STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Endomines AB (STO:ENDO)(HEX:ENDOM) announces that its fully owned Finnish subsidiary Endomines Oy has concluded the co-operation consultations with its employees. A two to four weeks’ notice period has now been initiated prior to the indefinite layoff of 18 employees out of a total of 80 employees. In addition three employees were made redundant and one employee will retire.
The layoffs will have no effect on the production.
Contractors will adjust their own workforce according to the revised activity plan.
The Group's total cost savings of the above measures, combined with other efficiency measures and savings in Finland and Sweden are estimated to some 18 MSEK (2 M€) for the first year. Production cost savings correspond to an approximate 100 USD/oz reduction in Cash Cost.
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 25th, 2014.
This information was brought to you by Cision http://news.cision.com