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Press Release Source: Abcourt Mines Inc. On Tuesday February 15, 2011, 10:31 am EST
MONT-ST-HILAIRE, QUEBEC--(Marketiwre - Feb. 15, 2011) - Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (TSX VENTURE:ABI - News; BERLIN:ABI - News; FRANKFURT:ABI - News; the "Company"), is pleased to announce the results of six holes drilled on sections 5100E to 5190E at depths ranging from 150 to 200 m from surface at the west end of the Abcourt-Barvue ore zone. The property is located 60 km north of Val-d'Or, Quebec. The current drilling program is designed to augment and upgrade existing 43-101 all-categories resources and reserves and to justify an increase in the size of the proposed mill from 650,000 tonnes to 1,000,000 tonnes per year.
Five of these holes have intersected two zones of high silver and zinc values. The best part of Zone 1 averaged 184.34 grams per tonne of silver (5.92 oz/t Ag) and 2.58% zinc over 2.96 meters. Zone 2 averaged 112.06 grams per tonne of silver (3.60 oz/t Ag) and 4.92% zinc over 3.57 meters..
Please note that zone 2 in holes AB10-13, AB10-15 and AB10-17 shows a substantial width of mineralization (15 +/- meters).
"We're excited with these results and those reported previously on December 7, 2010 and January 27 last," stated Mr. Hinse. "Together they are adding to our reserves and resources. Diamond drilling is continuing."
Assay results for six additional holes drilled on the western part of the Abcourt-Barvue silver-zinc property
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HOLE FROM TO LENGTH Ag Zn
ZONE No. Meters Meters Meters g/tonne %
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1 AB10-13 149.60 152.80 3.20 76.42 2.02
2 160.60 175.50 14.90 94.05 3.40
Inc 160.60 164.10 3.50 376.94 7.51
1 AB10-14 233.50 235.60 2.10 62.63 1.35
2 243.70 250.00 6.30 106.46 2.05
inc 244.80 247.00 3.30 199.60 3.11
1 AB10-15 177.00 179.10 2.40 77.57 1.77
2 189.30 203.50 14.20 24.68 2.61
Inc 192.50 194.50 2.00 139.40 3.59
1 AB10-16 188.00 200.70 12.70 152.26 2.56
Inc 195.60 200.70 5.10 337.02 4.03
2 207.50 213.50 6.00 151.36 3.01
inc 207.50 209.50 2.00 464.75 4.85
1 AB10-17 150.00 156.90 6.90 128.78 2.52
Inc 154.00 156.00 2.00 223.60 2.04
2 160.00 175.80 15.80 25.69 3.55
Inc 160.00 163.00 3.00 87.50 3.62
Inc 169.00 175.80 6.80 14.05 5.66
2 AB10-18 215.50 219.90 4.40 45.38 4.57
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Zone 1 (best part) average 2.96 184.34 2.58
Zone 2 (best part) average 3.57 112.06 4.92
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31.1 grams = 1 ounce
True width is about 80% of core length.
All assays were done by Techni-Lab S.G.B. Abitibi Inc., an approved laboratory.
Holes AB10-13 to AB10-18 represent another 14% of the 10,000 metre drill program. So far, holes 01 to 18 represent 3,989 meters or about 40 % of the drilling program.
In the past, from 1952 to 1957 and from 1985 to 1990, the Abcourt-Barvue mine produced 6.2 M tonnes of ore with a grade of 1.43 ounces of silver per tonne (8.87 M ounces) and 3.21% zinc (178.965 tonnes or 394 M pounds of zinc).
In 2006, an in-situ mineral resource for Abcourt-Barvue was calculated according to guidelines set forth in NI-43-101. With the 2007 feasibility study, most of these resources were converted into ore reserves after taking into account mine dilution and mining recovery. See table below:
Mineral Reserves Statement by Genivar Limited Partnership (including dilution) (NI-43-101)
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Grade
Ounces of Tonnes
Mining method Classification Tonnes Ag g/t Zn % silver of zinc
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Proven Mineral
Open pit Res. 5,338,731 44.79 3.15 7,688,000 168,170
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Proven Mineral
Underground Res. 1,169,662 105.19 2.87 3,956,000 33,569
Probable Min.
Res. 315,139 101.61 3.23 1,030,000 10,179
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Total
underground 1,484,901 104.43 2.95 4,986,000 43,748
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Poven Mineral
Res.
Open pit and Probable 6,508,393 55.64 3.10 11,644,000 201,760
underground Mineral Res. 315,139 101.61 3.23 1,030,000 10,179
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Total 6,823,532 57.76 3.11 12,674,000 211,939
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Proven marginal
Open pit ore 1,152,502 17.65 1.58 654,000 18,210
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Remaining 43-101 resources
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Grade
Description Tonnes Ag/t Zn % Ounces Tonnes
of silver of zinc
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Measured and indicated 562,748 71.26 3.76 1,289,000 21,159
Inferred 1,505,687 120.53 2.98 5,835,000 44,869
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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.