Endeavour’s gold and silver production increases in 2013

12 January 2014 (Last Updated January 12th, 2014 18:30)

Endeavour Silver has reported a 52% rise in silver production to 6.8 million ounces and a 95% increase in gold production to 75,578oz in 2013.

Endeavour Silver has reported a 52% rise in silver production to 6.8 million ounces and a 95% increase in gold production to 75,578oz in 2013.

Silver production in Q4 of 2013 increased 56% to 1.9 million ounces and gold production grew by 37% to 17,686oz.

Endeavour operates three silver mines in Mexico, namely the Guanaceví mine in Durango State and the Bolañitos and El Cubo mines in Guanajuato State.

Guanaceví mine processed more than 1,300t per day (tpd) in Q4 at higher grades and recoveries than expected.

"We needed to enhance our cash flow to cover our planned expenditures and we were successful."

Endeavour said that mine output at Bolañitos was reduced in November 2013, to the 1,600tpd capacity of the plant and that grades and recoveries continued to exceed the plan.

Operational changes implemented at El Cubo over the past year appear to be sustainable.

The company said that production grades continue to trend higher, as the operation reduces dilution and eliminates production from uneconomic stopes.

Endeavour Silver CEO and director Bradford Cooke said that each of the mines had performed above their plans for 2013, with higher plant throughputs, ore grades and metal recoveries.

"Last year was a challenging one for the mining industry given the sharp sell-off in precious metals prices and especially so for Endeavour, as we launched a major mine and plant reconstruction program at El Cubo, which we completed on time and under budget," Cooke said.

"We needed to enhance our cash flow to cover our planned expenditures and we were successful notwithstanding the lower metals prices."

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