Business
Endeavour Mining Sells 40% Interest in Finkolo JV for US$20 Million Cash
Toronto Stock Exchange: EDV            A...
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\n\n\n\n\nToronto Stock Exchange: EDV            Australian Securities Exchange:\n EVR\n\n\nMONACO, March 6, 2012 /CNW/ - Endeavour Mining Corporation (\"Endeavour\"\n or the \"Corporation\") (TSX:EDV, ASX:EVR) is pleased to announce it has\n entered into a definitive agreement with Resolute Mining Limited\n (\"Resolute\") (ASX:RSG) for the sale and transfer of its 40%  interest\n in the licenses and associated property comprising the Finkolo Joint\n Venture (the \"Finkolo JV\") in Mali for total consideration of $20\n million in cash.  The Finkolo JV was formed in 2003 by Etruscan\n Resources (a subsidiary of Endeavour) and Resolute, which is also the\n JV operator.  The transaction is subject to a number of conditions,\n including approval from the Government of Mali for the transfer of the\n exploration permits and therefore Endeavour anticipates the transaction\n to be completed by the end of Q2 2012.\n\n\nNeil Woodyer, CEO, stated \"The $20 million of cash proceeds from the sale of our 40% interest in\n the Finkolo JV allows us to increase our focus on our growing number of\n wholly-owned projects where we see greater potential to add shareholder\n value.\" \n\n\nEndeavour retains over 1,000 km2 of properties within Mali and its $30 million 2012 exploration program\n includes $2 million committed to the properties in southern and western\n Mali (see figures 1 and 2).  The properties in southern Mali cover 22\n km of the Syama Shear Zone which hosts the Syama mine and Tabakoroni\n deposit.  Endeavour's properties in western Mali cover a 17 km portion\n of the Senegalo-Malian Fault which hosts Anglogold Ashanti/Iamgold's\n Sadiola and Yatela mines and also the Loulo mine operated by Randgold. \n Endeavour's 2012 work programs in Mali include 14,000 metres of\n drilling plus auger, mapping, prospecting and pitting.\n\n\nFigure 1 - Endeavour's properties in southern Mali along Syama Shear\n Zone \nClick link to access Figure 1 http://www.endeavourmining.com/i/pdf/2012-03-06_F1.pdf\n\n\nFigure 2 - Endeavour's properties in western Mali along Senegalo-Malian\n Shear\nClick link to access Figure 2 http://www.endeavourmining.com/i/pdf/2012-03-06_F2.pdf\n\n\nAbout Endeavour Mining Corporation\n\n\nEndeavour is a growth focused West African gold product...