News December 13Abcourt receives $3.5-million from Elder Au/Ag sales 2013-12-13 09:37 ET - News Release Mr. Renaud Hinse reports ANNUAL MEETING OF SHAREHOLDERS ON DEC. 6 AND UPDATE ON THE ELDER GOLD MINE At Abcourt Mines Inc.'s annual and general shareholders meeting held on Dec. 6, 2013, Jean-Guy Courtois, Andre DeGuise, Marc Filion, Yves Usereau, as well as Normand Hinse and Renaud Hinse were re-elected directors of the company for an additional term of one year, and the new nominee, Francois Mestrallet, business man and shareholder of the company, was elected for the first time as director. Mr. Hinse also thanked the shareholders for their strong participation to the Meeting and indicated that the votes on the election of each proposed director were strongly in favour of their election. Furthermore, Dallaire & Lapointe Inc., chartered accountants of Rouyn-Noranda, were reappointed auditors of the company for the financial year ending June 30, 2014. Update on the Elder mine Currently, a mine development program is taking place. About 45 employees are working on the mine site. This program involves rehabilitating old drifts, excavating new drifts and preparing stopes. From May to September, about 17,000 tonnes of mineralized material were extracted from the mine and stockpiled on the Elder mine site, and partly at the Aurbec Sleeping Giant mine site. The milling of the gold mineralization started on Oct. 2 last and is continuing. So far, we have received the following results: Month Tonnes Gold Recovery Ounces produced treated oz/t % gold Gold Silver October 12,215 5.15 95.3 1,926 550 November 7,668 5.29 96.8 1,261 360 To Dec. 10 2,450 4.49 96.0 340 97 The gold bricks are sent to the Royal Canadian Mint for refining and the refined gold and silver ingots are sold to a major Canadian chartered bank. For the October production and about 70% of the November production, we have received close to $3.5 M. The proceeds from the sale of gold and silver will be applied against the cost of the mine development program. The management of the Company expects that the treatment of the gold mineralization will produce enough revenues to cover most, if not all, future mine development costs during the mine development stage. If these funds are not sufficient, the Company will, as in the past, finance itself by the issue of shares or by debt. With the proceeds from the sale of gold being available now, the tempo of mine development has been accelerated with the objective of reaching full capacity in the first half of 2014. Consequently, we have hired two development crews to rehabilitate the 8th and 9th levels and to extend the western drift on the 8th level which will give us access to new stoping blocks. So far, management is quite satisfied with the progress made under difficult conditions including a very stringent control of costs needed in the absence of adequate outside financing