Endeavour lifts estimates at Ivory Coast mine

Endeavour Mining on Tuesday lifted resource estimates at its Ivory Coast Ity gold mine by 17%.

The company said drilling results confirmed continuity of a large mineralised system of seven deposits and increased measured and indicated resources to 99 million metric tonnes at 1.62 grams of gold per tonne.

Endeavour said it was on track to reach its target of discovering 3.5m-4.5m ounces of indicated resources at Ity site in the four years to 2025, with around 2 million ounces discovered in the last two years.

"On the operational front, Ity continues to perform well as it is on track to beat its full-year production guidance of 255,000 ounces to 270,000 ounces, and its all-in sustaining cost guidance of $850-$900 per ounce," said chief executive Sebastien de Montessus.

Reporting by Frank Prenesti for Sharecast.com