ENDEAVOUR REPORTS THAT WET COMMISSIONING
IS UNDERWAY AT ITS ITY CIL PROJECT
View News Release in PDF
HIGHLIGHTS
- Over 8 million man-hours have
been worked without a lost time injury
- Construction is on-budget &
two months ahead of schedule with first gold pour expected in early
Q2-2019
- Dry commissioning has been
completed and wet commissioning has commenced; demobilization of
the construction team has also commenced
- Ity is expected to produce 160 -
200koz in 2019 at an AISC of $525 - 590/oz, with the bottom-end of
production guidance corresponding to the nameplate
capacity
- Aggressive exploration program
underway with seven drill rigs active on the La Plaque target with
the aim of publishing an updated resource in Q2-2019
Abidjan, February
20, 2019 - Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF)
("Endeavour") is pleased to announce that excellent progress
continues to be made at its Ity CIL project in Côte d'Ivoire, as
wet commissioning has commenced. Construction is progressing
on-budget with over 97% of the total project complete and the first
gold pour expected to occur two months ahead of schedule in early
Q2-2019.
Sébastien de
Montessus, President & CEO, stated: "We are proud of the key
milestones achieved in recent months as the project construction
has been significantly de-risked. We are excited to have commenced
the commissioning phase several months ahead of the initial
schedule and look forward to the first gold pour in early
Q2-2019.
The start of
production at Ity will be a transformative moment for Endeavour. It
will become, alongside Houndé, our second flagship mine, and marks
the end of several years of large capital-intensive projects which
will allow us to focus on cash flow generation and generating
returns on our capital employed.
With seven drill
rigs currently operating in the Le Plaque area, we expect our
additional exploration activity to further demonstrate the
potential of Ity."
Key milestones achieved to date
include:
- Over 8 million man-hours have been worked without
a lost time injury.
- Overall project completion stands at more than
97%, tracking approximately two months ahead of schedule.
- The project remains on-budget with the remaining
cash outflow for 2019 amounting to $50 - $60 million.
- Wet commissioning has commenced and, in
preparation for production, ore is expected to be introduced into
the process plant milling circuit in the coming days.
Image 1: Process Plant - Wet
Plant
![](https://hugin.info/171882/I/2235709/134154.jpg)
Image 2 : Process Plant - Dry
Plant
![](https://hugin.info/171882/I/2235709/134155.jpg)
Image 3 : Site Aerial View
![](https://hugin.info/171882/I/2235709/134156.jpg)
Image 4: Tailings Storage
Facility
![](https://hugin.info/171882/I/2235709/134157.jpg)
Image 5 : Switchyard and Power
Station
![](https://hugin.info/171882/I/2235709/134158.jpg)
Image 6: Haul Bridge
![](https://hugin.info/171882/I/2235709/134159.jpg)
Image 7: Village Resettlement
![](https://hugin.info/171882/I/2235709/134160.jpg)
Image 8: Employee Permanent
Camp
![](https://hugin.info/171882/I/2235709/134161.jpg)
Image 9: Mining Activity
![A view of a mountain Description automatically generated](https://hugin.info/171882/I/2235709/134162.jpg)
-
Demobilization of construction personnel has
begun following the completion of key construction milestones, and
operating teams are in place with training programs well
underway.
-
Ity is expected to produce 160 - 200koz in 2019
at an AISC of $525 - 590/oz, with the bottom-end production
guidance corresponding to the nameplate capacity while the top-end
factors possible upsides such as an earlier start date, a quicker
than expected ramp-up and the plant producing above its
nameplate.
-
An aggressive exploration program is underway,
with seven drill rigs active on the La Plaque target with the aim
of publishing an updated resource in Q2-2019. For 2019, a total of
70,000-meters are planned to be drilled in the Le Plaque area and
on other nearby targets.
QUALIFIED
PERSONS
Jeremy Langford, Endeavour's Chief
Operating Officer - 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.
CONTACT
INFORMATION
Martino De Ciccio
VP - Strategy & Investor Relations
+44 203 640 8665
mdeciccio@endeavourmining.com |
Brunswick Group LLP in London
Carole Cable, Partner
+44 7974 982 458
ccable@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 4 mines across Côte d'Ivoire (Agbaou and Ity) and Burkina
Faso (Houndé, Karma) which are expected to produce 615-695koz in
2019 at an AISC of $760-810/oz.
For more
information, please visit www.endeavourmining.com.
CAUTIONARY
STATEMENT ON FORWARD-LOOKING INFORMATION
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.
Corporate Office:
5 Young St, Kensington, London W8 5EH, UK
Image 5 : Switchyard and Power
Station
View News Release in PDF Format
Image 2 : Process Plant - Dry Plant
Image 3 : Site Aerial View
Image 4: Tailings Storage Facility
Image 7: Village Resettlement
Image 6: Haul Bridge
Image 8: Employee Permanent Camp
Image 1: Process Plant - Wet Plant
Image 9: Mining Activity
This
announcement is distributed by West Corporation on behalf of West
Corporation 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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