Business
Abcourt Reports an Adjusted Net Profit of $900k for the First Quarter 2020
(via TheNewswire) Rouyn-Noranda, Quebec, Canada - TheNewswire - November 29...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt Reports an Adjusted Net Profit of $900k for the First Quarter 2020(via TheNewswire)\n \n \nRouyn-Noranda, Quebec, Canada - TheNewswire - November 29, 2019 - Abcourt Mines Inc. (TSXV:ABI) (Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) (\"Abcourt\" or the \"Mines Abcourt inc.) reports its results today for the first quarter ended September 30, 2019. All amounts are in Canadian dollars unless otherwise indicated. \n\n\n \nHighlights :\n\n\n \n- First quarter revenues of $ 7.2 M from the sale of 3,624 ounces of gold. An increase of 42 % over the first quarter ended September 30, 2018. One of the best quarters so far.\n\n\n \n- The average realized price of gold sold was $1,978 per ounce.\n\n\n \n- Net loss in the first quarter of $62K. The loss is mainly due to the lower grade of the tonnes of mineralization extracted and treated, to a significant increase of the amortization and depletion expenses and the non recognition of the inventory of the tonnes of gold mineralization broken in stopes in 2019 as compared to the first quarter ended September 30, 2018. \n\n\n \n- Adjusted net profit of $ 900K compared to $1.5M at September 30, 2018.\n\n\n \n- Cash of $ 2.7 M.\n\n\n \n- The Company has no long-term debt. It finances itself with its operating revenues. \n\n\n \nRecent developments: \n\n\n \n- Drilling programs planned for Elder and Sleeping Giant gold mines and on-going drilling program for Abcourt-Barvue silver-zinc project.\n\n\n \n- $ 728 000 recently raised by private placement for diamond drilling.\n\n\n \n- Work started to reopen the Sleeping Giant mine.\n\n \n \nWe take advantage of the favorable gold price and the exchange rate of the Canadian/US dollars to move forward in our various projects and to increase the value of the company for the benefit of shareholders. Despite a decrease of the grade, the Elder mine is still profitable. \n\n\n \nSee above the table of changes from 2018 to 2019\n\n\n \nComparative table of results for the first quarter ended on September 30, 2019 and 2018\n\n \n\nDescription\n\n\n \n \n\n\nSeptember 30, 2019\n3 months\n\n \n\n\nSeptembre 30, 2018\n3 months\n\n \n\n\nTonnes treated\n\n\n \n \n\n\n29,531\n\n\n\n\n20,746\n\n\n\n\nGrade of treated tonnes \n\n\n\n\ng/t Au \n\n\n \n\n\n4,22\n\n\n\n\n5,14\n\n\n\n\nTonnes extracted\n\n\n \n \n\n\n25,655\n\n\n\n\n24,662\n\n\n\n\nGrade ...