Mr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (the "Company") is pleased to announce that substantial progress was made in mine development at the Elder gold mine in the July 2013 - June 2014 period. This gold mine is located near Rouyn-Noranda, in Abitibi, Quebec, Canada.
Since the beginning of the mine development period in May 2013, 46 500 tonnes of mineralized material were extracted from the mine and 43,346 tonnes were treated at the Aurbec mill. At the end of the period, there were 3,000 tonnes of mineralization stockpiled in part at the mine and in part at the mill. The treated material had a grade of 4.90 grams of gold per tonne.
At the mill, 6,618.8 ounces of gold and 2,768.3 ounces of silver were recovered. Gold was sold at an average price of CAN$1,380 per ounce and silver was sold at an average price of CAN$ 21.72 per ounce. The proceeds from the sales totaled CAN$ 9,192,191, for an average of $ 212.06 per tonne of mineralization.
On the 8th level, the exploration drift to the west outlined a narrow zone of mineralization with an average of 6.66 grams of gold per tonne over an average width of 1.28 meter for a distance of 20 meters. In the last face of the drift, a 0.4-meter vein with a grade of 50.16 grams of gold per tonne, was exposed and in the roof of the drift, another band of mineralization with an average grade of 5.59 grams of gold per tonne over a width of 1.83 meter and a length of 20 meters was found. The drift will be extended to find the extension of these veins. Stoping will start when the full extent of these veins will be known.
In the three stopes that we have on the 7th level, we have found additional gold mineralization in the roof and in the floor of stopes. These stopes were expected to have a height of 2 to 3 meters, but in some places, we have found as much as 7 meters of mineralization. This additional mineralization will eventually be reflected in a revised calculation of resources. However, because of the additional height in stopes, we had to re-inforce the pillars and this work had the effect of retarding the production in these stopes during the April - June 2014 quarter. During this quarter, 7,470 tonnes were extracted from the mine, compared to the 12,500 tonnes extracted in the previous quarter. This decrease in production was only temporary. Things are back to normal and we will add a second shift soon to increase production.
We continue to use the Aurbec mil to treat our mineralization and the latter will be available until October. Meanwhile, we have negotiated an agreement with another company to treat our mineralization for the September 2014 - March 2015 period. Morever, we are looking for a mill to purchase.
We are satisfied with the progress made in the July 2013 - June 2014 period and we expect to reach full production (12,500 tonnes / month) at the end of calendar 2014.
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.