Endeavour Amends La Mancha Investor Rights Agreement

ENDEAVOUR AMENDS LA MANCHA INVESTOR RIGHTS AGREEMENT

View News Release in PDF Format

George Town, June 2, 2017 - Endeavour Mining Corporation (TSX:EDV)(OTCQX:EDVMF) announces that its Board of Directors and La Mancha Holding S.à r.l. ("La Mancha") have agreed to amend the standstill and lock-up provisions under its Investor Rights Agreement (the "Agreement"), notably lifting La Mancha's maximum allowable ownership level from the currently allowed 30% to 33%.

This amendment has been granted in response to La Mancha's indication that it may wish to purchase additional Endeavour shares in the market. This continues to underline La Mancha's strong commitment to support the Company's growth strategy, as it recently invested a further US$48 million into Endeavour in April 2017 through a private placement, bringing its total equity injection to circa US$190 million since completing its strategic investment in Endeavour in November 2015. Furthermore, any such purchases may occur when additional liquidity might be provided by the upcoming rebalancing of the Market Vectors Junior Gold Miners ETF.

Under the original Agreement, the standstill restriction prevented La Mancha from exceeding an ownership level of 30% for a period of two years from November 27, 2015, and the lock-up prevented La Mancha from disposing of Endeavour shares during the same period. The announced amendment permits La Mancha to purchase additional Endeavour shares up to a maximum level of 33% and to dispose of its Endeavour shares. La Mancha has not indicated any intention to dispose of or reduce its strategic stake in Endeavour and remains supportive of the growth strategy. The amended standstill restriction will expire, as initially agreed, on November 27, 2017.  

CONTACT INFORMATION

ABOUT ENDEAVOUR MINING

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 2017, it expects to produce between 600koz and 640koz at an AISC of US$860 to US$905/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.

Corporate Office: 5 Young St, Kensington, London W8 5EH, UK