(TheNewswire)
Rouyn-Noranda, Québec, Canada – TheNewswire - February 5, 2021 - Abcourt MinesInc. (TSXV:ABI) (OTC:ABMBF) (“ Abcourt ” orthe “ Corporation ” ), is pleased toannounce
it has accepted a financing proposal from the RoyalBank of Canada ( RBC ) for a total amount of $6,500,000. Thisfinancing will be used to accelerate the development of the SleepingGiant Mine. It is composed of a term loan of $5 million, repayableover a period of 5 years, at an annual interest rate of 2.99% for thefirst year. This loan will be secured by a movable hypothec on theequipment and rolling stock of the Sleeping Giant Mine. The proposalalso includes a credit facility of $1,5 million for the purchase ofmining equipment, 100% guaranteed by the purchased equipment.
Closing of this financing will occur when all closingconditions will be satisfied, including the signature of the loandocuments between the Corporation and RBC.
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 disclosurebelow.
ABOUT ABCOURT MINES INC.
Abcourt is a gold producer and a Canadian explorationcompany with strategically located properties in northwestern Quebec,Canada. The Elder property has gold resources. Abcourt is currentlyfocusing on the exploitation of the Elder mine and on the developmentof the Sleeping Giant mine.
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.An evolution of the mineral resources, according to Mi-43-101 wasprepared by Mr Valère Larouche, consulting engineer in geology. Itwas filed on Sedar on may 13, 2019.
Measured mineral resources total 10,900 tonnes with agrade of 12.20 g/t of gold and indicated resources total 475,625tonnes with a grade of 11.20 g/t of gold. Inferred resources are93,100 tonnes with a grade of 11.85 g/t of gold. A NI 43-101feasibility study was completed in July 2019 by PRB Mining ServicesInc. Probable reserves according to MI 43-101 have been estimated at339,221 tonnes with a grade of 7.9 g/t of gold.
The Abcourt-Barvue property has silver – zinc reserves (2019). A MIfeasibility study was completed in 2007 by Roche / Genivar. An updatewas completed in July 2019 by PRB Mining Services Inc. A total of8.07M tonnes are in proven and probable reserves with a grade of 51.79g/t of silver and 2.83% zinc. About 81.6% of these reserves aremineable by open pit and 18.4% are mineable by underground operations.Inferred resources total 2.07M tonnes with a grade of 114.16 g/t ofsilver and 2.89% zinc.
For the long term in gold, the Corporation has prepareda $ 2M exploration programme, mainly for the Sleeping Giant mine whereimportant targets of gold mineralization have not yet beenexplored.
To know more about Abcourt Mines Inc. (TSXV: ABI),please visit our web site at www.abcourt.com and consult our filings underAbcourt’s profile on www.sedar.com .
For more information, please contact:
Renaud Hinse, President andCEO T : 819768-2857 450 446-5511 F : 819768-5475 450 446-3550 Email: rhinse@abcourt.com | Dany Cenac Robert, InvestorRelations Reseau ProMarket Inc., T: (514)722-2276 x456 |
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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