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Mr. Renaud Hinse, President and C.E.O. of Abcourt
Mines Inc. (TSX VENTURE:ABI)(BERLIN:ABI)(FRANKFURT:ABI) (the "Company"), is
pleased to report that additional drilling results from 11 holes in the
western portion of the Elder Gold Mine Property, located 10 km northwest of
Rouyn-Noranda, continue to expand this growing mineralized system which also
remains open to the east, the north and at depth.
Three new gold-bearing alteration zones have been
identified on the western side that branch off from the Main
Vein. Widths improve when these branch veins meet the Main Vein as
demonstrated by hole E10-41. It was drilled in an open area and
intersected 10.9 metres grading 6.07 g/t gold.
A successful and extensive Phase 1 drill program at
Elder and the adjoining Tagami Property has been completed (results on 8 more
holes at Elder are still pending) and a 10,000-metre Phase 2 program has now
commenced. This will include 4,000 metres at Elder and 6,000 metres at
Tagami. On Elder, holes are drilled vertically with a spacing of 30 m X 30 m
whereas on Tagami, holes are also drilled vertically but with a spacing of 45
m X 30 m.
The Phase 1 drilling on the
west side of Elder covered a surface area of 500 metres north-south and 135
metres east-west. On the east side, drilling was over an area 180 metres
north-south and 110 metres east-west. At Tagami, a 400-metre continuous
zone of mineralization has been outlined in a northeast direction at shallow
depth over the northern half of the West Gold Zone.
"It's our goal to
build significantly on the 2009 NI-43-101 resource estimate for the Elder
Property and we're very confident that we're going to succeed", stated
Renaud Hinse, Abcourt President and CEO. "We're gaining a much
better understanding of the entire structural model for Elder and this is
aiding us immensely as our aggressive drill campaign continues. We're
also very excited with the potential of the Tagami Property immediately to
the north where much more drilling will be taking place. We're strongly focused
on re-opening the Elder mine as quickly and efficiently as
possible."
Meanwhile, a major drill
program continues at the Abcourt-Barvue Silver-Zinc Property near Val d'Or
(more results pending). Drilling there is designed to upgrade and
augment existing NI-43-101 all-category reserves and resources and justify an
expansion of the proposed mill from 650,000 tonnes to one million tonnes per
year.
DRILL HIGHLIGHTS FROM
THE LATEST 11 HOLES AT WEST END OF ELDER MINE
Hole no.
|
From
M
|
To
M
|
Length
Meters
|
Gold
Grams/tonne
|
E10-19
|
115.20
|
117.20
|
2.0
|
11.99
|
E10-29
|
151.00
161.10
|
153.70
162.70
|
2.7
1.6
|
2.10
2.83
|
E10-30
|
138.90
|
140.40
|
1.5
|
4.58
|
E10-31
|
41.20
123.50
|
42.00
124.30
|
0.8
0.8
|
6.65
2.66
|
E10-32
|
25.50
135.20
|
26.30
136.20
|
0.8
2.7
|
6.03
2.41
|
E10-33
|
68.70
115.80
|
70.50
117.30
|
1.8
1.5
|
4.07
5.16
|
E10-35
|
52.10
99.10
|
53.10
99.40
|
1.0
0.3
|
3.59
55.40
|
E10-38
|
99.50
|
102.30
|
2.8
|
6.03
|
E10-39
inc
|
82.80
82.80
|
88.90
85.00
|
6.1
2.2
|
2.73
4.62
|
E10-40
|
47.00
91.50
|
48.50
93.40
|
1.5
1.5
|
4.73
5.15
|
E10-41
Inc
|
169.50
177.20
|
180.40
180.40
|
10.9
3.2
|
6.07
12.65
|
The length of intersections
is approximately equal to true widths.
All assays were done by
Techni-Lab S.G.B. Abitibi Inc., an approved laboratory.
From 1944 to 1964, the
Elder mine produced 350,000 ounces of gold.
In July 2009, a revision of
the resources for the Elder property was completed by an independent
qualified person, Mr. Jean-Pierre Bérubé, P. Eng., consultant
from Trois-Rivières, Québec. This revision was made
according to NI-43-101 standards.
Below is a summary of the
non-diluted resources:
Cut-off grade
|
3.8 grams/tonne
|
5.1 grams/tonne
|
|
|
|
Description
|
Tonnes
|
Au
gr/t
|
Ounces
|
Tonnes
|
Au
gr/t
|
Ounces
|
Measured
|
402,286
|
6.5
|
83,635
|
256,379
|
7.7
|
63,736
|
Indicated
|
402,742
|
6.6
|
85,502
|
287,296
|
7.7
|
71,422
|
Measured Indicated
|
805,028
|
6.5
|
169,137
|
543,675
|
7.7
|
135,158
|
Inferred
|
237,289
|
6.1
|
46,722
|
159,704
|
7.2
|
37,067
|
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, 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.
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.
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