The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group

Endeavour Mining's Agbaou construction continues on schedule

Wednesday, March 13, 2013

Endeavour Mining's Agbaou construction continues on schedule15:56 EDT Wednesday, March 13, 2013VANCOUVER, March 13, 2013 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV, ASX:EVR, OTCQX:EDVMF) announces that construction of its Agbaou Gold Mine in Côte d'Ivoire is proceeding on-budget and on-schedule to initial production in Q1 2014. Steel deliveries for the plant have begun and will continue over the next several months, with major concrete pours complete and CIL tank construction in progress. Agbaou Gold Mine Construction Highlights:To date, approximately 62% of the $159 million construction cost budget has been committed, with $45 million spent and the project is 52% physically complete overallAll major contracts, including the EPCM contract with Lycopodium and mining contract with BCM International, have been finalized and are within the cost estimates of the June 2012 feasibility studyMajor component deliveries for the SAG and Ball Mills are on scheduleCamp construction is nearly complete, with approximately 900 workers now on-sitePreparations for connection to the power grid are well advanced, with transformer delivery expected in July 2013 and overhead power line contractor mobilised. Construction of the high voltage sub-station commenced on the 1st of March8 km access road has been completed within the June 2012 feasibility estimateTailings storage facility (TSF) and water storage dam (WSD) construction is proceeding well, with embankments being raised, grading and compacting ongoingEndeavour has begun recruiting key operations personnel. Mr. Gerald Boting was recently appointed General Manager (GM) of Agbaou. As part of his 35 years of experience, he was instrumental in the development of the Skorpion Zinc project in Namibia and served as the GM of that mine for seven yearsCommunity support for Agbaou is solid, with crop compensation 100% complete, relocation construction for 250 residents nearing completion and several major community development projects completedAgbaou Gold Mine Pictorial Update - February / March 2013About 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 be over 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 160,000 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 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. Image with caption: "CIL tank construction, in early March 2013 (CNW Group/Endeavour Mining Corporation)". Image available at: http://photos.newswire.ca/images/download/20130313_C4689_PHOTO_EN_24536.jpgImage with caption: "Crusher vault, rebar installation in advance of concrete pour, March 2013 (CNW Group/Endeavour Mining Corporation)". Image available at: http://photos.newswire.ca/images/download/20130313_C4689_PHOTO_EN_24537.jpgImage with caption: "SAG Mill, in fabrication (CNW Group/Endeavour Mining Corporation)". Image available at: http://photos.newswire.ca/images/download/20130313_C4689_PHOTO_EN_24538.jpgImage with caption: "Tailings storage facility (CNW Group/Endeavour Mining Corporation)". Image available at: http://photos.newswire.ca/images/download/20130313_C4689_PHOTO_EN_24539.jpgImage with caption: "Camp nearing completion; canteen and other facilities shown above (CNW Group/Endeavour Mining Corporation)". Image available at: http://photos.newswire.ca/images/download/20130313_C4689_PHOTO_EN_24540.jpgImage with caption: "Camp nearing completion; canteen and other facilities shown above (CNW Group/Endeavour Mining Corporation)". Image available at: http://photos.newswire.ca/images/download/20130313_C4689_PHOTO_EN_24541.jpgImage with caption: "New Agbaou ambulance; full-time doctor and two nurses now on-site (CNW Group/Endeavour Mining Corporation)". Image available at: http://photos.newswire.ca/images/download/20130313_C4689_PHOTO_EN_24542.jpgImage with caption: "Endeavour's Chairman, Michael Beckett, in conversation with Jeremy Langford, SVP Projects during February HSE committee site visit (CNW Group/Endeavour Mining Corporation)". Image available at: http://photos.newswire.ca/images/download/20130313_C4689_PHOTO_EN_24543.jpgSOURCE: 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 Endeavour Mining Corporation Regatta Office Park Windward 3, Suite 240, PO Box 1793 West Bay Road, Grand Cayman KY1-1109, Cayman Islands Tel: +1 345 769 7250 Fax: +1 345 769 7256www.endeavourmining.com A Cayman Islands exempted company with limited liability. ARBN 153 067 639