George Town, Sept. 14, 2016 (GLOBE NEWSWIRE) -- Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF) is pleased to announce that it has consolidated an 80km underexplored Birimian corridor on-trend with its Ity mine in Côte d'Ivoire, significantly increasing its holdings in the Ity district from 178km² to 664km2.
The new Floleu (104km2) and Toulepleu (382km2) exploration tenements were obtained on a 100% ownership basis, while the previously 55%-held Tiepleu tenement (153km2) was re-obtained on a 100% basis. Endeavour believes that these large tenements, which have similar geology to the Ity area, hold very promising exploration targets.
Patrick Bouisset, Executive Vice-President Exploration and Growth of Endeavour, commented:
"We are extremely pleased to have secured what we consider to be one of West-Africa's most underexplored areas in the Birimian belts. We believe that the exploration success at the Ity mine, which has grown to be nearly a 5-million-ounce endowment, is a good indication of the potential to find more skarn or shear-zone type multi-million ounce deposits along the same trend. These new tenements will form an integral part of our long-term exploration strategy, which is expected to be announced in the fourth quarter of 2016."
About the Ity District
The Ity district is located within the preserved Toulepleu-Ity klippe belt, a northeast trending strip of Lower Proterozoic B1 Birimian terrane thrusted and floating on the older migmatitic gneisses Archean basement of the West African Craton. The Birimian nappe is affected by a strong polyphase tectonic regime and sealed by the later B2 Toulepleu conglomerate that lies unconformably on the rocks of the B1 unit. All formations have been subjected to greenschist to lower amphibolite facies regional metamorphism. The B1 Birimian formations within the Ity area are characterized by a series of volcano-sediments interlayered with carbonate bands. These sedimentary sequences are largely crosscut by granodiorite and diorite intrusions of various thickness. Endeavour believes that this district holds very promising exploration targets, in particular at or close to the contact between Birimian meta-sediments and the large and central granitic/gneissic Guiamapleu mole or intrusion.
About Endeavour Mining Corporation
Endeavour Mining is a TSX-listed intermediate gold producer, focused on developing a portfolio of high quality mines in the prolific West-African region, where it has established a solid operational and construction track record.
Endeavour is ideally positioned as the major pure West-African multi-operation gold mining company, operating 5 mines in Côte d'Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2016, it expects to produce between 575koz and 610koz at an AISC of US$870 to US$920/oz. Endeavour is currently building its Houndé project in Burkina Faso, which is expected to commence production in Q4-2017 and to become its flagship low-cost mine with an average annual production of 190koz at an AISC of US$709/oz over an initial 10-year mine life based on reserves. The development of the Houndé project is expected to lift Endeavour's group production +900kozpa and decrease its average AISC to circa $800/oz by 2018, while exploration aims to extend all mine lives to +10 years.
Adriaan "Attie" Roux, Pr.Sci.Nat, Endeavour's Chief Operating Officer, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information related to mining operations in this news release.
| 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
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. 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.