abcourt mines inc -cl b (ABI) Snapshot

Abcourt Mines Inc. reported that a Certificate of Authorization was received from the Ministère du Développement durable, de l'Environnement et des Parcs, which will allow the company to proceed with the development of its 100% owned Elder Gold Mine. More specifically, the company will excavate new drifts, rehabilitate some old drifts and prepare stopes to extract ore with the objective of producing 25,000 ounces of gold annually as further explained below. A positive Preliminary Economic Assessment report (PEA) completed by Roche Limited, Consulting Group, indicates a net present value before taxes (8%) of $81.8 million. During the development period, pre-commercial production will be increased gradually with the goal to achieve commercial production, at a rate of 150,000 tones per year with an estimated production of 25,000 ounces of gold. During the development period in 2013, 75,000 tones for 12,500 ounces of gold will be produced.

Abcourt Mines Inc. announced that Mr. Glenn Mullan and Mr. Christian Jens Zinke have resigned as directors of the company as of November 5, 2012. The company also announced that the annual and special meeting of shareholders has been called to be held on December 7, 2012, at Beloeil, Quebec. At this meeting, two new nominees will be named for election as directors of the company, Mr. Andre De Guise, P. Mining Eng., and Mr. Yves Usereau, CPA and CA. As the company's projects are in a more advanced stage, these new directors will bring their experience and expertise to the development of the Company. Mr. De Guise has a thirty five year experience in management and operation of mining and manufacturing facilities and Mr. Usereau has expertise in financial and mining investments in the gold and silver industry.

Abcourt Mines Inc. reported that the NI 43-101 preliminary economic assessment report (P.E.A.) on the Elder gold mine project prepared by Roche Ltd., Consulting Group (Roche) and its independent consultants, indicates a total cash flow of $138 million over a 10.4-year initial period of mine life, a before-tax Net Present Value (NPV) of $81.8 million at a discount rate of 8%, a before-tax Internal Rate of Return (IRR) of 140.5% and a payback period of 1.1 years. This study is based only on the 43-101 Elder resource calculations made by Mr. Jean-Pierre Bérubé, Eng., previously reported and filed on SEDARo n May 9, 2012. It does not include any of the indicated and inferred gold resources located on the adjacent Tagami property, or any new resources that may be found by the proposed $3.5 million exploration budget at the Elder mine. The preliminary economic assessment includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.