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Abcourt Mines Inc V.ABI

Alternate Symbol(s):  ABMBF

Abcourt Mines Inc. is a Canadian gold exploration company with properties located in northwestern Quebec, Canada. The Company owns the Sleeping Giant mine and mill, where it focuses its development activities. The Sleeping Giant Property is located half-way between Amos and Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the Quebec government. It comprises four mining leases covering an area of approximately 458 hectares and 69 mining claims. The Elder mine and the Tagami property are located 10 kilometers (km) northwest of the mining community of Rouyn-Noranda in Quebec. The properties include over 36 contiguous claims, one mining concession and two mining leases. The Abcourt-Barvue property is located 12 km north of Barraute, 60 km north of the mining community of Val-d’Or, Quebec. It covers over 4,755 hectares with 103 claims and two mining concessions. Its properties also include Flordin, Pershing-Manitou, Vendome, Aldermac, Jonpol and other properties.


TSXV:ABI - Post by User

Post by javaman12on May 08, 2022 4:25pm
294 Views
Post# 34665593

Correction To Previous Post...

Correction To Previous Post..."...It appears that because of Covid and the related unanticipated inflationary pressures brought to bear upon the company, the interest costs of borrowing additional bank funds for the development costs at the SG mine, then became an unacceptable amount.."
 
 Abcourt appears to have only borrowed the first tranche of the 6.5 million dollar loan because they couldn't afford to repay more.

 Conditions do change, for better or worse!

  Hopefully, Covid at Abcourt is mostly over. And if the company's financials do improve, perhaps when the SG mine becomes fully operational, then the rest of the loan many then be accessed by the company or renegotiated for better terms.

                                                All the best! Java

 



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