Endeavour Mining (“Endeavour”) (TSX:EDV) has announced that Frank Giustra has stepped down from the Board of Directors of the Company, effective July 30, 2016.
Mr Giustra has served as a Director of Endeavour since September 2013.
The Board of Directors said it thanks Mr Giustra for his commitment and valuable contribution to Endeavour over the past three years and wishes him well.
Following this announcement, the Board said it will now be composed of six members, including Chairman Michael E. Beckett, Ian Cockerill, Ian Henderson, Wayne McManus, and Naguib Sawiris as Nonexecutive Directors; and Sébastien de Montessus as Executive Director and CEO.
A statement said the Board, through its Governance and Nominating Committee, will lead a formal search process to identify potential candidates with a background in mining to join in the role of independent director.
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 five mines in Côte d’Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema).
This year, 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.