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:: First Gold Brick from Abcourt’s Elder Mine Poured Last Week
Mr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. is extremely pleased to announce that a first gold brick from the Elder mine was poured last week. To produce this gold brick, a total of 4,839 tonnes of gold mineralization were processed at the Aurbec’s Géant Dormant mill from October 1 to October 11.
In the Roche Limited, Consulting Group - PEA study dated November 2012, the average mill head grade was estimated at 5.48 grams of gold per tonne and the mill recovery was assumed to be 94%. Actual results from this initial run were close to the Roche estimates. Additional runs will be done regularly for a total of at least 30,000 tonnes in the October-December period.
From the start in May to the end of September, Elder produced 17,000 tonnes of gold mineralization now on surface stock piles, including 4,200 tonnes at the Géant Dormant mill site.
The milling results will be used to validate the resources and the recovery of gold for the preparation of a feasibility study, which is expected to be done in the first quarter of 2014.
The management of the Company estimates that the milling of the gold mineralization during the development period will produce revenues which will be used to cover most, if not all, the future operating costs. If these funds are not sufficient, the Company, as in the past, will have to finance itself by the issuance of shares or by debt. With the proceeds from the milling of gold mineralization becoming available, the Company will accelerate the mine development phase of its project with the objective of reaching full production capacity in the first quarter of 2014.
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