28.4.2021

Pampalo mine deepening and decline development started as planned and progressed very well in April

Press release (PDF)

Endomines AB, Stock Exchange Release 28 April 2021 at 12:00 CEST

Endomines reports that the re-start of operations at Pampalo mine is continuing to progress very well and all work phases of the re-start are moving forward according to plans and on schedule.

Refurbishment of the existing decline was completed as planned in mid-April, including re-construction of the decline road, work on mine dewatering improvements and power network upgrades. The underground mine infrastructure proved to be in good operating order after the two-years care and maintenance period, and this has enabled the company to commence the mine deepening project on time and on budget.

Development work to extend the decline started immediately following completion of the refurbishment programme. Work on the decline had already advanced approximately 40 m in April, and from May onwards, the monthly development rate will be ramping up to the planned 80-100 advance meters per month.

As part of the mine deepening project, underground diamond drilling will start in May. The drilling will predominantly comprise of definition drilling to confirm the current ore boundaries, and to allow for better planning for ore extraction purposes. In addition to this, a smaller drilling program aiming to preliminary test the most promising exploration targets located close to the current decline will be carried out in May.

The operational site management team will be strengthened by further recruiting. In May-June an underground planner and a surveyor will be hired. Recruitment of milling personnel will commence later in the autumn.
 

For further information, please contact:
Seppo Tuovinen, CEO Endomines Oy, +358 50 576 0143, seppo.tuovinen@endomines.com
Marcus Ahlström, Deputy CEO and CFO, +358 50 544 6814, Marcus.ahlstrom@endomines.com

 

The information was submitted for publication, through the agency of the contact persons set out above, at 12:00 CEST on 28 April 2021.

About Endomines
Endomines is a mining and exploration company with its primary focus on gold. The Company explores for gold along the Karelian Gold Line in Eastern Finland and develops mining operations in Idaho, USA. Endomines aims to improve its long-term growth prospects by increasing its exploration activities and through acquisitions. Endomines aims to acquire deposits that are situated in stable jurisdictions and can be brought to production rapidly with limited investments.

The shares trade on Nasdaq Stockholm (ENDO) and Nasdaq Helsinki (ENDOM).