Pampalo Q1/2011 production statistics and progress report
(Thomson Reuters ONE) -
The press release can be downloaded from the following link:
Press release (PDF)
Endomines AB releases its First Quarter (ending March 31, 2011) production
results and confirms its 2011 gold production guidance for its Pampalo Gold Mine
located in Ilomantsi, Eastern Finland.
First Quarter 2011 Production[1]
+---------------------------+-------+
| |Q1/2011|
+---------------------------+-------+
|Tonnes mined | 25,382|
+---------------------------+-------+
|Tonnes processed | 35,797|
+---------------------------+-------+
|Head grade (Au g/t) | 3.4|
+---------------------------+-------+
|Utilization (%) | 63.4|
+---------------------------+-------+
|Gold recovery (%) | 83.8|
+---------------------------+-------+
|Gold produced kg | 101.7|
+---------------------------+-------+
|Gold produced oz | 3,270|
+---------------------------+-------+
|LTIFR[2] (12 month rolling)| 40|
+---------------------------+-------+
Markus Ekberg, Chief Executive of Endomines commented: "I am pleased to report
that the Pampalo Gold Mine ramp up is progressing very well. Our first two
months' production is in line with our expectations. We remain confident that
the Pampalo Gold Mine will achieve our targeted rate of production 900-1 000 kg
gold per annum before the year-end".
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 located in Eastern Finland. 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.
The Pampalo Gold Mine is currently producing gold at an expected annualized rate
of 900 - 1 000 kg. The mine is located on the 40 km-long gold-critical Karelian
Gold Line, where Endomines controls all currently known gold deposits.
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.
The shares of Endomines AB 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 are based on company own assaying and not confirmed by an
external laboratory. Cash Cost USD/oz will be published with Q1-raport 23(rd)
May 2011.
[2] LTIFR = The Lost Time Injury Frequency Rate (LTIFR) is calculated as
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/1504078/438957.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#1504078]
Unternehmensinformation / Kurzprofil:
Datum: 06.04.2011 - 16:05 Uhr
Sprache: Deutsch
News-ID 53228
Anzahl Zeichen: 6336
contact information:
Town:
Stockholm
Kategorie:
Business News
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"Pampalo Q1/2011 production statistics and progress report"
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