Funding of $ 6.5 million with the Royal Bank of Canada for the development of the Sleeping Giant mine
Rouyn-Noranda, Quebec, Canada – The press wire – 3rd of March, 2021
Mines Abcourt inc. (TSXV: ABI) (“Abcourt“or the “society“), announced on February 5 that a financing proposal had been received from the Royal Bank of Canada to accelerate the development of the Sleeping Giant mine. All closing conditions were met and a first tranche of one million dollars ($ 1 million) was deposited into our account in February. 25, 2021.
This financing includes a term loan of $ 5 million, repayable over a period of 5 years at an annual interest rate of 2.99% for the first year, rate to be determined for each successive request for funds. This loan will be secured by a movable hypothec on the equipment and rolling stock and by accounts receivable.
The financing also includes a $ 1.5 million credit facility for the purchase of mining equipment, 100% secured by the equipment purchased.
This press release was prepared by Mr. Renaud Hinse, engineer and president of Mines Abcourt inc. Mr. Hinse is a “qualified person” under NI 43-101. Mr. Hinse has approved the scientific and technical disclosure below.
ABOUT ABCOURT MINES INC.
Abcourt is a gold producer and Canadian exploration company with properties strategically located in northwestern Quebec, Canada. The Elder property has gold resources. Abcourt is currently focused on operating the Elder mine and developing the Sleeping Giant mine.
In 2016, Abcourt acquired the Sleeping Giant mine and mill, located halfway between Amos and Matagami, in Abitibi, province of Quebec. The factory has a processing capacity of 700 to 750 tons per day. An evolution of mineral resources, according to Ni-43-101, was prepared by Mr. Valère Larouche, consulting engineer in geology. It was deposited on Sedar on May 13, 2019.
Measured mineral resources total 10,900 tonnes grading 12.20 g / t gold and indicated resources total 475,625 tonnes grading 11.20 g / t gold. Inferred resources are 93,100 tonnes grading 11.85 g / t gold. An NI 43-101 feasibility study was completed in July 2019 by PRB Mining Services Inc. The probable reserves according to MI 43-101 were estimated at 339,221 tonnes with a grade of 7.9 g / t gold.
The Abcourt-Barvue property has money–zinc reserves (2019). An NI 43-101 feasibility study was performed in 2007 by Roche / Genivar. An update was carried out in July 2019 by PRB Mining Services Inc. A total of 8.07 million tonnes are in proven and probable reserves with a grade of 51.79 g / t silver and 2, 83% zinc. About 81.6% of these reserves can be mined in the open air and 18.4% can be mined by underground operations. Inferred resources total 2.07 million tonnes grading 114.16 g / t silver and 2.89% zinc.
For the long term in gold, the Company has prepared an exploration program of $ 2M, mainly for the Sleeping Giant mine where important gold mineralization targets have not yet been explored.
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