Business
Abcourt Mines Reports Fourth Quarter And Annual Financial Results. Elder Mine Delivers a Net Profit of $1M in the Fourth Quarter
(via TheNewswire) Mont-St-Hilaire, Quebec, Canada / TheNewswire / November 1 st ,...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt Mines Reports Fourth Quarter And Annual Financial Results. Elder Mine Delivers a Net Profit of $1M in the Fourth Quarter(via TheNewswire)\n\n \nMont-St-Hilaire, Quebec, Canada / TheNewswire / November 1st , 2017 - Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) (\"Abcourt\" or the \"Company is reporting operating and financial results for the fourth quarter and the period ended on June 30, 2017, with very good results.\n\n \n \nFourth quarter and annual highlights\n\n \n \n-4,779 ounces of gold sold at an average price of $1,677 (US$1,262) in the fourth quarter with revenues of $8,013,482.\n\n \n \nAnnual sale of 13,322 ounces of gold at an average price of $1,670 (US$1,260) for an annual income of $22,251,954;\n\n \n \n-Cash costs of $1,386 (US$1,043) per ounce for the fourth quarter. For the annual fiscal period, cash costs were $1,531 (US$1,173). Cash costs in the fourth quarter were as expected;\n\n \n \n-Loss for the fiscal period of $906,486, or $0.00 per share, mainly caused by the following exceptional elements:\n\n \n \n-An expense of $582,000 related to the issue of options to officers and directors, to replace expired options;\n\n \n \n-Interests totaling $336,910 resulting from new assessments by Revenue Quebec for years 2011 to 2014;\n\n \n \n-Costs to re-start the Sleeping Giant mill at an estimated amount of about $500,000.\n\n \n \n-In the fourth quarter, cash received from operating activities was $593,582. For the annual period, an amount of $850,981 in cash was used for operating activities;\n\n \n \n-Abcourt ended the financial period with $1,289,470 in cash and $2,627,647 in receivables consisting mainly in amounts receivables from the sale of gold and silver;\n\n \n \n-During the annual period, assets increased by an amount of $3,884,106, from $33,574,141 in 2016 to $37,458,247 in 2017. This growth is in accordance with our strategy of creating value for our shareholders;\n\n \n \n-The gross profit realized over the fiscal period was $728,624;\n\n \n \n-On September 25 and October 24, 2017, the Company announced interesting results in diamond drill holes at the Sleeping Giant mine. These results are being used in the preparation of a new resource estimate which is being done now;\n\n \n \n-Work is currently being done on the Sleeping Giant tailings pond. Dykes a...