Toronto Stock Exchange: EDV
GEORGE TOWN, Grand Cayman, Oct. 13, 2011 /CNW/ - Endeavour Mining
Corporation ("Endeavour" or the "Corporation") (TSX:EDV) is pleased to
announce the closing of the sale of its 47.3% owned diamond
subsidiaries, which were acquired as part of the Etruscan Resources
Inc. acquisition in 2010. As consideration for the sale, Endeavour
received 1,234,660 shares of Rockwell Diamonds Inc. ("Rockwell")
(TSX:RDI), which were valued at approximately CDN$0.6 million on
October 11, 2011, and Rockwell assumed all the debt and contingent
liabilities of the Corporation related to the diamond assets, which at
June 30, 2011 were US$14.8 million. Total net liabilities of
Endeavour's diamond subsidiaries at June 30, 2011 were US$2.7 million.
The agreement to sell these non-core diamond assets was announced in
September 2010 as part of Endeavour's strategic plan to grow into an
intermediate gold producer.
Endeavour is currently implementing a merger of equals transaction with
Adamus Resources Limited ("Adamus") (ASX:ADU) to combine and create a
new growth focused West African gold producer. Consistent with the
Indicative Timetable for Completion presented in the joint Endeavour
and Adamus press release on August 21, 2011, the TSX Circular to
Endeavour Shareholders in now being prepared and is scheduled to be
dispatched to Endeavour's shareholders at the end of October 2011
allowing shareholders to vote on the transaction during November 2011.
Adamus has also made significant progress preparing its Scheme Booklet
for the Adamus shareholders.
About Endeavour Mining Corporation
Endeavour is a gold producer. Endeavour also holds an extensive
exploration land position and various advanced-stage development gold
projects in West Africa. Endeavour has a global strategy, supported by
financial resources and management's company building expertise, to
grow into an intermediate gold producer through strategic acquisitions.
On August 21, 2011, Endeavour and Adamus announced they have entered
into a definitive Merger Implementation Agreement to combine through an
all-stock merger of equals transaction creating a new growth focused
West African gold producer. The merger is scheduled to close during
December 2011.
The common shares of Endeavour Mining Corporation are traded on the
Toronto Stock Exchange under the symbol "EDV".
On behalf of Endeavour Mining Corporation
"Christian Milau"
Christian Milau
Executive Vice President & Chief Financial Officer
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The
foregoing information may contain forward-looking information relating
to the future performance of Endeavour Mining Corporation.
Forward-looking information, specifically, that concerning future
performance, is subject to certain risks and uncertainties, and actual
results may differ materially. These risks and uncertainties are
detailed from time to time in the Corporation's filings with the
appropriate securities commissions.
<p> Stephen Roberts, Senior Vice President - Investor Relations (604) 609-6130, <a href="mailto:sroberts@endeavourmining.com">sroberts@endeavourmining.com</a><br/> or<br/> Vanguard Shareholder Solutions 1-866-341-4111 or (604) 608-0824, <a href="mailto:investor@endeavourmining.com">investor@endeavourmining.com</a> </p>