Business
Endeavour Mining Closes the Sale of Its Non-Core Tabakoto Mine
ENDEAVOUR CLOSES THE SALE OF ITS NON-CORE TABAKOTO MINE George Town, December 24, 2018 - Endeavour Mining (TSX:EDV OTCQX: EDVMF) ("Endeavour") is pleased to ann
About this update from Endeavour Mining Plc
[{"type":"text","content":" ENDEAVOUR CLOSES THE SALE OF ITS NON-CORE TABAKOTO MINE George Town, December 24, 2018 - Endeavour Mining (TSX:EDV OTCQX: EDVMF) (\"Endeavour\") is pleased to announce that on December 24, 2018, it completed the sale of its interest in the non-core Tabakoto mine to Algom Resources Limited, a subsidiary of BCM International Ltd (\"BCM\"), as previously announced on September 4, 2018. As part of the transaction, Endeavour will retain its greenfield exploration tenements located over 20km north of the Tabakoto processing plant, on trend with Randgold's Loulo mine. These relate to a portion of the Kofi tenement and the Netekoto tenement. Following further discussions, Endeavour and BCM agreed to amend the Tabakoto sale terms. The total sale price consideration has been increased to up to approximately US$70 million compared to the previously disclosed US$60 million upfront cash consideration. The total consideration is now composed of an upfront cash consideration of US$35 million, which was received today, a deferred cash consideration of US$10 million in 2019, subject to certain conditions, and a 10% net smelter royalty on the Dar Salaam deposit, capped at a maximum of 200,000 ounces of gold. ABOUT ALGOM RESOURCES LIMITED Algom Resources is a West African mining development company based in Sierra Leone. Algom Resources Limited is a wholly owned entity of BCM Investments, which previously acquired Endeavour's Nzema mine in 2017. ABOUT TABAKOTOThe Tabakoto Gold Mine is located approximately 360km west of Bamako in southwestern Mali, near the Senegal border. Endeavour's current ownership ranges from 80% to 90% depending on the pits, with the remainder owned by the government of Mali. Tabakoto is an open pit and underground mining operation with a 1.4mtpa gravity/CIL processing facility. In 2017, Tabakoto produced 144koz of gold at an AISC of $1,148/oz. Tabakoto produced 86koz at an AISC of $1,335/oz for the first nine months of 2018. CONTACT INFORMATION Martino De Ciccio VP - Strategy & Investor Relations +44 203 011 2719 [email protected] Brunswick Group LLP in London Carole Cable, Partner +44 7974 982 458 [email protected] ABOUT ENDEAVOUR MINING CORPORATION Endeavour Mining is a TSX listed intermediate African gold producer with a solid track record of operational excellence, project development and ...