Endomines AB: New Mining Permits Granted at Karelian Gold Line
STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
“We are delighted to have been granted these mining permits in the Ilomantsi area, which we believe to be highly productive for gold in near future. Following the Pampalo ore we have now new possibilities for additional mill feed”
The Company is pleased to announce that TUKES (The Finnish Mining Authority) has granted Endomines (STO:ENDO)(HEX:ENDOM) the first two out of five company applications for mining permits along Karelian Gold Line within the Ilomantsi area in Finland.
The granted mining permits are for the Hosko and Muurinsuo deposits. The Hosko and Muurinsuo permits have an area of 66 ha respectively 25 ha. The Hosko permit area is situated 15 km north of Pampalo and Muurinsuo 15 km south of Pampalo.
In both areas, gold mineralization’s were discovered in bedrock by drilling and further studies, including metallurgical testing, showed the presence of gold “ in such abundance and such a form that exploitation of the deposit is likely and would be financially viable” as the Government Decree on mining activities (2012) provides. Both of these mining permits are granted on the grounds of the Mining Act (1965).
The Company is currently undertaking further metallurgical investigations aiming at optimizing the financial value of the arsenopyritic gold concentrates from Hosko and Muurinsuo.
For the remaining three applications, two have been applied for according to the Mining Act (1965) and one, an extension to the current Pampalo mining permit, has been applied for according to the Mining Act (2011). All of these applications are in progress and the competent land survey office has issued orders for proceedings establishing mining areas.
The Company currently has mining permits for Pampalo, Rämepuro, Hosko and Muurinsuo. The mining permit applications in progress are for Kuivisto and Kuittila and the extension for Pampalo; Pampalo NW.
"We are delighted to have been granted these mining permits in the Ilomantsi area, which we believe to be highly productive for gold in near future. Following the Pampalo ore we have now new possibilities for additional mill feed”, comments Endomines CEO Markus Ekberg.
Competent Person: The technical aspects of this news release have been prepared by MSc (geology) Jaakko Liikanen, who is acting as Competent Person with respect to this release. Jaakko Liikanen is Chief Technical Officer of Endomines AB and owns 1,120,892 shares (1.3%) of the Company.
Visit the Company´s home page: www.endomines.com
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 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 15:00 CET on January 28th, 2014.
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