Endeavour further streamlines its organizational structure and appoints new CFO
George Town, October 4, 2016 - Endeavour Mining Corporation (TSX:EDV) (OTCQX:EDVMF) is pleased to announce the appointment of Vincent Benoit to the newly created position of Executive Vice President, Chief Financial Officer and Corporate Development effective November 1, 2016. Mr. Benoit was formerly Executive Vice President Strategy and Business Development. In his enhanced role, Mr. Benoit will oversee finance, strategy, corporate development and investor relations.Ota Hally, current Chief Financial Officer, will remain with Endeavour until December 31, 2016 to support Mr. Benoit and help facilitate a seamless transition in his expanded role.
Douglas Bowlby, Executive Vice President Corporate Development, and Richard Thomas, Executive Vice President Technical Services, have also stepped down from their roles and will not be replaced.
Endeavour's leadership team will now be comprised of six executives compared to ten at the beginning of the year. As part of its optimization efforts, the Company is also announcing the relocation of its corporate functions from its Vancouver, Paris, and Monaco offices to a new Corporate Office in London. This follows the recently completed relocation of the Company's Operations Office from Accra (Ghana) to Abidjan (Côte d'Ivoire), where Attie Roux (COO), Jeremy Langford (EVP, Projects), Patrick Bouisset (EVP, Exploration and Growth) and their teams are now based, allowing for more collaboration and proximity to our core West African operations.
Sébastien de Montessus, President and CEO, stated:
"These executive and organizational changes are consistent with our efforts to rationalize and streamline Endeavour's organizational structure and reinforce the focus of the company on our operations and the highly prospective exploration package we hold in West Africa. Our leadership team is now leaner and more cost efficient, with the right expertise and track-record necessary to develop Endeavour into a premier African gold producer.
I am pleased to have an accomplished executive such as Vincent Benoit move into his new role, and I am confident that his financial acumen and experience in large companies will be instrumental in increasing our efficiency across the business.
On behalf of the Company, I would like to thank Doug, Ota and Richard for their exceptional dedication and contribution to Endeavour over the past years, and wish them all the best for the future."
The executive team reporting to Sébastien de Montessus (CEO & President) will now be comprised of Attie Roux (Chief Operating Officer), Jeremy Langford (EVP, Projects), Patrick Bouisset (EVP, Exploration and Growth), Morgan Caroll (EVP, Corporate Finance & General Counsel) and Vincent Benoit (EVP, Chief Financial Officer and Corporate Development).
About Vincent Benoit
Mr. Benoit is a seasoned executive, with more than 25 years of corporate finance, investor relations and M&A experience in the mining, energy and telecom sectors. He joined Endeavour as Executive Vice President Strategy and Business Development in November 2015 following the transaction with La Mancha. While at La Mancha from 2013 to 2015, he was Executive Vice President, Strategy & Business Development where he successfully led the group's portfolio restructuring which repositioned La Mancha as a leading private mining investor through strategic alliances formed with Evolution Mining Ltd. and Endeavour Mining. Previously, as EVP Mergers & Acquisitions at Orange, he was responsible for the development of the group's African footprint, its European portfolio restructuring, and forming strategic partnerships. At Orange, he was also Head of Strategy & Investor Relations. Mr. Benoit held previously held various finance positions including with Areva, Bull Information System, and PwC. He holds a business degree from ESC-Bordeaux Business School and is a Chartered Accountant.
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 and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2016, it expects to produce between 575koz and 610koz at an AISC of US$870 to US$920/oz. 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 an initial 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.
Contact Information
| Martino De Ciccio VP - Strategy & Investor Relations +33 (0)1 70 38 36 95 mdeciccio@endeavourmining.com | DFH Public Affairs in Toronto John Vincic (416) 206-0118 x.224 jvincic@dfhpublicaffairs.com Brunswick Group LLP in London Carole Cable, Partner +44 7974 982 458 ccable@brunswickgroup.com |
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.
View News Release in PDF Format
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
