Ity Mine, Endeavour Mining, image by Endeavour Mining
Ity mine
Endeavour Mining, the TSX-listed West Africa gold miner, has increased its resource and reserve figures significantly as at the end of 2015.

Côte d’Ivoire – At year-end 2015, the company’s proven and probable mineral reserves (P&P reserves) stood at 5.9 Moz of gold (4.7 Moz on an attributable basis) and measured and indicated mineral resources (M&I resources) amounted to 11 Moz of gold (8.6 Moz on an attributable basis), representing a 32% and 39% increase, respectively, over the previous year on a 100% basis.

Neil Woodyer, CEO of Endeavour Mining, states: “We are very pleased with our 2015 exploration programme as the success achieved through reserve replacement and mine life extension at both Agbaou and Tabakoto is expected to generate immediate value.”

“Furthermore, the value-accretive Ity mine acquisition has added 1.6 Moz of reserves and 3.1 Moz of M&I resources, at an implied price of $9 per attributable M&I resource ounce which compares very favorably to our average discovery cost.”

“In light of our expected capacity to increase exploration expenditure in coming years, in accordance with our anticipated significant increase in cash flow generation, in 2016 we plan to conduct a strategic review of our portfolio to establish our long-term exploration strategy and to prioritize targets.”

A total of 494 000 oz were depleted during 2015, with 61% and 93%, respectively, of depleted P&P reserves and M&I resources being replenished. Exploration additions (excluding the Ity mine acquisition) amounted to 460 000 oz of M&I resources, which includes the negative impact of reducing the gold price estimate from US$1 600/oz to $1 500/oz for the Agbaou, Nzema and Youga mines.

[quote]A total of 302 000 oz were added to reserves (exclusive of depletion), as a result of the resource conversion at the Agbaou and Tabakoto mines

Ity mine (Côte d’Ivoire)

Following Endeavour Mining’s acquisition of the Ity mine in November 2015, the short-term exploration objective was to add heap-leachable resources and subsequently convert them into reserve.

Subsequently, the heap leach reserve now stands at 191 000 oz, up 10% compared to the amount communicated in September 2015.

Furthermore, several targets have been identified and are currently being drilled, which should allow the mine to continue to extend its heap leach mine life. New targets are expected to be drilled on the Ity property in 2016, aimed at delineating additional resources for the CIL project.

Furthermore, Endeavour has strategically applied for adjacent exploration tenements in light of the exploration success achieved at Ity over the recent years, which allowed its M&I resources to increase from 0.2 Moz 3 to 3.1 Moz between 2012 and 2015.

*Photograph shows Ity mine

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