The company has set a target for 2007 for silver production to hit 2.8 million ounces of silver from the Guanacevi Mines Project in Durango and their latest acquisition the Bolanitos Mines Project in Guanajuato.
If we use the current silver price of $13/oz this equates to around $36.4 million in turnover this year. Production is of course dependent upon the implementation of their capital projects programme, which Endeavour reports as being on schedule, which is good to know. The latest news release goes on to say “At Guanacevi, several capital improvements have been initiated at the plant since the new ball mill was commissioned in March, as follows”:
- New lined tailings pond 100% complete and in operation
- Expand Merrill Crowe circuit 80% complete
- Expand dore refinery 20% complete
- Install high density thickeners 10% complete
- Install agitation tanks In design
- Upgrade CCD circuit In design
- Upgrade crushing circuit In design
Our level of confidence is given a boost when a company takes the time and effort to include progress data such as the above. It gives us a ‘feel’ for where they are in the Design, Procurement and Construction process. It also indicates to us that they are aware of what needs to be done by breaking the projects down into its component parts and tracking their progress at a detailed level. If you fail to plan, you plan to fail, is the way we see it.
A quote from Godfrey Walton, President and COO, who said, "Endeavour enjoyed another quarter of rising silver production in Q2, 2007 thanks mainly to increased plant throughputs. However, the Company plans larger increases in production over the next two quarters of 2007 and continued production growth quarter on quarter until we reach the plant capacities in 2009." Music to our ears!
To see a video of the mining locations just follow this link: Video
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Endeavour Silver Corporation trades on the TSX: EDR, AMEX: EXK, DB Frankfurt: EJD