Endomines takes advantage of recent strong gold price development and
implements a fixed gold price
(Thomson Reuters ONE) - The press release can be downloaded from the following link:Press Release PDFEndomines AB's wholly owned subsidiary Endomines Oy has implemented afixed gold price hedge, covering a total of 84 400 ounces of gold.This represents 50% of the planned production from the Pampalo GoldProject for the period of Q3/2011-Q4/2015. The hedge is executed inaccordance with the loan agreement concluded between Endomines andNordea Bank on October 9, 2009.The hedge was done using a cash settled metal swap at a fixed priceof 843 EUR/ounce (or 5 % above the spot price) throughout the hedgingperiod Q3/2011-Q4/2015 (corresponding to 1271 USD/ounce at currentexchange rate). In addition, this cash flow hedge was fixed in EUR inorder to provide the company with exchange rate risk protection (USDvs. EUR) as well. "The recent record high gold prices provide a unique opportunity forgold producers like Endomines to use gold hedging as a way ofsecuring a significant part of the Pampalo Gold Project cash flow.The unhedged portion will provide Endomines' shareholders an upsidepotential if the gold price continues to rise", Markus Ekberg, CEO ofEndomines commented.For further information, please contact:Markus Ekberg, CEO of Endomines, +358 40 706 4850During 2009, Endomines has completed several important steps todevelop the business from exploration to full-scale gold production.By the end of 2010, the company will commence production at thePampalo Gold Mine, with a projected output of 900-1 000 kg of goldper annum. Further deposits along the Karelian Gold Line will beexploited subsequently. Endomines has additional claims and miningconcessions in Finnish Lappland (gold), Ostrobothnia (ilmenite) andSouthern Finland (limestone/wollastonite).Endomines applies SveMin's & FinnMin's respective rules for reporting(public mining & exploration companies). Endomines has chosen toreport mineral resources and ore reserves according to JORC- or NI43-101-code, which are internationally accepted. Endomines appliesInternational Financial Reporting Standards (IFRS), as approved bythe European Union.The shares of Endomines AB are quoted on First North Premier segmentin Stockholm under ticker ENDO.ST. Erik Penser Bankaktiebolag actsas Certified Adviser and Liquidity Provider.Read more about Endomines on www.endomines.comhttp://hugin.info/138043/R/1358717/330902.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 02.12.2009 - 14:29 Uhr
Sprache: Deutsch
News-ID 9154
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implements a fixed gold price "
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