Endomines reports the results of the exploration drilling programme which has
been completed at the Pampalo Gold mine mining concession area in 2013, in
Ilomantsi municipality, in Eastern Finland.
The results include robust and encouraging intersections of gold bearing zones
from the area north of the Pampalo open pits (P-299 31,6 m @2,6 g/t gold, P-306
11,0 m @2,4 g/t gold, P-312 10,0 m @2,3 g/t gold, P-319 8,7 m @ 3,1 g/t gold and
P-322 6 m @4,1 g/t gold).
The mineral rights of the Pampalo mining area are fully owned by the Company.
The drillings have identified two previously unknown lode structures with
significant grades. The eastern mineralisation is called the Lietoja-zone and
the western mineralisation is called the D-zone. These new discoveries are the
result of detailed drilling, structural investigation and surface mapping and do
establish a new structural/gold-mineralisation model for the broader area of
Pampalo. The results of the drillings together with images of the preliminary
interpretation are published on the Company’s website.
The upper part of the Lietoja zone is located within the planned Pampalo East
pit. The mineralization continues at least 120 m down dip. The D zone continues
at least 80 m down dip. At the Pampalo mine mine the gold occurs within three
zones that have been investigated by means of detailed diamond drilling down to
approximately 550 m depth. Exploration drilling further down indicates that the
mineralization continues to at least 700 m depth.
Results include all assays received until the 31st of January 2014. Totally
1,916 meters, 994 samples have been drilled and so far results from 558 samples
have been received.
"These results are in accordance with what we have been expecting. We have been
quite confident that there are more gold mineralisations in the Pampalo area
that will strengthen the future development of the operations. The recently
established structural model may yield additional resources and reserves at
Pampalo and prolong the life expectancy of the mine", comments Markus Ekberg,
CEO of Endomines.
Assay results and technical parameters of all presented holes can be found on
Endomines website, http://endomines.com/index.php/karelian-gold-line/exploration
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
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 February 17th, 2014.
GlobeNewswire, a Nasdaq company, is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.