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Endomines: Exploration during 2012 has successfully replaced almost all the Ore reserve mined

Endomines is making a public announcement of its updated ore reserves and mineral resource estimates. The update represents the Pampalo production situation as at 31stDecember 2012.

"The Pampalo mine gold production in 2012 was 867 kg but the total contained gold in the Pampalo ore reserves was reduced only by 235 kg. This is the result of successful continuous mine site exploration which during 2012 nearly replaced the mined ore reserves" comments Markus Ekberg, CEO of Endomines.  

                          

Table: Gold ore reserves and resources along the Karelian Gold Line 31 December 2012:

Note: Reserves and Resources reported according the JORC-code(except Kuittila), all figures independently rounded
Stockpile estimate by Endomines
Pampalo 2013 resource/reserve estimate by Endomines Oy, controlled and signed by Outotec (Finland) Oy; cut-off 1 /gt. Mining situation as 31st Jan 2012
Waste Rock Dilution 15%, Ore losses: drifting 0 %, stoping 12 % and stoping nearby talc chlorite rock 25 %
Pampalo East resources estimate by Outotec (Finland) Oy / Reserve estimate JK-Kaivossuunnittelu: Cut-off: 1,0 g/t; 10% Ore loss 10%, dilution 15%
Rämepuro resource/reserve estimate by Outotec (Finland) Oy: Cut-off 1,0 g/t, ore loss 10%, waste rock dilution 20%
Maptek Hosko and Rämepuro estimates: cut-off 0,5 g/t; ore loss 5%, dilution 15%
Maptek Muurinsuo estimate:   cut-off 1,0 g/t; ore loss 5%, dilution 15%
Appropriate Top cut applied for the resource/reserve estimates - details in the summary reports on the website
Troy ounce = 31,1035

“Several improvements have been implemented throughout the mining process at Pampalo which have resulted in improvements in mining recovery and waste rock dilution. Pampalo ore reserve grade has thus increased from the figures for the previous year. A reduction in grade for the Rämepuro ore reserve estimate is due to new interpretation and lower relative weighing of several of the high grade intersections from drill holes in the deeper parts of the mineralization, “ comments Markus Ekberg, CEO of Endomines AB.

A new resource estimate has been prepared for Korvilansuo. Although the resource estimate is relatively modest at this stage, we should keep in mind that drilling has so far been concentrated within a limited part of the target area.

Within the Korvilansuo-Elinsuo-Muurinsuo-area all of the results so far obtained support our firm conviction that this area has a real potential for growing into a significant and successful gold project. The area has all the typical characteristics of an Archean greenstone-hosted gold province. We believe that the Kuittila tonalite intrusion played a key role as driver of heat and fluid circulation, when it intruded the surrounding sediments and volcanics. Later stages of the process concentrated gold within country rock lithologies adjacent to the intrusion, in areas with favourable pressure and temperature. The area is thus a textbook example of intrusive-related orogenic gold mineralization.

“We are only at beginning of our exploration program but what is encouraging us, is that we already have three clearly defined mineralization targets surrounding the Kuittila-tonalite", comments Endomines CEO Markus Ekberg.

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