George Town, April 17, 2017 - Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF) ("Endeavour") is pleased to announce that its largest shareholder, La Mancha Holding S.A.R.L. ("La Mancha"), has exercised its anti-dilution right to re-increase its stake from its current 28.1% interest to its initial 29.9% ownership position, by means of a C$63.4 million (approximately US$47.5 million) private placement (the "Placement").
Sébastien de Montessus, President & CEO, stated: "This additional investment by La Mancha, which has to-date injected approximately US$190 million in Endeavour, further demonstrates its long-term support and its strong conviction in our ability to continue to create shareholder value.
With this increased financial flexibility, we are well-positioned to progress our upcoming organic growth opportunities, which include both the Ity CIL project and our ambitious five-year exploration program."
Pursuant to the Placement, La Mancha will acquire 2,573,372 common shares of Endeavour at the 20-day volume weighted average price ("VWAP") of C$24.62 per common share. Prior to the Placement, La Mancha held 26,252,932 common shares of Endeavour, representing 28.06% of Endeavour's outstanding common shares. Following completion of the Placement, La Mancha will hold 28,826,304 common shares, representing 29.99% of Endeavour's common shares.
The proceeds of the Placement are intended to be used to support Endeavour's organic growth, notably the potential development of the Ity CIL project and its long-term exploration program, as well as for general corporate purposes.
The Placement is subject to the approval of the Toronto Stock Exchange.
ABOUT ENDEAVOUR MINING CORPORATION
Endeavour Mining is a TSX-listed intermediate gold producer, focused on developing a portfolio of high quality mines in the prolific West-African region, where it has established a solid operational and construction track record.
Endeavour is ideally positioned as the major pure West-African multi-operation gold mining company, operating 5 mines in Côte d'Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2017, it expects to produce between 600koz and 640koz at an AISC of US$860 to US$905/oz. Endeavour is currently building its Houndé project in Burkina Faso, which is expected to commence production in Q4-2017 and to become its flagship low-cost mine with an average annual production of 190koz at an AISC of US$709/oz over an initial 10-year mine life based on reserves. The development of the Houndé project is expected to lift Endeavour's group production +900kozpa and decrease its average AISC to circa $800/oz by 2018, while exploration aims to extend all mine lives to +10 years.
