MONT-ST-HILAIRE, QUEBEC, CANADA--(Marketwire - June 8, 2011) - Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (TSX VENTURE:ABI)(BERLIN:ABI)(FRANKFURT:ABI) (the "Company"), announces that its Board of Directors has approved an amendment to the Company's stock option plan in order to increase the maximum number of shares that may be issued under the plan from 7,400,000 to 14,500,000. This amendment is subject to the approval of the TSX-Venture Exchange.
Furthermore, the Board of Directors has granted stock options to purchase an aggregate number of 7,800,000 Class B shares of the Company, at an exercise price of
.12 per share, in favor of the officers and directors of the Company. These options, valid for 5 years, were granted in accordance with the Company's stock option plan. With this grant, the Company now has a number of 10,100,000 stock options outstanding. The Company has 148,950,067
Class B shares issued and outstanding.
The directors and officers of the Company receive no salary and their only remuneration is the options that they receive, except the President and Chief Executive Officer who is paid engineer fees and one director who receives some consultant fees for the time spent on the projects and affairs of the Company. The grant of stock options by the Company provides its officers and directors with a long-term incentive for performance and commitment to the Company. The Company believes that participation by the officers and directors in the stock option plan aligns their interests with those of its shareholders, as they are rewarded for the Company's performance as evidenced by share price appreciation. The grant of stock options allows the Company to attract, motivate and retain qualified individuals necessary to achieve corporate objectives of the Company.
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, 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.
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. |