Vancouver, Canada – April 29, 2013 - Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) announced today it has implemented cost reductions and revised its 2013 financial plan in response to reduced metal price expectations for the year.
Over the last two weeks, Endeavour conducted a company-wide cost review and identified cost cutting opportunities across the full spectrum of company activities, including the board of directors and management team, and from head office to the mine-sites. None of the cost reductions are expected to negatively impact the Company’s mine plan or forecasted silver production in 2013.
As a result, management has initiated cost reductions in all areas, including but not limited to:
- deferring 20% of planned capital investments as non-essential in 2013
- reducing non-core exploration expenditures by 25%
- minimizing mine operating costs through workforce layoffs in both operations and exploration
- down-sizing general and administrative costs with directors and management deferring 10% of their cash compensation and some staff reductions
Bradford Cooke, CEO of Endeavour, stated, “Endeavour management successfully cut costs across the board through a similar market down-turn in 2008 and the Company emerged financially stronger and more profitable as a result. It pays to be prudent at times like this.”
Endeavour Silver also announced that re-commissioning of the newly rebuilt El Cubo plant and surface infrastructure is now underway ahead of schedule. While there are still many “loose ends” to be completed by year-end, most of the re-construction program is now complete and the El Cubo plant is scheduled to be up and running at capacity within the next four weeks.
The Company plans to release its first quarter 2013 financial results after the market closes on May 6, 2013. A telephone conference call to discuss the Q1 results will be held at 10am PDT (1pm EDT) on Tuesday, May 7, 2013. To participate in the conference call, please dial the following:
- 800-319-4610 Canada and USA (toll-free)
- 604-638-5340 Vancouver
- 604-638-5340 Outside of Canada & USA
No pass-code is necessary to participate in the conference call
ENDEAVOUR SILVER CORP.
Per:
/s/ "Bradford J. Cooke"
BRADFORD COOKE
CEO and Director
