VANCOUVER, Nov. 29, 2013 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) announces the pouring of its first gold bar from the Carbon In Leach and Gravity gold circuits at the Agbaou Mine in Côte d'Ivoire. Plant commissioning is progressing ahead of schedule. The plant has been ramped up to design throughput levels and is expected to achieve full commercial gold production during Q1/2014.
Endeavour completed the first CIL/Gravity Circuit gold pour at Agbaou earlier today. The first pour was completed significantly ahead of the original construction timetable of Q1/2014. As demonstrated by the pouring of gold, the mine is well into the commissioning phase with ore reclaim, milling, CIL, Knelson concentrator, Gekko Intensive Leach Reactor, cyanide detoxification and tailings areas all fully commissioned.
Neil Woodyer, CEO, stated
"This is a major achievement for the company and a testament to the hard work of our employees in all areas from exploration to operations. Endeavour's Project Team has taken a feasibility study and grassroots site and built the Agbaou mine in only 16 months. This is the second mine in the Endeavour portfolio that our team has built. Agbaou is on schedule for achieving full commercial production shortly, and at approximately $800 per ounce all-in sustaining costs, Agbaou is forecast to make a meaningful contribution to our free cash flow in 2014 and beyond."
Agbaou Gold Mine Construction Highlights:
Adriaan "Attie" Roux, Pr.Sci.Nat, Endeavour's Chief Operating Officer, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information related to mining operations in this news release.
About Endeavour Mining Corporation
Endeavour is a gold producer delivering growth. Endeavour owns three gold mines producing more than 300,000 ounces per year in Mali, Ghana and Burkina Faso. Endeavour's annual gold production is forecast to exceed 400,000 ounces per year during 2014, including the start-up of commercial production at the Agbaou Gold Mine in Côte d'Ivoire scheduled for Q1/2014. In addition, in November 2013 a Feasibility Study for the Houndé Project in Burkina Faso was completed showing potential for approximately 180,000 ounces per year over 8 years.
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.
Image with caption: "First gold pour from the furnace (CNW Group/Endeavour Mining Corporation)". Image available at: http://photos.newswire.ca/images/download/20131129_C6326_PHOTO_EN_34128.jpg
Image with caption: "Jeremy Langford SVP Projects with first gold produced at Agbaou (CNW Group/Endeavour Mining Corporation)". Image available at: http://photos.newswire.ca/images/download/20131129_C6326_PHOTO_EN_34129.jpg
Image with caption: "Agbaou Project Team in gold room (CNW Group/Endeavour Mining Corporation)". Image available at: http://photos.newswire.ca/images/download/20131129_C6326_PHOTO_EN_34127.jpg
SOURCE: Endeavour Mining Corporation
For further information:
SVP Business Development
+1 604 609 6114
UK/Europe: Bobby Morse Buchanan
+44 20 7466 5000
Endeavour Mining Corporation
Regatta Office Park
Windward 3, Suite 240, PO Box 1793
West Bay Road, Grand Cayman
KY1-1109, Cayman Islands
Tel: +1 345 769 7250
Fax: +1 345 769 7256