Chart courtesy of Stockcharts.com

As we can see from the above chart this month has been extraordinary for Endeavour Silver Corporation (EXK: AMEX) as it rocketed to higher ground in response to the rise in silver prices with a magnificent performance over the last two weeks.

Its comforting to see a silver producer making such good gains during this period of financial turmoil. Stronger silver prices have helped of course, however Endeavour are making all the right moves.

The Equivalent Reserves/Resources have increased 24% over the last year as mentioned in their recent news release, a few snippets are listed below:

Highlights of the new estimates include sharp increases in both indicated and inferred silver resources at all three properties as a result of the successful exploration drilling programs conducted in 2008. Total silver-equivalent reserves and resources rose 24% compared to one year ago, after consideration for replacing the reserves depleted by mining in 2008 (assuming a 75:1 silver:gold ratio for the silver equivalents based on gold/silver prices in December 2008, not including any base metals as equivalents).

Godfrey Walton, President and COO, commented, “Last year, we put additional focus on exploration and successfully met our goal of substantially increasing the indicated and inferred silver resources at both Guanacevi and Guanajuato. We also made several new discoveries in both the San Pedro area of Guanacevi and the Bolanitos area of Guanajuato. This year, we have turned our attention back to boosting the reserves and production at our two operating silver mines in Mexico as part of our plan to grow the production at both operations by almost double over the next two to three years.”

The plan to almost double production over the next two to three years from their two operating mines sounds ambitious but they usually achieve their objectives so we are looking forward to a good news stream in the coming months.

For disclosure purposes Endeavour does form part of our core investment holdings in our silver portfolio. If you don’t own any of this stock then please put it on your watch list, we think that you will be pleasantly surprised by its future performance.

Also look out for the Year End and Fourth Quarter Financial Results to be Released on 1st April 2009, no joke!

Endeavour Silver Corporation has a Market Capitalisation of $87.87 million with 49.04 million shares outstanding, a 52 week high of $3.85 and 52 week low of $0.71, closed today at $1.79 and trades as:

EDR: TSX,
EJD: DB Frankfurt,
EXK: AMEX,

which gives this stock plenty of exposure.

Have a good one.

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