Gold production Q2-2017 boosted by higher gold grade and improved production efficiency
Endomines reports production results for the second quarter and first half of 2017. Total gold production in Q2 amounted to 107.4 kg, and in H1 to 205.3 kg. The good second quarter production is a continuation of the positive trend seen in the first quarter and reflects increasing head grade as well as improved production efficiency. Consequently, production in the second quarter and first half of 2017 significantly exceeded the respective amounts in 2016.
In addition to the relatively high head grade of the ore, the key contributors to the good production performance included improved sequencing of the geological and mining operations.
| Key production figures | Apr-Jun | Jan-Jun | ||||
| 2017 | 2016 | +/- | 2017 | 2016 | +/- | |
| Milled ore (tonnes) | 47 621 | 37 303 | 10 318 | 88 425 | 72 620 | 15 805 |
| Head grade (Au gram/tonne) | 2,7 | 2,4 | 0,3 | 2,8 | 2,2 | 0,6 |
| Gold recovery (%) | 83,1 | 82,8 | 0,3 | 83,4 | 81,5 | 1,9 |
| Hourly utilization (%) | 43,5 | 37,7 | 5,8 | 42,3 | 36,5 | 5,8 |
| Gold production (kg) | 107,4 | 73,7 | 33,7 | 205,3 | 132,2 | 73,1 |
| LTIFR (roll 12 months) | 7 | 6 | ||||
Production figures for the last quarter are based on Company’s own assaying and not confirmed by any external laboratory. Figures are individually rounded off.
LTIFR = The Lost Time Injury Frequency Rate is based on reported lost time injuries on a rolling 12-month basis resulting in one day or more off work per 1,000,000 hours worked. LTIFR has been calculated for the whole company including contractors.
Endomines’ production guidance for the year is 300-350 kg of gold. If production during the second half of the year remained at the same level as in the first half, the gold production would exceed 350 kg. However, mining during the latter half of the year is done in new areas, which contain some uncertainty relating to head grades. Therefore, the Company maintains its production guidance at its present level for the time being.
Full quarterly report
The full quarterly report will be published on August 18, 2017.
Contact person
Saila Miettinen-Lähde, CEO, +358 40 548 36 95, saila.miettinen-lahde(at)endomines.com
This information is information that Endomines AB is obliged to make public pursuant to the Securities Market Act. The information was submitted for publication, through the agency of the contact person set out above, at 08:45 CEST on JULY 6, 2017.
About Endomines
Endomines is a gold concentrate producer with mining, development and exploration operations in Eastern Finland along the 40 kilometer long Karelian Gold Line. Through various regulatory approvals, Endomines controls the exploration rights to this entire area. Endomines vision is to participate in the future structural transformation and consolidation of the Nordic mining industry. The Company may therefore be involved in acquisitions of interesting deposits or companies, should such opportunities arise.
The shares trade on Nasdaq Stockholm (ENDO) and Nasdaq Helsinki (ENDOM).
Tags: