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Endeavour Silver produces 9.7mln oz silver equivalent in 2016, on target

Wednesday, January 11, 2017 7:46
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(Before It's News)

Endeavour Silver Corp (TSE:EDR) produced 5.4mln ounces of silver and 57,375 ounces of gold – slightly above guidance on gold and slightly below guidance on silver – in 2016, the company has reported.

Silver-equivalent production totalled 9.7mln ounces at a 75:1 silver-to-gold ratio, in line with guidance.

Although in year-on-year terms output was lower in 2016 than the previous year, this was in part because in January the company opted to curtail exploration and development spend, the company said.

Silver production in the fourth quarter of 2016 was 1,088,845 ounces and gold production was 11,402 ounces, for silver-equivalent production of 1.9mln ounces. Endeavour owns and operates three silver mines in Mexico: the Guanacevi mine in Durango state and the Bolanitos and El Cubo mines in Guanajuato state.

 

Production highlights for fiscal 2016 (compared with fiscal 2015)

 

  • Gold production decreased 4% to 57,375 ounces.
  • Silver-equivalent production was 9.7mln ounces (at a 75:1 silver-to-gold ratio).
  • Silver ounces sold totalled 5,152,031 ounces.
  • Gold ounces sold totalled 55,851 ounces.
  • Bullion inventory at year-end included 311,625 ounces of silver and 665 ounces of gold.
  • Concentrate inventory at year-end included 18,962 ounces of silver and 218 ounces of gold.
  • Silver production decreased 24% year on year at 5,435,407 ounces.

 

 

Production highlights for fourth quarter 2016 (compared with fourth quarter 2015)

 

  • Silver production decreased 37% to 1,088,845 ounces.
  • Gold production decreased 26% to 11,402 ounces.
  • Silver-equivalent production was 1.9mln ounces (at a 75:1 silver-to-gold ratio).
  • Silver ounces sold totalled 946,456 ounces.
  • Gold ounces sold totalled 11,004 ounces.

 

“Last year, Endeavour’s silver and gold production were significantly higher than our initial production guidance thanks to the turnaround in precious metal prices which allowed management to revise our production guidance upwards in July. I am pleased to say our operations team responded well and in general met the upward revised production targets in 2016,” said Bradford Cooke, chief executive officer.

“However, production was down year on year due to our decisions in January to significantly reduce spending on exploration and development in 2016 at low metal prices, which reduced our mine access and therefore metal production. We reversed those decisions at the end of the second quarter and restarted our exploration and development programs to once again expand resources and access reserves.

“We also acquired two high-grade silver-gold development projects in the historic silver mining districts of Zacatecas and Parral, Mexico, and advanced our exciting new discovery on the Terronera property. The company is now in a position to potentially build three new mines over the next three years to fuel Endeavour’s next phase of organic growth.”

Endeavour Silver shares were up 1.9% at $4.10 on Wall Street on Tuesday.

Story by ProactiveInvestors

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