Re: News Release - Wednesday, April 24, 2013 Title: Endeavour Mining Reports Agbaou Gold Mine Construction Progress
Vancouver, April 24, 2013 - Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV, ASX:EVR, OTCQX:EDVMF) announces that construction of its Agbaou Gold Mine in C�te d'Ivoire continues on-schedule and on-budget toward initial production in Q1 2014.
Agbaou Gold Mine Construction Highlights:
- To date, approximately 68% of the US$160 million construction budget has been committed, with US$59 million spent and the project is approximately 57% physically complete overall. At current gold prices, mine cash flows and balance sheet resources, including cash and bullion of approximately $130 million as of March 31, are sufficient to complete construction as planned.
- On April 19th the Canadian Ambassador to C�te d'Ivoire, Chantal de Varennes, hosted an event in Abidjan that highlighted Endeavour's progress with Agbaou and the benefits to the national and local economy. The event was attended by key government and media representatives as well as senior Endeavour management. As a follow-on, the Canadian Ambassador and Neil Woodyer, Endeavour's CEO, visited Agbaou on April 20th
- CIL tanks are fully constructed and hydro-testing is currently underway
- Construction of the 15 km overhead electrical transmission line is in progress
- Major components for the mills have been shipped and are on-schedule
- The Tailings Storage Facility (TSF) and Water Storage Dam (WSD) are nearing completion, with final earthworks and clean-up underway
- Clearing of the north and south pit areas has commenced
- The new village was recently completed and move-in of approximately 250 residents is complete; total relocation costs, including construction of new village, crop compensation and other items were in line with feasibility study estimate of US$6 million
Agbaou Gold Mine Pictorial Update - April 2013
CIL tanks and mill stands viewed from Crusher, April 2013
Neil Woodyer, CEO, Chantal de Varennes, Canadian Ambassador to C�te d'Ivoire, and Allison Fedorkiw, Community Relations Supervisor, during Agbaou site visit April 20, 2013
Primary crusher under construction, April 2013
Tailings Storage Facility and Water Storage Dam, slope trimmings, April 2013
Clearing of South Pit, April 2013
Resettlement village and water tower, April 2013 About Endeavour Mining Corporation
Endeavour is a gold producer delivering growth. Endeavour owns three gold mines producing more than 300,000 ounces per year in Mali, Ghana and Burkina Faso that are generating significant operating cash flows which, together with cash and bullion balances, are funding further expansion. Endeavour's annual gold production is forecast to reach 450,000 ounces per year during 2014, including the Tabakoto mill expansion in 2013 and completion of construction of Agbaou Gold Mine in C�te d'Ivoire scheduled for Q1 2014. In addition, a January 2013 PEA shows potential for 160,000 ozs per year from the Hound� Project in Burkina Faso, which is being assessed by a feasibility study during 2013.
Endeavour Mining Corporation is listed on the TSX (symbol EDV) and ASX (symbol EVR), and also trades on the OTCQX (symbol EDVMF).
On behalf of Endeavour Mining Corporation
Neil Woodyer Chief Executive Officer
This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" and "anticipates". Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.
For additional information, contact:
Marla Gale Vice President - Investor Relations +1 604 609 6117 mgale@endeavourmining.com
UK/Europe: Bobby Morse Buchanan +44 20 7466 5000 bobbym@buchanan.uk.com
Australia: David Ikin Professional Public Relations +61 8 9388 0944 david.ikin@ppr.com.au
Copyright � 2013 ENDEAVOUR MINING CORPORATION (EDR) All rights reserved. For more information visit our website at http://www.endeavourmining.com/ or send email to info@endeavourmining.com ..
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