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« Setting the Silver Standard: Up Over 87% | Main | Silver Portfolio Update: 11 July 07 »
Thursday
Jul122007

Endeavour Silver Corporation: Raises Production Forecast

Hot off the press another encouraging news release from Endeavour Silver Corporation as the company announced that: “the recent acquisition of the Bolanitos Mines Project in Guanajuato State, Mexico, the Company has raised its 2007 production forecast to 2.8 million oz silver. Bolanitos is projected to produce 300,000 oz silver in 2007, and the Guanacevi Mines Project is now forecast to produce 2.5 million oz in 2007.”

Just for good measure their gold forecast is also up to 7,500 oz for 2007.

The company continues to make improvements at the Bolañitos plant, which has already seen an increase in recovery to, greater than 75% for both silver and gold. The mines are currently shipping 271-tpd ore at a grade of 163-gpt for silver and 1.9-gpt for gold. Plans to revamp 6.1 km of old underground workings and drive 1.3 km of new ramps and drifts are now being implemented. Looking further out in time Endeavour has set a goal to outline 5 million oz silver as an initial NI 43-101 complaint resource target

Barry Devlin, the New Exploration Vice President, and his exploration team have already identified multiple target areas that will be the focus for expanding the resources and delineating new resources. “Bolañitos has the potential to materially impact Endeavour's silver production and reserves for many years."

The shares have rallied recently from $4.26 a couple of weeks ago to $5.15 yesterday; the market capitalisation is $231 million. We have bought this stock on two occasions (29th June 2007 and on the 5th March 2007) and intend to accumulate on any dips that may present themselves.

Endeavour Silver Corp Chart 12jul07

Endeavour Silver Corporation trades on stock exchanges as follows under the symbols of EXK on AMEX and EDR on the TSX.

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