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UPDATE: Abcourt Mines Provides Update on Elder; Shrs Down To Near Yr Lows

Abcourt Mines Inc. (ABI.V) reported on what it referred to as the "progress" made at the Elder mine.

Mine dewatering:

Over the past few weeks, the water level in the shaft has been maintained at about 30 meters below the 15th level. During that period, we have gradually replaced the mine dewatering system by two permanent pumping stations. On the 8th level, we have a sump, two stationary pumps and an electrical sub-station. On the 13th level, we have an electrical sub-station which feeds the 15th level pumping station where we have a sump and two stationary pumps. The bottom of the shaft is dewatered by a submersible pumps which discharges water in the sump on the 15th level. To the end of June, we have pumped 191M Imperial gallons of water.

Rehabilitation of shaft, stations and escape ways:

We have two crews doing rehabilitation work in the shaft, stations and escape ways. Approximately 50% of this work has already been done and we expect that it will be completed in the course of the next two months.

Purchase of mine equipment:

In our April 2011 financing, an amount of $2.7M was budgeted for the purchase of equipment, mainly locos, mine cars and drills. In addition to the pumps that we purchased for the dewatering of the mine, we have purchased 34 mine cars, 14 drills and we are installing a radio-telephone system in the mine. We are on the lookout for good used equipment to complete our purchases.

PEA report

The PEA being prepared by Roche, Groupe-Conseil, is expected to be completed on time at the end of August.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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