Endomines Q3/2013: Update of Production and Exploration activities
- Pampalo operations produced 228.5 kg gold during the third quarter 2013
- 2013 full year production guidance remains at 800-900 kg
- The Exploration program is on-going according to the plan
Endomines AB publishes the third quarter 2013 (ending September 30, 2013) production results for its Pampalo Operations in Eastern Finland. The mines produced 228.5 kg or 7,346 oz of gold during the third quarter.
Pampalo Q3/2013 Production Results[1]:
Key production data
| Q3 | January-September | |||||
| 2013 | 2012 | change | 2013 | 2012 | change | |
| Mined ore (tonnes) | 74,635 | 61,988 | 12,647 | 238,600 | 180,840 | 57,760 |
| Milled ore (tonnes) | 93,460 | 64,177 | 29,283 | 233,255 | 190,503 | 42,752 |
| Head grade (Au gram/tonne) | 3.0 | 3.2 | -0.2 | 2.9 | 3.6 | -0.7 |
| Gold recovery (%) | 82.6 | 85.5 | -2.9 | 85.7 | 85.9 | -0.2 |
| Hourly utilization (%) | 92.7 | 95.0 | -2.3 | 91.4 | 91.9 | -0.5 |
| Gold production (kg) | 228.5 | 175.8 | 52.7 | 577.0 | 589.1 | -12.1 |
| Gold production (oz) | 7,346 | 5,652 | 1,694 | 18,551 | 18,941 | -390 |
Quarterly production figures and rolling 12 months
| Q4-2012 | Q1-2013 | Q2-2013 | Q3-2013 | Rolling 12 months | FY 2012 | |
| Mined ore (tonnes) | 69,950 | 90,386 | 103,579 | 74,635 | 308,550 | 250,790 |
| Milled ore (tonnes) | 59,446 | 58,856 | 80,939 | 93,460 | 292,701 | 249,949 |
| Head grade (Au gram/tonne) | 5.4 | 3.5 | 2.3 | 3.0 | 3.4 | 4.0 |
| Gold recovery (%) | 87.2 | 88.4 | 86.7 | 82.6 | 86.1 | 86.1 |
| Hourly utilization (%) | 88.1 | 88.8 | 92.7 | 92.7 | 90.6 | 91.0 |
| Gold production (kg) | 277.4 | 180.4 | 168.1 | 228.5 | 854.4 | 866.5 |
| Gold production (oz) | 8,919 | 5,800 | 5,405 | 7,346 | 27,470 | 27,860 |
| LTIFR[2] (12 month rolling) | 9 | 0 | 8 | 4 | 4 | 9 |
Gold production during the quarter was close to target level despite operation of a few low grade areas at the Pampalo underground mine.
Production for the first nine months was 577 kg gold. 2013 full year production guidance remains at 800-900 kg gold.
Test mining at Rämepuro satellite mine has commenced. The mining has, however, been delayed due to very wet conditions in the bog area surrounding the open pit. The run of mine ore grade from the Rämepuro deposit has been lower than expected and management is currently investigating the background.
A pilot plant process test with 500 tonnes of ore from the Hosko deposit has commenced at GTK Mintec laboratory in Outokumpu Finland.
The Exploration program is on-going according to the plan. Two surface core drilling rigs are operating in the Korvilansuo-Elinsuo area, one surface rig at Pampalo mining lease area and one rig is drilling Pampalo deep extensions from under ground.
The financial results for January – September 2013 will be published on November 1st 2013.
For further information, please contact:
Markus Ekberg
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 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 October 4th, 2013.
[1] Production figures for Q3/2013 are based on internal laboratory assays and are not confirmed by an external laboratory. Figures are individually rounded off. Mined and milled ore tonnes may include adjustments due to inventory differences. Year-to-date and rolling 12 months´ mined ore tonnes have been adjusted due to the inventory difference reported in the Q2-report as a result of control measurement of the open pit ore production during the first six months in 2013.
[2] LTIFR = The Lost Time Injury Frequency Rate is based on reported lost time injuries resulting in one day/shift or more off work per 1,000,000 hours worked , on a rolling 12-month basis. LTIFR has been calculated for the entire company including exploration.