Exploration update: The majority of holes have intersected gold mineralizations
This press release is a summary. The full report is found on the company’s website.
Endomines has carried out further exploration drilling at its properties along Karelian Gold Line, near Ilomantsi, in Eastern Finland. The mineral rights of the drilled properties are fully owned by the Company. Endomines is pleased to release assay results received until 20th of August 2013 received.
The present year has been very favourable time for exploration works due to the general recession in mining business. Drilling rigs and assay services have been available with reasonable rates when most companies have reduced their exploration programs.
This recent drilling stage 1 aimed to discover new or extend the previously discovered target areas. So far 61 diamond core holes, 7,799 m in total, have been drilled. Some 6,000 meter of cores has been logged and 5,091 samples have been sent for assays. Assay results of 3,990 samples have been received until 20th of August.
Almost 90% of all exploration drill holes have intersected gold mineralizations, which clearly confirm the great ore potential of Karelian Gold Line. The drillings have been carried out at and in the vicinity of Hosko, Rämepuro and Muurinsuo-Korvilansuo areas.
"It is very encouraging that the majority of the holes across the whole area have intersected gold mineralization. This confirms our view that large scale ore forming processes have been in place along Karelian Gold Line. We are looking very positively forward to our future exploration program. Korvilansuo-area will remain our main target as it has returned good grade intersections close the bedrock-surface. However, we will also continue exploration of other targets so that we can fully explore the whole potential of the Karelian Gold Line ", comments Markus Ekberg, CEO of Endomines.
The second drilling stage has started and the aim of that is to extend the current mineral reserves at Pampalo, Rämepuro and Hosko areas as well as extend the previous mineral resources at Korvilansuo-Muurinsuo area. The Stage 2 drilling will be carried out with 3 drilling rigs to speed up the performance. The total amount of drilling meters during Stage 2 campaign is estimated to be around 9,000 m.
The Karelian Gold Line Environmental Impact Assessment Study has been filed and the authority statement is expected to be issued during autumn 2013. 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 permit application for the Rämepuro deposit has been filed in June 2013. The permit application was prepared by Pöyry Finland Oy.
Further information concerning exploration drilling results is available from the company web-page and pdf-report.
Assay results, locations and other technical parameters of all presented holes can be found on Endomines website (http://www.endomines.com/index.php/karelian-gold-line/exploration-2013).
Competent Person: The technical aspects of this news release have been prepared by MSc (geology) Jaakko Liikanen, who is acting as Competent Person with respect to this release. Jaakko Liikanen is Chief Technical Officer of Endomines AB and owns 1,120,892 shares (1.3%) 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 home page: 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’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 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 OMX Stockholm under ticker ENDO and on NASDAQ OMX Helsinki under ticker ENDOM. Pareto Öhman acts as Liquidity Provider on the Stockholm Stock Exchange.
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.
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 August 27th, 2013.