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Press release from CNW Group


Monday, November 15, 2010

ENDEAVOUR MINING REPORTS INCREASED GOLD PRODUCTION, AND NET INCOME OF US$7.6 MILLION FOR QUARTER ENDED SEPTEMBER 30, 201019:24 EST Monday, November 15, 2010Toronto Stock Exchange: EDV  GEORGE TOWN, Grand Cayman, Nov. 15 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corporation") today reported net income of US$7.6 million or US$0.08 per share for the quarter ended September 30, 2010.  As a result of the purchase of Etruscan Resources Inc. ("Etruscan") on September 10, 2010, the Corporation's results include the producing Youga Gold Mine for the 20-day period September 11 to September 30, 2010.At September 30, 2010 the Corporation had cash and cash equivalents of US$187.8 million, marketable securities of US$34.9 million, and project debt of US$29 million at the 90% owned Youga Gold Mine in Burkina Faso, West Africa.Operational Highlights (for the full quarter ended September 30, 2010)236,023 tonnes of ore mined at an average grade of 3.07 g/tGold production of 23,173 ounces, up 21% from 19,220 ounces in the same period in 2009Gold sales of 24,004 ounces, up 30% from 18,520 ounces in the same period in 200916,024 ounces were sold at an average price of US$1,215 per ounce and 7,980 ounces were delivered into the $700 per ounce hedgeTotal cash cost of US$598 per gold ounce sold, down 23% from US$783 per ounce in the same period of 2009Operating cash flow from mine operations of US$10.5 millionFor the 20-day operating period included in the Corporation's results:Gold production of 5,940 ouncesGold sales of 5,434 ouncesOperating cash flow from mine operations of US$1.1 millionThe exploration campaign at Youga has improved the understanding of the structural controls on the mineralization at Youga and has led to the generation of new drill targets.  Follow-up drilling is currently underway at A2NE and Zergoré deposits and initial results of this work are expected to contribute to additional mineral resources that will be reported by the end of December 2010, with the balance of the campaign to continue into 2011. Neil Woodyer, Chief Executive Officer commented "We are pleased with the acquisition and solid performance of our Youga Mine.  In addition, the exploration campaign we have underway within the Youga mine permit area is expected to increase mineral resources and reserves and extend the mine life.  A work program at our Agbaou gold project in Côte d'Ivoire is now progressing well and includes a 20,000 metre drilling program and engineering and technical studies to refine the 2009 feasibility study.  Beyond organic growth, we are evaluating and advancing a number of gold production acquisition opportunities."On September 14, 2010, the Corporation sold its 43% interest in Crew Gold Corporation ("Crew") for US$215 million, realizing a gain of US$80.5 million.  An unrealized gain of US$78.3 million was recorded at the previous quarter end leading to a US$2.2 million incremental gain in the current quarter.  A portion of the cash proceeds was used to repay the Corporate Acquisition Facility, as US$45 million had been drawn to fund the cash portion of the Etruscan acquisition.The Corporation intends to change its fiscal year end to December 31 from the current June 30 to better align its financial reporting and operating results with our gold mining peers.Conference Call DetailsManagement's discussion of the financial results for the quarter ending September 30, 2010 will be webcast by V-Call on Wednesday, November 17, 2010 at 12 noon Eastern Time or 9:00 am Pacific Time and can be accessed from the Corporation's website at or by calling the operator at 201-689-8565 or toll free 1-877-407-0778 prior to the scheduled start time. The call will be archived for later playback on Endeavour's website until November 17, 2011.About Endeavour Mining CorporationEndeavour is a gold producer.  Endeavour also holds an extensive exploration land position and various advanced-stage development gold projects in West Africa.  Endeavour has a global strategy, supported by financial resources and management's company building expertise, to grow into an intermediate gold producer through strategic acquisitions.  The common shares of Endeavour Mining Corporation are traded on the Toronto Stock Exchange under the symbol "EDV".For additional information, please visit our corporate website at  In order to access the Corporation's financial statements directly, please click the following URL: behalf of Endeavour Mining Corporation"Bill Koutsouras"Bill KoutsourasExecutive Vice President & Chief Financial OfficerThe Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The foregoing information may contain forward-looking information relating to the future performance of Endeavour Mining Corporation. Forward-looking information, specifically, that concerning future performance, is subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Corporation's filings with the appropriate securities commissions.For further information: Stephen Roberts, Senior Vice President - Investor Relations (604) 609-6130 email: sroberts@endeavourmining.comorVanguard Shareholder Solutions 1-866-341-4111 or (604) 608-0824 email: