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« Endeavour Silver Corporation: Up 10.83% in 3 weeks | Main | Endeavour Silver Corporation: Looking good. »

Endeavour Silver Corp: Silver Resources Triple

Endeavour Silver Corporation has announced today the tripling of its silver resources at Guanacevi Mines Project, Durango, Mexico.

Micon International Limited have completed their audit of the silver reserves and resources at the Guanacevi Mines Project and Endeavour are now in receipt of a summary of the NI 43 101 compliant reserves and resources for Guanacevi. The full report will be filed on SEDAR in due course. The highlights however are as follows:

Proven and probable reserves at 9.93 million ounces of silver at year-end up from 3.48 million ounces of silver in March 2006.

Indicated resources are up from nil in March 2006 to 21.06 million ounces silver at year-end 2006.

Apart from the above and yet to be audited Endeavour also reports a silver inventory totalling 571,000 oz silver in stockpiles at year-end.

Bradford Cooke, Chairman and CEO, commented, "Reserves and resources at Guanacevi now total 41 million oz, well in excess of the 10 year mine life. The Santa Cruz vein system not only contains multiple large mineralized zones with robust silver grades, it continues to be open for resource expansion."

Well, isn’t that just a terrific start to the day, which should impact on the stock price as the news filters through.
As you know we made an investment in Endeavour on the 5th March 2007 when things were looking at little glum in the markets as the sell off has given the silver mining sector a good pounding along with all the precious metals. This sell off did not deter us as we used it as a buying opportunity and managed to get in at US$3.97 and yesterday it closed at US£4.34 for an 8.77% increase in just 3 trading days.

We have high hopes for this one but as always don’t go too mad on any one stock.
You can locate Endeavour on the TSX: EDR, AMEX: EXK, DBFrankfurt: EJD

08 March 2007

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