Endeavour silver produces 1,262,064 oz silver and 13,648 oz gold (2.2 million oz silver equivalents) in the third quarter, 2017
Wednesday, Oct 11, 2017
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.

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).

For more information, please visit: http://www.edrsilver.com
Find out more about North American Oil and Gas from NewsBase