Endeavour Provides Houndé Project Update; Construction Progressing On-Time and On-Budget
(Thomson Reuters ONE) -
Endeavour Provides Houndé Project Update; Construction Progressing On-Time and
On-Budget
View News Release in PDF Format
George Town, September 6, 2016 - Endeavour Mining Corporation
(TSX:EDV)(OTCQX:EDVMF) (the "Company") is pleased to announce that excellent
progress is being made at its Houndé Gold Project in Burkina Faso. Construction
is progressing on-time and on-budget, with the first gold pour expected during
the fourth quarter of 2017.
Jeremy Langford, EVP Construction Services Group of Endeavour, stated:
"We are very pleased to have successfully achieved our first set of key project
milestones safely, ahead of schedule and on-budget, despite the wet-season being
upon us. Our employment statistics are extremely pleasing with over 96% of our
1,058 project staff and contractors being Burkinabe Nationals. I am proud that
this project will deliver significant economic benefits to the local area and
the whole of Burkina Faso, in addition to becoming Endeavour's flagship
operating mine."
Key milestones achieved to date include:
* Procurement is approximately 45% complete, with total capital commitments
amounting to $150 million.
* CIL ring beam concrete pour achieved early-August, two weeks ahead of
schedule. As of September 6(th), all six ring beams have been completed.
* Mining fleet equipment financing agreement signed with Komatsu Ltd., with
deliveries already on-site, machinery commissioned and operational.
* Water harvest dam construction completed, with water already being pumped to
the water storage dam, two months ahead of schedule.
* Construction of the 300-person permanent accommodation village is 30%
complete and on-schedule for completion during Q1-2017.
* Crusher civil earthworks commenced late August.
* Following the signing of the power offtake agreement with Sonabel, the
national electricity provider, procurement has been completed for the
38km 91kv overhead power line with construction scheduled to start in
October 2016.
* Detailed engineering of the processing facility is progressing well and on
schedule to be completed mid-November 2016.
* 1,058 personnel including contractors are currently employed on-site, of
which over 96% are Burkinabe, exceeding Endeavour's objectives.
* Strong safety record with over 400,000 man-hours worked without a Lost Time
Injury (LTI) or Medical Treatment Injury (MTI).
* The land compensation process has been successfully completed and
resettlement is underway, with all approvals in place.
About the Houndé Project
Once in production, Endeavour's 90%-owned Houndé Project will become the
Company's flagship low-cost mine, ranking amongst West Africa's top tier cash
generating mines, with an average annual production of 190,000 ounces at an All-
In Sustaining Cost ("AISC") of US$709/oz over an initial 10-year mine life based
on reserves. In its first 4 years, the average annual production is expected to
be 235,000 ounces at an AISC of US$610/oz[1].
The project is an open pit mine with a 3.0Mtpa gravity circuit / Carbon-In-Leach
plant. The initial capital cost is estimated at $328 million, inclusive of $46
million for the owner-mining fleet. Construction began in April 2016 and is
progressing on-time and on-budget with the first gold pour expected during the
fourth quarter of 2017.
Endeavour will employ up to 1,800 people during Houndé's construction phase and
470 once the project reaches commercial production, with an objective of
employing 90% Burkinabe nationals and a focus on increasing female employment in
the region.
[1] As announced in Endeavour's April 11, 2016, news release entitled "Endeavour
starts construction of its Houndé Project, its next low-cost gold mine"
available on the Company's website and on Sedar.
About Endeavour Mining Corporation
Endeavour Mining is a TSX-listed intermediate gold producer, focused on
developing a portfolio of high quality mines in the prolific West-African
region, where it has established a solid operational and construction track
record.
Endeavour is ideally positioned as the major pure West-African multi-operation
gold mining company, operating 5 mines in Côte d'Ivoire (Agbaou and Ity),
Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2016, it expects to
produce between 575koz and 610koz at an AISC of US$870 to US$920/oz. Endeavour
is currently building its Houndé project in Burkina Faso, which is expected to
commence production in Q4-2017 and to become its flagship low-cost mine with an
average annual production of 190koz at an AISC of US$709/oz over an initial 10-
year mine life based on reserves. The development of the Houndé project is
expected to lift Endeavour's group production +900kozpa and decrease its average
AISC to circa $800/oz by 2018, while exploration aims to extend all mine lives
to +10 years.
Contact Information
Martino De Ciccio DFH Public Affairs in Toronto
VP - Strategy & Investor Relations John Vincic
+33 (0)1 70 38 36 95 (416) 206-0118 x.224
mdeciccio(at)endeavourmining.com jvincic(at)dfhpublicaffairs.com
Vincent Benoit Brunswick Group LLP in London
EVP - Strategy & Business Development Carole Cable, Partner
+33 (0)1 70 38 36 96 +44 7974 982 458
vbenoit(at)endeavourmining.com ccable(at)brunswickgroup.com
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 operational
analysis, operating and capital estimates, and other technical information in
this news release.
Endeavour Mining | Executive Office | Bureau 76, 7 Boulevard des Moulins,
Monaco 98000
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. 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.
Crusher civil earthworks:
http://hugin.info/171882/R/2040076/760958.png
Water harvest dam:
http://hugin.info/171882/R/2040076/760956.png
View News Release in PDF Format:
http://hugin.info/171882/R/2040076/760947.pdf
Komatsu fleet arrivals:
http://hugin.info/171882/R/2040076/760955.png
CIL ring beam:
http://hugin.info/171882/R/2040076/760954.png
Resettlement site:
http://hugin.info/171882/R/2040076/760957.png
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Endeavour Mining Corporation via GlobeNewswire
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