Endomines is preparing to start gold production in the Hosko area, located in the Karelian Gold Line, in early 2024. Hosko is located about 10 kilometres North of the Pampalo production site and is the next identified deposit on the Karelian gold line where gold production will start. Preliminary investments in infrastructure in the area will start in August 2023, and the production is expected to start in the first quarter of 2024. Gold ore from Hosko will be processed at the Pampalo production plant. The company expects Hosko to account for 10–30% of total production in 2024.
Pampalo underground mine
Endomines' medium-term goal is to increase gold production to 20 000 ounces by 2024. To achieve this, underground production will also be developed further. Underground production in 60-metre depth intervals will gradually shift to 100-metre depth intervals; first to 80-metre depth intervals in 2023 and then to 100-metre depth intervals in 2024. The change will require additional investment in the exploration drilling, the decline tunnel, and the mine infrastructure.
In order to finance the € 3–4 million investments required for the above actions, the preparation of a convertible loan financing will be initiated.
"I am pleased to say that the implementation of our strategy is progressing according to plan, and we have clear steppingstones towards our medium-term objectives. The free capacity of the Pampalo processing plant allows us to expand production without significant investment in the plant. The Hosko deposit strongly supports our objective to shift to open pit mining as much as possible, in the coming years. The Hosko deposit has been known for a long time, but in addition, there is still exploration potential in the area," says Kari Vyhtinen, CEO of the company, and continues, “we are also investing heavily in another strategic cornerstone – exploration. Therefore, we will prepare external financing for Hosko and Pampalo investments. In the current market situation, we believe it makes sense for the development of the company to rapidly move forward on several fronts." says Vyhtinen.
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