- Sebastien de Montessus appointed as CEO
- Neil Woodyer to become Non-Executive Chairman
GEORGE TOWN, Grand Cayman, United Kingdom, May 9, 2016 (GLOBE NEWSWIRE) -- Endeavour Mining Corporation ("Endeavour") (TSX: EDV) (OTCQX: EDVMF) announces that Sébastien de Montessus has been appointed as Chief Executive Officer ("CEO"), replacing Neil Woodyer who will be appointed Non-Executive Chairman of the Board of Directors. Michael Beckett will remain an independent director.
These governance changes are to take effect upon the completion of the Annual General Meeting, which is expected to be held on June 28th, 2016.
The Board of Directors wishes to thank Mr. Woodyer for his significant contribution to the growth of the Company. In addition, the Board is pleased to welcome Mr. de Montessus who brings a proven management track-record as former CEO of La Mancha and of Areva Mining, and a large experience in African mining operations.
Michael Beckett, Chairman of the Board of Directors commented, "Neil has shown exceptional vision and leadership throughout his 6-year tenure, and, as founder of Endeavour, has grown the company into an intermediate gold producer with five operating mines and opportunities for growth. On behalf of the Board of Directors, management and Endeavour employees, I want to thank Neil and recognize him for establishing the Endeavour we know today. We are pleased to welcome Sébastien and we look forward to having him lead the company into the future".
Neil Woodyer commented, "I am very proud of Endeavour's team and our accomplishments to date. We now have a committed and long term strategic relationship with our main shareholder Naguib Sawiris, on which to build further significant value for our shareholders. Our achievements to date are largely due to our strong operating team and its leadership, our proven construction team and our entrepreneurial corporate team. Over the last six months Sebastien has developed a key role within the team and I am very confident that he is the right person to lead the company forward. I would also like to thank our Chairman, Michael Beckett, for the support that he has given me in my role as CEO."
Sébastien de Montessus commented, "I look forward to leading Endeavour through this pivotal time and carrying on our work developing Endeavour into the one of Africa's premier gold producers. I am excited about the value we will create and will work hard to secure a strong future for Endeavour and its stakeholders".
About Sébastien de Montessus
Mr. de Montessus has been the President and a Director of Endeavour since November 27, 2015. Previously, Mr. de Montessus was the Chief Executive Officer of the La Mancha Group since 2012. La Mancha is 100% owned by the Sawiris family from Egypt. Under the leadership of Mr. de Montessus, La Mancha doubled its production through optimization efforts before undergoing a portfolio restructure which enabled La Mancha to become the main shareholder of both Evolution Mining, the second largest Australian gold producer, and Endeavour Mining, one of the leading African gold miner. In September 2015, Mr. de Montessus was appointed to the board of Evolution Mining.
Prior to his role with La Mancha Mr. de Montessus was a member of the Executive Board and Group Deputy CEO of AREVA Group (a world leader in nuclear energy) and CEO of AREVA Mining (uranium), where he oversaw the design and implementation of a 5-year strategic plan, which saw Areva Mining significantly increase profitability and become the largest uranium producer in the world in 2010 with 6 mines.
Mr. de Montessus was a Board member of ERAMET, a world leader in alloying metals, between 2010 and 2012.
Before joining AREVA in 2002, Mr. de Montessus was an investment banker at Morgan Stanley in London (M&A and Equity Capital Markets).
Mr. de Montessus is a business graduate from ESCP-Europe Business School in Paris.
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, 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 expected to enter commercial production in June. Endeavour is currently building its Houndé project in Burkina Faso, which is expected to commence production in Q4-2017 and 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 <$800/oz by 2018, while exploration is aims to extend all mine lives to +10 years.
Endeavour is listed on the TSX (symbol EDV), and also trades on the OTCQX (symbol EDVMF).
EVP - Strategy & Business Development
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Martino De Ciccio
VP - Strategy & Investor Relations
+33 (0)1 70 38 36 95
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Endeavour Mining | Executive Office | Bureau 76, 7 Boulevard des Moulins, Monaco 98000
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 reserves and 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. 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.
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