Endeavour mining announces board change
GEORGE TOWN, Grand Cayman, (GLOBE NEWSWIRE) — Endeavour Mining ("Endeavour") (TSX:EDV) announces that Frank Giustra has stepped down from the Board of Directors of the Company, effective July 30, 2016. Mr Giustra has served as a Director of Endeavour since September 2013.
The Board of Directors thanks Mr Giustra for his commitment and valuable contribution to Endeavour over the past three years and wishes him well.
Following this announcement, the Board will now be composed of six members, including Chairman Michael E. Beckett, Ian Cockerill, Ian Henderson, Wayne McManus, and Naguib Sawiris as Non-executive Directors; and Sebastien de Montessus as Executive Director and CEO.
The Board, through its Governance and Nominating Committee, will lead a formal search process to identify potential candidates with a background in mining to join in the role of independent director.
About Endeavour Mining Corporation
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 Cote d'Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2016, it expects to produce between 575koz and 610koz at an AISC of US$870 to US$920/oz. Endeavour is currently building its Hounde 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 Hounde 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.
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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. 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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