Abcourt announces an option agreement with Quebec Pegmatite for parts of its Courville and Abcourt Barvue projects

ROUYN-NORANDA, Quebec, June 17, 2024 (GLOBE NEWSWIRE) — Abcourt Mines inc. (“Abcourt” or the “Company”) (TSX Venture: ABI) is pleased to announce that it has entered into an option agreement (the “Agreement“) with Quebec Pegmatite Holdings Corp. (“QPC“) by which Abcourt granted QPC the right to acquire a 100% interest (the “Option“) in 141 mining claims covering approximately 5,579 hectares located in the province of Quebec, Canada (collectively, the “Property“). The Property includes parts of the Courville and Abcourt Barvue projects, namely the Jolin (Courville) and Bartec (Abcourt-Barvue) sectors.

These mining claims are adjacent and contiguous to the Swanson property. This strategic agreement between the two companies will create synergy and impactful exploration work in the northern sector of our Courville property. Abcourt has not carried out any exploration work in this part of the Courville property; the majority of budgets being allocated to the development and carrying out of the various bulk sampling carried out on the Thibodeau (14,000 tonnes) and Pershing-Manitou (7,000 tonnes) gold deposits. The Abcourt-Barvue zinc-silver deposit is excluded from this agreement. The Bartec sector in this agreement is located at the eastern end of the Abcourt-Barvue property.

In accordance with the terms of the Contract, QPC must:

(a) pay an amount of $500,000 in cash to Abcourt within 10 days following the signing of the Agreement (the “Effective date“) to acquire a 25% interest in the Property;

(b) pay an additional $500,000 in cash no later than 6 months after the effective date to acquire a 50% cumulative interest in the property;

(c) pay an additional $500,000 in cash no later than 18 months after the Effective Date to acquire a 75% cumulative interest in the Property; And

(d) pay an additional $500,000 in cash no later than 24 months after the effective date to acquire a 100% cumulative interest in the property.

QPC may, under certain conditions, make the payments referred to in (b), (c) and (d) above by issuing ordinary shares of QPC (“actions“) at a deemed price per share equal to the volume weighted average price of the shares on the Canadian Securities Exchange for the 10 trading days preceding the applicable payment date.

Following the exercise of the Option, Abcourt will retain a 2% NSR royalty applicable to certain mining claims constituting the Property, and QPC will assume Abcourt’s obligations with respect to certain royalties currently in effect on the Property.

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Pascal Hamelin, President and CEO of the Company, comments: “We are pleased to conclude a strategic option agreement on portions of our projects that are the least worked on and developed. We believe that the union of our two companies through this option agreement will accelerate the development of this high-potential sector by unifying the Swanson and Jolin deposits in a single property.

Qualified person

Mr. Robert Gagnon, P.Geo. The Company’s Vice President, Exploration has reviewed and approved the technical information contained in this press release.

About Mines Abcourt inc.

Abcourt Mines Inc. is a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. Abcourt owns the Sleeping Giant mine and concentration plant, where it concentrates its development activities.

For more information on Abcourt Mines Inc., please visit our website and review our filings under Abcourt’s profile at www.sedarplus.ca.

FORWARD-LOOKING STATEMENTS

Certain information contained in this press release may constitute “forward-looking information” within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified using forward-looking terminology, such as “plans”, “objectives”, “expects”, “projects”, “intends”, “anticipates” , “estimates”, “could”, “should”, “likely”, or variations of these words and expressions or statements specifying that certain acts, events or results “could”, “should”, “will” or “be achieved ” or other similar expressions. Forward-looking statements are based on Abcourt’s estimates and are subject to known and unknown risks, uncertainties and other factors which may cause Abcourt’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. statements or information. Forward-looking statements are subject to business, economic uncertainties and other factors that could cause actual results to differ materially from such forward-looking statements, including the exercise of the option by QPC and other related risks. to the mineral exploration and development industry, as well as the relevant assumptions and risk factors set forth in Abcourt’s public filings, available on SEDAR+ at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements and forward-looking information. Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

Neither the 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.