Business
Good Results for the 4th Quarter and the 12-Month Period Ended on June 30, 2020 (Unaudited)
(via TheNewswire) Rouyn-Noranda, Quebec, Canada - TheNewswire - August 10, ...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Good Results for the 4th Quarter and the 12-Month Period Ended on June 30, 2020 (Unaudited)(via TheNewswire)\n \n \nRouyn-Noranda, Quebec, Canada - TheNewswire - August 10, 2020 - Abcourt Mines Inc. (TSXV:ABI), (OTC:ABMBF), (Berlin:AML-BE) and (Frankfurt Stock Exchanges:AML-FF) (\"Abcourt\" or the \"Corporation\"), is pleased to announce good results for the 4th quarter and the 12-month period ended on June 30, 2020. As indicated previously, the Elder mine was closed for almost one month due to Covid-19. During the closing, some of the gold contained in the mill circuit was used to pay for mine expenses. When the mine was re-opened, the first thing to do was to refill the mill circuit. \n\n\n \n\nIn the 4th quarter, we sold 1,821.5 ounces of gold for an amount of $4.26M. Mine production for the 4th quarter was 2,629 ounces of gold. At the same time, the gold inventory in the mill circuit increased to 1,126 ounces. At the current gold price, this represents an important amount. \n\n\n \n\nDuring the 12-month period ended on June 30, 2020, we produced 12,794 ounces of gold and sold 11,554 ounces for a total of $23.8M. \n\n\n \n\nOn June 30, the cash was $1.7M.\n\n\n \n\nThese figures have not been validated nor audited by our external Auditors.\n\n\n \n\nIt is with the contribution of the whole team that it was possible to go through this difficult period and re-start the mining activities with success.\n\n \n \nSTRATEGY AND OUTLOOK\n\n \n \nCurrently, the Corporation is focussing on gold. At the Elder mine, our objective is to produce 12,500 tonnes per month of gold mineralization.\n\n \n \nWe wish to use the full capacity of the Sleeping Giant mill by opening the Sleeping Giant mine. This should reduce the operating cost per tonne treated.\n\n \n \nFor the long-term, in the gold sector, the Corporation is planning a $2M drilling program at the Sleeping Giant gold property where substantial unexplored gold mineralization is found.\n\n \n \nABOUT ABCOURT MINES INC.\n\n \n \nAbcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources (2018). Abcourt is currently focusing on the exploitation of the Elder mine.\n\n\n \nIn 2016, Abcourt acquired the Sleeping Giant mine and mill, located half-way between Amos and Mat...