GOLD EXPLORATION: Abcourt updates progress at Elder

QUEBEC – Work at the former Elder gold mine near Rouyn-Noranda is progressing well, says Abcourt Mines of Mont-St-Hillarie. Repairs in the shaft are done with the exception of the water and rock catchers, the escapeway has been rehabilitated to the 8^th level (331 metres), and some drifts have been restored.

The company has limited the size of the workforce at the site to 18 people until the results of the preliminary economic assessment are available by the end of September.

Abcourt has a budget of $2.7 million to purchase underground equipment, mainly locomotives, mine cars and drills. Some of these have already been purchased as have the dewatering pumps and the underground radio-telephone system. About 50% of the existing mining equipment is available, but the company is on the lookout for good used equipment.

The office, a service building, hoist room, hoist and shaft building remain on the site from former operations. The mine is serviced to a depth of 782 metres by two shafts and 14 levels. Using a 3.8 g/t cut-off, the property contains measured and indicated resources of 805,028 tonnes grading 6.5 g/t Au or 169,137 oz of gold. There is also an inferred resource of 237,289 tonnes at 6.1 g/t or 46,722 contained oz.

More information is available at Abcourt.com.