Endomines AB: Endomines Gold Production Q4 2014

STOCKHOLM--()--Regulatory News:

Endomines AB (STO:ENDO) (HEX:ENDOM)

Endomines AB reports on fourth quarter 2014 production results for its Pampalo Operations in Eastern Finland. The operation produced 179.3 kg (5,764 oz.) of gold during the fourth quarter 2014. Full-year gold production was 761.9 kg (24,497 oz.).

Pampalo key Production Results by quarter[1] :

    2 014   2 014   2 014   2 014   2 014   2 013   Change
  Q1 Q2 Q3 Q4 Full-year Full-year 2014/2013
Milled ore (tonnes) 107,866 104,688 95,583 87,205 395,342 329,583 65,759
Head grade (Au gram/tonne) 2.0 2.3 2.7 2.4 2.3 2.8 -0.5
Gold recovery (%) 81.6 80.3 81.6 82.9 82.1 85.1 -3.0
Hourly utilization (%) 94.6 95.7 93.7 89.8 93.4 90.4 3.0
Gold production (kg) 176.0 195.7 210.9 179.3 761.9 790.0 -28.1
Gold production (oz.) 5,659 6,292 6,781 5,765 24,497 25,399 -902
LTIFR [2] (12 months rolling) 11 16 23 24 24 8  

Reduced development drifting due to a cost saving campaign during the summer period impacted negatively on underground stoping and flexibility, especially during the months of November and December. The hourly utilization was also adverse impacted due to shortage of ore as well as technical disturbances in the processing plant.

The production for the full year was 761.9 kg gold in 2014 as compared to 790.0 kg in 2013.

The financial results for the full year 2014 will be published on Monday February 9, 2015 at 08:45 CET.

About Endomines Endomines conducts exploration and mining business along the 40 kilometer long Karelian Gold Line. Through various regulatory approvals, Endomines controls the exploration rights to this entire area.

The Company’s first mine, Pampalo, started in February 2011. During 2014 Endomines initiated the production of ore from the mine in Rämepuro and is now planning to start mining of the gold deposit in Hosko. The ore from Hosko will, as for the ore from Rämepuro, be processed in the Gold Line’s centrally located mill at Pampalo.

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 for public mining & exploration companies. The Company 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.

Endomines vision is to participate in the future structural transformation and consolidation of the Nordic mining industry. The Company may therefore be involved in acquisitions of interesting deposits or companies, should such opportunities arise.

The shares of Endomines AB are quoted on NASDAQ Stockholm under ticker ENDO and on NASDAQ Helsinki under ticker ENDOM. Pareto Securities acts as Liquidity Provider in Stockholm.

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 January 8, 2015.

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[1] Production figures for the current quarter are partly based on company own assaying and not confirmed by any external laboratory. Figures are individually rounded off.

[2] LTIFR = The Lost Time Injury Frequency Rate is based on reported lost time injuries on a rolling 12-month bases resulting in one day/shift or more off work per 1,000,000 hours worked. LTIFR has been calculated for the whole company including contractors

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Contacts

Endomines AB
Markus Ekberg
CEO
tel. +358 40 706 48 50
Or visit the Company´s home page: www.endomines.com

Contacts

Endomines AB
Markus Ekberg
CEO
tel. +358 40 706 48 50
Or visit the Company´s home page: www.endomines.com