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| Land | Finland |
|---|---|
| Lista | Small Cap Helsinki |
| Sektor | Råvaror |
| Industri | Gruvdrift & metaller |
Endomines AB, Stock Exchange Release 4 February 2020 at 08:30 CET
Endomines AB (the "Company" or "Endomines") is pleased to announce that as of yearend it has successfully completed taking over full operational control of the mining activities while also achieving successful commissioning of its Orogrande Processing Facility ("OPF") at the Friday Underground Mine in Idaho County, Idaho, USA. Progress at the mine has been good and the company is now expecting to achieve commercial production in the beginning of March 2020.
The OPF has a plant capacity of 135 tonnes per day ("tpd") at estimated recovery rates of 93% Au. From October 31 to December 31, the operation processed development ore from stockpile at an average production rate of 113 tpd (84% of design rate) in 89 operating hours. Production rates and recoveries will increase when ore-grade material instead of ore from mine development is fed to the mill. The company is in final stages of negotiating concentrate sales agreements and is hiring the remaining operating staff to reach commercial production in March.
Underground preproduction development completed in December and January included:- The final ventilation raise/secondary escapeway required to start ore mining;
- Ventilation improvements to improve the long-term mine airflow;
- Main ramp development to the next two mining areas;
- Improvements to the underground mine water management systems; and,
- Widening, leveling, and route improvements to the primary haulage ramps.
Drilling of the mining stopes is slated to start in the first week of February with the preproduction development now completed.
Zachary J. Black, Endomines' Chief Technical Officer and a qualified person under Canadian National Instrument 43-101, approved the scientific and technical information in this news release.
CEO Greg Smith comments: "I am pleased to announce that our first mine project in Idaho, the Friday mine, is nearing commercial production. Our US team, as well as selected consultants, is working hard to complete the project after overcoming numerous setbacks. Our announced target of commercial production from the mine in March represents a significant step forward for the company. As we ramp-up production we will make further announcements in the near future"
Contact person
Greg Smith, CEO, +358 50 544 68 14, greg.smith@endomines.com
This information is information that Endomines AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the contact person set out above at 08:30 CET on 4 February 2020.
About Endomines
Endomines is a mining and exploration company with its primary focus on Au. The Company operates a Gold mine in Pampalo, has exploration activities along the Karelian Au Line in Eastern Finland and develops mining operations in Idaho, USA. Endomines aims to improve its long-term growth prospects by increasing its exploration activities and through acquisitions. Endomines aims to acquire deposits that are situated in stable jurisdictions and can be brought to production rapidly with limited investments.
The shares trade on Nasdaq Stockholm (ENDO) and Nasdaq Helsinki (ENDOM).