VANCOUVER, Nov. 27, 2015 /CNW/ - Endeavour Mining
Corporation ("Endeavour Mining") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF)
announces the completion of the transaction with La Mancha Holding
S.àr.l., a privately-held gold investment company held by the
Sawiris family group. This partnership secures Endeavour
Mining's platform for growth in Africa, while also strengthening the balance
sheet.
Endeavour Mining is now:
- Producing gold at 580 koz/yr from 5 mines in 4 countries in
West Africa (see Figure 1 for
locations)
- All-in sustaining costs per ounce are in the low $900s
- Attributable Proven and Probable Reserves of 4.8
Moz1
- Attributable Measured and Indicated Resources of 8.5
Moz1
- Endeavour Mining has an attractive internal growth profile that
includes the Houndé Project, which is fully permitted and being
prepared for a construction decision in early 2016, and the Ity CIL
Project, in feasibility study
Neil Woodyer, CEO,
stated
"This partnership secures Endeavour Mining's platform for
growth with the shared vision of creating a premier African gold
producer. Over the last five years, Endeavour Mining has
acquired four mines, completed two feasibility studies,
successfully built the Agbaou mine, reduced our group AISC/oz to
the low $900s, established a pipeline that includes two low-cost
projects – Houndé and Ity CIL, and we have unlocked significant
exploration potential in Côte d'Ivoire and Burkina Faso. Endeavour Mining is well
positioned to continue its 'build & acquire' strategy at a low
point in this gold price cycle. We see numerous opportunities
for further regional consolidation that would benefit from
Endeavour Mining's management and operational expertise. We
have also strengthened Endeavour Mining for the downside-case of
lower gold prices as we have received a US$63 million cash investment into Endeavour and added a fifth low-cost mine to
our operating portfolio."
Pursuant to the transaction, Endeavour Mining has issued La
Mancha Africa Holding Limited, a wholly-owned subsidiary of La
Mancha Holding S.àr.l., 177,061,572 shares (or 17,706,157 shares on
a post-consolidation basis) representing 30% of Endeavour Mining's
share capital. Endeavour Mining also announces that it has
consolidated its current capital (the "Consolidation"), on the
basis of ten (10) pre-Consolidation shares for one (1)
post-Consolidation share, effective today. Subject to Toronto
Stock Exchange ("TSX") approval, it is expected that the shares
will commence trading on the TSX on a consolidated basis on or
about December 2, 2015. News
releases detailing the Consolidation and ASX delisting processes
will be published separately.
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 in this news release, except as otherwise noted. The
Qualified Persons for the mineral resources and mineral reserves
are listed as footnotes to the tables provided in the Appendix to
this new release.
About Endeavour Mining Corporation
Endeavour Mining is a Canadian-based intermediate gold mining
company producing 580,000 ounces per year from five 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.
___________________________________
1 For complete details on Endeavour Mining's Mineral
Reserves and Resources, see the Appendix to this news release.
APPENDIX
Mineral Resources (Effective Date as of December 31, 2014, except Ity, as of July 31, 2015)
|
|
Mine/Project
|
Mineral Resources
(including Mineral Reserves)
|
Measured
|
Indicated
|
Measured &
Indicated
|
Inferred
|
Lower
Cutoff
Au
g/t
|
|
|
|
|
|
|
Tonnes
Mt
|
Grade
Au
g/t
|
Ounces
(,000's)
|
Tonnes
Mt
|
Grade
Au
g/t
|
Ounces
(,000's)
|
Tonnes
Mt
|
Grade
Au
g/t
|
Ounces
(,000's)
|
Tonnes
Mt
|
Grade
Au
g/t
|
Ounces
(,000's)
|
|
Nzema1 - Total
Attrib. -
90%
|
23.7
|
1.4
|
1,040
936
|
13.0
|
1.3
|
550
495
|
36.7
|
1.3
|
1,590
1,431
|
7.6
|
1.3
|
311
280
|
0.5
|
Youga2 - Total
Attrib. -
90%
|
7.3
|
1.3
|
317
285
|
9.7
|
1.6
|
494
444
|
17.0
|
1.5
|
812
730
|
2.8
|
1.6
|
141
127
|
0.5
|
Agbaou3 - Total
Attrib. -
85%
|
2.9
|
2.8
|
255
216
|
11.1
|
2.4
|
854
726
|
13.9
|
2.5
|
1,109
942
|
2.1
|
2.3
|
154
131
|
0.5
|
Tabakoto4 - Total
Attrib. -
80-90%
|
5.6
|
2.9
|
529
433
|
13.4
|
3.0
|
1,310
1,110
|
19.0
|
3.0
|
1,839
1,543
|
17.6
|
2.8
|
1,582
1,315
|
0.5 to
1.0
|
Ity5 - Total
Attrib. -
55%
|
27.3
|
1.4
|
1,191
655
|
31.8
|
1.7
|
1,729
951
|
59.1
|
1.5
|
2,920
1,606
|
9.7
|
1.5
|
458
252
|
0 to
0.8
|
Hounde6 - Total
Attrib. -
90%
|
3.7
|
2.6
|
305
275
|
34.1
|
2.0
|
2,242
2,018
|
37.8
|
2.1
|
2,546
2,292
|
3.2
|
2.6
|
273
246
|
0.5
|
Total
Total
Attributable
|
3,637
2,801
|
7,179
5,744
|
10,816
8,545
|
2,920
2,351
|
|
Mineral Reserves (Effective Date as of December 31, 2014; except Ity, as of July 31, 2015)
|
Mineral
Reserves
|
Proven
|
Probable
|
Proven &
Probable
|
Gold
Price
US$/oz
|
Mine/Project
|
Tonnes
|
Grade
|
Ounces
|
Tonnes
|
Grade
|
Ounces
|
Tonnes
|
Grade
|
Ounces
|
|
Mt
|
Au
g/t
|
(,000's)
|
Mt
|
Au
g/t
|
(,000's)
|
Mt
|
Au
g/t
|
(,000's)
|
Nzema1
- Total
|
5.2
|
2.0
|
339
|
2.1
|
2.3
|
156
|
7.3
|
2.1
|
496
|
1,350
|
Attributable -
90%
|
|
|
305
|
|
|
141
|
|
|
446
|
|
Youga2
- Total
|
2.5
|
1.7
|
139
|
1.0
|
2.0
|
63
|
3.5
|
1.8
|
202
|
1,250
|
Attributable -
90%
|
|
|
125
|
|
|
57
|
|
|
181
|
|
Agbaou3
- Total
|
2.7
|
2.7
|
236
|
8.8
|
2.4
|
690
|
11.5
|
2.5
|
926
|
1,350
|
Attributable -
85%
|
|
|
200
|
|
|
587
|
|
|
787
|
|
Tabakoto4 - Total
|
2.3
|
3.3
|
249
|
4.4
|
4.0
|
558
|
6.7
|
3.7
|
807
|
1,350
|
Attributable -
80-90%
|
|
|
202
|
|
|
470
|
|
|
672
|
|
Ity5 HL
- Total
|
|
|
|
2.3
|
2.4
|
173
|
2.3
|
2.4
|
173
|
1,150
|
Attributable -
55%
|
|
|
|
|
|
95
|
|
|
95
|
|
Ity5
CIL - Total
|
|
|
|
28.0
|
1.6
|
1,429
|
28.0
|
1.6
|
1,429
|
1,150
|
Attributable -
55%
|
|
|
|
|
|
786
|
|
|
786
|
|
Hounde6
- Total
|
3.7
|
2.5
|
295
|
26.9
|
2.1
|
1,780
|
30.6
|
2.1
|
2,073
|
1,300
|
Attributable -
90%
|
|
|
266
|
|
|
1,602
|
|
|
1,866
|
|
Total
|
|
|
1,258
|
|
|
4,849
|
|
|
6,105
|
|
Total
Attributable
|
|
|
1,098
|
|
|
3,737
|
|
|
4,833
|
|
1Nzema mineral resource update prepared by W.J.A.
Yeo MAIG (Endeavour) as depletion,
effective date December 31, 2014, of
mineral resource prepared by N.J. Johnson MAIG (MPR Geological
Consultants Pty Ltd.), Qualified Person for the mineral resources;
M. Alyoshin MAusIMM CP Min (Endeavour) is Qualified Person for Nzema
mineral reserves. Most recent filed report is "Technical Report and
Mineral Resource and Reserve Update for the Nzema Gold Mine,
Ghana, West Africa", effective date December 31, 2012, prepared by N.J. Johnson MAIG
(MPR Geological Consultants Pty Ltd.), Q. De Klerk FAusIMM (Cube
Consulting Pty Ltd.) and W.J.A. Yeo MAIG (Endeavour), A.A. Roux Pr.Sci.Nat.
(Endeavour).
2 K. Harris CPG (Endeavour) is Qualified Person for Youga
mineral resources; A. de Freitas
C.Eng (Endeavour) is
Qualified Person for Youga mineral reserves. Most recent filed
report is "Technical Report, Mineral Resource and Mineral Reserve
Update for the Youga Gold Mine, Burkina
Faso, West Africa"
effective date December 31, 2014,
prepared by K. K. Woodman, K. Harris
and A. de Freitas of Endeavour.
3 K. Harris CPG (Endeavour) is Qualified Person for Agbaou
mineral resources; M. Alyoshin MAusIMM CP Min (Endeavour) is Qualified Person for Agbaou
mineral reserves. Most recent filed report is "Technical Report,
Mineral Resource and Mineral Reserve Update for the Agbaou Gold
Mine, Côte d'Ivoire, West Africa"
effective date December 31, 2014,
prepared by A. Roux, K. K. Woodman,
K. Harris and M. Alyoshin of Endeavour.
4 K. Harris CPG (Endeavour) is Qualified Person for Tabakoto
and Kofi mineral resources; M. Alyoshin MAusIMM CP Min
(Endeavour) is Qualified Person
for Tabakoto and Kofi open pit mineral reserves; M. Glasspool Pr
Eng (Endeavour) is Qualified
Person for Tabakoto and Segala underground mineral reserves. Most
recent filed report is "Technical Report and Mineral Resource and
Mineral Reserve Update for the Tabakoto Gold Mine, Mali, West
Africa" effective date December 31,
2013, prepared by G. de Hert EurGeol (Endeavour); K. Harris CPG (Endeavour); M. Alyoshin MAusIMM CP Min
(Endeavour), V. Duke ECSA (Sound
Mining), A.A. Roux Pr.Sci.Nat.(Endeavour), E. Puritch, P.Eng (P&E Mining
Consultants Inc.), Antoine Yassa,
P.Geo (P&E Mining Consultants Inc.).
5 K. Body Pr.Sci.Nat. (Coffey) is the independent
Qualified Persons for the Aires, Teckraie, Verse Ouest, Daapleu,
ZiaNE and Mont Ity mineral resources and R. Bosc Eur.Geol.
(Arethuse) is the independent Qualified Person for the Walter and
Gbeitouo mineral resources. P. Perez
P.Eng. (SNC-Lavalin) is an independent Qualified Person for
the Ity Heap Leach mineral reserves and J.
Baker P.Eng. (SNC-Lavalin) is a Qualified Person for the CIL
mineral reserves. Most recent filed report is "Technical
Report for the Ity Gold Mine, Cote
d'Ivoire, West Africa"
effective date July 31, 2015,
prepared by K. Body Pr.Sci.Nat. (Coffey), M. Mudau Pr.Sci.Nat.
(Coffey), C. Cunningham Pr.Eng. (Turnberry), R. Bosc Eur.Geol.
(Arethuse), P. Perez P.Eng.
(SNC-Lavalin), J. Baker P.Eng.
(SNC-Lavalin), D. Gautier P.Eng.
(SNC-Lavalin), P. Larochelle P.Eng.
(SNC-Lavalin) and H. Sangam P.Eng.
(SNC-Lavalin).
6 M. Zammit MAIG (Cube Consulting) is an independent
Qualified Person for the Vindaloo mineral resources. Kevin
Harris CPG (Endeavour) is a
Qualified Person for the Bouéré and Dohoun mineral resources.
R.M. Cheyne FAusIMM (Oreology) is an independent Qualified Person
for the Vindaloo mineral reserves and the overall mining
schedule. Michael Alyoshin MAusIMM CP Min (Endeavour) is a Qualified Person for the
Bouéré and Dohoun mineral reserves. Most recent filed report
is "Houndé Gold Project – Burkina
Faso, Feasibility Study NI 43-101 Technical Report"
effective date October 31, 2013,
prepared by M. Zammit MAIG (Cube Consulting), M. Warren MIEAust
CPEng (Lycopodium), R.M. Cheyne FAusIMM (ORELOGY), D. Morgan CPEng
(Knight Piésold), P. O'Bryan MAusIMM (CP) (Peter O'Bryan and Associates).
The following
notes apply to the tables:
|
· Mineral
Resources that are not Mineral Reserves do not have demonstrated
economic viability.
|
· Tonnages are rounded to the nearest
100,000 tonnes; grades are rounded to one decimal place; ounces are
rounded to the nearest 1,000 ounces. Rounding may result in
apparent summation differences.
|
· Tonnes and grade measurements are in
metric units; contained gold is in troy ounces.
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SOURCE Endeavour Mining Corporation