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« US Dollar sliding down the wall of worry | Main | Silver taking a breather »
Monday
Oct192009

Endeavour Silver Corporation Production Up In 3rd Quarter

EXK Chart 20 Oct 09.JPG

Endeavour Silver Corporation (EXK) reported production results yesterday of 661,903 oz Silver (Up 6%) and 3,604 oz Gold (Up 46%) compared to Q3, 2008.

"Endeavour posted another strong quarter of production growth in Q3, 2009. With tonnage throughput, ore grades and metal recoveries all continuing to improve at both Guanacevi and Guanajuato, we foresee another record quarter for production in Q4, 2009." a comment from Bradford Cooke, Chairman and CEO.

We draw your attention to words 'we foresee another record quarter for production in Q4, 2009' which is great news for the shareholders as this company does meet its objectives year on year and this gives us the confidence to invest.

The share price closed yesterday at $3.10 which pleases us as on the 15th August 2009 we wrote “For now you can still acquire this silver producer for under $2.00 so we urge you to give it some consideration before the much anticipated fall rally commences” Again on the 3rd September 2009 we wrote “Today Endeavour closed at $2.39 and we now doubt if it will ever trade under two bucks again, if you did bag a few shares then give yourself a pat on the back, well done. If not, look to buy on dips in the near future.”

Taking a quick look at the above chart we can see that the gap between the 200dma and the stock price is a little too wide for our liking, however both the averages are moving north in parallel adding support to the stock price. So, we look forward to a much higher stock price come the end of the year.

Endeavour Silver Corporation trades on three stock exchanges as follows:
(TSX: EDR) (NYSE-AMEX: EXK) (DB-Frankfurt: EJD)


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