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Oxide Copper Targets to be Reviewed by Geological Team Including Independent Consultant
NEWS–VANCOUVER, BC, May 16th, 2012. Canyon Copper Corp. (“Canyon” “Company”) (TSX-V: CNC) (OTCBB: CNYC) is pleased to announce that it has commissioned a visit to the Moonlight and New York Canyon Properties both located on the famous Walker Lane mineral belt. A team of Canyon’s senior geologists with an independent consultant will be looking in some detail at the properties with particular emphasis on the potential to expand the copper oxide potential of the Longshot Ridge and Moonlight systems. It allows an opportunity to review the immediate exploration plans for each property. The independent consultant visit is important for the continuing development of the Moonlight project as it is planned to update the earlier NI 43-101 report completed for Sheffield Resources Limited in 2006.
Upcoming programs for Canyon Copper:
Canyon is focusing on the copper oxide deposits at the start of the exploration and development of both the New York Canyon and the Moonlight Copper properties for the following reasons:
- Both have the potential to be brought into production in a shorter time frame than the much larger operational size that is represented by the sulphide bodies associated with the oxide bodies.
- The capital and operating expense for a copper leach operation would be expected to be much less than that of a larger sulphide recovery plant. This could allow senior financing of the project with a combination of an off-take agreement to buy premium grade copper cathodes, contracted bank loans and equity financing.
- The oxide deposits can produce high quality cathode copper that is typically sold promptly at a premium to the traditional refined metal prices for copper.
- Sulphide concentrates are sold to a smelter and are subject to variable treatment and refining charges (TC/RC), currently at about $80/tonne of 90% of the contained copper in the concentrate, and higher freight costs since the sulphide concentrate generally has less than 30% by weight of copper metal in it. This results in additional freight costs for the 70% waste and moisture in the copper sulphide concentrate. Payment may take months to complete through times of varying metal prices and foreign exchange rates.
Proposed Drill Program on Moonlight Property
Canyon has announced that it has started permitting for a shallow reverse circulation drill program at the Moonlight copper oxide deposit in order to establish a resource estimate of the oxide mineralization. The drill program is planned for early summer 2012 and will be greatly facilitated by the network of new logging roads in the area. In support of this work, the old drill core, in storage in nearby Crescent Mills, will be re-logged to confirm the limits of the oxide mineralization and the bornite chalcocite sulphide mineralization.
As previously disclosed, the Moonlight copper oxide deposit represents a significant target for Canyon’s exploration and in a 1972 internal report for American Exploration and Mining Company (“Amex”), a wholly owned subsidiary of Placer Dome, C. Gillette, a mining engineer employee of Amex, reported a historical oxide “resource” of 12.2 million tons of “ore” at an average grade of 0.54% Cu at a cutoff grade of 0.25% Cu, overlain by 10.8 million tons of “waste”. This “waste” was so characterized because of a lack of assaying of the top 3 – 9.1 meters (10 – 30 feet) of the drill holes. Sheffield recovered more than 0.25% copper from virtually all the near surface material when drilling adjacent to holes where Amex had drilled and reported 6m (20 feet) of overburden. This suggests a target size for the oxide resource could be larger than the preliminary Amex estimate. The historical “ore” cited above is mentioned for historical purposes only and uses terminology not compliant with current reporting standards. The reliability of these historical estimates is unknown but considered relevant by Canyon as it represents a significant target for future exploration work by Canyon. The qualified person has not made any attempt to re-classify the estimates accordingly to current NI 43-101 standards of disclosure or the CIM definitions. Canyon is not treating this estimate as current mineral resources or mineral reserves as defined in NI 43-101. Historical “ores” are not equivalent to mineral reserves or resources as they are not supported by at least a feasibility study.
Proposed Drill Program on Longshot Ridge
In 2012, Canyon plans to drill test oxide mineralization that was identified to the north and northeast of the Longshot Ridge deposit. Two other areas of oxide copper occur in the north central part of the claims, the Buffington Springs and the Powerline Showings. These have yet to be assessed but have potential as additional sources of oxide copper. Historically, high grade oxide copper was hand mined from these two areas for direct shipment.
Qualified Person
Benjamin Ainsworth, P. Eng, BC, with Licence #8648 and the President of Canyon, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the contents of this news release.
On behalf of the Board of Directors,
“Benjamin Ainsworth”
CANYON COPPER CORP.
Benjamin Ainsworth, President
Contact:
Canyon Copper Corp.
Investor Relations
1-888-331-9326
(604) 331-9326
(604) 684-9365 (FAX)
Cautionary Statement Regarding Forward Looking Information
This News Release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified by their use of terms and phases such as “believe,” “expect,” “plan,” “anticipate” and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Canyon’s expectations, and expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to the following, Canyon’s ability to implement its proposed drill programs on the Moonlight Property and the New York Canyon Project, Canyon’s ability to obtain additional financing, uncertainty of estimates of mineralized material and other factors which may cause the actual results, performance or achievements of Canyon to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Cautionary Note to U.S. Investors Regarding Estimates of Measured, Indicated and Inferred Resources
This News Release may use the terms “measured”, “indicated” and “inferred” “resources.” We advise U.S. investors that while these terms are recognized and required by Canadian regulations, the SEC does not recognize them. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estates of “inferred mineral resources” may not form the basis of a feasibility study or prefeasibility studies, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute “reserves” as in-place tonnage and grade, without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of a measured, indicated or inferred resource exists or is economically or legally mineable.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Related posts:
Endeavour Mining Discovers New Oxide Zones at Nzema Gold Mine
NEWS–Vancouver, May 10, 2012 – Endeavour Mining Corporation (“Endeavour”) (TSX:EDV, ASX:EVR, OTCQX:EDVMF) is pleased to announce the discovery of new zones of gold bearing oxide mineralization within the Salman Trend at the 90% owned Nzema Gold Mine in Ghana.
Oxide mineralization was intersected in wide spaced traverses of Reverse Circulation (RC) drilling across the former site of the old Salman village. Drilling was conducted following completion of the village resettlement in March 2012. The area drilled is located to the east of the Nugget Hill 03 pit and north of the Salman Central pit and extends 800 metres from the Salman Central 02 pit to the Nugget Hill 02 and Teberu 4 pits (Figure 1).
Mark Connelly, CEO, stated
“These results confirm our long-held view that there is great potential to extend the life of the Nzema Gold Mine as we access additional sources of oxide mineralization.”
In March 2012, reconnaissance RC drilling comprising 114 holes (30 metre long holes) was completed on six traverses spaced 200 metres apart. Best results include (from north to south on Figure 1):
SNRC1405 3m @ 4.61g/t Au from 12m*
SNRC1404 4m @ 2.86g/t Au from 41m*
SNRRC111 4m @ 1.85g/t Au from 24m**
SNRRC081 8m @ 2.37g/t Au from 12m**
SNRRC080 4m @ 3.33g/t Au from 8m**
SNRRC040 4m @ 2.32g/t Au from 12m**
SNRRC029 6m @ 4.49g/t Au from 24m**
SNRRC051 6m @ 2.14g/t Au from 24m**
SNRRC097 8m @ 1.75g/t Au from 8m**
*oxide interval was previously reported in the intercepts in the May 2 2012 news release
**Intersections are based on 2m and 4m composite samples
Drill hole azimuth is generally orthogonal to the interpreted trend of mineralization, However the true widths would be 70% to 90% of the intersected widths depending on the dip of the drill holes relative to the orientation of the mineralized zone. Additional drilling will be required to establish true widths.
Figure 1: Plan Map of the Salman Trend Oxides Showing RC Drilling
The reconnaissance RC traverses were the first systematic test of the old village site and adjacent areas that could not be accessed for exploration drilling in the past. The new intersections suggest that the mineralized trends at Teberu and Nugget Hill may extend south to Salman Central through this area.
This interpretation is supported by recent RC drilling at Nugget Hill 02 that intersected consistent oxide mineralization extending 200m south of the existing pit and may support a cutback of the pit. At Teberu 04 drilling has also extended the sulphide mineralization south of the existing pit and drilling is planned to test mineralization in the oxide zone above these intercepts.
In-fill traverses of RC drilling are planned in May and June to determine the strike continuity of the mineralization. This will be followed by deeper drilling of any mineralized trends that are delineated. Exploration will continue to focus on the Salman Trend because the area is on a granted mining lease, fully compensated and close to mine infrastructure so any additional oxide mineralization can be quickly converted to reserves and added to the mine production schedule.
Qualified Persons
Martin Bennett, MAIG, General Manager Exploration is the Qualified Person overseeing Endeavour’s exploration projects in Ghana and Liberia and has reviewed and approved this press release.
All sample preparation and standard 50 gram gold fire assays for this drilling program were performed by Intertek Laboratories, Tarkwa, Ghana. Endeavour consistently employs a rigorous quality control and assurance program comprising regular insertion of certified reference standards, blanks and duplicates.
About Endeavour Mining Corporation
Endeavour is a gold producer delivering growth. Endeavour owns two gold mines producing approximately 180,000 oz per year in Ghana and Burkina Faso that are generating significant operating cash flows to fund exploration and development growth. In addition to upside potential at its current operations, Endeavour’s gold project in Côte d’Ivoire is ready for construction (mining permit submitted; currently negotiating EPCM contract) for an additional 100,000 oz per year. Endeavour’s strong financial base encourages investments in long-term operational growth, exploration to replace and increase reserves, and funding for acquisitions.
Endeavour Mining Corporation is listed on the TSX (symbol EDV) and ASX (symbol EVR), and also trades on the OTCQX (symbol EDVMF).
On behalf of Endeavour Mining Corporation
Neil Woodyer
Chief Executive Officer
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.
Appendix of Intercepts:
| Hole | From (m) | To (m) | Au ppm | Previously Released |
|---|---|---|---|---|
| SNRC1404 |
41
|
42
|
1.31
|
02/05/12
|
| SNRC1404 |
42
|
43
|
5.57
|
02/05/12
|
| SNRC1404 |
43
|
44
|
3.54
|
02/05/12
|
| SNRC1404 |
44
|
45
|
1.00
|
02/05/12
|
| SNRC1405 |
12
|
13
|
2.35
|
02/05/12
|
| SNRC1405 |
13
|
14
|
5.02
|
02/05/12
|
| SNRC1405 |
14
|
15
|
6.45
|
02/05/12
|
| SNRRC029 |
24
|
28
|
1.24
|
|
| SNRRC029 |
28
|
30
|
10.98
|
|
| SNRRC040 |
12
|
16
|
2.32
|
|
| SNRRC051 |
24
|
28
|
0.51
|
|
| SNRRC051 |
28
|
30
|
5.39
|
|
| SNRRC080 |
8
|
12
|
3.33
|
|
| SNRRC081 |
12
|
16
|
2.60
|
|
| SNRRC081 |
16
|
20
|
2.13
|
|
| SNRRC097 |
8
|
12
|
2.96
|
|
| SNRRC097 |
12
|
16
|
0.53
|
|
| SNRRC111 |
24
|
28
|
1.85
|
True widths would be 70% to 90% of the intersected widths depending on the dip of the drill holes relative to the orientation of the mineralized zone. Additional drilling will be required to establish true widths
For additional information, contact:
David Laing
Senior Vice President — Technical Services
+1 604 609 6133
dlaing@endeavourmining.com
Bobby Morse
James Strong
Buchanan
+44 20 7466 5000
bobbym@buchanan.uk.com
Florence Liberski
Renmark Financial Communications
+1 514 939 3989
or +1 416 644 2020
fliberski@renmarkfinancial.com
David Ikin
Professional Public Relations
+61 8 9388 0944
david.ikin@ppr.com.au
Endeavour Mining Corporation
Cayman Corporate Centre
27 Hospital Road
George Town, Grand Cayman,
KY1 1109, Cayman Islands
Tel: +1 345 946 7603
Fax: +1 345 946 7604
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Endeavour Mining Delivers Strong First Quarter Results Including 49,531 ozs Gold Produced
NEWS–GEORGE TOWN, Cayman Islands – Endeavour Mining Corporation (“Endeavour” or the “Corporation”) (TSX: EDV) (ASX: EVR) (OTCQX: EDVMF) is pleased to report the financial and operational results for the first quarter of 2012. Endeavour’s two operating mines exceeded guidance by producing 49,531 ounces during the quarter at a cash cost (excluding royalties) of $664 per ounce produced.
Neil Woodyer, CEO, stated
“This was a very successful first full quarter as a merged company. Our mines produced over 49,000 ounces and delivered $38.9 million of cash margin. Recent exploration successes are demonstrating the upside potential at our operations. We are making steady progress advancing our construction-ready Agbaou project including discussions with the Côte d’Ivoire government to obtain our mining permit and, in parallel, we are finalizing the EPCM contractor selection. Endeavour is focused on continuing to deliver and achieve its growth objectives.”
(All amounts in US dollars unless otherwise indicated)
First Quarter 2012 Financial and Operational Highlights
-
Gold production totaled 49,531 ounces for the quarter, providing a strong start on delivering full year production within the 170,000 to 190,000 ounce guidance range
- Gold sales of 45,127 ounces, resulting in revenue of $72.6 million
-
Total cash cost1 (excluding royalties) of $659 per gold ounce sold, in line with our guidance range of $645 to $685 per ounce
-
Cash margin of $38.9 million, which is revenues from gold sales less cash costs and royalties
-
Endeavour is pleased to reiterate its guidance for 2012 with production of 170,000 to 190,000 ounces at a cash cost (excluding royalties) of $645 to $685 per ounce
First Quarter 2012 Financial and Operational Highlights (con’t)
-
For the first quarter of 2012, the operating cash flow from mine operations was $24.4 million, and adjusted for $8.5 million for March production with cash proceeds received in early April, it was $32.9 million.
-
Adjusted net earnings were $16.0 million or $0.07 per share.
-
During the first quarter of 2012, the Corporation invested $23.2 million from its operating cash flow into its operations and exploration programs. Of this, $20.5 million was capitalized and $2.7 million was expensed as exploration. These investments in operational improvements and growth include:
-
Sustaining capital at Nzema: $5.0 million
-
Sustaining capital at Youga: $0.4 million
-
Near-mine exploration: $9.7 million
-
Agbaou exploration and development: $3.7 million
-
Regional exploration: $1.2 million
-
Completion of Salman Village: $3.2 million
-
At March 31, 2012, the Corporation had cash & equivalents and marketable securities of $128.2 million and holds a 38.5% stake in Namibia Rare Earths Inc. (TSX:NRE) with a market value of $12.0 million. As at March 31, 2012, the Corporation had drawn $100 million of its $200 million corporate loan facility.
-
During the first quarter of 2012, the Corporation sold its 40% interest in the Finkolo Joint Venture for $20.0 million in cash. This transaction is expected to close during the second half of 2012.
Financial Statements and related MD&A will be available on SEDAR, the ASX website, OTC Markets website, and in the Investor Relations section of Endeavour’s website www.endeavourmining.com.
In order to access the Corporation’s financial statements directly, please click the following URL: http://files.newswire.ca/910/EDV_05082012.pdf
Mark Connelly, COO, stated
“The strong first quarter continues Endeavour’s +2 year successful performance track record, and gives us a great start to deliver our full year production guidance of 170,000 to 190,000 ozs at $645 to $685 cash cost per ounce. Beyond the solid performance at our two mines, we are focused on completing the final steps in preparation for building our next mine, the Agbaou Gold Project in Côte d’Ivoire. We are nearing completion of our Agbaou engineering optimization studies that take into account our improved mineral resources/reserves from the successful drilling campaigns of 2010 and 2011 as well as updated capital and operating costs. This NI 43-101 technical report is scheduled to be ready within the next few weeks.”
Table 1 Nzema Gold Mine, Ghana – Quarterly Production
1 Cash Cost per Ounce produced excluding royalties is a non-GAAP financial performance measure with no standard meaning under IFRS
2 Nzema declared commercial production on April 1, 2011
3 For the nine month period from April 1, 2011 to December 31, 2011
-
During Q1 2012, mining of Salman North 1A and 1B pits continued whilst Teberu 04 commenced in February 2012
-
Phase 2 of the tailings storage facility raise is in progress
-
During Q1 2012, the Nzema Mine contributed $22.7 million towards the total cash margin of $38.9 million
-
During Q1 2012, the Nzema Mine contributed $11.3 million towards earnings from mining operations and generated $11.8 million of operating cash flow from mine operations
-
Salman resettlement was completed and inauguration ceremony was held on March 17, 2012
Table 2 Youga Gold Mine, Burkina Faso – Quarterly Production
1 Cash Cost per Ounce produced excluding royalties is a non-GAAP financial performance measure with no standard meaning under IFRS
- Mill throughput increased to a record 255,000 tonnes
- Metallurgical recovery improved to 94.9%
-
Grid Power Project progress – Phase II to improve grid power supply quality and availability is scheduled for completion in Q3/2012
-
Further exploration progress yielding positive results on both current operating pits and proximal new deposits within the Youga mine exploitation permit
-
During Q1 2012, the Youga Mine contributed $16.1 million towards the total cash margin of $38.9 million
-
During Q1 2012, the Youga Mine contributed $15.1 million towards earnings from mining operations and generated $12.6 million of operating cash flow from mine operations
-
Work commenced in the first quarter on the construction of the $0.25 million Youga high school project which is scheduled for completion in the fourth quarter of 2012. In addition, a number of other corporate social responsibility initiatives relating to health, education and social interaction were progressed including donations of medicines and an ambulance to Zabre hospital, upgrading of a youth centre and the provision of maintenance services for the Youga medical clinic / maternity ward and primary school
Agbaou Project Development
Endeavour is nearing completion of the Agbaou engineering optimization studies which take into account the improved resources/reserves from the successful drilling campaigns of 2010 and 2011. The current project parameters include development costs in the range of $150 to $175 million, annual gold production of approximately 100,000 ounces per year, and cash costs (excluding royalties) in the range of $650 per ounce. The estimated development cost increase reflects a combination of an increase in the planned process plant throughput, anticipated to enhance project economics; and global inflationary pressure on mining project costs. A NI 43-101 technical report is scheduled to be ready within the next few weeks.
Furthermore, Endeavour has been engaged in discussions with the Côte d’Ivoire government to obtain a mining permit and, in parallel, Endeavour is finalizing the EPCM contractor selection.
Exploration Programs
Exploration is currently being conducted on authorized permits in Burkina Faso, Côte d’Ivoire, Ghana, Liberia and Mali. Endeavour’s land position is the third largest in West Africa and covers over 10,000 square kilometres. The Corporation has approved an exploration budget of $34.0 million for 2012 that is expected to include approximately 215,000 metres of drilling, of which approximately $20.0 million is directed towards increasing resources and reserves to extend mine lives at the Nzema and Youga operations, $6.0 million towards increasing resources and reserves at Agbaou, $6.4 million towards delineating resources and conducting further metallurgical testing of the Nzema sulphides in Ghana, and the balance towards regional programs.
During Q1 2012, $9.7 million of the approximate $20.0 million “near-mine” exploration program was completed. The positive results from the near mine exploration along the Brassiere Trend at Youga, which included YZRC-201: 42m of 3.4 g/t (including 1m at 14.5 g/t and 4m at 6.3 g/t) was disclosed in a news release on April 30, 2012.
On May 2, 2012, Endeavour announced the expansion of the sulphide drilling program at Nzema following review of the drilling results to date, the delivery of the Conceptual Trade-off Study by AMEC Minproc Limited and the initial metallurgical testwork completed at SGS Australia Minerals Services. The drilling results to date have confirmed the presence of several sulphide ore shoots below the principal oxide pits at the Salman Trend. This refractory gold mineralization represents a target that Endeavour believes has the potential to significantly increase production at Nzema.
Adjusted Earnings
Net earnings / (loss) from continuing operations have been adjusted for the impact of the fair value change of both the gold hedge liability, Endeavour’s warrants that are denominated in Canadian dollars, and other financial instruments, which are non-cash items. In addition, the non-cash impact of the increase in the Ghana corporate income tax rate, from 25% to 35%, on the deferred income tax liability was adjusted.
Table 3 Adjusted Net Earnings Reconciliation for the quarter ended March 31, 2012
Weighted Average Number of Outstanding Shares 244,848,261
Adjusted Net EPS (Basic) for Q1/2012 $0.07
* Adjusted for impact on deferred income tax liabilities of Ghana tax rate increase from 25% to 35% during Q1/2012.
Deferred income tax liability has increased to reflect the tax rate increase and is a non-cash item
Corporate Secretary
Endeavour is pleased to announce that Michelle Borthwick has been appointed as Corporate Secretary.
Conference Call Details
Management will host two conference calls to discuss the Q1 results, at times convenient for the Australian and North American time zones. Both conference calls will feature Neil Woodyer, Chief Executive Officer, Mark Connelly, Chief Operating Officer, and Christian Milau, Chief Financial Officer.
Analysts and interested investors are invited to participate using the dial in numbers below. The same dial in numbers will be used for both conference calls.
- International: +1 201-689-8433
- North American toll-free: +1 877-407-0832
- Australian toll-free: 0011-800-2246-2666
The conference calls can also be accessed through the following link: http://www.endeavourmining.com/s/Webcasts.asp
To accommodate the Australian market, the first conference call will be held and webcast by V-Call on Wednesday May 9, 2012 at 3:00 PM Sydney time which is equivalent to:
- 1:00 PM in Perth
- 1:00 AM in Toronto
- 10:00 PM in Vancouver (May 8th)
To accommodate the North American market, the second conference call will be held and webcast by V-Call on Wednesday May 9, 2012 at 11:00 AM Toronto time which is equivalent to:
- 8:00 AM in Vancouver
- 1:00 AM in Sydney (May 10th)
- 11:00 PM in Perth
The calls will be archived for later playback on Endeavour’s website until May 9, 2013.
Qualified Persons
Adriaan “Attie” Roux, Pr. Sci.Nat, Endeavour’s Senior Vice President – Operations, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information related to mining operations in this news release.
K. Kirk Woodman, P.Geo., Endeavour’s General Manager of Exploration, is the Qualified Person overseeing exploration projects in French West Africa and has reviewed and approved the technical information related to Mineral Resource Estimates at the Youga Mine contained in this news release.
Adrian de Freitas, MIMMM, C. Eng., Endeavour’s General Manager, Youga Mine is a Qualified Person under NI 43-101, and has reviewed and approved the technical information related to mining operations at the Youga Mine contained in this news release.
About Endeavour Mining Corporation
Endeavour is a gold producer delivering growth. Endeavour owns two gold mines producing approximately 180,000 ozs per year in Ghana and Burkina Faso that are generating significant operating cash flows to fund exploration and development growth. In addition to upside potential at its current operations, Endeavour’s gold project in Côte d’Ivoire is ready for construction (mining permit submitted; currently negotiating EPCM contract) for an additional 100,000 ozs per year. Endeavour’s strong financial base encourages investments in long-term operational growth, exploration to replace and increase reserves, and funding for acquisitions.
Endeavour Mining Corporation is listed on the TSX (symbol EDV) and ASX (symbol EVR), and also trades on the OTCQX (symbol EDVMF).
On behalf of Endeavour Mining Corporation
Neil Woodyer
Chief Executive Officer
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.
PDF available at: http://stream1.newswire.ca/media/2012/05/08/20120508_C5531_DOC_EN_13388.pdf
For additional information, contact:
———————————————————–
Stephen Roberts,
Vice President — Investor Relations
+1 (604) 609 6130
sroberts@endeavourmining.com
Vanguard Shareholder Solutions
Tel: +1 604 608 0824
Toll Free: 866.448.0780
ir@vanguardsolutions.ca
www.endeavourmining.com
