Endeavour Mining Corporation

Endeavour's Ity CIL Project Construction is Tracking Ahead of Schedule and On-Budget

       

ENDEAVOUR'S ITY CIL PROJECT CONSTRUCTION
IS TRACKING AHEAD OF SCHEDULE AND ON-BUDGET

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Abidjan, October 17, 2018 - Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF) is pleased to announce that the construction of its Ity Carbon-in-Leach ("CIL") Project in Côte d'Ivoire is tracking two months ahead of schedule and remains on-budget. The first gold pour is now expected to occur in early Q2-2019 rather than mid-2019 as previously planned.  

Sébastien de Montessus, President & CEO, stated: "I'd like to thank the construction team for their hard work and excellent progress achieved so far. Completing the construction sooner is expected to result in material improvement to our 2019 free-cash flow generation potential as Ity CIL will be a low-cost operation with AISC expected to be below $500/oz over its first 5 years."

Jeremy Langford, COO & Executive Vice-President Projects added: "The experience that our in-house construction team has gained from our previous builds in the region, the early installation of the Ball and SAG mills, combined with the excellent progress made during the rainy season, have been key factors which have helped advance the Ity CIL construction ahead of schedule. We are also particularly pleased with the continued strong safety track record with zero lost-time incidents to date."

KEY MILESTONES ACHIEVED TO DATE INCLUDE:

• More than 6 million man-hours worked with zero lost-time injuries.
• Overall project completion stands at over 75%, tracking approximately 2 months ahead of schedule. 
• Nearly all of the $412 million initial capital cost has been committed and approximately 65% has been spent (inclusive of drawn equipment financing).
• The process plant construction is over 70% complete, tracking ahead of schedule as the Ball and SAG mill installation commenced three months earlier than initially planned. Structural, mechanical, piping and electrical installation work is well underway.

Picture 1: Process Plant  

• Tailings storage facility (TSF) earthworks are progressing well against schedule with over 70% completed. Rubber lining has commenced.    

Picture 2: Tailings Storage Facility

• The 90kv transmission line and 29MW power station construction are progressing well against schedule with over 70% completed. First power drawdown is expected to in Q1-2019. 

Picture 3: Power Station

• The haul road bridge, to access the Daapleau pit, is 92% complete, with substructure concrete completed.

Picture 4: Haul Road Bridge