Abcourt Mines Inc.: The Earn-in Requirement for the Option on the Jonpol (Amos) Property has Been Extended for two Years and Hole JL11-09 Drilled Recently has Intersected Good Silver Values
MONT-ST-HILAIRE, QUEBEC -- (Marketwire) -- 01/10/12 -- Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (TSX VENTURE: ABI) (BERLIN: AML.BE) (FRANKFURT: AML.FF) (the 'Company'), is pleased to report that Teck Resources Limited has agreed to extend the earn-in requirement for the option on the Jonpol (Amos) property by adding two years (2012 and 2013) but has required an increase in the work commitment from $1.0M to $1.1M. All the other terms of the Agreement remain the same.
Recent diamond drilling
We recently drilled nine holes for a total of 1,659 meters on this property. Eight of these holes were drilled on the western extension of a silver zone indicated by previous drilling. These holes only gave low values. The ninth hole was drilled to intersect a rhyolite-tuff contact. It cut a 1-meter mineralized section averaging 267.50 g/t silver and 0.24 % zinc at an approximate depth of 100 meters. This intersection is significative because a large zone of disseminated mineralization with silver, copper and zinc values was intersected in that area by a previous hole. Additional drilling will be done in 2012.
About the Jonpol property
This 880-hectare property, in Dalquier Township, near Amos, Quebec, was subject to several exploration programs in the past and three shafts were sunk, the deepest reaching a depth of 152 meters.
This exploration work outlined the following historical resources:
----------------------------------------------------------------------------
Zone Date Author Short tons % Cu % Zn oz/t Ag
----------------------------------------------------------------------------
Upper Ag-Zn 1969 Waisberg(1) 20,000 - - 4.0 8.0
----------------------------------------------------------------------------
Jay Copper 1969 Waisberg 26,000 3.5 - - 1.0
----------------------------------------------------------------------------
Main West Cu 1974 Kilborn(2) 1,946,000 1.04 - - 0.02
----------------------------------------------------------------------------
Lower Ag-Zn-Cu 1983 Getty(3) 815,000 1.25 3.21 3.55
----------------------------------------------------------------------------
(1) S. Waisberg, 1969, Conigo Mines Ltd
(2) H.B. Hicks, 1974, Kilborn Engineering Ltd, preliminary feasibility study for 1,000 TPD mining and milling plant
(3) D. Titaro, 1983, Getty Canadian Mines Ltd, work summary
In addition, several significant gold intersections were obtained in the drilling.
This information comes from a report by C.M Cooke, senior project geologist for Aur Resources Inc., dated November 1992.
The historical resources reported above were prepared before the introduction of National Instrument 43-101 ('43-101'). They have not been verified and should not be relied upon. However Abcourt believes that these estimates, particularly the ones prepared by Kilborn and Getty, were estimated by competent persons. This statement is made by Mr. Renaud Hinse, professional engineer, President of Abcourt Mines Inc. Mr. Hinse is a qualified person under 43-101.
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.
Contacts:
Renaud Hinse
President and Chief Executive Officer
819-768-2857
819-768-5475 (FAX)
rhinse@abcourt.com