(TheNewswire)
Rouyn-Noranda, Quebec, Canada - TheNewswire- October 14, 2020 - Abcourt Mines Inc. (TSXV:ABI) (OTC:ABMBF) (" Abcourt " or the " Corporation " ), is pleased toannounce that almost all holders of warrants issued in the privateplacement of 2019 have exercised their share purchase warrants. TheCorporation has issued 1,335,960 common shares at a price of $0.13 pershare and 1,744,000 common shares at a price of $0.16 per share, for atotal subscription amount of $448,815.
The proceeds from the subscription of the shares issuedupon exercise of the 2019 warrants will be used by the Corporation forits working capital and for exploration and development work on itsmining properties. The Corporation intends to do some drilling on itsFlordin property.
The Flordin property is located approximately 25 km tothe north of Lebel-sur-Quevillon. It consists of 25 cells covering 976hectares (5.9 km 2 ). In 2011, the project was assessed byRessources Cadiscor with an open pit plan. A calculation of resourceswas done by InnovExplo in the past. This cannot be published asAbcourt has not updated these calculations.
This press release was prepared by Mr. Renaud Hinse,Engineer and President of Abcourt Mines Inc. Mr. Hinse is a"Qualified Person" under the terms of Regulation 43-101. Mr. Hinse has approved the scientific and technical disclosure.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a gold producer and a Canadianexploration company with strategically located properties innorthwestern Quebec, Canada. The Elder property has gold resources(2018). Abcourt is currently focusing on the exploitation of the Eldermine.
In 2016, Abcourt acquired the Sleeping Giant mine andmill, located half-way between Amos and Matagami, in Abitibi, Provinceof Quebec. The mill has a capacity to treat 700 to 750 tonnes per day.Measured mineral resources total 10,900 tonnes with a grade of 12.20g/t of gold and indicated resources total 475,625 tonnes with a gradeof 11.20 g/t of gold. Inferred resources are 93,100 tonnes with agrade of 11.85 g/t of gold. A NI 43-101 feasibility study wascompleted in July 2019 by PRB Mining Services Inc.
The Abcourt-Barvue property has silver - zinc reserves (2019). A feasibilitystudy was completed in 2007 by Roche / Genivar. An update wascompleted in July 2019 by PRB Mining Services Inc. A total of 8.07Mtonnes are in proven and probable reserves with a grade of 51.79 g/tof silver and 2.83% zinc. About 81.6% of these reserves are mineableby open pit and 18.4% are mineable by underground operations. Inferredresources total 2.07M tonnes with a grade of 114.16 g/t of silver and2.89% zinc.
To know more about Abcourt Mines Inc. (TSXV: ABI),please visit our web site at www.abcourt.com and consult our filings under Abcourt'sprofile on www.sedar.com .
For more information, please contact:
------------------------------------------------------------------------- | Renaud Hinse, President and CEO| Dany Cenac Robert, InvestorRelations| | T : 819 768-2857 450 446-5511| Reseau ProMarket Inc., | | F : 819 768-5475 450 446-3550| T:(514) 722-2276 x456 | | Email:rhinse@abcourt.com | Dany.Cenac-Robert@ReseauProMarket.com| -------------------------------------------------------------------------
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
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