to begin commercial discussions with potential clients, accelerate the environmental authorization process, and begin processing gold ore from mining companies that do not have a mill to extract gold from their ore. Building an ore processing complex to extract gold and store the pulp is a process that can takes several years and can costs several hundred million dollars. For many gold development companies, negotiating custom milling may be a faster and more cost-effective option.
According to our Preliminary Economic Assessment (PEA) for the Sleeping Giant Mine published June 7, 2023, the Sleeping Giant Mill will use less than 40% of its capacity to process ore from the Sleeping Giant Mine. The mill permitted daily throughput is 950 tonnes per day, and the average planned throughput is 340 tonnes per day in the PEA. In the long term, Abcourt's objective is to define additional mineral resources at the Sleeping Giant Mine to maximize the use of its mill with ore from internal sources. In the short term, Abcourt will have the opportunity to process ore from other sites and thus benefit from additional revenue sources in addition to executing its business plan with production from Sleeping Giant.
Pascal Hamelin, President and CEO, states: "The Abitibi and Eeyou Istchee regions are rich in gold deposits that are too small to justify the initial investment of building a gold processing complex. Abcourt now offers an attractive alternative to accelerate the development of these deposits. In addition, this type of custom milling allows us to maximize the use of our mill, increase our revenue and the value of our asset, and finally allow us to evaluate the potential synergies with other deposits around us."
Qualified Person
Pascal Hamelin, Eng, President and Chief Executive Officer of the Corporation, has verified and approved the technical information contained in this press release.
Mr. Hamelin is a qualified person under Regulation 43-101.
Abcourt Mines Inc. is a Canadian gold company developing the Sleeping Giant mine and in exploration for its other properties strategically located in northwestern Quebec, Canada. Abcourt owns the 100% owned Sleeping Giant mine and mill and the Flordin exploration property, where it focuses its operations.
For more information about Abcourt Mines Inc., please visit our website and view our filings under Abcourt's profile on www.sedarplus.ca
| Pascal Hamelin | Dany Cenac Robert, Investor Relations |
| President and Chief Executive Officer | Reseau ProMarket Inc., |
| T : (819) 768-2857 | T : (514) 722-2276, poste 456 |
| Email : phamelin@abcourt.com | Email : dany.cenac-robert@reseaupromarket.com |
FORWARD-LOOKING STATEMENTS
Certain information contained in this news release may constitute "forward-looking information" within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified by forward-looking terminology, such as "plans", "aims", "expects", "projects", "intends", "anticipates", "estimates", "could", "should", "likely", or variations of these words and phrases or statements specifying that certain acts, events or results "may", "would", "occur" or "be achieved" or other expressions Similar. Forward-looking statements are based on Abcourt's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements or information. Forward-looking statements are subject to business, economic and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set out in Abcourt's public filings, are available on SEDAR+ at www.sedarplus.ca . There can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Although Abcourt believes that the assumptions and factors used in preparing forward-looking statements are reasonable, undue reliance should not be placed on such statements. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any of these forward-looking statements or information, whether as a result of new information, future events or otherwise.
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 release.
