Endomines Ore Reserve and Resource Estimate update
Endomines is making a public announcement of its updated ore reserves and mineral resources estimates. The estimates have been prepared according to the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (Joint Ore Reserve Committee - JORC-code).
Various authors (Geoconsulting Parkkinen Oy, Endomines –in house and others) have prepared the updates. The update represents the production situation as at 31st December 2014.
The results are as follows:
For tables and detailed results the enclosed pdf-document and Endomines website.
Summary reports of the estimates will be made available on the company's web site in due course.
As the Pampalo mine has progressively been deepened, the conditions for the production at Pampalo mine have become more challenging. Previously interpreted larger ore lenses have been observed to be broken up into smaller lenses.
The company commenced infill drilling at its Hosko deposit in late 2014 immediately once financing was secured. The recent drilling has not been able to confirm the extent of the previously identified high grade part of the deposit. The recent drilling has also delineated grade distribution within the deposit more closely. As earlier announced the Hosko mineral resources and ore reserves have decreased materially.
“Early 2014 we made a decision to reduce our exploration spending and implement other cost-reduction measures. The total ore reserves have thus been reduced during 2014 and we face a challenge to increase our reserve and resource base“, comments Markus Ekberg, CEO of Endomines.
This statement has been controlled by Eurogeologist, MSc (Geol) Markus Ekberg acting as a Qualified Person in compliance with Fennoscandian Review Board -standards. Markus Ekberg is employed by Endomines as Chief Executive Officer and owns 180 000 shares in Endomines.
For further information, please contact:
CEO of Endomines AB
tel. +358 40 706 48 50
or visit the Company´s website www.endomines.com
Endomines conducts exploration and mining business along the 40 kilometer long Karelian Gold Line. Through various regulatory approvals, Endomines controls the exploration rights to this entire area.
The Company’s first mine, Pampalo, started in February 2011. During 2014, Endomines initiated the production of ore from the mine in Rämepuro and is planning to start mining of the gold deposit in Hosko. The ore from satellite mines will be processed in the centrally located mill at Pampalo
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 for 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.
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 of Endomines AB are quoted on NASDAQ Stockholm under ticker ENDO and on NASDAQ Helsinki under ticker ENDOM. The Liquidity Provider in both Stockholm and Helsinki is Erik Penser Bankaktiebolag.
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 March 13, 2015.