Endomines’ processing plant at Friday reaches mechanical completion
Commissioning pending tailings area repairs
Endomines AB, stock exchange release 26 April 2019 at 08:45 CEST
Endomines’ processing plant for the Friday mine in Idaho, USA, has reached mechanical completion of all major installations including the crushers, conveyors, ball mill and flotation cells. The equipment has been successfully test-run without load. Some minor installation tasks still remain relating to the bypass line to the tailings pond and certain other plumbing work. Since early March, the spring run-off and freezing and thawing conditions have caused challenges, including wet and difficult access to areas at the site.
Upon the snow melt, and in preparation for the installation of the bypass line to the tailings area, it has been discovered that the tailings pond liner and certain support structures have suffered some damage during the winter and the spring run-off. The exact repair needs are now being investigated with the contractor, but it is tentatively estimated that the repairs will take four to six weeks to complete. The repair work will be started as soon as the area has dried up enough to allow access by the necessary equipment. The cost of the repairs is currently estimated at up to 400,000 USD.
The damage to the tailings pond has not caused a risk of environmental harm, as no tailings had yet been placed in the area.
Full commissioning of the processing plant is pending the tailings area repairs and the ability to store the tailings. At this stage, it is not possible to estimate the exact time when the repair work will be completed, but it is anticipated that commissioning will take place during the second quarter of 2019. In the meantime, the Friday mine is producing a stockpile of ore and developing drifts to additional ore zones in the mine. Endomines maintains its current production guidance for the year at 5,000-8,000 ounces of gold.
Saila Miettinen-Lähde, CEO, +358 40 548 36 95, firstname.lastname@example.org
This information is information that Endomines AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the contact person set out above at 08:45 CEST on 26 April 2019.
Endomines is a mining and exploration company with its primary focus on gold. The Company explores for gold along the Karelian Gold Line in Eastern Finland and develops mining operations in Idaho, USA. Endomines aims to improve its long-term growth prospects by increasing its exploration activities and through acquisitions. Endomines aims to acquire deposits that are situated in stable jurisdictions and can be brought to production rapidly with limited investments.
The shares trade on Nasdaq Stockholm (ENDO) and Nasdaq Helsinki (ENDOM).