Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (the "Company"), is pleased to report that a Certificate of Authorization was received from the Ministère du Développement durable, de l'Environnement et des Parcs, which will allow Abcourt to proceed with the development of its 100% owned Elder Gold Mine.
More specifically, Abcourt will excavate new drifts, rehabilitate some old drifts and prepare stopes to extract ore with the objective of producing 25,000 ounces of gold annually as further explained below.
In addition, Abcourt is pleased to announce that permits have been received to store explosives underground.
Mr. Renaud Hinse, stated, "These permits are important milestones and will enable Abcourt to reach commercial production at the Elder mine at the end of calendar 2013.It should also increase our ability to raise additional funds to complete the development program." Abcourt now has about $2.5 million in working capital.
A NI 43-101 resources estimate, completed by Mr. Jean-Pierre Bérubé, P. Eng., was filed on SEDAR in May 2012. It indicates 1,361,000 tonnes with a grade of 6.60 grams of gold per tonne in the measured and indicated categories for a total of 289,000 ounces of gold and 638,000 tonnes with a grade of 5.70 grams of gold per tonne in the inferred category for a total of 117,000 ounces of gold. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
A positive Preliminary Economic Assessment report (PEA) completed by Roche Limited, Consulting Group, indicates a net present value before taxes (8%) of $81.8 million.
During the development period, pre-commercial production will be increased gradually with the goal to achieve commercial production, at a rate of 150,000 tonnes per year with an estimated production of 25,000 ounces of gold. During the development period in 2013, 75,000 tonnes for 12,500 ounces of gold will be produced.