Abcourt Announces its Results for the Fourth Quarter and the Year ended June 30, 2022

Rouyn-Noranda, Canada, October 27, 2022 – Abcourt Mines Inc. (“Abcourt” or the “Company”) (TSX Venture: ABI) announces its results for the fourth quarter and the year ended June 30, 2022, representing a net loss of $27.9 M following the reduction in production at the Elder Mine and the devaluation in the book value of $23.8M from mining properties.


On May 9, 2022, the Company announced the cessation of operations at the Elder mine for August 1st 2022.  Indeed, for several quarters, mining at the Elder mine had been becoming less and less profitable. The financial results announced today clearly demonstrate this.


As of June 30, 2022, the Company determined that the significant losses generated by the extraction of ore at the Elder mine as well as the depletion of the reserves constituted facts and circumstances indicating an impairment of these assets and concluded that a devaluation was necessary for the assets associated with the Elder mine. In addition, a change in the strategic orientations of the Company led to a reassessment of the book values of our mining properties and required the devaluation of many projects such as Aldermac and Abcourt-Barvue.


Since May 9, Abcourt has been working on the development of the Sleeping Giant mine, and the improvement of the Company’s financial balance sheet. All amounts are in Canadian dollars unless otherwise indicated.


Highlights of the Financial Year











New Strategy


Since the beginning of the fourth quarter, the Company has made several changes and initiated several projects to move the Company forward.








About Abcourt Mines Inc.


Abcourt Mines Inc. is a gold producer and a Canadian exploration corporation with strategically located properties in northwestern Québec, Canada. Abcourt owns the Sleeping Giant mill and mine where it concentrates its activities.


For further information, please visit our website at , and consult our filings under Abcourt’s profile on, or contact:


Pascal Hamelin

President and CEO

T: (819) 768-2857

E: [email protected]


Dany Cenac Robert, Investor Relations

Reseau ProMarket Inc.,

T: (514) 722-2276, post 456

E: [email protected]


Forward-Looking information


Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions. Forward-looking statements, including the expectations of Abcourt’s management regarding the completion of the Transaction, are based on Abcourt’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Abcourt to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Forward-looking statements are subject to business and economic factors and uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in Abcourt’s public documents, available on SEDAR at There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements and forward-looking information. Except where required by applicable law, Abcourt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


The TSX Venture Exchange and its regulatory service provider (as defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this press release.

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