Business
Endeavour Mining Closeout of Youga Gold Hedge Book
Toronto Stock Exchange: EDV     MONACO, Nov. 29, 2011 /CNW/ - Ende...
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\n\n\n\n\nToronto Stock Exchange: EDV     \n\n\nMONACO, Nov. 29, 2011 /CNW/ - Endeavour Mining Corporation (\"Endeavour\"\n or the \"Corporation\") (TSX:EDV) is pleased to announce it has closed\n out the gold hedge book (\" Hedge Book\") relating to its Youga Gold Mine\n (\"Youga\") in Burkina Faso.  The closeout of the Hedge Book means that\n all gold production from Youga is now available to be sold into the\n spot market.\n\n\nAs of September 30, 2011, the remaining ounces covered by the $700 per\n ounce call options totalled 29,200 ounces with the last commitment\n deliverable in August 2012.  Call options totalling 5,668 ounces were\n settled with regular scheduled deliveries from Youga gold production\n during October and November 2011.   The residual balance of 23,532\n ounces was settled for a cash payment of $24.0 million, which implies\n an effective gold price of $1,719.97 per ounce inclusive of transaction\n costs and contango charges.\n\n\nNeil Woodyer, CEO, stated: \"The early elimination of the Youga gold\n hedge improves our cashflow for 2012 and increases our corporate\n flexibility. With the pending completion of the merger with Adamus, we\n anticipate further de-hedging of the Nzema hedge book.\"\n\n\nAbout Endeavour Mining Corporation\n\n\nEndeavour is a gold producer.  Endeavour also holds an extensive\n exploration land position and various advanced-stage development gold\n projects in West Africa.  Endeavour has a global strategy, supported by\n financial resources and management's company building expertise, to\n grow into an intermediate gold producer through strategic acquisitions.\n\n\nOn August 21, 2011, Endeavour and Adamus announced they have entered\n into a definitive Merger Implementation Agreement to combine through an\n all-stock merger of equals transaction creating a new growth focused\n West African gold producer.  Having received approvals from both\n Endeavour and Adamus shareholders, the merger is subject to the further\n approval of the Federal Court of Australia and a hearing is scheduled\n to be held on December 2, 2011. \n\n\nThe common shares of Endeavour Mining Corporation are traded on the\n Toronto Stock Exchange under the symbol \"EDV\".\n\n\nOn behalf of Endeavour Mining Corporation\n\n\n\"Neil Woodyer\"\n\n\nNeil Wo...