04/08/2019 | Press release | Distributed by Public on 04/08/2019 06:38
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.
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.
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.
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Source: Endeavour Mining Corporation