Mineral Reserve Estimates follow the
Exploration and resource estimation activities were prioritised at the flagship mines and Fetekro for incorporation into the upcoming definitive feasibility study ('DFS'), which is due to be completed this quarter. Resource updates for all the other assets will be included in the annual year-end reserve and resource update, which is expected to be published along with the FY-2021 financial results in
The strong results from the 2021 exploration programme have positioned Endeavour well to achieve its 5-year (2021-2025) discovery target of 15 to 20 million ounces of Indicated resources at a discovery cost of less than
At our Ity mine, we have added over 1 million ounces of resources which is an extraordinary achievement. The West Flotouo deposit represents a significant discovery given its rich gradesabove 2 g/t Au, its size, and its location in close proximity to the plant. We will therefore aim to integrate the deposit within the mine plan as soon as possible. Looking ahead, work is continuing to convert the significant Inferred resources into Indicated status and to pursue our aggressive exploration programme.
At our Hounde mine, after locking-in more than10 years of strong production visibility through the recent discoveries of
At our Sabadola-Massawa mine, which was acquired last year, we are pleased to have quickly increased the M&I resource base by 10% with the addition of more than 600,000 ounces. We are very excited to pursue our drilling campaign into 2022 as we continue to see potential to add resources, both by extending known deposits and initiating exploration on several identified targets.
At our Fetekro property, our continued exploration success at the Lafigue deposit, which now hosts approximately 3 million ounces of resources, means that itcan be considered an anchor deposit capable of supporting an Endeavour-sized project. Given today's increase in Indicated resources to approximately 3 million ounces and the strong additional exploration potential, we have decided to increase the envisaged nameplate throughput capacity of the plant by 33% to 4Mtpa and look forward to publishing the results of the DFS later this quarter.
Given the exploration potential across our portfolio, we willcontinue to invest in exploration to further unlock value. I would like to congratulate our exploration team for achieving their best annual performance which positions us well to discover our 5-year target of 15-20 million ounces.'
We are particularly proud to have significantly extended the lives of our Hounde and Ity mines, raising their status to flagship assets, as well as the discovery of the Lafiguedeposit on the Fetekro property which is now an Endeavoursize project.
Looking ahead, we believe that we have astrategic footholdin
Contact:
Tel: +44 203 640 8665
Email: mdeciccio@endeavourmining.com
ABOUT ENDEAVOURMINING CORPORATION
Endeavour Mining is one of the world's senior gold producers and the largest in
A member of the
This news release contains 'forward-looking statements' including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'expects', 'expected', 'budgeted', 'forecasts', and 'anticipates'. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.
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