Endeavour Silver

On the back of silvers rise today of 23 cents to $18.46 a number of silver producers did well with Endeavour Silver Corporation (EXK) putting on an impressive 4.23%. Digging a little deeper into the reason for doing so well we can point to their latest news release which headlined with record production as follows:

Endeavour Silver Reports Record Silver Production in Q1, 2010 compared to Q1 2009; Produces 766,210 oz Silver (Up 34%) and 3,775 oz Gold (Up 62%).

Vancouver, BC, Canada — April 14, 2010 - Endeavour Silver Corp. (”Endeavour”) (EXK: NYSE-Amex) (EJD: DB-Frankfurt) (EDR: TSX) announced today that silver production for Q1, 2010 from the Company’s two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State, totalled 766,210 ounces (oz) silver, up 34% compared to Q1, 2009.

Gold production also rose in the Q1, 2010, up 62% to 3,775 oz compared to Q1, 2009, resulting in silver-equivalent production rising to 1,011,569 oz (assuming a 65:1 silver:gold ratio - base metals not included as silver-equivalents). Godfrey Walton, President and COO, stated, “Endeavour posted another strong quarter of production growth in Q1, 2010. With tonnage throughput continuing to improve at both Guanacevi and Guanajuato, we are already ahead of our production forecast in 2010.”

“Like 2009, production is expected to be relatively flat in Q1 and Q2, but should increase in the second half of the year as a third new mine is brought into production at Guanacevi. During the Q1, the Company completed over 1.3 kilometres (km) of ramp development at Guanacevi in order to bring Porvenir Cuatro on line this year as scheduled. The Guanacevi crushing circuit expansion is now underway and should be completed on schedule, allowing the plant to increase throughput in the second half of the year to take advantage of the new Porvenir Cuatro mine coming online.

“At Guanajuato, the Lucero vein continues to contribute significantly to production with the balance of ore coming from Cebada and Bolanitos. During Q1, the Company mined a lower grade portion of the Lucero vein. However silver grades are expected to return to normal levels (200 g/t Ag and 1.9 g/t Au) in Q2. The Company completed over 1.0 km of mine development at Guanajuato during the quarter.”

Please click here to go to Endeavour’s site.

Endeavour Silver Corporation has a Market Capitalization is $227.56M, a 52 week trading range is $1.40 - $4.48, Shares Issued 61.0 million, Warrants/Options 14.3 million, Convertible Debt 6.5 million, Fully Diluted 81.8 million and they closed yesterday at $3.70.

So there we have it, onward and upward for this silver producer, if you are building a portfolio of silver producers then please give this one some serious thought.

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