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Press release from CNW Group

Endeavour Mining announces positive PEA for Houndé Gold Project

Tuesday, January 22, 2013

Endeavour Mining announces positive PEA for Houndé Gold Project08:25 EST Tuesday, January 22, 2013VANCOUVER, Jan. 22, 2013 /CNW/ - Endeavour Mining Corporation ("Endeavour") (TSX: EDV) (ASX: EVR) (OTCQX: EDVMF) announces the results of a positive NI 43-101 Preliminary Economic Assessment (PEA) of its Houndé Gold Project in Burkina Faso together with an updated mineral resource estimate for the project and positive in-fill drill results completed subsequent to the resource estimate.  Endeavour is rapidly advancing Houndé, which has entered the Feasibility Study stage.(All amounts in US dollars unless otherwise indicated)Houndé PEA Highlights, on a 100% basis, include:Estimated potential average annual production of 161,000 gold ozs per year over a 10 year mine life, with total life of mine production of 1.61 million ozsAn average 91% process recovery at a milling rate of 8,000 tonnes per day supplying a conventional gravity/CIL circuitOwner operated open pit mining and a potentially economic portion of the resource of 28 million tonnes grading 2.0 g/t Au (at 0.91 g/t Au cut-off)Initial start-up capital is estimated at $303 million with sustaining capital estimated at $57 million (excluding VAT and import duties)Total initial funding requirement is estimated at $345 million including start-up capital, VAT, import duties and certain first year equipment purchasesForecast life of mine direct cash cost of $563 per ounce (excluding royalties)The project yields, on an after-tax basis: At $1,300/oz Gold Price (Base Case)At $1,650/oz Gold Price (Sensitivity)NPV 0%$505 million$920 millionNPV 5%$288 million$584 millionIRR21%34%Neil Woodyer, CEO, stated"The Houndé Gold Project is an outstanding addition to our potential production growth profile with a well-defined, good grade mineralized deposit that has excellent infrastructure and robust preliminary economics. The Houndé deposit has grown quickly in size with every drill program, including an 63% increase in Indicated resources in the update announced today, and has now reached a scale where the development of a mine at Houndé could potentially increase Endeavour's production rate to over 550,000 gold ozs per year during 2016. Work has already begun on a Feasibility Study for Houndé, with all contractors engaged and shipment of metallurgical samples for testing. The in-fill drill program, underway since October 2012, is almost 70% complete and is targeting conversion of Inferred resources to Measured and Indicated to further support the Feasibility Study due to be completed in Q4 2013."Management Conference CallsEndeavour's Management will host two conference calls to discuss the results of the Houndé PEA, 2012 Production Results, and 2013 Guidance at times convenient for the North American and Australian time zones on January 23, 2013 and January 24, 2013.  Both conference calls will include Neil Woodyer, Chief Executive Officer, Attie Roux, Chief Operating Officer, Christian Milau, Chief Financial Officer, and Don Dudek, Senior Vice President - Technical Services.  Details for the conference calls can be found at the end of this news release.Houndé PEA SummaryEndeavour currently has a 100% interest in the Houndé Gold Project, situated in the south-western region of Burkina Faso just south of Semafo's Mana mine (see Figure 1). Ownership is currently 100%, however, upon achieving production it would become 90% by Endeavour and 10% by the government of Burkina Faso.The Houndé Project PEA focuses on the Vindaloo group of deposits that are located approximately 250 km southwest of Ouagadougou, the capital city of Burkina Faso. The deposits are approximately 2.7 km from a paved highway and as close as 200 metres from a 220 kV power line that extends from Cote d'Ivoire through to Ouagadougou. The nearby town of Houndé has a population of approximately 22,000. A rail line that extends to the port of Abidjan, Cote d'Ivoire lies approximately 25 km east of the deposit area.The PEA considered the owner operated development of two open pit mines over the Vindaloo and Madras NW zones. The Vindaloo pit would mine a series of closely spaced gold zones along an approximate 4.8 km strike length. The Madras NW pit would be approximately 900 metres long and would only mine saprolite and transition mineralization.The PEA is preliminary in nature as it includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves at this time, and as such there is no certainty that the preliminary assessment and economics set forth in the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.  The PEA should not be considered a substitute for a preliminary feasibility study.  The authors of this Technical Report believe the Project has the potential to be economic and that therefore further studies are warranted.  Pit shells were optimized using a $1,300/oz gold price.Parameters for the PEA were developed in conjunction with SRK Consulting (Canada) Inc. and are presented in the tables below.Figure 1 - Endeavour Mines and Houndé Project Location Maphttp://files.newswire.ca/910/EDV-Figures.pdfTable 1:  PEA ParametersItemUnitPEA  SaproliteTransitionFreshRevenue, Smelting & Refining    Gold PriceUS$/oz$1,300  Payable Metal%Au99.95%  Refining/TransportUS$/oz$3.35  Royalties @ 5% of NSRUS$/oz$64.80  Royalties @ 2% of NSRUS$/oz$25.92  Net Gold PriceUS$/oz$1,205.28US$/g$38.75OPEX Estimates    OP Waste Mining CostUS$/t waste$1.40$1.76  OP Mineralized Mining CostUS$/t ore$1.37$1.73  Strip Ratio (estimated)t:t8.0  OP Mining CostUS$/t milled$12.60$15.84  Processing CostUS$/t milled$11.00$13.00$15.00  G&AUS$/t milled$4.00  Total OPEX Estimate (excl Waste Mining)US$/t milled$14.97$16.97$18.97Process and Mining Losses    Process Recovery 95.0%95.0%90.0%  Dilution%15.0%Geotechnical Parameters    Slope Angles (overall)    Saprolitedegrees28 to 35  Transitiondegrees38 to 40  Freshdegrees43 to 50Mill Throughputtpd8,000All mineralized material classified as Indicated (74%) and Inferred (26%) Mineral Resources was considered in the optimization and mine plan.Table 2: PEA Mineralized Material Parameters DescriptionUnitTonnageMtGradeg/tContained GoldkozIndicated Mineralized Saprolite Mined1.42.1294Indicated Mineralized Transition Mined2.02.13139Indicated Mineralized Fresh Mined17.21.911,057Total Indicated Mineralized Material20.61.981,291Inferred Mineralizaed Saprolite Mined1.41.4566Inferred Mineralized Transition Mined0.71.7638Inferred Mineralized Fresh Mined 5.22.30385Total Inferred Mineralized Material7.32.08489Waste Saprolite Mined53.3 Waste Transition Mined40.3 Waste Fresh Mined124.8Total Waste Mined218.4 Total Material246.3 Strip Ratiot:t7.8 Mining Rate (total Material)tpd63,000  The PEA parameters led to the development of the mining scenario presented below which envisions a four phase pit, with mining progressing from south to north (see Figure 2). The PEA life of mine gold production schedule, based upon an average through put of 2.9 Mt, detailed on an annual basis, is shown in Table 3.Table 3 - Houndé Life-of-Mine Gold Production ProfileProduction Year Tonnes TreatedktROM Gold Gradeg/tProcessRecovery%Gold Productionkozs11,8002.1291%11122,9162.5591%21632,9202.2891%19442,9201.9291%16342,9201.8391%15662,9201.5891%13472,9201.6991%14382,9201.9791%16792,9201.6691%141102,7522.3091%185LOM27,9101.98 1,610Notes: Stockpiling strategies for various mineralization types will cause slight annual variations compared to this high-level summary. A further payables factor of 99.5% has been applied to gold production for preliminary economic modelling.Figure 2: Whittle Pit with Phase 1 in blue at the south end of the Vindaloo depositshttp://files.newswire.ca/910/EDV-Figures.pdfHoundé Capital Cost EstimateThe total estimated cost to bring the Houndé Gold Project into production is $303 million, inclusive of contingency and working capital but excluding VAT and import duties, as summarized in Table 4.  The total initial funding requirement, including VAT, import duties, and certain first year equipment purchases amounts to $345 million.Table 4: Houndé Capital Cost Estimate  Houndé Capital Cost US$ Million  Mine Equipment58.3 Capitalized Pre-production Development28.2 Tailings and Water7.2 Mill Construction128.8 Roads and Infrastructure44.7 EPCM, Permitting and Owner's Costs35.8 ContingencyIncluded above        Total Pre-production Capital Costs 303.0   VAT (refundable) and Import Duties30.3   Equipment Purchases (from Year 1)12.0        Total Initial Funding Requirement345.3Houndé PEA Financial SummaryBased on the scenario detailed in Tables 1 through 4, the Houndé Project generates the following financial results:At $1,300/oz gold price (Base Case)Pre-TaxNPV at 0% discount rate totals $687 millionNPV at 5% discount rate totals $422 millionIRR = 29%Post-TaxNPV at 0% discount rate totals $505 millionNPV at 5% discount rate totals $288 millionIRR = 21%Payback 38 months from commencement of productionCash cost per ounce produced - $563/oz (excluding royalties)Cash cost per ounce produced - $641/oz (including royalties)At $1,650/oz gold price (Sensitivity)Pre-TaxNPV at 0% discount rate totals $1,190 millionNPV at 5% discount rate totals $782 millionIRR = 45%Post-TaxNPV at 0% discount totals $920 millionNPV at 5% discount totals $584 millionIRR = 34%Payback 20 months from the commencement of productionCash cost per ounce produced - $563/oz (excluding royalties)Cash cost per ounce produced - $678/oz (including royalties)2012 Houndé Resource EstimateThe PEA, prepared by SRK Consulting (Canada) Inc. is based on a mineral resource estimate prepared byEugene Puritch, P.Eng, Fred Brown, P.Geo. and Antoine Yassa, P.Geo. of P&E Mining Consultants Inc.The current resource estimate for the Vindaloo zone at the Houndé Project represents an 63% increase in Indicated mineral resources to 23,708,000 tonnes at 1.91 g/t Au for a total of 1,456,000 ounces of gold. In addition, there is also a modest 6% increase in Inferred mineral resource to 12,210,000 tonnes at 1.91 g/t Au for a total of 752,000 ounces of gold.All current mineral resources on the Houndé property lie within the Kari Nord concession ('Initial Licenses Areas') and are subject to a Transfer and Claw-Back Option Agreement with African Barrick Gold plc ("African Barrick").  If the resources on the Initial Licenses Areas, as determined by a feasibility study, are less than 3 million ounces then African Barrick does not have any claw-back right but retains a 2% NSR.The mineral resource estimate for the Vindaloo deposits is reported at a cut-off grade of 0.35 g/t Au, is contained within a conceptual open pit shell and has an effective date of October 31, 2012.Table 5: Houndé Mineral Resource Estimate (effective October 31, 2012)ClassMineralization TypeTonnesGrade (g/t)Gold OuncesIndicatedSaprolite1,170,0002.2283,000Transition1,880,0002.25136,000Fresh20,658,0001.861,237,000Total23,708,0001.911,456,000InferredSaprolite1,601,0001.3972,000Transition893,0001.6648,000Fresh9,716,0002.02632,000Total12,210,0001.91752,000(1) Resource estimates based on a gold price of US$1,600 per ounce, a 95% process recovery for saprolite and transition and 92% for fresh, mining costs ranging from US$1.25 to US$1.75/tonne, process costs of US$13/tonne and General & Administrative costs of US$4 per tonne were used to determine the 0.35 g/t Open Pit cut-off grade.(2)     Gold grades were estimated in a 5m x 5m x 5m block model from capped 1.5m composites utilizing inverse distance cubed interpolation. Composites were caped up to 30 g/t depending on the individual mineralized domain.(3)     Eugene Puritch, P.Eng, Fred Brown, P.Geo. and Antoine Yassa, P.Geo. from P&E Mining Consultants Inc., Qualified Persons under NI 43-101 who are independent of the Company, are responsible for the mineral resource estimates presented herein.(4)  Mineral resources are reported inside an optimized pit shell and tabulated against a cut-off of 0.35 g/t Au.(5)  Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.(6) The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.(7)  The mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Definition Standards for Mineral Resources and Mineral Reserves prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council on November 27, 2010.  For reference, an open pit mineral resource sensitivity at a 1.0 g/t cut-off grade was also calculated.Table 6: Mineral Resource Estimate Sensitivity - 1.0 g/t Au Cut-Off Cut-offCategoryTonnesGrade (g/t)Gold Ounces1.0 g/t AuIndicated15,766,0002.531,284,000Inferred7,990,0002.56658,000The Vindaloo deposit open pit resources comprise a group of closely-spaced gold-mineralized structures that currently represent an approximate 4.8 km section of the Vindaloo Zone and a 0.9 km long section of the Madras NW zone. A simplified section of the Vindaloo deposit is presented in Figure 3.The updated mineral resource calculation wire-frames and estimates were initially prepared by Klaus Kappenschneider, a contract employee of the Company and audited and edited by Eugene Puritch, P. Eng., Fred Brown, P. Geo. and Antoine Yassa, P. Geo. of P&E Mining Consultants Inc. ("P&E"), Qualified Persons under NI 43-101 who are independent of the Company.The updated mineral resource statement is based on an additional 109 core and reverse circulation ("RC") holes, totalling 19,800 metres of drilling. The entire drill database contains 439 drill holes totalling 70,841 metres. All core and RC chip samples were analyzed at SGS's Ouagadougou and Syama laboratories. The procedures for handling drill core and RC drill chips were consistent with previous practice (see description at end) and are standard industry practices.Figure 3: Typical Cross-Section through the Houndé deposit, Main Pit http://files.newswire.ca/910/EDV-Figures.pdfUpdated Technical ReportDuring 2012, P&E Mining Consultants Inc. and SRK were contracted to provide an updated resource estimate and PEA study, respectively. This work is in the process of being compiled into a NI 43-101 report titled "Technical Report and Preliminary Economic Assessment of the Houndé Gold Project, Burkina Faso, West Africa" which will be filed in SEDAR in late February 2013.Houndé Drill Results - Fall 2012Endeavour commenced an in-fill drill program in late October 2012 with a goal of converting all in-pit Inferred mineral resources to Measured and Indicated mineral resources. This program envisions approximately 450 holes totalling approximately 39,500 metres, of which, 228 holes totalling 26,978 metres have been completed. Results to date continue to demonstrate excellent continuity of the mineralized zones with assay values similar, or locally much better, than expected. In-fill drilling highlights, which are presented in table form in the Appendix, include several better than average intercepts as follows:5.24 g/t Au over 34.0 metres6.27 g/t Au over 43.2 metres16.00 g/t Au over 8.1 metres28.25 g/t Au over 6.8 metres4.97 g/t Au over 47.0 metresManagement Conference Call DetailsEndeavour's Management will host two conference calls to discuss the results of the Houndé PEA, 2012 Production Results and 2013 Guidance at times convenient for the North American and Australian time zones on January 23, 2013 and January 24, 2013.  Both conference calls will include Neil Woodyer, Chief Executive Officer, Attie Roux, Chief Operating Officer, Christian Milau, Chief Financial Officer, and Don Dudek, Senior Vice President - Technical Services.Analysts and interested investors are invited to participate using the dial in numbers below.  The same dial in numbers will be used for both conference calls. International:     +1 201-689-8433 North American toll-free:  +1 877-407-0832 Australian toll-free:    0011-800-2246-2666 The conference call can also be accessed through the following link:http://www.endeavourmining.com/s/Webcasts.asp To accommodate the North American/European market, the first conference call willbe held and webcast by V-Call on Wednesday, January 23, 2013 at:    10:00 am  in Vancouver 1:00 pm  in Toronto and New York 6:00 pm  in London 2:00 am  in Perth (Jan 24, 2013) 5:00 am  in Sydney (Jan 24, 2013) To accommodate the Australian market, the second conference call will be held andwebcast by V-Call on Thursday, January 24, 2013 at:    7:00 am  in Perth 10:00 am  in Sydney 3:00 pm in Vancouver (Jan 23, 2013) 6:00 pm in Toronto and New York (Jan 23, 2013) 11:00 pm  in London (Jan 23, 2013)The calls will be archived for later playback on Endeavour's website until January 24, 2014.Qualified PersonsEndeavour will file the PEA on the Houndé Gold Project on www.sedar.com within 45 days of the date of this news release.The PEA will be authored by the independent Qualified Persons who have verified the data in this news release.  Dino Pilotto, P.Eng.SRK Principal Consultant (Mining)Bruce Murphy, FSIAMMSRK Principal Consultant (Geotechnical Engineering )Maritz Rykaart, P.Eng., Ph.D.SRK Principal Consultant (Geotechnical Engineering)Jim Yakasovich, P.Eng.SRK Principal Consultant (Mining)John Duncan, M.Eng., P.Eng.SRK Principal Consultant (Water Resources Engineering)Mark Liskowich, P.Geol.SRK Principal Consultant (Environmental)Adrian Dance, P.Eng.SRK Principal Consultant (Metallurgy)Eugene Puritch  P.Eng.P&E President and Principal EngineerAntoine Yassa  P.Geo.P&E Sr. Associate GeologistFred Brown P.Geo.P&E Sr. Associate GeologistDon Dudek, P.Geo, Senior Vice-President, Technical Services of Endeavour is a Qualified Person within the definition of that term in NI 43-101 and has supervised the preparation of the technical information contained in this news release.About Endeavour Mining CorporationEndeavour is a gold producer delivering growth. Endeavour owns three gold mines producing more than 300,000 ounces per year in Mali, Ghana and Burkina Faso that are generating significant operating cash flows to fund further expansion. Endeavour's gold production is forecast to exceed 550,000 ounces per year in 2016, including the Tabakoto mill expansion in 2013, completion of construction of Agbaou Gold Mine in Côte d'Ivoire scheduled for Q1 2014 and a recently completed PEA that shows potential for 161,000 ozs per year from the Houndé Project in Burkina Faso in 2016.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 CorporationNeil Woodyer Chief Executive OfficerThis 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 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 mineralized resources, 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.Appendix: Recent Houndé In-fill Drilling Highlights (fall 2012)Hole #mineralized interval (m)TW (m)Au (ppm)Au (capped)ZonesectionfromtowidthHA-12-47122134128.50.930.93Vindaloo 252350HA-12-4714515164.21.321.32Vindaloo 252350HA-12-47177.51780.50.41.631.63Vindaloo 252350HA-12-47183184.21.20.91.691.69Vindaloo 252350HA-12-4814114321.51.121.12Vindaloo NE51050HA-12-48151.3154.12.82.21.821.82Vindaloo NE51050HA-12-48187.51979.57.64.834.83Vindaloo NE51050HA-12-48217218.61.61.31.931.93Vindaloo NE51050HA-12-49154.4155.10.70.51.241.24Vindaloo NE50650HA-12-49176.3177.20.90.61.011.01Vindaloo NE50650HA-12-50278.12801.91.30.960.96Vindaloo Main50200HA-12-5113513831.81.591.59Vindaloo Main50250HA-12-52248258105.95.695.69Vindaloo Main49900HA-12-5229230816.39.71.741.74Vindaloo Main49900HA-12-5232332521.21.061.06Vindaloo Main49900HA-12-5234234531.82.422.42Vindaloo Main49900HA-12-5235335521.21.041.04Vindaloo Main49900HA-12-5462.97714.17.31.741.74Vindaloo Main49850HA-12-54103.4107.23.92.11.651.65Vindaloo Main49850HA-12-541772446737.31.541.54Vindaloo Main49850HA-12-55    NSR Vindaloo west49950HA-12-56201207642.842.84Vindaloo NE50600HA-12-5719533423.75.245.24Vindaloo Main49775HE-12-01160.41621.61.21.391.39Vindaloo Main48350HE-12-01175176.21.20.92.082.08Vindaloo Main48350HE-12-01187.31935.74.22.472.47Vindaloo Main48350HE-12-02121.114018.913.32.962.96Vindaloo Main48400HE-12-0314214421.41.151.15Vindaloo Main48400HE-12-03156.91581.10.82.272.27Vindaloo Main48400HE-12-0316317075.12.232.23Vindaloo Main48400HE-12-0317417510.71.491.49Vindaloo Main48400HE-12-03195.2195.60.40.36.26.2Vindaloo Main48400HE-12-0320521053.717.78.1Vindaloo Main48400HE-12-03219.72222.31.73.833.83Vindaloo Main48400HE-12-04868821.33.243.24Vindaloo Main48450HE-12-0411915435232.542.54Vindaloo Main48450HE-12-04172.5175.12.61.71.481.48Vindaloo Main48450HE-12-0419219310.71.421.42Vindaloo Main48450HE-12-04199200.31.30.93.893.89Vindaloo Main48450HE-12-05117.9126.48.56.12.232.23Vindaloo Main48500HE-12-0513614042.93.193.19Vindaloo Main48500HE-12-05147.8149.51.71.24.94.9Vindaloo Main48500HE-12-05155.3157.82.51.83.393.39Vindaloo Main48500HE-12-06167.821143.230.86.275.72Vindaloo Main48500HE-12-0621822242.81.321.32Vindaloo Main48500HE-12-0623023110.76.86.8Vindaloo Main48500HE-12-062352481394.944.94Vindaloo Main48500HE-12-0625225310.71.041.04Vindaloo Main48500HE-12-06256265.59.56.63.073.07Vindaloo Main48500HE-12-06275.92771.10.81.621.62Vindaloo Main48500HE-12-07205.62060.40.35.55.5Vindaloo Main48400HE-12-07215.7222.16.44.74.444.44Vindaloo Main48400HE-12-07225.52326.54.71.141.14Vindaloo Main48400HE-12-0725725921.52.342.34Vindaloo Main48400HE-12-0726626821.51.391.39Vindaloo Main48400HE-12-0727127542.92.822.82Vindaloo Main48400HE-12-07283285.42.41.711.519.79Vindaloo Main48400HE-12-07291294.23.22.32.052.05Vindaloo Main48400HE-12-07298.3306.48.15.8169.07Vindaloo Main48400HE-12-07312.83207.25.39.579.57Vindaloo Main48400HE-12-07330.1336.96.8528.2513.79Vindaloo Main48400HE-12-08155158.13.11.96.126.12Vindaloo Main48700HE-12-0816316410.61.421.42Vindaloo Main48700HE-12-08173.4174.51.10.72.162.16Vindaloo Main48700HE-12-08177201.424.414.54.184.18Vindaloo Main48700HE-12-08216.2216.70.50.310.310.3Vindaloo Main48700HE-12-09219.724626.315.52.572.57Vindaloo Main48750HE-12-09253.9255.31.50.91.191.19Vindaloo Main48750HE-12-09258.52645.53.32.212.21Vindaloo Main48750HE-12-14182183.51.50.94.84.8Vindaloo NE49000HE-12-15165.6169.53.92.43.343.34Vindaloo249050HE-12-1520621153.17.377.37Vindaloo249050HE-12-1695.51004.52.82.12.1Vindaloo249300HE-12-1610410510.63.243.24Vindaloo249300HE-12-16198199.51.511.171.17Vindaloo249300HE-12-16221222.51.514.154.15Vindaloo249300HE-12-1627828021.31.51.5Vindaloo249300HE-12-16287295.58.55.71.621.62Vindaloo249300HD-12-109727310.71.421.42 Vindaloo Main48425HD-12-112798342.95.755.75 Vindaloo Main48475HD-12-114788242.83.183.18Vindaloo Main48500HD-12-114858721.43.823.82Vindaloo Main48500HD-12-116767710.71.421.42Vindaloo Main48525HD-12-117414210.72.412.41Vindaloo Main48550HD-12-117475142.82.692.69Vindaloo Main48550HD-12-118485242.85.55.50Vindaloo Main48575HD-12-118596232.11.731.73Vindaloo Main48575HD-12-119263595.32.362.36Vindaloo Main48600HD-12-119888910.61.191.19Vindaloo Main48600HD-12-120324084.83.613.61Vindaloo Main48600HD-12-120586684.97.326.77Vindaloo Main48600HD-12-120727421.21.191.19Vindaloo Main48600HD-12-122181910.77.27.20Vindaloo Main48625HD-12-122242842.86.556.55Vindaloo Main48625HD-12-122373810.71.941.94Vindaloo Main48625HD-12-129636410.71.831.83Vindaloo SW48675HD-12-1296773643.623.62Vindaloo SW48675HD-12-12910410621.47.557.55Vindaloo SW48675HD-12-13010261611.64.734.73Vindaloo SW48700HD-12-1303344118.23.283.28Vindaloo SW48700HD-12-130505110.82.342.34Vindaloo SW48700HD-12-130535410.82.282.28Vindaloo SW48700HD-12-130586132.31.781.78Vindaloo SW48700HD-12-1312741149.82.632.63Vindaloo SW48700HD-12-131596232.12.492.49Vindaloo SW48700HD-12-131656942.82.612.61Vindaloo SW48700HD-12-131889685.75.575.57Vindaloo SW48700HD-12-13227775035.12.682.68Vindaloo SW48725HD-12-1330110.71.121.12Vindaloo Main48750HD-12-133202221.42.552.55Vindaloo Main48750HD-12-133293785.52.62.6Vindaloo Main48750HD-12-133474921.53.293.29Vindaloo Main48750HD-12-1340110.71.191.19Vindaloo SW48725HD-12-13491342.94.244.24Vindaloo SW48725HD-12-134232521.41.681.68Vindaloo SW48725HD-12-134323642.93.863.86Vindaloo SW48725HD-12-134606110.81.251.25Vindaloo SW48725HD-12-1355767107.491.981.98Vindaloo SW48775HD-12-136555610.732.62.6Vindaloo SW48775HD-12-136737410.763.353.35Vindaloo SW48775HD-12-136879032.361.431.43Vindaloo SW48775HD-12-13610010553.953.463.46Vindaloo SW48725HD-12-137131410.712.382.38Vindaloo West49175HD-12-138    NSR Vindaloo SW49175HD-12-139    NSR Vindaloo West49175HD-12-140464932.24.214.21Vindaloo West49200HD-12-141626532.13.293.29Vindaloo SW49200HD-12-141697232.11.481.48Vindaloo SW49200HD-12-142    NSR Vindaloo West49150HD-12-143404110.72.362.36Vindaloo SW49225HD-12-144505664.31.621.62Vindaloo SW49225HD-12-145    NSR Vindaloo West49225HD-12-146929532.11.511.51Vindaloo Main49275HD-12-147161931.54.314.31Vindaloo Main49275HD-12-148353721.32.962.96Vindaloo West49300HD-12-149777810.71.581.58Vindaloo SW49325HD-12-150313321.43.493.49Vindaloo SW49325HD-12-150373910.73.762.38Vindaloo SW49325HD-12-150414210.71.361.36Vindaloo SW49325HD-12-151697010.66.26.2Vindaloo West49350HD-12-15114915453.18.828.26Vindaloo West49350HD-12-152    NSR Vindaloo West49350HD-12-1531432.12.072.07Vindaloo SW49375HD-12-153192010.76.36.3Vindaloo SW49375HD-12-153262710.71.291.29Vindaloo SW49375HD-12-154293010.71.381.38Vindaloo SW49375HD-12-154808110.71.71.7Vindaloo SW49375HD-12-154989910.70.090.09Vindaloo SW49375HD-12-155    NSR Vindaloo West49375HD-12-156    NSR Vindaloo SW49425HD-12-157232410.71.231.23Vindaloo SW49425HD-12-157434410.71.861.86Vindaloo SW49425HD-12-157909664.53.473.47Vindaloo Main49425HD-12-158    NSR Vindaloo West49450HD-12-159    NSR Vindaloo West49450HD-12-160    NSR Vindaloo SW49475HD-12-1615721.422Vindaloo SW49475HD-12-161132074.93.483.48Vindaloo SW49475HD-12-161303442.833Vindaloo SW49475HD-12-161616432.11.161.16Vindaloo SW49475HD-12-161798342.91.321.32Vindaloo SW49475HD-12-161899010.71.521.52Vindaloo SW49475HD-12-162495010.61.451.45Vindaloo SW49500HD-12-162535963.49.179.17Vindaloo SW49500HD-12-162707110.62.952.95Vindaloo SW49500HD-12-163    NSR Vindaloo Main49525HD-12-1640221.41.491.49Vindaloo SW49525HD-12-1645461759.749.74Vindaloo Main49525HD-12-16547813421.62.132.13Vindaloo Main49550HD-12-165878810.71.041.04Vindaloo Main49550HD-12-165102105325.685.68Vindaloo Main49550HD-12-166    NSR Vindaloo Main49575HD-12-16746712517.73.43.4Vindaloo Main49575HD-12-167919210.71.11.1Vindaloo Main49575HD-12-168192010.72.12.1Vindaloo West49575HD-12-168394010.71.061.06Vindaloo West49575HD-12-169293342.93.283.28Vindaloo Main49600HD-12-17091010.73.323.32Vindaloo Main49625HD-12-170161932.11.561.56Vindaloo Main49625HD-12-170232410.71.921.92Vindaloo Main49625HD-12-170282910.71.211.21Vindaloo Main49625HD-12-1703545107.15.225.22Vindaloo Main49625HD-12-17191010.713.113.1Vindaloo Main49625HD-12-171272921.40.950.95Vindaloo Main49625HD-12-17150974733.24.974.46Vindaloo Main49625HD-12-1722337149.82.912.91Vindaloo West49650HD-12-172444510.71.021.02Vindaloo West49650HD-12-1734621.41.031.03Vindaloo Main49675HD-12-173141621.42.12.1Vindaloo Main49675HD-12-17328431510.63.253.25Vindaloo Main49675HD-12-174111210.71.231.23Vindaloo Main49675HD-12-174343510.71.771.77Vindaloo Main49675HD-12-17448873927.52.822.82Vindaloo Main49675HD-12-175263153.51.321.32Vindaloo West49675HD-12-175535410.71.091.09Vindaloo West49675HD-12-176   0NSR Madras NW53500HD-12-177333410.63.813.81Madras NW53450HD-12-177373921.32.512.51Madras NW53450HD-12-178545621.41.261.26Madras NW54175HD-12-178616432.11.261.26Madras NW54175HD-12-178848510.73.853.85Madras NW54175HD-12-180313874.91.751.75Madras NW HD-12-180414210.71.021.02Madras NW HD-12-180444732.11.331.33Madras NW HD-12-180727310.71.291.29Madras NW HD-12-180919321.40.890.89Madras NW HD-12-181293453.51.411.41Madras NW HD-12-181394010.71.051.05Madras NW HD-12-1815057750.970.97Madras NW HD-12-181606110.71.631.63Madras NW HD-12-182233295.71.41.4Madras NW HD-12-182383910.61.421.42Madras NW Houndé Project Sample Handling ProceduresEndeavour's procedures at Houndé for handling reverse circulation drill chips comprise initial splitting of the rock chips from one metre drill length samples into 2.0 kg samples, as well as description and logging into a database. Core samples are handled in a similar fashion with mineralized intervals sawn in half and the right hand portion of the sample placed in samples bags for analysis. The RC samples, and core samples, are subsequently delivered to representatives of SGS Laboratories in Ouagadougou. Assay standard samples are inserted every 25th sample and duplicate reverse circulation from every 20th sample are sent in as a separate sample to double check the assays from these intervals. This sampling procedure was initiated and periodically reviewed by Endeavour's Senior Vice President Technical Services, Don Dudek, P. Geo. The assay samples are then crushed to 3 mm with a riffle split if required, to 1.5 kg, the entire sample milled in a LM2 mill to a nominal 95% passing 75μm. All the preparation equipment is flushed with barren material prior to the commencement of the job and all sample bowls are scrapped clean with a scratch pad. Gold values were determined by Fire Assay and AAS with a 50 gram nominal sample weight. In order to ensure that local, exceptionally high grade assays are not overly represented in assay composites Endeavour is also presenting assay composites, with high grade samples capped at 30.0 g/t Au, which is the capping level deemed appropriate for the initial samples from the Vindaloo and Madras NW zones and consistent with previous practice on the property.        PDF available at: http://stream1.newswire.ca/media/2013/01/22/20130122_C7547_DOC_EN_22789.pdfSOURCE: Endeavour Mining CorporationFor further information: Marla Gale  Vice President - Investor Relations  +1 604 609 6117  mgale@endeavourmining.com UK/Europe: Bobby Morse  Buchanan  +44 20 7466 5000  bobbym@buchanan.uk.com  Australia: David Ikin  Professional Public Relations  +61 8 9388 0944  david.ikin@ppr.com.au