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Endeavour 4Q Gold Output Rises After Start-Up Of Houndé mine

Endeavour 4Q Gold Output Rises After Start-Up Of Houndé mine

Allen Sykora  

Endeavour Mining (TSX: EDV; OTCQX: EDVMF) says the Houndé mine start-up lifted group production by 38% from the third to fourth quarter to 204,000 ounces, while decreasing group all-in sustaining costs by 13% to $784 an ounce. Full-year 2017 production was up 14% to 663,000 ounces, attaining the top half of the guidance range of 630,000 to 675,000. AISC were put at $869, within guidance of $850 to $895. For 2018, the company looks for output to increase to 670,000 to 720,000 ounces and for AISC of $840 to 890. Sébastien de Montessus, president and chief executive officer, says AISC fell below $800 in the fourth quarter for the first time in Endeavour’s history. “Our project development team successfully completed the Houndé mine on time and on budget, two months ahead of schedule, allowing the team to seamlessly transition to the Ity CIL project, which remains on track for first gold pour in mid-2019,” the CEO says. “Organic growth was further enhanced through our reinvigorated exploration program, which is on track to delivering the ambitious five-year discovery target set in 2016. Looking ahead, we expect the investment in Houndé and optimization work at our Karma mine to position us well to compensate for expected declines in production at Agbaou, which is transitioning to harder ore, thereby enabling us to increase guidance for 2018.”

By Allen Sykora of Kitco News; asykora@kitco.com


Barrick Gold Corp. (NYSE, TSX: ABX) says it has entered into a subscription agreement to acquire nearly 9.9 million shares of Royal Road Minerals Ltd. (TSXV: RYR) for 16 cents each, totaling $1,580,140. The transaction is expected to close around Feb. 9. Barrick will then own nearly 21 million shares, representing approximately 12.5% of Royal Road’s outstanding shares, Barrick says. “Barrick has acquired the ordinary shares for investment purposes,” the company says.

Avesoro Resources Inc. (TSX, LSE: ASO), a West African gold producer, projects consolidated annual production for 2018 of between 220,000 and 240,000 ounces, which would be a 15% to 25% increase from 2017. “We begin 2018 well positioned to continue to increase gold production levels and to further reduce operating costs at our New Liberty, Youga and Balogo Gold mines,” says Serhan Umurhan, chief executive officer. The company reports that it has also completed a previously announced share consolidation.



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