Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF) has announced the voting results of its Annual General Meeting of Shareholders held on Tuesday, June 28, 2016.
Shareholders voted to re-elect the nominees for the Company’s Board of Directors (“The Board”).
Sébastien de Montessus has been appointed as Chief Executive Officer (“CEO”), effective today, replacing Mr. Neil Woodyer, who has also decided to step down from the Board.
The Board of Directors said it wishes to thank Mr. Woodyer for his significant contribution to the growth of the Company.
Michael Beckett, Chairman of the Board of Directors commented: “I am pleased that all proposed resolutions have been passed and thank all our shareholders for their continuing support. I would like to pay particular tribute to Neil Woodyer as he steps down as CEO. It was Neil’s vision that created Endeavour, and under his leadership the business has grown from a single operating mine to become a leading West African gold producer with five mines in operation and two advanced development projects. He created a company that has delivered significant value for shareholders and he leaves it well-placed to continue its growth trajectory. On behalf of the company and its investors, we thank him for his considerable achievements and wish him every success for the future.”
“I would also like to welcome Sebastien de Montessus as CEO. We are very pleased that he will lead the company in the next phase of its development. Sebastien’s experience and expertise in the mining industry ensures that Endeavour is in good hands as we continue to pursue our growth strategy. In addition, over the coming months we plan to review and improve our corporate governance to achieve industry best practice,” added Mr. Beckett.
Sébastien de Montessus, CEO of Endeavour, said: “Neil should be rightly proud of his achievements. He led the growth of a company that today contains a portfolio of low cost assets with exceptional prospects for future growth, including Hounde, Ity and Karma, and that is backed and supported by a strong balance sheet and a quality team with a first class track record of project construction and operation. I am very excited to lead Endeavour into the next phase of its growth and to generate value for the company’s shareholders and stakeholders.”
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. It is ideally positioned as the major pure West-African multi-operation gold mining company, operating five mines in Côte d’Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema).
In 2016, it expects to produce between 535koz and 560koz at an AISC of US$870 to US$920/oz, excluding Karma which is in the commissioning stage. 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 a 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.