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Abcourt Mines Inc
Symbol C : ABI
Shares Issued 288,703,070
Close 2018-12-06 C$ 0.05
Recent Sedar Documents

Abcourt Mines earns $970,982 in fiscal Q1

2018-12-07 12:05 ET - News Release

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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