· Pampalo operations produced 228.5 kg gold during the third quarter 2013
· 2013 full year production guidance remains at 800-900 kg
· The Exploration program is on-going according to the plan
Endomines AB publishes the third quarter 2013 (ending September 30, 2013)
production results for its Pampalo Operations in Eastern Finland. The mines
produced 228.5 kg or 7,346 oz of gold during the third quarter.
Pampalo Q3/2013 Production Results[1]:
Key production data
Q3 January-September
2013 2012 change 2013 2012 change
Mined ore (tonnes) 74,635 61,988 12,647 238,600 180,840 57,760
Milled ore (tonnes) 93,460 64,177 29,283 233,255 190,503 42,752
Head grade (Au gram/tonne) 3.0 3.2 -0.2 2.9 3.6 -0.7
Gold recovery (%) 82.6 85.5 -2.9 85.7 85.9 -0.2
Hourly utilization (%) 92.7 95.0 -2.3 91.4 91.9 -0.5
Gold production (kg) 228.5 175.8 52.7 577.0 589.1 -12.1
Gold production (oz) 7,346 5,652 1,694 18,551 18,941 -390
Quarterly production figures and rolling 12 months
Q4-2012 Q1-2013 Q2-2013 Q3-2013 Rolling 12 months FY 2012
Mined ore 69,950 90,386 103,579 74,635 308,550 250,790
(tonnes)
Milled ore 59,446 58,856 80,939 93,460 292,701 249,949
(tonnes)
Head grade 5.4 3.5 2.3 3.0 3.4 4.0
(Au
gram/tonne)
Gold recovery 87.2 88.4 86.7 82.6 86.1 86.1
(%)
Hourly 88.1 88.8 92.7 92.7 90.6 91.0
utilization
(%)
Gold 277.4 180.4 168.1 228.5 854.4 866.5
production
(kg)
Gold 8,919 5,800 5,405 7,346 27,470 27,860
production
(oz)
LTIFR[2] (12 9 0 8 4 4 9
month
rolling)
Gold production during the quarter was close to target level despite operation
of a few low grade areas at the Pampalo underground mine.
Production for the first nine months was 577 kg gold. 2013 full year production
guidance remains at 800-900 kg gold.
Test mining at Rämepuro satellite mine has commenced. The mining has, however,
been delayed due to very wet conditions in the bog area surrounding the open
pit. The run of mine ore grade from the Rämepuro deposit has been lower than
expected and management is currently investigating the background.
A pilot plant process test with 500 tonnes of ore from the Hosko deposit has
commenced at GTK Mintec laboratory in Outokumpu Finland.
The Exploration program is on-going according to the plan. Two surface core
drilling rigs are operating in the Korvilansuo-Elinsuo area, one surface rig at
Pampalo mining lease area and one rig is drilling Pampalo deep extensions from
under ground.
The financial results for January – September 2013 will be published on November
1st 2013.
For further information, please contact:
Markus Ekberg
CEO of Endomines AB
tel. +358 40 706 48 50
or visit the Company´s home page: www.endomines.com
About Endomines AB
Endomines AB is a Nordic mining and exploration company with its first operating
gold mine in production since February 2011. The mine is located in Eastern
Finland, on the Karelian Gold Line, a 40 km long gold critical belt, where
Endomines controls all currently known gold deposits.
The company’s business practices and mining operations are based on sustainable
principles and on minimizing the impact on the environment.
Endomines applies SveMin's & FinnMin's respective rules for reporting (public
mining & exploration companies). It has chosen to report mineral resources and
ore reserves according to the JORC-code, which is the internationally accepted
Australasian code for reporting ore reserves and mineral resources.
The shares of Endomines AB are quoted on NASDAQ OMX Stockholm under ticker ENDO
and on NASDAQ OMX Helsinki under ticker ENDOM. Pareto Öhman acts as Liquidity
Provider in Stockholm.
__________________________________________________________________
This news release may contain forward-looking statements, which address future
events and conditions, which are subject to various risks and uncertainties. The
Company's actual results, programs and financial position could differ
materially from those anticipated in such forward-looking statements as a result
of numerous factors, some of which may be beyond the Company's control. These
factors include: the availability of funds; the timing and content of work
programs; results of exploration activities and development of mineral
properties, the interpretation of drilling results and other geological data,
the uncertainties of resource and reserve estimations, receipt and security of
mineral property titles; project cost overruns or unanticipated costs and
expenses, fluctuations in metal prices; currency fluctuations; and general
market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the
Company's management on the date the statements are made. The assumptions used
in the preparation of such statements, although considered reasonable at the
time of preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
__________________________________________________________________
Endomines AB discloses the information provided herein pursuant to the Swedish
Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The
information was submitted for publication at 08:45 CET on October 4th, 2013.
----------------------------------------------------------------------
[1] Production figures for Q3/2013 are based on internal laboratory assays and
are not confirmed by an external laboratory. Figures are individually rounded
off. Mined and milled ore tonnes may include adjustments due to inventory
differences. Year-to-date and rolling 12 months´ mined ore tonnes have been
adjusted due to the inventory difference reported in the Q2-report as a result
of control measurement of the open pit ore production during the first six
months in 2013.
[2] LTIFR = The Lost Time Injury Frequency Rate is based on reported lost time
injuries resulting in one day/shift or more off work per 1,000,000 hours worked
, on a rolling 12-month basis. LTIFR has been calculated for the entire company
including exploration.
Endomines Q3/2013: Update of Production and Exploration activities
| Quelle: Endomines AB
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