Endeavour Silver Corporation published a news release yesterday covering their achievements for 2007 and outlining their plans for 2008 together with a progress report for each project and some interesting charts.

However Endeavours stock price closed down yesterday as a number of our readers were quick to point out. Was yesterdays fall in price due to this news release you ask? Well although the stock prices drifted south after the news was released yesterday, another important factor to note is that the price of silver also dropped yesterday and a number of other silver stocks such as PAAS and SSRI were also down. We see it as the whole of the silver sector being hit and not as an isolated sell off for Endeavour.

Bradford Cooke, Chairman and CEO, had this to say:

“We are gratified to see our acquisition and exploration strategy at the Parral Project already paying off with the new discovery at El Cometa. Even though the new mineralized zone is not silver-rich, it has substantial zinc, lead and gold values. El Cometa is attractively located adjacent to existing infrastructure for rapid development and represents the first of what management hopes will be several new discoveries in this historic mining district.”

We thought that this news release was very encouraging, but you can read it for yourself, just simply click this link.

Taking a quick look at the chart we can see that the technical indicators are pretty much neutral so there is not a lot to be gleaned from them at this juncture. The $3.25 level looks like a good support level for EXK, any purchase at that level should return a handsome profit as we see this stock returning to the $5.00 plus level. However silver itself will be volatile in the near term and we are not increasing our position at present, but looking further out we still expect silver to take a run at $20.0 before too long, which will send quality silver stocks such as EXK dramatically higher.

Endeavour Silver Corporation trades as EDR on the TSX, EJD on DB Frankfurt and EXK on the AMEX, so its on a screen near you!

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