ABE RESOURCES RECEIVES $835,439 IN QUEBEC EXPLORATION CREDITS, PAYS OFF LOAN AND SELLS PROPERTY

 

PRESS RELEASE

ABE RESOURCES RECEIVES $835,439 IN QUEBEC EXPLORATION CREDITS, PAYS OFF LOAN AND SELLS PROPERTY

Val-d’Or, Québec, July 31, 2014 – ABE Resources Inc. (the “Corporation”; “ABE”) (TSXV: ABE) announces that it has received $835,439 in refunds from the Québec government, repaid a $657,244 loan from Investissement Québec (“IQ”) and completed the sale of its Jérémie property.

ABE received in July a total of $835,439 in reimbursement of Québec mining tax credits related to exploration funds expended in Québec between 2008 and 2011. The Corporation had applied for the credits in mid-2013. Following receipt of the funds, the Corporation reimbursed in full a secured loan, contracted earlier this year, of $657,244 to Investissement Québec. An irrevocable standby letter of credit of $65,725 related to the IQ loan was also cancelled and deposited in ABE’s account.  The Corporation has a current cash balance of over $600,000 and marketable securities valued at over $400,000.

 

The Corporation also announces the sale of its Jérémie property to Balmoral Resources Ltd (“BAR”). ABE has received 60,000 common shares of BAR in return for a 100% undivided interest in the 17 claim property located in the lac Grasset area of northwestern Québec.  ABE also retains a 1% NSR royalty on the property. Balmoral will have the right, at any time, to purchase from ABE 50% of the NSR for $500,000 and shall have a right of first refusal on the sale or transfer of ABE’s royalty interest.

 

About ABE Resources

ABE Resources is a Quebec mineral exploration company focused on the discovery and development of mineral deposits of economic potential in Québec. The company is currently exploring its Mazarin and Valrennes gold and/or base metal properties in the Abitibi region and completing a due diligence program for possible acquisition of a third party property. ABE currently has 11,510,944 common shares issued and outstanding.

 

More informations
Contact Martin Richard
Telephone 819-874-6200
Email mrichard@ressourcesabe.ca
2018-03-26T13:58:53+00:00July 31st, 2014|