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). The updates have been prepared by various authors (Geoconsulting Parkkinen Oy, Endomines - in house and others). The update represents the production situation as of December 31st 2013.
Tables and detailed results can be found in the enclosed pdf-document and on Endomines website.
Summary reports of the estimates will be made available on the company's web site in due course.
“The conditions for the underground operations at Pampalo mine have become more challenging as the mine has progressively been deepened. The most recent core drilling has, as an example, resulted in previously interpreted larger ore lenses to be broken up into smaller lenses. More rigorous planning parameters and geostatistical estimate methods applied have also resulted in changes to the grade and tonnage“, comments Markus Ekberg, CEO of Endomines AB.
A new resource and reserve estimate has been prepared for Hosko. Although the mineralogy of Hosko resource is challenging, the company believes that, despite the elevated arsenic content, the high grade parts of the Hosko deposit can be mined and blended with Pampalo and other satellite deposit ore sources.
Although no new resource estimate has been prepared for the Korvilansuo-Elinsuo-Muurinsuo-area the current results support our firm conviction that this area has a real potential for growing into a significant and successful gold project.
This statement has been controlled by Dr Jyrki Parkkinen (PhD Geology) acting as a Qualified Person in compliance with SveMin-FinnMin rules. Dr Parkkinen is independent from the Company and he does not hold any shares in Endomines.
For further information, please contact:
Markus Ekberg
CEO of Endomines AB
tel. +358 40 706 48 50
or visit the Company´s website 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 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 favourable 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 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.
The shares of Endomines AB are quoted on NASDAQ OMX Stockholm under ticker ENDO.ST. Pareto Öhman acts as Liquidity Provider in Stockholm.
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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.
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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 April 2nd, 2014.