Inside information: Endomines expands mining operations underground in Hosko production site
Endomines Finland Plc - Stock Exchange Release, Inside information - 12/9/2024, at 14:30 EEST
Inside information: Endomines expands mining operations underground in Hosko production site
Endomines opened the Hosko open pit mine in February 2024. Hosko is located on the Karelian gold line approximately 20 km North of Pampalo. The company believes that the gold production potential of Hosko is significant, so it is expanding the mining operations to include an underground mine in addition to the open pit mine. Endomines is estimating Hosko production area to support the company's total annual gold production by 10-20 percent in 2024. So far, 5,641 tons of ore with an average grade of 3.5 g/t gold have been mined in the area. The gold ore mined from Hosko is processed at the Pampalo production plant.
"Production in Hosko has started strongly, and the high gold content of the ore mined supports our production. Our medium-term goal is to increase gold production to the level of 20,000 ounces by the end of the current year. The underground mine in Hosko will help us in achieving this goal. Expanding the production area of Hosko does not require significant investments, and underground mining will increase our revenue already in 2024," says Kari Vyhtinen CEO of Endomines.
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our mining operations in Pampalo, Ilomantsi region, focus on gold mining and processing, as well as exploration in the Karelian gold line, in Eastern Finland. We also own the rights to seven gold deposits in the US. We produce gold for the jewellery and electronics industries and create value by transforming natural resources into wealth, an investment that withstands the volatility of global politics. We are a growing mining company that embraces new ways of thinking; we want to leave a positive footprint where we operate, which is why our goal is to grow the Karelian gold line into a significant, sustainable gold-producing region. Endomines is listed on the main list of OMX Helsinki (PAMPALO). www.endomines.com.
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