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Endeavour Silver Corporation: Record Production in First Quarter

EXK Logo 16 Mar 2011.JPG

"Endeavour Silver Corporation (EXK) reported its best-ever quarter of silver and gold production in Q1, 2011. With plant throughput up sharply year-on-year and silver recoveries up slightly quarter-on quarter, we are right on track to meet our production forecast of 3.7 million oz silver in 2011. As a result of our record production and rising precious metal prices, the Company also set new records for revenues and realized metal prices per ounce sold during the First Quarter."

That's a quote from Godfrey Walton, President and COO as the Company set new records for silver and gold production in the First Quarter, 2011 from the Company's two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State. 

Silver production was up 17% to 900,133 ounces (oz) and gold production was up 33% to 5,008 oz compared to the First Quarter 2010. Revenues were up 95% to $35.4 million thanks to both the higher metal production and higher realized metal prices.

Production Highlights of First Quarter 2011 (Compared to First Quarter 2010)

Silver production increased 17% to 900,133 oz

Gold production rose 33% to 5,008 oz

Silver and equivalents production escalated 20% to 1.1 million oz (at a 40:1 silver:gold ratio)
Revenues jumped 95% to $35.4 million

Realized silver price rose 96% to $33.18 per oz sold (4.1% above average spot price for Q10)

Realized gold price rose 28% to $1,413 per oz sold (1.9% above average spot price for Q10)

So there we have it, another quarter, another record, it looks to us that the cat is now well and truly out of the bag with this silver producer as more and more investors recognize 'quality' when they see it. During the last twelve months this stock has come from below $4.00 to trade above $12.00 just recently. Granted the silver prices have been thundering along but not all silver producers have experienced the same dramatic price rise.

Endeavour Silver Corporation has a market capitalization of $886.05 million, a 52 week price range from $3.07 - $12.75 and is well positioned to benefit from the silver bull market which has in our very humble opinion a long way to run, so keep an eye on them as this company offers good exposure to silver prices and no doubt is a candidate for acquisition for the bigger players in the silver space seeking to boost their own dwindling reserves.

Endeavour Silver Corporation is traded in Canada, USA and Europe on the following three stock exchanges:



(DB-Frankfurt: EJD)

So, they are accessible and have plenty of exposure to the investment community. If you are just feeling your way into the silver space look to acquire quality silver producers, such as this one, on pullbacks, albeit minor, as and when you can.


Over in the Options pit, our model portfolio has managed an average return of 40.85% per trade, 69 closed trades, 67 closed at a profit, or a 97% success rate. Average trade open for 42.32 days.

SK Chart with profits re-invested 29 March 2011.JPG

The above progress chart shows our performance when profits are re-invested, however, to see exactly how it is going, please click this link.

So, the question is: Are you going to make the decision to join us today.

Stay on your toes and have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.

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