Endeavour Finalizes Agreement to Increase its Ity Mine Ownership to 80%
ENDEAVOUR FINALIZES AGREEMENT TO INCREASE ITS ITY MINE OWNERSHIP TO 80%
Abidjan, 19 May, 2017 - Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF) is pleased to announce that yesterday evening, at a formal ceremony in Abidjan, it completed its previously announced transaction with the Government of Côte d'Ivoire to increase Endeavour's stake in the Ity mine from 55% to 80%.
To mark this important moment, and as a further demonstration of support for the upcoming development of the Ity CIL project, in attendance were numerous government officials including the Minister of Budget and State Holdings Abdourahmane Cissé, the Minister of Economy and Finance Adama Koné, the Minister of Industry and Mines Jean Claude Brou, the President of the Privatization Committee Christian Koffi, the General Director of State Holdings Seydou Bamba, SODEMI's Chairman Bamba Yacouba and SODEMI's General Manager Kadjo Kouame.
Under the terms of the agreement, Endeavour paid US$52 million for the purchase of the additional 25% stake in the Ity mine. Endeavour has also committed to pay US$5 per ounce of additional reserves added post December 31, 2016, applicable only to the current mining permit which is now 80% owned.
| Martino De Ciccio |
VP - Strategy & Investor Relations
+33 (0)1 70 38 36 95
| DFH Public Affairs in Toronto |
John Vincic, Senior Advisor
(416) 206-0118 x.224
Brunswick Group LLP in London
Carole Cable, Partner
+44 7974 982 458
ABOUT ENDEAVOUR MINING
Endeavour Mining is a TSX-listed intermediate gold producer, focused on developing a portfolio of high quality mines in the prolific West-African region, where it has established a solid operational and construction track record.
Endeavour is ideally positioned as the major pure West-African multi-operation gold mining company, operating 5 mines in Côte d'Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2017, it expects to produce between 600koz and 640koz at an AISC of US$860 to US$905/oz. Endeavour is currently building its Houndé project in Burkina Faso, which is expected to commence production in Q4-2017 and to become its flagship low-cost mine with an average annual production of 190koz at an AISC of US$709/oz over an initial 10-year mine life based on reserves. The development of the Houndé project is expected to lift Endeavour's group production +900kozpa and decrease its average AISC to circa $800/oz by 2018, while exploration aims to extend all mine lives to +10 years.
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