Pampalo Q2/2011 production statistics and progress report
(Thomson Reuters ONE) -
The press release including tables can be downloaded from the following link:
Press release (PDF)
Endomines AB releases its Second Quarter (ending June 30, 2011) production
results and 2011 gold production guidance for its Pampalo Gold Mine, which is
located in Ilomantsi, Eastern Finland. The Q2/2011 production figures are as
follows:
First and second Quarter 2011 Production[1]
+---------------------------+-------+-------+------+
| |Q1/2011|Q2/2011| YTD|
+---------------------------+-------+-------+------+
|Tonnes mined | 25 382| 44 050|69 432|
+---------------------------+-------+-------+------+
|Tonnes processed | 35 797| 53 169|88 966|
+---------------------------+-------+-------+------+
|Head grade (Au g/t) | 3,5| 3,0| 3,2|
+---------------------------+-------+-------+------+
|Hourly utilization (%) | 63,4| 90,5| 88,2|
+---------------------------+-------+-------+------+
|Gold recovery (%) | 83,8| 87,0| 85,2|
+---------------------------+-------+-------+------+
|Gold produced kg | 105,4| 139,9| 245,3|
+---------------------------+-------+-------+------+
|Gold produced oz | 3 390| 4 498| 7 887|
+---------------------------+-------+-------+------+
|LTIFR[2] (12 month rolling)| 39,7| 50,0| 50,0|
+---------------------------+-------+-------+------+
Markus Ekberg, Chief Executive of Endomines adds his comments to the figures:
"The Pampalo processing plant ramp-up has progressed according to our start-up
plan, and we have now reached our scheduled operating capacity. However, our
gold production during Q2/2011 is below our target due to lower than expected
gold grades from the stopes in production. The reasons for this are that we have
started production from low-grade stopes as well as excess waste rock dilution
in the high grade stopes we are producing from.
In addition to this lower than expected head grade, we have also scheduled a 45
kV power line guarantee repair for August, with expected plant downtime of 10
days. Endomines thus reduces its 2011 gold production guidance to 550-600
kg/2011 from previously announced levels of 700 kg/2011, which will consequently
also impact our final revenue levels for this first year of operation.
The company has initiated measures to improve the head grade and is also
studying options to increase the plant throughput. The first step will be to
reduce waste rock dilution by increasing the stope ground support volumes with
our own cable bolting rig, which has already been delivered to the site. As a
result of these measures and as more high-grade ore will be mined during the
second half of the year, the head grade is expected to improve during Q3 and
Q4/2011."
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 in production since February 2011. The Pampalo Gold Mine is targeting
an annual production of 900-1000 kg as from 2012. The mine is located in Eastern
Finland, on the Karelian Gold Line, a 40 km long gold critical belt, where
Endomines controls all currently known gold deposits.
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.
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
any external laboratory. Cash Cost USD/oz will be published in the Q2-raport,
due on 15(th) August 2011.
[2] LTIFR = The Lost Time Injury Frequency Rate (LTIFR) is based on 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/1528698/464353.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#1528698]
Unternehmensinformation / Kurzprofil:
Datum: 06.07.2011 - 09:14 Uhr
Sprache: Deutsch
News-ID 56165
Anzahl Zeichen: 7935
contact information:
Town:
Stockholm
Kategorie:
Business News
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"Pampalo Q2/2011 production statistics and progress report"
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