05:17:14 EDT Mon 17 May 2021
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Abcourt Mines Inc
Symbol ABI
Shares Issued 311,389,130
Close 2021-03-31 C$ 0.13
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Abcourt Mines shareholders approve all matters at AGM

2021-03-31 16:58 ET - News Release

Mr. Renaud Hinse reports


Abcourt Mines Inc. has released the results of its annual and general meeting of shareholders held on March 18, 2021. The shareholders approved the appointment of Raymond Chabot Grant Thornton, professional chartered accountants, as auditor of the corporation and the election of the following directors: Daniel Adam, Rene Branchaud, Jean-Guy Courtois, Normand Hinse, Renaud Hinse, Francois Mestrallet and Nicole Veilleux. Mr. Branchaud, new director, is partner of the law firm Lavery, de Billy LLP of Montreal. He is also director and secretary of Midland Exploration Inc., a Canadian mining exploration company listed on the TSX Venture Exchange and director and secretary of Genius Metals Inc., a Canadian mining exploration company listed on the Canadian Securities Exchange.

At the board meeting that followed the shareholders meeting, the board of directors has appointed Renaud Hinse as president and chief executive officer, Normand Hinse as chief financial officer, and Julie Godard, lawyer, as corporate secretary, and Jasmine Hinse as assistant corporate secretary. Also, the following directors were reappointed on the audit committee: Ms. Veilleux, Normand Hinse and Mr. Mestrallet, and Renaud Hinse, Normand Hinse and Mr. Adam were reappointed on the environment, human resources and health and safety committee. A new remuneration committee was created, with the following independent members: Rene Branchaud, Ms. Veilleux and Mr. Mestrallet.

This press release was prepared by Renaud Hinse, engineer and president of Abcourt Mines. Renaud Hinse is a qualified person under the terms of Regulation 43-101. Renaud Hinse has approved the scientific and technical disclosure below.

About Abcourt Mines Inc.

Abcourt is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources. Abcourt is currently focusing on the exploitation of the Elder mine and on the development of the Sleeping Giant mine.

In 2016, Abcourt acquired the Sleeping Giant mine and mill, located halfway between Amos and Matagami, in Abitibi, Que. The mill has a capacity to treat 700 to 750 tonnes per day. An evolution of the mineral resources, according to National Instrument 43-101 was prepared by Valere Larouche, consulting engineer in geology. It was filed on SEDAR on May 13, 2019. Measured mineral resources total 10,900 tonnes with a grade of 12.2 grams per tonne of gold and indicated resources total 475,625 tonnes with a grade of 11.2 g/t of gold. Inferred resources are 93,100 tonnes with a grade of 11.85 g/t of gold. An NI 43-101 feasibility study was completed in July, 2019, by PRB Mining Services Inc. Probable reserves according to Multilateral Instrument 43-101 have been estimated at 339,221 tonnes with a grade of 7.9 g/t of gold.

The Abcourt-Barvue property has silver-zinc reserves (2019). An NI 43-101 feasibility study was completed in 2007 by Roche/Genivar. An update was completed in July, 2019, by PRB Mining. A total of 8.07 million tonnes are in proven and probable reserves with a grade of 51.79 g/t of silver and 2.83 per cent zinc. About 81.6 per cent of these reserves are mineable by open pit and 18.4 per cent are mineable by underground operations. Inferred resources total 2.07 million tonnes with a grade of 114.16 g/t of silver and 2.89 per cent zinc.

For the long term in gold, the corporation has prepared a $2-million exploration program, mainly for the Sleeping Giant mine where important targets of gold mineralization have not yet been explored.

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