gold - silver - zinc
Near term producer & explorer - Abitibi, Quebec
Message: NR - Abcourt Purchases 23 Claims in Barraute Township, in Abitibi
September 24, 2013 13:40 ET
Abcourt Purchases 23 Claims in Barraute Township, in Abitibi, to Enlarge its Abcourt-Barvue Property
MONT-ST-HILAIRE, QUÉBEC--(Marketwired - Sept. 24, 2013) - Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (TSX VENTURE:ABI)(BERLIN:AML)(FRANKFURT:AML) ("Abcourt" or "the Company"), is pleased to announce the purchase of 23 claims (the "Property") in Ranges V and VI in Barraute Township, Abitibi, from Galahad Metals Inc., to enlarge its Abcourt-Barvue property. The Property covers the eastern extension of the Abcourt-Barvue silver-zinc structure and is adjacent to the Bartec gold zone which is on a property that Abcourt optioned in the 1980's and contains a non-compliant 43-101 Resource of 80,000 tonnes grading 5.8 g/t of gold. Historic drilling on the Property in hole B86-6 intersected 36.36 grams gold per tonne over 1.04 m from 47.75 m to 48.79 m. In addition, historic drilling has also identified other gold showings on the Property.
Consideration for the acquisition is $5,500 cash and 150,000 class B common shares of Abcourt.
The Company has also reached an agreement with Teck Resources Limited ("Teck") under which Teck has agreed to extinguish their pre-existing right of first refusal and a back-in right (the "Rights") with respect to the Property. In consideration of the extinguishment of the Rights, Teck has been granted a 1.5% net smelter royalty on the Property.
About Abcourt Mines Inc.
Abcourt Mines Inc. is an exploration and development company with strategically located properties in northwestern Quebec, Canada. The Elder Mine with 43-101 gold resources, the Abcourt-Barvue Project with 43-101 silver-zinc ore reserves and resources and the Aldermac property with historical copper-zinc resources are all former producers. Abcourt is now focused on bringing the Elder and Abcourt-Barvue projects back into production with Elder as the first priority. At the same time the company is working on other projects (Aldermac, Vezza, Jonpol and Vendome) to increase its mineral resources inventory. A 43- 101 resource calculation was completed in July, 2012, for the Elder Mine. A positive PEA report was prepared on Elder mine in the Fall of 2012 by Roche Limited, Consulting Group. A positive 43-101 feasibility study was completed by GENIVAR in 2007 on the Abcourt-Barvue Project. In addition, mill equipment was purchased. To know more about Abcourt, please visit our web site at www.abcourt.com and SEDAR.
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward- looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Abcourt Mines Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Company's amended and restated annual information form dated May 11, 2012 and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
This press release was prepared by Mr. Renaud Hinse, a qualified person, President of Abcourt Mines Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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