Business
Endeavour Mining reports Q4 and full year 2011 gold production and 2012 guidance for production, development and exploration
(All figures in US dollars unless otherwise indicated) Toronto Stock Exchange: EDV
...
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\n\n\n\n\n(All figures in US dollars unless otherwise indicated)\n\n\nToronto Stock Exchange: EDV            Australian Securities Exchange:\n EVR\n\n\nMONACO, Jan. 30, 2012 /CNW/ - Endeavour Mining Corporation (\"Endeavour\"\n or the \"Corporation\") (TSX:EDV, ASX:EVR) is pleased to announce it met\n 2011 production targets with Q4 gold production of 24,010 ounces from\n its Nzema operations in Ghana and 21,586 ounces from its Youga\n operations in Burkina Faso.  Total annual production for 2011 was\n 177,290 ounces of gold at a cash cost per ounce of $614 (excluding\n royalties), comprised of 90,026 ounces from Nzema and 87,264 ounces\n from Youga.  During 2011, the on-going exploration programs were\n successful and Youga's mine life has been extended to 7.3 years;\n Nzema's exploration results are currently being finalized.  Complete\n details of the 2011 exploration results and updated mineral resource\n and reserve estimates will be released during February 2012.\n\n\nFor 2012, Endeavour expects production to be in the range of 170,000 to\n 190,000 ounces at a cash cost per ounce (excluding royalties) of $645\n to $685, with additional near-term production growth of approximately\n 100,000 ounces per year anticipated from its Agbaou Gold Project. \n Endeavour's 2012 exploration budget of $30 million includes over\n 200,000 metres of drilling with objectives including resource\n delineation at its two mines, testing of multiple additional targets\n within the mine permit areas, resource expansion on two development\n projects, and early stage exploration of key properties in Burkina\n Faso, Côte d'Ivoire, Ghana, Liberia, and Mali.\n\n\nAt December 31, 2011, the Corporation had a cash balance of $115 million\n and had drawn $100 million of its $200 million revolving corporate\n credit facility.  With $215 million of cash and credit facilities and a\n forecast cash operating margin from mining operations of approximately\n $150 million during 2012 (based on production guidance ranges, $1,600\n gold price, and including royalties) from two operations, Endeavour has\n significant financial strength for capital expenditures, exploration\n programs and acquisitions.\n\n\nNeil Woodyer, CEO, stated \"2011 was an exceptional year of growth for your com...