Endomines AB: Pampalo Q4/2011 production statistics and progress report
(Thomson Reuters ONE) -
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 atwww.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
-----
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.
Press release (PDF):
http://hugin.info/138043/R/1575292/490619.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Endomines AB via Thomson Reuters ONE
[HUG#1575292]
Unternehmensinformation / Kurzprofil:
Datum: 05.01.2012 - 08:31 Uhr
Sprache: Deutsch
News-ID 101289
Anzahl Zeichen: 8236
contact information:
Town:
Stockholm
Kategorie:
Business News
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