Business
Abcourt Mines Announces Results for Fourth Quarter and the Year ended June 30, 2023
ROUYN-NORANDA, Quebec, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) announces that following the man
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":" ROUYN-NORANDA, Quebec, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) announces that following the management cease trading order (“MCTO”) issued by the Corporation’s principal regulator, the Autorité des marchés financiers (Québec), on November 1, 2023 and the subsequent news release update issued by the Corporation, Abcourt has completed on November 24, 2023 the filing of its audited consolidated financial statements, its management’s discussion and analysis as well as the CEO and CFO certificates for the year ended June 30, 2023 (collectively, the “Annual Filings”) under its SEDAR+ profile at www.sedarplus.ca and on its website. Consequently, the Corporation expects the MCTO to be revoked by securities regulators in accordance with Policy Statement 12-203 respecting Management Cease Trade Orders after the end of the trading day today. The results for the fourth quarter and the year ended June 30, 2023 represents a net loss of $5,337,044, or a net loss per share of $0.02, compared to a net loss of $21,621,251 or a loss per share of $0.07, for the same period in 2022. Following the cessation of the production at the Elder mine in August 2022, all of the Corporation's sites were placed in care and maintenance mode, and the Corporation transferred all equipment and materials from the Elder mine to the Sleeping Giant mine. Then, the Corporation initiated the mineral resource estimate (“MRE”) on the Sleeping Giant, Discovery, and Flordin gold properties. Following the ERM on Sleeping Giant, Abcourt completed a preliminary economic study published in June 2023. Since then, Abcourt has restarted underground work towards a small operation while the technical teams advance the work towards a pre-feasibility study planned towards the end of 2024. Highlights of the Financial Year Revenues of $7,014,494 for the year ended June 30, 2023, from the sale of gold from the cleaning of the Sleeping Giant mill. Proceeds from the sale of gold and silver from the Sleeping Giant property in the amount of $6,684,299 from the sale of ounces of gold and silver from the cleaning of the Sleeping Giant processing plant. A net loss of $5,337,044 for the year ended June 30, 2023, compared to a net loss of $21,621,251 for the same period in 2022. Cost of sales of $4,235,799 for the year ended June 30...