Mr. Pascal Hamelin reports

ABCOURT RELEASES ITS FIRST MINERAL RESOURCES ESTIMATE ON ITS FLORDIN GOLD PROJECT

Abcourt Mines Inc. has released its first mineral resource estimate (MRE) for the Flordin project, a 100-per-cent-owned gold deposit located in the Abitibi greenstone belt, 85 kilometres east of the Sleeping Giant plant, 100 per cent owned by Abcourt, and 30 km north of the town of Lebel-sur-Quevillon, Que.

This MRE reflects the results of approximately 73,400 metres of drilling, of which 34,900 metres were carried out from 2010 to 2020. The MRE was carried out by the firm InnovExplo Inc. of Val d'Or. The MRE uses a base case valued at a gold price of $1,650/ounce (oz). Please read the notes for the table entitled "Mineral resources estimate of the Flordin gold project" for the full list of the MRE evaluation criteria.

Highlights:

• 134,700 ounces of measured and indicated resources in 1,758,000 tonnes at an average grade of 2.38 grams per tonne (g/t) Au (gold);
• 59,700 ounces of inferred resources in 575,000 tonnes at an average grade of 3.23 g/t Au;
• This MRE, as well as the 3-D model of the veins and the mineral structures, will serve as a basis for carrying out an exploration campaign in the summer of 2023, with the aim of exploring the extensions of the deposit and potentially increasing the mineral resources.

Pascal Hamelin, president and chief executive officer of Abcourt, said: "We are pleased to now own a third deposit with a mineral resource estimate near our Sleeping Giant mill. With our ore processing plant having all its permits, having processing and storage capacity, Abcourt has the potential to become a significant producer in a mining camp without any mill and several orphan deposits belonging to several companies."

This MRE adheres to current Canadian standards for the disclosure of mineral resources and reserves as created by the Canadian Institute of Mining (CIM) and defined in the CIM definition standards for mineral resources and mineral reserves dated May, 2014. The MRE also complies with the CIM best practice guidance on estimating mineral resources and mineral reserves dated November, 2019.

This MRE includes the amalgamation of blocks of various grades (mandatory blocks) included within potential mining forms respecting the reasonable prospect of eventual economic extraction, as specified by the CIM in 2019.

Qualified persons

The qualified persons independent of the issuer, responsible for estimating the resources of the Discovery property, within the meaning of National Instrument 43-101, are Olivier Vadnais-Leblanc, PGeo, Carl Pelletier, PGeo, Simon Boudreau, PEng, and Eric Lecomte, PEng, of InnovExplo Inc. Mr. Vadnais-Leblanc, Mr. Pelletier, Mr. Boudreau and Mr. Lecomte declare that they have read this press release, and that the scientific and technical information relating to the resource estimate presented therein is correct. Mr. Hamelin, president and chief executive officer of the company, has verified and approved the technical information contained in this press release.

About Abcourt Mines Inc.

Abcourt Mines is a Canadian exploration corporation with strategically located properties in northwestern Quebec, Canada. Abcourt owns the Sleeping Giant mill and mine where it concentrates its activities.

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