Endeavour Declares Commercial Production Of Its Ity CIL Project At Full Nameplate Capacity
April 08 2019 - 7:29AM
ENDEAVOUR DECLARES
COMMERCIAL PRODUCTION OF ITS ITY CIL PROJECT AT FULL NAMEPLATE
CAPACITY
View News Release in PDF
Abidjan, April 8,
2019 - Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF) is
pleased to announce commercial production of its Ity CIL project,
in Côte d'Ivoire, at its full nameplate capacity following a quick
ramp up phase.
Sébastien de Montessus, President
& CEO, stated: "I would like to congratulate the entire team
for their hard work in helping us achieve this major accomplishment
for Endeavour.
Achieving commercial production at
the Ity CIL project marks a transformational moment in our history
and an inflection point as we significantly increase our free cash
flow capabilities."
The Ity CIL project began
processing ore on February 20, 2019 and achieved its first gold
pour on March 19, 2019. Its performance trial testing was recently
successfully completed with all key metrics meeting prescribed
targets: processing rate exceeding 11,100 tonnes per day, overall
plant availability of 96%, and gold recovery rate of 94%.
Ity is expected to produce
160-200koz in 2019 at an AISC of $525-590/oz, with the bottom-end
of the production guidance corresponding to the 4Mtpa nameplate
capacity while the top-end already factored in upsides such as an
earlier start date, an expedited ramp-up and the plant producing
above its nameplate.
QUALIFIED
PERSONS
Clinton Bennett, Endeavour's
Vice-President of Technical Services - a Member of the Australasian
Institute of Mining and Metallurgy, is a "Qualified Person" as
defined by National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") and has reviewed and approved the
technical information in this news release.
ABOUT ENDEAVOUR
MINING
Endeavour Mining
is a TSX listed intermediate African gold producer with a solid
track record of operational excellence, project development and
exploration in the highly prospective Birimian greenstone belt in
West Africa. Endeavour is focused on offering both near-term and
long-term growth opportunities with its project pipeline and its
exploration strategy, while generating immediate cash flow from its
operations.
Endeavour operates 4 mines across Côte d'Ivoire
(Agbaou and Ity) and Burkina Faso (Houndé, Karma) which are
expected to produce 615-695koz in 2019 at an AISC of
$760-810/oz.
For more information, please visit
www.endeavourmining.com.
CONTACT
INFORMATION
Martino De Ciccio
VP - Strategy & Investor Relations
+44 203 640 8665
mdeciccio@endeavourmining.com |
Brunswick Group LLP in London
Carole Cable, Partner
+44 7974 982 458
ccable@brunswickgroup.com |
CAUTIONARY
STATEMENT ON FORWARD-LOOKING INFORMATION
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. AISC, all-in sustaining costs at the mine level, cash
costs, operating EBITDA, all-in sustaining margin, free cash flow,
net free cash flow, free cash flow per share, net debt, and
adjusted earnings are non-GAAP financial performance measures with
no standard meaning under IFRS, further discussed in the section
Non-GAAP Measures in the most recently filed Management Discussion
and Analysis.
Corporate Office:
5 Young St, Kensington, London W8 5EH, UK
View News Release In PDF
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Endeavour Mining Corporation via
Globenewswire
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