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« Silver: Descending Triangle Formation | Main | Silver, Gold and the HUI Index: Bottomed? »

Endeavour Silver Corporation: More High Grade Discoveries!

Endeavour logo 11oct07

"We are encouraged by the ongoing success of our exploration team at Guanajuato. In less than one year of drilling, they have discovered multiple new zones of high grade silver-gold mineralization. At Cebada, the "3785" discovery was the first new find identified this year and it is now being developed for mining next year. At Bolanitos, the recent Bolanitos, Santa Maria and Lucero discoveries are all open for expansion and Lucero is already being developed for mining this year. These veins extend for several kilometres on Endeavour's properties and the potential for making additional high grade silver-gold discoveries appears to be very good."

A quote from Bradford Cooke, Chairman and Chief Executive Officer.

Other highlights in this news release include a number of exciting intervals with economic potential, for instance; 166 grams per tonne silver and 5.54 gpt gold over 6.00 m (17.0 oz per ton silver equivalent over 19.7 feet), including 239 gpt silver and 11.45 gpt gold over 1.90 m (32.0 opt silver equivalent over 6.6 ft), in drill hole BSV-3, and 1015 gpt silver and 1.60 gpt gold over 0.9 m (33.1 opt silver equivalent over 3.0 ft) in hole BUV-9.

To read this news release in full and to see the tabulation of the high-grade silver-gold mineralization, please click here.

The Executives have recently taken a 10% pay cut and there is also a 10% labour reduction programme being implemented, another move which bodes well for getting costs even lower.

As long term readers will know Endeavour forms a large part of our core position which we expect to do extremely well once silver decides to head north, until then we will sit tight and keep a firm hold of the stocks in our core portfolio.

Endeavour Silver Corporation has a Market Capitalisation of $53.94 million with 49.04 million shares outstanding, a 52 week high of $4.60 and 52 week low of $0.71, closed yesterday at $1.10 and trades as: EDR: TSX, EJD: DBFrankfurt, EXK: AMEX)

For those readers who are also interested in the silver bull market that is currently unfolding, you may want to subscribe to our Free Silver Prices Newsletter.

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Reader Comments (4)

Aha, so thats why the silver price goes down. Resources outpace demand.


December 3, 2008 | Unregistered Commenterde Graaf

How come silver is worth less then half of it "fall high"?

December 3, 2008 | Unregistered Commenterdburg53

This may be a good company, but with silver at under $10/oz and JP Morgan in full control of the price of silver, why would anyone want to buy a silver miner?

Additionally, naked stock shorting is running rampant on Wall Street. Stock prices are almost certain to decline until the SEC gets the handle on this disaster. (For anyone interested, Alan Newman at CROSSCURRENTS has been documenting this crap for years. Large blockholders of GM stock, for example, hold double the number of shares authorized by the company.)

December 3, 2008 | Unregistered CommenterJ. Victor

I am looking at adding industrial metals (including silver) to my holdings. I was comparing HL to EXK.

A critical difference I see is that EXK has a production cost of over $9. HL is at "Total cash costs for silver for 2007 were a negative $2.81 per ounce and $537 per ounce for gold.".

My question would be why Endeavour over HL? Is their mine that good or perhaps valuations are that low?

December 3, 2008 | Unregistered CommenterBC

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