Toronto Stock Exchange: EDV Australian Securities Exchange: EVR
MONACO, March 6, 2012 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV, ASX:EVR) is pleased to announce it has entered into a definitive agreement with Resolute Mining Limited ("Resolute") (ASX:RSG) for the sale and transfer of its 40% interest in the licenses and associated property comprising the Finkolo Joint Venture (the "Finkolo JV") in Mali for total consideration of $20 million in cash. The Finkolo JV was formed in 2003 by Etruscan Resources (a subsidiary of Endeavour) and Resolute, which is also the JV operator. The transaction is subject to a number of conditions, including approval from the Government of Mali for the transfer of the exploration permits and therefore Endeavour anticipates the transaction to be completed by the end of Q2 2012.
Neil Woodyer, CEO, stated "The $20 million of cash proceeds from the sale of our 40% interest in the Finkolo JV allows us to increase our focus on our growing number of wholly-owned projects where we see greater potential to add shareholder value."
Endeavour retains over 1,000 km2 of properties within Mali and its $30 million 2012 exploration program includes $2 million committed to the properties in southern and western Mali (see figures 1 and 2). The properties in southern Mali cover 22 km of the Syama Shear Zone which hosts the Syama mine and Tabakoroni deposit. Endeavour's properties in western Mali cover a 17 km portion of the Senegalo-Malian Fault which hosts Anglogold Ashanti/Iamgold's Sadiola and Yatela mines and also the Loulo mine operated by Randgold. Endeavour's 2012 work programs in Mali include 14,000 metres of drilling plus auger, mapping, prospecting and pitting.
Figure 1 - Endeavour's properties in southern Mali along Syama Shear Zone
Click link to access Figure 1 http://www.endeavourmining.com/i/pdf/2012-03-06_F1.pdf
Figure 2 - Endeavour's properties in western Mali along Senegalo-Malian Shear
Click link to access Figure 2 http://www.endeavourmining.com/i/pdf/2012-03-06_F2.pdf
About Endeavour Mining Corporation
Endeavour is a growth focused West African gold production and exploration company led by an accomplished management team. Endeavour is currently producing gold at a rate of 180,000 ounces per year from two operating mines (Nzema in Ghana and Youga in Burkina Faso) and has a near-term mine construction decision (Agbaou in Côte d'Ivoire) and an extensive 2012 exploration program underway. Endeavour's goal is to produce approximately 250,000 ounces of gold per year from the end of 2013 from existing properties. Endeavour also has an acquisition growth strategy focused on West Africa and is targeting the acquisition of additional gold production before the end of 2013.
Endeavour Mining Corporation is listed on the TSX (symbol EDV) and ASX (symbol EVR).
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.
For further information:
Stephen Roberts, Vice President - Investor Relations, +1 604 609 6130, [email protected]
David Ikin, Professional Public Relations, +61 8 9388 0944, [email protected]
Florence Liberski, Renmark Financial Communications, +1 514 939 3989 or +1 416 644 2020, [email protected]