Endeavour Holds Groundbreaking Ceremony GEORGE TOWN, Grand Cayman, United Kingdom, June 30, 2016 (GLOBE NEWSWIRE) -- Endeavour Mining Corporation (TSX:
EDV)(OTCQX:EDVMF) (the "Company") is pleased to announce that a groundbreaking ceremony was held today at its Hound Project site in Burkina Faso. Construction began in April 2016 and is progressing on-time and on-budget with the first gold pour expected during the fourth quarter of 2017.
The ceremony celebrated an important milestone for both Endeavour and the government of Burkina Faso, as Hound is expected to become the Company's flagship low-cost mine and a prominent mine within the country. More than 10,000 people attended the ceremony in support of the project, including the President of Burkina Faso, the Prime Minister, the Minister of Energy, Mines and Carriers, numerous other Government ministers, officials and diplomats, senior community representatives and members, as well as Endeavour's executive management, its Chairman of the Board, and Hound employees.
Endeavour will employ up to 1,800 people during Hound's construction phase and 470 once the project reaches commercial production, with an objective of employing 90% Burkinabe nationals and a focus on increasing female employment in the region.
Significant achievements to date:
- Construction is progressing on-time and on-budget; procurement is approximately 30% complete with total capital commitments incurred amounting to $105 million
- Mining fleet equipment financing, amounting to approximately $38 million (for equipment valued at $46 million), has been signed with Komatsu Ltd.; deliveries commence in Q4-2016. A further $6 million of equipment financing for the balance of mining and construction equipment is anticipated to be engaged with a third party in the near term
- Long lead-time capital items have been ordered, including the Ball and Sag mill which will be manufactured by Outotec (who previously successfully supplied Endeavour's Nzema and Agbaou projects) with delivery of the mills expected in April 2017
- The grid power offtake agreement with Sonabel, the national electricity provider, has recently been signed, with a 38km 91kv overhead power line and a dedicated 91/11kv substation scheduled to be operational in Q3-2017
- Infrastructure and Bulk Earthworks have commenced, notably with the clearing and preparation of the process plant area, the Water Storage Dam, and the Water Harvest Dam; construction of roads within the project footprint; and construction of the 300-person permanent accommodation camp
- First concrete in the process plant is scheduled for August 2016
- Land compensation process was successfully completed and resettlement is underway, with all approvals in place
- Endeavour is in line with its objective of employing 90% Burkinabe nationals at Hound and community investment program initiatives have commenced