Recently the gold price development has been very positive. Endomines has investigated possibilities to develop other parts and known gold deposits within the Karelian Gold Line area to increase gold production levels at the Pampalo mill.
As an initial step Endomines will open the East open pit for production. The pit is planned to be in production by September 2022 and it is estimated that the East pit will increase gold production volumes at Pampalo by 10-20 %. The pit contains approximately 150 000 t of mineral resources with an average gold grade of 1.2 g/t. It is estimated that the pit will remain in operation for approximately two years.
”We are currently updating our long-term strategy. Developing operations at the Karelian Gold line is a significant part of our future strategy. Current gold price is making it feasible to process gold resources with lower gold grade than before and we have excess capacity at the Pampalo processing plant. Opening East open pit is the first step to bring additional materials to Pampalo production and I am expecting this development to continue also in the future. Karelian Gold line has significant gold production potential. It is likely that we will also seek additional financing to speed up the development activities,” says CEO Kari Vyhtinen.
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