Pampalo's gold production increased by 215 % compared to the corresponding period last year
Endomines Finland Plc's operational update for January-March 2023:
Endomines Finland Plc, Stock Exchange Release, 4.4.2023, at 15.00 EET
Pampalo gold production in January-March 2023 increased by 215 % compared to the corresponding period in 2022. Production during Q1/2023 was 111.6 kg (35.4 kg) in kilograms, 3588 oz (1137 oz) in ounces. In 2022, Endomines produced 267.5 kg, (equivalent to 8061 ounces) of gold.
During the first quarter of the year, production increased in line with the strategy announced by the company. Published production volumes are based on preliminary data, final figures may change slightly after final specifications have been received for all deliveries to customers. However, the change is not expected to be significant. For 2023, the company’s production is expected to increase by 35–55% compared to the previous year, in line with the previous guidance.
Drilling Update
The company will continue exploration drilling as defined in the strategy to secure long-term production growth.
Drilling is currently ongoing in the Korvilansuo area. Approximately 2560 meters of the planned 5000 meters drilling program for the Korvilansuo area have been conducted. Results are expected in April-July. Thereafter, drilling will continue in the Pampalo and Kartitsa areas.
Base of till (BOT) sampling in the Kartitsa area is proceeding according to plan. 613 samples have been taken. The total number of samples planned for 2023 is 3000.
“The company’s exploration and production activities are now progressing in line with the strategy we renewed last year, delivering the expected results. Our production at the beginning of the year was a fantastic start for 2023,” says Kari Vyhtinen, CEO of the company. “In Pampalo, the capacity of our production facility allows us to increase production without significant investments. In addition, the high price of gold supports the development of our business," Vyhtinen continues.
Endomines Finland Plc
Further Information:
Kari Vyhtinen, CEO, Endomines Finland Plc.
kari.vyhtinen@endomines.com, +358 40 585 0050
Endomines
Endomines is a mining and exploration company with a primary focus on gold. Endomines is engaged in mining operations at the Pampalo mine in Ilomantsi, and in exploration activities along the Karelian Gold Line in Eastern Finland. Endomines also owns rights to several gold deposits in Idaho and Montana, US, where Endomines aims to continue the development work through partnership agreements. www.endomines.com
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