Endeavour Mining Drilling at Agbaou Demonstrates Potential for Pit Expansion

VANCOUVER, Sept. 6, 2012 /CNW/ - Endeavour Mining Corporation ("Endeavour") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) today announces drill results from the ongoing near-mine exploration program on its Agbaou gold deposit in Côte d'Ivoire. Exploration success is indicating further upside beyond the current mineral resources and reserves. Agbaou mine construction remains on track to begin production in Q1 2014.

Project Construction

Endeavour recently announced receipt of the official decree from the government of Côte d'Ivoire granting its Ivorian subsidiary the Mining Permit for its 85%-owned Agbaou Gold Project.  There are no other permits required for construction and production at the Agbaou Gold Project. Long-lead items for Agbaou construction such as mills, transformers and electrical lines have already been ordered. More recently, ground clearing and crop compensation have begun in preparation for commencement of earthworks expected later this month.

Exploration Results

Exploration drilling has focused on delineating the targets identified during condemnation drilling and on extensions to the principal mineralized zones in the Main and South pit areas (News Releases dated August 3, 2011 and September 12, 2011). The intercepts are shallow; all assays are at depths of less than 100m with a majority of the intersections at depths of less than 60m.

Highlights of the exploration drilling program at Agbaou include (Table 1);

P2   AGBRC1095 with 7m @ 5.0g/t including 1m @ 28.0g/t gold
  AGBRC1142 with 10m @ 2.4g/t including 2m @ 6.1g/t gold
P4   AGBRC1168 with 9m @ 4.2g/t including 4m @ 8.4g/t gold
  AGBRC1186 with 3m @ 7.5g/t
  AGBRC1187 with 4m @ 6.1g/t, including 2m @ 9.7g/t, and 8m @ 2.6 g/t gold
P6   AGBRC1160 with 15m @ 5.6g/t including 6m @ 8.2g/t gold
MPN  AGBRC1237 with 4m @ 13.4g/t including 2m @ 24.7g/t gold
  AGBRC1238 with 7m @ 4.0g/t including 2m @ 12.5g/t gold

In order to access Figure 1: (Plan Map of the Agbaou Exploration Target Areas) click on the following URL: http://files.newswire.ca/910/Figure_1_Sept_6.pdf


Gérard De Hert, VP Exploration, stated:

"We are pleased with the ongoing success of this drilling program, which is aimed at increasing the mine life at Agbaou prior to commencing production in early 2014. The results on the P2 and P9* targets support the interpretation of southern extensions from the mineralization in the Main and South pits while drilling around the West Pit and on the P5 and P6 targets has supported the extension of that deposit to the southwest and northeast. We are also testing the down dip potential below the current pit limits in several areas using core drilling."


*P9 results were reported in June 11, 2012 news release, including 6m of 2.02 g/t gold.

Resource Estimate

An updated resource estimation will be completed once the assays from the recent core drilling are available. Agbaou currently has a Measured and Indicated resource of 1.157 million ounces gold comprised of 6.262 million tonnes at 2.2 g/t (438,200 ounces gold) Measured and 8.708 million tonnes at 2.6 g/t (718,500 ounces gold) Indicated (at a 0.5 gram per tonne ("g/t") cut-off, SRK May 2012).  A further 1.473 million tonnes at 1.5 g/t (72,900 ounces gold) is in the Inferred category.

Table 1: Agbaou Exploration Drilling Highlights by Target Area

Target Hole ID  From 
(m)
To
  (m)  
 Length 
(m)
 True Width 
(m)
 Au Grade 
(g/t)
 Final Depth 
(m)
P1 AGBRC1125 26 37 11 8.8 1.46 60
including 30 31 1 0.8 6.10  
AGBRC1126 54 58 4 3.2 2.08 78
including 54 55 1 0.8 4.31  
P2 AGBRC1095 55 62 7 * 4.96 104
including 60 61 1 * 27.97  
AGBRC1104 86 94 8 * 1.19 96
including 91 92 1 * 4.89  
AGBRC1140 50 59 9 * 1.52 63
including 55 56 1 * 6.19  
AGBRC1313 0 16 16 * 0.99 52
including 10 11 1 * 2.03  
and 24 32 8 * 2.74  
including 27 28 1 * 5.53  
AGBRC1331 32 33 1 * 3.71 51
P3 AGBRC1164 24 25 1 * 25.13 54
P4 AGBRC1168 22 31 9 * 4.19 50
including 22 26 4 * 8.42  
AGBRC1186 7 12 5 * 2.89 54
including 10 12 2 * 6.30  
and 18 21 3 * 7.51  
AGBRC1187 19 23 4 * 6.14 54
including 20 22 2 * 9.70  
and 41 49 8 * 2.60 54
including 41 42 1 * 8.19  
Target
 
Hole ID
 
From
(m)
To
(m)
Length
(m)
True Width
(m)
Au Grade
(g/t)
Final Depth
(m)
P4 (con't) AGBRC1188 11 16 5 * 2.19 54
including 13 14 1 * 4.56  
P5 AGBRC1181 17 21 4 * 2.24 54
including 18 19 1 * 4.43  
AGBRC1182 34 35 1 * 16.40 59
and 41 44 3 * 1.93  
including 43 44 1 * 4.88  
AGBRC1183 47 52 5 * 3.45 62
including 50 52 2 * 5.09  
AGBRC1185 27 36 9 * 2.38 58
including 32 34 2 * 4.25  
AGBRC1201 6 7 1 * 11.42 62
P6 AGBRC1159 7 8 1 * 2.01 62
and 11 14 3 * 3.74  
including 12 14 2 * 5.23  
AGBRC1160 33 34 1 * 2.11 74
and 42 57 15 * 5.59  
including 48 54 6 * 8.24  
AGBRC1171 62 65 3 * 3.58 66
including 62 63 1 * 5.15  
AGBRC1172 39 41 2 * 1.72 50
including 39 40 1 * 2.41  
AGBRC1173 5 13 8 * 1.06 50
including 9 10 1 * 3.71  
AGBRC1174 11 17 6 * 1.32 50
AGBRC1175 31 35 4 * 2.44 54
P7 AGBRC1142 1 11 10 * 2.35 72
including 9 11 2 * 6.13  
and 14 15 1 * 10.22  
MPN AGBRC1199 1 2 1 0.9 16.56 70
AGBRC1237 19 23 4 3.6 13.43 50
including 21 23 2 1.8 24.66  
AGBRC1238 25 32 7 6.3 4.02 54
including 25 27 2 1.8 12.54  
and 40 41 1 0.9 5.41  
and 45 48 3 2.7 1.96  
SPN AGBRC1333 4 7 3 2.7 2.35 59
and 40 42 2 1.8 2.13  
WP AGBRC1209 2 9 7 6.7 2.70 60
including 2 4 2 1.9 5.67  

* True widths unknown at this time

Qualified Persons

K. Kirk Woodman, P.Geo., General Manager Exploration is the Qualified Person overseeing Endeavour's exploration projects in Burkina Faso, Côte d'Ivoire and Mali has reviewed and approved this press release.

All Agbaou sample preparations and standard 40-gram gold fire assays were performed by Bureau Veritas Laboratories, Abidjan, Côte d'Ivoire. Endeavour consistently employs a rigorous quality control and assurance program comprising regular insertion of certified reference standards, blanks and duplicates.

Grade intervals reported in this press release are length weighted composites calculated for continuous individual assays ≥0.5g/t with up to 2m internal dilution.

About Endeavour Mining Corporation

Endeavour is a gold producer delivering growth. Endeavour owns two gold mines producing approximately 200,000 ounces 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 third gold mine, Agbaou in Côte d'Ivoire, has entered the construction phase for an additional 100,000 ounces per year starting in Q1 2014. Endeavour has a strong financial base from which to invest in long-term operational growth, exploration to replace and increase reserves, and funding for acquisitions.

On August 7, 2012, Endeavour announced a definitive agreement to acquire Avion Gold (TSX:AVR) to become one of the largest West African gold mining companies with three producing mines, a fourth mine currently in construction, and an attractive pipeline of exploration and resource development properties. The Avion transaction is expected to close in October 2012.

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 Collar Locations for Reported Holes

Hole
ID
 Easting 
m
 Northing 
m
 Elevation 
m
Azimuth
 degrees 
Dip
 degrees 
 Final-Depth 
m
AGBRC1095 253486 673869 235 300 -60 104
AGBRC1104 253337 673905 227 300 -60 96
AGBRC1125 254105 674460 373 300 -60 60
AGBRC1126 254129 674448 373 300 -60 78
AGBRC1140 253498 674028 226 300 -60 63
AGBRC1142 253503 673739 262 300 -60 72
AGBRC1159 253305 674986 197 300 -60 62
AGBRC1160 253334 674970 202 300 -60 74
AGBRC1164 253841 673744 204 300 -60 54
AGBRC1168 252871 675187 209 300 -60 50
AGBRC1171 253357 674959 205 300 -60 66
AGBRC1172 253382 674943 209 300 -60 50
AGBRC1173 253408 674928 213 300 -60 50
AGBRC1174 253434 674912 215 300 -60 50
AGBRC1175 253460 674895 218 300 -60 54
AGBRC1181 253165 675028 213 300 -60 54
AGBRC1182 253106 674980 207 300 -60 59
AGBRC1183 253142 674962 198 300 -60 62
AGBRC1185 253089 674944 209 300 -60 58
AGBRC1186 252917 675228 204 300 -60 54
AGBRC1187 252941 675212 205 300 -60 54
AGBRC1188 252958 675252 206 300 -60 54
AGBRC1199 253654 674853 266 300 -60 70
AGBRC1201 253114 674938 192 300 -60 62
AGBRC1209 252746 674662 212 300 -60 60
AGBRC1237 254057 674698 332 300 -60 50
AGBRC1238 254080 674685 336 300 -60 54
AGBRC1313 253189 673674 240 300 -60 52
AGBRC1331 253316 673889 222 300 -60 51
AGBRC1333 253680 673891 219 300 -60 59

(Northing and Easting reported in WGS 84 UTM Zone 30N)

 

PDF available at: http://stream1.newswire.ca/media/2012/09/06/20120906_C4557_DOC_EN_17563.pdf

SOURCE: Endeavour Mining Corporation

For further information:

Marla Gale
Vice President - Investor Relations
+1 604 609 6117
mgale@endeavourmining.com

UK/Europe: Bobby Morse
Buchanan
+44 20 7466 5000
bobbym@buchanan.uk.com

Australia: 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

www.endeavourmining.com

A Cayman Islands exempted company with limited liability.

ARBN 153 067 639

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Endeavour Mining Corporation

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