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Financing of $6,5 M Completed with The Royal Bank of Canada for the Development of The Sleeping Giant Mine





Rouyn-Noranda, Québec, Canada – TheNewswire - March 3, 2021

 

Abcourt Mines Inc. (TSXV:ABI) (“Abcourt” or the Corporation), announced on February 5 last that a financing proposal had been received from the Royal Bank of Canada to accelerate the development of the Sleeping Giant mine.  All the closing conditions have been satisfied and a first tranche of one million dollars ($1M) was deposited in our account on February. 25, 2021.

This financing includes a term loan of $5M, repayable over a period of 5 years at an annual interest rate of 2,99 % for the first year rate to be determined for each successive request for funds..  This loan will be secured by a movable hypothec on the equipment and rolling stock and by the accounts receivable.

 

The financing also includes a credit facility of $1,5 million for the purchase of mining equipment, 100% guaranteed by the purchased equipment.

 

This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt Mines Inc. Mr. Hinse is a “Qualified Person” under the terms of Regulation 43‑101.  Mr. 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 half-way between Amos and Matagami, in Abitibi, Province of Quebec. The mill has a capacity to treat 700 to 750 tonnes per day. An evolution of the mineral resources, according to Ni-43-101 was prepared by Mr. Valère 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 12.20 g/t of gold and indicated resources total 475,625 tonnes with a grade of 11.20 g/t of gold. Inferred resources are 93,100 tonnes with a grade of 11.85 g/t of gold. A NI 43-101 feasibility study was completed in July 2019 by PRB Mining Services Inc. Probable reserves according to MI 43-101 have been estimated at 339,221 tonnes with a grade of 7.9 g/t of gold.

 

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

 

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

 

To know more about Abcourt Mines Inc. (TSXV: ABI), please visit our web site at www.abcourt.com and consult our filings under Abcourt’s profile on www.sedar.com.

 

For more information, please contact:

 

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 | Renaud Hinse, President and CEO| Dany Cenac Robert, Investor Relations|
 | T : 819 768-2857   450 446-5511| Reseau ProMarket Inc.,               |
 | F : 819 768-5475   450 446-3550| T:(514) 722-2276 x456                |
 | Email:rhinse@abcourt.com       | Dany.Cenac-Robert@ReseauProMarket.com|
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.