Endomines increases production guidance for 2017 to 350-400kg of gold

Endomines increases its production guidance for 2017 to 350-400kg of gold due to better than expected production output year-to-date.

Endomines’ ore production year-to-date has exceeded the Company’s expectations. The gold head grade has also consistently been 0.3-0.4g/t higher than anticipated, averaging 2.8 g/t year-to-date. Whilst the improvement in the head grade primarily derives from a higher in-situ grade of ore, the Company’s recent operational improvements in mining, mine development and infill drilling have also contributed to higher than anticipated gold production.

Endomines produced 205kg of gold during the first half of 2017, and production during the third quarter has continued uneventfully. Although some uncertainty relating to gold grades in the areas to be mined in the fourth quarter still remains, the Company has now concluded it probable that the previously guided production range of 300-350kg will be exceeded.

Revised production guidance for 2017:

Endomines’ production guidance for the year is 350-400kg of gold.

Previous production guidance for 2017 (as announced in connection with the H1 2017 interim report):

Endomines’ production guidance for the year is 300-350kg of gold. If production during the second half of the year remained at the same level as in the first half, the gold production would exceed 350kg. However, mining during the latter half of the year is done in new areas, which contain some uncertainty relating to head grades. Therefore, the Company maintains its production guidance at its present level for the time being.

Contact person
Saila Miettinen-Lähde, CEO, +358 40 548 36 95, saila.miettinen-lahde(at)endomines.com

This information is information that Endomines AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 13:45 CEST on 27 September, 2017.

About Endomines
Endomines is a gold concentrate producer with mining, development and exploration operations in Eastern Finland along the 40 kilometer long Karelian Gold Line. Through various regulatory approvals, Endomines controls the exploration rights to this entire area. Endomines vision is to participate in the future structural transformation and consolidation of the Nordic mining industry. The Company may therefore be involved in acquisitions of interesting deposits or companies, should such opportunities arise.

The shares trade on Nasdaq Stockholm (ENDO) and Nasdaq Helsinki (ENDOM). 

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About Us

Endomines consists of the parent company, Endomines AB, with two wholly owned subsidiaries: Endomines Oy and Kalvinit Oy. The operations of Endomines Oy include exploration and development of gold deposits and planned gold mining. Kalvinit Oy is focused on the development of the industrial mineral ilmenite deposits. The Company’s present mineral deposits are all located in Finland. The Company acquired all shares outstanding in the two subsidiaries, Endomines Oy and Kalvinit Oy, through a non-cash issue. These subsidiaries were founded in the mid-1990s and have been financed by private individuals and Finnish institutions since inception.

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