Business
ABCOURT Releases its Objectives for the Coming Year
(TheNewswire) Rouyn-Noranda, Canada – TheNewswire - May 9, 202...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"ABCOURT Releases its Objectives for the Coming Year\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Rouyn-Noranda, Canada –\n \n \n TheNewswire -\n \n \n May 9, 2022\n \n \n - Abcourt Mines Inc. (“Abcourt” or the\n“Corporation”) (TSXV:ABI)\n \n \n releases its objectives for the coming year.\n \n \n \n \n \n \n The Corporation immediately\nincreases its efforts in geology and engineering at the Sleeping Giant\nMine to develop a budget plan that will allow the production restart\nof the mine.\n \n \n \n \n \n \n In 12 weeks, the Corporation will\ncease its extraction activities at the Elder Mine in order to allow\ngeologists and engineers to evaluate the best extraction methods\naccording to the geological configuration of the existing resources,\nand resume exploration activities to define new sectors. The\nCorporation will attempt to maximize the transfer of its employees\nfrom the Elder Mine to the Sleeping Giant Mine based on mine capacity\nand the interest of affected employees.\n \n \n \n \n \n \n The Corporation will evaluate all\nits other properties and determine the best financial alternative for\neach of them. Some properties could be developed in partnership, or\nsold according to the assessment made, or simply kept if the\nconditions are not favorable.\n \n \n \n \n \n \n The Sleeping Giant Mine team\nstarted the workings rehabilitation in the upper levels of the mine,\nand already identified new mineralized sectors.  Now, the objective\nis to accelerate the rehabilitation in many levels, and the shaft.\n At the same time, the geologists will be able to identify new\nmineralized zones with all the new technological tools at their\ndisposal and the support of veterans of the exploration industry in\nAbitibi.  The Corporation will continue to keep investors informed of\nthe progress of development activities at Sleeping Giant over the\ncoming weeks and months.\n \n \n \n \n For several quarters, mining at the\nElder Mine had been becoming less and less profitable despite the\nefforts of all employees. Faced with this fact, the Corporation has\nmade the decision to cease its mining activities and to notify its\nemployees today of the decision. The Corporation will proceed with a\ncollective dismissal in 12 weeks, on Monday, August 1. Several\nemployees may be reassi...