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AVION REPORTS RECORD GOLD PRODUCTION OF 28,640 OUNCES FOR THE SECOND QUARTER OF 2012
TABAKOTO UNDERGROUND MINE CONTINUES TO OUTPERFORM BUDGET
July 9, 2012 -- Toronto, Ontario -- Avion Gold Corporation (AVR:TSX) (AVGCF: OTCQX) (“Avion” or the “Company”) is pleased to announce record second quarter 2012 production of approximately 28,637 ounces of gold from its Tabakoto operation in Mali, West Africa. The Company has now set two consecutive quarterly records for the amount of gold produced in one quarter with year to date gold production of 54,894 ounces after refinery adjustments. Avion is well on its way to achieving its upgraded production guidance of 95,000 to 102,000 ounces of gold for 2012.
During the second quarter of 2012, the Company milled 191,500 tonnes of ore at an average grade of 5.05 g/t Au, with a 92.5% mill recovery.
Avion's Chief Operating Officer, Mr. Andrew Bradfield, commented on the second quarter 2012: "The Tabakoto Mine has had two consecutive record production quarters that were achieved despite a military coup in the first quarter of 2012, and subsequent destabilization of the Malian government. The Tabakoto underground mine continues to produce higher than expected ore grades with a lower amount of ore dilution at higher processing recoveries than planned, that when combined with good open pit grades resulted in an excellent quarter."
Andrew Bradfield, P.Eng., the Chief Operating Officer of the Company, and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
Avion Gold Corporation OTCQX:AVGCF is
pleased to announce record second quarter 2012 production of approximately
28,637 ounces of gold from its Tabakoto operation in Mali, West Africa. The
Company has now set two consecutive quarterly records for the amount of gold
produced in one quarter with year to date gold production of 54,894 ounces after
refinery adjustments. Avion is well on its way to achieving its upgraded
production guidance of 95,000 to 102,000 ounces of gold for 2012.
During the second quarter of 2012, the Company milled 191,500 tonnes of ore at
an average grade of 5.05 g/t Au, with a 92.5% mill recovery.
Avion's Chief Operating Officer, Mr. Andrew Bradfield, commented on the second
quarter 2012: "The Tabakoto Mine has had two consecutive record production
quarters that were achieved despite a military coup in the first quarter of
2012, and subsequent destabilization of the Malian government. The Tabakoto
underground mine continues to produce higher than expected ore grades with a
lower amount of ore dilution at higher processing recoveries than planned, that
when combined with good open pit grades resulted in an excellent quarter."
Andrew Bradfield, P.Eng., the Chief Operating Officer of the Company, and a
qualified person under National Instrument 43-101, has reviewed and approved the
scientific and technical information in this press release.
About Avion Gold Corporation
Avion is a Canadian-based gold mining company focused in West Africa that holds
80% of the Tabakoto and Segala gold projects in Mali. Gold production commenced
at these projects in 2009 with approximately 51,290 ounces produced. 2010
production was 87,630 ounces of gold. 2011 production was 91,200 ounces of gold.
The current mineral reserve estimate (as of January 1, 2012) of 6.91 million
tonnes grading 3.73 g/t Au totaling 827,100 ounces of gold (proven and
probable), for the Tabakoto project property, demonstrates several sources of
excellent grade open pit and good grade underground mineral resources thus
providing significant flexibility for Avion's future mining plans. The Company
has developed an underground mine at the Tabakoto deposit, and is developing
another underground mine at the Segala deposit. The Tabakoto project property
also contains several producing open pit mines. Production sustainability will
continue to be supported by exploration programs over an approximately 600 km2
exploration package that both surrounds and is near to the Company's existing
mine infrastructure, and contains mineral resources on the Kofi property.
Additionally, mineral resources have grown considerably at Avion's 1,600 km2
Hounde exploration property in Burkina Faso. Avion has a highly skilled
management team, with a focus on growth and consolidation within West Africa.
Cautionary Notes
This press release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Except for statements of historical
fact, certain information contained herein constitutes forward-looking
statements which include statements regarding production estimates for 2012, the
impact of the political and social conditions in Mali on the Company,
management's assessment of Avion's targeted production, future plans, operations
and mineral resource estimates and are based on Avion's current internal
expectations, estimates, projections, assumptions and beliefs, which may prove
to be incorrect. Generally, forward-looking information can be identified by the
use of forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially different from those
expressed or implied by such forward-looking information, including but not
limited to those risks described in the annual information form of the Company
which is available under the profile of the Company on SEDAR at www.sedar.com.
Although the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that such
information 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 information. The
Company does not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
I agree completely. GLTY
Well, there is risk everywhere today no matter what country you live in because the world is not becoming more stable but moving towards anarchy which is coming soon to America... it's sad. I'm just trying to find good exploring producers and hope Gold goes where I think it is going. Investors will have no choice but to own these companies because they will be the only companies making profit. Avion is one of those...
AVGCF- All is Good. I hope:) I plan to keep adding. The northern part of the country, is comming apart, but many are wanting to stop it. ECOWAS wants to send troops, but again its the northern part of the country. I am hopeful, the corp is doing as they say. I've been watching the news, even the rebels, are drifting apart. GLTY
Hold on tight will be a bumpy road going forward. :)
Avion Gold Corporation (TSX:AVR)(OTCQX:AVGCF) ("Avion" or the "Company") is pleased to announce that is has increased its production guidance to between 95,000 and 102,000 ounces of gold for 2012. The mill has delivered solid performance and the underground mining at Tabakoto has been a strong contributor with better than expected grades and recoveries and lower than planned dilution.
John Begeman, President and CEO of Avion stated "Management is pleased with how well the Tabakoto operations performed in the second quarter with higher than forecast grades and budgeted mill recoveries. As a result of this strong operational performance during the first half of 2012, Avion has increased its 2012 production guidance. As well, Avion is confident that in the improved business climate, it makes sense to re-start the mill capacity upgrade as soon as practical."
The Company is also pleased to report that the political situation in Mali has stabilized and as such the Canadian government has reduced its warning advisory by one level in the southern part of Mali, where the Tabakoto Mine is located. In spite of an occasionally challenging operating environment, Avion has continued to operate and produce gold during the coup in Mali thanks to strategic fuel and parts supply inventory levels. Operations at Tabakoto and exploration at Tabakoto and Kofi are proceeding in the normal course. With an interim government in place in Mali and elections promised within the year, stability has returned for the most part in the southern part of the county, leading to the reduction in travel advisories. Avion continues to receive its fuel shipments and supplies are arriving from outside of the country as the customs and imports offices work to rebuild their systems post coup.
The mill expansion, which was delayed when foreign contractors left site during the coup, is anticipated to resume in the latter part of 2012 or early 2013. The Company is negotiating with contractors and necessary parties to return to site as soon as possible, however it will take some time to be able to remobilize teams to the site to recommence the construction. All parts and supplies to complete the mill expansion have now arrived at site.
About Avion Gold Corporation
Avion is a Canadian-based gold mining company focused in West Africa that holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production commenced at these projects in 2009 with approximately 51,290 ounces produced. 2010 production was 87,630 ounces of gold. 2011 production was 91,200 ounces of gold. The current mineral reserve estimate (as of January 1, 2012) of 6.91 million tonnes grading 3.73 g/t Au totaling 827,100 ounces of gold (proven and probable), for the Tabakoto project property, demonstrates several sources of excellent grade open pit and good grade underground mineral resources thus providing significant flexibility for Avion's future mining plans. The Company has developed an underground mine at the Tabakoto deposit, and is developing another underground mine at the Segala deposit. The Tabakoto project property also contains several producing open pit mines. Production sustainability will continue to be supported by exploration programs over an approximately 600 km2 exploration package that both surrounds and is near to the Company's existing mine infrastructure, and contains mineral resources on the Kofi property. Additionally, mineral resources have grown considerably at Avion's 1,600 km2 Hounde exploration property in Burkina Faso. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
Andrew Bradfield, P.Eng., the Chief Operating Officer of the Company, and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
Cautionary Notes
Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include the impact of the political and social conditions in Mali on the Company, management's assessment of Avion's targeted production, future plans, operations and mineral resource estimates and are based on Avion's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Avion's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those risks described in the annual information form of the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Avion undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Contacts:
Avion Gold Corporation
Michael McAllister
Manager, Investor Relations
(416) 309-2134
info@aviongoldcorp.com
Twitter: @AviongoldAVR
Avion Board Thanks Shareholders for Overwhelming Support
Date : 06/26/2012 @ 7:41PM
Source : MarketWire Canada
Avion Gold Corporation (TSX:AVR)(OTCQX:AVGCF) ("Avion" or the "Company")
announced today that, at its annual shareholders' meeting the shareholders voted
overwhelmingly in support of the management nominees to the Board. Accordingly,
James Coleman QC, John Begeman, Bruce Humphrey, Lewis MacKenzie, Pierre
Pettigrew PC, John Vettese and Bernard Wilson have been elected as members of
the Board of Directors to represent shareholders' interests for the ensuing
year.
James Coleman QC, the Independent Chairman of the Board, stated, "The Board
expresses its appreciation to our shareholders for recognizing the dedication
and past success of Avion's continuing directors. The Board will continue to
implement Avion's strategic plan of expanding production in Mali once the
in-country political situation stabilizes, demonstrating the economic potential
of the Hounde Project in Burkina Faso and aggressively pursuing additional
growth opportunities whether organically or through acquisition."
Avion is pleased to note that rescheduling the AGM resulted in approximately 74%
of shareholders voting at the meeting. We believe that this significant
shareholder participation and support validates the work of the current Board
and management. We would also like to state that we have heard the concerns of
our shareholders and will, with management and the Board of Directors, work
toward strengthening and growing Avion.
The re-election of a majority of the incumbent directors is also consistent with
the recommendation of the leading proxy advisory firms. Institutional
Shareholder Services ("ISS") which noted in a report that Avion's total
shareholder return has consistently outperformed its peer group over the past
two to three years. ISS added that the recent decline in the Company's share
price is largely due to factors beyond management's control - notably, a
military coup in Mali which has delayed completion of a mill expansion project
at the Tabakoto mine. "It should be noted that the company's governance
structure has improved from last year", ISS added.
Biographical Information for New Directors
Bernard Wilson, FCA, ICD.D is a senior financial professional with a wide array
of working relationships with business executives in Canada, the United States
and internationally. In addition, Mr. Wilson is an advisor in corporate finance
and investment banking and has extensive experience in major financial
restructurings and advises on international trade and commerce issues. Mr.
Wilson was with PriceWaterhouseCoopers LLP for 40 years and was Vice Chairman at
retirement. Mr. Wilson is a recognized Canadian businessman having served in
numerous leadership roles, including Chairman of the Canadian Chamber of
Commerce - the largest business organization in Canada with 175,000 members;
Chairman of the Canadian Council for International Business - the organization
representing Canadian multinational companies at the OECD in Paris, the WTO in
Geneva and the UN in New York; Chairman of the International Chamber of Commerce
- Canada; and Member of the Canada/US Trade Committee. He received his Commerce
Degree from St Francis Xavier University and later his Doctor of Laws (Hons.).
He received his Chartered Accounting degree with PwC and later was awarded his
FCA from the CICA, a distinction which is limited to 3% of members. He also
completed postgraduate studies in Alternative Dispute Resolution at Harvard Law
School. Mr Wilson is also the Founder of the Institute of Corporate Directors'
formal directors education program, completed it and was the first Canadian to
be awarded the ICD.D accreditation. Given his credentials, Mr. Wilson is well
qualified to serve as the Chair of Avion's Audit Committee.
John Vettese is a corporate finance and mergers and acquisition lawyer and is
the Deputy Managing Partner of Cassels Brock & Blackwell LLP. He is also a
member of the firm's Executive Committee. He has acted and continues to act as
lead counsel for several companies in the mining sector. He has consistently
been recognized as one of the Best Lawyers in Canada in the area of Natural
Resource Law.
James Coleman stated, "We are pleased to welcome Bernie and John to the Board
and look forward to their contributions in expanding Avion's business and
further enhancing its corporate governance practices. The Board would like to
acknowledge and thank Stan Bharti and George Faught for their significant
contributions to the Company. Stan, who founded Avion and has been instrumental
in attracting the necessary capital to support operations, will remain involved
with Avion as the company remains a member of the Forbes & Manhattan Group of
Companies. Avion has benefited from George's wise counsel as an active board
member and Chair of the Audit Committee. He also showed his dedication to Avion
by resigning his role as an executive officer of another reporting issuer in
order to stay on the Avion Board. The Board expresses its gratitude to Mr.
Bharti and Mr. Faught for their significant contributions to the Company."
Cautionary Notes
Certain information set forth in this press release contains "forward-looking
statements", and "forward-looking information" under applicable securities laws.
Except for statements of historical fact, certain information contained herein
constitutes forward-looking statements. Some of the forward-looking statements
may be identified by words such as "expects" "anticipates", "believes",
"projects", "plans", and similar expressions. These statements are not
guarantees of future performance and undue reliance should not be placed on
them. Such forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause Avion's actual performance and
financial results in future periods to differ materially from any projections of
future performance or results expressed or implied by such forward-looking
statements. These risks and uncertainties include, but are not limited to, those
risks described in the annual information form of the Company. There can be no
assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such
statements. Avion undertakes no obligation to update forward-looking statements
if circumstances or management's estimates or opinions should change except as
required by applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements.
AVION’S HOUNDÉ PROPERTY, BURKINA FASO, CONTINUES TO RETURN WIDE HIGH GRADE INTERCEPTS
3.12 G/T AU OVER 62.0 METRESAND 3.48 G/T AU OVER 62.0 METRES
Toronto, Ontario -- Avion Gold Corporation (AVR: TSX, AVGCF: OTCQX) (“Avion” or the “Company”) is pleased to announce results for an additional 33 holes drilled in 2012 in the Vindaloo zone area, Houndé Project, Burkina Faso (see Figure 1). A summary of select intercepts are as follows:
? 5.02 g/t Au over 6.0 metres
? 3.12 g/t Au over 62.0 metres
? 3.48 g/t Au over 62.0 metres
? 7.74 g/t Au over 10.0 metres
? 5.27 g/t Au over 16.0 metres
? 1.87 g/t Au over 16.0 metres
? 2.16 g/t Au over 19.0 metres
? 2.85 g/t Au over 17.0 metres
? 2.61 g/t Au over 23.6 metres
? 1.49 g/t Au over 36.0 metres
? 1.72 g/t Au over 25.0 metres
? 1.44 g/t Au over 21.0 metres
These holes predominantly tested the central part of the Vindaloo zone where Avion has defined Indicated mineral resources of 13.41 million tonnes at 2.07 g/t Au totaling 893,000 ounces of gold and Inferred mineral resources of 10.71 million tonnes at 2.07 g/t Au totalling 712,000 ounces of gold. Holes HD-12-35 with 3.12 g/t Au over 62.0 metres and HD-12-36 with 3.48 g/t Au over 62.0 metres (Figure 1), were drilled 200 metres apart and represent near-surface intercepts that further support the economic potential of the Vindaloo zone. In addition, intercepts of 1.26 g/t Au over 8.6 metres and 1.73 g/t Au over 11.0 metres in hole HA-12-08 and 1.72 g/t Au over 25.0 metres in hole HA-12-10 extend the Vindaloo West zone further to depth. The Vindaloo West zone lies from 50 to 75 metres west of the Vindaloo zone and has returned intercepts to 2.18 g/t Au over 29.7 metres.
Don Dudek, Avion’s Senior Vice President Exploration stated: “Avion continues to be rewarded by good grade and width intercepts from the Vindaloo zone and from the adjacent Vindaloo West zone which is still open along strike and to depth. With the results we have seen to date it is easy to see the potential for production at the Vindaloo zone in the near future.”
This news release presents the results from 33 core and reverse circulation holes totaling approximately 5,432 metres of drilling. Assay from an additional 26 holes is still pending. A summary of all the current drill intercepts is attached at the end of this press release.
The gold-bearing zones that define the Vindaloo zone, now including the Madras and Madras NW zones (see Figure 2), have now been traced, by drilling, more or less continuously for approximately 5.6 kilometres. Avion has now completed at least one hole per 100 metres of strike along the defined mineralized trends. The current mineral resource is defined as the southern 2.65 kilometres part of the Vindaloo zone. Drilling, and the discovery of a new artisanal zone, located to the south along strike of the mineral resource area could potentially add another 3.7 kilometres of strike to the Vindaloo zone for a total of 9.3 kilometres.
The Vindaloo zones are hosted by an intensely sericite- and silica-altered mafic intrusion and similarly-altered, intensely sheared and altered intermediate to mafic volcanoclastics. The mineralization is often quartz stockwork-style and is weakly to moderately pyritic. The entire mineralized package strikes north-northeast and dips steeply to the west to vertical. Drilling along the approximate 1.2 kilometre strike of the central core of the Vindaloo gold system has defined a coherent gold-mineralized, apparently shallow south plunging zone that has been traced at least to 300 metres depth. Along strike, both to the north and south of the core of the Vindaloo zone, the gold mineralization can vary from weak to quite strong over relatively short, generally vertical distances, leading to nodes of higher grade mineralization connected by less well gold mineralized zones.
In 2012, 134 holes totaling approximately 20,220 metres have been drilled on the Houndé Property with just over 50% of the drill program completed. This program was designed to define additional inferred mineral resources, in-fill drill where necessary to support a Preliminary Economic Study (PEA) and continue to extend the mineralized zones along strike. Approximately 60% of the assays submitted for analysis have been received. Baseline work for the PEA is continuing with potential water dam sites located, initial land ownership surveys completed, potential tailings sites, a possible mill site and on-going community relations work.
Avion’s 2012 US$ 12.4 million exploration program is continuing with 241 holes totaling approximately 36,540 metres completed at the Houndé, Tabakoto and Kofi properties. The Houndé Preliminary Economic Assessment has been initiated with completion expected in Q4 2012 to allow for the reception of sufficient drill data.
Avion's procedures for handling core have been presented in previous news releases (See for e.g. Avion's News Release dated September 10, 2011). Assays presented in the attached table have been capped at 30 g/t Au. SGS Laboratories in Ouagadougou and Kaya, Burkina Faso was the independent laboratory used in the testing of the assay samples.
Don Dudek, P.Geo., the Senior Vice President, Exploration of the Company and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
Mining in Burkina Faso
The mining industry in Burkina Faso is growing at a rapid rate due to a combination of a stable elected democratic government, excellent geology and a competitive fiscal regime. Currently six gold mines are in production or development in Burkina Faso (Essakane – IAMGOLD Corporation, Mana - SEMAFO, Inata – Avocet Mining PLC, Youga – Endeavor Mining Corporation, Taparko – High River Gold Mines Ltd., Kalsaka – Cluff Gold PLC). In 2012, it is expected that Burkina Faso will become the fourth largest gold producing country in Africa. The country has legislated low taxes with a corporate tax rate of 20% for mining companies. The government is entitled to a 10% free carried interest and a competitive 3-5% sliding royalty on gold production. Political and economic protests that occurred back in the spring of 2011 did not materially affect Avion’s exploration program and no new issues of concern have since arisen.
About Avion Gold Corporation
Avion Gold Corporation (TSX: AVR)(OTCQX: AVGCF) ("Avion" or the "Company") has won support from Institutional Shareholder Services ("ISS"), a leading proxy advisory firm, for its business strategy and moves to enhance its corporate governance.
ISS noted in a report, published ahead of Avion's rescheduled annual meeting on June 26, 2012, that Avion's total shareholder return has consistently outperformed its peer group over the past 2-3 years. It added that the recent decline in the Company's share price is largely due to factors beyond management's control - notably, a military coup in Mali which has delayed completion of a mill expansion project at the Tabakoto mine.
Avion postponed the annual shareholder meeting, originally scheduled for May 17, 2012, as a result of a low level of participation by shareholders and after it became apparent that two large minority shareholders were attempting to take control of the agenda at the last minute by putting forward their own slate of board nominees.
The ISS report also welcomed recent moves by Avion's board to strengthen governance practices. Among them:
-- The election of directors will no longer proceed by slate voting, but
rather by individual voting;
-- A minimum 75 per cent attendance requirement for board members;
-- A review to enhance board independence and address concerns about over-
boarding.
-- Several Avion board members have committed to scale back the number of
directorships they hold.
"It should be noted that the company's governance structure has improved from last year", ISS added.
ISS recommended a withhold vote on one current director, Stan Bharti, as he currently sits on the board of more than six public companies and his attendance record at Avion board meetings was less than 75% in 2011. However, Mr. Bharti has agreed not to seek re-election to the boards of two other companies and he is also reviewing his public company directorship commitments in an effort to further reduce his outside board positions. Mr. Bharti will also be covered by the new attendance requirement instituted by the Avion board and he has attended all three Avion board meetings held to date in 2012. The board of directors of Avion is fully behind Mr. Bharti's re-election as a director of Avion. Mr. Bharti, through Forbes & Manhattan, Inc., has been instrumental in helping to develop Avion from inception and, more recently, helping guide the Company through the coup in Mali by bringing together a highly qualified and experienced management team. Mr. Bharti has played an important role in developing Avion into the company it is today, and he is an integral part of the implementation of Avion's strategy going forward.
John Begeman, Avion's Chief Executive Officer, said: "ISS's findings confirm that we are on the right track both operationally and from a governance standpoint. We are confident that, once the situation in Mali stabilizes, we can move towards realizing our target of producing 200,000 ounces of gold a year."
VOTE YOUR BLUE PROXY BY MAIL OR FAX FOR IT TO BE RECEIVED BY THE DEADLINE.
PROXIES MUST BE RECEIVED NO LATER THAN JUNE 22, 2012 AT 10:00 A.M. (TORONTO
- EASTERN DAYLIGHT - TIME).
PLEASE ENSURE THAT YOU SIGN AND DATE THE BLUE PROXY.
FOR QUESTIONS ON VOTING YOUR BLUE PROXY CALL:
Telephone Toll Free: 1-866 229 8874.
Toll Free Fax: 1-866-545-5580
Outside North America Call Collect: 1-416-867-2272
Cautionary Notes
Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Some of the forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Avion's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those risks described in the annual information form of the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Avion undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Contacts:
Media contact:
Kingsdale Communications Inc.
Bernard Simon
Vice-President
416 867 2304
bsimon@kingsdalecommunications.com
Avion Gold Corporation
Michael McAllister
Manager, Investor Relations
(416) 309-2134
info@aviongoldcorp.com
SOURCE: Avion Gold Corporation
mailto:bsimon@kingsdalecommunications.com
mailto:info@aviongoldcorp.com
2(nd) Quarter, 2012, Revisions of S&P/TSX Indices
S&P Canadian Index Services will make the following index changes as a result of the Quarterly S&P/TSX Composite Index review. These changes will be effective at the open on Monday, June 18, 2012:
S&P/TSX COMPOSITE INDEX
___________________________________________________________________
|ADDITIONS |
|___________________________________________________________________|
| | | | Live Composite GICS |
| | | | Sector |
|Issue Name |Symbol|60/Completion| Index |
|_______________________|______|_____________|______________________|
|Black Diamond Group | | | |
|Limited | BDI | Completion | Energy |
|_______________________|______|_____________|______________________|
|Enbridge Income Fund | | | |
|Holdings Inc. | ENF | Completion | |
|_______________________|______|_____________|______________________|
|Martinrea International| | | |
|Inc. | MRE | Completion |Consumer Discretionary|
|_______________________|______|_____________|______________________|
|Northern Property REIT |NPR.UN| Completion | REIT, Real Estate |
|_______________________|______|_____________|______________________|
|Poseidon Concepts Corp.| PSN | Completion | Energy |
|_______________________|______|_____________|______________________|
|Wajax Corporation | WJX | Completion | Industrials |
|_______________________|______|_____________|______________________|
____________________________________________________________________
|DELETIONS |
|____________________________________________________________________|
| | | | Live Composite GICS |
| | | | Sector |
|Issue Name |Symbol|60/Completion| Index |
|______________________|______|_____________|________________________|
|Avion Gold Corporation| AVR | Completion | Materials |
|______________________|______|_____________|________________________|
|Extorre Gold Mines | | | |
|Limited | XG | Completion | Materials |
|______________________|______|_____________|________________________|
|Golden Star Resources | | | |
|Ltd. | GSC | Completion | Materials |
|______________________|______|_____________|________________________|
|Great Basin Gold Ltd. | GBG | Completion | Materials |
|______________________|______|_____________|________________________|
|Guyana Goldfields Inc.| GUY | Completion | Materials |
|______________________|______|_____________|________________________|
|Jaguar Mining Inc. | JAG | Completion | Materials |
|______________________|______|_____________|________________________|
| | | |Materials, Div. Metals &|
|Mercator Minerals Ltd.| ML | Completion | Mining |
|______________________|______|_____________|________________________|
|Northern Dynasty | | |Materials, Div. Metals &|
|Minerals Ltd. | NDM | Completion | Mining |
|______________________|______|_____________|________________________|
|NuVista Energy Ltd. | NVA | Completion | Energy |
|______________________|______|_____________|________________________|
|Romarco Minerals Inc. | R | Completion | Materials |
|______________________|______|_____________|________________________|
Changes to the S&P/TSX Composite Index will also affect the S&P/TSX Capped Composite Index and the S&P/TSX Composite Equal Weight Index. Stocks added to or removed from the S&P/TSX Composite Index will also be added to or removed from the appropriate Global Industry Classification Standard (GICS) sector index.
S&P/TSX GLOBAL GOLD INDEX - JUNE 2012 - QUARTERLY REVIEW
ADDITIONS
Issue Name Symbol Exchange
Rainy River Resources Ltd. RR TSX
Tanzanian Royalty Exploration Corp. TNX TSX
DELETIONS
Issue Name Symbol Exchange
Exeter Resource Corporation XRA AMEX
Guyana Goldfields Inc. GUY TSX
International Tower Hill Mines Ltd. ITH TSX
Jaguar Mining Inc. JAG TSX
Orezone Gold Corporation ORE TSX
Teranga Gold Corporation TGZ TSX
Timmins Gold Corporation TMM TSX
S&P/TSX GLOBAL MINING INDEX - JUNE 2012 - QUARTERLY REVIEW
ADDITIONS
Issue Name Symbol Exchange
Orbite Aluminae Inc. ORT TSX
Rainy River Resources Ltd. RR TSX
Tanzanian Royalty Exploration Corp. TNX TSX
DELETIONS
Issue Name Symbol Exchange
Augusta Resource Corporation AZC TSX
Avalon Rare Metals Inc. AVL TSX
Baja Mining Corp. BAJ TSX
Cline Mining Corporation CMK TSX
Coalspur Mines Limited CPT TSX
Exeter Resource Corporation XRA AMEX
Guyana Goldfields Inc. GUY TSX
International Tower Hill Mines Ltd. ITH TSX
Jaguar Mining Inc. JAG TSX
James River Coal Company JRCC NASDAQ
Mercator Minerals Ltd. ML TSX
Mirabela Nickel Ltd. MNB TSX
Nevada Copper Corp. NCU TSX
Northern Dynasty Minerals Ltd. NDM TSX
Orezone Gold Corporation ORE TSX
Patriot Coal Corporation PCX NYSE
Scorpio Mining Corporation SPM TSX
Teranga Gold Corporation TGZ TSX
Timmins Gold Corp. TMM TSX
S&P/TSX GLOBAL BASE METALS INDEX - JUNE 2012 - QUARTERLY REVIEW
ADDITIONS
Issue Name Symbol Exchange
Orbite Aluminae Inc. ORT TSX
DELETIONS
Issue Name Symbol Exchange
Augusta Resource Corporation AZC TSX
Avalon Rare Metals Inc. AVL TSX
Baja Mining Corp. BAJ TSX
Cline Mining Corporation CMK TSX
Mercator Minerals Ltd. ML TSX
Mirabela Nickel Ltd. MNB TSX
Nevada Copper Corp. NCU TSX
Northern Dynasty Minerals Ltd. NDM TSX
S&P/TSX COMPOSITE DIVIDEND INDEX - JUNE 2012 - QUARTERLY REVIEW
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Black Diamond Group Limited BDI
Enbridge Income Fund Holdings Inc. ENF
Northern Property REIT NPR.UN
Poseidon Concepts Corp. PSN
Savanna Energy Services Corp. SVY
Wajax Corporation WJX
S&P/TSX EQUITY INCOME INDEX - JUNE 2012 - QUARTERLY REVIEW
ADDITIONS
Issue Name Symbol
Enbridge Income Fund Holdings Inc. ENF
Nordion Inc. NDN
Northern Property REIT NPR.UN
Poseidon Concepts Corp. PSN
Royal Bank of Canada RY
Savanna Energy Services Corp. SVY
Wajax Corporation WJX
DELETIONS
Issue Name Symbol
CI Financial Corp. CIX
Corus Entertainment Inc. CJR.B
Emera Incorporated EMA
TELUS Corporation T
TransCanada Corporation TRP
S&P/TSX COMPOSITE HIGH BETA INDEX - JUNE 2012 - QUARTERLY REVIEW
ADDITIONS
Issue Name Symbol
Advantage Oil & Gas Ltd. AAV
Gabriel Resources Ltd. GBU
HudBay Minerals Inc. HBM
Lake Shore Gold Corp. LSG
NovaGold Resources Inc. NG
Poseidon Concepts Corp. PSN
Premier Gold Mines Limited PG
Trican Well Service Ltd. TCW
DELETIONS
Issue Name Symbol
Canadian Oil Sands Limited COS
Extorre Gold Mines Limited XG
Golden Star Resources Ltd. GSC
Jaguar Mining Inc. JAG
Mercator Minerals Ltd. ML
Nevsun Resources Ltd. NSU
Northern Dynasty Minerals Ltd. NDM
Silver Wheaton Corp. SLW
S&P/TSX COMPOSITE LOW VOLATILITY INDEX - JUNE 2012 - QUARTERLY
REVIEW
ADDITIONS
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Cineplex Inc. CGX
Enbridge Inc. ENB
Fairfax Financial Holdings Limited FFH
Intact Financial Corporation IFC
Northern Property REIT NPR.UN
DELETIONS
Issue Name Symbol
Astral Media Inc. ACM.A
Bank of Nova Scotia BNS
Canadian National Railway Company CNR
Keyera Corp. KEY
Power Financial Corporation PWF
About S&P Indices S&P Indices, a leading brand of the McGraw-Hill Companies (NYSE:MHP), maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Over $1.45 trillion is directly indexed to our indices, which includes the S&P 500, the world's most followed stock market index, the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, the S&P Global BMI, an index with approximately 11,000 constituents, the S&P GSCI, the industry's most closely watched commodities index, and the S&P National AMT-Free Municipal Bond Index, the premier investable index for U.S. municipal bonds. For more information, please visit: www.standardandpoors.com/indices.
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DAKAR, Senegal - African leaders will seek United Nations backing for military intervention in northern Mali, which for more than two months has been controlled by armed rebels and Islamic militants. The move comes amid citizen uprisings in the north as well as reported clashes among the armed groups themselves.
After weeks of meetings about how to deal with the takeover of northern Mali by armed groups, the military option is looking increasingly likely.
Following talks in Abidjan Thursday between the African Union, the United Nations and the regional bloc ECOWAS, regional leaders are set to formally request U.N. backing for a military intervention.
Following the Abidjan meeting, head of the ECOWAS commission Kadré Désiré Ouédraogo said ECOWAS was ready to provide troops for this mission, which will be costly and difficult given the hostile terrain. He says ECOWAS is counting on the contribution of the international community.
So to that end, he says, ECOWAS with the African Union’s support will introduce a request to the U.N. Security Council for a resolution that would provide a legal framework and international legitimacy to the action.
The latest rebellion by the National Movement for the Liberation of Azawad, or MNLA, was launched in January, with the stated aim of establishing an independent state in what is now northern Mali. But when MNLA forces seized Mali’s three northern regions in the chaotic days after a March 22 coup in Bamako, fighting alongside them were Islamist extremists seeking to impose a strict version of Islamic law throughout Mali.
With the reportedly better equipped Islamist fighters appearing to dominate throughout northern Mali, the international community is worried about the creation of a vast haven for al-Qaida in the Islamic Maghreb in the West African desert.
African leaders said at the Abidjan meeting that regional mediators would continue negotiations with actors in the north “except terrorist groups." But it could be tough to find MNLA members who might be suitable interlocutors, after recent talk of an alliance between MNLA and the Islamic faction, Ansar Dine.
It is increasingly unclear just what ECOWAS troops would find on the ground in northern Mali, should a military intervention go forward. Islamist fighters from a number of countries are said to be circulating in the region.
This resident of the northern city of Timbuktu, who did not want his name used, said just last night more foreigners arrived.
He says since Thursday evening around 4 p.m. local time, a number of heavily armed foreigners have arrived in Timbuktu, including Pakistanis, Chadians and Algerians. He says it is clear they are there to reinforce al-Qaida in the Islamic Maghreb. What is not clear, he says, is whether their arrival means they are bracing for a fight. He says the people are afraid and have no idea what the coming days have in store.
The African leaders’ step closer to military action comes amid reports of citizens' protests and clashes among armed groups in the north. MNLA and Ansar Dine forces reportedly clashed in the northern region of Kidal on Thursday night.
Residents of the north have demonstrated against the takeover by armed groups and the enforcement of a strict interpretation of Islamic law. The Timbuktu resident says Ansar Dine there this week declared a curfew, sparking further consternation among residents.
A number of Malian leaders continue to reject any external military intervention. But Mali’s army, routed from the north by the armed fighters earlier this year, is in disarray, with periodic intra-army clashes threatening stability in the capital, Bamako, since the coup d’état.
Voice of America
Auguries—World Leaders Pretend
May 24, 2012
By Kevin Michael Grace
A wild week for gold, with the big gains of last Thursday and Friday wiped out and more but a recovery of $11 today. Gold was down (at press time) $15 (-1%) for the week to $1,559.40, and silver was up
.20 (+0.7%) to $28.26. Various news organizations posited various explanations for the gyrations, with liberal use of the nouns “Greece,” “Eurozone,” “US dollar” and “safe haven.”
Searching for a metaphorical peg for this column, one discovers just the thing, used in this space almost a year ago. So here it is again, Danny from Withnail and I: “Politics, man. If you’re hanging on to a rising balloon, you’re presented with a difficult decision—let go before it’s too late, or hold on and keep getting higher. Posing the question: how long can you keep a grip on the rope?”
Read the rest of this article on gold prices. http://resourceclips.com/2012/05/24/auguries-world-leaders-pretend/
AVGCF -I tend to agree.
Sounds like more reasons to buy at theses insane prices
Avion Gold Corporation (TSX:AVR)(OTCQX:AVGCF) ("Avion" or the "Company") is
pleased to announce results for an additional 75 holes drilled in 2012 in the
Vindaloo zone area, Hounde Project, Burkina Faso (see Figure 1). These
encouraging new drill hole intercepts demonstrate the following:
-- Gold-bearing Vindaloo zone has been traced for approximately 5.6
kilometres and is open along strike and to depth,
-- Gold mineralization has been identified within an approximate 4.5
kilometre wide by 9 kilometre long, open-ended structural corridor,
-- There is high potential for the discovery of additional mineralized
zones and,
-- There is a reasonable likelihood that additional mineral resources will
be defined.
The last round of drilling has returned the best result to date with an
exceptional near surface intercept of 2.96 g/t Au over 87.0 metres (see Figure
2), located at the northern end of the currently defined mineral resources. As
well, a new zone of mineralization, which returned 1.72 g/t Au over 45.0 metres,
was intersected approximately 100 metres north and east of the above intercept.
A summary of the better drill intercepts is presented below.
-- 1.50 g/t Au over 32.0 metres
-- 3.59 g/t Au over 19.0 metres
-- 31.27 g/t Au over 4.0 metres
-- 2.18 g/t Au over 31.0 metres
-- 3.01 g/t Au over 21.0 metres
-- 2.96 g/t Au over 87.0 metres
-- 2.45 g/t Au over 20.0 metres
-- 1.59 g/t Au over 57.0 metres
-- 1.72 g/t Au over 45.0 metres
-- 26.4 g/t Au over 4.0 metres
-- 34.5 g/t Au over 2.0 metres
John Begeman, President and CEO of Avion stated: "Avion is pleased to report
these new exploration results for the Hounde Project, which in management's
opinion, once again increases shareholder value. As well, the continued move
towards a constitutionally acceptable transitional Malian government, with a
goal of free elections within a year, is welcome news. Gold prices have remained
strong and are expected to strengthen further and I believe that in a year from
now the current delay in completing our Tabakoto mill upgrade will be a
non-issue."
The gold-bearing zones that define the Vindaloo zone, now including the Madras
and Madras NW zones (see Figure 2), have now been traced, by drilling, more or
less continuously for approximately 5.6 kilometres. Avion has now completed at
least one hole per 100 metres of strike along the defined mineralized trends.
The current mineral resource is defined as the southern 2.65 kilometres part of
the Vindaloo zone. Drilling, and the discovery of a new artisanal zone, located
to the south along strike of the mineral resource area could potentially add
another 3.7 kilometres of strike to the Vindaloo zone for a total of 9.3
kilometres.
A single hole drilled to validate a 2011 drill intercept of 12.4 g/t Au over 6.5
metres at the Vindaloo Far South zone (see Figure 2) returned two strong
intercepts of 25.6 g/t over 4.0 metres and 3.73 g/t Au over 8.0 metres. These
holes were drilled 1.7 kilometres south, along strike of the southern-most
Vindaloo zone hole. Additional drilling is planned in this area.
A new artisanal mining area, Soukou, has developed approximately 3.7 kilometres
south (see Figure 2), along strike of the southern end of the Vindaloo zone.
Currently the artisanal mining area is approximately 400 metres long by 150
metres wide and appears to consist of at least four lines of north-northeast
trending artisanal shafts. Drill holes have been planned in this area.
Another mineralized zone, Kari Sud, lies approximately 3.5 kilometres
east-northeast of the new artisanal area. A previous hole in this area returned
3.47 g/t Au over 18.0 metres.
A recent review of the Madras area indicates increasing artisanal mining
activity that suggests mineralized zones trending northerly, east-northeast and
north-northeast in an area approximately 400 metres long and 200 metres wide.
More drilling is planned in this area where a drill hole returned 2.53 g/t Au
over 18.3 metres.
A follow-up hole at the Nema target (previous intercept of 1.17 g/t Au over 7.5
metres) returned 3.28 g/t Au over 1.0 metre. This intersection is related to a
northeast trending IP chargeability anomaly that can be traced for approximately
1.75 kilometres before extending off of the surveyed area, both to the northeast
and to the southwest. More drilling is required in this area.
Don Dudek, Avion's Senior Vice President Exploration stated: "The new zones that
Avion intersected in the drilling and that Avion has not closed off the
mineralized trend, demonstrates that we are still very much in an exploration
stage and that there is a high likelihood that the Hounde property will return
more positive surprises in the future. The key now is to continue to increase
the mineralization footprint with the drilling we are doing."
The Vindaloo zones are hosted by an intensely sericite- and silica-altered mafic
intrusion and similarly-altered, intensely sheared and altered intermediate to
mafic volcanoclastics. The mineralization is often quartz stockwork-style and is
weakly to moderately pyritic. The entire mineralized package strikes
north-northeast and dips steeply to the west to vertical. Drilling along the
approximate 1.2 kilometre strike of the central core of the Vindaloo gold system
has defined a coherent gold-mineralized, apparently shallow south plunging zone
that has been traced at least to 300 metres depth. Along strike, both to the
north and south of the core of the Vindaloo zone, the gold mineralization can
vary from weak to quite strong over relatively short, generally vertical
distances, leading to nodes of higher grade mineralization connected by less
well gold mineralized zones.
In 2012, 124 holes totaling approximately 18,600 have been drilled on the Hounde
Property with just under 50% of the drill program completed. This program was
designed to define additional inferred mineral resources, in-fill drill where
necessary to support a Preliminary Economic Study (PEA) and continue to extend
the mineralized zones along strike. Approximately 60% of the assays submitted
for analysis have been received. Baseline work for the PEA is continuing with
potential water dam sites located, initial land ownership surveys completed and
on-going community relations work. A summary of all drill intercepts in attached
at the end of this press release.
Avion's 2012 US$ 12.4 million exploration program is continuing with 216 holes
totaling approximately 32,980 metres completed at the Hounde, Tabakoto and Kofi
properties. The Hounde Preliminary Economic Assessment has been initiated with
completion expected in Q4 2012 to allow for the reception of sufficient drill
data.
Avion's procedures for handling core have been presented in previous news
releases (See for e.g. Avion's News Release dated September 10, 2011). Assays
presented in the attached table have been capped at 30 g/t Au.
Don Dudek, P.Geo., the Senior Vice President, Exploration of the Company and a
qualified person under National Instrument 43-101, has reviewed and approved the
scientific and technical information in this press release.
Mining in Burkina Faso
The mining industry in Burkina Faso is growing at a rapid rate due to a
combination of a stable elected democratic government, excellent geology and a
competitive fiscal regime. Currently six gold mines are in production or
development in Burkina Faso (Essakane - IAMGOLD Corporation, Mana - SEMAFO,
Inata - Avocet Mining PLC, Youga - Endeavor Mining Corporation, Taparko - High
River Gold Mines Ltd., Kalsaka - Cluff Gold PLC). In 2012, it is expected that
Burkina Faso will become the fourth largest gold producing country in Africa.
The country has legislated low taxes with a corporate tax rate of 20% for mining
companies. The government is entitled to a 10% free carried interest and a
competitive 3-5% sliding royalty on gold production. Political and economic
protests that occurred back in the spring of 2011 did not materially affect
Avion's exploration program and no new issues of concern have since arisen.
These are the times to buy not sell. But to each their own. Good luck
AVGCF closed below its 10 week simple moving average. This is generally considered to be an indication of a bearish trend.
AVGCF's recent volatility has been greater than normal. This is evidenced by the increased distance between the upper and lower bands that make up the price channel. Additionally, AVGCF is trading below its 14 week price channel. This means that the stock is trading at a new low for the period and the price channel will update to reflect that.
Monday, AVGCF closed below the trigger point for the Parabolic SAR and is currently registering a bearish signal. The current Significant Point, above which a reversal to the bullish side would occur, is 1.18.
The (OBV) presently offers a bearish signal. This is because the slope of the indicator is negative and suggests that there is a lack of buying interest.
The RSI, is currently at 12.86%, below the critical value of 30, which suggests that AVGCF is oversold. Although this does not necessarily mean that shares will rally, it is an indication that recent selling pressure is at a level that is not normally sustainable.
The MACD for AVGCF currently indicates a strong bearish signal for two reasons. First, the MACD is below the signal line, a 9-week moving average. Second, the MACD is below the critical level of 0, which implies that the underlying moving averages are trending lower..Williams %R which is currently at -99.18%, below the critical value of -80, AVGCF may be oversold. While this does not signal that shares will begin to rally, it is unlikely that selling pressure can continue at this level.
The +DI line is below the -DI line and the ADX is greater than 20. This is a bearish signal that indicates the stock is in a confirmed downtrend. S-trade
AVGCF-In a release on May 16, Avion noted first quarter highlights:
-The Company had a net loss of $6.2 million or $0.01 per share, for the quarter as compared to net income of $12.6 million or $0.03 per share for the comparable quarter last year. The loss in earnings is primarily related to: The change in fair value of the call options of $6.4 million, higher operating costs as Avion transitions to underground mining; depletion and depreciation charges of $5.1 million and foreign exchange losses of $3.0 million.
-The Company achieved revenue of $33.0 million for the quarter compared to revenues of $31.8 million for the comparable quarter last year, representing a 4 percent increase.
-Avion produced 26,256 ounce of gold during the quarter after final refinery adjustments at a cash cost of per ounce produced of $898. Please see "Non-GAAP Measures" below. Mining and processing costs were $19.0 million compared to $13.0 million for the comparable quarter last year.
-Production mining at the Tabakoto underground deposit commenced in February. During the first quarter of 2012 approximately 86,000 tonnes of ore was mined from stopes and development headings at an average estimated grade of 5.40 g/t Au.
-During the quarter the Company sold 19,460 ounces of gold at an average realized price of $1,694 per ounce. The build-up of gold inventories at March 31 included gold readily available for shipment and refining of 6,188 ounces. These ounces were sold in April and will benefit the operating profit in the 2nd quarter of 2012.
-The Company generated operating cash flow before working capital adjustments of $4.2 million compared to $15.4 million for the same quarter last year. Net working capital adjustments of $17.3 million contributed to decreased operating cash flows during this quarter versus the same quarter last year.
-The Company completed the quarter having $41.2 million in cash and cash equivalents including working capital of $19.2 million.
-The Company sold call options raising $25 million in February.
Capital Expansion Programs
Expansion plans continued at Tabakoto during the quarter, consisting of the following activities:
-Construction of the haul road from the Dioulafoundou deposit to the Djambaye II deposit was essentially completed.
-The underground portal at the Segala deposit encountered a 2m wide fault zone which halted advance. A shotcrete machine has been purchased and has been set up and to spray concrete onto the tunnel walls to reinforce the workings. It is anticipated that is will take until the end of May before normal advance resumes.
-Construction work to double the Tabakoto plant capacity from 2,000 to 4,000 tonnes per day was progressing well until a military coup occurred on March 21. The plant expansion was on budget and schedule and approximately 80 percent completed on a cost spend basis. The Company reported in early May that it had suspended the mill expansion program due to the effects of the military coup.
Financial Discussion: three months ended March 31,
Avion produced 26,256 ounces of gold during Q1-2012, which is a 30 percent increase compared to the 20,272 ounces produced in Q1-2011. The Tabakoto plant processed 225,729 tonnes of ore at an average grade of 4.02 g/t Au and the average mill recovery for Q1-2012 was 90.2 percent. This compares to Q1-2011 production of 180,800 tonnes of ore at an average grade of 3.64 g/t Au and an average mill recovery of 96.2 percent.
The Company reported a net loss of $6,189,551 ($0.01 per share, basic and diluted) for the three months ended March 31, compared to net income of $12,564,705 ($0.03 per share, basic and diluted) for the three months ended March 31, 2011.
During Q1-2012, the Company sold 19,460 ounces of gold and generated $32,965,385 in gold sales revenue. In Q1-2011, 22,583 ounces of gold was sold generating $31,489,868 in gold sales revenue. Mining and processing costs were $19,048,663 (Q1-2011: $13,017,240), and the Company recorded depletion and depreciation of $5,055,950 (Q1-2011: $1,560,056). The Company is amortizing deferred property, plant and equipment related to the Mali projects on a unit of production basis from the current mine plan. The Company was subject to a 6 percent royalty on metal sales during Q1-2012. Royalties expense totaled $1,977,310 (Q1-2011: $1,473,593) for the ounces of gold sold during Q1-2012. Gold inventories on hand included 6,188 of ounces readily available for shipment and refining at March 31st. These ounces were sold in the first few weeks of April and the sale of these ounces will be reflected in the 2nd quarter results.
The Company realized a cash cost per ounce produced of $898 per ounce for Q1-2012 compared to $462 for Q1-2011. Please see "Non-IFRS Measures" below.
Corporate and administrative expenses totaled $2,309,666 for the quarter ended March 31, compared to $1,067,176 for Q1-2011. The Company incurred higher professional costs during the quarter primarily higher audit costs and costs associated with financing efforts. Consulting and management costs were also higher in Q1-2012 compared to Q1-2011.
Non-cash share-based compensation expense for Q1-2012 was $1,255,264 (Q1-2011: $3,479,773) related to the estimated fair value of stock options that were granted and vested during Q1-2012. A total of 1,700,000 stock options were granted during Q1-2012 compared to 4,455,000 during Q1-2011. Share-based compensation was estimated using the Black-Scholes option pricing model as at the date of grant.
Other gains and losses included a foreign exchange loss of $2,984,000 during Q1-2012 compared to a gain of $1,477,495 during Q1-2011. The Company carried large liabilities denominated in FCFA during Q1-2012 as a result of the loan with Banque Atlantique as well as large accounts payables balances. The FCFA strengthen during the quarter, resulting in a foreign exchange loss.
The Company recorded an unrealized loss on the change in fair value of derivative liabilities of $6,430,979 during Q1-2012 (Q1-2011: $nil). This was in relation to the gold call options sold during the quarter.
West Africa's regional bloc Ecowas has agreed a deal for Mali's coup leader Capt Amadou Sanogo to get the benefits of a former head of state.
These include a salary, a residence and state bodyguards.
Under the deal, interim leader Djouncounda Traore will stay in office for a year - his initial mandate was to expire on Monday.
The coup, and ensuing rebel seizure of northern Mali, have led many thousands of people to flee their homes.
Aid agencies say they are extremely concerned about the humanitarian situation in Mali, which is also suffering from the regional drought.
After meeting Capt Sanogo in the Malian capital, Bamako, Chief Ecowas mediator, Burkina Faso Foreign Minister Djibrill Bassole, also said the coup leader would be able to consult Mr Traore, 70, and his prime minister until new elections are held next year.
Ivory Coast's Minister of African Integration Adama Bictogo told the AFP news agency that the mediation team was "leaving with the feeling that we have accomplished our mission".
Last week, Ecowas threatened to reimpose sanctions against the coup leaders, accusing them of continuing to meddle in the country's politics.
Capt Sanogo seized power in March and led the country for about three weeks, before handing power to Mr Traore, the former speaker of parliament, in the face of intense international pressure and the rapid advance of rebels, whose seized the whole of the north - an area the size of France.
Bamako-based journalist Martin Vogl says that as part of the deal, the government is supposed to focus on recovering the north from a mixture of Tuareg separatists and Islamist fighters.
Some of the groups have links to al-Qaeda's branch in the region, al-Qaeda in the Islamic Maghreb.
Ecowas has said it is preparing to send 3,000 troops to Mali to help the country reclaim its northern territory, but no date has been set for the force to arrive.
pay attention here...set the ask but it wasn t possible to sell ...decide for another ask ...again others could sell here..
for me a sign to never invest here again...
AVGCF- Record production set, talk of QE3. If Mali gets itself under control, I would think a nice share price, is in the cards. JMO
As soon as the problems take care of themselves and gold begins it's new trend up Avion will recover and hit all time new highs. I for one am buying aggressively a little at a time all the way to zero.
The West African regional bloc Ecowas has threatened to re-impose sanctions on officers who led a coup in Mali in March, accusing them of blocking a return to constitutional rule.
Ecowas lifted sanctions in April after the coup leaders agreed to hand back power to a civilian government.
But in a statement, the bloc said the junta was still interfering in the country's politics.
Ecowas objects to its plans to replace interim President Djouncounda Traore.
Mr Traore, the speaker of parliament, was sworn in as part of the deal under which the military would return the country to civilian rule.
Coup leader Capt Amadou Sanogo has called for a national convention composed of civil society groups to appoint a new interim government once Mr Traore's term officially ends on 22 May, ahead of fresh elections.
Ecowas wants Mr Traore to continue to lead the interim government for another 12 months.
"Failure on the part of the (junta) and their civilian allies to clearly reaffirm their commitment to the transitional arrangement in the next few days will be met with the immediate reinstatement of the targeted sanctions," the bloc said in a statement.
In March, middle-ranking army officers led by Capt Sanogo toppled President Amadou Amani Toure, accusing him of not doing enough to combat a Tuareg-led rebellion in the north.
After Ecowas imposed sanctions, the coup leaders agreed to start a transition back to civilian rule, and parliamentary speaker Djouncounda Traore was sworn in as interim president.
But the junta is widely thought to have maintained overall control.
It argues that a constitutional provision that says an interim president should only be in power for 40 days means another interim leader should be chosen to lead the country into elections.
The gold price has been in decline for most of the past two months, since U.S. Federal Reserve Chairman Ben Bernanke gave no signal of the central bank's intention to restart its asset-purchasing programme to increase money supply and keep market interest rates low.
The gold price is on the verge of wiping out all the gains for 2012, with the year-to-date gain reduced to 1.4 percent from as much as 14 percent in late February.
This compares with an 8.4 percent advance in the S&P 500 and gains of nearly 10 percent in Chinese equities and nearly 6.5 percent in crude oil in 2012.
Reuters) - Shares of Avion Gold Corp (AVR.TO) fell to a more than one-and-half-year low after the company halted mill expansion plans at its Tabakoto mine in Mali due to a military coup and said the suspension would affect planned production growth.
The news prompted at least two brokerages to cut their price targets on the stock.
West Africa-focused Avion said if the 4,000-tonne-per-day mill expansion project remains on hold for the rest of the year, production could be cut to 90,000 to 100,000 ounces of gold from 140,000 to 150,000 ounces.
"We believe the ongoing coup in Mali and the potential for a significant reduction in guidance will result in Avion Gold's valuation gap with peers lingering," said analyst Tara Hassan of National Bank Financial (NBF).
Avion holds 80 percent of the Tabakoto and Segala gold projects in the West African country.
Miners with significant operations or exploration projects in Mali include Iamgold Corp (IMG.TO), Cluff Gold Plc (CLUF.L), Randgold Resources Ltd (RRS.L), AngloGold Ashanti Ltd (ANGJ.J) and Gold Fields Ltd (GFIJ.J).
NBF's Hassan lowered her price target on the stock to C$2.10 from C$2.50.
BMO Capital Markets also cut its price target to C$1 from C$1.25.
Avion Gold shares, which have fallen nearly 64 percent in the past six months, were down 57 Canadian cents on Wednesday morning on the Toronto Stock Exchange. The stock touched a low of 54 Canadian cents, making it one of the top losers on the exchange.
Avion Gold Corporation (TSX: AVR)(OTCQX: AVGCF) ("Avion" or the "Company") announces that its mill expansion project has reluctantly been temporarily suspended due to business disruptions associated with the military coup in Mali. Mining and milling operations continue at site with Avion's existing mill. Suspension of the expansion plans is a direct result of some of Avion's contractors demobilizing back to their home bases due to foreign government travel warnings for Mali as well as resultant slowdown of construction supplies moving through customs at Mali's borders. An interim government has been appointed in Mali and is working to re-establish the government ministries. Avion is working with the interim government and the new ministries to return operations and efficiencies to a normal state.
The foreign government travel warnings issued are mostly applicable to the northern half of the country. Avion has taken and is taking prudent precautions to ensure the safety and welfare of its employees at site which is located approximately 350 kilometres from the Capital of Bamako and over 1,000 kilometres from the insurgency in the northern part of Mali.
Andrew Bradfield, Chief Operating Officer at Avion, stated "It is disappointing to have to temporarily halt the mill expansion so close to completion. However, without some of the contactors and upgrade supplies on site we had no choice but to put the project on standby. The suspension of the expansion plans will affect Avion's planned production growth. However, regular supplies and fuel shipments continue to arrive at site, a large amount of consumable inventory exists at the mine, our 2,000 tonne per day mill continues to run well and we are still producing gold. Once the political situation has been resolved, we expect to be able to provide a revised timetable for the completion of the mill upgrade."
The 4,000 tonne per day mill expansion project is approximately 80% complete from a cost spend perspective.
"Management is hopeful that the political situation in Mali will be resolved this year so that Avion can continue with expansion at Tabakoto" stated John Begeman, President and CEO of Avion. "It is unfortunate that Avion has been forced to suspend the mill expansion as this will result in less royalty revenues for the Republic of Mali and lower anticipated production and revenues for the Company."
Avion had previously provided production guidance of between 140,000 and 150,000 ounces of gold. It is difficult for the Company to provide updated guidance until it is known when the government travel warnings will be lifted and the contractors can return to Tabakoto. If the expansion remains on hold for the remainder of 2012, production will be in the order of 90,000 to 100,000 ounces of gold for the year.
Throughout the rest of 2012, Avion will continue to mine from and develop the Tabakoto underground deposit, mine the Dioulafoundou open pit deposit, develop and mine the Djambaye II open pit deposit and develop the Segala underground deposit.
Andrew Bradfield, P.Eng., the Chief Operating Officer of the Company, and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
Yes, not looking good today.
news today weren t good...smell a continuing downturn...
this was $1.77 recently. Sad to see if around .50 cents but could be a buying opp
AVGCF is below its 10 week simple moving average. This bearish sign is even more significant because the moving average is also trending lower.
AVGCF is trading near its lower price channel band. This suggests that the stock price is low relative to the action over the last 14 week period.
AVGCF closed below the trigger point for the Parabolic SAR and is currently registering a bearish signal. The current Significant Point, above which a reversal to the bullish side would occur, is 1.46.
The On Balance Volume indicator (OBV) shows that longer term accumulation has given way to near term selling pressure.
The RSI recently crossed above the critical value of 30, which indicates that the selling pressure has lessened and that the internal strength of AVGCF has increased. This is a positive signal and suggests that, at least in the near-term, a bottom has formed.
The MACD for AVGCF currently indicates a strong bearish signal for two reasons. First, the MACD is below the signal line, a 9-week moving average. Second, the MACD is below the critical level of 0, which implies that the underlying moving averages are trending lower.
According to the %R which is currently at -90.07%, below the critical value of -80, AVGCF may be oversold. While this does not signal that shares will begin to rally, it is unlikely that selling pressure can continue at this level.(DMI)
The +DI line is below the -DI line and the ADX is greater than 20. This is a bearish signal that indicates the stock is in a confirmed downtrend
Mali junta forces hunt down counteGunfire has been heard in Mali's capital Bamako for a third day as junta patrols hunt down soldiers who had tried to stage an counter-coup.
Panicking residents fled the city centre - but there has been no fresh fighting, a junta spokesperson said.
The shots were fired into the air to break up a student protest, according to Bakary Mariko.
Fighting broke out on Monday after reports that leaders of the anti-junta presidential guard would be arrested.
'Footballers stranded'
Students, many of whom opposed the coup in March that toppled President Amadou Toumani Toure, took to the streets after rumours spread that their student leader had been killed by the junta.
Mali's interim Prime Minister Cheick Modibo Diarra went on TV state to deny the rumours and the protesters quickly dispersed after warning shots by soldiers loyal to junta leader Capt Amadou Sanogo.
"The rumour was spread just to get masses of students onto the streets and to take advantage of the confusion that would create," Mr Diarra said.I'm asking all students to stay at home the next few days until we can determine exactly what is going on."
The junta says they are fully in control of the city - after two days of fighting in which 14 people died and some 40 people have been wounded on both sides of the conflict.
The fighting has also delayed the return home of football teams from Egypt and Nigeria, who had been playing in Mali.
Bamako-based journalist Martin Vogl told the BBC the junta is patrolling the city, still trying to round up all members of the "Red Berets" presidential guard who on Monday attacked the state broadcaster, the airport and tried to head for the junta headquarters.
So far, 140 "Red Berets" have been arrested, Mr Mariko says, adding that "there are patrols going on and there may be some warning shots and testing of weapons but that is all".
"Everyone involved, no matter to what extent, in this odious act against the Malian people will be tracked down and brought before the competent jurisdictions," a junta statement on Tuesday read.
Martin Vogl says that while the presidential guard was the section of the army which was least supportive of the coup, there is no sense that they are now trying to bring back former President Toure, who has fled to neighbouring Senegal.
The 22 March coup was led by soldiers who accused former President Toure of failing to combat an insurgency by rebels in the north of the country.
They took advantage of the unrest to make rapid advances, seizing control of the three northern provinces of Timbuktu, Kidal and Gao - a mostly desert area the size of France.
The rebels are a combination of ethnic Tuareg separatists and Islamists, who want to impose Islamic law across the whole country.
Capt Sanogo's military council officially stepped aside on 12 April but it still wields considerable influence - and holds three cabinet posts in Mali's interim government.
The coup leaders oppose Ecowas plans for interim President Traore to stay in power for a year while organising elections.BBC
AVGCF
Mali coup leader rejects Ecowas troop deployment
Capt Sanogo said the military should decide who runs Mali after 40 days Continue reading the main story
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The leader of last month's coup in Mali has rejected the West African decision to send troops to the country.
Captain Amadou Sanago said the military had not been consulted by the regional grouping Ecowas.
The coup leaders handed power to an interim civilian government earlier this month.
A meeting between Ecowas mediators and the interim government was disrupted by soldiers shouting "Down with Ecowas" and cocking their guns.
They only backed down when Capt Sanago left the meeting to tell them to disperse.
The military leaders are unhappy about Thursday's decision by Ecowas heads of government to send at least 3,000 soldiers to Mali.
Their planned deployment was designed to help secure the transition back to civilian rule, and help the government defeat rebels who now control the northern half of the country.
Officers led by Capt Sanogo seized power on 22 March, accusing the elected government of not doing enough to halt the rebellion in the northern desert region.
Powerful military
They agreed to hand over power to a civilian government on the understanding it would hold fresh elections within 40 days.
But the military is unhappy after Ecowas said the interim government should have up to a year to organise fresh elections.
Continue reading the main story
Mali crisis: Who's who?
Why West Africa cannot break its drug habit
The country's interim president Dioncounda Traore was at the Ecowas meeting.
Capt Sanago told reporters after the meeting that it was up to the military to decide what institutions run the country after the end of the 40-day period.
He did not make clear whether elections would then be held.
The BBC's John James in neighbouring Ivory Coast says it seems the coup leaders still exercise considerable power and fear any Ecowas deployment would threaten their position
AVGCF is trading within its price channel. This is a normal condition and suggests that the stock is neither overbought nor oversold relative to the price action over the last 14 week period. The current Significant Point, above which a reversal to the bullish side would occur, is 1.54.
The On Balance Volume indicator (OBV) shows that longer term accumulation has given way to near term selling pressure.
The RSI recently crossed above the critical value of 30, which indicates that the selling pressure has lessened and that the internal strength of AVGCF has increased. This is a positive signal and suggests that, at least in the near-term, a bottom has formed.
The MACD for AVGCF currently indicates a strong bearish signal for two reasons. First, the MACD is below the signal line, a 9-week moving average. Second, the MACD is below the critical level of 0, which implies that the underlying moving averages are trending lower.
The Stochastic Oscillator is registering a weak bullish signal as the %K has crossed above the %D. However, the oscillator is currently below the critical value of 20, indicating AVGCF as oversold. An oversold condition suggests that the recent downwards momentum may not be sustainable. The oscillator moving above 20 will increase the bullishness of this signal.
The +DI line is below the -DI line and the ADX is greater than 20. This is a bearish signal that indicates the stock is in a confirmed downtrend.
According to the %R which is currently at -81.98%, below the critical value of -80, AVGCF may be oversold. While this does not signal that shares will begin to rally, it is unlikely that selling pressure can continue at this level.
I'm just small buyer. 1100 now will add another 1500 or so to AVG down
i m in with a small position and will buy some 10 k at 788
AVGCF-The RSI, is currently at 19.68%, below the critical value of 30, which suggests that AVGCF is oversold. Although this does not necessarily mean that shares will rally, it is an indication that recent selling pressure is at a level that is not normally sustainable.
AVGCF-Short Sales
Date, Short Interest, % Change, Avg.Daily Share Volume, Days to Cover, Split, New Issue
Mar 30, 2012 266,135 155.08 89,885 2.96 No No
Mar 15, 2012 104,335 77.66 30,349 3.44 No No
Feb 29, 2012 58,728 221.57 65,397 1.00 No No
Feb 15, 2012 18,263 -58.35 46,537 1.00 No No
Jan 31, 2012 43,853 361.37 30,907 1.42 No No
AVGCF is trading near its lower price channel band. This suggests that the stock price is low relative to the action over the last 14 week period.
Monday, AVGCF closed below the trigger point for the Parabolic SAR and is currently registering a bearish signal. The current Significant Point, above which a reversal to the bullish side would occur, is 1.67..On Balance Volume
The On Balance Volume indicator (OBV) shows that longer term accumulation has given way to near term accumulation selling pressure..Relative Strength Index (RSI)
The RSI, is currently at 25.54%, below the critical value of 30, which suggests that AVGCF is oversold. Although this does not necessarily mean that shares will rally, it is an indication that recent selling pressure is at a level that is not normally sustainable.
The MACD for AVGCF currently indicates a strong bearish signal for two reasons. First, the MACD is below the signal line, a 9-week moving average. Second, the MACD is below the critical level of 0, which implies that the underlying moving averages are trending lower..Williams Percent R
According to the %R which is currently at -85.04%, below the critical value of -80, AVGCF may be oversold. While this does not signal that shares will begin to rally, it is unlikely that selling pressure can continue at this level.
AVGCF- Mali's new leader, Dioncounda Traore, has threatened a "total war" against separatist rebels in the north.
Mr Traore's inauguration marks a return to civilian rule following last month's coup in the West African state.
Mr Traore now has 40 days to organise elections - though correspondents say this deadline is unlikely to be met because of the situation in the north.
AVGCF dropped below its 10 week moving average at 1.35 and is now at 0.96.
The On Balance Volume indicator (OBV) shows that longer term accumulation has given way to near term accumulation selling pressure.
The RSI, is currently at 23.05%, below the critical value of 30, which suggests that AVGCF is oversold. Although this does not necessarily mean that shares will rally, it is an indication that recent selling pressure is at a level that is not normally sustainable.
Mali's coup leader has rejected the intervention of foreign troops in the rebel-held north - and hinted at his continuing role in ruling the country.
The comments come just days after a deal was brokered that is supposed to return the West African state to constitutional rule.
The West African regional bloc Ecowas has said it is preparing a force of up to 3,000 soldiers, which could be deployed to wrest back control of the north.
Spelling out details of that deal, Capt Sanogo said that he would help decide how the country would be run after the 40 days set out in the country's constitution for a transition of power.
"It was very clear in the framework agreement that after 40 days we would sit down with Ecowas to decide on another team to lead the transition," Capt Sanogo said.
Correspondents say it now seems clear that the junta leader will remain a key player as Mali tries to pull itself out of crisis
AVGCF-Canada Hot Stocks: Celestica, Avion Gold
19 hours 6 minutes ago - Dow Jones News
Among the companies whose shares are making notable moves in Monday's session are Celestica Inc. (CLS) and Avion Gold Corp. (AVR.T).
Raymond James downgraded Celestica (C$8.76, C$0.61, -6.5%) to market perform from outperform.
Avion Gold (C$0.97, C$0.11, 13%) said first-quarter production totaled about 26,256 ounces from its Tabakoto/Segala operations in Mali, West Africa, a record for gold produced in one quarter. Gold prices are also stronger Monday.
-By Dow Jones Newswires; write to djcanada@dowjones.com
AVGCF
GOLD
04/09/2012
16:40
1641.60
1642.60
+10.50
+0.64%
SILVER
04/09/2012
16:40
31.72
31.82
+0.01
+0.03%
31.51
KITCO
Ecowas has lifted sanctions it imposed after the coup and an amnesty has been agreed for the coup leaders.
Ecowas is preparing a force of up to 3,000 soldiers which could be deployed to stop the rebel advance.
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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
Table 1: 2014 Full year and quarterly gold production (in ounces)
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 $55 million at the end of Q3 2014 - a clear sign that we have completed our major capital spending programs and are now generating positive free cash flow. We anticipate using a portion of the available free cash flow forecast for 2015 to reduce outstanding debt as we focus on strengthening our financial position." 2015 Production and AISC Guidance by Mine Table 2: 2015 Production guidance by mine (ounces, 100% basis)
Table 3: 2015 AISC/oz guidance by mine ($/oz)
Table 4: 2015 AISC margin and free cashflow (before tax and financing)
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 |
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