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« A Bet Against The Banks | Main | Even New Yorkers Say No To USD »
Wednesday
Feb132008

Endeavour Silver Corporation: Update 13 February 2008

Endeavour Silver Corporation published a news release yesterday covering their achievements for 2007 and outlining their plans for 2008 together with a progress report for each project and some interesting charts.

However Endeavours stock price closed down yesterday as a number of our readers were quick to point out. Was yesterdays fall in price due to this news release you ask? Well although the stock prices drifted south after the news was released yesterday, another important factor to note is that the price of silver also dropped yesterday and a number of other silver stocks such as PAAS and SSRI were also down. We see it as the whole of the silver sector being hit and not as an isolated sell off for Endeavour.

Bradford Cooke, Chairman and CEO, had this to say:

"We are gratified to see our acquisition and exploration strategy at the Parral Project already paying off with the new discovery at El Cometa. Even though the new mineralized zone is not silver-rich, it has substantial zinc, lead and gold values. El Cometa is attractively located adjacent to existing infrastructure for rapid development and represents the first of what management hopes will be several new discoveries in this historic mining district."

We thought that this news release was very encouraging, but you can read it for yourself, just simply click this link.

Taking a quick look at the chart we can see that the technical indicators are pretty much neutral so there is not a lot to be gleaned from them at this juncture. The $3.25 level looks like a good support level for EXK, any purchase at that level should return a handsome profit as we see this stock returning to the $5.00 plus level. However silver itself will be volatile in the near term and we are not increasing our position at present, but looking further out we still expect silver to take a run at $20.0 before too long, which will send quality silver stocks such as EXK dramatically higher.

Endeavour Chart 13Feb08

Endeavour Silver Corporation trades as EDR on the TSX, EJD on DB Frankfurt and EXK on the AMEX, so its on a screen near you!

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Reader Comments (6)

Do you think this company will reach $5 this spring? or will that be later this year in the fall?

Any ideas?

February 13, 2008 | Unregistered CommenterRay

It depends on where you live - our team is down in New Zealand at the moment (nothing to do with England playing cricket there) where its summer already! Excuse our sense of humour its just the way we are!

Its a very hard call but we could see a correction in the next few weeks, but after that we think we will continue the march upwards and yes spring time in New York is a possibility. We intend to trade this stock more actively this year so please keep an eye on this site and add your comments as we move along.

February 13, 2008 | Unregistered CommenterSilver Prices

-I made a little money on EXK last year. Had to get out to prevent a loss.But this year it looks like a good shot, if I can buy it at $3.25 or thereabout.Silver is sure to head up this year and so should all silver stocks. Thanks for the Silver Newsletter----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

February 13, 2008 | Unregistered CommenterJohn Kozon

I own exk but I would like to see them get their cash costs down. But if silver keeps going up then that becomes less of a concern. I love this type of company in the silver space. Emerging producer with exploration and production upside.

February 13, 2008 | Unregistered CommenterRich

I am expecting a correction to below $3.25/share and will add to my position accordingly. The key in this market environment is to own silver/gold companies with production. Exploration is just that - exploration - until proven otherwise. Companies with production are more stable. We know what they have and how much it costs to produce it and are therefore, less at risk of major corrections.
Please remember, we are still in a commodity bull market for precious metals. Corrections are necessary here and there along the way.
Thanks for the excellent information provided on Silver.

February 14, 2008 | Unregistered CommenterMark

Mark, We agree in that we will be buyers at the $3.25 level for EXK.

February 17, 2008 | Unregistered CommenterSilver Prices

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