Endeavour Mining announces positive PEA for Houndé Gold Project

VANCOUVER, Jan. 22, 2013 /CNW/ - Endeavour Mining Corporation ("Endeavour") (TSX: EDV) (ASX: EVR) (OTCQX: EDVMF) announces the results of a positive NI 43-101 Preliminary Economic Assessment (PEA) of its Houndé Gold Project in Burkina Faso together with an updated mineral resource estimate for the project and positive in-fill drill results completed subsequent to the resource estimate.  Endeavour is rapidly advancing Houndé, which has entered the Feasibility Study stage.

(All amounts in US dollars unless otherwise indicated)

Houndé PEA Highlights, on a 100% basis, include:

• Estimated potential average annual production of 161,000 gold ozs per year over a 10 year mine life, with total life of mine production of 1.61 million ozs
• An average 91% process recovery at a milling rate of 8,000 tonnes per day supplying a conventional gravity/CIL circuit
• Owner operated open pit mining and a potentially economic portion of the resource of 28 million tonnes grading 2.0 g/t Au (at 0.91 g/t Au cut-off)
• Initial start-up capital is estimated at $303 million with sustaining capital estimated at $57 million (excluding VAT and import duties)
• Total initial funding requirement is estimated at $345 million including start-up capital, VAT, import duties and certain first year equipment purchases
• Forecast life of mine direct cash cost of $563 per ounce (excluding royalties)
• The project yields, on an after-tax basis:

	At $1,300/oz Gold Price (Base Case)	At $1,650/oz Gold Price (Sensitivity)
NPV 0%	$505 million	$920 million
NPV 5%	$288 million	$584 million
IRR	21%	34%

Neil Woodyer, CEO, stated

"The Houndé Gold Project is an outstanding addition to our potential production growth profile with a well-defined, good grade mineralized deposit that has excellent infrastructure and robust preliminary economics. The Houndé deposit has grown quickly in size with every drill program, including an 63% increase in Indicated resources in the update announced today, and has now reached a scale where the development of a mine at Houndé could potentially increase Endeavour's production rate to over 550,000 gold ozs per year during 2016. Work has already begun on a Feasibility Study for Houndé, with all contractors engaged and shipment of metallurgical samples for testing. The in-fill drill program, underway since October 2012, is almost 70% complete and is targeting conversion of Inferred resources to Measured and Indicated to further support the Feasibility Study due to be completed in Q4 2013."

Management Conference Calls

Endeavour's Management will host two conference calls to discuss the results of the Houndé PEA, 2012 Production Results, and 2013 Guidance at times convenient for the North American and Australian time zones on January 23, 2013 and January 24, 2013.  Both conference calls will include Neil Woodyer, Chief Executive Officer, Attie Roux, Chief Operating Officer, Christian Milau, Chief Financial Officer, and Don Dudek, Senior Vice President - Technical Services.  Details for the conference calls can be found at the end of this news release.

Houndé PEA Summary

Endeavour currently has a 100% interest in the Houndé Gold Project, situated in the south-western region of Burkina Faso just south of Semafo's Mana mine (see Figure 1). Ownership is currently 100%, however, upon achieving production it would become 90% by Endeavour and 10% by the government of Burkina Faso.

The Houndé Project PEA focuses on the Vindaloo group of deposits that are located approximately 250 km southwest of Ouagadougou, the capital city of Burkina Faso. The deposits are approximately 2.7 km from a paved highway and as close as 200 metres from a 220 kV power line that extends from Cote d'Ivoire through to Ouagadougou. The nearby town of Houndé has a population of approximately 22,000. A rail line that extends to the port of Abidjan, Cote d'Ivoire lies approximately 25 km east of the deposit area.

The PEA considered the owner operated development of two open pit mines over the Vindaloo and Madras NW zones. The Vindaloo pit would mine a series of closely spaced gold zones along an approximate 4.8 km strike length. The Madras NW pit would be approximately 900 metres long and would only mine saprolite and transition mineralization.

The PEA is preliminary in nature as it includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves at this time, and as such there is no certainty that the preliminary assessment and economics set forth in the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.  The PEA should not be considered a substitute for a preliminary feasibility study.  The authors of this Technical Report believe the Project has the potential to be economic and that therefore further studies are warranted.  Pit shells were optimized using a $1,300/oz gold price.

Parameters for the PEA were developed in conjunction with SRK Consulting (Canada) Inc. and are presented in the tables below.

Figure 1 - Endeavour Mines and Houndé Project Location Map
http://files.newswire.ca/910/EDV-Figures.pdf

Table 1:  PEA Parameters

Item	Unit	PEA
		Saprolite	Transition	Fresh
Revenue, Smelting & Refining
Gold Price	US$/oz	$1,300
Payable Metal	%Au	99.95%
Refining/Transport	US$/oz	$3.35
Royalties @ 5% of NSR	US$/oz	$64.80
Royalties @ 2% of NSR	US$/oz	$25.92
Net Gold Price	US$/oz	$1,205.28
	US$/g	$38.75
OPEX Estimates
OP Waste Mining Cost	US$/t waste	$1.40	$1.76
OP Mineralized Mining Cost	US$/t ore	$1.37	$1.73
Strip Ratio (estimated)	t:t	8.0
OP Mining Cost	US$/t milled	$12.60	$15.84
Processing Cost	US$/t milled	$11.00	$13.00	$15.00
G&A	US$/t milled	$4.00
Total OPEX Estimate (excl Waste Mining)	US$/t milled	$14.97	$16.97	$18.97
Process and Mining Losses
Process Recovery		95.0%	95.0%	90.0%
Dilution	%	15.0%
Geotechnical Parameters
Slope Angles (overall)
Saprolite	degrees	28 to 35
Transition	degrees	38 to 40
Fresh	degrees	43 to 50
Mill Throughput	tpd	8,000

All mineralized material classified as Indicated (74%) and Inferred (26%) Mineral Resources was considered in the optimization and mine plan.

Table 2: PEA Mineralized Material Parameters

Description	Unit	Tonnage Mt	Grade g/t	Contained Gold koz
Indicated Mineralized Saprolite Mined		1.4	2.12	94
Indicated Mineralized Transition Mined		2.0	2.13	139
Indicated Mineralized Fresh Mined		17.2	1.91	1,057
Total Indicated Mineralized Material		20.6	1.98	1,291
Inferred Mineralizaed Saprolite Mined		1.4	1.45	66
Inferred Mineralized Transition Mined		0.7	1.76	38
Inferred Mineralized Fresh Mined		5.2	2.30	385
Total Inferred Mineralized Material		7.3	2.08	489
Waste Saprolite Mined		53.3
Waste Transition Mined		40.3
Waste Fresh Mined		124.8
Total Waste Mined		218.4
Total Material		246.3
Strip Ratio	t:t	7.8
Mining Rate (total Material)	tpd	63,000

 

The PEA parameters led to the development of the mining scenario presented below which envisions a four phase pit, with mining progressing from south to north (see Figure 2). The PEA life of mine gold production schedule, based upon an average through put of 2.9 Mt, detailed on an annual basis, is shown in Table 3.

Table 3 - Houndé Life-of-Mine Gold Production Profile

Production Year	Tonnes Treated kt	ROM Gold Grade g/t	Process Recovery %	Gold Production kozs
1	1,800	2.12	91%	111
2	2,916	2.55	91%	216
3	2,920	2.28	91%	194
4	2,920	1.92	91%	163
4	2,920	1.83	91%	156
6	2,920	1.58	91%	134
7	2,920	1.69	91%	143
8	2,920	1.97	91%	167
9	2,920	1.66	91%	141
10	2,752	2.30	91%	185
LOM	27,910	1.98		1,610

Notes: Stockpiling strategies for various mineralization types will cause slight annual variations compared to this high-level summary. A further payables factor of 99.5% has been applied to gold production for preliminary economic modelling.

Figure 2: Whittle Pit with Phase 1 in blue at the south end of the Vindaloo deposits
http://files.newswire.ca/910/EDV-Figures.pdf

Houndé Capital Cost Estimate

The total estimated cost to bring the Houndé Gold Project into production is $303 million, inclusive of contingency and working capital but excluding VAT and import duties, as summarized in Table 4.  The total initial funding requirement, including VAT, import duties, and certain first year equipment purchases amounts to $345 million.

Table 4: Houndé Capital Cost Estimate

Houndé Capital Cost	US$ Million
Mine Equipment	58.3
Capitalized Pre-production Development	28.2
Tailings and Water	7.2
Mill Construction	128.8
Roads and Infrastructure	44.7
EPCM, Permitting and Owner's Costs	35.8
Contingency	Included above
Total Pre-production Capital Costs	303.0
VAT (refundable) and Import Duties	30.3
Equipment Purchases (from Year 1)	12.0
Total Initial Funding Requirement	345.3

Houndé PEA Financial Summary

Based on the scenario detailed in Tables 1 through 4, the Houndé Project generates the following financial results:

At $1,300/oz gold price (Base Case)

Pre-Tax

• NPV at 0% discount rate totals $687 million
• NPV at 5% discount rate totals $422 million
• IRR = 29%

Post-Tax

• NPV at 0% discount rate totals $505 million
• NPV at 5% discount rate totals $288 million
• IRR = 21%
• Payback 38 months from commencement of production
• Cash cost per ounce produced - $563/oz (excluding royalties)
• Cash cost per ounce produced - $641/oz (including royalties)

At $1,650/oz gold price (Sensitivity)

Pre-Tax

• NPV at 0% discount rate totals $1,190 million
• NPV at 5% discount rate totals $782 million
• IRR = 45%

Post-Tax

• NPV at 0% discount totals $920 million
• NPV at 5% discount totals $584 million
• IRR = 34%
• Payback 20 months from the commencement of production
• Cash cost per ounce produced - $563/oz (excluding royalties)
• Cash cost per ounce produced - $678/oz (including royalties)

2012 Houndé Resource Estimate

The PEA, prepared by SRK Consulting (Canada) Inc. is based on a mineral resource estimate prepared by Eugene Puritch, P.Eng, Fred Brown, P.Geo. and Antoine Yassa, P.Geo. of P&E Mining Consultants Inc.

The current resource estimate for the Vindaloo zone at the Houndé Project represents an 63% increase in Indicated mineral resources to 23,708,000 tonnes at 1.91 g/t Au for a total of 1,456,000 ounces of gold. In addition, there is also a modest 6% increase in Inferred mineral resource to 12,210,000 tonnes at 1.91 g/t Au for a total of 752,000 ounces of gold.

All current mineral resources on the Houndé property lie within the Kari Nord concession ('Initial Licenses Areas') and are subject to a Transfer and Claw-Back Option Agreement with African Barrick Gold plc ("African Barrick").  If the resources on the Initial Licenses Areas, as determined by a feasibility study, are less than 3 million ounces then African Barrick does not have any claw-back right but retains a 2% NSR.

The mineral resource estimate for the Vindaloo deposits is reported at a cut-off grade of 0.35 g/t Au, is contained within a conceptual open pit shell and has an effective date of October 31, 2012.

Table 5: Houndé Mineral Resource Estimate (effective October 31, 2012)

Class	Mineralization Type	Tonnes	Grade (g/t)	Gold Ounces
Indicated	Saprolite	1,170,000	2.22	83,000
	Transition	1,880,000	2.25	136,000
	Fresh	20,658,000	1.86	1,237,000
	Total	23,708,000	1.91	1,456,000
Inferred	Saprolite	1,601,000	1.39	72,000
	Transition	893,000	1.66	48,000
	Fresh	9,716,000	2.02	632,000
	Total	12,210,000	1.91	752,000

(1)	Resource estimates based on a gold price of US$1,600 per ounce, a 95% process recovery for saprolite and transition and 92% for fresh, mining costs ranging from US$1.25 to US$1.75/tonne, process costs of US$13/tonne and General & Administrative costs of US$4 per tonne were used to determine the 0.35 g/t Open Pit cut-off grade.
(2)	Gold grades were estimated in a 5m x 5m x 5m block model from capped 1.5m composites utilizing inverse distance cubed interpolation. Composites were caped up to 30 g/t depending on the individual mineralized domain.
(3)	Eugene Puritch, P.Eng, Fred Brown, P.Geo. and Antoine Yassa, P.Geo. from P&E Mining Consultants Inc., Qualified Persons under NI 43-101 who are independent of the Company, are responsible for the mineral resource estimates presented herein.
(4)	Mineral resources are reported inside an optimized pit shell and tabulated against a cut-off of 0.35 g/t Au.
(5)	Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(6)	The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
(7)	The mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Definition Standards for Mineral Resources and Mineral Reserves prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council on November 27, 2010.

For reference, an open pit mineral resource sensitivity at a 1.0 g/t cut-off grade was also calculated.

Table 6: Mineral Resource Estimate Sensitivity - 1.0 g/t Au Cut-Off

Cut-off	Category	Tonnes	Grade (g/t)	Gold Ounces
1.0 g/t Au	Indicated	15,766,000	2.53	1,284,000
	Inferred	7,990,000	2.56	658,000

The Vindaloo deposit open pit resources comprise a group of closely-spaced gold-mineralized structures that currently represent an approximate 4.8 km section of the Vindaloo Zone and a 0.9 km long section of the Madras NW zone. A simplified section of the Vindaloo deposit is presented in Figure 3.

The updated mineral resource calculation wire-frames and estimates were initially prepared by Klaus Kappenschneider, a contract employee of the Company and audited and edited by Eugene Puritch, P. Eng., Fred Brown, P. Geo. and Antoine Yassa, P. Geo. of P&E Mining Consultants Inc. ("P&E"), Qualified Persons under NI 43-101 who are independent of the Company.

The updated mineral resource statement is based on an additional 109 core and reverse circulation ("RC") holes, totalling 19,800 metres of drilling. The entire drill database contains 439 drill holes totalling 70,841 metres. All core and RC chip samples were analyzed at SGS's Ouagadougou and Syama laboratories. The procedures for handling drill core and RC drill chips were consistent with previous practice (see description at end) and are standard industry practices.

Figure 3: Typical Cross-Section through the Houndé deposit, Main Pit
http://files.newswire.ca/910/EDV-Figures.pdf

Updated Technical Report

During 2012, P&E Mining Consultants Inc. and SRK were contracted to provide an updated resource estimate and PEA study, respectively. This work is in the process of being compiled into a NI 43-101 report titled "Technical Report and Preliminary Economic Assessment of the Houndé Gold Project, Burkina Faso, West Africa" which will be filed in SEDAR in late February 2013.

Houndé Drill Results - Fall 2012

Endeavour commenced an in-fill drill program in late October 2012 with a goal of converting all in-pit Inferred mineral resources to Measured and Indicated mineral resources. This program envisions approximately 450 holes totalling approximately 39,500 metres, of which, 228 holes totalling 26,978 metres have been completed. Results to date continue to demonstrate excellent continuity of the mineralized zones with assay values similar, or locally much better, than expected. In-fill drilling highlights, which are presented in table form in the Appendix, include several better than average intercepts as follows:

• 5.24 g/t Au over 34.0 metres
• 6.27 g/t Au over 43.2 metres
• 16.00 g/t Au over 8.1 metres
• 28.25 g/t Au over 6.8 metres
• 4.97 g/t Au over 47.0 metres

Management Conference Call Details

Endeavour's Management will host two conference calls to discuss the results of the Houndé PEA, 2012 Production Results and 2013 Guidance at times convenient for the North American and Australian time zones on January 23, 2013 and January 24, 2013.  Both conference calls will include Neil Woodyer, Chief Executive Officer, Attie Roux, Chief Operating Officer, Christian Milau, Chief Financial Officer, and Don Dudek, Senior Vice President - Technical Services.

Analysts and interested investors are invited to participate using the dial in numbers below.  The same dial in numbers will be used for both conference calls.

	International:	[phone]
	North American toll-free:	[phone]
	Australian toll-free:	0011-800-2246-2666
The conference call can also be accessed through the following link: http://www.endeavourmining.com/s/Webcasts.asp
To accommodate the North American/European market, the first conference call will be held and webcast by V-Call on Wednesday, January 23, 2013 at:
	10:00 am	in Vancouver
	1:00 pm	in Toronto and New York
	6:00 pm	in London
	2:00 am	in Perth (Jan 24, 2013)
	5:00 am	in Sydney (Jan 24, 2013)
To accommodate the Australian market, the second conference call will be held and webcast by V-Call on Thursday, January 24, 2013 at:
	7:00 am	in Perth
	10:00 am	in Sydney
	3:00 pm	in Vancouver (Jan 23, 2013)
	6:00 pm	in Toronto and New York (Jan 23, 2013)
	11:00 pm	in London (Jan 23, 2013)

The calls will be archived for later playback on Endeavour's website until January 24, 2014.

Qualified Persons

Endeavour will file the PEA on the Houndé Gold Project on www.sedar.com within 45 days of the date of this news release.

The PEA will be authored by the independent Qualified Persons who have verified the data in this news release.

Dino Pilotto, P.Eng.	SRK Principal Consultant (Mining)
Bruce Murphy, FSIAMM	SRK Principal Consultant (Geotechnical Engineering )
Maritz Rykaart, P.Eng., Ph.D.	SRK Principal Consultant (Geotechnical Engineering)
Jim Yakasovich, P.Eng.	SRK Principal Consultant (Mining)
John Duncan, M.Eng., P.Eng.	SRK Principal Consultant (Water Resources Engineering)
Mark Liskowich, P.Geol.	SRK Principal Consultant (Environmental)
Adrian Dance, P.Eng.	SRK Principal Consultant (Metallurgy)
Eugene Puritch  P.Eng.	P&E President and Principal Engineer
Antoine Yassa  P.Geo.	P&E Sr. Associate Geologist
Fred Brown P.Geo.	P&E Sr. Associate Geologist

Don Dudek, P.Geo, Senior Vice-President, Technical Services of Endeavour is a Qualified Person within the definition of that term in NI 43-101 and has supervised the preparation of the technical information contained in this news release.

About Endeavour Mining Corporation

Endeavour is a gold producer delivering growth. Endeavour owns three gold mines producing more than 300,000 ounces per year in Mali, Ghana and Burkina Faso that are generating significant operating cash flows to fund further expansion. Endeavour's gold production is forecast to exceed 550,000 ounces per year in 2016, including the Tabakoto mill expansion in 2013, completion of construction of Agbaou Gold Mine in Côte d'Ivoire scheduled for Q1 2014 and a recently completed PEA that shows potential for 161,000 ozs per year from the Houndé Project in Burkina Faso in 2016.

Endeavour Mining Corporation is listed on the TSX (symbol EDV) and ASX (symbol EVR), and also trades on the OTCQX (symbol EDVMF).

On behalf of Endeavour Mining Corporation

Neil Woodyer
Chief Executive Officer

This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" and "anticipates". Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in mineralized resources, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.

Appendix: Recent Houndé In-fill Drilling Highlights (fall 2012)

Hole #	mineralized interval (m)			TW (m)	Au (ppm)	Au (capped)	Zone	section
	from	to	width
HA-12-47	122	134	12	8.5	0.93	0.93	Vindaloo 2	52350
HA-12-47	145	151	6	4.2	1.32	1.32	Vindaloo 2	52350
HA-12-47	177.5	178	0.5	0.4	1.63	1.63	Vindaloo 2	52350
HA-12-47	183	184.2	1.2	0.9	1.69	1.69	Vindaloo 2	52350
HA-12-48	141	143	2	1.5	1.12	1.12	Vindaloo NE	51050
HA-12-48	151.3	154.1	2.8	2.2	1.82	1.82	Vindaloo NE	51050
HA-12-48	187.5	197	9.5	7.6	4.83	4.83	Vindaloo NE	51050
HA-12-48	217	218.6	1.6	1.3	1.93	1.93	Vindaloo NE	51050
HA-12-49	154.4	155.1	0.7	0.5	1.24	1.24	Vindaloo NE	50650
HA-12-49	176.3	177.2	0.9	0.6	1.01	1.01	Vindaloo NE	50650
HA-12-50	278.1	280	1.9	1.3	0.96	0.96	Vindaloo Main	50200
HA-12-51	135	138	3	1.8	1.59	1.59	Vindaloo Main	50250
HA-12-52	248	258	10	5.9	5.69	5.69	Vindaloo Main	49900
HA-12-52	292	308	16.3	9.7	1.74	1.74	Vindaloo Main	49900
HA-12-52	323	325	2	1.2	1.06	1.06	Vindaloo Main	49900
HA-12-52	342	345	3	1.8	2.42	2.42	Vindaloo Main	49900
HA-12-52	353	355	2	1.2	1.04	1.04	Vindaloo Main	49900
HA-12-54	62.9	77	14.1	7.3	1.74	1.74	Vindaloo Main	49850
HA-12-54	103.4	107.2	3.9	2.1	1.65	1.65	Vindaloo Main	49850
HA-12-54	177	244	67	37.3	1.54	1.54	Vindaloo Main	49850
HA-12-55					NSR		Vindaloo west	49950
HA-12-56	201	207	6	4	2.84	2.84	Vindaloo NE	50600
HA-12-57	19	53	34	23.7	5.24	5.24	Vindaloo Main	49775
HE-12-01	160.4	162	1.6	1.2	1.39	1.39	Vindaloo Main	48350
HE-12-01	175	176.2	1.2	0.9	2.08	2.08	Vindaloo Main	48350
HE-12-01	187.3	193	5.7	4.2	2.47	2.47	Vindaloo Main	48350
HE-12-02	121.1	140	18.9	13.3	2.96	2.96	Vindaloo Main	48400
HE-12-03	142	144	2	1.4	1.15	1.15	Vindaloo Main	48400
HE-12-03	156.9	158	1.1	0.8	2.27	2.27	Vindaloo Main	48400
HE-12-03	163	170	7	5.1	2.23	2.23	Vindaloo Main	48400
HE-12-03	174	175	1	0.7	1.49	1.49	Vindaloo Main	48400
HE-12-03	195.2	195.6	0.4	0.3	6.2	6.2	Vindaloo Main	48400
HE-12-03	205	210	5	3.7	17.7	8.1	Vindaloo Main	48400
HE-12-03	219.7	222	2.3	1.7	3.83	3.83	Vindaloo Main	48400
HE-12-04	86	88	2	1.3	3.24	3.24	Vindaloo Main	48450
HE-12-04	119	154	35	23	2.54	2.54	Vindaloo Main	48450
HE-12-04	172.5	175.1	2.6	1.7	1.48	1.48	Vindaloo Main	48450
HE-12-04	192	193	1	0.7	1.42	1.42	Vindaloo Main	48450
HE-12-04	199	200.3	1.3	0.9	3.89	3.89	Vindaloo Main	48450
HE-12-05	117.9	126.4	8.5	6.1	2.23	2.23	Vindaloo Main	48500
HE-12-05	136	140	4	2.9	3.19	3.19	Vindaloo Main	48500
HE-12-05	147.8	149.5	1.7	1.2	4.9	4.9	Vindaloo Main	48500
HE-12-05	155.3	157.8	2.5	1.8	3.39	3.39	Vindaloo Main	48500
HE-12-06	167.8	211	43.2	30.8	6.27	5.72	Vindaloo Main	48500
HE-12-06	218	222	4	2.8	1.32	1.32	Vindaloo Main	48500
HE-12-06	230	231	1	0.7	6.8	6.8	Vindaloo Main	48500
HE-12-06	235	248	13	9	4.94	4.94	Vindaloo Main	48500
HE-12-06	252	253	1	0.7	1.04	1.04	Vindaloo Main	48500
HE-12-06	256	265.5	9.5	6.6	3.07	3.07	Vindaloo Main	48500
HE-12-06	275.9	277	1.1	0.8	1.62	1.62	Vindaloo Main	48500
HE-12-07	205.6	206	0.4	0.3	5.5	5.5	Vindaloo Main	48400
HE-12-07	215.7	222.1	6.4	4.7	4.44	4.44	Vindaloo Main	48400
HE-12-07	225.5	232	6.5	4.7	1.14	1.14	Vindaloo Main	48400
HE-12-07	257	259	2	1.5	2.34	2.34	Vindaloo Main	48400
HE-12-07	266	268	2	1.5	1.39	1.39	Vindaloo Main	48400
HE-12-07	271	275	4	2.9	2.82	2.82	Vindaloo Main	48400
HE-12-07	283	285.4	2.4	1.7	11.51	9.79	Vindaloo Main	48400
HE-12-07	291	294.2	3.2	2.3	2.05	2.05	Vindaloo Main	48400
HE-12-07	298.3	306.4	8.1	5.8	16	9.07	Vindaloo Main	48400
HE-12-07	312.8	320	7.2	5.3	9.57	9.57	Vindaloo Main	48400
HE-12-07	330.1	336.9	6.8	5	28.25	13.79	Vindaloo Main	48400
HE-12-08	155	158.1	3.1	1.9	6.12	6.12	Vindaloo Main	48700
HE-12-08	163	164	1	0.6	1.42	1.42	Vindaloo Main	48700
HE-12-08	173.4	174.5	1.1	0.7	2.16	2.16	Vindaloo Main	48700
HE-12-08	177	201.4	24.4	14.5	4.18	4.18	Vindaloo Main	48700
HE-12-08	216.2	216.7	0.5	0.3	10.3	10.3	Vindaloo Main	48700
HE-12-09	219.7	246	26.3	15.5	2.57	2.57	Vindaloo Main	48750
HE-12-09	253.9	255.3	1.5	0.9	1.19	1.19	Vindaloo Main	48750
HE-12-09	258.5	264	5.5	3.3	2.21	2.21	Vindaloo Main	48750
HE-12-14	182	183.5	1.5	0.9	4.8	4.8	Vindaloo NE	49000
HE-12-15	165.6	169.5	3.9	2.4	3.34	3.34	Vindaloo2	49050
HE-12-15	206	211	5	3.1	7.37	7.37	Vindaloo2	49050
HE-12-16	95.5	100	4.5	2.8	2.1	2.1	Vindaloo2	49300
HE-12-16	104	105	1	0.6	3.24	3.24	Vindaloo2	49300
HE-12-16	198	199.5	1.5	1	1.17	1.17	Vindaloo2	49300
HE-12-16	221	222.5	1.5	1	4.15	4.15	Vindaloo2	49300
HE-12-16	278	280	2	1.3	1.5	1.5	Vindaloo2	49300
HE-12-16	287	295.5	8.5	5.7	1.62	1.62	Vindaloo2	49300
HD-12-109	72	73	1	0.7	1.42	1.42	Vindaloo Main	48425
HD-12-112	79	83	4	2.9	5.75	5.75	Vindaloo Main	48475
HD-12-114	78	82	4	2.8	3.18	3.18	Vindaloo Main	48500
HD-12-114	85	87	2	1.4	3.82	3.82	Vindaloo Main	48500
HD-12-116	76	77	1	0.7	1.42	1.42	Vindaloo Main	48525
HD-12-117	41	42	1	0.7	2.41	2.41	Vindaloo Main	48550
HD-12-117	47	51	4	2.8	2.69	2.69	Vindaloo Main	48550
HD-12-118	48	52	4	2.8	5.5	5.50	Vindaloo Main	48575
HD-12-118	59	62	3	2.1	1.73	1.73	Vindaloo Main	48575
HD-12-119	26	35	9	5.3	2.36	2.36	Vindaloo Main	48600
HD-12-119	88	89	1	0.6	1.19	1.19	Vindaloo Main	48600
HD-12-120	32	40	8	4.8	3.61	3.61	Vindaloo Main	48600
HD-12-120	58	66	8	4.9	7.32	6.77	Vindaloo Main	48600
HD-12-120	72	74	2	1.2	1.19	1.19	Vindaloo Main	48600
HD-12-122	18	19	1	0.7	7.2	7.20	Vindaloo Main	48625
HD-12-122	24	28	4	2.8	6.55	6.55	Vindaloo Main	48625
HD-12-122	37	38	1	0.7	1.94	1.94	Vindaloo Main	48625
HD-12-129	63	64	1	0.7	1.83	1.83	Vindaloo SW	48675
HD-12-129	67	73	6	4	3.62	3.62	Vindaloo SW	48675
HD-12-129	104	106	2	1.4	7.55	7.55	Vindaloo SW	48675
HD-12-130	10	26	16	11.6	4.73	4.73	Vindaloo SW	48700
HD-12-130	33	44	11	8.2	3.28	3.28	Vindaloo SW	48700
HD-12-130	50	51	1	0.8	2.34	2.34	Vindaloo SW	48700
HD-12-130	53	54	1	0.8	2.28	2.28	Vindaloo SW	48700
HD-12-130	58	61	3	2.3	1.78	1.78	Vindaloo SW	48700
HD-12-131	27	41	14	9.8	2.63	2.63	Vindaloo SW	48700
HD-12-131	59	62	3	2.1	2.49	2.49	Vindaloo SW	48700
HD-12-131	65	69	4	2.8	2.61	2.61	Vindaloo SW	48700
HD-12-131	88	96	8	5.7	5.57	5.57	Vindaloo SW	48700
HD-12-132	27	77	50	35.1	2.68	2.68	Vindaloo SW	48725
HD-12-133	0	1	1	0.7	1.12	1.12	Vindaloo Main	48750
HD-12-133	20	22	2	1.4	2.55	2.55	Vindaloo Main	48750
HD-12-133	29	37	8	5.5	2.6	2.6	Vindaloo Main	48750
HD-12-133	47	49	2	1.5	3.29	3.29	Vindaloo Main	48750
HD-12-134	0	1	1	0.7	1.19	1.19	Vindaloo SW	48725
HD-12-134	9	13	4	2.9	4.24	4.24	Vindaloo SW	48725
HD-12-134	23	25	2	1.4	1.68	1.68	Vindaloo SW	48725
HD-12-134	32	36	4	2.9	3.86	3.86	Vindaloo SW	48725
HD-12-134	60	61	1	0.8	1.25	1.25	Vindaloo SW	48725
HD-12-135	57	67	10	7.49	1.98	1.98	Vindaloo SW	48775
HD-12-136	55	56	1	0.73	2.6	2.6	Vindaloo SW	48775
HD-12-136	73	74	1	0.76	3.35	3.35	Vindaloo SW	48775
HD-12-136	87	90	3	2.36	1.43	1.43	Vindaloo SW	48775
HD-12-136	100	105	5	3.95	3.46	3.46	Vindaloo SW	48725
HD-12-137	13	14	1	0.71	2.38	2.38	Vindaloo West	49175
HD-12-138					NSR		Vindaloo SW	49175
HD-12-139					NSR		Vindaloo West	49175
HD-12-140	46	49	3	2.2	4.21	4.21	Vindaloo West	49200
HD-12-141	62	65	3	2.1	3.29	3.29	Vindaloo SW	49200
HD-12-141	69	72	3	2.1	1.48	1.48	Vindaloo SW	49200
HD-12-142					NSR		Vindaloo West	49150
HD-12-143	40	41	1	0.7	2.36	2.36	Vindaloo SW	49225
HD-12-144	50	56	6	4.3	1.62	1.62	Vindaloo SW	49225
HD-12-145					NSR		Vindaloo West	49225
HD-12-146	92	95	3	2.1	1.51	1.51	Vindaloo Main	49275
HD-12-147	16	19	3	1.5	4.31	4.31	Vindaloo Main	49275
HD-12-148	35	37	2	1.3	2.96	2.96	Vindaloo West	49300
HD-12-149	77	78	1	0.7	1.58	1.58	Vindaloo SW	49325
HD-12-150	31	33	2	1.4	3.49	3.49	Vindaloo SW	49325
HD-12-150	37	39	1	0.7	3.76	2.38	Vindaloo SW	49325
HD-12-150	41	42	1	0.7	1.36	1.36	Vindaloo SW	49325
HD-12-151	69	70	1	0.6	6.2	6.2	Vindaloo West	49350
HD-12-151	149	154	5	3.1	8.82	8.26	Vindaloo West	49350
HD-12-152					NSR		Vindaloo West	49350
HD-12-153	1	4	3	2.1	2.07	2.07	Vindaloo SW	49375
HD-12-153	19	20	1	0.7	6.3	6.3	Vindaloo SW	49375
HD-12-153	26	27	1	0.7	1.29	1.29	Vindaloo SW	49375
HD-12-154	29	30	1	0.7	1.38	1.38	Vindaloo SW	49375
HD-12-154	80	81	1	0.7	1.7	1.7	Vindaloo SW	49375
HD-12-154	98	99	1	0.7	0.09	0.09	Vindaloo SW	49375
HD-12-155					NSR		Vindaloo West	49375
HD-12-156					NSR		Vindaloo SW	49425
HD-12-157	23	24	1	0.7	1.23	1.23	Vindaloo SW	49425
HD-12-157	43	44	1	0.7	1.86	1.86	Vindaloo SW	49425
HD-12-157	90	96	6	4.5	3.47	3.47	Vindaloo Main	49425
HD-12-158					NSR		Vindaloo West	49450
HD-12-159					NSR		Vindaloo West	49450
HD-12-160					NSR		Vindaloo SW	49475
HD-12-161	5	7	2	1.4	2	2	Vindaloo SW	49475
HD-12-161	13	20	7	4.9	3.48	3.48	Vindaloo SW	49475
HD-12-161	30	34	4	2.8	3	3	Vindaloo SW	49475
HD-12-161	61	64	3	2.1	1.16	1.16	Vindaloo SW	49475
HD-12-161	79	83	4	2.9	1.32	1.32	Vindaloo SW	49475
HD-12-161	89	90	1	0.7	1.52	1.52	Vindaloo SW	49475
HD-12-162	49	50	1	0.6	1.45	1.45	Vindaloo SW	49500
HD-12-162	53	59	6	3.4	9.17	9.17	Vindaloo SW	49500
HD-12-162	70	71	1	0.6	2.95	2.95	Vindaloo SW	49500
HD-12-163					NSR		Vindaloo Main	49525
HD-12-164	0	2	2	1.4	1.49	1.49	Vindaloo SW	49525
HD-12-164	54	61	7	5	9.74	9.74	Vindaloo Main	49525
HD-12-165	47	81	34	21.6	2.13	2.13	Vindaloo Main	49550
HD-12-165	87	88	1	0.7	1.04	1.04	Vindaloo Main	49550
HD-12-165	102	105	3	2	5.68	5.68	Vindaloo Main	49550
HD-12-166					NSR		Vindaloo Main	49575
HD-12-167	46	71	25	17.7	3.4	3.4	Vindaloo Main	49575
HD-12-167	91	92	1	0.7	1.1	1.1	Vindaloo Main	49575
HD-12-168	19	20	1	0.7	2.1	2.1	Vindaloo West	49575
HD-12-168	39	40	1	0.7	1.06	1.06	Vindaloo West	49575
HD-12-169	29	33	4	2.9	3.28	3.28	Vindaloo Main	49600
HD-12-170	9	10	1	0.7	3.32	3.32	Vindaloo Main	49625
HD-12-170	16	19	3	2.1	1.56	1.56	Vindaloo Main	49625
HD-12-170	23	24	1	0.7	1.92	1.92	Vindaloo Main	49625
HD-12-170	28	29	1	0.7	1.21	1.21	Vindaloo Main	49625
HD-12-170	35	45	10	7.1	5.22	5.22	Vindaloo Main	49625
HD-12-171	9	10	1	0.7	13.1	13.1	Vindaloo Main	49625
HD-12-171	27	29	2	1.4	0.95	0.95	Vindaloo Main	49625
HD-12-171	50	97	47	33.2	4.97	4.46	Vindaloo Main	49625
HD-12-172	23	37	14	9.8	2.91	2.91	Vindaloo West	49650
HD-12-172	44	45	1	0.7	1.02	1.02	Vindaloo West	49650
HD-12-173	4	6	2	1.4	1.03	1.03	Vindaloo Main	49675
HD-12-173	14	16	2	1.4	2.1	2.1	Vindaloo Main	49675
HD-12-173	28	43	15	10.6	3.25	3.25	Vindaloo Main	49675
HD-12-174	11	12	1	0.7	1.23	1.23	Vindaloo Main	49675
HD-12-174	34	35	1	0.7	1.77	1.77	Vindaloo Main	49675
HD-12-174	48	87	39	27.5	2.82	2.82	Vindaloo Main	49675
HD-12-175	26	31	5	3.5	1.32	1.32	Vindaloo West	49675
HD-12-175	53	54	1	0.7	1.09	1.09	Vindaloo West	49675
HD-12-176				0	NSR		Madras NW	53500
HD-12-177	33	34	1	0.6	3.81	3.81	Madras NW	53450
HD-12-177	37	39	2	1.3	2.51	2.51	Madras NW	53450
HD-12-178	54	56	2	1.4	1.26	1.26	Madras NW	54175
HD-12-178	61	64	3	2.1	1.26	1.26	Madras NW	54175
HD-12-178	84	85	1	0.7	3.85	3.85	Madras NW	54175
HD-12-180	31	38	7	4.9	1.75	1.75	Madras NW
HD-12-180	41	42	1	0.7	1.02	1.02	Madras NW
HD-12-180	44	47	3	2.1	1.33	1.33	Madras NW
HD-12-180	72	73	1	0.7	1.29	1.29	Madras NW
HD-12-180	91	93	2	1.4	0.89	0.89	Madras NW
HD-12-181	29	34	5	3.5	1.41	1.41	Madras NW
HD-12-181	39	40	1	0.7	1.05	1.05	Madras NW
HD-12-181	50	57	7	5	0.97	0.97	Madras NW
HD-12-181	60	61	1	0.7	1.63	1.63	Madras NW
HD-12-182	23	32	9	5.7	1.4	1.4	Madras NW
HD-12-182	38	39	1	0.6	1.42	1.42	Madras NW

Houndé Project Sample Handling Procedures

Endeavour's procedures at Houndé for handling reverse circulation drill chips comprise initial splitting of the rock chips from one metre drill length samples into 2.0 kg samples, as well as description and logging into a database. Core samples are handled in a similar fashion with mineralized intervals sawn in half and the right hand portion of the sample placed in samples bags for analysis. The RC samples, and core samples, are subsequently delivered to representatives of SGS Laboratories in Ouagadougou. Assay standard samples are inserted every 25th sample and duplicate reverse circulation from every 20th sample are sent in as a separate sample to double check the assays from these intervals. This sampling procedure was initiated and periodically reviewed by Endeavour's Senior Vice President Technical Services, Don Dudek, P. Geo. The assay samples are then crushed to 3 mm with a riffle split if required, to 1.5 kg, the entire sample milled in a LM2 mill to a nominal 95% passing 75μm. All the preparation equipment is flushed with barren material prior to the commencement of the job and all sample bowls are scrapped clean with a scratch pad. Gold values were determined by Fire Assay and AAS with a 50 gram nominal sample weight. In order to ensure that local, exceptionally high grade assays are not overly represented in assay composites Endeavour is also presenting assay composites, with high grade samples capped at 30.0 g/t Au, which is the capping level deemed appropriate for the initial samples from the Vindaloo and Madras NW zones and consistent with previous practice on the property.

 

 

 

 

 

 

 

 

PDF available at: http://stream1.newswire.ca/media/2013/01/22/20130122_C7547_DOC_EN_22789.pdf

SOURCE: Endeavour Mining Corporation

Marla Gale 
Vice President - Investor Relations 
[phone] 
[email protected]

UK/Europe: Bobby Morse 
Buchanan 
[phone] 
[email protected] 

Australia: David Ikin 
Professional Public Relations 
[phone] 
[email protected]