Endomines AB: Pampalo January-February production levels lower than planned
(Thomson Reuters ONE) -
The Pampalo Gold Mine production for January and February has been lower than
planned. During this period, underground works followed the planned mining
schedule for Pampalo with production mainly in the low grade areas of the mine.
In addition, two breakdowns occurred in the crushing circuit during the period,
resulting in ten days of production stoppages. This resulted in a lower than
planned gold production.
A better gold grade obtained during the first weeks of March will not compensate
for the shortfall in January-February. Although higher grade ore will be mined
in Q2 and Q3 according to the Pampalo mining schedule, it is possible that 2012
gold production will be below 800 kg. Endomines maintains its long-term
guidance of 800-900 kg beyond 2012.
The lower gold production will result in a higher cash cost for the full Q1
period. The production results for the Q1 period will be published in the
Production Update at the beginning of April, and Cash Cost in the Q1 Interim
Report due on 23 May.
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.
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.
Press Release PDF:
http://hugin.info/138043/R/1596510/503041.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#1596510]
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