ENDEAVOUR’S ITY CIL PROJECT CONSTRUCTION IS TRACKING AHEAD OF SCHEDULE AND ON-BUDGET
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Abidjan, October 17, 2018 – Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF) is admiring to advertise that the architecture of its Ity Carbon-in-Leach (“CIL”) Activity in Côte d’Ivoire is tracking two months advanced of agenda and charcoal on-budget. The aboriginal gold cascade is now accepted to action in aboriginal Q2-2019 rather than mid-2019 as advanced planned.
Sébastien de Montessus, President & CEO, stated: “I’d like to acknowledge the architecture aggregation for their adamantine assignment and accomplished beforehand accomplished so far. Completing the architecture eventually is accepted to aftereffect in absolute beforehand to our 2019 free-cash breeze bearing abeyant as Ity CIL will be a bargain operation with AISC accepted to be beneath $500/oz over its aboriginal 5 years.”
Jeremy Langford, COO & Executive Vice-President Projects added: “The acquaintance that our centralized architecture aggregation has acquired from our antecedent builds in the region, the aboriginal accession of the Ball and SAG mills, accumulated with the accomplished beforehand fabricated during the backing season, accept been key factors which accept helped beforehand the Ity CIL architecture advanced of schedule. We are additionally decidedly admiring with the connected able affirmation clue almanac with aught lost-time incidents to date.”
KEY MILESTONES ACHIEVED TO DATE INCLUDE:
Picture 1: Action Bulb
Picture 2: Tailings Accumulator Facility
Picture 3: Ability Station
Picture 4: Booty Alley Bridge
Picture 5: Resettlement
Figure 1: Ity CIL Architecture Milestones
ABOUT THE ITY CIL PROJECT
The Ity CIL activity commenced architecture in September 2017, and is actuality agitated out by Endeavour’s centralized aggregation afterward their acknowledged achievement of the Houndé and Agbaou constructions. The Optimized study, appear in September 2017, accustomed the cogent abeyant for Ity, which has already been in operation for added than 20 years, to become accession flagship asset for Endeavour. The Ity CIL activity is accepted to aftermath about 204,000 ounces annually for the aboriginal 10 years, at a low AISC of $549/oz with able-bodied economics which includes an after-tax NPV5% of $710m based on a gold bulk of $1,250/oz.
Jeremy Langford, Endeavour’s Chief Operating Officer – Fellow of the Australasian Institute of Mining and Metallurgy – FAusIMM, is a Qualified Person beneath NI 43-101, and has advised and accustomed the abstruse advice in this account release.
VP – Action & Investor Relations 44 203 011 [email protected]
Carole Cable, Partner 44 7974 982 [email protected]
ABOUT ENDEAVOUR MINING CORPORATION
Endeavour Mining is a TSX listed average African gold ambassador with a solid clue almanac of operational excellence, activity development and analysis in the awful -to-be Birimian greenstone belt in West Africa. Endeavour is focused on alms both near-term and abiding advance opportunities with its activity activity and its analysis strategy, while breeding absolute banknote breeze from its operations.
Endeavour operates 5 mines beyond Côte d’Ivoire (Agbaou and Ity), Burkina Faso (Houndé, Karma), and Mali (Tabakoto) which are accepted to aftermath 670-720koz in 2018 at an AISC of $840-890/oz. Endeavour’s high-quality development projects (recently commissioned Houndé, Ity CIL and Kalana) accept the accumulated abeyant to bear an added 600koz per year at an AISC able-bodied beneath $700/oz amid 2018 and 2020. In addition, its analysis affairs aims to ascertain 10-15Moz of gold amid 2017 and 2021 which represents added than alert the assets burning during the period. For added information, amuse visit www.endeavourmining.com.
Corporate Office: 5 Young St, Kensington, London W8 5EH, UK
This account absolution contains “forward-looking statements” including but not bound to, statements with account to Endeavour’s affairs and operating performance, the admiration of mineral affluence and resources, the timing and bulk of estimated approaching production, costs of approaching production, approaching basic expenditures, and the success of analysis activities. Generally, these advanced statements can be articular by the use of advanced analogue such as “expects”, “expected”, “budgeted”, “forecasts”, and “anticipates”. Advanced statements, while based on management’s best estimates and assumptions, are accountable to risks and uncertainties that may account absolute after-effects to be materially altered from those bidding or adumbrated by such advanced statements, including but not bound to: risks accompanying to the acknowledged affiliation of acquisitions; risks accompanying to all-embracing operations; risks accompanying to accepted bread-and-er altitude and acclaim availability, absolute after-effects of accepted analysis activities, hasty affirmation expenses; changes in activity ambit as affairs abide to be refined; fluctuations in prices of metals including gold; fluctuations in adopted bill barter rates, increases in bazaar prices of mining consumables, accessible variations in ore reserves, brand or accretion rates; abortion of plant, accessories or processes to accomplish as anticipated; accidents, labour disputes, appellation disputes, claims and limitations on allowance advantage and added risks of the mining industry; delays in the achievement of development or architecture activities, changes in civic and bounded government adjustment of mining operations, tax rules and regulations, and political and bread-and-er developments in countries in which Endeavour operates. Although Endeavour has attempted to analyze important factors that could account absolute after-effects to alter materially from those independent in advanced statements, there may be added factors that account after-effects not to be as anticipated, estimated or intended. There can be no affirmation that such statements will prove to be accurate, as absolute after-effects and approaching contest could alter materially from those advancing in such statements. Accordingly, readers should not abode disproportionate assurance on advanced statements. Amuse accredit to Endeavour’s best contempo Annual Advice Form filed beneath its contour at www.sedar.com for added advice apropos the risks affecting Endeavour and its business. AISC, all-in comestible costs at the abundance level, banknote costs, operating EBITDA, all-in comestible margin, chargeless banknote flow, net chargeless banknote flow, chargeless banknote breeze per share, net debt, and adapted balance are non-GAAP banking achievement measures with no accepted acceptation beneath IFRS, added discussed in the area Non-GAAP Measures in the best afresh filed Management Discussion and Analysis.
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