Endeavour Silver Produces 1,262,064 oz Silver and 13,648 oz Gold (2.2 Million oz Silver Equivalents) in the Third Quarter, 20...
October 10 2017 - 6:55AM
Endeavour Silver Corp. (TSX:EDR) (NYSE:EXK)
reports its production results for the Third Quarter, 2017 from the
Company’s three silver-gold mines in Mexico: the Guanaceví mine in
Durango State and the Bolañitos and El Cubo mines in Guanajuato
State. Silver production in the Third Quarter, 2017 was 1,262,064
ounces (oz) and gold production was 13,648 oz resulting in silver
equivalent production of 2.2 million oz using a 70:1 silver:gold
ratio.
Production was slightly lower in Q3, 2017
compared to Q3, 2016 due to operating issues at the Guanacevi mine,
now mostly resolved, and revised annual mine plans which led to
lower throughput. However, production was higher in Q3, 2017
compared to Q2, 2017 primarily due to improved performance at the
Bolañitos and El Cubo mines.
Production Highlights for Third Quarter,
2017 (Compared to Third Quarter, 2016)
- Silver production decreased 2% to 1,262,064 oz
- Gold production decreased 5% to 13,648 oz
- Silver equivalent production was 2.2 million oz (at a 70:1
silver: gold ratio)
- Silver oz sold increased 6% to 1,275,922 oz
- Gold oz sold down 3% to 13,759 oz
- Bullion inventory at quarter-end included 196,092 oz silver and
466 oz gold
- Concentrate inventory at quarter-end included 37,043 oz silver
and 633 oz gold
Endeavour CEO Bradford Cooke commented, “Third
quarter production showed continued improvement over the second
quarter production on a consolidated basis. Both Bolanitos and El
Cubo are on track to meet or beat their operating plans for the
year. Guanaceví’s performance is now rebounding with grades up in
Q3 and our forecasted throughput up for Q4, targeting 1000 tpd by
year-end.
“In July, we made a production decision to
develop the small but high grade El Compas project in Zacatecas,
Mexico as our fourth mine. Work is now well underway on
developing the mine access ramp and refurbishing the leased process
plant. Production is scheduled to commence by the end of Q1,
2018.
“In August, we received SEMARNAT approval of our
mine and plant permits to build the large, high grade Terronera
project as our fifth mine. However, we are still waiting on
SEMARNAT and CONAGUA approvals of our Terronera waste dumps and
tailings area permits. In the meantime, we continue to
conduct engineering trade-off studies to optimize the anticipated
capital and operating costs and exploration drilling to expand the
resources.”
At Guanaceví, management implemented operational
changes and made capital investments over the past year to improve
the pumping, ventilation and electrical systems needed to remediate
the operational challenges. Ore grades improved in Q3, 2017 but
throughput continued below plan due to a lightning strike which
disabled the electrical substation, repaired in late July.
Guanacevi production and throughput should rise in Q4, 2017.
At Bolañitos, silver grades improved but
remained below plan due to grade variations in the LL-Asunción
vein. However, the lower silver grades were offset by higher
throughput than planned. Gold production exceeded plan due to
higher throughput and gold grades. The outlook in Q4 is for steady
production.
At El Cubo, production was slightly below plan
due to lower throughput, higher dilution and lower silver and gold
grades than expected. The outlook in Q4 is for slightly higher
production driven by higher throughput, higher grades and lower
dilution.
Production Tables for
Third Quarter, 2017
Production |
Tonnes |
Tonnes |
Grade |
Grade |
Recovery |
Recovery |
Silver |
Gold |
by mine |
Produced |
per day |
Ag gpt(1) |
Au gpt(1) |
Ag % |
Au % |
Oz |
Oz |
Guanaceví |
74,649 |
811 |
250 |
0.57 |
87.2 |
% |
89.5 |
% |
522,907 |
1,224 |
Bolañitos |
114,526 |
1,245 |
85 |
2.15 |
81.1 |
% |
82.4 |
% |
253,787 |
6,523 |
El Cubo |
133,609 |
1,452 |
135 |
1.65 |
83.7 |
% |
83.3 |
% |
485,370 |
5,901 |
Consolidated |
322,784 |
3,509 |
144 |
1.58 |
84.5 |
% |
83.4 |
% |
1,262,064 |
13,648 |
(1) gpt = grams per tonne |
|
Production Tables
for Nine Months Ended September 30, 2017
Production |
Tonnes |
Tonnes |
Grade |
Grade |
Recovery |
Recovery |
Silver |
Gold |
by mine |
Produced |
per day |
Ag gpt(1) |
Au gpt(1) |
Ag % |
Au % |
Oz |
Oz |
Guanaceví |
237,232 |
869 |
226 |
0.52 |
88.3 |
% |
88.1 |
% |
1,522,331 |
3,495 |
Bolañitos |
322,752 |
1,182 |
77 |
2.26 |
81.8 |
% |
84.0 |
% |
653,526 |
19,706 |
El Cubo |
369,965 |
1,355 |
128 |
1.52 |
85.8 |
% |
84.2 |
% |
1,306,969 |
15,229 |
Consolidated |
929,949 |
3,406 |
135 |
1.52 |
86.1 |
% |
84.5 |
% |
3,482,826 |
38,430 |
(1) gpt = grams per tonne |
Three Months Ended September 30 |
Q3 2017 Highlights |
Nine Months Ended September 30 |
2017 |
2016 |
% Change |
2017 |
2016 |
% Change |
314,616 |
355,611 |
(12 |
%) |
Throughput (tonnes) |
929,949 |
1,141,362 |
(19 |
%) |
1,262,064 |
1,284,646 |
(2 |
%) |
Silver
ounces produced |
3,482,826 |
4,346,562 |
(20 |
%) |
13,648 |
14,364 |
(5 |
%) |
Gold
ounces produced |
38,430 |
45,973 |
(16 |
%) |
1,231,975 |
1,258,408 |
(2 |
%) |
Payable silver ounces produced |
3,402,884 |
4,243,199 |
(20 |
%) |
13,337 |
13,939 |
(4 |
%) |
Payable gold ounces produced |
37,552 |
44,657 |
(16 |
%) |
2,217,424 |
2,290,126 |
(3 |
%) |
Silver
equivalent ounces produced(1) |
6,172,926 |
7,564,672 |
(18 |
%) |
1,275,922 |
1,200,466 |
6 |
% |
Silver
ounces sold |
3,500,337 |
4,205,575 |
(17 |
%) |
13,759 |
14,228 |
(3 |
%) |
Gold ounces sold |
37,343 |
44,847 |
(17 |
%) |
(1) Silver equivalent ounces calculated using 70:1 ratio. The
prior year’s silver equivalents have been re-stated using the 70:1
ratio for comparison purposes. |
|
Release of Third Quarter, 2017 Financial
Results and Conference Call
The Third Quarter, 2017 financial results will
be released before market on Thursday, November 2, 2017 and a
telephone conference call will be held the same day at 10:00am PDT
(1:00pm EDT). To participate in the conference call, please dial
the numbers below. No pass-code is necessary.
Toll-free in Canada and the US: 1-800-319-4610
Local Vancouver: 604-638-5340 Outside of Canada and the US:
+604-638-5340
About Endeavour Silver –
Endeavour Silver is a mid-tier precious metals mining company that
owns three high grade, underground, silver-gold mines in Mexico.
Since start‑up in 2004, Endeavour has grown its mining operations
organically to produce 9.7 million ounces of silver and
equivalents in 2016. We find, build and operate quality silver
mines in a sustainable way to create real value for all
stakeholders. Endeavour Silver’s shares trade on the TSX (EDR) and
the NYSE (EXK). Contact Information
- For more information, please contact: Bradford
CookeToll free: (877) 685-9775 Tel: (604) 640-4804 Fax: (604)
685-9744 Website: www.edrsilver.com
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 2017 including changes in mining and
operations and the timing and results of various activities. 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 but are not limited to changes in national and
local governments, legislation, taxation, controls, regulations and
political or economic developments in Canada and Mexico; financial
risks due to precious metals prices, 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; 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.
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