Business
Endeavour Mining delivers 466,000 oz in 2014 to exceed guidance and generates positive cash in Q4
VANCOUVER , Jan. 15, 2015 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corp...
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\nVANCOUVER, Jan. 15, 2015 /CNW/ - Endeavour Mining Corporation (\"Endeavour\" or the \"Corporation\") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) announces 2014 gold production of 466,000 ounces, which includes 120,000 ounces during Q4 2014.  The cash balance as of December 31, 2014 of $62 million demonstrates positive cash generation during Q4 2014.  Endeavour has now completed its major capital investment programs of 2013 and 2014 which have resulted in increased production and reduced AISC/oz.  In 2015, Endeavour expects to produce 475,000 to 500,000 ounces with further cost improvements and plans to use its projected surplus cash flow to reduce debt.\n\nHighlights from 2014 and 2015 Production and AISC/oz Guidance \n\n\nEndeavour has exceeded 2014 production guidance of 400,000 to 440,000 ounces with full year production of 465,770 ounces, which represents a 44% increase over the 324,275 ounces produced in 2013. The increase is a result of the Tabakoto and Nzema mines exceeding their prior year production levels and the addition of the Agbaou mine in 2014 as our fourth and newest operation. Gold production results by mine are provided in Table 1. \nEndeavour is providing 2015 production guidance of 475,000 to 500,000 ounces at an all-in sustaining cost per ounce of $930 to $980. Guidance details by mine are provided in Tables 2 and 3. \nAt $1,200 gold price and using the mid-point of 2015 production and AISC/oz guidance ranges, Endeavour is expecting to generate an AISC margin of approximately $120 million in 2015. Calculations are outlined in Table 4. \nNon-sustaining capital is planned to be $20 million in 2015 that is mostly related to the completion of 2014 projects. Over 2013 and 2014, Endeavour invested approximately $300 million in new mine construction and improvements to its operating mines, which includes approximately $90 million spent in 2014. \nThe preliminary Q4 2014 production and other financial information provided in this news release are approximate figures and may differ from the final results included in the 2014 annual audited statements and MD&A. \nTable 1:  2014 Full year and quarterly gold production (in ounces)\n\n\n\n\n\nAgbaou\n\n\nYouga\n\n\nTabakoto\n\n\nNzema\n\n\nTotal\n\n\n\nQ1 2014\n\n\n24,086*\n\n\n19,867\n\n\n33,472\n\n\n28,487\n\n\n105,912\n\n\n\nQ2 2014\n\n\n31,878*\n\n\...