Endeavour Silver Corporation: Proven/Probable Reserves Up 50% to 14.9 Million Oz of Silver!
Tuesday, March 4, 2008 at 12:15AM
Silver Prices in Silver Mining Companies
Endeavour logo 21 feb 08

The good news just keeps coming with today's announcement that updated NI 43-101 reserve and resource estimates to December 31, 2007, reveal some new numbers, including a 50% jump in proven and probable reserves to nearly 15 million ounces of silver.

So, 15 million ounces of silver at say $20/oz that is a cool $300.00 million! Yes we know that they have to get out of the ground, transport costs etc, but it is exciting watching this company grow. The news release goes on to say that:

“However, the recent discovery of the new "3785" silver-gold zone at Guanajuato and the extension of the known Porvenir silver ore body at Guanacevi announced last week confirm that Endeavour expects to continue aggressively growing its resource base this year.”
To read the report in full including tabulations please click this link.

With five drilling rigs currently in operation on the 38,000 metre drilling program we can look forward to more of the same. The news release added to the trading activity which saw volume at 424,455 compared to the average volume of 194,000.

Its also worth noting that silver has gained 50% since the year began and Endeavour, along with many other silver stocks have not experienced the same gains. Something has to give! Either the price of silver has to retrace some of its steps or the silver stocks have to play catch up, in order to restore the differential.

We have bought Endeavour's stock twice, but have not sold any of this stock. It does figure in our thinking in terms of forming part of our core portfolio to be held for the long run and also as part of our short term trading strategy. We will probably wait now until after 'the sell in May and go away crowd' have taken profits and returned to their yachts for the summer season.

Have a good one.

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