Endeavour Finalizes Agreement to Increase its Ity Mine Ownership to 80%
(Thomson Reuters ONE) -
ENDEAVOUR FINALIZES AGREEMENT TO INCREASE ITS ITY MINE OWNERSHIP TO 80%
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Abidjan, 19 May, 2017 - Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF) is
pleased to announce that yesterday evening, at a formal ceremony in Abidjan, it
completed its previously announced transaction with the Government of Côte
d'Ivoire to increase Endeavour's stake in the Ity mine from 55% to 80%.
To mark this important moment, and as a further demonstration of support for the
upcoming development of the Ity CIL project, in attendance were numerous
government officials including the Minister of Budget and State Holdings
Abdourahmane Cissé, the Minister of Economy and Finance Adama Koné, the Minister
of Industry and Mines Jean Claude Brou, the President of the Privatization
Committee Christian Koffi, the General Director of State Holdings Seydou Bamba,
SODEMI's Chairman Bamba Yacouba and SODEMI's General Manager Kadjo Kouame.
Under the terms of the agreement, Endeavour paid US$52 million for the purchase
of the additional 25% stake in the Ity mine. Endeavour has also committed to pay
US$5 per ounce of additional reserves added post December 31, 2016, applicable
only to the current mining permit which is now 80% owned.
CONTACT INFORMATION
Martino De Ciccio DFH Public Affairs in Toronto
VP - Strategy & Investor Relations John Vincic, Senior Advisor
+33 (0)1 70 38 36 95 (416) 206-0118 x.224
mdeciccio(at)endeavourmining.com jvincic(at)dfhpublicaffairs.com
Brunswick Group LLP in London
Carole Cable, Partner
+44 7974 982 458
ccable(at)brunswickgroup.com
ABOUT ENDEAVOUR MINING
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 2017, it expects to
produce between 600koz and 640koz at an AISC of US$860 to US$905/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.
Corporate Office: 5 Young St, Kensington, London W8 5EH, UK
View Picture of Event:
http://hugin.info/171882/R/2106322/799657.PNG
View News Release in PDF Format:
http://hugin.info/171882/R/2106322/799656.pdf
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
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2017 - 15:34 Uhr
Sprache: Deutsch
News-ID 543478
Anzahl Zeichen: 3978
contact information:
Town:
George Town, Grand Cayman
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 110 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Endeavour Finalizes Agreement to Increase its Ity Mine Ownership to 80%"
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Endeavour Mining Corporation (Nachricht senden)
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