Gold price set for biggest weekly jump in 20 months on haven demand
The precious metal has surged around 30% so far this year, supported by healthy central bank buying.
Endomines AB’s wholly owned subsidiary, Endomines Oy, has received the final batch of processing equipment, delivered by Metso Minerals (Sala) AB to the Pampalo Gold Mine site. The final delivery comprised of grinding mill heads.
“I’m very pleased with this final delivery of processing plant equipment on time. We have now received all the equipment for the Pampalo project according to the project schedule. Installation of the grinding mill will commence in the next few days. The crusher plant installation is also now well underway. Electrical and automation works are also progressing efficiently, which makes us confident that we can commence test-production during the last quarter of 2010, as outlined in Endomines’ rights issue prospectus which was published in autumn 2009”, comments Markus Ekberg, CEO of Endomines AB.
“Project costs are in line with our budget and small overruns are due to improved quality of some critical areas and within our contingency calculations”, Ekberg continues.
The new power line construction is also progressing well and is expected to be commissioned slightly ahead of schedule.
For further information, please contact:
Markus Ekberg
CEO, Endomines AB
tel. +358-40-706 48 50
During 2009-2010 Endomines has taken several important steps to develop the business from exploration to full-scale gold production. By the end of 2010, the company will commence production at the Pampalo Gold Mine, with a projected output of 900-1.000 kg of gold per annum. Other deposits along the Karelian Gold Line will be exploited subsequently. Endomines has additional claims in Finnish Lappland (gold, Ostrobothnia (ilmenite) and Southern Finland (limestone/wollastonite).
Endomines applies SveMin’s & FinnMin’s respective rules for reporting (public mining & exploration companies). Endomines has chosen to report mineral resources and ore reserves according to JORC or NI 43-101-code which are internationally accepted. Endomines applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The shares of Endomines AB are quoted on First North Premier segment in Stockholm under ticker ENDO.ST. Erik Penser Bankaktiebolag acts as Certified Adviser and Liquidity Provider.
Read more about Endomines on www.endomines.com
