Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
MONT-ST-HILAIRE, QUÉBEC–(Marketwire – April 25, 2012) – Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (TSX VENTURE:ABI)(BERLIN:AML)(FRANKFURT:AML) (the “Company“), is pleased to announce that a 43-101 update report on the Elder mine and Tagami property, gold resources, prepared by Mr. Jean-Pierre Bérubé, P. Eng., geological consultant, shows a substantial increase. Mr. Bérubé is an independent qualified person. A previous estimate, made by Mr. Bérubé in 2009, converted in metrics, showed 172,976 ounces of measured and indicated resources at a 3.43 g/t Au cut-off grade. The current estimate for the same categories of resources stands at288,944 ounces of gold at an equivalent cut-off grade of 3.45 g/t Au. This represents an increase of 67%. If we were to include the inferred resources (116,827 ounces), the increase would be almost 100%.
The Tagami property is adjacent to the Elder property and is located at its northern limit.
The previous estimate was based on results from 263 drill holes and 128 sampling sites in drifts and stopes. In addition to this data, the current revision incorporates results from 103 holes (19,520 meters) drilled on Elder and Tagami during 2010 and 2011. The specific weight used was 2.70 tonnes / m3. A cut-off grade of 3.45 g/t Au was used. Assays higher than 31 g/t Au were cut to 31 g/t Au to reduce the risk of overestimating the total gold content. The various categories of resources were established according to the CIM Definition Standards.
For Elder and Tagami, resources were calculated using the block method. At Elder, all the intersections were projected on different vein plans (1:500) and blocks were plotted according to the spacing between holes and/or drifts and/or stopes. In general, the spacing of holes is 25 to 30 meters.
For the Tagami property, the drill holes were plotted on sections (1:500), 30 meters apart. The blocks were drafted on the sections and projected on a plan 1:500.
Here are the results of the 2012 calculations:
Table 1a – Measured and indicated resources at Elder and Tagami
Considering that the Elder mine is;
The Author recommends carrying out a Preliminary Economic Assessment study.
Mr. Bérubé also believes that the possibilities of finding additional resources are excellent, considering the quality and number of near surface targets which remain to be explored. The Elder mine and the Tagami project have sufficient merits to justify additional surface and underground exploration programs.
The full 43-101 report will be filed on SEDAR shortly.
About Abcourt Mines Inc.
Abcourt Mines Inc. is an exploration and development company with strategically located properties in northwestern Quebec, Canada. The Elder Mine with 43-101 gold resources, the Abcourt-Barvue Project with 43-101 silver-zinc ore reserves and resources and the Aldermac property with historical copper-zinc resources are all former producers. Abcourt is now focused on bringing the Elder and Abcourt-Barvue projects back into production with Elder as the first priority. At the same time the company is working on other projects (Aldermac, Vezza, Jonpol and Vendome) to increase its mineral resources inventory. A 43-101 resource calculation was completed in July, 2009, for the Elder Mine. A positive 43-101 feasibility study was completed by GENIVAR in 2007 on the Abcourt-Barvue Project. In addition, mill equipment was purchased. To know more about Abcourt, please visit our web site at www.abcourt.com and SEDAR.
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain “forward-looking information”. Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Abcourt Mines Inc. (the “Company“), or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Company’s amended and restated annual information form dated November 26, 2010 and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
This press release was prepared by Mr. Renaud Hinse, a qualified person, President of Abcourt Mines Inc.
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.
