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.
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 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.
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
| True Width
| Au Grade
| Final Depth
|| Hole ID
| True Width
| Au Grade
| Final Depth
* True widths unknown at this time
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
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
(Northing and Easting reported in WGS 84 UTM Zone 30N)
SOURCE: Endeavour Mining Corporation
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Endeavour Mining Corporation
Cayman Corporate Centre
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ARBN 153 067 639