YASTEST
![https://www.endeavourmining.com/_themes/design2015/img/endeavour-mining.png?v=1437585204](https://hugin.info/171882/I/2143031/122866.png)
![NEWS RELEASE – TSX: EDV](https://hugin.info/171882/I/2143031/122867.png)
ENDEAVOUR ACHIEVES
FIRST GOLD POUR AT HOUNDÉ AHEAD OF SCHEDULE AND BELOW BUDGET
HIGHLIGHTS
- First gold pour achieved ahead
of schedule, marking the successful completion of construction of
Houndé in less than 18 months and under-budget
- Commercial production is
expected to be declared in the coming weeks as the nameplate
capacity of the crushing, milling and CIL circuits has already been
reached and performance trial testing will soon
commence
- Mining activities are
progressing well with nearly 3-months of feed already stockpiled
and positive grade reconciliation against the resource model being
achieved
- Exploration drilling has
discovered several high-grade satelite mineralizations, for which
results are expected to be published in the coming weeks
View News Release in PDF
Format
Abidjan, October
19, 2017 - Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF)
("Endeavour") ("the Company") is pleased to announce that it has
completed its first gold pour at its new Houndé Gold Mine in
Burkina Faso on October 18, 2017, ahead of schedule and below
budget. The first pour yielded approximately 980 ounces of
gold.
Sébastien de Montessus, President
& CEO, stated: "We are proud to have
successfully completed this major milestone ahead of schedule
and below budget, with an exceptional safety
record of over 6.5 million hours without a lost time injury. The
addition of Houndé will significantly improve Endeavour's portfolio
quality as it is expected to double the group's cash flow
generation once fully ramped-up.
As we approach
commercial production, I would like to acknowledge the hard work of
our in-house construction team for successfully delivering Houndé
and for their focus on diligently pushing forward our high-quality
project pipeline. Most of the team has already transitioned to the
Ity CIL project in Ivory Coast where construction is well
underway."
Image 1: Endeavour's CEO and COO
holding the first gold bars with the Houndé team
![](https://hugin.info/171882/I/2143031/122868.png)
As previously announced, the first
ore was introduced into the processing plant on September 25, 2017.
Since that date, Endeavour has successfully processed approximately
65,000 tonnes of ore. Commercial production is expected to be
declared in the coming weeks as the nameplate capacity through the
crushing, milling and CIL circuits has already been reached and
performance trial testing will soon commence.
Mining activities at the Main
Vindaloo open pit are progressing well with nearly 3-months worth
of feed already stockpiled and positive grade reconciliation
against the resource model being achieved. The current stockpile
totals 620,000 tonnes at 2.9 g/t containing 57koz, inclusive of
130,000 tonnes at over 5.0 g/t. Resettlement compensation for
communities living near the high-grade Bouere and Dohoun satellite
deposits has commenced, with mining activities scheduled to
commence in late 2018.
Exploration drilling, which
resumed in early 2017 following a two year period of inactivity,
has confirmed the occurrence of high-grade mineralization at the
nearby Kari Pump and other targets, with the initial results
expected to be published in the coming weeks.
ABOUT THE HOUNDÉ
PROJECT
Once in production, Endeavour's
90%-owned Houndé Project will become the Company's flagship
low-cost mine, ranking amongst West Africa's top tier cash
generating mines, with an average annual production of 190,000
ounces at an All-In Sustaining Cost ("AISC") of US$709/oz over an
initial 10-year mine life based on reserves. In its first four
years, the average annual production is expected to be 235,000
ounces at an AISC of US$610/oz.[1]
The project is an open pit mine
with a 3.0Mtpa gravity circuit / Carbon-In-Leach plant.
Construction began in April 2016 with an initial capital cost
estimated at $328 million, inclusive of $46 million for the
owner-mining fleet.
QUALIFIED
PERSONS
Jeremy Langford BEng(Mech)hons,
Endeavour's Chief Operating Officer - A Fellow of the Australasian
Institute of Mining and Metallurgy - FAusIMM, is a Qualified Person
under NI 43-101, and has reviewed and approved the technical
information in this news release.
ABOUT ENDEAVOUR
MINING
Endeavour Mining
is a TSX-listed intermediate gold producer, focused on developing a
portfolio of high quality mines in the prolific West-African
region, where it has established a solid operational and
construction track record.
Endeavour is
ideally positioned as the major pure West-African multi-operation
gold mining company, operating 5 mines across Côte d'Ivoire (Agbaou
and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema).
In 2017, it expects to produce between 500koz and 530koz at an AISC
of US$855 to US$900/oz, following the full-year deconsolidation of
the discontinued Nzema mine. Endeavour is currently building its
Houndé project in Burkina Faso, which is expected to commence
commercial production in Q4-2017 and to become its flagship
low-cost mine with an average annual production of 190koz at an
AISC of US$709/oz over an initial 10-year mine life, based on
reserves. The development of the Houndé and Ity CIL projects are
expected to lift Endeavour's group production to +900kozpa and
decrease its average AISC to circa $800/oz by 2019, while
exploration aims to extend all mine lives to +10 years.
CONTACT
INFORMATION
Martino De Ciccio
VP - Strategy & Investor Relations
+ 44 203 011 2706
mdeciccio@endeavourmining.com |
DFH Public Affairs in
Toronto
John Vincic, Senior Advisor
(416) 206-0118 x.224
jvincic@dfhpublicaffairs.com
Brunswick Group LLP in London
Carole Cable, Partner
+44 7974 982 458
ccable@brunswickgroup.com |
Corporate Office:
5 Young St, Kensington, London W8 5EH, UK
This news release contains
"forward-looking statements" including but not limited to,
statements with respect to Endeavour's plans and operating
performance, the estimation of mineral reserves and resources, the
timing and amount of estimated future production, costs of future
production, future capital expenditures, and the success of
exploration activities. Generally, these forward-looking statements
can be identified by the use of forward-looking terminology such as
"expects", "expected", "budgeted", "forecasts", and "anticipates".
Forward-looking statements, while based on management's best
estimates and assumptions, are subject to risks and uncertainties
that may cause actual results to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to: risks related to the successful integration of
acquisitions; risks related to international operations; risks
related to general economic conditions and credit availability,
actual results of current exploration activities, unanticipated
reclamation expenses; changes in project parameters as plans
continue to be refined; fluctuations in prices of metals including
gold; fluctuations in foreign currency exchange rates, increases in
market prices of mining consumables, possible variations in ore
reserves, grade or recovery rates; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes,
title disputes, claims and limitations on insurance coverage and
other risks of the mining industry; delays in the completion of
development or construction activities, changes in national and
local government regulation of mining operations, tax rules and
regulations, and political and economic developments in countries
in which Endeavour operates. Although Endeavour has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. 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. Accordingly, readers should not place undue
reliance on forward-looking statements. Please refer to Endeavour's
most recent Annual Information Form filed under its profile at
www.sedar.com for further information respecting the risks
affecting Endeavour and its business. AISC, all-in sustaining costs
at the mine level, cash costs, operating EBITDA, all-in sustaining
margin, free cash flow, net free cash flow, free cash flow per
share, net debt, and adjusted earnings are non-GAAP financial
performance measures with no standard meaning under IFRS, further
discussed in the section Non-GAAP Measures in the most recently
filed Management Discussion and Analysis.
APPENDIX 1:
HOUNDE FIRST GOLD POUR PICTURES
Image 2: Houndé's first gold
pour
Image 3: Houndé's first gold
bars
[1]As announced
in Endeavour's April 11, 2016, news release entitled "Endeavour
starts construction of its Houndé Project, its next low-cost gold
mine" available on the Company's website and on Sedar.
Houndé's first gold pour
Houndé's first gold bars
CEO and COO with Houndé team
View News Release in PDF Format
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Endeavour Mining Corporation via
Globenewswire
Vanguard Extended Durati... (AMEX:EDV)
Historical Stock Chart
From Jul 2024 to Aug 2024
Vanguard Extended Durati... (AMEX:EDV)
Historical Stock Chart
From Aug 2023 to Aug 2024