Mr. Renaud Hinse reports
EXCELLENT OPERATING AND FINANCIAL RESULTS FOR ELDER MINE FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED MARCH 31, 2018
Abcourt Mines Inc. has released its operating and financial results for the Elder mine for the three-month and nine-month periods ended March 31, 2018.
Comments on the results for the 2018 and 2017 third quarters and nine-month periods ended on March 31, 2018
The company's revenues consist essentially in the sale of gold and silver. For the three-month period ended on March 31, 2018, sales of gold and silver totalled $6.36-million. Expenses, including mining costs, royalties, amortization and depletion, were $5,377,870. A gross profit of $982,130 was made in Q3 2018,
compared with a gross profit of $392,722 for the same period of the previous year.
In the third quarter of 2018, the company made a net profit of $752,208, compared with a net profit of $186,215 for the same quarter in the previous year.
In the third quarter of 2018, 3,765 ounces of gold were sold, an increase of 44 per cent over the third quarter ended March 31, 2017. The average realized price was $1,689 ($1,334 (U.S.)) per ounce. The average cash costs for the quarter were $1,293 ($1,021 (U.S.)) per ounce, a decrease of 5 per cent over the same quarter of the previous year. The sustaining costs for the third quarter of 2018 were $1,590 ($1,256 (U.S.)) per ounce, compared with $1,853 ($1,402 (U.S.)) per ounce over the same quarter of the previous year, a decrease of 14 per cent.
In the third quarter of 2018, the tonnes treated at the Sleeping Giant mill (34,525 tonnes) increased by 22 per cent over the tonnes treated in the previous quarter and 36 per cent over the same quarter in the previous year. Hence, this was a steady and important improvement. The increase is
mainly due to a new work schedule. With this new schedule, the number of hours worked per month increased and the company was able to hire skilled and qualified workers.
The expenses for the quarter were almost identical to those in the same quarter in the previous period.
The company ended the quarter with a cash balance of $2,681,181, compared with $1,107,671 in the same quarter of the previous year. As at March 31, 2018, gold and silver stocks totalled $2.2-million. The cash on March 31, 2018, includes a balance of $735,056 from a flow-through private placement made in December, 2017.
Activities at the Sleeping Giant mine
A review of available data enabled the company to work on a new calculation of resources, which is currently being made.
The mine is kept dewatered and the mill operates normally. However, the company has to change the automat control in the mill soon.
Activities at the Abcourt-Barvue mine
An update of the 2007 feasibility study is currently being made. New plans for the water treatment facilities and the ore treatment plant were prepared. Unless something unforeseen happens, this update should be completed in about three months (around Sept. 1, 2018).
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 (2012) and a positive preliminary economic assessment study. Abcourt is focusing on the exploitation of the Elder mine.
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