8.4.2022

Production Ramp-Up at the Pampalo Mine Proceeding very well

Press release (PDF)

Endomines AB, stock exchange release 8 April 2022 at 14:00 CET

 

Endomines is pleased to provide an operational update at its Finnish and US operations.

 

Pampalo Finland

The Pampalo mine deepening program was initiated in April 2021. The mine development started ahead of schedule in November 2021 and processing plant commissioning at yearend. First gold concentrate deliveries to the smelter commenced in January.

 

Endomines is pleased to report that the production ramp-up during January-March has proceeded very well and according to plans. The focus at Pampalo operations was to prepare underground areas for full production and to start steady gold production at the processing plant. During Q1 the processing plant was operating every second calendar week, as initially has been planned. The total gold production during Q1 amounted to approximately 1259 oz or 38,9 kg, of which over 80 % was produced within February-March.

 

”During the past month I have visited our operations in Finland and in the USA. It has been extremely impressive to see the dedication of our people in all locations. We have started our journey towards steady gold production, and I am expecting our production volumes to increase significantly during the upcoming weeks and months. I am also very happy that we experienced a month with positive EBITDA during Q1 for our Pampalo operations. This is not something that can be taken as granted during operational ramp-up where operational efficiency is not yet fully optimized, “ says CEO Kari Vyhtinen.

 

Friday Idaho, US

As published in the operational update on the 3rd February 2022 it has become evident that more infill drilling is required at the Friday underground mine to define ore stope boundaries for mine planning purposes. It is estimated that results from the drilling already completed will be received during April 2022 after which mine planning work will continue based on the information received. Endomines will continue updating the situation when mine planning work has been completed and decisions on the way forward is done.

 

 

For further information, please contact:

Kari Vyhtinen, CEO, kari.vyhtinen@endomines.com, +358 40 585 0050

 

This information is information that Endomines AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the contact person set out above at 14:00 CET on 8 April 2022.

 

About Endomines

Endomines is a mining and exploration company with its primary focus on Au. The Company operates a Gold mine in Pampalo, has exploration activities along the Karelian Au 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).