STOCKHOLM, Sweden--(BUSINESS WIRE)--Regulatory News:
Endomines has carried out the planned exploration drilling programme at its properties along Karelian Gold Line, near Ilomantsi, in Eastern Finland.
The Company is pleased to release assay results received from all drilled areas outside Pampalo permit area, which have not been previously published. The results include encouraging assays from the northern part of Hosko (HOS-50 4,3 m@4,4 g/t gold, HOS-55 7,0 m@2,7 g/t gold and HOS-64 3,3m @4,4 g/t gold) and especially from the Korvilansuo- Muurinsuo area where a wide scouting program has been carried out (Eli-4 4,0m @1,3 g/t gold and 5,5m @1,2 g/t gold,Kiv-17 7,0m @1g/t gold and 6, 0 m@1,1 g/t gold, KVS-65 6,9m @2, 6 g/t gold and 3 m@4,7 g/t gold).
One half (66 holes) were drilled as scouting holes at Hosko, Korvilansuo-Muurinsuo area and Nenävaara. The rest of holes were drilled to update the known resources at Hosko, Korvilansuo, Muurinsuo and Rämepuro. The mineral rights of the drilled properties are fully owned by the Company.
As pointed out in previous press releases, 2013 was a favourable year for exploration works. Since most companies reduced their exploration programs during 2013 due to the general recession in the mining business, contractors with drilling rigs as well as assay services were available for reasonable rates. Thus Endomines was able to carry out an extensive exploration campaign and the Company is still processing and interpreting the results of the campaign
"It is very encouraging that many of the scouting holes across the Korvilansuo- Muurinsuo area have intersected gold mineralisations. This confirms our view that large scale ore forming processes have been in place around the Kuittila Tonalite. The data will now be thoroughly evaluated and form the basis for a prioritization of continued work once the financial situation has improved", comments Markus Ekberg, CEO of Endomines.
The presented drillings aimed to discover new or extend the previously discovered target areas. Totally 125 diamond core holes were drilled. The total amount of drilling meters was 13,254. All of the cores have been logged and 10,756 samples have been sent for assays. Assay results of 10,708 samples have been received until 29th of January. The assay results and drill hole details are tabulated in Appendix 1.
Assay results and technical parameters of all presented holes can be found on Endomines website, http://www.endomines.com/index.php/karelian-gold-line/exploration-2013/drilling-results-11-february-2014.
About Endomines AB Endomines AB is a Nordic mining and exploration company with its first operating gold mine in production since February 2011. The mine is located in Eastern Finland, on the Karelian Gold Line, a 40 km long gold critical belt, where Endomines controls all currently known gold deposits.
The company’s business practices and mining operations are based on sustainable principles and on minimizing the impact on the environment.
Endomines applies SveMin's & FinnMin's respective rules for reporting (public mining & exploration companies). It has chosen to report mineral resources and ore reserves according to the JORC-code, which is the internationally accepted Australasian code for reporting ore reserves and mineral resources.
The shares of Endomines AB are quoted on NASDAQ OMX Stockholm under ticker ENDO and on NASDAQ OMX Helsinki under ticker ENDOM. Pareto Öhman acts as Liquidity Provider.
This news release may contain forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Endomines AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication at 08:45 CET on February 11th, 2014.
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