Pampalo Q3/2012 production statistics and progress report
Endomines AB publishes its Third Quarter 2012 (ending September 30, 2012) production results for its Pampalo Gold Mine in Eastern Finland. The mine produced 175.8 kg, or 5,652 oz, of gold during the period.
Pampalo Q3/2012 Production Results[1]:
| Q1/2012 | Q2/2012 | Q3/2012 | YTD 20122 | |
| Tonnes mined | 61,134 | 57,718 | 61,988 | 180,840 |
| Tonnes processed | 61,596 | 64,730 | 64,177 | 190,503 |
| Head grade (Au g/t) | 3.2 | 4.4 | 3.2 | 3.6 |
| Gold recovery (%) | 85.6 | 86.6 | 85.5 | 85.9 |
| Hourly utilization (%) | 86.5 | 94.2 | 95.0 | 91.9 |
| Gold produced kg | 168.8 | 244.5 | 175.8 | 589.1 |
| Gold produced oz | 5,427 | 7,862 | 5,652 | 18,941 |
| LTIFR[2] (12 month rolling) | 16 | 11 | 10 | 10 |
“Mining during the reporting period progressed stable and the ore was sourced from the average grade areas in the underground mine. However, a power outage due to a thunderstorm in September and capacity increase modifications had a negative impact on the gold produced. Safety statistics are still improving and our own workforce has now worked 550 days without accidents, and our contractors over 200 days”, tells Markus Ekberg, CEO of Endomines.
For the Third Quarter a cash settlement of 3 000 oz gold hedge will be realized during Q3/2012, as agreed with Nordea Bank Finland Plc. in April.
For further information, please contact:
Markus Ekberg
CEO of Endomines AB
tel. +358 40 706 48 50
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 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 favorable 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 the 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.
Endomines applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The shares of Endomines AB are quoted on the First North Premier segment in Stockholm under ticker ENDO.ST. Erik Penser Bankaktiebolag acts as Certified Adviser and Liquidity Provider.
Read more about Endomines on www.endomines.com
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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.
[1] Production figures for Q3 are based on company own assaying and not confirmed by any external laboratory. Figures are individually rounded. Cash Cost USD/oz will be published in the Q3-report, due on 12 November 2012.
[2] LTIFR = The Lost Time Injury Frequency Rate (LTIFR) is based on reported lost time injuries resulting in one day/shift or more off work per 1,000,000 hours worked.
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