The press release including tables can be downloaded from the following link: Press release (PDF)
Endomines AB releases its Fourth Quarter (ending December 31, 2011) production results for its Pampalo Gold Mine, located near Ilomantsi, in Eastern Finland. The mine produced 617 kg, or 19,800 oz, of gold during its first year of operations, slightly above the latest 2011 production guidance. The Pampalo Gold Mine started production in early February 2011, with ramp-up completed at the end of Q2/2011. Year-end report for 2011 will be published on February 22, 2012.
2011 Key Production Figures[1]
|
Q1/2011 |
Q2/2011 |
Q3/2011 |
Q4/2011 |
2011 |
Tonnes mined |
25,382 |
44,050 |
49,441 |
57,872 |
176,745 |
Tonnes processed |
35,797 |
53,169 |
56,915 |
64,666 |
210,547 |
Head grade (Au g/t) |
3.5 |
3.1 |
3.6 |
3.3 |
3.4 |
Hourly utilization (%) |
63.4 |
90.5 |
86.7 |
93.3 |
85.3 |
Gold recovery (%) |
83.8 |
87.0 |
88.1 |
86.2 |
87.0 |
Gold produced kg |
105.4 |
144.7 |
182.1 |
184.5 |
616.7 |
Gold produced oz |
3,390 |
4,651 |
5,855 |
5,932 |
19,828 |
LTIFR[2] (12 month rolling) |
39 |
50 |
42 |
35 |
35 |
"We achieved all-time production records with regards to the monthly head grade, mining and throughput tonnage in December, Markus Ekberg, Chief Executive. "However, as we had decided to adhere to our planned mining schedule after the summer cave-in incident, for a period of a few weeks we had a shortage of high grade ore supply. We have accelerated development works in the mine and are now back on track with the underground mining operations. The mine can supply sufficient ore tonnage to meet plant requirements".
"A new drifting jumbo was delivered in November and was immediately commissioned for underground development work. For a period, drifting will be carried out combining Endomines' own workforce and contractor. A new cable-bolting rig is expected to arrive on-site before mid-January, after which ground support can be carried out by our own workforce and equipment".
The Pampalo processing plant continues to show excellent production performance. The plant has achieved hourly tonnage levels of over 35 tonnes/hour, resulting in December to a throughput level of 22,000 tonnes or annualized capacity of above 260,000 tonnes.
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 Pampalo Gold Mine is targeting an annual production of 800- 900 kg of gold as from 2012. 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.
Endomines AB shares 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
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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 for Q1-Q3 are adjusted and final while Q4 figures are preliminary and based on company own assaying and not confirmed by any external laboratory. All reported figures are rounded. Cash Cost USD/oz will be published in the Q4-report, due on February 22, 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.