Endeavour Silver Produces 1,669,609 oz Silver and 15,131 oz Gold (2.6 Million oz Silver Equivalents) in the Second Quarter, 2...
July 09 2014 - 7:30AM
Marketwired Canada
Endeavour Silver Corp. (TSX:EDR)(NYSE:EXK) reports strong silver and gold
production results in the Second Quarter, 2014, trending ahead of guidance year
to date. The Company owns and operates three silver-gold mines in Mexico: the
Guanacevi mine in Durango state and the Bolanitos and El Cubo mines in
Guanajuato state.
Silver production in the Second Quarter, 2014 was up 9% to 1,669,609 ounces
(oz), while gold production was down 24% to 15,136 oz compared to the Second
Quarter, 2013. Silver equivalent production fell 6% to 2.6 million oz using a
60:1 silver:gold ratio.
Production Highlights for Second Quarter, 2014 (Compared to Second Quarter, 2013)
-- Silver production increased 9% to 1,669,609 oz
-- Gold production decreased 24% to 15,136 oz
-- Silver equivalent production decreased 6% to 2.6 million oz (at a 60:1
silver: gold ratio)
-- Silver oz sold down 1% to 1,774,306 oz
-- Gold oz sold down 42% to 14,688 oz
-- Bullion inventory at quarter-end included 119,866 oz silver and 272 oz
gold
-- Concentrate inventory at quarter-end included 86,724 oz silver and 1,266
oz gold
Endeavour CEO Bradford Cooke commented: "Our second quarter silver production
improved year-on-year but pulled back from the out-performance of our first
quarter production, closer to our plan for 2014. Quarterly gold production was
lower compared to last year primarily due to the over-production of the
Bolanitos mine in 2013. Production remains ahead of guidance year to date, and
safety remains our top priority.
"With all three mines performing well, we turned our focus in Q2, 2014 back to
exploration. We now have a total of 12 drill rigs working at the three mines
plus our emerging new high grade silver-gold discovery on the San Sebastian
property."
At Guanacevi, higher silver grades and higher recoveries related to ore from the
Porvenir Cuatro mine helped deliver a significant production increase compared
to the Second Quarter, 2013.
At Bolanitos, the mine continued to operate at plant capacity in the Second
Quarter, 2014. Gold grades continued to exceed estimated reserve grades. In
2013, excess ore from the mine was processed at El Cubo facilities but in 2014,
management is focused on ramping up ore production at El Cubo to fill its own
plant to capacity by year-end.
At El Cubo, production grades improved in the Second Quarter, 2014, but mine
output declined due to development initiatives, part closure of the mine
subsequent to the fatality reported April 9, and the Company initiatives to
re-implement programs of safe practices in the workplace and re-train the entire
workforce. Management continues to focus on accelerated mine development and
training needed in order to make the performance progress sustainable over the
longer term. The mine is now back on plan to fill the plant capacity by year-end
and start building an ore stockpile.
Production Tables for the Second Quarter, 2014
----------------------------------------------------------------------------
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Grade Grade
Production Tonnes Tonnes Ag Au Recovery Recovery Silver Gold
by mine Produced per day gpt(1) gpt(1) Ag % Au % Oz Oz
----------------------------------------------------------------------------
Guanacevi 108,822 1,196 272 0.55 83.6% 86.1% 795,824 1,656
Bolanitos 142,370 1,565 152 2.47 89.7% 88.3% 623,898 9,980
El Cubo 88,084 968 103 1.44 85.7% 85.7% 249,887 3,495
----------------------------------------------------------------------------
Consol-
idated 339,276 3,728 178 1.59 86.1% 87.4% 1,669,609 15,131
----------------------------------------------------------------------------
Production Tables for the Six Months Ended June 30, 2014
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Grade
Production Tonnes per day Ag Au Recovery Recovery Silver Gold
by mine Produced gpt(1) gpt(1) Ag % Au % Oz Oz
----------------------------------------------------------------------------
Guanacevi 215,635 1,191 311 0.66 83.6% 85.9% 1,801,605 3,929
Bolanitos 284,782 1,573 148 2.60 88.3% 86.6% 1,196,749 20,620
El Cubo 185,384 1,024 107 1.73 89.4% 88.3% 570,254 9,101
----------------------------------------------------------------------------
Consol-
idated 685,801 3,789 188 1.75 86.0% 87.0% 3,568,608 33,650
----------------------------------------------------------------------------
(1) gpt = grams per tonnes
----------------------------------------------------------------------------
Three Months Ended June 30 Six Months Ended June 30
2014 2013 % Change Q2 2014 2014 2013 % Change
Highlights
----------------------------------------------------------------------------
339,276 393,070 (14%) Throughput 685,801 769,414 (11%)
(tonnes)
1,669,609 1,535,873 9% Silver ounces 3,568,608 3,025,590 18%
produced
15,131 19,915 (24%) Gold ounces 33,650 34,948 (4%)
produced
1,620,189 1,479,828 9% Payable silver 3,464,354 2,939,533 18%
ounces produced
14,607 18,843 (22%) Payable gold 32,403 33,551 (3%)
ounces produced
2,577,469 2,730,773 (6%) Silver 5,587,608 5,122,470 9%
equivalent
ounces
produced(1)
1,774,302 1,787,571 (1%) Silver ounces 3,311,967 3,302,648 0%
sold
14,612 25,477 (43%) Gold ounces 31,057 41,201 (25%)
sold
(1) Silver equivalent ounces calculated using 60:1 ratio
Release of Second Quarter, 2014 Financial Results and Conference Call
The Second Quarter, 2014 financial results will be released after market on
Monday, August 11, 2014 and a telephone conference call will be held at 10:00am
PDT (1:00pm EDT) on Tuesday, August 12, 2014.
About Endeavour Silver - Endeavour is a mid-tier silver mining company focused
on growing its production, reserves and resources in Mexico. Since start-up in
2004, Endeavour has posted nine consecutive years of accretive growth of its
silver mining operations. Endeavour's three operating silver-gold mines in
Mexico combined with its strategic acquisition and exploration programs should
facilitate the Company's goal to become a premier senior silver producer.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of
the United States private securities litigation reform act of 1995 and
"forward-looking information" within the meaning of applicable Canadian
securities legislation. Such forward-looking statements and information herein
include but are not limited to statements regarding Endeavour's anticipated
performance in 2014 and the timing and results of exploration drill programs.
The Company does not intend to, and does not assume any obligation to update
such forward-looking statements or information, other than as required by
applicable law.
Forward-looking statements or information involve known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Endeavour and its operations to be
materially different from those expressed or implied by such statements. Such
factors include, among others, changes in national and local governments,
legislation, taxation, controls, regulations and political or economic
developments in Canada and Mexico; operating or technical difficulties in
mineral exploration, development and mining activities; risks and hazards of
mineral exploration, development and mining; the speculative nature of mineral
exploration and development, risks in obtaining necessary licenses and permits,
and challenges to the Company's title to properties; fluctuations in the prices
of commodities and their impact on reserves and resources as well as those
factors described in the section "risk factors" contained in the Company's most
recent form 40F/Annual Information Form filed with the S.E.C. and Canadian
securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be
reasonable, including but not limited to: the continued operation of the
Company's mining operations, no material adverse change in the market price of
commodities, mining operations will operate and the mining products will be
completed in accordance with management's expectations and achieve their stated
production outcomes, and such other assumptions and factors as set out herein.
Although the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements or information, there may be other factors that cause
results to be materially different from those anticipated, described, estimated,
assessed or intended. There can be no assurance that any forward-looking
statements or information will prove to be accurate as actual results and future
events could differ materially from those anticipated in such statements or
information. Accordingly, readers should not place undue reliance on
forward-looking statements or information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Endeavour Silver Corp.
Meghan Brown
Director Investor Relations
Toll free: (877) 685-9775 or (604) 640-4804
(604) 685-9744 (FAX)
mbrown@edrsilver.com
www.edrsilver.com
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