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Abcourt Mines Inc
Symbol C : ABI
Shares Issued 288,703,070
Close 2018-11-05 C$ 0.045
Recent Sedar Documents

Abcourt Mines earns $1.41M in fiscal 2018

2018-11-06 09:16 ET - News Release

An anonymous director reports

ELDER MINE DELIVERS A NET PROFIT OF $1.4 M IN THE FOURTH QUARTER

Abcourt Mines Inc. is providing operating and financial results for the fourth quarters and the annual periods ended on June 30, 2018, and June 30, 2017, with very good results.


                           FOURTH QUARTER AND ANNUAL HIGHLIGHTS

                                                    Three months ended                 12 months ended
Description                              June 30, 2018   June 30, 2017   June 30, 2018   June 30, 2017

Tonnes treated                                  30,647           23,277         113,398          98,153
Tonnes extracted                                32,466           24,041         114,475          97,425
Gold ounces sold                                 5,409            4,779          15,683          13,322
Gold ounces produced                             4,601            3,774          15,380          13,405
Gold recovery                                    97.10%           97.58%          96.90%          95.70%
Revenues from the sale of gold and silver   $9,094,173       $8,013,483     $26,044,120     $22,251,954
Price of gold sold ($/ounce)                     1,681            1,677           1,661           1,650
US$                                              1,288            1,262           1,311           1,249 
Average cash production cost  ($/ounce)          1,264            1,385           1,322           1,513
US$                                                968            1,043           1,044           1,145
Cost needed to maintain production ($/ounce)       124               88             241             300
US$                                                 95               66             190             227
All inclusive cost of production  ($/ounce)      1,388            1,473           1,563           1,813
US$                                              1,064            1,109           1,253           1,372
Gold and silver stock ready to be sold          60,900           32,652          60,900          32,652
Gold and silver inventory in circuit         1,064,870        1,497,364       1,064,870       1,497,364 
Total inventory                              1,125,770        1,530,016       1,125,770       1,530,016 
Net profit (loss) after taxes                  152,471        1,039,392       1,415,608        (906,486) 
Mining tax                                   1,262,732          107,135       1,402,850         225,427  
Deferred taxes                                (18,000)           (9,137)        (67,363)        (55,385)  
Cash flow from operations                      829,212          593,582       5,235,406        (850,981) 
Cash at the end                              2,531,099        1,289,470       2,531,099       1,289,470 
 

Comments

In the fourth quarter, tonnes treated in 2018 were 32 per cent higher than those treated in 2017. Likewise, if the company compares statistics for the 2017 and 2018 annual periods, a substantial improvement is obvious.

  • Tonnes treated: plus 15.5 per cent;
  • Gold ounces produced: plus 14.7 per cent;
  • Proceeds from sale of gold and silver: plus 17.0 per cent;
  • Average cash cost of production: down 14 per cent;
  • All inclusive production cost: down 15.9 per cent;
  • Net profit (net loss) 2018: $1.4-million;
  • Net loss 2017: $900,000;
  • Cash flow from operations surplus of $5.2-million in 2018;
  • Deficit of $800,000 in 2017;
  • Cash at the end: $2.5-million in 2018, $1.3-million in 2017;
  • Mining taxes of $1.4-million in 2018, $200,000 in 2017.

  • During the latest annual period, assets increased by an amount of $4,048,785 from $37,458,247 in 2017 to $41,507,032 in 2018. The growth is in accordance with the company's strategy of creating value for its shareholders.
  • The gross profit realized over the fiscal period with the Elder mine was $3,548,784 in 2018 ($728,624 in 2017).
  • Over all, tonnes treated, ounces produced and revenues increased by about 15 per cent. Average production costs were 15 per cent lower.
  • The 2018 cash flow from the operations produced a remarkable $5.2-million surplus but a loss of $800,000 was realized in 2017.
  • The 2018 mining taxes were inflated by a new notice of assessment for the 2016 period. In 2017, mining taxes amounted to $200,000. If that new notice of assessment had not been received in 2018, the net profit would have been very interesting.
  • The 2018 net profit was $1,415,608. In 2017 a loss of $906,486 was made.

Refer to the non-GAAP (generally accepted accounting principles) performance measures contained in the annual management's discussion and analysis.

Abcourt has several gold assets of quality that is the Elder and Sleeping giant mines and several other properties with important gold mineralization. In zinc, there is the Abcourt-Barvue project with substantial minable zinc and silver resources, mainly by an open pit and the following satellite properties: Vendome, Jonpol and Aldermac.

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, to reduce the operating cost per tonnes 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 and a positive preliminary economic assessment study (2012). Abcourt is focusing on the exploitation of the Elder mine.

We seek Safe Harbor.

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