ENDEAVOUR ANNOUNCES FETEKRO INDICATED RESOURCE MORE THAN DOUBLES TO 2.5 MILLION OUNCES
1.3Moz Indicated resources added · $7.50/oz discovery cost · Updated PEA due Q4-2020
FETEKRO PROJECT HIGHLIGHTS:
- Indicated resource for the Lafigué deposit has grown by 108% to 2.5Moz at 2.40 g/t Au, based on 0.5g/t cut-off grade
- Potential to be Endeavour's highest grade operation with +2.0Moz at grades above 3.50 g/t Au based on a higher cut-off grade of 1.5 g/t Au
- As 97% of the total resource is classified in the Indicated category, no further drilling is required to classify it to reserve status
- Very low discovery cost of $7.50 per Indicated resource ounce
- Significant exploration potential remains as the Lafigué deposit is open at depth and along strike and over a dozen nearby targets have been identified
- 20,000 meters of additional drilling will be initiated in Q4-2020 with the goal of testing Lafigué remaining extensions and nearby targets
- Metallurgical testwork indicates gold recovery >95%, with a significant portion recoverable by gravity
- An initial PEA based on the previously announced 1.2Moz Indicated resource already demonstrates robust project economics including a pre-tax NPV5% of $372m and an IRR of 37% at a $1,500/oz gold price with life of mine AISC of $697/oz
- An updated PEA based on the new 2.5Moz Indicated resource is due in Q4-2020
Abidjan, August 18, 2020 - Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce a 108% increase in Indicated resources to 2.5Moz at an average grade of 2.40 g/t Au at the Lafigué deposit, part of the Fetekro greenfield exploration project in Côte d'Ivoire, as shown in Table 1 below.
Table 1: Lafigué Mineral Resource Estimate Evolution
|AS AT AUGUST 31, 2019||AS AT JULY 31, 2020||? |
|On a 100% basis||Tonnage||Grade||Content||Tonnage||Grade||Content|
|(Mt)||(Au g/t)||(Au koz)||(Mt)||(Au g/t)||(Au koz)|
Mineral Reserve Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell and based on a cut-off of 0.5 g/t Au. Endeavour's stake of the Fetekro property is not considered to be material to the issuer and therefore Endeavour does not expect to issue a technical report nor file a PEA following this press release.
In addition, Endeavour is pleased to announce that an initial Preliminary Economic Assessment ("PEA"), based on the previously announced 1.2Moz Indicated resource, has already demonstrated robust project economics, as shown in Table 2 below. An updated PEA based on the updated 2.5Moz Indicated resource is expected to be published in Q4-2020.
Table 2: Initial PEA Highlights
|TOTAL LIFE OF MINE|
|Gold contained processed||1.0Moz|
|Average recovery rate||95%|
|Upfront capital cost||$268m|
|Pre-tax NPV5% based $1,500/oz||$372m|
|Pre-tax IRR based $1,500/oz||37%|
Sébastien de Montessus, CEO, commented: "We are thrilled with this resource update as it validates that Fetekro has the potential to become another long life and low cost cornerstone asset for Endeavour. Moreover, we are pleased with the value generated from our exploration efforts as we have spent a total of $19 million at Fetekro over the past three years which resulted in a discovery cost of $7.50/oz per Indicated ounce.
We believe that Fetekro has the potential to be a quality project, given its exploration potential and an already defined large-scale open pittable deposit with straightforward metallurgy, high gold recovery, located close to existing infrastructure and requiring only minimal relocation. With more than 2.0 million ounces at grades above 3.50 g/t Au, it would make it our highest-grade mine, in a country where we have successfully built two mines in the past decade.
We are excited about the organic growth potential that this project offers within our portfolio and look forward to the updated PEA results later this year. In parallel, we remain focused on our short-term objective of deleveraging the balance sheet and initiating a sustainable dividend."
Patrick Bouisset, Executive Vice President Exploration and Growth said: "We are very excited by these latest results at our Fetekro exploration project, with the Lafigué deposit more than doubling its Indicated resources in less than 12 months. We believe there is significant potential for additional ounces to be added at Lafiqué, which remains open at depth and along strike, through drilling in the coming year, as well as testing additional targets in close proximity to Lafiqué.
On a broader note, we are also extremely pleased with our Company-wide exploration results. Since the launch of our strategic exploration plan in late 2016, we have added over 8.3 million ounces of Indicated resources and remain on track to reach our very ambitious target at least 10 million ounces of Indicated resources before the end of 2021."
ABOUT THE LAFIGUÉ DEPOSIT
As shown in Figure 1 below, the 65% owned Fetekro greenfield exploration project, is located in north-central Côte d'Ivoire, approximately 500km from Abidjan, within the northern end of the Oumé-Fetekro Greenstone Belt. It is located next to existing infrastructure, including sealed roads and power.
Figure 1: Simplified Map of the Fetekro Property Showing Lafigué
Exploration program overview
Endeavour began exploration at Fetekro in March 2017, with the Lafigué deposit as the primary target. The Lafigué deposit is located on the north eastern side of Fetekro permit and extends over an area 2.2km long by 1km wide.
A maiden resource was published on October 29, 2018, with an updated resource published on September 3, 2019. Since then, nearly 78,000 meters of drilling have been completed. The drilling campaign was designed to further extend the economic mineralization at the south end of Lafigué North, to upgrade existing Inferred resources to Indicated status and to drill geotechnical holes.
The recent drilling program comprised 11 diamond drill ("DD") holes totalling 2,458 meters, 145 reverse circulation ("RC") holes totalling 31,511 meters and 138 combined RC/DD holes totalling 44,019 meters (34,245 meters pre-collared RC and 9,774 meters DD).
The Lafigué resource estimate now encompasses a mineralized area extending over 2km long by 1km down dip with the deposit remaining open at depth and along strike.
As shown in the Figures 2 to 5, extension drilling was very successful in confirming our previous geological interpretation of the mineralization and in intersecting additional and multiple stacked gold zones sub-parallel to the main gold-bearing structure, in under-explored areas that were located outside the 2019 Indicated pit shell. Drilling also confirmed the southwestern extension of the above trend where mineralization is occurring above a 150 meters depth. Furthermore, drilling demonstrated the continuity of grade and thickness of mineralized veins at depth.
Figure 2: Lafigué Geological Interpretation and Selected Best Intercepts Per Area
Best selected intercepts since November 2019 (true width uncapped):
- LFRCDD20-720: 3.0m at 3.50g/t Au, and 7.0 at 14.64g/t Au, including 1.0m at 7.30g/t Au, including 1.0m at 21.43g/t Au
- LFRCDD20-737: 6.9m at 3.29g/t Au including 1.0m at 15.16g/t Au, and 9.8m at 3.31g/t Au including 1.0m at 23.82g/t Au and 23.6m at 2.70 g/t Au including 1m at 14.26g/t Au, including 1.0m at 19.19g/t Au
- LFRCDD20-825: 3.9m at 2.81g/t Au, and 10.6m at 1.54g/t Au, and 10.3m at 8.95g/t Au, including 1.1m at 26.12g/t Au, including 1.0m at 53.50g/t Au, and 11.4m at 3.67g/t Au
- LFRCC20-846: 13.8m at 3.24 g/t Au, including 1.0m at 22.83g/t Au
- LFRCDD20-887: 11.8m at 6.31g/t Au, including 1.0m at 34.00g/t Au, including 1.0m at 11.55g/t Au, including 1.0m at 16.24g/t Au, and 2.9m at 2.17g/t Au, and 4.9m at 6.98g/t Au, including 1.0m at 17.23g/t Au, including 1.0m at 10.81g/t Au
- LFRCDD20-890: 4.9m at 4.28g/t Au, including 1.0m at 14.85g/t Au, and 10.1m at 5.36g/t Au, including 0.8m at 19.22g/t Au
- LFRCDD20-898: 2.9m at 7.78g/t Au, and 3.9m at 6.55g/t Au, and 9.9m at 6.84g/t Au, including 1.0 at 17.14g/t Au, including 1.0 at 33.60 g/t Au, and 2.9m at 7.43g/t Au
- LFRCDD20-917: 15.7m at 8.83g/t Au, including 1.0m at 102.10g/t Au
- LFRCDD20-922: 6.6m at 8.72g/t Au, including 0.9m at 45.00g/t Au
- LFRCDD20-933: 3.9m at 6.28g/t Au, including 1.0m at 11.88g/t Au, and 23.6m at 2.31g/t Au
Drill hole intercepts are calculated using a minimum composite grade of 0.5g/t Au, a minimum composite length of 2m, a cut-off grade of 0.5 g/t Au, and a maximum internal dilution length 1m. Full drill results, including dip, azimuth and location of the drill holes, are available by clicking here.
Figure 3: Section 320645E Lafigué North
Figure 4: Section 320405E Lafigué North
Figure 5: Section 319875E Lafigué North
The Lafigué deposit is hosted by a Birimian volcanic complex affected by a transpressive deformation and intruded by granodioritic bodies and quartz-porphyry dykes. The mineralization is mainly controlled by an ENE-trending brittle-ductile thrust fault dipping 15° to 45° SSE. The shear bands are localized preferably at the edges of a granodioritic intrusive or at a basalt/gabbro interface and crosscuts the main regional foliation. The mineralization has been recognized over 2km along an ENE axis and the down dip extension has been demonstrated over 1km so far.
Mineralization is mainly hosted by a network of quartz veins. The succession of hydrothermal events associated with C-plane fracture phases and thrusting resulted in the formation of two ore-bearing, quartz-carbonate-tourmaline-(chlorite-biotite-pyrrhotite-pyrite-gold) in echelon extension vein generations. The textural and geochemical (minor elements and boron isotopy) features of the distinct tourmaline generations highlight the micro-scale record of fault-valve processes leading to the overall gold endowment of Lafigué deposit.
The lodes generally occur on lithological or structural discontinuities, typically at the granodiorite edges, on C-planes or re-opening early Quartz-Carbonate veins. At the deposit scale, the lodes show pinch and swell figures both laterally and longitudinally with thicknesses up to 40 meters.
A sensitivity analysis performed at gold prices between $1,300/oz and $1,700/oz demonstrates the robustness of the Lafigue Indicated resource due to its high grade mineralization, as shown in Table 3 below.
Table 3: Lafigué July 2020 Mineral Resource Estimate
|(Mt)||(Au g/t)||(Au koz)|
|Based on a gold price of $1,300/oz||30.3||2.44||2,381|
|Based on a gold price of $1,500/oz||32.0||2.40||2,471|
|Based on a gold price of $1,700/oz||32.8||2.38||2,513|
|Based on a gold price of $1,300/oz||0.7||2.60||56|
|Based on a gold price of $1,500/oz||0.8||2.52||66|
|Based on a gold price of $1,700/oz||0.9||2.45||73|
No Measured resources have been estimated. Mineral Resource estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources were constrained by MII $1,500/oz Pit Shell and for sensitivity purpose by MII $1,300/oz and $1700/oz pit shells and based on a cut-off of 0.5 g/t Au.
The Lafigue resource is considered to be high-grade in nature. The Lafigue Indicated resource amounts to 2.5Moz at a grade of 2.40 g/t Au based on a cut-off grade of 0.5 g/t Au and 2.0Moz at a grade of 3.50 g/t Au based on a 1.50 g/t Au cut-off grade.
OTHER NEARBY TARGETS
Several exploration targets have been identified in a 10km radius from Lafigué but, until now and due to the high priority given to Lafigué, very little exploration drilling (only 7,050 meters) has been done on them.
Endeavour expects to initiate a 10,000 meters drilling campaign during Q4-2020, testing Target 2, to the east, and Target 1 and 4, which are located to the south of Lafigué. Additionally, the strong gold in-soil geochemical anomalies (>500 ppb) located in the central area and Target 12 will be followed up with RC reconnaissance drilling.
The western targets identified in the 2018-2019 campaign will be further explored in a dedicated exploration program during the 2021 campaign.
Figure 6: Fetekro Plan Map with Exploration Targets
INITIAL PEA HIGHLIGHTS BASED ON PREVIOUS 1.2Moz INDICATED RESOURCE
An initial Preliminary Economic Assessment ("PEA"), based on the previously announced 1.2Moz Indicated resource, was completed earlier this year by Endeavour and Lycopodium Minerals Pty Ltd ("Lycopodium"), with inputs from specialist consultants (see the Appendix for full details).
The initial PEA demonstrated a viable project with a total life of mine gold production of 0.95Moz at an AISC of $697/oz over an 8-year mine life. An updated PEA is underway to evaluate the economic potential of the updated 2.5Moz Indicated resource and further refine the capital and operating costs is expected to be published in Q4-2020.
A summary of the results of the initial PEA is included in Table 4 below:
Table 4: Fetekro Project Initial PEA Highlights
|Mine Type||Open Pit|
|Mill Type||1.5Mtpa Gravity / CIL Plant|
|M&I Resources||14.6Mt at 2.54 g/t Au for 1.2Moz|
|Inferred Resources||0.87Mt at 2.17 g/t Au for 0.06Moz|
|LIFE OF MINE PRODUCTION|
|Mine life, years||8|
|Strip ratio, W:O||7.35:1|
|Tonnes processed, Mt||13.14|
|Grade processed, Au g/t||2.38|
|Gold contained proccessed, Moz||1.0|
|Average recovery rate, %||95|
|Gold production, Moz||0.95|
|Average annual production, koz/pa||119|
|Cash costs, $/oz||592|
|Upfront capital cost, $m||268|
|ECONOMICS (BASED ON $1,500/oz)|
1Payback period calculated starting from production start 2Based on a gold price of $1,500/oz
The results of the financial model demonstrate the potential for a project with positive economics and low cash costs. The project economics are robust, with an attractive NPV and IRR being generated across a range of gold prices, as shown in Tables 5 and 6 below.
Table 5: Gold Price Sensitivity - Pre-tax
Table 6: Gold Price Sensitivity - After-tax
 Payback period calculated starting from production start
The economic analysis was carried out assuming a corporate tax rate of 25% and no tax holiday. Royalty rates were based on the sliding scale model in Côte d'Ivoire in which government royalty rates increase from 3.5% to 4.0% above a spot gold price of $1,300/oz, and from 4.0% to 5.0% above a spot gold price of $1,600/oz.
Snowden completed a preliminary pit optimization, mine design and schedule using parameters derived from a similar mine operated by Endeavour in Cote d'Ivoire. The assumptions included that the deposit will be mined by a contract miner using a conventional truck and excavator fleet with a final pit depth of 200 meters.
The free milling nature of the Fetekro mineralized material with high gravity gold and gravity tail cyanidation recoveries recommend processing via a conventional gravity / CIL treatment plant. Based on the previously announced 1.2Moz Indicated resource, Endeavour nominated a fresh mineralized material processing capacity of 1.5Mtpa. The proposed flowsheet comprises a conventional primary crush / SABC (SAG mill, ball mill and pebble crushing) grinding circuit to prepare the mineralized material for gravity gold recovery and leaching.
Metallurgical testwork has been completed by ALS Metallurgy, Australia. On the basis of treating Fetekro fresh and blended mineralized materials via gravity and direct cyanidation, ALS Metallurgy recommends an overall gold recovery of 95.8% based on the median of the variability testwork results after allowing for likely soluble gold loss. The consistently high gold extractions from the Fetekro mineralized materials and robust treatment flowsheet proposed suggest that no further metallurgical testing is required to define a processing flowsheet for capital cost estimation.
A total of 36 samples were selected to cover the range of gold mineralization styles with high grade coarse gold intercepts as well as examples with disseminated low grade gold. The samples also provided examples of the oxide and fresh weathered states and different host lithologies.
The testwork indicated that the gold is free milling with very high gravity / leach extractions. A mineralogical investigation indicated that much of the gold occurred as free grains and there was not any significant impacts from pyrrhotite oxidation or cyanide consumption. The testwork also indicated that there are few deleterious elements for gold leaching with low levels of base metals and arsenic. The high gravity gold content resulted in a reasonable degree of assay variability even in the calculated heads following gravity gold recovery and leach extraction.
Cyanidation tests were conducted on the master composite at different grind sizes following gravity gold recovery to evaluate the effect of grind size on gold extraction. Leaching was rapid for all grinds following high gravity gold recoveries with the bulk of the gold dissolution occurring within four to eight hours. The mineralized material appeared to be relative insensitive to grind with a 1% difference in gold extraction over the size range tested. A 106mm P80 grind was selected for design and further testing following an economic evaluation of optimum grind size. This grind had similar gold extraction and lower operating costs than the finer grind sizes.
Leach optimization testing indicated that high gold extractions were achieved with air only sparging, relatively low cyanide dosing and high fresh mineralized material slurry densities (up to 55% solids w/w). Variability testing was conducted and resulted in a decision to maintain a higher free cyanide excess concentration and 36-hour leach residence time to improve the robustness of the flowsheet.
Operating Cost Summary
A preliminary operating cost estimate was completed, based on an average life of mine throughput of 1.5Mtpa, with operating costs summarized in Table 7 below.
Table 7: Fetekro Life of Mine Operating Unit Costs
|Open Pit Mining & Rehandling||$2.82/t mined|
Capital Cost and Infrastructure Summary
Lycopodium completed a preliminary capital cost estimate for the processing plant using an EPCM contractor. The estimate was prepared using recent data from similar West African projects with adjustments for the scale of the operation and specific major equipment items. The initial PEA capital cost estimate is summarized in Table 8 below.
Table 8: Fetekro Initial PEA Capital Cost Estimate
|Reagents & Plant Services||12|
|Contractor and Construction Distributables||20|
|Management Costs (inc Vendor Reps)||18|
|Owners Project Costs (inc Working Capital)||30|
The capital cost includes a 15km all-weather unsealed road plus 9km of on-site roads, an overhead power line and grid connection, a full back-up power station on site, costs for water harvesting and storage, accommodations for 220 employees and security personnel, tailings and fuel storage. There is no major village relocation required.
Endeavour's stake of the Fetekro property is not considered to be material to the issuer and therefore Endeavour does not expect to issue a technical report nor file a PEA following this press release.
- An updated PEA based on the updated 2.5Moz Indicated Resource is expected to be published in Q4-2020
- A 20,000 meters of additional drilling is scheduled to start in Q4-2020 with the following objectives:
- Extend the known mineralization beyond the edge of actual pit
- Testing nearby targets for further rapid resource growth
LAFIGUE RESOURCE MODELLING
The statistical analysis, geological modelling and resource estimation were prepared by Kevin Harris, CPG. Mr. Harris is Endeavour Mining's V.P. Resource Manager and a Qualified Person as defined by NI 43-101.
The Fetekro Lafigué resource model was developed in Geovia's Surpac software. A total of 26 mineralized zones were defined from the current drilling data and geologic interpretations across Lafigué South, Center, and North areas. The gold assays from the drill holes were composited to 1.0 meter intervals within the mineralized wireframes and capped from 15 g/t to 30 g/t Au. Spatial analysis of the gold distribution within the mineralized zone using variograms indicated a good continuity of the grades along strike and down dip of the mineralized zones.
Density was measured in 2282 core samples within the various rock types then averaged within the model by the weathered zones. The laterite density is 2.0, the saprolite density is 1.80, the transition is 2.4, and the fresh rock is 2.80.
The gold grade was estimated using ordinary kriging constrained within the mineralized domains. The grade was estimated in multiple passes to define the higher confidence areas and extend the grade to the interpreted mineralized zone extents.
The grade estimation was validated with visual analysis and comparison with the drilling data on sections and with swath plots comparing the block grades with the composites.
The mineralized domains were classified into indicated and inferred resource classifications, depending on the sample spacing, number samples, confidence in mineralized zone continuity, and geostatistical analysis. The indicated classification was generally applied to blocks within the mineralized zoned defined by a minimum of seven samples from at least three drill holes with a 50-meter search. The inferred classification is defined by a minimum of three samples within a 75-meter search from two drill holes.
The resource was constrained by a $1,500 pit shell and 0.50 g/t cut-off. The Whittle pit shell optimization assumed a base mining cost of $2.50/t, and $2.75/t for oxide mineralised zones, $3.25/t for transition mineralised zones and $3.75/t for fresh rock mineralised zones, mining recovery of 95%, mining dilution of 10%, pit slope of 40o, recovery of 96% of the gold in the oxide, 95% in the transition and 94% in the fresh, and processing and G&A cost of $19.85/t in the oxide and $21.17/t in the transition and fresh.
ASSAYS AND QUALITY ASSURANCE / QUALITY CONTROL / DRILLING AND ASSAY PROCEDURES
The Reverse Circulation drill program samples were collected on a 1-meter interval using dual tube, a percussion hammer and drop centre bit. The material passes through a cyclone which is thoroughly cleaned after every sample by flushing the hole. Samples were split at the drill site using a 3-tier riffle splitter with both bulk, laboratory and retained duplicate samples weights and moisture recorded. Representative samples chips for each interval were collected with a spear, sieved and retained into chip trays for reference.
Drill core (PQ, HQ and NQ size) sampling intervals are selected by LMCI geologists and cut in half with a diamond blade saw at the project site. Half of the core is retained at the site for reference purposes. Sample intervals are generally 1 meter in length.
All samples are transported by road to Bureau Veritas (BV) in Abidjan (Côte d'Ivoire). Every laboratory sample is secured in poly-woven bag ensuring that there is a clear record number of the chain of custody. On arrival at the lab, the entire sample is weighted, dried and crushed to <2mm (70% passing) and 250gr pulverize to 75µm (85% passing). Samples are analyzed for gold using standard fire assay technique with a 50-gram charge and an Atomic Absorption (AA) finish. Blanks, field duplicates and certified reference material (CRM's from Geostats Pty Ltd) are inserted by LMCI geologists in the sample sequence for quality control and to ensure there are a suite of QC samples in each fire assay batch.
The sampling and assaying at Lafigué is monitored through the implementation of a quality assurance - quality control (QA-QC) program. This QA-QC program was audited by International mining consultant in 2019 and consequently designed to follow industry best practices.
Full drill results are available by clicking here.
The scientific and technical content of this news release has been reviewed, verified and compiled by Silvia Bottero, Professional Natural Scientist, VP Exploration Côte d'Ivoire for Endeavour Mining. Silvia Bottero has more than 18 years of mineral exploration and mining experience and is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The resource estimation was completed by Kevin Harris, CPG, VP Resources for Endeavour Mining and a "Qualified Person" as defined by NI 43-101.
|Martino De Ciccio|
VP - Strategy & Investor Relations
+44 203 640 8665
|Brunswick Group LLP in London|
Carole Cable, Partner
+44 7974 982 458
Vincic Advisors in Toronto
John Vincic, Principal
(647) 402 6375
ABOUT ENDEAVOUR MINING CORPORATION
Endeavour Mining is a multi-asset gold producer focused on West Africa, with two mines (Ity and Agbaou) in Côte d'Ivoire, four mines (Houndé, Mana, Karma and Boungou) in Burkina Faso, four potential development projects (Fetekro, Kalana, Bantou and Nabanga) and a strong portfolio of exploration assets on the highly prospective Birimian Greenstone Belt across Burkina Faso, Côte d'Ivoire, Mali and Guinea.
As a leading gold producer, Endeavour Mining is committed to principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is listed on the Toronto Stock Exchange, under the symbol EDV.
For more information, please visit www.endeavourmining.com.
Corporate Office: 5 Young St, Kensington, London W8 5EH, UK
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. AISC, all-in sustaining costs at the mine level, cash costs, operating EBITDA, all-in sustaining margin, free cash flow, net free cash flow, free cash flow per share, net debt, and adjusted earnings are non-GAAP financial performance measures with no standard meaning under IFRS, further discussed in the section Non-GAAP Measures in the most recently filed Management Discussion and Analysis.
Table 9: Fetekro Initial PEA Contributions
|Initial PEA Report Section||Contributors|
|Resource and Geology||Endeavour|
|Metallurgy and Process Plant||Lycopodium|
|Infrastructure||Knight Piésold, Lycopodium, Endeavour|
|TSF and Water Management||Knight Piésold|
|Environmental and Social Impact||Endeavour|
|Process Operating Cost Estimate||Lycopodium, Endeavour|
|Capital Cost Estimate||Lycopodium, Knight Piésold, Endeavour|
|Risks and Opportunities||Lycopodium, Endeavour|
|Project Implementation||Lycopodium, Endeavour|
- 200818 - NR - Fetekro Resource vf (https://ml-eu.globenewswire.com/Resource/Download/c7e885d3-8a8c-4b78-8479-959f9682d3db)