Business
Abcourt Mines Rebound After the Mandatory Closing Due to Covid-19
(TheNewswire) Rouyn-Noranda, Quebec, Canada - TheNewswire - S...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt Mines Rebound After the Mandatory Closing Due to Covid-19\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Rouyn-Noranda,\n \n \n Quebec,\n \n \n Canada -\n \n \n TheNewswire\n-\n \n \n September 29,\n \n \n 2020 -\n \n \n Abcourt Mines Inc. (TSXV:ABI\n \n \n )\n \n \n ,\n \n \n (OTC:ABMBF),\n \n \n (\n \n \n Berlin:AML-BE\n \n \n )\n \n \n and Frankfurt Stock\nExchanges:AML-FF\n \n \n (\"\n \n \n Abcourt\n \n \n \" or the\n \n \n \"\n \n \n Corporation\n \n \n \"\n \n \n ),\n \n \n is happy\nto announce that the restart of mining activities after the mandatory\nclosing due to Covid-19 was vigorous. Thanks to the increase in the\nprice of gold, the proceeds received from the sale of gold and silver\nfor the first quarter (July to September 2020), should reach $7.5M\nCDN. This is expected to be one of the best quarters since June\n2018.\n \n \n \n \n \n \n \n During this quarter, Abcourt\nreceived $725,000 in salary subsidy from the Federal government. This\nsubsidy and the substantial amount received from sales in the first\nquarter enabled Abcourt to increase its available cash from $1.96M on\nJune 30, 2020 to $3.30M on September 28, 2020. Figures indicated above\nhave not been checked nor audited by our independent auditors. With\nthe sanitary measures put in place, no Covid-19 cases have been\nreported by our employees to-date.\n \n \n \n \n \n Being well capitalized and with a trustworthy and consistent source of\nrevenues at the Elder mine, the Corporation will use its available\ncash to extend its exploration drifts on the 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 of the Elder mine\nand proceed as fast as possible with the rehabilitation work and\ndevelopment at the Sleeping Giant mine.\n \n \n \n \n STRATEGY AND\nOUTLOOK\n \n \n \n \n Currently, the Corporation is focussed\non gold. At the Elder mine, our objective is to increase production to\n12,500 tonnes per month of gold ore.\n \n \n \n \n We wish to use the full capacity of the\nSleeping Giant mill by opening the Sleeping Giant mine. This should\nreduce the operating cost per tonne treated.\n \n \n \n \n For the long-term, in the gold sector,\nthe Corporation is planning a $2M drilling program at the Sleeping\nGiant gold property where substantial unexplored gold mineralization\nis found.\n \n \n \n \n ABOUT ABCOURT MINES\...