ENDOMINES CONTINUES TO DRILL LONG GOLD MINERALIZED INTERSECTIONS AT KORVILANSUO
Endomines has carried out further exploration drilling at its Korvilansuo property which is located on the Karelian Gold Line, near Ilomantsi, in Eastern Finland. The mineral rights of the property are fully owned by the Company.
This recent drilling campaign at Korvilansuo aimed at extending the gold mineralization discovered during the 2011 campaign. Four new holes, 672,8m in total, were drilled, and have yielded intercepts including:
- 34,2 m @ 2,04 g/t gold
- 15 m @ 4,46 g/t gold
- 9,8 m @ 2,15 g/t gold
- 9 m @ 1,42 g/t gold
- 6 m @ 1,01 g/t gold
- 4 m @ 1,79 g/t gold
- 1 m @ 9,79 g/t gold.
Due to promising exploration results, Endomines has also decided to include the Korvilansuo property to the ongoing Karelian Gold Line Environmental Impact Assessment Study. The study is prepared by the environmental consulting company Linnunmaa Oy and is expected to be completed and filed latest in October 2012. The study covers the whole 40 km long Karelian Gold Line and includes all currently known deposits or advanced exploration targets Hosko, Kuivisto, Rämepuro, Muurinsuo, Korvilansuo and Kuittila.
The environmental work along the Karelian Gold Line will continue immediately with permit applications for the Rämepuro deposit, where target is commencing test mining during summer 2013. The permit application is prepared by Pöyry Finland Oy
A further drilling campaign has been initiated in mid-August. The results of this campaign are will be reported in due course.
This statement has been prepared by Jaakko Liikanen (MSc Geol), acting as a Qualified Person in compliance with SveMin-FinnMin rules. He owns 1 143 892 (1.44%) Endomines AB shares and is employed by the Company as Chief Technical Officer. The data supporting this news release has been included in a Surpac database and has been verified against the original laboratory assay certificates.
A complete press release with the exploration results of the Korvilansuo property can be found in a pdf-version on the company´s website www.endomines.com
For further information, please contact:
Markus Ekberg, CEO of Endomines AB
tel. +358 40 706 48 50
or visit the Company's website at www.endomines.com
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 has several other gold and industrial mineral properties at various stages of development. All Endomines’ mineral assets are located in Finland, which is politically stable, has a highly developed infrastructure and is ranked as one of the most favorable jurisdictions for the mining industry.
Endomines aims to increase shareholder value by developing its strong portfolio of assets, as well as exploring new deposits on the Karelian Gold Line and in Finnish Lapland. The company will also consider new opportunities and acquisitions for further growth.
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 also 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.
Endomines applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The shares of Endomines AB are quoted on the First North Premier segment in Stockholm under ticker ENDO.ST. Erik Penser Bankaktiebolag acts as Certified Adviser and Liquidity Provider.
Read more about Endomines on www.endomines.com
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.