Silver production in the Second Quarter, 2018 increased 19% to 1,355,895 ounces (oz) compared to 1,143,788 oz silver in Q2, 2017 and gold production rose 5% to 13,674 oz compared to 13,058 oz gold in Q2, 2017, resulting in silver equivalent production of 2.4 million oz using a 75:1 silver-gold ratio.
Silver production was higher in Q2, 2018 compared to Q2, 2017 primarily due to higher mine output and ore grades at El Cubo. The Guanacevi mine continued in recovery mode as production was flat but mine development increased in Q2, 2018.
Production Highlights for Second Quarter, 2018 (Compared to Second Quarter, 2017)
Silver production increased 19% to 1,355,895 oz
Gold production increased 5% to 13,674 oz
Silver equivalent production was 2.4 million oz (at a 75:1 silver: gold ratio)
Silver oz sold increased 27% to 1,258,617 oz
Gold oz sold increased 12% to 13,800 oz
Bullion inventory at quarter-end included 176,452 oz silver and 265 oz gold
Concentrate inventory at quarter-end included 53,810 oz silver and 827 oz gold
Bradford Cooke, Endeavour CEO, commented, ?Our Second Quarter, 2018 production was much improved over Q2, 2017, continuing the trend established in the First Quarter 2018.
?El Cubo is currently performing ahead of plan and Guanacevi is still lagging behind plan but with mine development up in Q2, 2018, and the Milache orebody coming into production, Guanacevi mine output should improve in Q3, 2018.
?Several catalysts are expected in Q3, 2018 to move our fifth and largest mine project at Terronera towards a development decision.
Operations Summary for Second Quarter, 2018
At Guanacevi, mine output was lower in Q2, 2018 compared to Q2, 2017 due to restricted ore access related to certain operating issues that slowed mine development in 2017, and the reallocation of mine personnel to implement a productivity optimization program in 2018. tion. Management anticipates silver production will improve in Q3, 2018 due to increased mine development in Q2, 2018, completion of the productivity optimization program and commencement of production of development ore from the Milache ore body in Q3, 2018.
At El Cubo, mine output, silver grades and gold grades were all higher, Q2, 2018 compared to Q2, 2017, which resulted in a sharp increase in production in Q2, 2018.
The El Compas mine development project remains on track for commercial production by the end of July. Mining and stockpiling of ore commenced and commissioning of the plant was initiated in Q2, 2018 using low grade ore.ramping up throughput to achieve commercial production at the PEA target capacity of 250 tonnes per day by the end of July.
Release of Second Quarter, 2018 Financial Results and Conference Call
The 2018 Second Quarter Financial Results will be released before market on Thursday, August 2, 2018 and a telephone conference call will be held the same day at 10:00am PT (1:00pm ET). To participate in the conference call, please dial the numbers below. No pass-code is necessary.
Toll-free in Canada and the US: 1-800-319-4610
Local Vancouver: 604-638-5340
Outside of Canada and the US: +604-638-5340
A replay of the conference call will be available by dialing 1-800-319-6413 in Canada and the US (toll-free) or +604-638-9010 outside of Canada and the US. The required pass-code is 2443#. The audio replay and a written transcript will be available on the Company''s website atwww.edrsilver.com under the Investor Relations, Events section.
About Endeavour Silver ? Endeavour Silver Corp. is a mid-tier precious metals mining company with three high-grade, underground, silver-gold mines in Mexico. The Company is forecasting 20% production growth to 10.2-11.2 million oz silver equivalent in 2018. Endeavour is currently developing its fourth mine at El Compas, permitting its fifth mine at Terronera and exploring its organic portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer.
SOURCE Endeavour Silver Corp.
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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 2018, the timing and results of various future activities, the reliability of Mineral Reserve and Resource estimates, the economic analysis and proposed development new mines.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, the reliability of Mineral Reserve and Resource estimates, operational plans and economic analysis, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico, 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 reliability of Mineral Reserve and Resource estimates, operational plans and economic analysis, 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. 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.
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