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ENDEAVOUR RECEIVES AN IN-PRINCIPLE AGREEMENT FROM THE GOVERNMENT OF COTE D'IVOIRE TO INCREASE ITS ITY OWNERSHIP TO 80%
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George Town, March 22, 2017 - Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF) confirms it has received an in-principle agreement from the Government of Cote d'Ivoire to increase its stake in the Ity mine from 55% to 80%.
The Cabinet meeting held this morning by the President of Cote d'Ivoire, his Excellency M. Ouattara, approved the in-principal agreement for SODEMI, the state-owned mining company, to sell a 25% shareholding in the Ity mine to Endeavour. Following the transaction, the Ity mine would be 80%-owned by Endeavour, 10% by the Drogba Group and 10% by the government of Cote d'Ivoire.
The commercial terms of the transaction remain to be finalized.
CONTACT INFORMATION
| Martino De Ciccio VP - Strategy & Investor Relations +33 (0)1 70 38 36 95 [email protected] | DFH Public Affairs in Toronto John Vincic, Senior Advisor (416) 206-0118 x.224 [email protected] Brunswick Group LLP in London Carole Cable, Partner +44 7974 982 458 [email protected] |
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.
Corporate Office: 5 Young St, Kensington, London W8 5EH, UK
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