Silver Producer Focused on Growth - Mexico
Three producing silver mines/mills in Mexico, the Guanacevi Mine in Durango State and the Bolanitos and El Cubo in Guanajuato. Production forcast for 2013: 8M Oz Eq @ 8-9$/Oz
Message: Endeavour Silver Production on Target in First Quarter, 2009
| April 14, 2009 |
| Endeavour Silver Production on Target in First Quarter, 2009; Produces 609,548 oz Silver (Up 21%) and 2,481 oz Gold (Up 73%) or 783,218 oz Silver-Equivalents (Up 30%) Compared to Q1, 2008 |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 14, 2009) - Endeavour Silver Corp. (TSX:EDR)(NYSE Alternext US:EXK)(NYSE Amex:EXK.A)(DBFrankfurt:EJD) announces that silver production from the Company's two operating silver mines in Mexico, Guanacevi in Durango State and Guanajuato in Guanajuato State, came in on target in the First Quarter, 2009, totalling 609,548 oz silver, up 21% over Q1, 2008. Gold production also rose in the First Quarter, 2009, up 73% to 2,481 oz compared to Q1, 2008, resulting in silver-equivalent production rising 30% to 783,218 oz compared to Q1, 2008 (assuming a 70:1 silver:gold ratio based on current gold/silver prices - we do not include base metals as silver-equivalents). Bradford Cooke, Chairman and CEO, stated, "Endeavour enjoyed another strong quarter of silver production in Q1, 2009 compared to Q1, 2008. We put the brakes on our production growth late last year due to the low silver price but now that the silver price has rebounded, and thanks to our recent financings, new capital projects are now underway at both mines that should facilitate a +20% expansion of silver production to the 2.7-2.9 million oz range in 2009." At Guanacevi, Q1, 2009 production totalled 423,970 oz silver from 51,073 tonnes (567 tonnes per day) grading 326 grams per tonne silver and 0.56 gpt gold (10.6 oz per ton silver-equivalent), with metal recoveries averaging 79.3% for silver and 88.1% gold. At Guanajuato, Q1, 2009 production amounted to 185,578 oz silver from 34,658 tonnes (456 tpd based on a 6 day week) grading 189 gpt silver and 1.70 gpt gold (9.0 opT silver-equivalent), with metal recoveries averaging 88.1% for silver and 88.6% for gold. Please click here to view the Guanacevi Mine: http://www.edrsilver.com/s/Guanacevi... . Like 2008, silver production is expected to be relatively flat in Q1 and Q2 but should climb substantially in Q3 and Q4 as the three new mines at Guanacevi (Alex Breccia, Santa Cruz and Porvenir Dos) and two new mines at Guanajuato (Lucero and San Jose) that are now under development enter into production. Underground mine development accelerated during the 1st quarter, as 1408 meters of new access ramps and drifts were completed at Guanacevi and 707 meters were completed at Guanajuato. Please click here to view the Guanajuato mine: http://www.edrsilver.com/s/Bolanitos... . Endeavour Silver Corp. (TSX:EDR)(NYSE Alternext US:EXK)(NYSE Amex:EXK.A)(DBFrankfurt:EJD) is a small-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted four consecutive years of growing silver production and resources. The organic expansion programs now underway at Endeavour's two operating silver mines in Mexico combined with its strategic acquisition program should help Endeavour achieve its goal to become the next premier mid-tier primary silver producer. ENDEAVOUR SILVER CORP. BRADFORD COOK, Chairman and CEO |
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