Endeavour Mining Reports Q3 Gold Production of 49,468 Ozs And $40.7 Million of Operating Cashflow

Endeavour Mining Reports Q3 Gold Production of 49,468 Ozs And $40.7 Million of 
Operating Cashflow 
VANCOUVER, Nov. 14, 2012 /CNW/ - Endeavour Mining Corporation ("Endeavour" or 
the "Corporation") (TSX:EDV, ASX:EVR, OTCQX:EDVMF) announces strong financial 
and operational results for the third quarter of 2012, including operating 
cash flow from Youga and Nzema mine operations of $40.7 million and production 
of 49,468 ounces of gold. The third quarter results do not include results 
from the Tabakoto mine, acquired via the Avion transaction subsequent to 
quarter end. 
Neil Woodyer, CEO, stated 
"Our Nzema and Youga mines have delivered another strong quarter of production 
and cash flow, with our 9 month production totaling over 152,000 ounces and 
generating $121 million of operating cash flow. Now that we have completed the 
Avion acquisition and added a third mine, Tabakoto, our full year 2012 gold 
production is expected to be approximately 300,000 ounces and our growth 
pipeline has expanded. We plan to complete the Tabakoto mill expansion during 
the first half of 2013, which is expected to increase Tabakoto gold production 
to approximately 150,000 ounces per year. In addition, Agbaou has achieved 
its first construction milestone as concrete pouring began this month. The 
Agbaou mine is on schedule to contribute an additional 100,000 ounces per year 
from early 2014." 
(All amounts in US dollars unless otherwise indicated) 
Q3/Nine months 2012 Financial and Operational Highlights 

    --  Gold production at Youga and Nzema totaled 49,468 ounces for
        the third quarter and a total of 152,159 ounces were produced
        during the nine months ended September 2012
    --  Total cash cost(1) (excluding royalties) was $644 per ounce
        produced at Youga and Nzema for the third quarter and for the
        nine months ended September 2012 was $667 per ounce
    --  Operating cash flow from Youga and Nzema mine operations was
        $40.7 million for the third quarter and totaled $121.2 million
        for the nine months ended September 2012
    --  Youga and Nzema remain on target to deliver full year
        production of approximately 200,000 ounces within total cash
        cost(1) guidance of $670 to $690 per ounce (cost guidance
        excludes production from Nzema purchased ore which has a cash
        cost of approximately 58% of spot gold price).
    --  Adjusted net earnings were $18.4 million or $0.08 per share for
        the third quarter
    --  During the nine months ended September 30, 2012, the
        Corporation invested $61.9 million from its operating cash flow
        into its operations and exploration programs. Of this, $54.9
        million was capitalized and $7.0 million was expensed as
        exploration. These investments in operational improvements and
        growth include:
              --  Sustaining capital at Nzema:            $7.4 million
              --  Sustaining capital at Youga:            $2.2 million
              --  Development capital at Nzema :          $13.1 million
              --  Nzema & Youga "near-mine" exploration:  $11.6 million
              --  Nzema sulphides project:                $5.3 million
              --  Agbaou feasibility study (completed     $4.5 million
                  June 2012): 
              --  Agbaou 2012 "near-pit design"           $4.0 million
              --  Agbaou construction spending:           $9.4 million
              --  Regional exploration:                   $4.3 million
    --  At September 30, 2012, the Corporation had cash & equivalents
        and marketable securities of $130.5 million, which includes
        $100 million drawn from the $200 million corporate debt
    --  Production from the newly acquired Tabakoto mine will be
        included in Endeavour's fourth quarter results for the
        operating period of October 18, 2012 to December 31, 2012.

Attie Roux, COO, stated

"Our mines are continuing to demonstrate strong and consistent performance as 
we focus on optimizations and cost controls. Our operations hub in Accra, 
Ghana is proving to be very beneficial to integrating the newly acquired 
Tabakoto mine into our operations systems as we standardize mine reporting, 
share best practices, and implement cost saving initiatives such as bulk 
buying of key reagents and parts. We are pleased with the start-up of 
construction activities and progress at Agbaou as our fourth mine begins to 
take shape."

Financial Statements and related MD&A will be available on SEDAR, the ASX 
website, OTC Markets website, and in the Investor Relations section of 
Endeavour's website www.endeavourmining.com.

In order to access the Corporation's MD&A and financial statements directly, 
please click the following URL: http://files.newswire.ca/910/ENdeavourMDA.pdf

Table 1  Nzema Gold Mine, Ghana - Quarterly Production

|NZEMA, Ghana       |2012 Q3 3 months|2012 9 months|    2012 Full Year|
|                   |                |             |          Guidance|
|Ore Milled ('000 t)|             555|        1,616|                  |
|Milled Grade (g/t  |            1.78|         1.78|                  |
|Au)                |                |             |                  |
|Gold Production    |          26,942|       82,780|102,000 to 112,000|
|(ozs)              |                |             |                  |
|Cash Cost per Ounce|            $710|         $709|                  |
|Produced (US$/oz)  |                |             |                  |
|(1)                |                |             |                  |
|Cash Cost per Ounce|            $688|         $675|       $680 - $700|
|Produced (US$/oz) -|                |             |                  |
|Excluding purchased|                |             |                  |
|ore(1)             |                |             |                  |
    --  Total mining volumes exceeded budget by 5% during Q3
    --  26,942 total ounces produced in Q3 (including purchased ore
        related production of 1,672 ounces) exceeded budget by 1,698
    --  During Q3, Nzema contributed $23.0 million towards $45.2
        million of total operating cash flow from operations (adjusted
        to include add back of $4.5 million payment of an Nzema
        reclamation deposit that is recognized as restricted cash on
        the financial statements)
    --  During Q3, Nzema generated $10.1 million in earnings from
        mining operations
    --  During Q3, installation of a back-up diesel power plant
        advanced - on schedule for completion by year-end

Table 2  Youga Gold Mine, Burkina Faso - Quarterly Production

|YOUGA, Burkina Faso          |2012 Q3 | 2012   |2012 Full Year  |
|                             |3 months|9 months|    Guidance    |
|Ore Milled ('000 t)          |     261|     772|                |
|Milled Grade (g/t Au)        |    2.90|    2.90|                |
|Gold Production (ozs)        |  22,526|  69,379| 85,000 - 90,000|
|Cash Cost per Ounce Produced |        |        |                |
|(US$/oz)( 1)                 |    $565|    $616|     $655 - $675|
    --  Total mined volumes were below budget by 37% due to mining
        contractor maintenance problems that have since been addressed
        and volumes have returned to budgeted levels
    --  Process plant treated a record 260,990 tonnes
    --  Phase II of the Ghana Grid Power project, which aims to improve
        grid power supply quality and availability, was advanced toward
        target completion during the fourth quarter of 2012
    --  During Q3, Youga contributed $22.2 million towards $40.7
        million of total operating cash flow from mine operations
    --  During Q3, Youga generated $19.6 million in earnings from
        mining operations
    --  Drill results were announced from the Preliminary Economic
        Assessment ("PEA") stage Ouaré Project near Youga that show
        good potential to both increase the level of certainty of the
        resource as well as the overall size. Delivery of the PEA is
        anticipated during the fourth quarter.

Agbaou Project Development

Endeavour's Agbaou mine is in construction and remains on schedule to achieve 
gold production during the first quarter of 2014. During the third quarter of 
2012, Endeavour received its mining permit from the Government of Côte 
d'Ivoire and long-lead order items, including mills, transformers and power 
lines were ordered. In addition, earthworks began in September 2012, with 
areas now cleared for the camp, mine services area, contractor laydown yards 
and the plant. Furthermore, compensation has been completed for those areas 
and construction of the camp as well as some of the roads is in progress. 
Concrete pouring for the plant began during November 2012.

On August 15, 2012, positive drill results were announced that demonstrated 
potential to increase mineral resources and reserves near the planned pits at 

Adjusted Earnings

Net earnings / (loss) from continuing operations have been adjusted for the 
impact of the fair value change of certain financial instruments, including 
the gold hedge liability and Endeavour's warrants that are denominated in 
Canadian dollars. Other adjustments were made for once off corporate costs 
associated with the acquisition of Avion, settlement of the Gold Reserve claim 
and deferred income tax expense, which relates to an increase in losses from a 
realized hedge loss.

Table 3 Adjusted Net Earnings Reconciliation for the quarter ended September 
30, 2012
                                                      US$ Millions  

Net (loss) after tax                                        ($0.1)  

  Change in unrealized (loss) - gold price protection        +13.4  

  Change in fair value of share purchase warrants (in        + 1.9  
CAD currency)

  Once off corporate costs(1)                                + 3.1  

  Gold Reserve settlement                                    + 1.5  

  Deferred income tax expense(2)                             - 1.4  

Adjusted net earnings after tax                            $  18.4  

Weighted average number of outstanding shares          245,091,769  

Adjusted Net EPS (Basic) for Q3/2012                         $0.08  

(1) Once off expenses of $3.1 million worth of transaction costs incurred for 
the acquisition of Avion.

(2) The deferred income tax recovery is a non-cash item and is primarily from 
an increase in losses arising from a realized hedge loss.

Conference Call Details

Management will host two conference calls to discuss the Q3 results on 
November 15 and November 16, 2012 as detailed below. Both conference calls 
will feature Neil Woodyer, Chief Executive Officer, Attie Roux, Chief 
Operating Officer, and Christian Milau, Chief Financial Officer.

Analysts and interested investors are invited to participate using the dial in 
numbers below. The same dial in numbers will be used for both conference calls

International: +1 201-689-8433
North American toll-free: +1 877-407-0832
Australian toll-free: 0011-800-2246-2666

The conference call can also be accessed through the following link: 

To accommodate the North American/European market, the first conference call 
will be held and webcast by V-Call on Thursday November 15, 2012 at:

8:00 am in Vancouver 11:00 am in Toronto and New York 4:00 pm in London 
12:00 am in Perth (Nov 16, 2012) 3:00 am in Sydney (Nov 16, 2012) 

To accommodate the Australian market, the second conference call will be held 
and webcast by V-Call on Friday November 16, 2012 at:

7:00 am in Perth 10:00 am in Sydney
3:00 pmin Vancouver (Nov 15, 2012)
6:00 pmin Toronto and New York (Nov 15, 2012) 11:00 pm in London (Nov 15, 

The calls will be archived for later playback on Endeavour's website until 
November 14, 2013.

Qualified Persons

Adriaan "Attie" Roux, Pr. Sci.Nat, Endeavour's Chief Operating Officer, is a 
Qualified Person under NI 43-101, and has reviewed and approved the technical 
information related to mining operations in this news release.

About Endeavour Mining Corporation

Endeavour is a gold producer delivering growth. Endeavour owns three gold 
mines producing approximately 300,000 ounces per year in Mali, Ghana and 
Burkina Faso that are generating significant operating cash flows to fund 
exploration and development growth. Including the Tabakoto mill expansion and 
completion of construction of Endeavour's fourth gold mine, Agbaou in Côte 
d'Ivoire scheduled for Q1 2014, Endeavour's gold production is forecast to 
reach approximately 450,000 ounces per year. Endeavour has a strong financial 
base from which to invest in long-term operational growth, exploration to 
replace and increase reserves, and further growth.

Endeavour Mining Corporation is listed on the TSX (symbol EDV) and ASX (symbol 
EVR), and also trades on the OTCQX (symbol EDVMF).

On behalf of Endeavour Mining Corporation

Neil Woodyer 
Chief Executive Officer

(1) Cash Cost per Ounce produced excluding royalties is a non-GAAP financial 
performance measure with no standard meaning under IFRS

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, including but 
not limited to: risks related to the successful integration of acquisitions; 
risks related to international operations; risks related to general economic 
conditions and credit availability, actual results of current exploration 
activities, unanticipated reclamation expenses; changes in project parameters 
as plans continue to be refined; fluctuations in prices of metals including 
gold; fluctuations in foreign currency exchange rates, increases in market 
prices of mining consumables, possible variations in ore reserves, grade or 
recovery rates; failure of plant, equipment or processes to operate as 
anticipated; accidents, labour disputes, title disputes, claims and 
limitations on insurance coverage and other risks of the mining industry; 
delays in the completion of development or construction activities, changes in 
national and local government regulation of mining operations, tax rules and 
regulations, and political and economic developments in countries in which 
Endeavour operates. Although Endeavour has attempted to identify important 
factors that could cause actual results to differ materially from those 
contained in forward-looking statements, there may be other factors that cause 
results not to be as anticipated, estimated or intended. There can be no 
assurance that such statements will prove to be accurate, as actual results 
and future events could differ materially from those anticipated in such 
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.

Marla Gale Vice President - Investor Relations +1 604 609 6117 

UK/Europe: Bobby Morse Buchanan +44 20 7466 5000 

Australia: David Ikin Professional Public Relations +61 8 9388 0944 

Endeavour Mining Corporation Cayman Corporate Centre 27 Hospital Road George 
Town, Grand Cayman, KY1 1109, Cayman Islands Tel: +1 345 946 7603 Fax: +1 345 
946 7604 www.endeavourmining.com  A Cayman Islands exempted company with 
limited liability.  ARBN 153 067 639

Image with caption: "Figure 1: Agbaou Mill Site, concrete pour for CIL ring 
beam (November 12, 2012) (CNW Group/Endeavour Mining Corporation)". Image 
available at:  

PDF available at:  

SOURCE: Endeavour Mining Corporation

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CO: Endeavour Mining Corporation
ST: British Columbia

-0- Nov/14/2012 21:30 GMT

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