GEORGE TOWN, Grand Cayman, United Kingdom, April 11, 2016 (GLOBE NEWSWIRE) -- Endeavour Mining Corporation ("Endeavour") (TSX:EDV) (OTCQX:EDVMF) is pleased to announce that both Institutional Shareholder Services Inc. ("ISS") and Glass Lewis & Co. ("Glass Lewis"), two leading independent proxy advisory firms whose analyses and recommendations are relied upon by many major institutional investment firms, mutual funds and fiduciaries, have recommended that shareholders of Endeavour and shareholders of True Gold Mining, Inc. ("True Gold") (TSX-V: TGM) support the proposed plan of arrangement (the "Arrangement") between the two companies at their special meetings scheduled for April 21, 2016.
Endorsing the Arrangement, ISS noted that "the all-stock transaction makes strategic sense as it will create a stronger combined entity with better access to financial markets and result [in] potential operational and administrative synergies." Glass Lewis, in turn, indicated "that the proposed transaction is supported by a clear strategic vision and tangible benefit for Endeavour shareholders, who will gain exposure to the low-cost Karma gold mine."
In addition, both ISS and Glass Lewis have recommended to Endeavour shareholders that they vote for the approval of the issuance of shares to La Mancha Holding S.àr.l. ("La Mancha") and the increase in the authorized share capital. As noted by ISS, "the dilution of the share issuance appears to be reasonably limited," while the increase in the authorized share capital "is considered generally acceptable."
All Endeavour shareholders are encouraged to read the information circular with respect to the Arrangement, which was mailed to shareholders of record as of March 15th, 2016. It is also available on SEDAR at www.sedar.com and Endeavour's website (www.endeavourmining.com).
The Board of Directors of Endeavour has unanimously recommended that shareholders vote in favour of the resolutions outlined in the circular.
Registered Endeavour Shareholders are encouraged to vote by proxy, which must be received by Computershare by 10:00 a.m. (EST) on April 19, 2016.
If you have any questions or require assistance in voting, please contact our proxy solicitation agent, D.F. King, at 1-800-926-7043 toll free in North America, or call collect outside North America at 1-201-806-7301 or by email at firstname.lastname@example.org.
| Vincent Benoit |
EVP - Strategy & Business Development
+33 (0)1 70 38 36 96
Martino De Ciccio
VP - Strategy & Investor Relations
+33 (0)1 70 38 36 95
| DFH Public Affairs in Toronto |
(416) 206-0118 x.224
Brunswick Group LLP in London
Carole Cable, Partner
+44 7974 982 458
About Endeavour Mining Corporation
Endeavour Mining is a TSX-listed intermediate gold mining company which operates 4 West African mines in Côte d'Ivoire, Mali, and Ghana. In 2016, it expects to produce between 535,000 and 560,000 ounces at an all-in sustaining cost of US$870 to US$920 per ounce, after adjustment of the recent Youga sale and excluding the Karma mine (where the transaction with True Gold is expected to close at the end of April 2016). Endeavour Mining is focused on effectively managing its existing assets to maximize cash flow as well as pursuing organic and strategic growth opportunities that benefit from its management and operational expertise.
Endeavour Mining | Executive Office | Bureau 76, 7 Boulevard des Moulins, Monaco 98000
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 www.sedar.com for further information respecting the risks affecting Endeavour and its business.
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