Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Endomines is making a public announcement of its updated ore reserves and mineral resource estimates. The estimates have been prepared according to the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (Joint Ore Reserve Committee – JORC-code). The updates have been prepared by external professional consultants at Outotec (Finland) Oy, JK-Kaivossuunnittelu Oy and in house Endomines. The update represents the Pampalo production situation as at 31stDecember 2012.
“The Pampalo mine gold production in 2012 was 867 kg but the total contained gold in the Pampalo ore reserves was reduced only by 235 kg. This is the result of successful continuous mine site exploration which during 2012 nearly replaced the mined ore reserves” comments Markus Ekberg, CEO of Endomines.
Summary reports of the Pampalo, Rämepuro and Korvilansuo estimates will be made available on the company’s web site www.endomines.com in due course.
“Several improvements have been implemented throughout the mining process at Pampalo which have resulted in improvements in mining recovery and waste rock dilution. Pampalo ore reserve grade has thus increased from the figures for the previous year. A reduction in grade for the Rämepuro ore reserve estimate is due to new interpretation and lower relative weighing of several of the high grade intersections from drill holes in the deeper parts of the mineralization, “ comments Markus Ekberg, CEO of Endomines AB.
A new resource estimate has been prepared for Korvilansuo. Although the resource estimate is relatively modest at this stage, we should keep in mind that drilling has so far been concentrated within a limited part of the target area.
Within the Korvilansuo-Elinsuo-Muurinsuo-area all of the results so far obtained support our firm conviction that this area has a real potential for growing into a significant and successful gold project. The area has all the typical characteristics of an Archean greenstone-hosted gold province. We believe that the Kuittila tonalite intrusion played a key role as driver of heat and fluid circulation, when it intruded the surrounding sediments and volcanics. Later stages of the process concentrated gold within country rock lithologies adjacent to the intrusion, in areas with favourable pressure and temperature. The area is thus a textbook example of intrusive-related orogenic gold mineralization.
“We are only at beginning of our exploration program but what is encouraging us, is that we already have three clearly defined mineralization targets surrounding the Kuittila-tonalite”, comments Endomines CEO Markus Ekberg.
This statement has been controlled by Jaakko Liikanen (MSc Geol) acting as a Qualified Person in compliance with SveMin-FinnMin rules. He owns 1,120,892 (1.41%) Endomines AB shares and is employed by the Company as Chief Technical Officer.
For further information, please contact:
Markus Ekberg
CEO of Endomines AB
tel. +358 40 706 48 50
