Endomines Ore Reserve and Mineral Resource Estimate update

Endomines AB, stock exchange release 3 March 2020 at 08:30 CET

Endomines is pleased to announce its 2020 gold resource estimate for its Pampalo mine and the resources along the Karelian Gold Line in Finland, as of 31 December 2019, and the gold resource estimates for its gold projects in Idaho, USA.

Gold resources at the Pampalo mine and resources along the Karelian Gold Line in Finland

The Pampalo mine has been on care and maintenance since October 2018.Therefore mineral resources at Pampalo have remained unchanged. The Pampalo Deep Zone has indicated resource totaling 16,610 ounces gold contained in 101,500 tonnes mineralized material, as well as an additional inferred resource of 20,340 ounces gold contained in 118,125 tonnes mineralized material. The gold price in 2018 did not yet justify the capital investment required to advance the decline to access the resource. Because of the current higher gold price, a possible development of the Deep Zone is being evaluated by the company.

There have been no changes in the reported mineral resources for other deposits along the Karelian Gold Line. An update and validation of the other mineral resource estimates is targeted for 2020. The update will reflect increased geological understanding of the deposits and changes in the current market conditions.

The estimates for the Pampalo mine and the resources along the Karelian Gold Line in Finland have been prepared according to the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (Joint Ore Reserve Committee - JORC-code).

Gold resources in Idaho, USA

During 2019, Endomines continued to improve its understanding of the Idaho gold projects that the Company acquired in February 2018. Endomines is working on further development of its Friday Underground mine and to convert a portion of the estimated measured and indicated resource totaling 97,200 ounces gold contained in 462,000 tonnes mineralized material, as well as an additional inferred resource of 46,700 ounces gold contained in 296,000 tonnes mineralized material.

In 2018, the historic data and information for the Buffalo Gulch project was validated and converted to a measured and indicated mineral resource of 114,700 ounces gold contained in 6.745 million tonnes mineralized material. Similar conversion of the historic resources at Deadwood are also targeted. Additionally, the Company is working toward developing mineral resource estimates for its Kimberly and Rescue projects through exploration programs targeting known high-grade gold and silver vein systems.

The mineral resources currently quoted regarding the Deadwood, Rescue, and Kimberly exploration projects, are per definition historical, made before the introduction of today’s disclosure standards. Endomines cautions that while the presented historic resources for Kimberly, Rescue, and Deadwood appear to be in general accordance with those set out in NI 43-101 Sections 1.2 and 1.3, a qualified person has not done sufficient work to classify the historical estimates as current mineral resources, and Endomines is not treating the historical estimates as current or reliable.

The mineral resources reported for the Friday Underground and Buffalo Gulch projects in Idaho, USA, are classified in accordance with standards defined by Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”), “CIM Definition Standards - For Mineral Resources and Mineral Reserves”, prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council on May 10, 2014.

There have been no changes in the reported mineral resources for other deposits at the Idaho projects. An update and validation of mineral resource estimates is targeted for 2020. The update will reflect increased geological understanding of the deposits and changes in the current market conditions.

Table 1. Mineral resources at Pampalo and the Karelian Gold Line in Finland:

Table 2. Mineral resources in Idaho, USA

The announced mineral resource update for the Finnish projects has been reviewed and approved by Eurogeologist Jani Rautio MSc (Geol) acting as a Qualified Person in compliance with the Fennoscandian Association for Metals and Mining Professionals, FAMMP, –standards. Jani Rautio is a full-time employee of Endomines.

The Independent Qualified Person for the mineral resource estimates for the Friday Underground and Buffalo Gulch projects is Zachary Black, SME-RM. Zachary Black is a full-time employee of Endomines. Technical reports for the Friday Underground Project and the Orogrande Open Pit Project were completed December 12, 2017.

 
Contact person
Greg Smith, CEO, +44 7717 880 923, greg.smith@endomines.com

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 08:30 CET on 3 March 2020.

 
About Endomines
Endomines is a mining and exploration company with its primary focus on Au. The Company operates a Gold mine in Pampalo, has exploration activities along the Karelian Au 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).