Endeavour Reports that Wet Commissioning is Underway at its Houndé Project
(Thomson Reuters ONE) -
ENDEAVOUR REPORTS THAT WET COMMISSIONING IS UNDERWAY AT ITS HOUNDÉ PROJECT
Construction ahead of schedule with gold pour expected in first half of Q4-2017
& on-budget
View News Release in PDF Format
Abidjan, September 25, 2017 - Endeavour Mining Corporation
(TSX:EDV)(OTCQX:EDVMF) ("Endeavour") ("the Company") is pleased to announce that
excellent progress continues to be made at its Houndé Gold Project in Burkina
Faso, as wet commissioning has commenced and the first ore has been introduced
to the process plant milling circuit in preparation for production. Construction
is progressing ahead of schedule, with over 97% of the total project complete
and on-budget, with the first gold pour expected ahead of schedule in the first
half of the fourth quarter.
Jeremy Langford, COO, stated: "We are very proud of the progress made in the
recent months in spite of the challenges presented by exceptionally heavy
rainfall this past wet-season. Construction remains on budget and ahead of
schedule as we rapidly approach the first gold pour without a lost time injury.
Moreover, we believe that we have significantly de-risked its start-up with
three months' worth of ore feed already stockpiled on the ROM and the transition
of the experienced Agbaou processing team to Houndé.
This confidence has allowed us to continue to aggressively advance Endeavour's
high quality project pipeline with a portion of the Hounde construction team
already transitioning to the Ity CIL project and the launch of the Kalana
updated feasibility study."
Key milestones achieved to date include:
* 6.3 million man-hours have been worked without a lost time injury.
* The dry plant has been fully commissioned and wet plant commissioning has
commenced with first ore introduced to the system via the SAG and Ball
Milling circuit.
* Open pit mining activities at the Main Vindaloo open pit commenced in late
December 2016 with over 8Mt moved to-date. A total of 515kt at 2.8 g/t
containing 46koz has already been mined and stockpiled on the ROM pad,
representing nearly 3-months of feed. Mining to-date suggests positive grade
reconciliation against the resource model.
* The general manager of Endeavour's Agbaou mine and the majority of its
processing team, which successfully ramped-up the mill in 2014, have been
transferred to Houndé to de-risk its start-up as the plants are of similar
design.
* The construction of the fuel farm, the 90kv overhead power line and the
26MW backup power station have been completed, with power having being drawn
down from the national grid.
* The construction of the grade control and sample preparation laboratories
has been completed and is operational.
* The construction of the 300-person permanent accommodation village and
resettlement has been completed.
* The construction of the water harvest dam decant tower is complete, with
water already being pumped to the water storage dam. Current dam volume is
approximately 2,000,000m(3), with the water harvesting still feeding the
water storage dam.
* The airstrip is 50% complete and expected to be operational in November.
* The TSF Cell 1 construction is complete and operational and TSF Cell 2
construction and ROM pad extension are underway (Cell 2 was not scheduled
until year 2 of operations, however was brought forward).
* Following a two year period of no exploration drilling, activities resumed
in 2017 with a $5 million program to focus on delineating high-grade
targets. During H1-2017 a total of 6,400 meters diamond drilling, 2,700
meters of reverse circulation drilling and 48,300 meters of air-core
drilling were conducted, resulting in positive initial results on high-grade
targets such as Kari Pump and Sia/Sianikoui.
Activities in H2-2017 will concentrate on the most promising exploration
targets identified during the initial campaign with results expected to be
published in Q4-2017.
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 four 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-budget and ahead of schedule with the first gold pour expected
during the first half of the fourth quarter of 2017.
QUALIFIED PERSONS
Jeremy Langford, Endeavour's Chief Operating Officer - Fellow of the
Australasian Institute of Mining and Metallurgy - FAusIMM, is a Qualified Person
under NI 43-101, and has reviewed and approved the technical information in this
news release.
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 across Côte d'Ivoire (Agbaou and Ity),
Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2017, it expects to
produce between 500koz and 530koz at an AISC of US$855 to US$900/oz, following
the full-year deconsolidation of the discontinued Nzema mine. 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 and Ity CIL
projects are expected to lift Endeavour's group production to +900kozpa and
decrease its average AISC to circa $800/oz by 2019, while exploration aims to
extend all mine lives to +10 years.
CONTACT INFORMATION
Martino De Ciccio DFH Public Affairs in Toronto
VP VP - Strategy & Investor Relations John Vincic, Senior Advisor
+ 44 203 011 2706 (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
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, including but not limited to: risks related to
the successful integration of acquisitions; risks related to international
operations; risks related to general economic conditions and credit
availability, actual results of current exploration activities, unanticipated
reclamation expenses; changes in project parameters as plans continue to be
refined; fluctuations in prices of metals including gold; fluctuations in
foreign currency exchange rates, increases in market prices of mining
consumables, possible variations in ore reserves, grade or recovery rates;
failure of plant, equipment or processes to operate as anticipated; accidents,
labour disputes, title disputes, claims and limitations on insurance coverage
and other risks of the mining industry; delays in the completion of development
or construction activities, changes in national and local government regulation
of mining operations, tax rules and regulations, and political and economic
developments in countries in which Endeavour operates. Although Endeavour has
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there may
be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such 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. AISC,
all-in sustaining costs at the mine level, cash costs, operating EBITDA, all-in
sustaining margin, free cash flow, net free cash flow, free cash flow per share,
net debt, and adjusted earnings are non-GAAP financial performance measures with
no standard meaning under IFRS, further discussed in the section Non-GAAP
Measures in the most recently filed Management Discussion and Analysis.
APPENDIX
Image 1: Aerial View
Image 2 : Ball Mill
Image 3 : Thickener
Image 4 : Mining at the Vindaloo Main Deposit
Image 5: Ore to the Stockpile
--------------------------------------------------------------------------------
[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.
Ore to the Stockpile:
http://hugin.info/171882/R/2136563/817645.png
Ball Mill:
http://hugin.info/171882/R/2136563/817643.png
Mining at the Vindaloo Main Deposit:
http://hugin.info/171882/R/2136563/817647.jpg
Thickener:
http://hugin.info/171882/R/2136563/817644.jpg
Aerial View :
http://hugin.info/171882/R/2136563/817642.jpg
View News Release in PDF Format:
http://hugin.info/171882/R/2136563/817662.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: 25.09.2017 - 15:12 Uhr
Sprache: Deutsch
News-ID 561137
Anzahl Zeichen: 12811
contact information:
Town:
George Town, Grand Cayman
Kategorie:
Business News
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