Business
Endeavour Mining Increases Its Ity Mine Ownership From 80% to 85%
ENDEAVOUR INCREASES ITS ITY MINE OWNERSHIP FROM 80% TO 85% Abidjan, January 11, 2019 - Endeavour Mining (TSX:EDV OTCQX: EDVMF) ("Endeavour") is pleased to annou
About this update from Endeavour Mining Plc
[{"type":"text","content":" ENDEAVOUR INCREASES ITS ITY MINE OWNERSHIP FROM 80% TO 85% Abidjan, January 11, 2019 - Endeavour Mining (TSX:EDV OTCQX: EDVMF) (\"Endeavour\") is pleased to announce that it has increased its ownership stake in the Ity mine from 80% to 85%. In exchange for the additional 5% interest in the Ity mine (relating to the Société des Mines d'Ity and Société des Mines de Daapleu entities), Endeavour granted DYD International Holding Limited, a company owned by Didier Drogba, 1,072,305 common shares amounting to a total consideration of approximately US$15 million (CAD$20 million) based on the signing reference share price of C$18.50. The transaction was signed on December 21, 2018 and closed yesterday evening. Following this transaction, Endeavour owns 85% of the Ity mine, with the Government of Cote d'Ivoire owning 10% and SODEMI (a government-owned mining company) owning the remaining 5%. 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 exploration in the highly prospective Birimian greenstone belt in West Africa. Endeavour is focused on offering both near-term and long-term growth opportunities with its project pipeline and its exploration strategy, while generating immediate cash flow from its operations. Endeavour operates 4 mines across Côte d'Ivoire (Agbaou and Ity) and Burkina Faso (Houndé, Karma) which were expected to produce 555-590koz in 2018 at an AISC of $760-810/oz. For more information, please visit www.endeavourmining.com Corporate Office: 5 Young St, Kensington, London W8 5EH, UK 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 termin...