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07:03 AM EDT, 10/11/2016 (MT Newswires) -- Endeavour Silver Corp. (EDR.TO, EXK) reported Tuesday production results for the Third Quarter, 2016 from the company's three operating silver mines in Mexico. They are the Guanacevi mine in Durango state and the Bolanitos and El Cubo mines in Guanajuato state.
EDR said silver production in the Third Quarter, 2016 was 1,284,646 ounces (oz) and gold production was 14,364 oz for silver equivalent production of 2.4 million oz using a 75:1 silver gold ratio. It added with nine months of production this year totaling 4.4 million oz silver and 46,000 oz gold for 7.8 million oz silver equivalents, consolidated production is "well on track" to meet full year revised guidance of 5.5-6.0 million oz silver, 49,000-54,000 oz gold and 9.0-9.8 million ounces of silver equivalents.
Production highlights for the third quarter, 2016, compared to the third quarter, 2015, included: silver production decreased 29% to 1,284,646 oz; gold production decreased 6% to 14,364 oz. Also, silver equivalent production was 2.4 million oz (at a 75:1 silver: gold ratio), silver oz sold was down 35% to 1,200,466 oz; gold oz sold down 3% to 14,228 oz. In addition, bullion inventory at quarter-end included 189,831 oz silver and 334 oz
gold and concentrate inventory at quarter-end included 22,384 oz silver and 498 oz gold
EDR CEO Bradford Cooke said: "Our consolidated production continued to exceed plan in the third quarter. Although our production forecast is lower in H2 than H1, we are well positioned to meet our recently raised production guidance for 2016. We still have available plant capacity at all three mines and are evaluating various ways to boost mine production in 2017.
"In addition to developing new ore-bodies at Guanacevi and Bolanitos, we currently have eight drill rigs working on five projects to grow our resource base this year. Work continues on both the prefeasibility study for Terronera and a preliminary economic assessment for El Compas for completion by year-end. With the recent addition of the Parral properties to our project pipeline, Endeavour now has one of the strongest organic growth profiles in the silver mining sector."
Price: 5.59, Change: +0.20, Percent Change: +3.7
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