Endeavour and Randgold Form an Exploration Joint Venture in Côte d'Ivoire
(Thomson Reuters ONE) -
ENDEAVOUR AND RANDGOLD FORM AN EXPLORATION JOINT VENTURE IN COTE D'IVOIRE
View News Release in PDF Format
View Map of JV Property
Abidjan, November 2, 2017 - Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) and
Randgold Resources Ltd (LSE:RRS) are pleased to announce that they have
established a joint venture covering their adjacent Sissedougou and Mankono
exploration properties located in the northern region of Côte d'Ivoire.
Sébastien de Montessus, President & CEO, stated: "As the two largest producers
in Côte d'Ivoire, with a strong presence in West Africa, both companies welcome
the opportunity to increase their cooperation. This JV will allow us to
accelerate exploration on our Sissedougou property while we continue to focus
our efforts on our 100%-controlled 80km corridor along our Ity mine, which our
exploration strategic review identified as our highest priority."
Under the terms of the agreement, Randgold and Endeavour will hold respectively
a 70% and 30% interest in the newly formed joint venture. Randgold will be the
joint venture operator and both parties will contribute to the annual
exploration budget in accordance with their shareholdings. A $3.8 million
exploration campaign has been approved for the remainder of 2017 and 2018.
ABOUT THE EXPLORATION JV PROPERTIES
The adjacent Sissedougou and Mankono exploration properties are located in the
northern region of Côte d'Ivoire, at the contact of the shear zone hosting the
Tongon mine and the shear zone hosting the Sissingue project and Syama mine.
The Sissedougou property was transferred from La Mancha to Endeavour in late
2015. After nearly 4 years of exploration inactivity, Endeavour re-initiated
exploration in 2017 as part of its greenfield program. Sissedougou's potential
was initially confirmed with a first 3,378-metre drilling program carried out by
La Mancha in 2011, as drill results suggested the presence of an 800-metre
mineralized structure.
Selected best drill results at Sissedougou, as published by La Mancha in 2012
(click here to view the press release), were[1]:
* 34.6 m (at) 2.08 g/t Au at 74.6 m, including 1.0 m (at) 31.52 g/t Au
* 18.8 m (at) 2.30 g/t Au at 26.1 m
* 23.0 m (at) 2.14 g/t Au at 112.6 m, including 2.0 m (at) 10.70 g/t Au
Randgold confirmed the exploration potential of the Mankono property as its
trenching program intercepted a mineralised system over a 300m wide corridor and
1km strike.[2]
QUALIFIED PERSONS
The scientific and technical content of this news release has been reviewed,
verified and compiled by Gérard de Hert, EurGeol, Senior Vice President
Exploration West Africa for Endeavour Mining. Gérard de Hert has more than 19
years of mineral exploration and mining experience, and is a "Qualified Person"
as defined by National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101").
CONTACT INFORMATION
Martino De Ciccio DFH Public Affairs in Toronto
VP - Strategy & Investor Relations John Vincic, Senior Advisor
+44 203 640 8665 (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
endeavour(at)brunswickgroup.com
ABOUT ENDEAVOUR MINING CORPORATION
Endeavour Mining is a TSX listed intermediate African gold producer with a solid
track record of operational excellence, project development and exploration in
the highly prospective Birimian greenstone belt in West Africa. Endeavour is
focused on offering both near-term and long-term growth opportunities with its
project pipeline and its exploration strategy, while generating immediate cash
flow from its operations.
Endeavour operates 5 mines across Côte d'Ivoire (Agbaou and Ity), Burkina Faso
(Karma), Mali (Tabakoto), and Ghana (Nzema) which are expected to produce
600-640koz of gold at an AISC of US$860-905/oz in 2017. Endeavour's high quality
development projects (Hounde, Ity CIL and Kalana) have the combined potential to
deliver an additional 600koz per year at an AISC well below $700/oz between
2018 and 2020. In addition, its exploration program aims to discover 10-15Moz of
gold by 2021 which represents more than twice the reserve depletion during the
period.
For more information, please visit www.endeavourmining.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.
--------------------------------------------------------------------------------
[1] As published in La Mancha Resources (TSX:LMA) press release dated January
31, 2012, available on SEDAR and by clicking here.
[2] As published in Randgold's Q3 Report, dated November 2, 2017, available on
their website.
View Map of JV Property :
http://hugin.info/171882/R/2146741/823180.jpg
View News Release in PDF Format:
http://hugin.info/171882/R/2146741/823165.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: 02.11.2017 - 13:15 Uhr
Sprache: Deutsch
News-ID 566442
Anzahl Zeichen: 9469
contact information:
Town:
George Town, Grand Cayman
Kategorie:
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"Endeavour and Randgold Form an Exploration Joint Venture in Côte d'Ivoire"
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