Endomines signs sales agreement for gold concentrate with Boliden

Thursday, 11. March 2010 09:26
Endomines AB is pleased to announce that  its wholly owned subsidiary Endomines
Oy has signed an agreement to sell its flotation gold concentrate production
from the Pampalo Gold Mine to Boliden Commercial AB. Endomines will deliver its
estimated annual flotation concentrate production of 3 900 tonnes to Boliden's
Harjavalta smelter in Finland.

The volume of deliveries and estimated concentrate grade allow up to 100% of
gold production to be delivered to Boliden. The agreement is signed for a period
of two years, with the option of extending for a further two years subject to
agreement.

"I'm very pleased that as a producer coming on-stream, we have succeeded in
concluding this off-take agreement. The agreement implicates trust from the
customer side that Endomines will be able to fulfill its commitments. It also
allows Endomines to be flexible with balancing between higher value gravimetric
gold concentrate and flotation concentrate production volumes. I'm also very
pleased to report that despite the exceptionally severe winter, construction
works are ahead of schedule and in accordance with our budget", comments Markus
Ekberg, CEO of Endomines.


For further information, please contact:
Markus Ekberg, CEO of Endomines AB, tel. +358-40-706 48 50



During  2009,  Endomines  has  completed  several  important  steps  to  develop
 the  business  from exploration to  full-scale  gold  production.  By the end
of 2010, the company will commence production at the Pampalo Gold Mine, with a
projected output of 900-1 000 kg of gold per annum. Further  deposits  along
 the  Karelian  Gold  Line  will  be  exploited  subsequently.  Endomines has
additional claims and mining concessions in Finnish Lappland (gold),
Ostrobothnia (ilmenite) and Southern Finland (limestone/wollastonite).

Endomines  applies  SveMin's  &  FinnMin's  respective  rules  for  reporting
 (public  mining  & exploration companies). Endomines has chosen to  report
mineral  resources  and  ore  reserves according to  JORC-  or NI  43-101-code,
which  are  internationally  accepted.   Endomines applies International
Financial Reporting Standards (IFRS), as approved by the European Union.

The shares of Endomines AB are quoted on First North Premier segment in
Stockholm under ticker ENDO.ST. Erik Penser Bankaktiebolag acts as Certified
Adviser and Liquidity Provider.

Read more about Endomines onwww.endomines.com



[HUG#1392858]





Press Release PDF: http://hugin.info/138043/R/1392858/350254.pdf
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Author:
Hugin
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