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Endeavour Silver Produces 4,018,735 oz Silver and 38,907 oz Gold (7.1 Million oz Silver Equivalents) in 2019

ID: 1555169
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(PresseBox) - Endeavour Silver Corp. (TSX: EDR, NYSE: EXK)illion oz.

Silver and gold production was lower in Q4, 2019 compared to Q4, 2018 due to the suspension of mining operations at the El Cubo mine during the quarter and lower throughput and grades at Bolanitos, partly offset by higher production at Guanacevi and new production at El Compas.

Silver equivalent production was slightly lower in Q4, 2019 compared to Q3, 2019 due to the suspension of mining operations at the El Cubo mine on November 30th, 2019.

Bradford Cooke, Endeavour CEO, commented, ?The Company?s performance last year was negatively impacted by operating issues at all four mines.

?We continued to advance our Terronera and Parral projects, with additional engineering trade off studies completed for Terronera and continued exploration drilling at Parral during the Fourth Quarter.

Production Highlights for Fourth Quarter, 2019 (Compared to Fourth Quarter, 2018)

Silver production decreased 32% to 939,511 oz

Gold production decreased 27% to 9,578 oz

Silver equivalent production was 1.7 million oz (80:1 silver: gold ratio)

Silver oz sold decreased 17% to 1,050,157 oz

Gold oz sold decreased 9% to 10,803 oz

Bullion inventory at quarter-end included 89,677 oz silver and 287 oz gold

Concentrate inventory at quarter-end included 5,353 oz silver and 300 oz gold

Highlights for Fiscal 2019 (Compared to Fiscal 2018)

Silver production decreased 27% year-on-year to 4,018,735 oz

Gold production decreased 27% year-on-year to 38,907 oz

Silver equivalent production was 7.1 million oz (at a 80:1 silver: gold ratio)

Silver ounces sold totaled 4,054,652 oz

Gold ounces sold totaled 39,151 oz

Implemented operating improvements at all mines to generate free cash flow in 2020

Declared commercial production for El Compas at the end of Q1



Acquired final government permits required for construction at Terronera in Q2

Leased two properties adjacent to two orebodies at the Guanacevi mine and commenced exploration, development and production of these properties in Q3

Released positive exploration drill results for Guanacevi, Bolanitos and Parral

Advanced economic studies to further enhance and de-risk the Terronera project

Reported positive surface exploration results and commenced drilling of two highly prospective properties in Chile

Suspended mining operations at the El Cubo mine in Q4

Guanacevi

Production increased compared to Q4, 2018 primarily due to higher throughput and higher ore grades.er production attained the low range of revised 2019 guidance and gold production exceeded the high range of the revised guidance by 1%.

Bola

Production decreased compared to Q4, 2018 primarily due to lower throughput and lower silver and gold grades. Mine output declined year-on-year because the mine plan had to be re-sequenced to allow for blending of high and low arsenic ores, equipment availability issues and mine development fell behind plan which resulted in lack of access to ore.

El Compas

Production has no prior year for comparison but decreased compared to Q3, 2019 primarily due to lower grades, partly offset by slightly higher throughput. The grade variation reflects different parts of the Orito orebody.d plan by 8%, while gold recoveries fell short of plan by 3%. Final refining settlements on Q3 concentrate production resulted in lower gold contained than estimated. These adjustments are recognized in Q4 production results and impact reported recoveries. Going forward recoveries are expected to be

El Cubo

The Company suspended mining operations at the El Cubo underground mine on November 30, 2019 as reserves were exhausted.

Suspension costs are estimated to be approximately $3.5-4.0 million, primarily expensed in Q4, 2019, the bulk of which is final severance payments for most of the employees. Company management and contract personnel continue to maintain the security of the mine, plant and tailings facilities. Management is evaluating alternatives for the plant and related facilities including moving certain components to other mines or development projects such as Terronera and Parral to reduce their future capital costs. The mining equipment will be relocated to Endeavour?s other operating mines, particularly Bolanitos, to help facilitate increasing the mine output to fill the plants to their capacities.

Sustainability Highlights for 2019

Continued to focus sustainability efforts on our five pillars: safety & health, our people, the environment, local communities and positive economic impacts

Guanacevi, Bola

Ceased operations at the El Cubo Mine in a collaborative manner with the employees, provided a social plan to mitigate risks and addressed community concerns resulting from the suspension of mining operations

Made significant community donations including a recreational sports facility at El Cubo and partnered with the Culture and Education department of the Municipal Government to open a cultural community center at Bola

Carried out a Social Impact Study at Parral to identify and address important issues to the local community

Continued to engage with the surrounding communities of the Terronera Project including San Sebastian Del Oeste, San Felipe De Hijar, and Santiago De Pinos, and hosted multiple events and programs during 2019 to which over 1,000 locals attended

Invested in our scholarship program at Guanacevi, Bola

The Company planted 52,000 trees to reclaim disturbed ground at all our mines and projects

The 2019 Annual Review and Sustainability Report will be published in May 2020

Upcoming News

Endeavour expects to release the following news in Q1, 2020:

Year-end Mineral Reserve and Resource Estimates

2020 production and cost guidance

2020 exploration and development updates and ?Growth Strategy? webinar presentation

Updated Pre-Feasibility Study for Terronera

Initial Preliminary Economic Assessment for Parral

Update on Chile exploration program

2019 Year End Financial Results

About Endeavour Silver

SOURCE Endeavour Silver Corp.

Cautionary Note Regarding Forward-Looking Statements

This news release contains ?forward-looking statements? within the meaning of the United States private securities litigation reform act of 1995 and ?forward-looking information? within the meaning of applicable Canadian securities legislation. Such forward?looking statements and information herein include but are not limited to statements regarding Endeavour?s anticipated performance in 2020 including changes in mining operations and production levels, and the timing and results of various activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to changes in production and costs guidance, national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company?s title to properties; as well as those factors described in the section ?risk factors? contained in the Company?s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company?s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management?s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.



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published by: PresseBox
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Date: 01/13/2020 - 08:10
Language: English
News-ID 1555169
Character count: 13181
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Firma: Swiss Resource Capital AG
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Stadt: Vancouver, Canada
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