Endeavour Silver Corporation produced 625,924 ounces of Silver in the Q3 beating their previous forecast by a handsome margin – well done indeed. Not to be out done gold production chipped in with a 40% increase in production at 2,465 ounces.

Now, here is an interesting statement from the company Chairman and CEO Bradford Cooke:

“However, management has decided to slow our production growth in Q4, 2008 to be equal to or slightly greater than Q3, 2008, instead of the forecasted jump in quarterly production, because we are of the opinion that the spot silver price should rebound somewhat short term so there is no sense in pushing production growth at this time. This production growth slow-down in the 4th Quarter will likely result in Endeavour’s silver production falling about 5% short of its 2.5 million oz production forecast for 2008. Endeavour should be in a good position, however, to capitalize on the next upward move in the silver price by once again accelerating its silver production growth at that time.”

It struck us that this is a great position to be in when you do not have to keep producing silver just to make ends meet and have the financial stability to ease back a tad on the production throttle until silver prices rally again.

Another point worthy of note concerns the schedule and Endeavour had this to say:

“Mine output at Guanajuato ramped up from 100 tonnes per day in Q1, 2008 to 300 tpd in Q3, 2008 as planned, and it now exceeds 400 tonnes per day. Management now anticipates that the Guanajuato Mines will reach the 500 tpd plant capacity by year-end, well ahead of the original schedule”

Its good to see that their scheduling targets are realistic and in this case are being bettered. Mining is a very difficult operation to implement as it is fraught with danger so this is indeed good news.

As long term readers will know Endeavour forms a large part of our core position which we expect to do extremely well once silver gets back into the saddle.

To read this news release in full, please click here.

Endeavour Silver Corporation has a Market Capitalisation of $73.56 million with 49.04 million shares outstanding, a 52 week high of $5.54 and 52 week low of $1.47, closed yesterday at $1.50 and trades as: EDR: TSX, EJD: DBFrankfurt, EXK: AMEX)

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