Endeavour Declares Commercial Production of Its Ity Cil Project at Full Nameplate Capacity
08 Abril 2019 - 7:10AM
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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
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