Endomines: Management Changes

Endomines has recruited a General Manager (“GM”) for its Pampalo Gold Mine and other operations at Karelian Gold Line, Finland. MSc (mining engineering) Seppo Tuovinen will take the post from the 1st of January 2017. Seppo Tuovinen will also act as the Managing Director for Endomines AB’s Finnish subsidiaries Endomines Oy and Kalvinit Oy.


Endomines Pampalo Mine: Management Changes


Endomines announced today that Pampalo Gold Mine Resident Manager Janne Muttonen has tendered his resignation from his position effective 26th January 2017. Janne Muttonen has been working as the resident manager for the Pampalo operations since November 2010.


Dragon Mining terminates the Agreement with Endomines

Endomines has been informed that Dragon terminates the existing agreement on processing flotation concentrate from Pampalo at the Dragon Mining Svartliden leaching plant. According to Dragon Mining the Svartliden Operations has experienced elevated levels of copper in the discharge water. The copper levels are low but still at a level that the water must be cleaned in order to apply with the Svartliden Environmental Permit. The cost of cleaning the water is deemed to be significant by Dragon Mining management.


Endomines announces Winners of the Karelian Gold Rush 2015

Endomines is pleased to announce the winners of the “Karelian Gold Rush 2015”, a Global Exploration Challenge organised by the Company. With the competition Endomines did challenge the worldwide mining and exploration community to innovative and out-of-box thinking and to come up with new ideas for exploration targets and models.


Endomines brings forward Start of Selective Mining

Production guidance and Selective Mining

The previously announced start of Selective Mining in early 2016 has, for practical reasons, been brought forward. This will slightly decrease the 2015 annual production from the previously announced production guidance of 550-600 kg of gold. The co-operation negotiations have been concluded and about 50 % of the Pampalo mine operational personnel have been temporarily laid off from latest today’s date. Endomines will, as normal, release its quarterly production update early January 2016.


Karelian Gold Rush 2015 - Endomines Exploration Challenge

  • All relevant geological data from its fully controlled “Karelian Gold Line” made available
  • Best exploration proposals will be rewarded with Cash Prizes: First Prize 40 000€

Endomines announce that it has today officially made available all relevant geological data from its fully controlled “Karelian Gold Line” – a 40 km-long gold prospective Archaean greenstone belt located in Eastern Finland. 


Endomines’ Rights Issue oversubscribed

Endomines AB (publ) has successfully completed a rights issue of units consisting of shares and warrants, with preferential right for existing shareholders. The issue was oversubscribed and approximately 96.1 MSEK was raised before issue costs.


Endomines reports 3rdQ 2014 - Gold Production 8 Percent down

Endomines reports improved EBITDA and reduced costs The full interim report is found on the company’s website and is in Swedish only.

July-September 2014

  • Gold production 210.9 kg (228.5) or -8 % mainly due to head grade and recovery
  • Revenues 47.8 MSEK (54.1) or -12 %
  • Improved EBITDA before unrealized losses on derivatives to 6.9 MSEK (3.8 )
  • Profit after tax was -5.5 MSEK (-9.0)
  • Earnings per share -0.06 SEK (-0.10)
  • Pampalo OPEX/milled ore tonne decreased by 17 % to 415 SEK (498), Cash Cost below 1,000 USD/oz
  • Cash flow was 0.8 MSEK (-16.4) and ending cash balance amounted to 34.6 MSEK
  • The Board of Directors decided on a rights issue totalling approximately 96 MSEK at full subscribtion
  • The issue is secured to 80 per cent by subscription undertakings and underwriting commitments at which level Nordea Bank Finland has agreed to postpone loan amortizations until 2016-2017
  • The issue is subject to approval by the extraordinary general meeting to be held on Oct 30, 2014

Endomines: Management Changes

The Company’s Management announces that Jaakko Liikanen, Chief Technical Officer of Endomines has resigned and will be leaving the Company as of April 4 2014. Jaakko Liikanen is leaving the Company on his own initiative. He is planning for his retirement after a transition period.

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