16.8.2021

Endomines announces that ore mining begins at Endomines’ Friday Mine in Idaho, USA and goldproduction starts in the end of August

Press release (PDF)
Endomines AB, Stock Exchange Release 16 August 2021 at 08:30 CEST

Endomines AB (the “Company” or “Endomines”) is pleased to report that mining has recommenced at the Friday mine in Idaho and that the Orogrande processing facility has completed dry testing and will finalise wet testing and start production at the end of August 2021. Manning levels have also increased to over 50 employees to allow full production to be reached in Q3-Q4 2021.

In Q2 2021 Endomines has focused on the restart of production at the Friday mine with the purchase of a new mining fleet. The purchase includes the acquisition of a new 4-yard and 1 1/2-yard underground loaders, a jumbo and long hole drill rigs and a third haul tuck that have now been added to the fleet. 

The mine’s underground services have also been upgraded to allow deeper ore development and multiple work areas. The upgrade includes better ventilation, dewatering, power, and air distribution to ensure sufficient capacity to supply current and future mill needs.

The next three-month production has already been blasted in the stopes and the ore is currently being hauled up to surface from the mine and further to the Orogrande mill stockpile. The mill stockpile now holds over 1,500 tonnes in anticipation for wet commissioning to start. Development of the southern stopes at the S4500 level will provide access to higher grade ore once the Orogrande processing facility has been fully commissioned.

In July 2021 a 2,340m diamond core drill program started and that will provide greater confidence in the upper stopes of the mine that will provide ore for the mill in 2022 and 2023.

The Orogrande Processing facility has also undergone a major refit program with over USD 1M spent on de-bottle necking which will enhance the production capacity to 5,000 tons per month.  Part of the upgrade at the processing facility included tailings and concentrate dewatering installations, laboratory refurbishment and installation of a instrumentation control system which will allow better management of the entire process.

Work to advance the development of Endomines’ US Grant and Kearsarge properties
Endomines’ medium-term strategy includes the development of the US Grant and Kearsarge gold mining assets in Montana over next few years. Planning and due diligence work has now commenced at these high-grade gold vein properties.  The work also includes environmental, exploration, metallurgical and project development activities to evaluate the economic potential of the mines.

In Q3 2021 the preparation of an updated mineral resource estimate will be carried out. This will be followed by conceptual modeling and an initial surface exploration diamond drilling program to confirm the historical mineral resources. The drilling program will also provide fresh material for metallurgical studies. Environmental work will focus on baseline studies for permitting activities, as well as exploration permitting and monitoring.

The US Grant and Kearsarge properties are key cornerstones in the future development of the Endomines group in its strive to become a mid-tire gold mining company.

For further information, please contact:
Vern Langdale, Director of Operations, +358 44 422 9657, vern.langdale@endomines.com
Marcus Ahlström, Interim 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 08:30 CEST on 16 August 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 and Finland. 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).