Business
Excellent Operating and Financial Results for Elder Mine for the Three-Month and Nine-Month Periods Ended March 31, 2018
(via TheNewswire) \ Mont-St-Hilaire, Quebec, Canada, June 5 , 2018 Mr. ...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Excellent Operating and Financial Results for Elder Mine for the Three-Month and Nine-Month Periods Ended March 31, 2018(via TheNewswire)\n \n \n\\\n\n\n \nMont-St-Hilaire, Quebec, Canada, June 5, 2018\n\n \n \nMr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) (\"Abcourt\" or the \"Company\") is please to announce excellent operating and financial results for the Elder mine for the three-month and nine-month periods ended March 31, 2018. \n\n \n \nResults obtained in the 2018 and 2017 third quarters and nine-month periods ended on March 31:\n\n \n \n\nClick Image To View Full Size\n\n \n \nComments on the results for the 2018 and 2017 third quarters and nine-month periods ended on March 31, 2018:\n\n \n \nOur revenues consist essentially in the sale of gold and silver. For the 3-month period ended on March 31, 2018, sales of gold and silver totaled $6,360,000. Expenses, including mining costs, royalties, amortization and depletion, were $5,377,870. A gross profit of $982,130 was made compared to a gross profit of $392,722 for the same period of the previous year. \n\n \n \nIn the third quarter of 2018, the Company made a net profit of $752,208 compared to a net profit of $186,215 for the same quarter in the previous year.\n\n \n \nIn the third quarter of 2018, 3,765 ounces of gold were sold, an increase of 44% over the third quarter ended March 31, 2017. The average realized price was CA$1,689 (US$1,334) per ounce. The average cash costs for the quarter was $1,293 (US$1,021) per ounce, a decrease of 5% over the same quarter of the previous year. The sustaining costs for the quarter were $1,590 (US$1,256) per ounce compare to $1,853 (US$1,402) per ounce over the same quarter of the previous year, a decrease of 14%. \n\n \n \nIn the third quarter of 2018, the tonnes treated at the Sleeping Giant mill (34,525) increased by 22% over the tonnes treated in the previous quarter and 36% over the same quarter in the previous year. Hence, a steady and important improvement. The increase is mainly due to a new work schedule. With this new schedule, the number of hours worked per month increases and the Company is able to hire skilled and qualified workers. \n\n \n \nThe expenses for the quarter were almost identical to those in the same quarter i...