The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Endeavour Mining reports Agbaou Gold Mine construction progress

Wednesday, April 24, 2013

Endeavour Mining reports Agbaou Gold Mine construction progress

13:36 EDT Wednesday, April 24, 2013


VANCOUVER, April 24, 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 continues on-schedule and on-budget toward initial production in Q1 2014.

Agbaou Gold Mine Construction Highlights:

  • To date, approximately 68% of the US$160 million construction budget has been committed, with US$59 million spent and the project is approximately 57% physically complete overall. At current gold prices, mine cash flows and balance sheet resources, including cash and bullion of approximately $130 million as of March 31, are sufficient to complete construction as planned.
  • On April 19th the Canadian Ambassador to Côte d'Ivoire, Chantal de Varennes, hosted an event in Abidjan that highlighted Endeavour's progress with Agbaou and the benefits to the national and local economy.  The event was attended by key government and media representatives as well as senior Endeavour management. As a follow-on, the Canadian Ambassador and Neil Woodyer, Endeavour's CEO, visited Agbaou on April 20th
  • CIL tanks are fully constructed and hydro-testing is currently underway
  • Construction of the 15 km overhead electrical transmission line is in progress
  • Major components for the mills have been shipped and are on-schedule
  • The Tailings Storage Facility (TSF) and Water Storage Dam (WSD) are nearing completion, with final earthworks and clean-up underway
  • Clearing of the north and south pit areas has commenced
  • The new village was recently completed and move-in of approximately 250 residents is complete; total relocation costs, including construction of new village, crop compensation and other items were in line with feasibility study estimate of US$6 million

About Endeavour Mining Corporation
Endeavour 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 which, together with cash and bullion balances, are funding further expansion. Endeavour's annual gold production is forecast to reach 450,000 ounces per year during 2014, including the Tabakoto mill expansion in 2013 and completion of construction of Agbaou Gold Mine in Côte d'Ivoire scheduled for Q1 2014. In addition, a January 2013 PEA shows potential for 160,000 ozs per year from the Houndé Project in Burkina Faso, which is being assessed by a feasibility study during 2013.

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 Corporation

Neil Woodyer
Chief Executive Officer

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 for further information respecting the risks affecting Endeavour and its business.






Image with caption: "CIL tanks and mill stands viewed from Crusher, April 2013 (CNW Group/Endeavour Mining Corporation)". Image available at:

Image with caption: "Neil Woodyer, CEO, Chantal de Varennes, Canadian Ambassador to Côte d'Ivoire, and Allison Fedorkiw, Community Relations Supervisor, during Agbaou site visit April 20, 2013 (CNW Group/Endeavour Mining Corporation)". Image available at:

Image with caption: "Primary crusher under construction, April 2013 (CNW Group/Endeavour Mining Corporation)". Image available at:

Image with caption: "Tailings Storage Facility and Water Storage Dam, slope trimmings, April 2013 (CNW Group/Endeavour Mining Corporation)". Image available at:

Image with caption: "Clearing of South Pit, April 2013 (CNW Group/Endeavour Mining Corporation)". Image available at:

Image with caption: "Resettlement village and water tower, April 2013 (CNW Group/Endeavour Mining Corporation)". Image available at:

SOURCE: Endeavour Mining Corporation

For further information:

Marla Gale
Vice President - Investor Relations
+1 604 609 6117

UK/Europe: Bobby Morse
+44 20 7466 5000

Australia: David Ikin
Professional Public Relations
+61 8 9388 0944

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 7256

A Cayman Islands exempted company with limited liability.

ARBN 153 067 639

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail App

    The New Globe and Mail App for iPhone®, iPad® and Apple Watch download

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Secure Service
Customer Service
Advertising Privacy
Globe Recognition
Mobile Apps
Other Sections