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« Silver: Forging Ahead. | Main | Silver: A short pause! »
Thursday
Oct112007

Endeavour Silver Corp: Strengthens Management Team

Endeavour Silver Corp logo 11oct07

Endeavour Silver Corporation announced yesterday that they had strengthened their senior management team by securing the services of David Howe, M.Sc. to the post of new Vice President, Mexico Operations.

In a nutshell David has 20 years experience in mine management, operations, engineering and exploration. The news release went on to say:

“Most recently, David was the General Manager for St. Ann Jamaica Bauxite Ltd., where he oversaw the operation of a 5.1 million tonne per year open pit bauxite mine, including rail transport system and ship load out facility. From 2000 to 2005, he was the Vice President, Operations and General Manager for Hecla Mining Company in Venezuela, where he helped turn the under performing, high grade, underground La Camorra gold mine into a growing and profitable mining operation.

David Howe's expertise in operations management comes from his extensive hands-on training and experience throughout his career in all aspects of mining operations. Dave received his M.Sc. in Mining Geology from the Camborne School of Mines in 1988 and his prior postings include Chief Mine Geologist for Breakwater Resources at the El Mochito mine in Honduras, Exploration Manager for American Resource Corp. in South America, and Chief Mine Geologist for Monarch Resources and Superintendent of Engineering and Geology for Hecla Mining at the La Camorra mine in Venezuela”.

We are constantly reading about the difficulty of operating in foreign lands so it is good to know that this man speaks fluent Spanish, and is well experienced in cultural relations. A lack of knowledge regarding the protocols and etiquette of a particular region can lead to miss-understandings and which can result in delays. To be blunt about it we see this addition to the team as an asset that will pay dividends in the future.

More good news:

“Endeavour is also pleased to announce that the Guanacevi plant operated at around 775 tonnes per day in August and September, a substantial improvement over previous months thanks to the completion of various plant improvement projects. The plant should now be capable of averaging 800 tpd in Q4, 2007 as originally planned.

The new Merrill Crowe recovery circuit at the Guanacevi plant was successfully commissioned at the end of September and is now in operation. The circuit has a capacity of around 3.5 to 4 million oz per year depending on grades and recoveries and should help to improve metal recoveries starting this quarter”.

For those who want to read this news release in full please click this LINK.



We would now draw your attention to the charts where we can see that this silver stock suffered badly in the last sell off. We can also see that a short period of consolidation has taken place and a recovery has begun. You could argue that other silver stocks have performed better recently and we would agree with you. Endeavour is now trading below its 50dma and its 200dma when many other stocks are trading well above their 200dma. What does that tell you? Well it indicates to us that those stocks have slightly less upside in them as they have just experienced a massive increase. Endeavour on the other hand has ground to make up in order to join them and trade in the 200dma region.

Endeavour silver Corp Chart 10oct07

The last time we wrote about Endeavour we said it was a steal at $3.30 and we believe that it is still a steal at today’s price levels. Finally, well done to our readers who wrote to us saying that following our article they bought Endeavour at $3.30, you will not see Endeavour at $3.30 again. Did we buy? Actually no! We pitched a little too low and missed it. In our defence we offer a severe distraction as England beat Australia in world cup rugby a joy that transcends making money.

Have a good one.

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