Abcourt Purchases an Interest in the Vendome Base Metal and Gold Property at Barraute, Quebec
MONT-ST-HILAIRE, QUEBEC -- (Marketwire) -- 02/28/11 -- Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (TSX VENTURE: ABI)(BERLIN: ABI)(FRANKFURT: ABI) (the 'Company'), is pleased to announce that Xstrata Canada Corporation - Xstrata Zinc Canada Division (Xstrata Zinc) has agreed to sell to Abcourt its interest in fifteen half claims located in range 10 of Fiedmont township and range 1 of Barraute township, representing approximately 300 hectares, known as the Vendome property.
The consideration is:
-- 400,000 shares of the capital stock of Abcourt
-- 2 % net smelter return royalty on any production originating from the
Xstrata Zinc property
-- a right to purchase or treat any concentrate produced from the Xstrata
Zinc property on competitive terms
This property is located on a 2,000-meter long zone of massive to semi-massive sulphides owned in part by Abcourt and in part by Xstrata Zinc. Good gold-silver-copper and zinc values were obtained by diamond drilling and mine development in the past. Historical resources are as follows:
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ZONE SHORT Au Ag Cu Zn
TONS oz/t oz/t % %
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Vendome 495,000 0.036 1.73 0.48 8.07
Barvallee 181,000 -- 1.42 1.23 5.71
Belfort 227,000 0.012 0.61 0.22 7.80
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Total 903,000 0.022 1.39 0.56 7.53
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In addition, there are some quartz veins with pyrite and gold at the west end of the Mogador batholith with an inferred historical resource of 63,000 short tons, grading 0.19 ounce of gold per ton.
These resources are all located between bedrock and a depth of 200 meters from surface. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon but it gives a very good indication of the type of mineralization found on that property. This statement is made by Mr. Renaud Hinse, Professional Engineer, a qualified person, president of the Company. A few holes drilled under the historical resources indicate that the mineralized zone continues at least to 500 meters below surface.
In the 1950's, a three-compartment shaft was sunk on the Vendome zone, to a depth of 160 meters (525 feet) and three levels were established at depths of 76 meters (250 feet), 114 meters (375 feet) and 152 meters (500 feet). A total of 2,134 meters (7,000 feet) of drifts and raises were excavated and 351 holes were drilled underground for a total of 19,595 meters (64,600 feet). At the same time, two deposits, the Barvallee on the Abcourt claims and the Belfort, on the Xstrata Zinc claims, were found on strike to the west by surface drilling.
In 1987, a surface plant was installed and a short (76 meters) ramp was excavated on the Barvallee part of the property.
In 1998, Abcourt drilled nine holes for a total of 1,505 meters (4,936 feet) on the Barvallee part of the zone and results were very encouraging. The rock types, the alteration and the widespread sulphide mineralization with significant gold, silver, copper and zinc values that were intersected are characteristic of proximal zones found around volcanogenic massive sulphide ore deposits. The best results were obtained in hole 98-3 with 1.30 m assaying 92.7 g/m.t. of silver, 2.33% of copper and 4.46% of zinc and in hole 98-7 with two intersections: 115.2 g/m.t. silver, 3.05 g/m.t. gold, 0.54% copper and 12.90% zinc over 1.56 m and 32.0 g/m.t. silver, 1.78 g/m.t. gold, 0.44% copper and 4.38% zinc over 2.34 m.
The addition of this property will be greatly beneficial to the Abcourt-Barvue project located only 13 km north of this property.
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.
Contacts:
Abcourt Mines Inc.
Renaud Hinse
President and Chief Executive Officer
819-768-2857 / 450-446-5511
819-768-5475 / 450-446-3550 (FAX)
rhinse@abcourt.com