Endomines reports new mineralization with robust intercepts close to Pampalo Gold Mine
Endomines AB (the "Company”) is pleased to report preliminary results from its current underground core drilling campaign at the Pampalo mine, located on the Karelian Gold Line. The Karelian Gold line is a 40 km long gold-critical Archean greenstone belt in Ilomantsi (Eastern Finland), where Endomines controls all currently known gold deposits. The drilled property is fully owned by Endomines.
Results have been received from the first seven holes of a 15-hole, 739-meter, campaign, which started in April 2012. This campaign focused on an area between the Pampalo and Pampalo East ore zones, and yielded a number of encouraging intercepts, including 6 m @ 5.9 g/t gold, 12.6 m @ 5.2 g/t, and 9.8 m @ 5.0 g/t gold, in addition to the previously drilled intercepts yielding 9.2 m @ 4.1 g/t gold and 11.6 m @ 3.2 g/t gold.
These results prove that there is a new mineralized zone between the currently known Pampalo and Pampalo East gold resources, at grades comparable with the previously known gold lodes at Pampalo.
The drilling campaign will proceed further as planned upwards, downdip and along strike with a view to follow the mineralized zone.
All samples from the drilling campaign have as yet not been assayed. Complete results will be published in due course on the Company web-site: http://www.endomines.com/pampaloexploration2012.php
“These exploration results from the first exploration drillings in 2012 have confirmed the significant potential for further gold deposits in the immediate vicinity of the Pampalo ore”, says Markus Ekberg, CEO of Endomines. “The drilling campaign is proceeding both up and downdip starting from the discovery level. We look forward to receiving further results and have high expectations for these”.
The technical aspects of this news release have been prepared by M.Sc. (Geology) Jaakko Liikanen, who is acting as a Competent Person with respect to this release. Jaakko Liikanen is Chief Technical Officer of Endomines AB and owns 1 143 892 shares (1.43%) of the company. The data supporting this news release has been provided in a Surpac database and has been verified against the original laboratory assay certificates. The Competent Person has not undertaken any independent sampling of the drill core, but has reviewed the QA/QC procedures, and considers the results to be within expected margins of error.
For further information, please contact:
CEO of Endomines AB
tel. +358 40 706 48 50
or visit the Company's website at www.endomines.com
About Endomines AB:
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 PenserBankaktiebolag 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.