Endomines reports production results for the fourth quarter of 2016. Total gold production amounted to 109.8 kg, which again was an improvement from the previous period and according to plan.
During the reporting period the head-grade continued to improve. The total milled tonnage and plant utilization also increased due to additional operating days at the plant.
|Key production data per quarter||Q1||Q2||Q3||Q4||January-December|
|Milled ore (tonnes)||35 317||37 303||36 104||42 193||150 917||335 896||-184 979|
|Head grade (Au gram/tonne)||2,1||2,4||2,7||3,1||2,6||1,9||+0,7|
|Gold recovery (%)||80,2||82,8||85,3||83,0||82,9||83,0||-0,1|
|Hourly utilization (%)||35,3||37,7||34,0||43,5||37,6||87,0||-49,4|
|Gold production (kg)||58,5||73,7||83,0||109,8||325,0||529,5||-204,5|
|Gold production (oz)||1 881||2 370||2 669||3 530||10 450||17 022||-6 572|
|LTIFR (roll 12 months)||5||6||6||8||8||4|
Note! Decimals are indicated by a comma and thousands are separated by a space.
Production figures for the last quarter are based on company own assaying and not confirmed by any external laboratory. Figures are individually rounded off.
LTIFR = The Lost Time Injury Frequency Rate is based on reported lost time injuries on a rolling 12-month bases resulting in one day/shift or more off work per 1,000,000 hours worked. LTIFR has been calculated for the whole company including contractors
Total gold production in 2016 amounted to 325.0 kg which is in line with the production guidance given in early 2016. Gold production increased every quarter throughout the year from 58.5 kg during the first quarter to 109.8 kg in the last quarter. The main reason to the increased gold production from one quarter to the next has been the improvement of the head grade. The improvement is a result of an increased focus to high-grade areas, in accordance with the Selective Mining strategy. Due to the increased head grade the gold recovery generally also has improved.
Gold production in 2015 was 204.5 kg higher than in 2016 mainly due to normal capacity utilization in 2015. Decreased gold price was the main reason which led to the Selective Mining strategy started in the beginning of year 2016.
Endomines is a gold concentrate producer with mining, development and exploration operations in Eastern Finland along the 40 kilometer long Karelian Gold Line. Through various regulatory approvals, Endomines controls the exploration rights to this entire area. Endomines vision is to participate in the future structural transformation and consolidation of the Nordic mining industry. The Company may therefore be involved in acquisitions of interesting deposits or companies, should such opportunities arise.