Endeavour Mining Acquires Avion Gold, Creates West African Mining Giant

Endeavour Mining Corp. (TSX:EDV,ASX:EVR,OTCQX:EDVMF) announced that it will acquire all of Avion Gold Corp.’s (TSX:AVR:OTCQX:AVGCF) issued and outstanding shares. The transaction will bring Endeavour’s gold production up to about 300,000 ounces a year.

As quoted in the press release:

• Acquisition of Avion in an all share transaction with each Avion common share exchanged for 0.365 of an Endeavour common share valuing Avion at CDN$0.88 per share or CDN$389 million, using closing prices on the TSX as of August 7, 2012
• The acquisition will immediately increase Endeavour’s forecast gold production by approximately 50% to 282,000 – 304,000 ounces for 2012
• Endeavour’s NI 43-101 compliant, attributable Proven and Probable gold reserves will increase by 31% to 2.8 million ounces and Measured and Indicated gold resources increase by 52% to 6.0 million ounces, and Inferred gold resources increase by 167% to 3.3 million ounces.
• The acquisition of Avion will create one of the largest West African mining companies with three producing mines, a fourth mine currently in construction, and an attractive pipeline of exploration and resource development properties.

Click here to read the full Endeavour Mining Corp. (TSX:EDV,ASX:EVR,OTCQX:EDVMF) press release.