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« A Thanksgiving Gift Idea! | Main | George Orwell: Down and Out in Paris and London »

Endeavour Silver's Revenues Jump 93% to US$38.8 million

 Another sparkling quarterly report has just been released by Endeavour Silver Corporation (EXK) and so we will begin with comments from Godfrey Walton, President and COO, who stated,

"Endeavour delivered another quarter of growing silver and gold production in Q3, 2011. Production was up slightly both year-on-year and quarter-on-quarter and is within our guidance for 2011. We planned for a relatively flat quarter of production so that our operations teams could focus on our capital projects for the year, particularly the accelerated mine development programs at both mines and the plant expansion program at Guanajuato. As a result of these capital investments, Endeavour anticipates production should set a new record in the 4th quarter, 2011."

"The installation of the new 1,000 tonne per day (tpd) crushing, grinding and flotation circuits at Guanajuato was completed on time and budget in September and the plant has already ramped up production to more than 1,100 tpd. Even though we experienced a start-up problem with the temporary new electrical supply (gen-set), other gen-sets have been rented while this problem is being resolved and the plant commissioning is nearing completion. The expansion of a new electrical substation to replace the temporary gen-set is scheduled for completion towards the end of the 2nd quarter, 2012."

We draw your attention to the words 'completed on time and budget' which is no mean achievement given the difficulties of mine development and construction.

Highlights of the 3rd Quarter figures are summarized below:

  • Silver production up 8% to 858,738 oz

  • Gold production up 7% to 4,926 oz

  • Silver and equivalents production up 4% to 1.04 million oz (at a 40:1 silver:gold ratio)

  • Revenues up 93% to US$38.8 million

  • Bullion held in inventory at quarter-end included 189,131 oz silver and 1,275 oz gold

  • Realized silver price up 120% to US$40.72 per oz sold

  • Realized gold price up 35% to US$1,679 per oz sold

Endeavour Silver Corporation, this is a mid-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted six consecutive years of aggressive silver production and resource growth. The organic expansion programs now underway at Endeavour's two operating silver mines in Mexico combined with its strategic acquisition program should help Endeavour achieve its goal to become a premier, mid-tier silver mining company. 

The companies market capitalization is $815.96 million with 93.1 million shares (fully diluted) outstanding. The 52 week trading range is $4.34 to $13.10 and the stock price closed at $9.71 on the NYSE yesterday.

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



(DB-Frankfurt: EJD)

So they have plenty of exposure to the investment market.

For disclosure purposes we do own this stock and will look to increase our holdings going forward.

[Just a quick note to say that we have almost completed the transfer our web sites and now have them ensconced in Squarespace.

If you are not receiving our newsletters then please let us know and we will re-enter your names from this end. However, we are given to understand that the sign up box is working as it should, so that's one we can tick off.

We have also added an 'Archive' category and a 'Search' facility will follow shortly.

The comments box is now working, although you wont see your comments until they have been approved by us, this is in order to prevent spam from getting onto the site, however, we are looking into ways of allowing a more direct commentary for our regular contributors.]

Thanks once again for your patience while we battle with the vagaries of cyberspace and techno babble!

Bob K

Regarding We currently have a number of open trades at the moment however, we do not update the charts until the trade is closed and the cash is back in our account. 

Our model portfolio is up 407.38% since inception

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Stay on your toes and have a good one.

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