Endomines gold production Q3 2014
Endomines AB publishes its third quarter 2014 (ending September 30, 2014) production results for its Pampalo Operations in Eastern Finland. The operation produced 210.9 kg (6,781 oz) of gold during the third quarter.
Pampalo Production Results[1]:
| Key production figures by quarter | Q1-2013 | Q2-2013 | Q3-2013 | Q4-2013 | Q1-2014 | Q2-2014 | Q3-2014 |
| Milled ore (tonnes) | 58,856 | 80,939 | 93,460 | 96,328 | 107,866 | 104,688 | 95,583 |
| Head grade (Au gram/tonne) | 3.5 | 2.3 | 3.0 | 2.6 | 2.0 | 2.3 | 2.7 |
| Gold recovery (%) | 88.4 | 86.7 | 82.6 | 82.8 | 81.6 | 80.3 | 81.6 |
| Hourly utilization (%) | 88.8 | 92.7 | 92.7 | 87.5 | 94.6 | 95.7 | 93.7 |
| Gold production (kg) | 180.4 | 168.1 | 228.5 | 213.0 | 176.0 | 195.7 | 210.9 |
| Gold production (oz) | 5,800 | 5,405 | 7,346 | 6,848 | 5,659 | 6,292 | 6,781 |
| LTIFR[2] (12 months rolling) | 9 | 0 | 8 | 8 | 11 | 16 | 23 |
The gold production during the quarter was in line with the target despite that milled ore was slightly lower than planned. The hourly utilization rate in the mill was again good and amounted to 93.7%.
The production for the first nine months was 582.6 kg gold or in line with last year. The production guidance for 2014 remains as previously announced and is in line with 2013 gold production (790 kg).
The financial results for January – September 2014 will be published on October 28, 2014.
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
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 7th, 2014.
About Endomines AB
Endomines is conducting exploration as well as mining activities along the 40 kilometer extended Karelian Gold Line. Endomines is controlling, based on decisions from relevant authorities, the exploration rights for the entire area.
The Company´s first mine, Pampalo, was started in February 2011. During 2014 production from the open pit at Rämepuro was commenced and the Company is now planning to start mining of the gold deposit at Hosko. The ore from Hosko, as for Rämepuro ore, will be treated at Pampalo mill, at the center of the Karelian Gold Line.
The Company operates under a regime of sustainable principles and with a business practice to minimize the impact to the environment.
Endomines applies SveMin's & FinnMin's respective rules for reporting (public mining & exploration companies). The Company 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 Stockholm under ticker ENDO and on NASDAQ Helsinki under ticker ENDOM. Pareto Securities acts as Liquidity Provider in Stockholm.
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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.
[1] Production figures for Q3/2014 are partly based on company own assaying and not confirmed by any external laboratory. Figures are individually rounded off.
[2] LTIFR = The Lost Time Injury Frequency Rate is based on reported lost time injuries on a rolling 12-month bases resulting in one day/shift or more off work per 1,000,000 hours worked. LTIFR has been calculated for the whole company including contractors
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