VANCOUVER, July 8, 2015 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corporation") (News - Market indicators) (ASX:EVR) (OTCQX:EDVMF) announces record gold production of 131,165 ounces during Q2 2015 and half year production of 254,909 ounces. Endeavour ended Q2 2015 with cash balances totalling $52 million. Based on the strong results in Q2 2015, a $20 million principal payment was made earlier today to further reduce the drawn amount on the revolving credit facility to $260 million.
Neil Woodyer, CEO, stated
"With great performance from our mines so far this year, we expect to achieve the upper end of our 475,000 to 500,000 ounce gold production guidance range for 2015. AISC per ounce will be reported in the Q2 2015 financial results to be released in late July, however, it is expected that our savings trend will continue and Q2 2015 will be below our Q1 2015 cost of $946 and below our full-year $930 to $980 guidance range as we benefit from favourable foreign exchange rates and fuel cost savings. These savings have contributed to the Tabakoto Mine achieving less than $1,000 AISC/oz in Q2 2015."
Table 1: H1 2015 Gold Production (in ounces)
|
Agbaou |
Youga |
Tabakoto |
Nzema |
Total |
|
Q1 2015 |
45,322 |
17,868 |
33,574 |
26,979 |
123,743 |
|
Q2 2015 |
40,509 |
18,241 |
39,574 |
32,842 |
131,166 |
|
Half-year total |
85,831 |
36,109 |
73,148 |
59,821 |
254,909 |
The preliminary Q2 2015 production and other financial information in this news release are approximate figures and may differ from the final results included in the Q2 2015 financial statements and MD&A.
About Endeavour Mining Corporation
Endeavour is a Canadian-based intermediate gold mining company producing 500,000 ounces per year from four mines in West Africa. Endeavour 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'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.
SOURCE Endeavour Mining Corporation
For further information: Doug Reddy, SVP Business Development, +1 604 609 6114,
dreddy@endeavourmining.com; Endeavour Mining Corporation, Corporate Office, Suite 3123, 595 Burrard Street, P.O. Box 49139, Vancouver, BC V7X 1J1 Canada,
www.endeavourmining.com
