|May 10, 2012|
Endeavour Mining Discovers New Oxide Zones at Nzema Gold Mine
Vancouver, May 10, 2012 -- Endeavour Mining Corporation ("Endeavour") (TSX:EDV, ASX:EVR, OTCQX:EDVMF) is pleased to announce the discovery of new zones of gold bearing oxide mineralization within the Salman Trend at the 90% owned Nzema Gold Mine in Ghana.
Oxide mineralization was intersected in wide spaced traverses of Reverse Circulation (RC) drilling across the former site of the old Salman village. Drilling was conducted following completion of the village resettlement in March 2012. The area drilled is located to the east of the Nugget Hill 03 pit and north of the Salman Central pit and extends 800 metres from the Salman Central 02 pit to the Nugget Hill 02 and Teberu 4 pits (Figure 1).
Mark Connelly, COO, stated
"These results confirm our long-held view that there is great potential to extend the life of the Nzema Gold Mine as we access additional sources of oxide mineralization."
In March 2012, reconnaissance RC drilling comprising 114 holes (30 metre long holes) was completed on six traverses spaced 200 metres apart. Best results include (from north to south on Figure 1):
SNRC1405 3m @ 4.61g/t Au from 12m*
SNRC1404 4m @ 2.86g/t Au from 41m*
SNRRC111 4m @ 1.85g/t Au from 24m**
SNRRC081 8m @ 2.37g/t Au from 12m**
SNRRC080 4m @ 3.33g/t Au from 8m**
SNRRC040 4m @ 2.32g/t Au from 12m**
SNRRC029 6m @ 4.49g/t Au from 24m**
SNRRC051 6m @ 2.14g/t Au from 24m**
SNRRC097 8m @ 1.75g/t Au from 8m**
*oxide interval was previously reported in the intercepts in the May 2 2012 news release
**Intersections are based on 2m and 4m composite samples
Drill hole azimuth is generally orthogonal to the interpreted trend of mineralization, However the true widths would be 70% to 90% of the intersected widths depending on the dip of the drill holes relative to the orientation of the mineralized zone. Additional drilling will be required to establish true widths.
Figure 1: Plan Map of the Salman Trend Oxides Showing RC Drilling
The reconnaissance RC traverses were the first systematic test of the old village site and adjacent areas that could not be accessed for exploration drilling in the past. The new intersections suggest that the mineralized trends at Teberu and Nugget Hill may extend south to Salman Central through this area.
This interpretation is supported by recent RC drilling at Nugget Hill 02 that intersected consistent oxide mineralization extending 200m south of the existing pit and may support a cutback of the pit. At Teberu 04 drilling has also extended the sulphide mineralization south of the existing pit and drilling is planned to test mineralization in the oxide zone above these intercepts.
In-fill traverses of RC drilling are planned in May and June to determine the strike continuity of the mineralization. This will be followed by deeper drilling of any mineralized trends that are delineated. Exploration will continue to focus on the Salman Trend because the area is on a granted mining lease, fully compensated and close to mine infrastructure so any additional oxide mineralization can be quickly converted to reserves and added to the mine production schedule.
Martin Bennett, MAIG, General Manager Exploration is the Qualified Person overseeing Endeavour's exploration projects in Ghana and Liberia and has reviewed and approved this press release.
All sample preparation and standard 50 gram gold fire assays for this drilling program were performed by Intertek Laboratories, Tarkwa, Ghana. Endeavour consistently employs a rigorous quality control and assurance program comprising regular insertion of certified reference standards, blanks and duplicates.
About Endeavour Mining Corporation
Endeavour is a gold producer delivering growth. Endeavour owns two gold mines producing approximately 180,000 oz per year in Ghana and Burkina Faso that are generating significant operating cash flows to fund exploration and development growth. In addition to upside potential at its current operations, Endeavour's gold project in Côte d'Ivoire is ready for construction (mining permit submitted; currently negotiating EPCM contract) for an additional 100,000 oz per year. Endeavour's strong financial base encourages investments in long-term operational growth, exploration to replace and increase reserves, and funding for acquisitions.
Endeavour Mining Corporation is listed on the TSX (symbol EDV) and ASX (symbol EVR), and also trades on the OTCQX (symbol EDVMF).
On behalf of Endeavour Mining Corporation
Chief Executive Officer
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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Endeavour Mining Corporation
Cayman Corporate Centre
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George Town, Grand Cayman,
KY1 1109, Cayman Islands
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A Cayman Islands exempted company with limited liability.
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