Exploration update: The majority of holes have intersected gold mineralizations
| Source:Endomines AB
This press release is a summary. The full report is found on the company’s
Endomines has carried out further exploration drilling at its properties along
Karelian Gold Line, near Ilomantsi, in Eastern Finland. The mineral rights of
the drilled properties are fully owned by the Company. Endomines is pleased to
release assay results received until 20th of August 2013 received.
The present year has been very favourable time for exploration works due to the
general recession in mining business. Drilling rigs and assay services have been
available with reasonable rates when most companies have reduced their
This recent drilling stage 1 aimed to discover new or extend the previously
discovered target areas. So far 61 diamond core holes, 7,799 m in total, have
been drilled. Some 6,000 meter of cores has been logged and 5,091 samples have
been sent for assays. Assay results of 3,990 samples have been received until
20th of August.
Almost 90% of all exploration drill holes have intersected gold mineralizations,
which clearly confirm the great ore potential of Karelian Gold Line. The
drillings have been carried out at and in the vicinity of Hosko, Rämepuro and
"It is very encouraging that the majority of the holes across the whole area
have intersected gold mineralization. This confirms our view that large scale
ore forming processes have been in place along Karelian Gold Line. We are
looking very positively forward to our future exploration program. Korvilansuo
-area will remain our main target as it has returned good grade intersections
close the bedrock-surface. However, we will also continue exploration of other
targets so that we can fully explore the whole potential of the Karelian Gold
Line ", comments Markus Ekberg, CEO of Endomines.
The second drilling stage has started and the aim of that is to extend the
current mineral reserves at Pampalo, Rämepuro and Hosko areas as well as extend
the previous mineral resources at Korvilansuo-Muurinsuo area. The Stage 2
drilling will be carried out with 3 drilling rigs to speed up the performance.
The total amount of drilling meters during Stage 2 campaign is estimated to be
around 9,000 m.
The Karelian Gold Line Environmental Impact Assessment Study has been filed and
the authority statement is expected to be issued during autumn 2013. The study
covers the whole 40 km long Karelian Gold Line and includes all currently known
deposits or advanced exploration targets Hosko, Kuivisto, Rämepuro, Muurinsuo,
Korvilansuo and Kuittila.
The environmental permit application for the Rämepuro deposit has been filed in
June 2013. The permit application was prepared by Pöyry Finland Oy.
Further information concerning exploration drilling results is available from
the company web-page and pdf-report.
Assay results, locations and other technical parameters of all presented holes
can be found on Endomines website (http://www.endomines.com/index.php/karelian
Competent Person: The technical aspects of this news release have been prepared
by MSc (geology) Jaakko Liikanen, who is acting as Competent Person with respect
to this release. Jaakko Liikanen is Chief Technical Officer of Endomines AB and
owns 1,120,892 shares (1.3%) of the company. The data supporting this news
release has been provided in a Surpac database and has been verified against the
original laboratory assay certificates. The Competent Person has not undertaken
any independent sampling of the drill core, but has reviewed the QA/QC
procedures, and considers the results to be within expected margins of error.
For further information, please contact:
CEO of Endomines AB
tel. +358 40 706 48 50
or visit the Company´s home page: www.endomines.com
About Endomines AB
Endomines AB is a Nordic mining and exploration company with its first operating
gold mine in production since February 2011. The mine is located in Eastern
Finland, on the Karelian Gold Line, a 40 km long gold critical belt, where
Endomines controls all currently known gold deposits.
The company’s business practices and mining operations are based on sustainable
principles and on minimizing the impact on the environment.
Endomines applies SveMin's & FinnMin's respective rules for reporting (public
mining & exploration companies). It has chosen to report mineral resources and
ore reserves according to the JORC-code, which is the internationally accepted
Australasian code for reporting ore reserves and mineral resources.
The shares of Endomines AB are quoted on NASDAQ OMX Stockholm under ticker ENDO
and on NASDAQ OMX Helsinki under ticker ENDOM. Pareto Öhman acts as Liquidity
Provider on the Stockholm Stock Exchange.
This news release may contain forward-looking statements, which address future
events and conditions, which are subject to various risks and uncertainties. The
Company's actual results, programs and financial position could differ
materially from those anticipated in such forward-looking statements as a result
of numerous factors, some of which may be beyond the Company's control. These
factors include: the availability of funds; the timing and content of work
programs; results of exploration activities and development of mineral
properties, the interpretation of drilling results and other geological data,
the uncertainties of resource and reserve estimations, receipt and security of
mineral property titles; project cost overruns or unanticipated costs and
expenses, fluctuations in metal prices; currency fluctuations; and general
market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the
Company's management on the date the statements are made. The assumptions used
in the preparation of such statements, although considered reasonable at the
time of preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
Endomines AB discloses the information provided herein pursuant to the Swedish
Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The
information was submitted for publication at 08:45 CET on August 27th, 2013.
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