VANCOUVER, Dec. 1, 2015 /CNW/ - Endeavour Mining
Corporation ("Endeavour Mining") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF)
is pleased to announce that its Agbaou Gold Mine in Côte d'Ivoire
fully repaid its shareholder loans from Endeavour Mining of
$181 million, with the final loan
payment received on November 27,
2015. The shareholder loans funded the $145 million mine construction cost and other
historic development costs including feasibility studies and
exploration programs. The full repayment of Endeavour
Mining's historic capital is 22 months from the mine achieving
commercial production on January 27,
2014.
The Agbaou Gold Mine has progressed into a dividend-paying
position for the distribution of its free cash flow.
Endeavour Mining owns 85% of the Agbaou Gold Mine, with the
remaining 10% held by the State of Côte d'Ivoire and 5% held by
SODEMI, the Ivorian State mining company.
Neil Woodyer, CEO,
stated
"By all measures, the Agbaou mine has had an exceptional
initial two years of operations. Even with the low gold price
environment, Agbaou has fully repaid its construction capital and
all of its historic costs related to exploration and studies in
only 22 months – demonstrating a very strong return on
investment. To date, Agbaou has paid $14 million in royalties to the Côte d'Ivoire
government, and the country will now benefit even more from
dividends through its 15% carried interests in the mine. In
addition, Agbaou is an example of the success of our approach of
recruiting and training Ivorian nationals who now represent 92% of
the mine's workforce."
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.
SOURCE Endeavour Mining Corporation