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Endeavour Mining Corp (TSX:EDV)

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Endeavour Mining Corporation
Business Description

Endeavour is a gold producer delivering growth. Endeavour owns four gold mines producing more than 4450,000 ounces per year in Mali, Ghana, Burkina Faso, and Cote dIvoire. In addition, in November 2013 a Feasibility Study for the Hounde Project in Burkina Faso was completed showing potential for approximately 180,000 ounces per year over 8 years. The project is now in permitting.

shares are listed on the Toronto Stock Exchange (symbol EDV)
the Australian SecuritiesExchange (symbol EVR)
quoted in the United States on the OTCQX Internationa (symbol EDVMF)

Website links


Endeavour owns four operating mines in West Africa. The mines are located in Côte d'Ivoire, Mali, Ghana and Burkina Faso and are currently producing gold at a combined rate of over 466,000 ounces in 2014. The Company has the potential to add an additional 180,000 oz/yr by advancing the Houndé project, which is now in permitting.


The Agbaou Gold Mine is located approximately 200 km northwest of the port city of Abidjan in Côte d'Ivoire. Agbaou commenced commercial production on January 27, 2014 and has an average annual gold production of 100,000 ounces per year for 8 years. Ore is processed through a conventional gravity-CIL plant with a design capacity of 1.3 to 1.6 Mtpa (depending on the hardness of the ore). The open pit mine accesses softer free-dig laterite and saprolite ore for the first two years of operations. Grid power is delivered to site from a 15 km transmission line at a cost of approximately $0.09 per kWhr. The mine construction was completed ahead of schedule and under budget with the first gold pour occurring in November 2013.

Aerial View of Plant

click for more info


The Tabakoto Gold Mine is located in southwestern Mali, close to the Senegal border. Production was restarted in 2009 and in 2013 Tabakoto produced 125,231 ounces of gold. Mining in 2014 is from the Djambaye open pit as well as the Tabakoto underground mine. The Segala underground mine is in development and is scheduled to commence commercial production this year. Segala represents approximately half of the mineral resources for the mine. Ore is processed through a 4,000 tpd plant and gold is recovered through a standard gravity-CIL process. Underground drilling is ongoing to convert resources into reserves. A mine permit application was submitted in 2013 for the Kofi North property which includes the Kofi C deposit that will contribute to the Tabakoto production schedule. In addition, there are numerous opportunities to target additional resources on the Tabakoto properties.

Process Plant CIL Section
click for more info


The Nzema Gold Mine is located in south-western Ghana, approximately 280 km west of Ghana's capital city, Accra. Nzema began full scale production in April 2011 and produced 103,464 ounces of gold during 2013. The Nzema mine consists of open pit contractor mining from the Adamus pits located 8 km west of the plant and also from a chain of shallow oxide pits along the Salman trend located 2 km east of the plant. Ore is processed at the 1.6 to 2.1 Mtpa plant (depending on ore type) and gold is recovered through a standard gravity-CIL process. The processing plant is connected to the national power grid.

click for more info


The Youga Gold Mine is located approximately 180 km southeast of Ouagadougou, the capital city of Burkina Faso. Youga has been in production since 2008 and produced 89,448 ounces of gold in 2013. Ore is processed through a conventional gravity-CIL plant with a design capacity of 1.0 Mtpa. Youga is a hard rock, drill and blast open pit operation that employs contractor mining. Grid power is delivered to site from Ghana via a 21 km transmission line. In early 2013, Endeavour completed a Preliminary Economic Assessment on the Ouaré deposit which is located 40km to the northeast of Youga to explore the economics of trucking the Ouaré material to the Youga plant to add three years to Youga's mine life.



  January 15, 2015
Endeavour Mining Delivers 466,000 oz in 2014 to Exceed Guidance and Generates Positive Cash in Q4

View News Release in PDF Format

Vancouver, January 15, 2015 - Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) announces 2014 gold production of 466,000 ounces, which includes 120,000 ounces during Q4 2014. The cash balance as of December 31, 2014 of $62 million demonstrates positive cash generation during Q4 2014. Endeavour has now completed its major capital investment programs of 2013 and 2014 which have resulted in increased production and reduced AISC/oz. In 2015, Endeavour expects to produce 475,000 to 500,000 ounces with further cost improvements and plans to use its projected surplus cash flow to reduce debt.

Highlights from 2014 and 2015 Production and AISC/oz Guidance
  • Endeavour has exceeded 2014 production guidance of 400,000 to 440,000 ounces with full year production of 465,770 ounces, which represents a 44% increase over the 324,275 ounces produced in 2013. The increase is a result of the Tabakoto and Nzema mines exceeding their prior year production levels and the addition of the Agbaou mine in 2014 as our fourth and newest operation. Gold production results by mine are provided in Table 1.
    Endeavour is providing 2015 production guidance of 475,000 to 500,000 ounces at an all-in sustaining cost per ounce of $930 to $980. Guidance details by mine are provided in Tables 2 and 3.
    At $1,200 gold price and using the mid-point of 2015 production and AISC/oz guidance ranges, Endeavour is expecting to generate an AISC margin of approximately $120 million in 2015. Calculations are outlined in Table 4.
    Non-sustaining capital is planned to be $20 million in 2015 that is mostly related to the completion of 2014 projects. Over 2013 and 2014, Endeavour invested approximately $300 million in new mine construction and improvements to its operating mines, which includes approximately $90 million spent in 2014.
    The preliminary Q4 2014 production and other financial information provided in this news release are approximate figures and may differ from the final results included in the 2014 annual audited statements and MD&A.

Table 1: 2014 Full year and quarterly gold production (in ounces)

  Agbaou Youga Tabakoto Nzema Total
Q1 2014 24,086* 19,867 33,472 28,487 105,912
Q2 2014 31,878 18,285 36,408 35,946 122,517
Q3 2014 43,428 18,432 30,866 24,886 117,612
Q4 2014 47,365 19,977 26,577 25,810 119,729
Total 146,757 76,561 127,323 115,129 465,770
* Includes 9,148 pre-production ounces from January 2014
Neil Woodyer, CEO, stated
"We are very pleased to report our above-guidance production performance for the group which was achieved with an excellent health and safety record for the year. Cash cost and all-in sustaining cost per ounce will be reported in the 2014 financial results to be released in early-March, however, it is expected that the group all-in sustaining cost for the fourth quarter of 2014 will be similar to the $991 per ounce achieved in Q3 2014. As a result, we anticipate the full year 2014 AISC per ounce to be just below the mid-point of the $985 to $1,070 guidance range.

Our focus on cost-reductions during the year has resulted in the improvement of our AISC from over $1,100 per ounce in 2013 to under $1,000 per ounce. For 2015, we are expecting continued cost improvements with an AISC per ounce guidance range of $930 to $980 while our gold production is forecast to be 475,000 to 500,000 ounces.

We have a stable production outlook for the Agbaou and Nzema mines and some production growth and operational efficiencies expected from the Tabakoto mine. As of January 2015, we have three higher-grade sources of ore for the Tabakoto mill allowing it to operate at its optimal capacity: we have now commenced mining from the Kofi C open pit, the Segala underground mine now has six stopes available, and the Tabakoto underground mine performance continues to improve.

The cash balance at the end of the year was approximately $62 million which increased from $55 million at the end of Q3 2014 - a clear sign that we have completed our major capital spending programs and are now generating positive free cash flow. We anticipate using a portion of the available free cash flow forecast for 2015 to reduce outstanding debt as we focus on strengthening our financial position."

2015 Production and AISC Guidance by Mine

Table 2: 2015 Production guidance by mine (ounces, 100% basis)
    2012 2013 2014   2015
    Actual Actual Actual   Guidance Range
  Agbaou - 6,132 146,757   150,000 - 155,000
  Nzema 109,447 103,464 115,129   110,000 - 115,000
  Tabakoto 110,301 125,231 127,323   155,000 - 165,000
  Youga 91,030 89,448 76,561   60,000 - 65,000
      Total 310,778 324,275 465,770   475,000 - 500,000

Table 3: 2015 AISC/oz guidance by mine ($/oz)
          Guidance Range ($/oz)
  Agbaou       $690 - $740
  Nzema       $1,000 - $1,050
  Tabakoto       $950 - $1,000
  Youga       $975 - $1,025
  Mine-level AISC/oz     $883 - $933
      Plus Corporate G&A (~$18 million) $37
      Plus Exploration (sustaining) & Other (~$5 million) $10
  AISC/oz       $930 - $980

Table 4: 2015 AISC margin and free cashflow (before tax and financing)
  2015 Production (guidance range mid-point)   ozs 487,500
  2015 AISC/oz (guidance range mid-point)    $/oz $955
  Revenue   $1,200 gold price   $ million $585
      Less: AISC costs       $ million $465
  All-in sustaining margin     $ million $120
  Non-sustaining capital: Principal projects include completion of
Kofi C open pit access and completion of Cement Rock Fill (CRF)
plant for Segala underground mine operations 
  $ million $20
  Free cashflow (before tax & financing costs)   $ million $100

Financial Update

At December 31, 2014, the key components of Endeavour's balance sheet included $62 million in cash and $300 million of debt drawn from the $350 million revolving corporate facility and the Corporation had 413.1 million common shares outstanding.

As part of its annual year-end financial review, Endeavour assesses the carrying value of its assets. This assessment takes into account, among other things, the impact of lower gold prices as well as current mineral reserves and resources and updated mine plans. This process will be completed in connection with the release of the Corporation's fourth quarter and full year 2014 financial results scheduled for early March 2015. A preliminary assessment including lower gold prices and current market conditions indicate that non-cash impairment charges are likely.

Qualified Persons

Adriaan "Attie" Roux, Pr.Sci.Nat, Endeavour's Chief Operating Officer, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information related to mining operations in this news release.

About Endeavour Mining Corporation

Endeavour is a Canadian-based gold mining company producing 500,000 ounces per year from four mines in West Africa. Endeavour is focused on effectively managing its existing assets to maximize cash flow as well as pursuing organic and strategic growth opportunities that benefit from its management and operational expertise.

On behalf of Endeavour Mining Corporation

Neil Woodyer
Chief Executive Officer



CORPORATE OFFICE - Vancouver, Canada

Suite 3123, Three Bentall Centre
595 Burrard Street, PO Box 49139
Vancouver, B.C.
Canada V7X 1J1
Tel: +1(604) 685 4554
Fax: +1(604) 609 6145

Doug Reddy
Senior VP Business Development
Direct: +1 (604) 609 6114 investor@endeavourmining.com



Y/B 15 Augusto Neto Road
Airport Residential, Accra, Ghana
P.O. Box KAPMB 93, Airport-Accra, Ghana
Tel: +233 30 277 6871
Fax: +233 30 277 6871



Monte-Carlo Palace, Bureau 76
7 Boulevard des Moulins
98000 Monaco
Tel: +377 9798 7130
Fax: +377 9798 7131


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#219   Regulators clear Endeavour Mining-SEMAFO combination Pro-Life 06/27/20 08:01:41 PM
#218   Quite the large producer....at about 830 AISC nowwhat2 01/26/20 12:51:27 PM
#217   Endeavour Posts Record Performance in Q4, Meets 2016 nagoya1 01/23/17 10:31:21 AM
#216   Endeavour Mining, True Gold Shareholders Clear Way For Merger Pro-Life 04/23/16 07:29:01 PM
#215   Steady Insider buying: BajaWizard 04/08/16 04:56:55 AM
#214   Sweet ! Now if they can just realize the cork 11/15/15 07:29:08 PM
#213   Endeavour Mining Q3 2015 AISC/oz of $908 and Pro-Life 11/15/15 11:07:14 AM
#212   Nobody's arm is getting twisted to buy EDV. the cork 10/06/15 07:50:22 PM
#211   Another worthless company here giving away their gold Sparks111111 10/06/15 04:50:27 PM
#210   INTERESTING... I'LL PERHAPS BUY JUST A LITTLE. Congo Mining 05/18/15 10:45:49 PM
#209   Congo Mining 05/18/15 10:30:44 PM
#208   EDVMF Endeavour Mining Corporation (.54) owns four gold the cork 04/29/15 01:42:42 PM
#206   very awesome stock annual production 466,000 ounce in ~ Blue ~ 02/04/15 01:01:51 AM
#205   ty Blue, this is on Energizer batteries here. Penny Roger$ 01/20/15 04:54:31 PM
#204   SA: Endeavour Mining Has Beat Its Guidance ~ Blue ~ 01/18/15 03:30:34 PM
#203   EDV January 2015 video http://www.endeavourmining.com/s/Videos.asp ~ Blue ~ 01/17/15 07:57:29 PM
#202   EDV~~ ibox updated ~ Blue ~ 01/17/15 07:40:22 PM
#201   EDV(.59) produced 466,000 ounce gold in 2014 ++ ~ Blue ~ 01/17/15 07:03:23 PM
#200   EDV presentation ~ http://www.endeavourmining.com/i/pdf/Presentations/2014-12-03 ~ Blue ~ 01/17/15 12:00:10 AM
#199   EDV News http://www.endeavourmining.com/s/NewsReleasesArchive.asp?ReportID=69123 ~ Blue ~ 01/16/15 11:59:25 PM
#198   EDV~ 2015 target 500,000 ounce gold.. lowered cash ~ Blue ~ 01/16/15 11:58:01 PM
#197   EDV produced 446,000 ounce gold in 2014 ~ Blue ~ 01/16/15 11:57:03 PM
#196   $EDVMF recent news/filings stocktrademan 08/06/14 01:03:33 PM
#195   On the longer term, there are 450000 oz Mister Young 07/23/13 02:01:33 PM
#194   possibly yeah, edv has been hammered to much Mister Young 07/23/13 10:18:38 AM
#193   ~ $EDVMF ~ Daily Par Sar Buy Signal Penny Roger$ 07/02/13 04:08:00 PM
#192   i think the bottom could be in here greaseball 06/28/13 08:33:02 PM
#191   I bought again at 1.35, bottom is in, Mister Young 04/03/13 10:38:04 AM
#190   Good results, as expected. EDV still on track Mister Young 03/30/13 09:56:33 AM
#189   Buying all i can. Mister Young 03/04/13 11:24:50 AM
#188   I cant believe my eyes here... Great company, Mister Young 02/28/13 04:02:38 PM
#187   NOW TSX: EDV buddhabelly2 01/07/13 10:21:28 AM
#186   The UN Security Council has adopted a resolution buddhabelly2 10/13/12 01:02:46 AM
#185   The UN Security Council has adopted a resolution buddhabelly2 10/13/12 01:02:38 AM
#184   AVGCF is trading above its 10 week simple buddhabelly2 09/17/12 08:38:28 AM
#183   Top Ubika Gold 50 market value gainers for buddhabelly2 09/11/12 03:02:05 PM
#182   BAMAKO, Mali (AP) — Days have passed since buddhabelly2 09/08/12 10:24:40 AM
#181   AVGCF's MACD is indicating a weak bearish signal. buddhabelly2 09/06/12 04:04:07 PM
#180   Avion to attend 2012 Denver Gold Forum buddhabelly2 09/05/12 07:08:25 PM
#179   The Federal Reserve is likely to deliver another buddhabelly2 08/22/12 03:08:45 PM
#178   Avion Gold Corporation (TSX:AVR)(OTCQX:AVGCF) ("Avion" or the "Company") buddhabelly2 08/15/12 10:11:34 AM
#177   Yes, would be nice to see Randgold buddhabelly2 08/12/12 09:18:17 PM
#176   For those who didn't take advantage of the gsfl 08/12/12 11:48:07 AM
#175   I just started reading up on them. Their buddhabelly2 08/08/12 02:59:01 PM
#174   What was once $2.59 a share is now JT3Jon 08/08/12 02:11:05 PM
#173   Summary of the transaction: buddhabelly2 08/08/12 10:42:25 AM
#171   Auguries—Original Gangstas canucklehead80 08/07/12 11:25:46 PM
#170   Announces Acquisition by Endeavour Mining Corporation and a gsfl 08/07/12 07:21:02 PM
#169   Endeavour mining buying at a discount... This sucks gsfl 08/07/12 07:17:22 PM
#168   AVION REPORTS RECORD GOLD PRODUCTION OF 28,640 OUNCES gsfl 07/10/12 09:57:25 AM
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