Endeavour Silver produces 4.9 million oz silver and 53,007 oz gold for 8.9 million oz silver equivalent in 2017
Thursday, Jan 11, 2018
Endeavour Silver Corp. (TSX:EDR) (NYSE:EXK) reports 2017 production of 4.9 million ounces (oz) silver and 53,007 oz gold, meeting the company’s revised guidance on silver and exceeding revised guidance on gold. Silver equivalent production totaled 8.9 million oz at a 75:1 silver: gold ratio, approaching the top end of revised guidance.  

Silver production in the Fourth Quarter, 2017 was 1,436,962 oz and gold production was 14,577 oz, for silver equivalent production of 2.5 million oz, marking the third consecutive quarter of improved production and a 30% increase over the Fourth Quarter, 2016. Endeavour owns and operates three silver mines in Mexico: the Guanaceví mine in Durango state and the Bolañitos and El Cubo mines in Guanajuato state.

Production Highlights for Fourth Quarter, 2017 (Compared to Fourth Quarter, 2016)

  • Silver production increased 32% to 1,436,962 oz
  • Gold production increased 28% to 14,577 oz
  • Silver equivalent production was 2.5 million oz (at a 75:1 silver: gold ratio)
  • Silver ounces sold totaled 1,392,518 oz
  • Gold ounces sold totaled 14,117 oz
  • Bullion inventory at year-end included 209,337 oz silver and 487 oz gold
  • Concentrate inventory at year-end included 31,984 oz silver and 739 oz gold

Production Highlights for Fiscal 2017 (Compared to Fiscal 2016)

  • Silver production decreased 9% year-on-year to 4,919,788 oz
  • Gold production decreased 8% to 53,007 oz
  • Silver equivalent production was 8.9 million oz (at a 75:1 silver: gold ratio)
  • Silver ounces sold totaled 4,892,855 oz
  • Gold ounces sold totaled 51,460 oz
Bradford Cooke, CEO, commented, “In 2017, silver equivalent production met the low end of our original guidance and the high end of our revised guidance, notwithstanding several operating challenges at the Guanacevi mine.   I am pleased to say our operations team resolved many of those operating issues and they have plans to complete Guanacevi’s recovery to normal operations in 2018.

“After a tough start to the year in the first quarter, Endeavour posted three consecutive quarters of improved production, making the fourth quarter our best of the year.  Ore grades and throughput both improved in the second half. A productivity optimization program is being launched at Guanacevi this month and additional operational improvements are planned this year at Bolanitos and El Cubo. As we advance our development projects and continue optimizing our existing mines, we look forward to delivering one of the best growth profiles in the silver mining sector.

“The El Compas mine and plant development project continues to move forward on time and budget, targeting initial production in late March, 2018.  Both the main mine portal and the secondary ramp entrance infrastructure are now complete; the main mine ramp has advanced 174 meters, and plant refurbishment was 82% complete at the end of December. Management is excited about the recent high grade drilling results at the nearby Calicanto property and the other properties we acquired in the Zacatecas district in 2017. Drilling will resume at Calicanto this month.

“At Terronera, we received permits to build the mine and plant and we await receipt of the dumps and tailings permits.  Several trade-off studies were completed in 2017 and management expects to release a summary of an updated pre-feasibility study in February.  Assuming a positive production decision in the first quarter, we plan to break ground in the second quarter and target initial production by late 2019. We are equally excited about the 2017 high grade drilling results at Terronera and drilling will resume this month.

“In the third quarter, we appointed a new Vice-President, Engineering, to oversee our technical services and development projects. Over the past few months, we have built a core engineering team, including managers of mining, construction, permitting and resource estimation, to significantly expand our internal capabilities to evaluate, design and build our new mines. This group is responsible for the delivery of our development projects, reaffirming our renewed focus on growth.”

For more information, please visit: http://www.edrsilver.com

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