Mr. Renaud Hinse reports
ABCOURT MINES REPORTS EXCELLENT RESULTS FOR THE
FIRST QUARTER ENDED ON SEPTEMBER 30, 2018
Abcourt Mines Inc. had very good operating and financial
results for the first quarter ended on Sept. 30, 2018, compared with those of
Sept. 30, 2017.
FIRST QUARTER FINANCIAL HIGHLIGHTS
Three months ended Three months ended
Sept. 30, 2018 Sept. 30, 2017
Sales of gold and silver $5,319,433 $3,716,814
Cost of sales 4,115,943 3,854,083
Gross profit 1,203,490 (137,269)
Charges 124,541 136,046
Other income 28,283 13,496
Profit (loss) before income taxes 1,107,232 (259,819)
Income taxes and deferred taxes 136,250 14,000
Net income (loss) and
comprehensive income (loss) 970,982 (273,819)
Net income (loss) per share 0.00 (0.00)
FIRST QUARTER PRODUCTION HIGHLIGHTS
Three months ended Three months ended
Sept. 30, 2018 Sept. 30, 2017
Tonnes treated 20,746 19,932
Tonnes extracted 19,932 19,941
Gold ounces produced 3,191 2,284
Gold ounces sold 3,347 2,755
Gold recovery 97.66% 96,75%
Total gold inventory (ounces) 1,667 1,628
Cash production cost ($/ounce) $1,114 $1,297
(US$853) (US$1,039)
All-inclusive production cost ($/ounce) $1,378 $2,024
(US$1,056) (US$1,621)
Comment: Substantial improvements, increase of 43.1 per cent in sales
and reduction of 31.9 per cent in all-inclusive cost of production.
Tonnes treated +4%
Gold ounces produced +21.5%
Proceeds from sale of gold and silver +43.1%
Average cash cost of production -14.1%
All-inclusive production cost -31.9%
Net profit (net loss) $970,982 in 2018
$(273,819) in 2017
Cash flow from operations $948,661 in 2018
$857,202 in 2017
Cash at the end $2.5-million in 2018
$1.1-million in 2017
Mining taxes $150,000 in 2018
$25,000 in 2017
Please refer to the non-GAAP (generally accepted accounting principles) performance measures contained in the annual management
discussion and analysis.
Abcourt has two gold assets of quality -- Elder and Sleeping Giant mines -- and several
other properties with important gold mineralization. In zinc, there is the Abcourt-Barvue project with substantial zinc and silver resources and the following satellite
properties: Vendome, Jonpol and Aldermac.
A surface drilling program is currently being conducted.
Strategy and outlook
Currently, the company is focusing on stabilizing and increasing the Elder
production. The company's objective is to produce 12,500 tonnes per month.
The company wishes to increase the full capacity of the Sleeping Giant mill by treating custom ore and to
reduce the operating cost per tonne treated.
For the long-term growth in the gold sector, the company has started a drilling
program on the Discovery and Flordin gold properties, where substantial gold
mineralization is found.
About Abcourt Mines Inc.
Abcourt Mines is a gold producer and a Canadian exploration company with
strategically located properties in northwestern Quebec, Canada. The Elder property has
gold resources (2018) and a positive preliminary economic assessment study (2012).
The Abcourt-Barvue property has silver-zinc resources (2014).
This press release was prepared by Renaud Hinse, an engineer and the president of
Abcourt Mines. Mr. Hinse is a qualified person under the terms of Regulation 43-101. Mr. Hinse has approved the scientific and technical disclosure.
We seek Safe Harbor.
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