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« Silver Wheaton Corporation Options Trade Closed with a 60% Profit | Main | Silver Wheaton Corporation Options Trade Update »
Saturday
Aug152009

Endeavour Silver Corporation Update 15 August 2009

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The recently released results published by Endeavour Silver Corporation (EXK) are very encouraging with both production of silver and gold increasing as planned. The highlights are listed below:


Second Quarter, 2009 Highlights (Compared to Q2, 2008)

Silver production rose 13% to 584,486 ounces (oz)

Gold production jumped 62% to 2,768 oz

Silver-equivalent production up 22% to 762,891 oz (67:1 silver: gold ratio and no base metals)

Cash costs fell 28% to $6.95 per oz silver produced (net of gold credits)

Access ramps completed and mining now underway at two new mines in Guanacevi, Alex Breccia and Porvenir Dos

Access ramps completed and mining now underway at two new veins in Guanajuato, Lucero and San Jose

First exploration drift along the Lucero Vein averaged 270 grams per tonne silver (gpt) and 2.58 gpt gold over a 2.8 meter (m) true thickness for a distance of 200 m

Acquired the strategic Porvenir Cuatro properties at Guanacevi adjoining Endeavour's Porvenir Dos property, exploration drilling commenced in June

"Endeavour enjoyed another strong quarter of growing silver production, falling cash costs, exploration success and new mine development in Q2, 2009. Management remains focused on unfolding the full organic growth potential of our two core operating assets in Mexico. At Guanacevi, the new Alex Breccia and Porvenir Dos mines are now open and ore production from these two new mines will continue to climb in Q3 and Q4, 2009 as mine development opens new levels. The success enjoyed by our Guanajuato operations team in fast-tracking the new Lucero and San Jose Vein discoveries to production in Q1, 2009 prompted management to accelerate their development and approve a 20% plant expansion to 600 tonnes per day (tpd) in Q3, 2009. We are now evaluating an additional plant expansion to 800 tpd (1.5 to 2.0 million oz per year depending on grades and recoveries) at Guanajuato and the final phase of plant upgrades at Guanacevi for next year." a comment from Bradford Cooke, Chairman and CEO.

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. Remember that Labour Day arrives early in September so things should start to warm up shortly afterwards. Now click this link which will take you to their website for some interesting reading. For instance you will find not only data about the Endeavour but some really good background reading which is yours for free. They cover subjects such as supply and demand, silver uses, facts about silver, etc, and draw on many sources in order to bring the silver story together, so give it a go.


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

Have a sparkling weekend.

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