Endeavour Silver Corp.
("Endeavour" or the
"Company") (NYSE: EXK; TSX: EDR) is
pleased to provide a Q3 2024 construction progress update for its
Terronera Project in Jalisco state, Mexico. A photo gallery
presentation accompanies this news release and can be found here or
on the Company website at
Terronera Project Progress
Photos. All dollar ($) references in this news release are
in United States dollars.
The Terronera project made substantial progress
during the third quarter as the Upper Plant Platform nears
completion. Surface mill and infrastructure construction reached
90%, further preparing for advancement into operations. Focus
continues on the Lower Platform, where concrete work is well
underway, and the Tailing Storage Facility, with underdrain
embankment fill and pipe installation advancing at a good pace.
“We’re in the final construction phase with the
finish line in sight,” commented Don Gray, Chief Operating Officer.
“The Upper Platform is nearly complete, and the primary jaw crusher
was commissioned, with rock crushed in August. The major focus is
the Lower Platform and Tailing Storage Facility. Our dedicated
Terronera team continues to meet the challenges both for developing
the mine and constructing the mill facilities to keep the project
on track to begin commissioning systems near the end of Q4.”
Q3 2024 Construction and Development
Highlights
As of September 30, 2024, site works and
activities included:
- Safety – Health and safety for
operational readiness is underway. The mine rescue equipment
arrived, and team members are being recruited and trained. Two
refuge stations were installed.
- Community Relations – Local
community support continues to be a priority. In Q3, the Company
supported a series of local initiatives and investments such as: a
municipal cooperative agreement; inauguration of an early-childhood
development center; scholarships for university students in
Santiago de Pinos; municipal road maintenance; workshops for
business entrepreneurship for local residents; environmental
education program for primary schools; community tree donation; and
summer community workshops for children and youth.
- Progress – Overall project progress
(mine development and surface construction) reached 77% completion,
with more than $258 million1 of the project's budget spent to date.
Project commitments total $270 million1,2, 99% of the $271 million
capital budget.
- Mine Development – During the third
quarter, 1,051 metres were developed underground for a project
total of 5,544 metres. Furthermore:
- Underground explosive magazines were completed and the
explosive use permit application was submitted for approval, which
is anticipated in Q4 2024.
- Terronera main sump and pump station excavation and support
were completed.
- Development was nearly complete for
the test stope that will be used to verify stope design criteria
including opening span widths, length and height as well as
establishing longhole drilling, blasting and backfill
procedures.
- Development ore was stockpiled on surface.
- Slashing of an existing portal commenced for access to mine the
high-gold grade La Luz vein, which is anticipated to be reached in
H1 2025.
- Upper Plant Platform Site – Mill
and surface infrastructure construction was 90% complete and
continues to transition to operations.
- Primary Crusher – Primary jaw
crusher was commissioned with rock crushed in August, marking a
major project milestone.
- Coarse Ore Stockpile and Reclaim
("COS") Tunnel – Reached 100% completion and pre-commissioning
tests commenced.
- Grinding and Thickening – Piping,
mechanical, electrical, and instrumentation are expected to be
completed in October.
- Flotation – Compressor pressure
vessel and air dryer systems were installed with piping connections
in progress. Flotation equipment, including blowers, instrument,
and valve installations are ongoing and scheduled for Q4
completion.
- Raw and Process Water Tanks – Steel
rings are in place and welding was over 90% complete. Inlet, outlet
and access port installations, final weld testing, sand
blast/mechanical cleaning, and painting are scheduled for
completion in Q4.
- Lower Facilities Platform and
Tailing Storage Facility (TSF) – Lower Platform area was nearly 30%
complete. Focus has been on completing the last section of the
tailing filter bearing wall prior to starting the filter support
deck; the first structural steel columns and beams were erected for
the Concentration Filter building and equipment mechanical
structures.
- Main Embankment TSF – Excavation
for the main embankment key trench was 100% complete, the secondary
key was at 40% complete, and underdrain piping placement has been
completed.
- Tailing Filtration Area – More than
75% of the floor slab and 100% of the filter bearing wall for the
tailing filter building has been poured. The tailing filters, which
are stored at the Puerto Vallarta warehouse, are schedule to be
transported to site for Q4 2024 installation.
- Concentrate Filter Area – More than
80% of the floor slab and 75% of the pipe rack and equipment
foundations in the concentrate filter area has been poured, and
tank foundations and equipment pedestals were nearly complete.
- Auxiliary Buildings – Laboratory
and Plant Maintenance buildings reached 40% of completion.
- Laboratory Building – Majority of
the sheathing and insulation have been installed and steel studs
are in place. Sheetrock and compressor and dryer installations are
in progress.
- Plant Maintenance Building –
Structural steel installation started in late September.
- Procurement –The project team
continues to expedite pending arrivals. Procurement was 99%
complete.
- Onsite Personnel – At the end of
Q3, the workforce increased to over 250 Endeavour Silver employees
and over 800 contract workers, with the total number expected to
decrease in Q4 2024 as commissioning begins.
Next Steps and Planning
The Terronera Project is tracking to begin
commissioning systems near the end of Q4.
For Q4 2024, the tailing filter area, which was
turned over to the mechanical contractor in early October, will
allow focus on installing at least one tailing filter along with
the concentrate filter using an extended work schedule to allow
initial systems commissioning anticipated near the end of Q4.
Grinding, flotation, and thickening systems will be mechanically
completed in late October, allowing testing and ramp-up of these
circuits to begin in November and December.
Mine development in Portals 1, 2, and 4 declines
will continue, with longhole stopes being developed and initial
production planned for Q4; ore will continue to be stockpiled for
mill ramp-up. At La Luz, the portal is being constructed, and the
orebody ramp access will advance in Q4.
The critical path remains the TSF, tailing
concentrate filters construction, and the advancing underground
mine.
Visit www.terronera.com, our dedicated project
website, to stay informed on the ongoing development at Terronera.
Explore updates, learn about our commitment to environmental
stewardship, and discover the positive impacts on local
communities.
About Endeavour Silver:
Endeavour is a mid-tier precious metals company committed to
sustainable and responsible mining practices. With operations in
Mexico and the development of the new cornerstone mine in Jalisco
State, the Company aims to contribute positively to the mining
industry and the communities in which it operates. In addition,
Endeavour has a portfolio of exploration projects in Mexico, Chile,
and the United States, which has helped it achieve its goal of
becoming a premier senior silver producer.
Contact InformationAllison Pettit, Director of
Investor RelationsTel: (604) 640 4804Email:
apettit@edrsilver.comWebsite: www.edrsilver.com
Follow Endeavour Silver on Facebook, X,
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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 applicable Canadian securities legislation.
Such forward-looking statements and information herein include but
are not limited to statements regarding the development and
financing of the Terronera Project, including capital cost
estimates, the anticipated timing of the project construction and
commissioning, Terronera's forecasted operations, costs and
expenditures, and the timing and results of various related
activities. The Company does not intend to and does not assume any
obligation to update 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 Endeavor's actual results, level of activity,
production levels, performance, or achievements, and its operations
to be materially different from those expressed or implied by such
statements. Such factors include but are not limited changes in
production and costs guidance; the ongoing effects of inflation and
supply chain issues on mine economics; national and local
governments, legislation, taxation, controls, regulations and
political or economic developments in Canada, Chile, the USA 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; continued compliance with the project loan debt
facility; the ongoing effects of inflation and supply chain issues
on the Terronera Project economics; fluctuations in the prices of
silver and gold, fluctuations in the currency markets (particularly
the Mexican peso, Chilean peso, Canadian dollar and US dollar); 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 SEC 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 forecasted Terronera mine economics as of 2024, mining
operations will operate, and the mining products will be completed
under 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, other
factors may 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 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.
1 Financial figures are based on a preliminary estimate. Final
unaudited figures will be released with the Q3 2024 financial
statements on November 5, 2024. 2 Project commitments include total
project expenditures.
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