Latest news with #Abcourt
Toronto Star
6 days ago
- Business
- Toronto Star
Abcourt Provides Sleeping Giant Project development Update
ROUYN-NORANDA, Canada, Aug. 07, 2025 (GLOBE NEWSWIRE) — Abcourt Mines Inc. ('Abcourt' or the 'Corporation') (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to provide an update on the ramp-up activities at the Sleeping Giant Project in Eeyou Istchee, Québec. Pascal Hamelin, President and CEO of Abcourt, commented: 'We had a very good start of the project as soon as we completed the financing with Nebari in early July. We immediately started the installation of the sleep camp on site. The underground teams began the rehabilitation of the underground openings as well as preparing the mining of the first stope that began at the end of July. The mill and surface teams prepared the mill during the month of July to start processing material from underground in August. Finally, we also began the hiring process to increase the size of the development and mining crews. Overall, we're all excited to start the development and ramp-up of the project.'
Yahoo
04-07-2025
- Business
- Yahoo
Abcourt Mines finalises $8m loan to reopen Sleeping Giant mine in Quebec
Abcourt Mines has finalised a $8m secured financing facility with Nebari Natural Resources Credit Fund II in a critical step towards reopening the Sleeping Giant mine in Quebec, Canada. The Sleeping Giant is situated midway between Amos and Matagami in the Abitibi region of Quebec and falls within the jurisdiction of the Quebec government's Plan Nord. The property comprises four mining leases spanning 458 hectares, and 69 mining claims. The 36-month loan agreement bears interest based on a floating rate per annum, combining the three-month term secured overnight financing rate (SOFR) and an additional 12% per annum. The SOFR will be considered as 4% if it falls below this threshold. The facility allows for early repayment after the first year, with a 25% absolute return on the prepaid principal amount for the lender. Abcourt has issued 87,040,000 non-transferable warrants to the lender, exercisable at C$0.0625 per common share until 3 July 2028, with terms subject to adjustments based on prepayments and TSX Venture Exchange policies. Abcourt president and CEO Pascal Hamelin stated: 'Closing this transaction with Nebari is a major step toward starting production at the Sleeping Giant mine. 'This investment of $8m of non-dilutive capital offers us solid operational flexibility going forward and allows the company to develop the Sleeping Giant mine toward a commercial production status.' The company has also incurred an arrangement fee of $120,000 and will pay a monthly administration fee of $2,500 post-closing date. Security arrangements for the loan include a priority senior security on all of Abcourt's properties, subject to certain permitted liens. This encompasses real property interests, mining rights, inventory and equipment. The funds will be utilised for essential operations to initiate gold production. Immediate plans include constructing a sleep camp and kitchen, continuing work on tailing facilities, commencing production in the upper level of the mine and developing lower levels to open new mining fronts. "Abcourt Mines finalises $8m loan to reopen Sleeping Giant mine in Quebec" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
03-07-2025
- Business
- Globe and Mail
Abcourt Closes US$ 8M Loan Facility to Start Sleeping Giant Mine
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. ROUYN-NORANDA, Quebec, July 03, 2025 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (' Abcourt ' or the ' Corporation ') (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to announce that it has closed today (the ' Closing Date ') its previously announced secured financing facility (' Financing Facility ') with Nebari Natural Resources Credit Fund II, LP (' Nebari ' or the ' Lender ') in an amount of US$8 million (' Principal Amount ') for a 36-months period. Pascal Hamelin, President and CEO of Abcourt, commented: 'Closing this transaction with Nebari is a major step toward starting production at the Sleeping giant Mine. This investment of USD 8M of non-dilutive capital offers us solid operational flexibility going forward and allows the Company to develop the Sleeping Giant Mine toward a commercial production status. I would like to thank Nebari for working with us to realize the opportunity in this high-grade gold mine. With this Credit Facility in place, Abcourt is well funded to start the Sleeping Giant Mine'. Steven Bowles, Managing Director of the Lender, commented: "Nebari is pleased to partner with Abcourt Mines as it restarts its Sleeping Giant Mine. The depth of experience and level of preparedness of the Abcourt and Sleeping Giant teams give us the utmost confidence in their ability to bring the operation to its full potential and beyond." In accordance with the terms of the comprehensive credit agreement entered into between the Corporation and the Lender, interest will accrue on the Principal Amount based on a floating rate per annum equal to the sum of: (i) the three-month term SOFR (Secured Overnight Financing Rate) (the ' Term SOFR '), as determined on the first date of each calendar month; and (ii) 12 % per annum, provided that, if the Term SOFR is less than 4%, it shall be deemed to be 4%. The Financing Facility may be repaid prior to maturity after the first year, subject to a minimum prepayment amount of US$1,000,000 and the payment of a make-whole payment to provide the Lender with a 25% absolute return on the Principal Amount prepaid. The Corporation issued 87,040,000 non-transferable warrants (the ' Warrants ') to the Lender. Each Warrant is exercisable for one common share of the Corporation (a ' Warrant Share ') at an exercise price of $0.0625 per Warrant Share until July 3, 2028, subject to a pro-rata reduction if the Principal Amount is prepaid in whole or in part before July 3, 2026. In such case, a pro rata number of Warrants will have their term reduced to the later of July 3, 2026 and 30 days from the date of such Principal Amount reduction or repayment, in accordance with the policies of the TSX Venture Exchange (' TSXV '). The Warrants remain subject to the final approval of the TSXV. The Corporation also paid the Lender an arrangement fee in the amount of US$ 120,000 and, beginning the first full month after the Closing Date, will pay a monthly administration fee of US$ 2,500 until all amounts owed under the Financing Facility have been paid in full. The Corporation has entered into security arrangements with the Lender to register a first priority senior security, subject to certain permitted liens, on the universality of the Corporation's movable and immovable property, corporeal and incorporeal, present and future, of any nature whatsoever and wheresoever situated, including, real property interests, mining rights, inventory and equipment. With this Financing Facility in place, Abcourt will start the significant items needed to start producing gold in at the Sleeping Giant mine and mill, which in the coming months include: Building a sleep camp and kitchen at the mine site to lodge the workers, Continue the work in the tailing facilities to store the pulps for the coming years, Begin production in the upper level of the mine, Develop lower levels of mine to open new mining fronts. The Financing Facility was previously announced on April 10, 2025, June 18, 2025 and June 26, 2025. Finder's fees in an amount representing 1% of the Principal Amount are payable in cash to an arm's length third party in connection with the Financing Facility. All securities issued in connection with the Financing Facility are subject to a restricted period under applicable securities laws, ending on the date that is four months plus one day following the Closing Date. These securities have not been, nor will they be, registered under the U.S. Securities Act, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. ABOUT ABCOURT MINES INC. Abcourt Mines Inc. is a Canadian development company with properties strategically located in northwestern Québec, Canada. Abcourt owns the Sleeping Giant mine and mill, as well as the Flordin property, where it focuses its development activities. For more information about Abcourt Mines Inc., please visit our website at and view our filings under Abcourt's profile on Pascal Hamelin Dany Cenac Robert, Investor Relations President and CEO Reseau ProMarket Inc. T : (819) 768-2857 T : (514) 722-2276, # 456 Email: phamelin@ FORWARD-LOOKING STATEMENTS Certain information contained in this news release may constitute "forward-looking information" within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified by using forward-looking terminology, such as "plans", "aims", "expects", "projects", "intends", "anticipates", "estimates", "could", "should", "likely", or variations of such words and phrases or statements specifying that certain acts, events or results "may", "should", "will" or "be achieved" or other similar expressions. Forward-looking statements, including the expectation of the Corporation with respect to the expected use of the proceeds from the Financing Facility and the final approval of the TSXV, are based on Abcourt's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements or information. Forward-looking statements are subject to business, economic and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set forth in Abcourt's public filings, which are available on SEDAR+ at Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, there can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise. Neither the 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.
Yahoo
22-05-2025
- Business
- Yahoo
Abcourt Announces its Results for the Third Quarter Ended March 31, 2025
ROUYN-NORANDA, Quebec, May 22, 2025 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. ('Abcourt' or the 'Corporation') (TSX Venture: ABI) (OTCQB : ABMBF) announces its results for the third quarter ended March 31, 2025. All monetary values in this press release are expressed in Canadian dollars, unless otherwise indicated. Financial statements and management discussion and analysis are available on SEDAR+. Summary of financial results (In dollars) Three months endedMarch 31 Nine months endedMarch 31 2025 2024 2025 2024 Revenues – – – 255,000 Administration expenses 1,068,917 776,367 2,499,582 2,657,981 Care and maintenance 692,919 231,541 2,743,950 2,031,082 Exploration expenses 4,063,635 1,765,615 6,118,177 4,043,679 Settlement of litigation with Revenu Québec – – (1,452,757 ) – Deferred income and mining taxes (1,100,000 ) – (1,273,000 ) (170,712 ) Net loss and comprehensive loss (5,466,608 ) (2,892,142 ) (9,756,976 ) (8,692,837 ) Net loss per share, basic and diluted (0.01 ) (0.01 ) (0.01 ) (0.02 )(In dollars) March 31, 2025 June 30, 2024 Cash 937,733 757,753 Total assets 16,493,159 14,063,983 Non-current liabilities 12,908,748 12,261,315 Shareholders' equity (3,447,876 ) (6,284,136 ) Working capital (non-IFRS measurement) * (2,172,892 ) (4,947,411 ) * Working capital is a non-IFRS measurement with no standardized meaning under IFRS. For further information, please see section "Non-IFRS Measure". Abcourt has achieved a significant improvement in its working capital for the period ended March 31, 2025, with a negative working capital of $2,172,892, compared to negative working capital of $4,947,411 as at June 30, 2024. Non-IFRS Measure This press release presents working capital as a performance measure which is non-International Financial Reporting Standards (IFRS) performance measure. The Corporation believes that this measure provides investors with an improved ability to evaluate the performance of the Corporation. Non-IFRS measures do not have any standardized meaning prescribed under IFRS. Therefore, such measures may not be comparable to similar measures employed by other companies. This data may not be comparable to data presented by other companies. Non-GAAP financial performance measures should be considered together with other data prepared in accordance with IFRS. The Corporation determines working capital as follows: current assets less current liabilities. Abcourt Mines Inc. Abcourt Mines Inc. is a Canadian gold exploration company with properties strategically located in northwestern Quebec, Canada. Abcourt owns the 100% owned Sleeping Giant mine and mill and the Flordin exploration property, where it focuses its operations. For more information about Abcourt Mines Inc., please visit our website and view our filings under Abcourt's profile on Pascal Hamelin Dany Cenac Robert, Investor Relations President and Chief Executive Officer Reseau ProMarket Inc., T : (819) 768-2857 T : (514) 722-2276, poste 456 Email : phamelin@ Email : FORWARD-LOOKING STATEMENTS Certain information contained in this news release may constitute "forward-looking information" within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified by using forward-looking terminology, such as "plans", "aims", "expects", "projects", "intends", "anticipates", "estimates", "could", "should", "likely", or variations of such words and phrases or statements specifying that certain acts, events or results "may", "should", "will" or "be achieved" or other similar expressions. Forward-looking statements are based on Abcourt's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements or information. Forward-looking statements are subject to business, economic and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set forth in Abcourt's public filings, which are available on SEDAR at There can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on such statements. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise. Neither the 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
Yahoo
12-05-2025
- Business
- Yahoo
Abcourt intersects 3.7 g/t gold over 11 metres directly below the Cartwright stripping and publishes a summary of the 2025 drilling campaign on its Flordin property in the Lebel-Sur-Quévillon area
ROUYN-NORANDA, Quebec, May 12, 2025 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. ('Abcourt' or the 'Company') (TSX Venture : ABI) (OTCQB : ABMBF) is pleased to announce the latest assay results from its 2025 drilling campaign on its Flordin property in the Lebel-Sur-Quévillon area. Hole FL-25-284 intersected 3.7 g/t gold over 11 metres including 11.0 g/t gold over 2.4 metres. The high-grade gold mineralized zone was intercepted less than 3 metres from surface directly below the Cartwright stripping. Note that the easternmost hole of the stripping (FL-25-277: 1.4 g/t gold over 13 metres) confirms that the Adam and Horse mineralized zones continue well beyond this one and therefore remains open to the East. The same is true for the westernmost hole (FL-25-286: 0.4 g/t gold over 16 metres), which also confirms that the mineralization is continuous and open in this direction. The mineralization described in the Cartwright area consists mainly of gold-bearing pyrite band with silica-hematite without quartz vein. This type of characteristic high-grade gold mineralization has been described in the central area of the property (2023 drilling) and in the South Zone area, which is located almost 2 kilometres from the Cartwright Zone (see surface plan for general location). A comparative petrographic study is being conducted by Ms. Lucie Mathieu, Ph.D. of GEOX Consulting Inc. to describe the similarities and differences observed in the gold mineralization for the three sectors (Cartwright, Central Zone and South Zone). A geochemical study of the major elements is also being carried out, which will make it possible to identify the lithologies and alterations present in the various mineralized areas of the property. The objectives of the 2025 drilling campaign on the Flordin property are: Objective 1: Confirm the continuity of gold mineralization directly below the Cartwright stripping completed in the fall of 2024. A total of nine (9) short holes for a total of 1227 metres were drilled in the Cartwright area. All the 2025 drillings carried out under stripping returned gold values over tens of metres in length. Hole FL-25-274 returned 3.5 g/t gold over 27.5 metres, including 12.1 g/t over 7.5 metres. Making this intersection one of the richest in gold in the project. Objective 2: Confirm the presence and continuity of the South Zone that was discovered in 1988 by Cambior. Demonstrate that the mineralization of the South Zone is similar/different to that observed and described in the Cartwright area. In all, four (4) deep holes for a total of 2403 metres were made. All 2025 drilling in this area returned gold values over tens of metres in length. Hole FL-25-282 returned 1.1 g/t gold over 47.2 metres, including 7.6 g/t gold over 3 metres. The mineralization of the South Zone is like that described in the Cartwright area. In general, silicification seems to be more important for the South Zone. However, it should be noted that both zones are characterized by high-grade gold mineralization associated with bands of pyrite, silica and hematite. The gold mineralization is not associated with quartz veins but rather with pyrite-silica-hematite bands. The table below provides a summary of all significant gold assay results obtained from the 2025 holes. It should be noted that all the holes drilled during this phase of work, i.e. 100% of the drill holes intercepted gold values. Hole From (m) To (m) Length(m) Grade(g/t) Zones Metal Factor (length X grade) FL-25-273 29.5 48 18.5 1.2 22 incl. 29.5 38 8.5 0.6 Adam 5 incl. 46 48 2.0 6.6 Horse 13 FL-23-274 28 55.5 27.5 3.5 96 incl. 28 31 3.0 0.8 Adam 2 incl. 48 55.5 7.5 12.1 Horse 91 FL-25-275 43 43.5 0.5 1.8 Adam 1 81.5 82 0.5 1.3 Horse 1 FL-25-276 45.5 46.5 1.0 1.5 Adam 2 82 87 5.0 1.5 8 incl. 86.5 87 0.5 11.1 Horse 6 FL-25-277 27.5 29.5 2.0 0.9 Adam 2 38 51 13.0 1.4 18 incl. 48.5 51 2.5 5.4 Horse 14 FL-25-278 27.5 29.5 0.5 0.5 Adam 0 44 67.5 23.5 1.2 28 incl. 64 67.5 3.5 4.5 Horse 16 FL-25-280 483.5 484 0.5 5.7 South Zone 2 540.5 569 28.5 1.3 New 37 Incl. 563 565 3.0 5.1 New 15 FL-25-281 394 413 17 0.5 South Zone 9 Incl. 398 400 2 1.3 South Zone 3 451 452 1 1.2 New 1 FL-25-282 367 414.2 47.2 1.1 South Zone 52 Incl. 374 377 3.0 7.6 South Zone 23 FL-25-283 130 149 19.0 0.9 Altered 17 Incl. 140.9 144 3.1 3.1 Altered 10 557 574 17.0 1.0 South Zone 17 Incl. 560 561 1 6.5 South Zone 7 FL-25-284 3 14 11.0 3.7 Adam 41 Incl. 6.6 9 2.4 11.0 26 55 59 4 1.3 Horse 5 FL-25-285 64 66 2.0 1.2 Adam 2 107 111 4.0 0.6 Horse 2 FL-25-286 58 74 16.0 0.4 Adam 6 73 74 1 1.2 Horse 1 Pascal Hamelin, President and Chief Executive Officer, comments: 'The 2025 drilling campaign carried out on our Flordin project was a great success. All the drill holes drilled by our technical team returned gold values over tens of meters of thickness. This first phase of work will have identified a characteristic type of high-grade gold mineralization over a distance of at least 2 kilometres. The second phase of drilling will aim to link the various mineralized zones laterally. The Flordin project is advantageously located less than 20 kilometres North of the municipality of Lebel-Sur-Quévillon and less than 1.5 kilometres North of the Canadian National Transcontinental Railway.' Figure 1 : Regional Location of the Flordin PropertyFigure 2 : Location of the Flordin Property and adjacent DEE ownersFigure 3 : Surface PlaneFigure 4 : Drilling 2025, Cartwright AreaFigure 5 : Drill Hole 2025, South ZoneQualified Persons Mr. Robert Gagnon, Vice-President, Exploration of the Company, has verified and approved the technical information contained in this press release. Quality Control Measures (QA/QC) Following an analytical quality assurance and quality control program, blank samples and certified reference materials were added to the NQ half core samples and were shipped and analyzed by the MSALABS laboratory in Val-d'Or, Quebec, using the Photon AssayTM method. The samples were crushed to 70% passing two millimeters with a 500-gram division for gamma ray assay for gold. According to MSALABS' internal procedure, blank and standard samples are inserted. MSA operates numerous laboratories around the world and maintains ISO-17025 accreditation for many metal determination methods. MSA is an ISO-17025 accredited laboratory for the photonic analysis method. The drilling, core description and assay preparation work was carried out under the supervision of Robert Gagnon, Vice-President of Exploration of Abcourt Mines, a Qualified Person as defined by NI 43-101 About Abcourt Mines Inc. Abcourt Mines Inc. is a Canadian exploration company with properties strategically located in northwestern Quebec, Canada. Abcourt owns the Sleeping Giant mine and mill and the Flordin property, where it concentrates its operations. For more information about Abcourt Mines Inc., please visit our website and view our filings under Abcourt's profile on Pascal Hamelin Dany Cenac Robert, Investor Relations President and Chief Executive Officer Reseau ProMarket Inc., T : (819) 768-2857 T : (514) 722-2276, ext. 456 Email : phamelin@ Email : FORWARD-LOOKING STATEMENTS Certain information contained in this news release may constitute "forward-looking information" within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified by using forward-looking terminology, such as "plans", "aims", "expects", "projects", "intends", "anticipates", "estimates", "could", "should", "likely", or variations of such words and phrases or statements specifying that certain acts, events or results "may", "should", "will" or "be achieved" or other similar expressions. Forward-looking statements are based on Abcourt's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements or information. Forward-looking statements are subject to business, economic and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set forth in Abcourt's public filings, which are available on SEDAR at There can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on such statements. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise. Neither the 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. Photos accompanying this announcement are available athttps:// in to access your portfolio
