Gold and Silver Updates



Elevated stake from 65% to 80%  ·  PFS to be primarily based on 3Mtpa  ·  Mining allow course of nicely underway

Abidjan, December 21, 2020 – Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is happy to announce that it has elevated its stake within the Fetekro Venture in Côte d’Ivoire, forward of a Pre-Feasibility Research (“PFS”) which is because of be printed in Q1-2021.

Underneath the phrases of the settlement, as soon as the mining allow is granted, Endeavour shall be entitled to an 80% stake within the Fetekro Venture, in comparison with 65% presently, whereas SODEMI (the state-owned mining firm) and the Authorities of Côte d’Ivoire will every have a ten% stake. Endeavour will retain the complete possession of the Fetekro exploration license till such time as it’s transformed right into a mining license.

Sébastien de Montessus, President and CEO, commented:We’re delighted to have concluded this settlement with our long-standing authorities companions, in a way which permits all stakeholders to profit from the worth we anticipate to proceed to unlock at Fetekro.

We consider that we have now the chance to develop Fetekro right into a cornerstone asset for Endeavour, which we outline as property with the potential to provide greater than 200,000 ounces every year over 10 years at low AISC. Fetekro has vital exploration potential, an already outlined large-scale deposit with easy metallurgy and excessive gold restoration. It additionally advantages from being situated near current infrastructure and requires solely minimal relocation. We’re keen to finish the PFS, which is predicted to construct on the PEA we lately printed primarily based on solely half of the present useful resource, to show additional the strong economics of the mission.”

Endeavour acquired the extra stake from SODEMI for a consideration of $19 million plus contingent funds of $3 per ounce for future Confirmed and Possible reserves outlined exterior of the present Measured and Indicated useful resource boundary. The contingent cost relies on a gold worth of $1,450 per ounce and shall be adjusted upwards or downwards in a linear relationship with the gold worth.


Positioned in north-central Côte d’Ivoire, throughout the northern finish of the Oumé-Fetekro Greenstone Belt, the Fetekro Venture is roughly 500km from Abidjan and near current infrastructure, together with sealed roads and grid energy.

Endeavour started exploration at Fetekro in March 2017, with the Lafigué deposit as the first goal. A maiden useful resource for Lafigué was printed on October 29, 2018 and was up to date on September 3, 2019 and once more on August 18, 2020. As proven in Desk 1 beneath, the most recent useful resource replace resulted in a 108% enhance in Indicated sources to 2.5Moz at a median grade of two.40 g/t Au.

Desk 1: Lafigué Mineral Useful resource Estimate Evolution

  AS AT AUGUST 31, 2019   AS AT JULY 31, 2020 Δ
On a 100% foundation Tonnage Grade Content material   Tonnage Grade Content material
(Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz)
Measured Useful resource          
Indicated Assets 14.6 2.54 1,190   32.0 2.40 2,471 +108%
M&I Assets 14.6 2.54 1,190   32.0 2.40 2,471 +108%
Inferred Assets 0.9 2.17 60   0.8 2.52 66 +10%

Mineral Reserve Estimates comply with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definitions requirements for mineral sources and reserves and have been accomplished in accordance with the Requirements of Disclosure for Mineral Initiatives as outlined by Nationwide Instrument 43-101. Reported tonnage and grade figures have been rounded from uncooked estimates to replicate the relative accuracy of the estimate. Minor variations could happen in the course of the addition of rounded numbers. Mineral Assets that aren’t Mineral Reserves shouldn’t have demonstrated financial viability. Assets had been constrained by MII Pit Shell and primarily based on a cut-off of 0.5 g/t Au. For additional particulars, please confer with Endeavour’s press launch dated August 18, 2020, obtainable on its web site and on SEDAR beneath its profile.

A Preliminary Financial Evaluation (“PEA”), primarily based on the earlier 1.2Moz Indicated useful resource, was printed on August 18, 2020 and demonstrated strong mission economics, as proven in Desk 2 beneath.

Desk 2: Preliminary PEA Highlights

Gold contained processed 1.0Moz
Common restoration fee 95%
Gold manufacturing 0.95Moz
Money prices $592/oz
AISC $697/oz
Upfront capital price $268m
Pre-tax NPV5% primarily based $1,500/oz $372m
Pre-tax IRR primarily based $1,500/oz 37%

For additional data, please confer with Endeavour’s press launch dated August 18, 2020, obtainable on its web site and on SEDAR beneath its profile.

A PFS is predicted to be printed in Q1-2021 and shall be primarily based on the up to date 2.5Moz Indicated useful resource and can outline a manufacturing situation primarily based on a 3.0Mtpa mill throughput (in comparison with 1.5Mtpa for the PEA). Given its robust exploration potential, Endeavour believes that Fetekro has the potential to grow to be a cornerstone asset with a manufacturing goal of +200koz every year over 10 years at a low AISC.

The mining allowing course of is nicely underway, with the environmental research accomplished and submitted. Receipt of the environmental allow is predicted in early 2021, following which the exploitation license utility shall be submitted.

Up to now, solely a small portion of the Fetekro property has been explored, because the precedence has been the Lafigué deposit, which stays open at depth and alongside strike. A number of extra exploration targets have been recognized inside 10km from Lafigué, which have had restricted drilling of simply 7,050 meters, as proven in Determine 1 beneath.

Determine 1: Fetekro Map with Exploration Targets


The present 15,000 meter drilling marketing campaign is predicted to be accomplished throughout This fall-2020, with the purpose of additional extending the Fetekro useful resource and testing close by targets, together with Lafigué Sud, as proven in Determine 2 beneath.

Determine 2: This fall-2020 Fetekro Drilling Marketing campaign  



The scientific and technical content material of this information launch has been reviewed, verified and compiled by Silvia Bottero, Skilled Pure Scientist, VP Exploration Côte d’Ivoire for Endeavour. Silvia Bottero has greater than 18 years of mineral exploration and mining expertise and is a “Certified Individual” as outlined by Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”).  


Martino De Ciccio

VP – Technique & Investor Relations
+44 203 640 8665

Brunswick Group LLP in London

Carole Cable, Companion
+44 7974 982 458

  Vincic Advisors in Toronto

John Vincic, Principal

+1 (647) 402 6375


Endeavour Mining is a multi-asset gold producer centered on West Africa, with two mines (Ity and Agbaou) in Côte d’Ivoire, 4 mines (Houndé, Mana, Karma and Boungou) in Burkina Faso, 4 potential improvement tasks (Fetekro, Kalana, Bantou and Nabanga) and a robust portfolio of exploration property on the extremely potential Birimian Greenstone Belt throughout Burkina Faso, Côte d’Ivoire, Mali and Guinea.   

As a number one gold producer, Endeavour Mining is dedicated to ideas of accountable mining and delivering sustainable worth to its workers, stakeholders and the communities the place it operates. Endeavour is listed on the Toronto Inventory Trade, beneath the image EDV.

For extra data, please go to

Company Workplace: 5 Younger St, Kensington, London W8 5EH, UK   

This information launch comprises “forward-looking statements” together with however not restricted to, statements with respect to Endeavour’s plans and working efficiency, the estimation of mineral reserves and sources, the timing and quantity of estimated future manufacturing, prices of future manufacturing, future capital expenditures, and the success of exploration actions. Typically, these forward-looking statements will be recognized by means of forward-looking terminology corresponding to “expects”, “anticipated”, “budgeted”, “forecasts”, and “anticipates”. Ahead-looking statements, whereas primarily based on administration’s finest estimates and assumptions, are topic to dangers and uncertainties that will trigger precise outcomes to be materially totally different from these expressed or implied by such forward-looking statements, together with however not restricted to: dangers associated to the profitable integration of acquisitions; dangers associated to worldwide operations; dangers associated to basic financial situations and credit score availability, precise outcomes of present exploration actions, unanticipated reclamation bills; adjustments in mission parameters as plans proceed to be refined; fluctuations in costs of metals together with gold; fluctuations in overseas foreign money alternate charges, will increase in market costs of mining consumables, potential variations in ore reserves, grade or restoration charges; failure of plant, gear or processes to function as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage protection and different dangers of the mining trade; delays within the completion of improvement or building actions, adjustments in nationwide and native authorities regulation of mining operations, tax guidelines and laws, and political and financial developments in international locations wherein Endeavour operates. Though Endeavour has tried to determine necessary elements that might trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different elements that trigger outcomes to not be as anticipated, estimated or meant. There will be no assurance that such statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on forward-looking statements. Please confer with Endeavour’s most up-to-date Annual Info Type filed beneath its profile at for additional data respecting the dangers affecting Endeavour and its enterprise. AISC, all-in sustaining prices on the mine stage, money prices, working EBITDA, all-in sustaining margin, free money stream, web free money stream, free money stream per share, web debt, and adjusted earnings are non-GAAP monetary efficiency measures with no normal which means beneath IFRS, additional mentioned within the part Non-GAAP Measures in probably the most lately filed Administration Dialogue and Evaluation.


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