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Abcourt Mines Provides Update on Activities at Sleeping Giant and Announces Granting of Stock Options to Director and Certain Employees
ROUYN-NORANDA, Canada, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) (OTCQB: ABMBF) presents an updat
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":" ROUYN-NORANDA, Canada, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) (OTCQB: ABMBF) presents an update on its activities at the Sleeping Giant mine for the month of July 2024. Highlights: Lost time accident frequency: 0.0; 8,707 hours worked for employees and contractors; Addition of computer stations dedicated to training; Obtaining construction permits for the workers’ camp; Surface: Progress of work on the tailings pond in anticipation of planned upgrades in 2025 and 2026; Underground: Rehabilitation of refuge stations and surface piping up to level 665; Exploration and definition drilling of 507 metres to support the design of future stopes; Selection of a mining contractor for the execution of an underground vertical raise contract; Delivery of 96 ounces of gold to the Royal Canadian Mint. Next steps and Planning: Development of raises and galleries for future stopes; Begin extraction from stopes; Construction and development of a camp to house 110 workers at the mine site; Advancement of geotechnical engineering planning to optimize the design of future dam raises in the tailings pond in 2025 and 2026; Hiring of approximately 100 people, mainly underground, by winter 2025. Since the announcement of the closing of the private placement on July 25, 2024, Abcourt has accelerated job interviews at the Sleeping Giant mine. The Corporation’s short-term objective is to increase the number of miners and accelerate the development and extraction of the first stopes. Item No. 1 on the critical path to commercial production is the construction of the camp to house the workers. Grant of Stock Options On August 1, 2024, the Board of Directors of the Corporation granted stock options to its new director, Noureddine Mokaddem, appointed on July 24, 2024, on the same terms as those granted last year to its directors. These stock options allow to subscribe 1,500,000 common shares of Abcourt at an exercise price of $0.05 per share, expiring in 5 years. Stock options on a total of 2,000,000 common shares were also granted to some employees, at the same conditions. Qualified Persons Mr. Pascal Hamelin, Eng, President and Chief Executive Officer of the Corporation, wrote, collected, verified and approved the technical information contained in this press release. Mr. Hamelin is a Q...