Toronto Stock Exchange: EDV
MONACO, Nov. 29, 2011 /CNW/ - Endeavour Mining Corporation ("Endeavour"
or the "Corporation") (TSX:EDV) is pleased to announce it has closed
out the gold hedge book (" Hedge Book") relating to its Youga Gold Mine
("Youga") in Burkina Faso. The closeout of the Hedge Book means that
all gold production from Youga is now available to be sold into the
As of September 30, 2011, the remaining ounces covered by the $700 per
ounce call options totalled 29,200 ounces with the last commitment
deliverable in August 2012. Call options totalling 5,668 ounces were
settled with regular scheduled deliveries from Youga gold production
during October and November 2011. The residual balance of 23,532
ounces was settled for a cash payment of $24.0 million, which implies
an effective gold price of $1,719.97 per ounce inclusive of transaction
costs and contango charges.
Neil Woodyer, CEO, stated: "The early elimination of the Youga gold
hedge improves our cashflow for 2012 and increases our corporate
flexibility. With the pending completion of the merger with Adamus, we
anticipate further de-hedging of the Nzema hedge book."
About Endeavour Mining Corporation
Endeavour is a gold producer. Endeavour also holds an extensive
exploration land position and various advanced-stage development gold
projects in West Africa. Endeavour has a global strategy, supported by
financial resources and management's company building expertise, to
grow into an intermediate gold producer through strategic acquisitions.
On August 21, 2011, Endeavour and Adamus announced they have entered
into a definitive Merger Implementation Agreement to combine through an
all-stock merger of equals transaction creating a new growth focused
West African gold producer. Having received approvals from both
Endeavour and Adamus shareholders, the merger is subject to the further
approval of the Federal Court of Australia and a hearing is scheduled
to be held on December 2, 2011.
The common shares of Endeavour Mining Corporation are traded on the
Toronto Stock Exchange under the symbol "EDV".
On behalf of Endeavour Mining Corporation
Chief Executive Officer
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The
foregoing information may contain forward-looking information relating
to the future performance of Endeavour Mining Corporation.
Forward-looking information, specifically, that concerning future
performance, is subject to certain risks and uncertainties, and actual
results may differ materially. These risks and uncertainties are
detailed from time to time in the Corporation's filings with the
appropriate securities commissions.
SOURCE Endeavour Mining Corporation
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