Canadian gold mining company Endeavour Mining has received the final mining permit enabling it to develop and operate the Houndé gold project in Burkina Faso.

The mining permit approved by the Council of Ministers has now been signed by the President of Burkina Faso and other governmental authorities, making it into an official decree.

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Under the decree, Endeavour’s Burkina Faso operating subsidiary Houndé Gold will receive an industrial mining permit to develop and operate the Houndé gold project.

According to the company, the permit is valid for 20 years starting from 5 February and has an option to be renewed for additional five-year periods.

"We look forward to the opportunity to add another mine to our portfolio in a country where we have had much success operating the Youga mine."

The project is expected to benefit from the fiscal provisions, as well as others listed in the Mining Code (2003).

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Endeavour Mining CEO Neil Woodyer said: "We are very pleased to receive the mining permit for the Houndé gold project.

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"We have been reviewing the results of the 2014 Houndé exploration programme and are undertaking an update on the project economics and anticipate updating the market on those results shortly.

"We look forward to the opportunity to add another mine to our portfolio in a country where we have had much success operating the Youga mine."

In November 2013, the company’s Houndé project completed a feasibility study and ESIA and has the potential to annually add about 180,000oz of production over an initial mine life of eight years.

From its four mines in West Africa, Endeavour Mining produces 500,000oz a year and focuses on managing its existing assets to increase cashflow, while pursuing organic and strategic growth opportunities.