Endeavour Provides Houndé Project Construction Update
(Thomson Reuters ONE) -
ENDEAVOUR PROVIDES HOUNDÉ PROJECT CONSTRUCTION UPDATE
Construction on-time & on-budget · 4 million man-hours achieved without an LTI ·
SAG Mill installation has commenced · Gold pour expected as forecast during Q4-
2017
View News Release in PDF Format
Abidjan, May 23, 2017 - Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF) is
pleased to announce that excellent progress is being made at its Houndé Gold
Project in Burkina Faso, having achieved a major milestone with the Sag Mill
components, which are the longest lead items, already on site and installation
underway. Construction is progressing on-time with over 85% of the total project
complete and on-budget, with the first gold pour expected during the fourth
quarter of 2017.
Sébastien de Montessus, President & CEO, stated: "I would like to thank the team
for their continued hard work and dedication which is allowing Houndé
construction to remain on-budget and on-time for a first gold pour in the fourth
quarter. Most importantly, I would like to congratulate them for posting 4
million hours without a lost time injury (LTI) - continuing to build on their
track record at Agbaou, which was also built without an LTI incident.
Following a two year period without drilling, we are also excited to have
restarted exploration activities to focus on delineating high-grade targets,
with results expected to be published in the second half of the year."
Key milestones achieved to date include:
* 4.0 million man-hours have been worked without a lost time injury.
* 100% of the procurement has been complete, reducing cost over-run risk, and
less than $120 million out of the forecasted $327 million total project
capex remains to be spent (representing less than 35%).
* SAG and ball mill plinths concrete has been completed, components arrived on
site and are currently being installed.
* The TSF Cell 1 (shown in the top portion of the below picture) construction
is complete, TSF Cell 2 construction has commenced, and ROM pad extension is
underway.
* The power station concrete civils is complete and the 90kv overhead power
line construction is 90% complete. Power from the national grid is scheduled
for end of July 2017.
* Open pit pre-strip mining at the Main Vindaloo open pit commenced in late
December 2016. Mining of ore has also commenced with a mine plan to have
600,000 tonnes of stockpiled ore on the ROM pad during plant commissioning.
* Construction of the 300-person permanent accommodation village and
resettlement (pictured below) has been completed.
* The construction of the water harvest dam decant tower is complete, with
water already being pumped to the water storage dam.
* Over 2,000 personnel including contractors are currently employed on-site,
more than 94% of which are Burkinabe.
* Following a two year period without exploration drilling, activities resumed
in early 2017 to focus on delineating high-grade targets such as Bouere and
Kari Pump, Sia, and Kari Fault, in addition to preforming reconnaissance
drilling.
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.
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.
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
Corporate Office: 5 Young St, Kensington, London W8 5EH, UK
--------------------------------------------------------------------------------
[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.
View Sag shell in place:
http://hugin.info/171882/R/2107003/800059.jpg
View Control Cable Installation & Termination at Pa Sub Station:
http://hugin.info/171882/R/2107003/800062.png
View News Release in PDF Format:
http://hugin.info/171882/R/2107003/800058.pdf
View Vindaloo pit:
http://hugin.info/171882/R/2107003/800063.jpg
View Resettlement of village:
http://hugin.info/171882/R/2107003/800064.jpg
View Houndé Drilling targets:
http://hugin.info/171882/R/2107003/800065.jpg
View ROM Pad, TSF and Plant:
http://hugin.info/171882/R/2107003/800061.png
View Sag mil shell lower half:
http://hugin.info/171882/R/2107003/800060.jpg
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: 23.05.2017 - 14:58 Uhr
Sprache: Deutsch
News-ID 544211
Anzahl Zeichen: 8206
contact information:
Town:
George Town, Grand Cayman
Kategorie:
Business News
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