Endeavour Receives an In-Principle Agreement from the Government of Cote d'Ivoire to Increase its Ity Ownership to 80%

Endeavour Mining Corporation

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Endeavour Receives an In-Principle Agreement from the Government of Cote d'Ivoire to Increase its Ity Ownership to 80%

posted on Mar 22, 2017 05:00PM

2017-03-22 03:27:00 PM ET (Globe Newswire)

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George Town, March 22, 2017 - Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF) confirms it has received an in-principle agreement from the Government of Cote d'Ivoire to increase its stake in the Ity mine from 55% to 80%.

The Cabinet meeting held this morning by the President of Cote d'Ivoire, his Excellency M. Ouattara, approved the in-principal agreement for SODEMI, the state-owned mining company, to sell a 25% shareholding in the Ity mine to Endeavour. Following the transaction, the Ity mine would be 80%-owned by Endeavour, 10% by the Drogba Group and 10% by the government of Cote d'Ivoire.

The commercial terms of the transaction remain to be finalized.

CONTACT INFORMATION

Martino De Ciccio                  DFH Public Affairs in Toronto
VP - Strategy & Investor Relations John Vincic, Senior Advisor
+33 (0)1 70 38 36 95               (416) 206-0118 x.224
[email protected]      [email protected]
                                   Brunswick Group LLP in London
                                   Carole Cable, Partner
                                   +44 7974 982 458
                                   [email protected]

ABOUT ENDEAVOUR MINING

Endeavour Mining is a TSX-listed intermediate gold producer, focused on developing a portfolio of high quality mines in the prolific West-African region, where it has established a solid operational and construction track record.

Endeavour is ideally positioned as the major pure West-African multi-operation gold mining company, operating 5 mines in Cote d'Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2017, it expects to produce between 600koz and 640koz at an AISC of US$860 to US$905/oz. Endeavour is currently building its Hounde project in Burkina Faso, which is expected to commence production in Q4-2017 and to become its flagship low-cost mine with an average annual production of 190koz at an AISC of US$709/oz over an initial 10-year mine life based on reserves. The development of the Hounde project is expected to lift Endeavour's group production +900kozpa and decrease its average AISC to circa $800/oz by 2018, while exploration aims to extend all mine lives to +10 years.

Corporate Office: 5 Young St, Kensington, London W8 5EH, UK

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.