VANCOUVER, Sept. 17, 2013 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV, ASX:EVR, OTCQX:EDVMF) reports that, effective today, the three members of the Strategic Advisory Board, namely Ian Cockerill, Frank Giustra and Miguel Rodriguez, have been appointed to the Board of Directors. Concurrent with these appointments, Jorge L. Gamarci and Dr. Antony Harwood have resigned from the board, resulting in a seven-member board.
In late 2012, Endeavour established a non-authoritative Strategic Advisory Board with three highly experienced executives in the gold industry and international finance: Ian Cockerill, former CEO of Gold Fields Ltd. and a seasoned senior gold mining executive with African expertise; Frank Giustra, a successful company financier with a track record of building natural resource companies; and Miguel Rodriguez, an economist with international finance and policy decision making experience with the Central Bank of Venezuela, the IMF and the World Bank.
Michael Beckett, Chairman, stated
"By integrating the three-member Strategic Advisory Board, the Board of Directors is bolstering its capabilities and by winding down the Strategic Advisory Board, we will also be more streamlined. Each of our new directors has a deep understanding of Endeavour's business and will help us execute on our strategy going forward.
On behalf of the Board of Directors, I would like to thank Jorge and Antony for their significant contributions to the development of Endeavour."
Following the changes, the Board of Directors now consists of seven members of whom six are non-executive and independent.
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Michael Beckett |
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Chairman and Non-executive Director |
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Ian Cockerill |
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Non-executive Director |
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Frank Giustra |
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Non-executive Director |
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Ian Henderson |
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Non-executive Director |
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Wayne McManus |
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Non-executive Director |
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Miguel Rodriguez |
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Non-executive Director |
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Neil Woodyer |
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Chief Executive Officer and President, and Director |
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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. Endeavour's annual gold production is forecast to exceed 400,000 ounces per year during 2014, including the start-up of production at the Agbaou Gold Mine in Cote d'Ivoire scheduled for Q1 2014. In addition, a January 2013 PEA shows potential for 160,000 ounces per year from the Houndé Project in Burkina Faso, which is being assessed by a feasibility study during 2013.
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
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 - Overview of the New Directors
Ian Cockerill - With nearly 40 years of experience in exploration and mining, Mr. Cockerill has extensive knowledge of the global gold industry and the African operating environment. He is the former CEO of Gold Fields Limited and Anglo Coal Ltd., and former Executive Officer of Business Development and African Operations at AngloGold Ltd. Mr. Cockerill is currently Non-executive director and Vice Chairman of African Minerals Limited, the AIM-listed iron ore producer with operations in Sierra Leone, Chairman of Hummingbird Resources PLC, the AIM-listed Liberian gold explorer, Executive Chairman of Petmin Limited, a JSE quoted natural resource company, Lead Independent director of Ivanhoe Mines, a TSX-listed African exploration and development company and Non-executive director of Orica Limited in Australia. Mr. Cockerill is also Chairman of the LCA (Leadership for Conservation in Africa) which has the vision to save 20 million hectares of rainforest in Africa by 2020.
Frank Giustra - Mr. Giustra is President and Chief Executive Officer of Fiore Financial Corporation, a private firm managing a broad portfolio of private equity investments. Mr. Giustra has an established track record of building natural resource companies through access to capital and creative deal-making. As President and later Chairman and Chief Executive Officer of Yorkton Securities in the 1990s, he grew the firm into a leading natural resource investment bank. As Chairman of Endeavour Financial from 2001 to 2007, his vision and leadership led to the successful launch of numerous resource companies, including Wheaton River Minerals Ltd. (acquired by Goldcorp Inc.), Silver Wheaton Corp. and Pacific Rubiales Energy Corp. Mr. Giustra's entrepreneurial successes also include the founding of Lionsgate Entertainment Corporation, now one of the world's largest independent film companies. Frank Giustra is a member of the board of the International Crisis Group, Lionsgate Entertainment Corporation, Petromanas Energy Inc., Streetohome Foundation and a Trustee of the Boston's Museum of Fine Arts. He is also founder and President of The Radcliffe Foundation. In 2007, Frank Giustra and Former President Bill Clinton launched the Clinton Giustra Enterprise Partnership, alleviating poverty in the developing world through education, training and supply chain distribution.
Miguel Rodriguez - Mr. Rodriguez has extensive experience in the private, public and academic sectors. He is currently a Director of several international companies in the natural resources area, including the highly successful Pacific Rubiales Energy Corp. where he has been Director since its foundation. In the financial sector, he is currently the Director of D.Societe Financiere in Geneva. In the public sector, Mr. Rodriguez was the Economic Minister and Chief of the Economic Cabinet of the Republic of Venezuela from 1989 to 1992. He was also President of the Central Bank of Venezuela in 1992, and Governor to the International Monetary Fund, the World Bank, and the Inter-American Development Bank during 1989-1992. From 1992-1994, he was Senior Advisor to the World Bank. He also had a long academic career as Professor of Economics at IESA in Caracas from 1984 to 2008. He was also a Visiting Scholar at the Peterson Institute for International Economics in Washington DC, in 1987-1988, and has written extensively on the Latin American and the international economy. Mr. Rodriguez holds a Ph.D. in Economics from Yale University, with specialisation in Macroeconomics, International Trade and Finance, and Money and Banking.
SOURCE Endeavour Mining Corporation
For further information:
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
Endeavour Mining Corporation
Regatta Office Park
Windward 3, Suite 240, PO Box 1793
West Bay Road, Grand Cayman
KY1-1109, Cayman Islands
Tel: +1 345 769 7250
Fax: +1 345 769 7256
www.endeavourmining.com
