Endeavour Silver Production Continues to Climb in Q2, 2012; Produces 1,040,026 Oz Silver (Up 22%) and 7,695 Oz Gold (Up 59%)
VANCOUVER — Endeavour Silver is a mid-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted seven consecutive years of growing silver production, reserves and resources. The organic expansion programs now underway at Endeavour’s two (soon to be three) operating silver mines in Mexico combined with its strategic acquisition and exploration programs should help Endeavour achieve its goal to become the next premier mid-tier silver mining company.
The company announced that the Company’s silver and gold production from the Company’s two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State, continued to climb in the Second Quarter, 2012.
Silver production was up 22% to 1,040,026 ounces (oz) and gold production was up 59% to 7,695 oz compared to the Second Quarter, 2011. Revenues were up 11% to US$40.4 million due to the higher metal production even though metal prices were lower in Q2, 2012 compared to Q2, 2011.
Production Highlights of Second Quarter 2012 (Compared to Second Quarter 2011)
- Silver production increased 22% to 1,040,026 oz
- Gold production rose 59% to 7,695 oz
- Silver and equivalents production escalated 31% to 1.46 million oz (at a 55:1 silver: gold ratio)
- Revenues jumped 11% to $40.4 million on 1,075,000 silver oz sold and 5,650 gold oz sold
- Realized silver price fell 22% to $29.21 per oz sold (close to the average spot price for Q2/12)
- Realized gold price rose 5% to $1,599 per oz sold (close to the average spot price for Q2/12)
- Metal held in inventory at quarter-end included 896,501 oz silver and 6,124 oz gold
|Production Table for Second Quarter 2012|
Godfrey Walton, President and COO, stated, “Endeavour’s mining operations have enjoyed a strong start to 2012 with new records for silver and gold production in the first six months of the year. Our 2012 mine and plant expansion programs are on time and budget for Guanajuato to reach 1,600 tonnes per day (tpd) and Guanacevi to reach 1,200 tpd by year-end, 2012. As a result, the Company is well on the way to achieving its 2012 production guidance of 4.3 million oz silver and 26,000 oz gold.”
“With the success we’ve enjoyed at turning around and expanding the Guanacevi and Guanajuato mines in recent years, we are looking forward to closing the El Cubo mine acquisition this week and integrating it with our current operations in the Second Half of 2012. We plan to release our plans for El Cubo and revised guidance for 2012 upon the closing of the acquisition.”
Endeavour Silver Corp. plans to release its Second Quarter, 2012 financial results on Tuesday August 7, 2012 prior to the market open. A conference call to discuss the results will be held at 10:00 AM Pacific Time (1:00 PM Eastern Time) on Wednesday August 8, 2011. To participate in the conference call, please dial the following:
- 1-800-319-4610 Canada and USA (Toll-free)
- 604-638-5340 Vancouver
- 1-604-638-5340 Outside of Canada & USA
- No passcode is necessary
A replay of the conference call will be available by dialing 1-800-319-6413 in Canada & USA (Toll-free) or 1-604-638-9010 outside of Canada and USA. The required pass code is 4890 followed by the # sign.
ENDEAVOUR SILVER CORP.
BRADFORD COOKE, CEO and Director
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