Endeavour Mining receives US$25.3 million from the sale of its Youga Mine

ID: 1418445
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(Thomson Reuters ONE) -





Endeavour Mining receives US$25.3 million
from the sale of its Youga Mine

 View News Release in PDF Format


George Town, February 29th, 2016 - Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is
pleased to  announce that it has received US$25.3 million upon simultaneously
signing and closing the sale transaction of its non-core Youga Mine to MNG Gold
("MNG").

The total cash consideration is comprised of US$20 million for the asset and
US$5.3 million for the cash-on-hand. In addition, Endeavour has retained a 1.8%
Net Smelter Royalty ("NSR") on production realized beyond the current reserve
from the property sold, and with the inclusion of a buyback provision.

Neil Woodyer, CEO of Endeavour, stated: "This transaction provides upfront value
for Youga''s remaining 2 year mine life and gives us greater financial
flexibility to pursue growth opportunities. It is in line with our strategic
objective of actively managing our portfolio to improve its overall quality.

Since MNG''s nearby Balogo high-grade deposit will give a second life to the
Youga operation, we firmly believe that this transaction is in the best interest
of all stakeholders, including our employees, the government, and the local
population."



About the Youga Mine

The Youga Gold Mine is located approximately 180 km southeast of Ouagadougou.
Endeavour holds a 90% interest in Burkina Mining Company ("BMC") which has been
granted the rights to exploit the Youga Gold Deposit. The remaining 10% of BMC
is held by the Government of Burkina Faso.

Youga is an open pit mining operation with a 1mtpa gravity/CIL processing
facility. It has recovered a total of over 0.6 million ounces of gold since
operations commenced in 2008. Youga employs approximately 665 workers in total,


including full time Endeavour employees and contractors.

As at December 31, 2015, Measured and Indicated mineral resources (inclusive of
reserves) were 17.8 million tonnes at 1.4 g/t gold containing 0.8 million ounces
and the Proven and Probable mineral reserves were 2.5 million tonnes at 1.6 g/t
gold containing 0.1 million ounces[1].

In 2015, Youga produced 68,407 ounces of gold. Production in 2016 is forecast to
be 40,000 to 45,000 ounces at a mine-level AISC cost of $980 to $1,030 per
ounce.



About MNG Gold

MNG Gold is a privately owned Turkish gold exploration and development company
focused on West Africa and Turkey. MNG Gold own the high grade gold Balogo
project, located in proximity to the Youga mill, in Burkina Faso and the Kokoya
gold project in Liberia. MNG Gold has a broad capacity to explore, develop and
produce gold in Turkey and abroad. The Company is owned and financed by Mr
Mehmet Nazif Günal, a Turkish entrepreneur.


Contact Information

Vincent Benoit

EVP - Strategy & Business Development
+33 (0)1 70 38 36 96
vbenoit(at)endeavourmining.com



Martino De Ciccio

VP - Strategy & Investor Relations
+33 (0)1 70 38 36 95
mdeciccio(at)endeavourmining.com



Brunswick Group LLP

Carole Cable, Partner
+44 7974 982 458
ccable(at)brunswickgroup.com



Qualified Persons

Adriaan "Attie" Roux, Pr.Sci.Nat, Endeavour''s Chief Operating Officer, is a
Qualified Person under NI 43-101, and has reviewed and approved the technical
information related to mining operations in this news release. Michael Alyoshin,
MAusIMM CP Min, Endeavour''s Chief mining engineer, is a Qualified Person under
NI 43-101, and has reviewed and approved the information ore depletion
information related to mining operations in this news release. Gérard De Hert,
EurGeol, Vice President Exploration is the Qualified Person overseeing
Endeavour''s exploration projects in West Africa and has reviewed and approved
the exploration and resource information in this news release

About Endeavour Mining Corporation

Endeavour Mining is a TSX-listed intermediate gold mining company which operates
5 West African mines in Côte d''Ivoire, Mali, Burkina Faso and Ghana. In 2016, it
expects to produce between 575,000 and 600,000 ounces at an all-in sustaining
cost of US$875 to US$925 per ounce. Endeavour Mining is focused on effectively
managing its existing assets to maximize cash flow as well as pursuing organic
and strategic growth opportunities that benefit from its management and
operational expertise.



Endeavour Mining |  Executive Office | Bureau 76, 7 Boulevard des Moulins,
Monaco 98000

This news release contains "forward-looking statements" including but not
limited to, statements with respect to Endeavour''s plans and operating
performance, the estimation of mineral reserves and resources, the timing and
amount of estimated future production, costs of future production, future
capital expenditures, and the success of exploration activities. Generally,
these forward-looking statements can be identified by the use of forward-looking
terminology such as "expects", "expected", "budgeted", "forecasts" and
"anticipates". Forward-looking statements, while based on management''s best
estimates and assumptions, are subject to risks and uncertainties that may cause
actual results to be materially different from those expressed or implied by
such forward-looking statements, including but not limited to: risks related to
the successful integration of acquisitions; risks related to international
operations; risks related to general economic conditions and credit
availability, actual results of current exploration activities, unanticipated
reclamation expenses; changes in project parameters as plans continue to be
refined; fluctuations in prices of metals including gold; fluctuations in
foreign currency exchange rates, increases in market prices of mining
consumables, possible variations in ore reserves, grade or recovery rates;
failure of plant, equipment or processes to operate as anticipated; accidents,
labour disputes, title disputes, claims and limitations on insurance coverage
and other risks of the mining industry; delays in the completion of development
or construction activities, changes in national and local government regulation
of mining operations, tax rules and regulations, and political and economic
developments in countries in which Endeavour operates. Although Endeavour has
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there may
be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Please refer to Endeavour''s most recent
Annual Information Form filed under its profile at www.sedar.com for further
information respecting the risks affecting Endeavour and its business


--------------------------------------------------------------------------------

[1] As announced by Endeavour in its Feb 29th, 2016, press release entitled
"Endeavour Mining Increases P&P Reserves and M&I Resources by 32% and 39%,
respectively" available on the Company''s website.


View News Release in PDF Format:
http://hugin.info/171882/R/1990238/731179.pdf



This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Endeavour Mining Corporation via GlobeNewswire
[HUG#1990238]






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Date: 02/29/2016 - 13:45
Language: English
News-ID 1418445
Character count: 3848
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Firma: Endeavour Mining Corporation
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Stadt: George Town, Grand Cayman
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