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07:07 AM EDT, 08/03/2016 (MT Newswires) -- Endeavour Silver (EDR.TO) - trading at 52 week highs on the TSX - posted a second quarter net earnings of $0.01 per share that was an improvement on the loss of a year earlier, but seems to have missed forecasts around $0.05.
Endeavour CEO Bradford Cooke said: "Having successfully minimized our all-in sustaining costs and boosted our free cash flows in recent quarters, management returned its attention to optimizing near-term production and long-term growth in Q2, 2016. Our production is well ahead of plan for the year and as a result, we revised our operating plan and raised our production guidance by about 13% for 2016.
"Thanks to the turn-around in precious metal prices, we were able to substantially boost our cash and working capital and return some of our focus to exploration, development and acquisitions. Endeavour made its first acquisition in four years with the purchase of Oro Silver and its high quality El Compas gold-silver project in Zacatecas. We also sampled several new high grade veins at Terronera."
EDR raised 2016 production guidance to 9.0 million to 9.8 million oz silver equivalent, increased its capital budget to $17.4 million and exploration budget to $10.1 million to accelerate growth projects, including 23,000
metres extra drilling.
EDR said upcoming catalysts for the second half of 2016 include permitting a new mine at Guanacevi, developing a new ore-body at Bolanitos, evaluating a production ramp-up at El Cubo, exploration results across all projects, advancing updated resource estimates and engineering studies at Terronera and El Compas, and adding to its land position in Zacatecas.
Price: 6.69, Change: +0.37, Percent Change: +5.9
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