MONACO, April 30, 2012 /CNW/ - Endeavour Mining Corporation ("Endeavour") (TSX:EDV, ASX:EVR, OTCQX:EDVMF) is pleased to report positive results from the ongoing exploration programs along the Brassiere Trend at its Youga Gold Mine in Burkina Faso. Drill intercepts from the southern extension of the Zergoré deposit on the Brassiere Trend included YZRC‐201 with 42 metres (m) of 3.4 grams per tonne (g/t) gold which included 1 m of 14.5 g/t gold and 4 m of 6.3 g/t gold. These results reinforce Endeavour's exploration efforts to further extend the mine life at the Youga Gold Mine.
The Brasserie Trend includes the La Forge prospect on the southwestern end, the 900 m long Zergoré deposit and the Castel, Beaufort and Flag prospects at the northern end (Figure 1). The prospects are along the eastern edge of the Youga Exploitation Permit and within 4 kilometres of the Youga plant.
Additional drill results from other targets along the trend included, YCRC-001 with 26 m of 2.8 g/t on the Castel target, YBRC‐014 with 5 m of 2.1 g/t gold and included 1 m of 5.4 g/t gold at the Beaufort target and YLFRC‐006 with 7 m of 1.9 g/t gold, including 1 m of 3.0 g/t gold at the La Forge target. Additional highlights of drilling on each of these targets are provided in Table 1.
The Zergoré portion of the trend is interpreted to be a shallowly south-plunging anticline in strongly foliated greywacke and metavolcanics. The western limb of the Zergoré zone follows the contact between Tarkwaian arkosic sandstone and underlying greywacke. The eastern branch of the anticline becomes the Brasserie Trend and continues to the northeast for 2 km to connect with the Castel, Beaufort and Flag targets.
In order to access Figure 1 (Brasserie Trend Drill Plan and Gold Soil Geochemistry) click on the following: http://files.newswire.ca/910/EDV_Fig1_.pdf
Table 1: Recent Brassiere Trend Reverse Circulation Drilling Highlights
| Hole ID
| Au Grade
| Final Depth
A resource estimate was reported for Zergoré in 2011 (Technical Report and Update of Mineral Resources and Mineral Reserves for the Youga Gold Mine, Burkina Faso, West Africa, effective December 31, 2010 and dated March 15, 2011, prepared by A. de Freitas and K. Woodman) and the deposit was added to the mine plan at the end of the year. The Proven and Probable reserves from Zergoré are 1.2 million tonnes at 1.5 g/t Au containing 58,000 ounces (A. de Freitas, 2012). Measured and Indicated resources at a 0.5 g/t cutoff, inclusive of reserves, are 2.9 million tonnes at 1.2 g/t Au containing 108,000 ounces (Woodman, 2012). Additional information regarding the Zergoré reserves and resources is provided in Table 2. Mineralization at Zergoré is along foliation and axial planar features. Gold soil geochemistry as well as airborne geophysics clearly correspond to Zergoré and support the interpretations of the extensions. The current drilling program continued to work on strike extensions to the south and the northwest and northeast.
Drill intercepts at Castel and Beaufort were within the westernmost fence of holes on both targets. The hole orientations are being adjusted for the follow up drilling.
The 2012 Youga exploration campaign includes a total of 51,000 m of drilling comprised of 10,500 m core drilling and 40,500 m reverse circulation drilling planned for 19 targets within the mine permit area with a budget of approximately US$7.5 million.
Table 2: Zergoré Reserves and Resources Reported as of December 31, 2011 as part of the Youga Mine Resources and Reserves (news release dated January 30, 2012):
|kt||Au (g/t)||k Ozs||kt||Au (g/t)||k Ozs||kt||Au (g/t)||k Ozs|
|Deposit||Resources (including reserves, 0.5g/t cutoff as of 31 December 2011)|
|Measured||Indicated||Measured & Indicated||Inferred|
|kt||Au (g/t)||k Ozs||kt||Au (g/t)||k Ozs||kt||Au (g/t)||k Ozs||kt||Au (g/t)||k Ozs|
K. Kirk Woodman, P.Geo., Endeavour's General Manager of Exploration, is the Qualified Person overseeing exploration projects in French West Africa and has reviewed and approved the technical information related to Exploration Results and Mineral Resource Estimates at the Youga Mine contained in this news release.
Adrian de Freitas, MIMMM, C. Eng., Endeavour's General Manager, Youga Mine is a Qualified Person under NI 43-101, and has reviewed and approved the technical information related to mining operations and Mineral Reserve Estimates at the Youga Mine contained in this news release.
All sample preparations and standard 50-gram gold fire assays were performed by SGS Laboratories, Ouagadougou, Burkina Faso. Endeavour consistently employs a rigorous quality control and assurance program comprising regular insertion of certified reference standards, blanks and duplicates.
About Endeavour Mining Corporation
Endeavour is a gold producer delivering growth. Endeavour owns two gold mines producing approximately 180,000 ozs 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 gold project in Côte d'Ivoire is ready for construction (mining permit submitted; currently negotiating EPCM contract) for an additional 100,000 ozs per year. Endeavour's strong financial base encourages investments in long-term operational growth, exploration to replace and increase reserves, and funding for acquisitions.
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.
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