Endeavour Mining Corporation is pleased to announce that at its annual general meeting held today, shareholders approved a resolution to change the name of the corporation from Endeavour Financial Corporation to Endeavour Mining Corporation to reflect the Company’s transformation into an operating gold mining company
The name change takes effect today and the corporation’s shares and warrants will continue to trade on the Toronto Stock Exchange, with the common shares trading under the symbol EDV.
Endeavour Mining is well positioned to pursue its gold production growth plans. The Company has positive operating cashflow from its 90% owned Youga gold mine in Burkina Faso, approximately US$180 million of cash and access to a US$100 million Acquisition Facility. In addition the Company has a highly skilled management team with a demonstrated company-building track record and an ability to respond quickly to market opportunities. The Company intends to aggressively grow primarily through acquisitions to become an intermediate gold producer.
Acting as the controlling shareholder Endeavour Mining has successfully implemented the turnaround of the Youga gold mine over the last year. Comparison of gold production during the first three months of Endeavour control (October to December 2009) with the most recent three month production results (June to August 2010) shows a 20% increase from 6,379 ozs to 7,667 ozs per month with a 29% reduction in the average cash cost per ounce from US$694 to US$495 during these periods.
Endeavour’s mining operations are now focused on improving efficiency and productivity to further reduce operating costs at Youga. In Côte d’Ivoire, the corporation has received authorization to commence an additional 20,000 metre drill program at the Agbaou Gold Project. Endeavour’s project development team is carrying out engineering and technical studies to refine the Agbaou Feasibility Study.
Neil Woodyer, Chief Executive Officer commented: “We have applied our financial and operational skills to stabilize production and continually improve the mine performance. Restructuring Youga’s project debt facility coupled with replenished working capital has had
positive impacts on the operation, ensuring more consistent performance. Operational changes, which include combining the drilling and blasting and mining contracts under one contractor have simplified and streamlined the mining operations leading to stability in the
operation. In addition, Endeavour Mining has restarted exploration activities at the Youga mine site and at the adjacent Ouaré and Bitou projects in Burkina Faso with the primary objective of increasing mineral resources and reserves, in order to extend the current mine
life. The Youga mine plus our financial resources provides a strong base for future growth.”
Endeavour Mining will re-launch its updated corporate website at www.endeavourmining.com in the near future.
CONFERENCE CALL WITH MANAGEMENT — Wednesday, September 15, 2010, 11am EST.
As announced on September 8, 2010 — Management has scheduled a presentation for Wednesday September 15, 2010 that will be webcast by V-Call at 11:00am Eastern Standard Time and can be accessed from the Corporation’s new website at www.endeavourmining.com or by calling the operator at 201-689-8567 or toll free 1-877-407-0782 prior to the scheduled start time. The call will be archived for later playback on Endeavour’s website until September 15, 2011.
Mr. David Laing, P. Eng. and Senior Vice-President, Mining of Endeavour, is the Qualified Person who has reviewed and approved the mining technical information including in this news release.