VANCOUVER, Oct. 13,
2015 /CNW/ - Endeavour Mining Corporation (TSX:EDV)
(ASX:EVR) (OTCQX:EDVMF) announces gold production of 124,893
ounces during Q3 2015 and 9 month production of 379,802
ounces.
For the nine-months, the Agbaou, Nzema and Youga
mines are all ahead of the mid-point of their production guidance
ranges. Nzema maintained its production levels despite a temporary
drop in the grade of the purchased ore.
The Tabakoto mine experienced several extreme
rain falls in the latter part of the quarter. This affected
overall operation, in particular production from the North and
South sections of the Tabakoto underground mine, reducing the grade
of the material delivered to the mill and dropped production below
targeted levels.
Neil Woodyer, CEO,
stated
"Group production from the mines continues to
be at the high end of production guidance. AISC per ounce will be
reported in the Q3 2015 financial results to be released in
November, and it is expected that AISC will continue to be below
our full-year $930 to $980 guidance
range."
Table 1: Quarterly and 9 months 2015 Gold Production (in
ounces)
|
Agbaou
|
Youga
|
Tabakoto
|
Nzema
|
Total
|
Q1 2015
|
45,323
|
17,868
|
33,574
|
26,979
|
123,744
|
Q2 2015
|
40,508
|
18,241
|
39,574
|
32,842
|
131,165
|
Q3 2015
|
43,802
|
17,313
|
36,373
|
27,405
|
124,893
|
9 month
total
|
129,633
|
53,422
|
109,521
|
87,226
|
379,802
|
The preliminary Q3 2015 production and other
financial information in this news release are approximate figures
and may differ from the final results included in the Q3 2015
financial statements and MD&A.
Special Meeting of Shareholders
On September 21,
2015, Endeavour Mining announced it had entered into a
long-term strategic partnership, subject to shareholder approval,
with La Mancha Holding S.àr.l., a privately-held gold investment
company held by the Sawiris family group. This partnership builds
on our respective successes in Côte d'Ivoire to secure Endeavour
Mining's platform for growth in Africa. The Company mailed a notice of meeting
and management information circular to its shareholders of record
as of October 1, 2015 in preparation
for its special meeting of shareholders to be held on November 5, 2015.
The Endeavour Mining's Board of Directors
recommends that shareholders vote IN FAVOUR of the Share
Issuance Resolution. Shareholders who require assistance with
voting or have questions regarding the meeting may contact our
proxy solicitation agent, Laurel Hill Advisory Group, at
1-877-452-7184 Toll Free in North
America, or call collect outside North America at 416-304-0211, or by email at
assistance@laurelhill.com.
Qualified Persons
Adriaan "Attie"
Roux, Pr.Sci.Nat, Endeavour Mining's Chief Operating
Officer, is a Qualified Person under NI 43-101, and has reviewed
and approved the technical information related to mining operations
in this news release.
About Endeavour Mining Corporation
Endeavour Mining is a Canadian-based intermediate
gold mining company producing 500,000 ounces per year from four
mines in West Africa. Endeavour Mining is focused on
effectively managing its existing assets to maximize cash flow as
well as pursuing organic and strategic growth opportunities that
benefit from its management and operational expertise.
On behalf of Endeavour Mining
Corporation
Neil
Woodyer
Chief Executive Officer
This news release contains "forward-looking
statements" including but not limited to, statements with respect
to Endeavour Mining'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 Mining operates. Although Endeavour Mining 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 Mining's most recent Annual Information Form filed under
its profile at www.sedar.com for further information respecting the
risks affecting Endeavour Mining and its business.
SOURCE Endeavour Mining Corporation