| | Published : January 22nd, 2013 | Mining Delivers 310,000 Oz Gold Production Exceeding 2012 Guidance And Provides 2013 Forecast |
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Re: News Release - Tuesday, January 22, 2013 Title: Endeavour Mining Delivers 310,000 Oz Gold Production Exceeding 2012 Guidance And Provides 2013 Forecast
Vancouver, January 22, 2013 - Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV, ASX:EVR, OTCQX:EDVMF) announces total annual production for 2012 of 310,778 ounces of gold exceeding the 2012 production guidance range of 282,000 to 304,000 ounces. For 2013, Endeavour expects gold production in the range of 310,000 to 345,000 ounces at a cash cost per ounce (excluding royalties) of $790 to $830, with all gold sold at spot prices due to recent de-hedging transactions. Additional near-term production growth of over 100,000 ozs per year is expected from the Agbaou Gold Mine which is currently in construction (Q1 2014 completion). A recently completed Preliminary Economic Assessment (PEA) shows potential for 160,000 ozs per year from the Hound� Gold Project (Burkina Faso) in 2016.
(All amounts in US dollars unless otherwise indicated)
Neil Woodyer, CEO, stated
"2012 was a strong year of growth for your company. We continued to increase the scale of the business with the successful acquisition of Avion in October 2012, and we delivered above guidance gold production for the quarter and the year.
Agbaou construction is on schedule for completion in Q1 2014 with commitments to date on-track at 46% of budget. Expansion of the Tabakoto mill is progressing on schedule for completion by the end of Q1 2013, with ramp-up in the following quarter.
We are also pleased to be rapidly advancing the Hound� Gold Project with a significant increase in the Indicated mineral resource to 1.46 million ounces and Inferred mineral resource of 749,000 ounces, the positive PEA announced today, and the anticipated completion of a Feasibility Study led by Lycopodium in Q4 2013.
Endeavour is now producing gold at a rate of over 300,000 ounces per year from three mines - a significant increase compared to 82,400 ounces produced from only one mine in 2010. The expansion of Tabakoto and start of production at Agbaou are anticipated to add an additional approximately 150,000 ounces per year, with Hound� potentially adding a further 160,000 ounces of production per year, bringing Endeavour to over 550,000 ounces from five mines in 2016.
During 2013 we will be focused on realizing this growth from our existing assets with a $195 million capital program, and $32 million of exploration and feasibility study programs. In addition to Agbaou construction, the Tabakoto expansion, and the capital needs of Nzema and Youga, this will include the completion of a cost reduction and profit improvement plan at Tabakoto, completion of the access development at Segala, and focused exploration on Tabakoto and Kofi.
We anticipate that, at current market prices, we can fund our planned capital expenditure program over the next 3 to 4 years, including Hound�, from current financial resources. In view of changing market conditions, and changes and updates to our project development and implementation plans as they evolve and mature, we must maintain our financial flexibility and liquidity. We believe that this can and should be achieved by expanding our bank credit facilities rather than accessing the equity markets.
We have also maximized the company's exposure to the gold price in 2013 by eliminating the 2013 hedge positions at Tabakoto and Nzema in December 2012."
2012 Production Results by Mine
Table 1 Nzema Gold Mine, Ghana - 2012 Production
Nzema, Ghana |
2012 Q1-Q3 9 months |
2012 Q4 3 months |
2012 Full Year Actual |
2012 Full Year Guidance |
Ore Milled (�000 t) |
1,616 |
528 |
2,144 |
|
Milled Grade (g/t Au) |
1.78 |
1.85 |
1.80 |
|
Gold Production (ozs) |
82,780 |
26,667 |
109,447 |
102,000 to 112,000 |
Cash Cost per Ounce Produced (US$/oz)1,2 |
$709 |
|
|
|
Cash Cost per Ounce Produced (US$/oz) - Excluding purchased ore1,2 |
$675 |
In guidance range |
In guidance range |
$680 - $700 |
Table 2 Youga Gold Mine, Burkina Faso - 2012 Production
Youga, Burkina Faso |
2012 Q1-Q3 9 months |
2012 Q4 3 months |
2012 Full Year Actual |
2012 Full Year Guidance |
Ore Milled (�000 t) |
772 |
241 |
1,013 |
|
Milled Grade (g/t Au) |
2.90 |
3.03 |
2.92 |
|
Gold Production (ozs) |
69,379 |
21,651 |
91,030 |
85,000 to 90,000 |
Cash Cost per Ounce Produced (US$/oz)1,2 |
$616 |
In guidance range |
In guidance range |
$655 - $675 |
Table 3 Tabakoto Gold Mine, Mali - 2012 Production
Tabakoto, Mali |
2012 Q1-Q3 9 months |
2012 Q4 3 months |
2012 Full Year Actual |
2012 Full Year Guidance * |
Ore Milled (�000 t) |
616 |
185 |
801 |
|
Milled Grade (g/t Au) |
4.76 |
4.42 |
4.70 |
|
Gold Production (ozs) |
87,030 |
23,271 |
110,301 |
95,000 to 102,000 |
Cash Cost per Ounce Produced (US$/oz)1,2 |
$874 |
|
|
n/a | * Tabakoto production guidance provided by Avion Gold Corporation, July 4, 2012 news release
Full year 2012 gold production totalled 310,778 ounces, and cash operating costs are estimated to be in line with 2012 guidance. Endeavour anticipates providing the Q4 2012 and full year 2012 cash operating costs with the audited financial statements to be released in March 2013.
The preliminary Q4 2012 production and other financial information provided in this news release are approximate figures and may differ from the final results included in the 2012 annual audited statements and MD&A. In addition, as Endeavour completed its acquisition of Avion Gold Corporation effective October 18, 2012 the consolidated financial statements will only include results from the Tabakoto Gold Mine for the 75 day period of October 18 to December 31, 2012.
2013 Guidance
Endeavour's 2013 gold production is forecast to be 310,000 to 345,000 ounces at a cash cost per ounce (excluding royalties) of $790 to $830.
Table 4 2013 Production and Cash Cost Guidance
|
Gold Production (ozs, 100% basis) |
Cash Cost per Ounce (US$/oz)2 |
|
2012 Actual |
2013 Guidance range |
2013 Guidance range |
Nzema, Ghana |
109,446 |
100,000 - 110,000 |
$780 - $820 |
Youga, Burkina Faso |
91,030 |
75,000 - 85,000 |
$740 - $780 |
Tabakoto, Mali |
110,301 |
135,000 - 150,000 |
$830 - $870 |
|
|
|
|
TOTAL |
310,777 |
310,000 - 345,000 |
$790 - $830 |
Forecast 2013 Costs as Compared to 2012
- Nzema: Cost increase is primarily driven by higher mining costs due to increasing requirements for drilling and blasting as Salman moves into transition ore, the additional 9 km trucking distance of ore from Anwia-Teleku Bokazo, and increased labour costs in Ghana. Gold production from Anwia-Teleku Bokazo pit started in December 2012 at a lower rate than planned for Q1 2013 due slower than expected access from the community to start mining in this area, however, it is anticipated that the rate will improve during subsequent quarters.
- Youga: Cost increase is primarily driven by an approximate 15% increase in the total tonnes to be mined and a 5% local payroll increase.
- Tabakoto: The operation has undertaken an in-depth review of the organization, working practices and management reporting systems as part of the integration program, with a specific focus on reducing operating cost while increasing production.
For 2013, Endeavour has a budgeted capital spending plan of $207 million, including:
- $17 million of sustaining capital which is equivalent to between $50 and $55 per ounce of forecast 2013 production. The sustaining capital includes: $3 million at Nzema, $9.5 million at Tabakoto and $4.5 million at Youga.
- $190 million of development capital, with the most significant items being $106 million for Agbaou construction, $7 million for Tabakoto mill expansion and $29 million for underground ramp and access development at the Segala and Tabakoto underground mines, $17 million for the Anwia-Teleku Bokazo access and resettlement at Nzema, and $12 million for the Hound� Gold Project feasibility study.
The 2013 exploration budget of $20 million prioritizes the Tabakoto and Kofi project areas in Mali. The Kofi property contains a number of deposits with mineral resources which total to 500,000 ounces of Indicated (6.9 Mt at 2.3 g/t gold) and 702,000 ounces of Inferred (12.4 Mt at 1.8 g/t gold), and the deposits identified to date are within 10 to 40 km by road to the Tabakoto mill.
Update on Near-term Production Growth Projects
Tabakoto Gold Mine, Mali - Expansion to be Completed in Q1 2013
Expansion of the Tabakoto mill capacity from 2,000 tonnes per day (tpd) to 4,000 tpd is proceeding on schedule, with all contractors on site since November of 2012. The expansion is expected to be completed by the end of March 2013, after which ramp-up of throughput will begin.
Agbaou Gold Mine, C�te d'Ivoire - Currently in Construction
Construction at Agbaou is progressing well and is on-schedule for production beginning in Q1 2014. Earthworks are well-underway, including clearing of all construction areas and the access road construction was also recently completed. Civil works are advancing, with CIL ring beams completed in December 2012 and foundations for SAG and ball mills recently poured. The five year mining contract was awarded to BCM International Ltd. and approximately 46% of the total construction cost of $159 million has been committed. In February 2013 we expect completion of the next major milestone: structural steel delivery. Endeavour continues discussions with the C�te d'Ivoire government regarding the mining convention for Agbaou.
Hound� Gold Project, Burkina Faso - PEA Completed, Infill-drilling Underway, Feasibility Study Commenced
Endeavour's potential production growth profile has been significantly enhanced today with the announcement, in a separate news release, of the results of the PEA on the Hound� Gold Project in Burkina Faso. Endeavour currently has a 100% interest in the Hound� Gold Project, situated in the south-western region of Burkina Faso just south of Semafo's Mana mine. Upon achieving gold production, Endeavour's ownership will become 90% with a 10% carried interest held by the government of Burkina Faso.
Incorporation of potential production from Hound� revises Endeavour's growth trajectory from the current 300,000 ounces per year to over 550,000 during 2016. This includes Agbaou and potential production from Hound� as well as additional production from the mill expansion at Tabakoto.
The PEA includes an updated resource estimate which shows a 63% increase in the Indicated mineral resources to 23,708,000 tonnes at 1.91 g/t Au containing 1,456,000 ounces of gold and a 6% increase in the Inferred mineral resource to 12,210,000 tonnes at 1.91 g/t Au containing 752,000 ounces of gold.
Hound� PEA Study Highlights, discussed in the separate news release, include on a 100% basis:
- Estimated potential average annual production of 161,000 gold ozs per year over a 10 year mine life, with total life of mine production of 1.61 million ozs
- An average 91% process recovery at a milling rate of 8,000 tonnes per day supplying a conventional gravity and CIL circuit
- Owner operated open pit mining and a potentially economic portion of the resource is 28 million tonnes grading 2.0 g/t Au (at 0.91 g/t Au cut-off); comprised of 20.6 Mt at 2.0 g/t of Indicated mineral resources plus 7.3 Mt at 2.1 g/t of Inferred mineral resources
- Initial start-up capital is estimated at $303 million with sustaining capital estimated at $57 million (excluding VAT and import duties)
- Total initial funding requirement is estimated at $345 million including start-up capital, VAT, import duties and certain first year equipment purchases
- Forecast life of mine direct cash cost of $563 per ounce (excluding royalties)
- The project yields, on an after-tax basis:
|
At $1,300/oz Gold Price (Base Case) |
At $1,650/oz Gold Price (Sensitivity) |
NPV 0% |
$505 million |
$920 million |
NPV 5% |
$288 million |
$584 million |
IRR |
21% |
34% | The PEA is preliminary in nature as it includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves at this time, and as such there is no certainty that the preliminary assessment and economics set forth in the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The PEA should not be considered a substitute for a preliminary feasibility study.
All current mineral resources on the Hound� property lie within the Kari Nord and Kari Sud concessions ('Initial Licenses Areas') and are subject to a Transfer and Claw-Back Option Agreement with African Barrick Gold plc ("African Barrick"). If the resources on the Initial Licenses Areas, as determined by an independent feasibility study, are less than 3 million ounces then African Barrick does not have any claw-back right but retains a 2% NSR.
In addition, in order to advance the Hound� Gold Project, Endeavour started an infill drilling program on assuming control of the project in October 2012. The drilling program is almost 70% complete and due to finish in early February 2013. The infill drilling program is designed to reclassify Inferred Mineral resources to Measured and Indicated classifications and results to date demonstrate excellent continuity of the mineralized zones.
Furthermore, Endeavour has commissioned a Feasibility Study to be delivered in Q4 2013 by Lycopodium, the EPCM contractor for construction of our Agbaou and Nzema mines. Other contributors to the Feasibility Study include Cube Consulting, Orelogy and Knight Piesold.
Mine-life Extensions
Ouar� - PEA Results in an Attractive Potential Addition to Extend Youga Life
Micon International Limited (Micon) was contracted to complete a PEA to examine production scenarios for the Ouar� deposit and concluded that trucking mineralized material approximately 41 km to the Youga Mine as a supplemental feed to existing reserves is preferable to a standalone operation. The PEA results are currently being reviewed by the Mining Department at Youga to refine potential scheduling of the Ouar� deposit into the overall mine plan at Youga. A mineral resource update was also completed by AMEC Americas Ltd. (AMEC) for use in the PEA. At a cut-off grade of 0.8 g/t Au the Measured and Indicated mineral resource is 3.9 million tonnes at a grade of 1.90 g/t Au containing 239,000 ounces of gold and the Inferred mineral resource is 283,000 tonnes at a grade of 1.93 g/t Au containing 18,000 ounces of gold. The potentially economic portion of the resource that is within a pit shell using a $1,500/oz gold price and a cut-off grade of 0.86 g/t Au includes Measured and Indicated mineral resources of 2.9 million tonnes at an average grade of 1.94 g/t Au containing 183,000 ounces of gold and Inferred mineral resources of 211,000 tonnes at a grade of 1.76 g/t Au containing 12,000 ounces of gold.
The results indicate that treating the Ouar� material at Youga has the potential to increase the life of the Youga mine by 3 years, based on the current process capacity of 1 million tonnes per year.
Tables 5 and 6 in the Appendix provide details of the Ouar� Mineral Resources and Mineralized Resources contained in a pit shell.
Nzema Sulphides - PEA Completed, Potential to Extend Nzema Life upon Depletion of Oxide Reserves
The Nzema Sulphide project included a major drilling and metallurgical testwork program on the refractory sulphide portion of the Salman deposits. The program included testwork to assess the merits of producing a flotation concentrate to be treated subsequently by ultra-fine grinding, LeachOx, BIOX, or pressure oxidation. Flotation of the sulphides results in approximately 95% recovery of the gold into concentrate at a 7% mass pull. The flotation concentrate would be treated by pressure oxidation, the best processing route which produced average oxidation/leach recoveries of 92.5% and an average overall recovery of 86%, which is a very good outcome for refractory material exceeding those typically reported in the area.
A sulphide resource estimate and preliminary economic assessment were prepared on the basis of this process option. The resource base used for the study is shown in Table 7 in the Appendix, while the potentially economic portion of the resource of 12 million tonnes grading 1.59 g/t Au, containing 615,600 ounces of gold, is shown in Table 8 of the Appendix. The PEA indicates that additional sulphide resources need to be identified before proceeding with any further studies, and given the demands and potential of Endeavour's other development projects (Hound�, Tabakoto, Kofi), further sulphides exploration will be deferred.
Financing Activities
In December 2012 Endeavour took the following steps to maximize short and medium term exposure to the gold price:
- Eliminated the company's 2013 gold hedge positions, comprising 12,132 ounces at Tabakoto and 10,000 ounces at Nzema for a cost of $17.3 million; as a result, 100% of Endeavour's 2013 gold production will be sold at spot prices.
- Accumulated a holding of 27,000 ozs of gold bullion ($45.2 million at a current spot price of $1,675/oz), which partially offsets the remaining hedge positions in 2014 to 2016.
Endeavour also fully repaid the $28.2 million balance of the credit facility with Bank Atlantique Mali which had been used by Avion to advance the Tabakoto mill expansion in 2011.
In order to fund the gold bullion position, buy back the 2013 hedge, repay the Bank Atlantique Mali loan, and maintain a high level of cash liquidity, Endeavour drew down the available $100 million of the $200 million corporate debt facility during December 2012. As a result, cash and cash equivalents and gold bullion (at fair value) held at December 31, 2012 amounts to $151 million.
Assuming a gold price of $1,600 per ounce, Endeavour's three mines are forecast to generate $230 million of cash margin during 2013 (using mid-guidance production volume and cash costs, and deducting royalties), which when combined with the cash position of $151 million, will more than fund the 2013 planned capital and exploration spending of $227 million.
Conference Call Details
Management will host two conference calls to discuss the 2012 Production Results, 2013 Guidance and Hound� Gold Project PEA on January 23, 2013 and January 24, 2013 as detailed below. Both conference calls will include Neil Woodyer, Chief Executive Officer, Attie Roux, Chief Operating Officer, Christian Milau, Chief Financial Officer, and Don Dudek, Senior Vice President -- Technical Services.
Analysts and interested investors are invited to participate using the dial in numbers below. The same dial in numbers will be used for both conference calls
International: +1 201-689-8433 North American toll-free: +1 877-407-0832 Australian toll-free: 0011-800-2246-2666
The conference call can also be accessed through the following link: http://www.endeavourmining.com/s/Webcasts.asp
To accommodate the North American/European market, the first conference call will be held and webcast by V-Call on Wednesday, January 23, 2013 at:
10:00 am |
in Vancouver |
1:00 pm |
in Toronto and New York |
6:00 pm |
in London |
2:00 am |
in Perth (Jan 24, 2013) |
5:00 am |
in Sydney (Jan 24, 2013) |
To accommodate the Australian market, the second conference call will be held and webcast by V-Call on Thursday, January 24, 2013 at:
7:00 am |
in Perth |
10:00 am |
in Sydney |
3:00 pm |
in Vancouver (Jan 23, 2013) |
6:00 pm |
in Toronto and New York (Jan 23, 2013) |
11:00 pm |
in London (Jan 23, 2013) | The calls will be archived for later playback on Endeavour's website until January 24, 2014.
Qualified Persons
Adriaan "Attie" Roux, Pr. Sci.Nat, Endeavour'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.
Don Dudek, P.Geo, Senior Vice President, Technical Services of Endeavour is a Qualified Person within the definition of that term in NI 43-101, and has supervised the preparation of the technical information related to the Hound� Gold Project in this news release.
The excerpt on the Ouar� PEA has been reviewed by Chris Lattanzi, P.Eng., on behalf of Micon. The Ouar� mineral resource estimate was prepared by Rodrigo Marinho, P.Geo., during his employ at AMEC and the excerpt in this news release was reviewed by him.
The information on the Nzema Sulphides PEA has been reviewed by Stewart Findlay, Project Development Manager, on behalf of GR Engineering Services Ltd. The Nzema Sulphides mineral resource estimate information was reviewed by Nic Johnson, M.AIG., on behalf of MPR and the mining engineering portion of the resource was reviewed by Quinton de Klerk, Director -- Mining Engineering, on behalf of Cube.
The Hound� PEA information in this news release was reviewed by Jim Yakasovich, P.Eng., Principal Consultant (Mining) on behalf of SRK. The Hound� mineral resource estimate information was reviewed by Eugene Puritch, P.Eng., President and Principal Engineer, on behalf of P&E.
About Endeavour Mining Corporation
Endeavour is a gold producer delivering growth. Endeavour owns three gold mines producing more than 300,000 ounces per year in Mali, Ghana and Burkina Faso that are generating significant operating cash flows to fund further expansion. Endeavour's gold production is forecast to be over 550,000 ounces per year in 2016, including the Tabakoto mill expansion in 2013, completion of construction of Agbaou Gold Mine in C�te d'Ivoire scheduled for Q1 2014 and a recently completed PEA that shows potential for 160,000 ozs per year from the Hound� Project in Burkina Faso in 2016.
Endeavour Mining Corporation is listed on the TSX (symbol EDV) and ASX (symbol EVR), and also trades on the OTCQX (symbol EDVMF).
On behalf of Endeavour Mining Corporation
Neil Woodyer Chief Executive Officer
1 Cash Cost per Ounce produced excluding royalties is a non-GAAP financial performance measure with no standard meaning under IFRS 2 Cash Cost per Ounce excluding royalties
This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour'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 operates. Although Endeavour 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's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.
APPENDIX
Table 5 Ouar� Mineral Resource Estimate at 0.8 g/t Au Cut-Off
Category |
Tonnes (000�s) |
Grade (g/t Au) |
Gold Ounces |
Measured |
629 |
1.37 |
28,000 |
Indicated |
3,288 |
2.00 |
211,000 |
Measured and Indicated |
3,917 |
1.90 |
239,000 |
Inferred |
283 |
1.93 |
18,000 | Notes:
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources are defined within a Lerchs-Grossmann pit shell, and reported at a 0.80 g/t Au cut-off grade.
- The Lerchs-Grossmann pit shell was defined using an overall pit slope of 40 degrees, a commodity price of US$1,600/ oz Au, an average process recovery of 92%, a process cost of $21.19/t and selling cost of $4.60/oz of Au sold.
- Tonnages are rounded to the nearest 1,000 tonnes; grades are rounded to two decimal places for Au; ounces are rounded to the nearest 1,000 ounces.
- Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal.
- Tonnes and grade measurements are in metric units; contained gold is in troy ounces.
Table 6 Ouar� PEA Pit Constrained Portion of the Mineral Resource at 0.86 g/t Au Cut-Off ($1,500/oz pit)
Category |
Tonnes (000�s) |
Grade (g/t Au) |
Gold Ounces |
Measured |
305 |
1.48 |
15,000 |
Indicated |
2,609 |
2.00 |
168,000 |
Measured and Indicated |
2,914 |
1.94 |
183,000 |
Inferred |
211 |
1.76 |
12,000 | Notes:
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources are defined within a Lerchs-Grossmann pit shell, and reported at a 0.86 g/t Au cut-off grade.
- The Lerchs-Grossmann pit shell was defined using an overall pit slope of 40 degrees, a commodity price of US$1,500/oz Au, an average process recovery of 92%, a process cost of $21.19/t and selling cost of $4.60/oz of Au sold.
- Tonnages are rounded to the nearest 1,000 tonnes; grades are rounded to two decimal places for Au; ounces are rounded to the nearest 1,000 ounces.
- Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal.
- Tonnes and grade measurements are in metric units; contained gold is in troy ounces.
Table 7: Nzema Sulphides Total Mineral Resource Estimate at 0.6 g/t Au Cut-Off
Resource Category |
Material Type |
Tonnes (000's) |
Grade (g/t Au) |
Gold Ounces |
Measured |
Oxides |
314 |
0.94 |
9,500 |
|
Upper transition |
376 |
0.97 |
11,700 |
|
Lower transition |
932 |
1.13 |
33,900 |
|
Fresh |
11,852 |
1.39 |
528,100 |
Sub-Total Measured |
|
13,474 |
1.35 |
583,200 |
Indicated |
Oxides |
195 |
1.03 |
6,500 |
|
Upper transition |
88 |
0.98 |
2,800 |
|
Lower transition |
97 |
1.02 |
3,200 |
|
Fresh |
6,019 |
1.33 |
258,000 |
Sub-Total Indicated |
|
6,399 |
1.31 |
270,500 |
Measured & Indicated |
Oxides |
509 |
0.98 |
16,000 |
|
Upper transition |
464 |
0.97 |
14,500 |
|
Lower transition |
1,029 |
1.12 |
37,100 |
|
Fresh |
17,871 |
1.37 |
786,100 |
Sub-Total Measured and Indicated |
19,873 |
1.34 |
853,700 |
Inferred |
Oxides |
180 |
1.19 |
6,900 |
|
Upper transition |
17 |
1.12 |
600 |
|
Lower transition |
23 |
1.27 |
900 |
|
Fresh |
2,994 |
1.52 |
146,400 |
Sub-Total Inferred |
|
3,214 |
1.50 |
154,800 | Notes (Resources):
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources are defined within a Lerchs-Grossmann pit shell, and reported at a 0.6 g/t Au cut-off grade.
- The Lerchs-Grossmann pit shell was defined using an overall pit slope of 38 degrees, a commodity price of US$1,600 Oz Au. And average process recovery of 86%, a process cost of $26.43/t and royalties, refinery and selling cost of $80/Oz of Au sold (5% of sell price)
- Tonnages are rounded to the nearest 1,000 tonnes; grades are rounded to two decimal places for Au; ounces are rounded to the nearest 1,000 ounces.
- Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal.
- Tonnes and grade measurements ate in metric units; contained gold is in troy ounces.
Table 8: Nzema Sulphides Pit constrained portion of the Mineral Resource ($1,350/oz pit)
Resource Category |
Material Type |
Cut Off Grade (g/t Au) |
Metallurgical Recovery |
Tonnes (000's) |
Grade (g/t Au) |
Gold Ounces |
Measured |
Oxides |
0.60 |
91% |
226 |
0.94 |
6,800 |
|
Upper transition |
0.70 |
83% |
232 |
1.10 |
8,200 |
|
Lower transition |
0.80 |
83% |
490 |
1.37 |
21,500 |
|
Fresh |
0.80 |
86% |
7,685 |
1.63 |
402,000 |
Sub-Total Measured |
|
|
8,633 |
1.58 |
438,500 |
Indicated |
Oxides |
0.60 |
91% |
99 |
1.06 |
3,400 |
|
Upper transition |
0.70 |
83% |
35 |
1.17 |
1,300 |
|
Lower transition |
0.80 |
83% |
37 |
1.32 |
1,600 |
|
Fresh |
0.80 |
86% |
2,585 |
1.61 |
133,900 |
Sub-Total Indicated |
|
|
2,756 |
1.58 |
140,200 |
Measured & Indicated |
Oxides |
0.60 |
91% |
325 |
0.98 |
10,200 |
|
Upper transition |
0.70 |
83% |
267 |
1.11 |
9,500 |
|
Lower transition |
0.80 |
83% |
527 |
1.36 |
23,100 |
|
Fresh |
0.80 |
86% |
10,271 |
1.62 |
535,900 |
Sub-Total Measured and Indicated |
|
|
11,389 |
1.58 |
578,700 |
Inferred |
Oxides |
0.60 |
91% |
110 |
1.18 |
4,200 |
|
Upper transition |
0.70 |
83% |
6 |
1.27 |
300 |
|
Lower transition |
0.80 |
83% |
7 |
1.75 |
400 |
|
Fresh |
0.80 |
86% |
520 |
1.92 |
32,000 |
Sub-Total Inferred |
|
|
|
644 |
1.78 |
36,900 | Notes (Constrained resources):
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources are defined within a Lerchs-Grossmann pit shell, and reported at a various cut-off grades, depending on recovery.
- The Lerchs-Grossmann pit shell was defined using an overall pit slope of 38 degrees, a commodity price of US$1,350/ Oz Au. And average process recovery of 86%, a process cost of $26.43/t and royalties, refinery and selling cost of $67.5/Oz of Au sold (5% of sell price)
- Tonnages are rounded to the nearest 1,000 tonnes; grades are rounded to two decimal places for Au; ounces are rounded to the nearest 1,000 ounces.
- Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal.
- Tonnes and grade measurements ate in metric units; contained gold is in troy ounces
For additional information, contact:
Marla Gale Vice President -- Investor Relations +1 604 609 6117 mgale@endeavourmining.com
UK/Europe: Bobby Morse Buchanan +44 20 7466 5000 bobbym@buchanan.uk.com
Australia: David Ikin Professional Public Relations +61 8 9388 0944 david.ikin@ppr.com.au
Copyright � 2013 ENDEAVOUR MINING CORPORATION (EDR) All rights reserved. For more information visit our website at http://www.endeavourmining.com/ or send email to info@endeavourmining.com ..
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Endeavour International Corporation
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DEVELOPMENT STAGE |
CODE : END |
ISIN : US29259G2003 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Endeavour is a and oil development stage company based in United states of america. Endeavour develops natural gas in U.k., and holds various exploration projects in Norway. Its main asset in development is COLUMBUS in U.k. and its main exploration properties are NOATUN and ROCHELLE DISCOVERY in Norway. Endeavour is listed in United States of America. Its market capitalisation is US$ 7.3 millions as of today (€ 5.8 millions). Its stock quote reached its highest recent level on January 13, 2012 at US$ 9.99, and its lowest recent point on October 10, 2014 at US$ 0.15. Endeavour has 47 200 000 shares outstanding. |
In the News and Medias of Endeavour International Corporation |
Financings of Endeavour International Corporation |
Nominations of Endeavour International Corporation |
Financials of Endeavour International Corporation |
Project news of Endeavour International Corporation |
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Corporate news of Endeavour International Corporation |
7/26/2016 | to Announce its Q2 Results on Thursday July 28, 2016 |
5/9/2016 | Announces Governance Changes |
2/26/2014 | Issues Statement Regarding Nomination Notice by Stockholders |
1/30/2014 | Mining Delivers 324,275 oz in 2013 and Forecasts 400,000 to ... |
1/27/2014 | Announces Closing of $255 Million Senior Secured First Lien ... |
1/6/2014 | Announces Intention to Refinance Revolving Credit Facility a... |
12/3/2013 | Mining Files Technical Report For Hound=E9 GoldProject Feasi... |
11/4/2013 | Mining to Release Q3 Results on November 12, 2013 |
10/28/2013 | Mining Closes Sale of Non-Core Finkolo JV and Receives $16 M... |
10/22/2013 | Announces Completion of Strategic Review, Organizational Cha... |
10/15/2013 | Mining Initiates Mining at Agbaou and Completes Power Line I... |
8/7/2013 | Mining To Release Q2 Results On August 14, 2013 |
7/24/2013 | Mining Increases And Extends Debt Facility To Strengthen Fin... |
7/18/2013 | Business Excellence features Endeavour Mining in July 2013 i... |
5/15/2013 | Mining Reports Q1 All-In Sustaining Margin Of $39 Million An... |
5/6/2013 | Mining to Release Q1 Results on May 14, 2013 |
4/30/2013 | Mining Sells Non-Core Rare Earths Shareholding For US$5.3M C... |
3/27/2013 | Mining Reports 2012 All-In Margin of $130 Million and Update... |
3/20/2013 | Mining To Release 2012 Year-End Results On March 28, 2013 |
3/13/2013 | Mining's Agbaou Construction Continues on Schedule |
3/12/2013 | Mining Files Hound=E9 PEA=2C Completes In-FillDrilling And ... |
1/22/2013 | Mining Announces Positive PEA for Hound=E9 GoldProject |
11/8/2012 | Mining To Release Q3 Results On November 14, 2012 |
10/12/2012 | Mining Shareholders Approve Avion Acquisition to Grow Gold P... |
8/27/2012 | Receives Encouraging Drill Results from PEA-Stage Ouar=E9 Pr... |
8/27/2012 | Bids for Avion |
8/15/2012 | Mining Granted Mining Permit for Agbaou Gold Project |
8/8/2012 | MINING TO ACQUIRE AVION GOLD |
8/8/2012 | Mining Reports Strong Q2, with Cash Flow of $47.6 Million fr... |
8/3/2012 | Mining Q2 Webcast Moved To August 9 |
8/1/2012 | Mining to Release Q2 Results on August 7 |
6/28/2012 | Completes Ouar=E9 Drilling and Commences Resource Update for... |
6/21/2012 | Mining in Gold Newsletter |
6/1/2012 | Digs Deeper, Brings Strong Gold Results from Youga |
5/28/2012 | Positive Drilling Results from Endeavour's Youga Gold Mine |
5/4/2012 | Mining To Release Q1 Results On May 8th, 2012 |
5/2/2012 | Expands Nzema Sulphide Program |
4/30/2012 | Strong drilling results from Endeavour Mining's Youga Gold M... |
4/19/2012 | Buy Recommendation for Endeavour Mining |
4/2/2012 | Mining Commences Trading in the U.S. on OTCQX International |
3/26/2012 | Mining Corp. on the Way Up with 3 Mines and 3 Triangles |
3/22/2012 | Five Things to Love About Endeavour Mining |
3/8/2012 | Mining to Release Year End Results on March 13, 2012 |
3/7/2012 | VIDEO CORRECTION - Endeavour Mining CEO on BNN |
3/7/2012 | Mining CEO on BNN |
3/4/2012 | Mining Completes Salman Village Resettlement In Ghana |
2/2/2012 | Mining Meets 2011 Gold Production Targets |
1/30/2012 | Mining Reports Q4 and Full Year 2011 Gold Production and 201... |
1/30/2012 | Mining Reports Q4 and Full Year 2011 Gold Production |
1/27/2012 | Mining in Globe and Mail |
1/10/2012 | Mining in Gold Newsletter |
11/29/2011 | Mining Closeout Of Youga Gold Hedge Book |
11/28/2011 | Mining on BNN's Market Call |
11/25/2011 | Mining Shareholders Approve Merger With Adamus |
10/13/2011 | Mining Reports Closing of Sale of Non-Core Diamond Assets an... |
10/13/2011 | Mining Reports Closing Of Sale Of Non-Core Diamond Assets |
9/20/2011 | Mining In Gold Newsletter |
9/19/2011 | Mining Reports Positive Exploration Results at Youga Includi... |
9/8/2011 | Mining in Winston's Growth Stock Report |
8/31/2011 | Two West African Gold Producers Merge - Endeavour Mining |
8/26/2011 | MD/CEO Mark Connelly discusses Adamus' Merger of Equals with... |
8/25/2011 | Mining To Merge With Adamus |
8/18/2011 | Junior Gold Producers Rising to the Occasion - Endeavour Min... |
8/15/2011 | Mining's Profit Rises on Higher Gold Output, Prices |
8/11/2011 | Mining Corp. is Moving Toward Mid Tier Gold Producer Status |
8/8/2011 | Mining - A Deep Discounted Emerging Gold Producer |
8/4/2011 | Mining To Release Second Quarter 2011 Results On August 10, ... |
6/10/2011 | to Release First Quarter 2011 Results on June 13, 2011 |
6/28/2010 | ANNOUNCES SIGNING OF $100 MILLION ACQUISITION FACILITY WITH... |
6/11/2010 | and Severstal Find Synergy In Crew Gold: MineralSTOX |
6/2/2010 | Severstal & Endeavour Reach Agreement for Building Value in ... |
10/14/2009 | Appointed as Project Finance Advisor |
2/23/2009 | Financing Highlights Investors Moving into Gold - Midas Lett... |
1/19/2009 | DECLARES MONTHLY DIVIDEND FOR JANUARY 2009 |
12/17/2008 | DECLARES MONTHLY DIVIDEND FOR DECEMBER 2008 |
11/3/2008 | to Release Q1 Results November 12, 2008 |
9/4/2008 | REPORTS NET INCOME OF US$56.5 MILLION FOR YEAR ENDED JUNE 30... |
8/12/2008 | Declares Monthly Dividend for August 2008 |
7/14/2008 | Declares Monthly Dividend for July 2008 |
5/12/2008 | DECLARES MONTHLY DIVIDEND FOR MAY 2008 |
4/12/2008 | Declares Monthly Dividend for April 2008 |
3/13/2008 | Declares Monthly Dividend for March 2008 |
5/24/2007 | Acquires Remaining 49% Interest In Guanacevi Mines Project, ... |
5/2/2007 | Closes Acquisition of Bolanitos Exploitation Contracts; Ann... |
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