The press release including tables can be downloaded from the following link:
Pampalo Q1/2012 production statistics and progress report
Endomines AB releases its First Quarter 2012 (ending March 31, 2011) production results for its Pampalo Gold Mine, located near Ilomantsi, in Eastern Finland. The mine produced 165.7 kg, or 5,326 oz, of gold during the period.
Pampalo Q1/2012 Production Results[1]
|
Q1/2012 |
Tonnes mined |
61 134 |
Tonnes processed |
61 596 |
Head grade (Au g/t) |
3.2 |
Gold recovery (%) |
83.7 |
Hourly utilization (%) |
86.5 |
Gold produced kg |
165.7 |
Gold produced oz |
5 326 |
LTIFR[2] (12 month rolling) |
16 |
"We maintained our original mining plan during January and February, sourcing ore from low grade areas. This low grade ore, coupled with some technical problems mainly in the crushing circuit, resulted in a lower than planned gold production for the whole period. Although March production has been better than anticipated, it will not totally compensate for the lower levels of production in the beginning of the year. We now expect to have an improved head grade for the next few quarters", comments Markus Ekberg, CEO of Endomines.
For further information, please contact:
Markus Ekberg
CEO of Endomines AB
tel. +358 40 706 48 50
or visit the Company's website at www.endomines.com
About Endomines AB
Endomines AB is a Nordic mining and exploration company with its first operating gold mine in production since February 2011. The mine is located in Eastern Finland, on the Karelian Gold Line, a 40 km long gold critical belt, where Endomines controls all currently known gold deposits.
The company has several other gold and industrial mineral properties at various stages of development. All Endomines' mineral assets are located in Finland, which is politically stable, has a highly developed infrastructure and is ranked as one of the most favorable jurisdictions for the mining industry.
Endomines aims to increase shareholder value by developing its strong portfolio of assets as well as exploring new deposits on the Karelian Gold Line and in Finnish Lapland. The company will also consider new opportunities and acquisitions for further growth.
The company's business practices and mining operations are based on sustainable principles and on minimizing the impact on the environment.
Endomines applies SveMin's & FinnMin's respective rules for reporting (public mining & exploration companies). It has also chosen to report mineral resources and ore reserves according to the JORC-code, which is the internationally accepted Australasian code for reporting ore reserves and mineral resources.
Endomines applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The shares of Endomines AB are quoted on the First North Premier segment in Stockholm under ticker ENDO.ST. Erik Penser Bankaktiebolag acts as Certified Adviser and Liquidity Provider.
Read more about Endomines on www.endomines.com
-----
This news release may contain forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
[1] Production figures are based on company own assaying and not confirmed by any external laboratory. Figures are individually rounded. Cash Cost USD/oz will be published in the Q1-report, due on 23 May 2012.
[2] LTIFR = The Lost Time Injury Frequency Rate (LTIFR) is based on reported lost time injuries resulting in one day/shift or more off work per 1,000,000 hours worked.