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Friday, August 17, 2012 2:25:01 PM
The terms of the Mining Permit are as expected and include:
-- A royalty of 3% to the State;
-- A 10% free carried interest to the State; and
-- An area of 334 km(2).
As previously agreed, now that Endeavour has received the mining permit, Endeavour will also grant a 5% free carried interest to SODEMI, the State Company for Mining Development of Côte d'Ivoire, bringing our state partner's total interest to 15%.
There are no other permits required for construction and production at the Agbaou Gold Project. The recruitment of key project personnel is 100% complete, and the crop compensation of key infrastructure zones has entered the advanced stage. This is in line with expected timelines to reach production in Q1 2014.
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