Endeavour Silver Produces 1,428,828 oz Silver and 12,968 oz Gold (2.4 Million oz Silver Equivalents) in the Third Quarter, 2...
October 11 2018 - 6:50AM
Endeavour Silver Corp. (TSX: EDR, NYSE:
EXK) reports its production results for the Third Quarter,
2018 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, 2018
was 1,428,828 ounces (oz) and gold production was 12,968 oz
resulting in silver equivalent production of 2.4 million oz using a
75:1 silver:gold ratio.
Production Highlights for Third Quarter,
2018 (Compared to Third Quarter, 2017)
- Silver production increased 13% to 1,428,828 oz
- Gold production decreased 5% to 12,968 oz
- Silver equivalent production was 2.4 million oz (at a 75:1
silver: gold ratio)
- Silver oz sold increased 20% to 1,532,097 oz
- Gold oz sold decreased 5% to 13,025 oz
- Bullion inventory at quarter-end included 58,855 oz silver and
130 oz gold
- Concentrate inventory at quarter-end included 43,920 oz silver
and 603 oz gold
Silver equivalent production was higher in Q3,
2018 compared to Q3, 2017, also compared to Q2, 2018, due to
significantly improved silver and gold grades at El Cubo being
mined from the center of the Villalpando-Asuncion orebody. The
higher silver and gold production at El Cubo were offset by lower
silver and gold grades at Guanaceví mined near the bottom of the
Porvenir Norte and Santa Cruz orebodies and lower gold grades at
Bolañitos in the upper Plateros orebody. Guanaceví throughput and
grades are expected to continue rising as the newly developed,
higher grade Milache orebody commences production this month and
the Bolañitos gold grades are expected to improve in Q4, 2018.
At El Compas, the plant is scheduled to
re-commence operations this week, after the temporary halt in
August to allow the fine tailings area to be dewatered, expanded
and under-drains improved. A second fine tailings area has
been excavated to improve overall settling of the fine tailings and
allow the coarse tailings storage area to form a solid beach.
During the plant shutdown, the mine continued to operate and has
stockpiled over 12,000 tonnes of ore near the plant.
Management now expects El Compas to achieve commercial
production in Q4, 2018.
Endeavour CEO and Director Bradford Cooke
commented, “During the third quarter, El Cubo production continued
to outperform, but Guanaceví and Bolañitos fell short of plan
resulting in steady quarterly production. Looking ahead to Q4,
2018, management anticipates higher silver and gold production due
mainly to higher anticipated throughput and grades at Guanaceví and
initial production from El Compas.”
Production Tables for Third
Quarter, 2018 |
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 |
81,268 |
883 |
218 |
0.48 |
91.0% |
88.8% |
518,318 |
1,114 |
Bolañitos |
109,728 |
1,193 |
84 |
1.67 |
79.7% |
82.0% |
236,197 |
4,832 |
El Cubo |
126,825 |
1,379 |
188 |
2.00 |
88.0% |
86.1% |
674,313 |
7,022 |
Consolidated |
317,821 |
3,455 |
160 |
1.50 |
87.5% |
84.8% |
1,428,828 |
12,968 |
(1) gpt =
grams per tonne |
Production Tables for Nine Months
Ended September 30, 2018 |
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 |
231,514 |
848 |
222 |
0.59 |
89.5% |
90.7% |
1,479,576 |
3,984 |
Bolañitos |
333,237 |
1,221 |
87 |
1.80 |
79.4% |
82.8% |
740,229 |
15,961 |
El Cubo |
393,044 |
1,440 |
174 |
1.85 |
87.1% |
85.1% |
1,915,758 |
19,905 |
Consolidated |
957,795 |
3,508 |
155 |
1.53 |
86.5% |
84.7% |
4,135,563 |
39,850 |
(1) gpt =
grams per tonne |
Q3 and YTD 2018
Consolidated Performance, Compared to Previous
Periods |
Three Months Ended
September 30 |
|
Nine Months Ended
September 30 |
2018 |
2017 |
% Change |
2018 |
2017 |
% Change |
317,821 |
322,784 |
(2%) |
Throughput (tonnes) |
957,795 |
929,949 |
3% |
1,428,828 |
1,262,064 |
13% |
Silver ounces produced |
4,135,563 |
3,482,826 |
19% |
12,968 |
13,648 |
(5%) |
Gold ounces produced |
39,850 |
38,430 |
4% |
1,404,677 |
1,231,975 |
14% |
Payable silver ounces produced |
4,058,377 |
3,402,884 |
19% |
12,665 |
13,337 |
(5%) |
Payable gold ounces produced |
39,005 |
37,552 |
4% |
2,401,428 |
2,285,664 |
5% |
Silver equivalent ounces produced(1) |
7,124,313 |
6,365,076 |
12% |
1,532,097 |
1,275,922 |
20% |
Silver ounces sold |
4,196,857 |
3,500,337 |
20% |
13,025 |
13,759 |
(5%) |
Gold ounces sold |
39,499 |
37,343 |
6% |
(1)
Silver equivalent ounces calculated using 75:1
ratio. The prior year’s silver equivalents have been re-stated
using the 75:1 ratio for comparison purposes. |
Performance against 2018 Production
Guidance
For the nine months ended September 30, 2018,
silver production was 4,135,563 oz and gold production was 39,850
oz, resulting in silver equivalent production of 7.1 million oz.
Based on the Company’s performance to date, management estimates a
5% production shortfall to the 2018 consolidated production
guidance, due to the delayed commercial production at El Compas,
lower gold grades at Bolañitos and lower mine output at Guanaceví.
This anticipated production shortfall and lower gold prices will
likely also impact the Company’s ability to meet its 2018 cost
guidance (see Endeavour News Release dated January 25, 2018).
Release of Third Quarter, 2018 Financial
Results and Conference Call
The Third Quarter, 2018 financial results will
be released before the market open on Wednesday, October 31, 2018
and a telephone conference call will be held the same day at
10:00am PT (1:00pm ET). 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
A replay of the conference call will be
available by dialing 1-800-319-6413 in Canada and the US
(toll-free) or +604-638-9010 outside of Canada and the US. The
required pass-code is 2625#. The audio replay and a written
transcript will be available on the Company's website
at www.edrsilver.com under the Investor Relations, Events
section.
About Endeavour Silver –
Endeavour Silver Corp. is a mid-tier precious metals mining company
that owns three high-grade, underground, silver-gold mines in
Mexico. Endeavour is currently commissioning its fourth mine at El
Compas, advancing a possible fifth mine at the Terronera mine
project and exploring its portfolio of exploration and development
projects in Mexico and Chile to facilitate its goal to become a
premier senior silver producer. Our philosophy of corporate
social integrity creates value for all stakeholders.
SOURCE Endeavour Silver Corp.
Contact Information Galina
Meleger, Director Investor RelationsToll free: (877) 685-9775Tel:
(604) 640-4804Fax: (604) 685-9744Email:
gmeleger@edrsilver.com Website: www.edrsilver.com
Follow Endeavour Silver on Facebook, Twitter,
Instagram and LinkedIn
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 2018 including changes in mining
operations and production levels, 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, production
levels, 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
production and costs guidance, 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.
Endeavour Silver (NYSE:EXK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Endeavour Silver (NYSE:EXK)
Historical Stock Chart
From Sep 2023 to Sep 2024