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ENDEAVOUR AND
RANDGOLD FORM AN EXPLORATION JOINT VENTURE IN COTE D'IVOIRE
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Abidjan, November
2, 2017 - Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) and Randgold
Resources Ltd (LSE:RRS) are pleased to announce that they have
established a joint venture covering their adjacent Sissedougou and
Mankono exploration properties located in the northern region of
Côte d'Ivoire.
Sébastien de
Montessus, President & CEO, stated: "As the two largest producers in Côte d'Ivoire, with a
strong presence in West Africa, both companies welcome the
opportunity to increase their cooperation. This JV will allow us to
accelerate exploration on our Sissedougou property while we
continue to focus our efforts on our 100%-controlled 80km corridor
along our Ity mine, which our exploration strategic review
identified as our highest priority."
Under the terms of the agreement,
Randgold and Endeavour will hold respectively a 70% and 30%
interest in the newly formed joint venture. Randgold will be the
joint venture operator and both parties will contribute to the
annual exploration budget in accordance with their shareholdings. A
$3.8 million exploration campaign has been approved for the
remainder of 2017 and 2018.
ABOUT THE
EXPLORATION JV PROPERTIES
The adjacent Sissedougou and Mankono exploration properties are
located in the northern region of Côte d'Ivoire, at the contact of
the shear zone hosting the Tongon mine and the shear zone hosting
the Sissingue project and Syama mine.
The Sissedougou property was
transferred from La Mancha to Endeavour in late 2015. After nearly
4 years of exploration inactivity, Endeavour re-initiated
exploration in 2017 as part of its greenfield program.
Sissedougou's potential was initially confirmed with a first
3,378-metre drilling program carried out by La Mancha in 2011, as
drill results suggested the presence of an 800-metre mineralized
structure.
Selected best drill results at
Sissedougou, as published by La Mancha in 2012 (click here to view
the press release), were[1]:
-
34.6 m @ 2.08 g/t Au at 74.6 m, including 1.0 m
@ 31.52 g/t Au
-
18.8 m @ 2.30 g/t Au at 26.1 m
-
23.0 m @ 2.14 g/t Au at 112.6 m, including 2.0 m
@ 10.70 g/t Au
Randgold confirmed the exploration
potential of the Mankono property as its trenching program
intercepted a mineralised system over a 300m wide corridor and 1km
strike.[2]
QUALIFIED
PERSONS
The scientific and technical
content of this news release has been reviewed, verified and
compiled by Gérard de Hert, EurGeol, Senior Vice President
Exploration West Africa for Endeavour Mining. Gérard de Hert has
more than 19 years of mineral exploration and mining experience,
and is a "Qualified Person" as defined by National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI
43-101").
CONTACT
INFORMATION
Martino De Ciccio
VP - Strategy & Investor Relations
+44 203 640 8665
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
endeavour@brunswickgroup.com |
ABOUT ENDEAVOUR
MINING CORPORATION
Endeavour Mining
is a TSX listed intermediate African gold producer with a solid
track record of operational excellence, project development and
exploration in the highly prospective Birimian greenstone belt in
West Africa. Endeavour is focused on offering both near-term and
long-term growth opportunities with its project pipeline and its
exploration strategy, while generating immediate cash flow from its
operations.
Endeavour
operates 5 mines across Côte d'Ivoire (Agbaou and Ity), Burkina
Faso (Karma), Mali (Tabakoto), and Ghana (Nzema) which are expected
to produce 600-640koz of gold at an AISC of US$860-905/oz in 2017.
Endeavour's high quality development projects (Hounde, Ity CIL and
Kalana) have the combined potential to deliver an additional 600koz
per year at an AISC well below $700/oz between 2018 and 2020. In
addition, its exploration program aims to discover 10-15Moz of gold
by 2021 which represents more than twice the reserve depletion
during the period.
For more
information, please visit www.endeavourmining.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.
[1] As
published in La Mancha Resources (TSX:LMA) press release dated
January 31, 2012, available on SEDAR and by clicking here.
[2] As
published in Randgold's Q3 Report, dated November 2, 2017,
available on their website.
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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
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