Business
Abcourt Is Pleased to Report a Record Revenue of $ 8,4M for the Second Quarter Ended on December 31, 2020
(TheNewswire) Rouyn-Noranda, Québec, Canada – TheNews...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt Is Pleased to Report a Record Revenue of $ 8,4M for the Second Quarter Ended on December 31, 2020\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Rouyn-Noranda,\n \n \n Québec,\n \n \n Canada –\n \n \n TheNewswire\n-\n \n \n March 1, 2021\n \n \n \n \n Abcourt Mines Inc. (TSX-V:\n \n \n ABI,\n \n \n “\n \n \n Abcourt” or the\n \n \n “\n \n \n Company”)\n \n \n (TSXV:ABI)\n \n \n reports its results today for the\nsecond quarter ended December 31, 2020. All amounts are in Canadian\ndollars unless otherwise indicated.\n \n \n \n \n Highlights:\n \n \n \n \n \n \n -\n \n \n Revenues of $8,360,700 for the second quarter ended December\n31, 2020, the best to date.\n \n \n \n \n - $ 7,5M cost of sales compared to $ 6,6M for the same\nquarter in the previous year.\n \n \n \n \n - Net profit of $ 454,583 for the second quarter\ncompared to $ 86,630 for the previous year.\n \n \n \n \n - Adjusted net profit of $ 1,381,572 versus $ 993,105\nfor the same period in the previous year.\n \n \n \n \n - Investment of $ 1,2M in property, plant and equipment\nat the Sleeping Geant mine over a 6-month period, from June to\nDecember 2020.\n \n \n \n \n - Gold and silver inventory of $ 1M on December 31,\n2020 compared to $ 2,5M on June 30, 2020\n \n \n \n \n - 2,730 ounces of gold produced 3,431 ounces of gold\nsold in the second quarter ended on December 31, 2020\n \n \n \n \n - Cash cost of production of $ 1,961, US $ 1,518 per\nounce of gold.\n \n \n \n \n All in sustaining cost of $ 2,221, or US $ 1,719 per\nounce of gold.\n \n \n \n \n - $ 3,2M cash on December 31, 2020, compared to $ 3,7M\non September 30,2020\n \n \n \n \n \n \n The reduction is due mostly to the $ 1,3 M deposit made\nfor the restoration of the Sleeping Giant mine.\n \n \n \n \n Recent\ndevelopments:\n \n \n \n \n \n \n -\n \n \n Drifting on 4\n \n \n Th\n \n \n , 10\n \n \n Th\n \n \n and\n11\n \n \n Th\n \n \n levels and rehabilitation work on 12\n \n \n th\n \n \n level at Elder\nmine to open new ore zones.\n \n \n \n \n - Rehabilitation work being done in shafts and drifts\nat Sleeping Giant mine and new drifts to develop new ore zones on\nupper levels.\n \n \n \n \n \n \n This is a very good quarter, mainly due to the increase\nin the price of gold. Our operations generated $ 2,5M in cash.  This\nenabled us to develop...