Endeavour Mining Shareholders Approve the La Mancha Transaction

VANCOUVER, Nov. 5, 2015 /CNW/ - Endeavour Mining Corporation ("Endeavour Mining") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) announces that at a special meeting of its shareholders held today, it received shareholder approval for the partnership with La Mancha Holding S.àr.l. and Naguib Sawiris, which results in them becoming Endeavour Mining's largest shareholder and long-term strategic partner. Endeavour Mining also received approval for a 1 new for 10 old consolidation of its shares. The transaction is expected to complete on or about November 12, 2015, subject to customary closing conditions. The share consolidation is expected to become effective on completion of the acquisition.

In the transaction, Endeavour Mining is acquiring La Mancha's 55% interest in Société des Mines d'Ity S.A. (SMI), which operates the Ity Gold Mine in Côte d'Ivoire, plus various regional exploration properties.  La Mancha will also contribute US$63 million of cash to Endeavour Mining (including an estimated $25 million of attributable cash held in SMI).   La Mancha will be issued 177,061,572 new Endeavour Mining shares representing 30.0% of the enlarged share capital.  Shareholders holding 204,965,712 or 49.6% of the outstanding shares of the Corporation were present in person or by proxy at the special meeting held earlier today.  Details of the vote are set out below. 


Votes For

% For

Votes Against

% Against

Share Issuance





Share Consolidation





Neil Woodyer, CEO, stated
"We are very pleased with the strong support from our shareholders for this transaction with La Mancha and Naguib Sawiris, and the endorsement of our growth strategy.  This partnership builds on our respective successes in Côte d'Ivoire to secure Endeavour's platform for growth with the shared vision of creating a premier African gold producer."

About Endeavour Mining Corporation
Endeavour Mining is a Canadian-based intermediate gold mining company producing 500,000 ounces per year from four mines in West Africa, and with the newly acquired Ity Mine becoming its fifth mine the gold production rate increases to 580,000 ounces per year.  Endeavour Mining is focused on effectively managing its existing assets to maximize cash flow as well as pursuing organic and strategic growth opportunities that benefit from its management and operational expertise.

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 Mining'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 Mining operates. Although Endeavour Mining 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 Mining's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour Mining and its business.

SOURCE Endeavour Mining Corporation

For further information: Doug Reddy, EVP Business Development, +1 604 609 6114, dreddy@endeavourmining.com, Endeavour Mining Corporation, Corporate Office, Suite 3123, 595 Burrard Street, P.O. Box 49139 Vancouver, BC V7X 1J1 Canada; Brunswick Group LLP, Carole Cable, Partner, +44 7974 982 458, ccable@brunswickgroup.com; Patrick Handley, Partner, +44 7974 982 395, phandley@brunswickgroup.com


Organization Profile

Endeavour Mining Corporation

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890