VANCOUVER, BC--(Marketwired - January 12, 2016) - Endeavour Silver Corp. (TSX: EDR) (NYSE: EXK) reports silver production was above guidance and gold production was in line with guidance in 2015. Endeavour owns and operates three silver mines in Mexico: the Guanaceví mine in Durango State and the Bolañitos and El Cubo mines in Guanajuato State.
In 2015, the Company produced 7,178,666 oz silver (on par with 2014) and 59,990 oz gold (down 5% compared to 2014). Silver equivalent production totalled 11.4 million oz at a 70:1 silver: gold ratio. In the Fourth Quarter, 2015, silver production was 1,732,765 ounces (oz) (14% lower compared to the Fourth Quarter, 2014) and gold production was 15,433 oz gold (up 2% compared to the Fourth Quarter, 2014).
Production Highlights for Fiscal 2015 (Compared to Fiscal 2014)
Production Highlights for Fourth Quarter, 2015 (Compared to Fourth Quarter, 2014)
Bradford Cooke, CEO and Director, commented, "Our mining operations group is to be commended for delivering another solid year of production in 2015. Guanaceví continued to perform better than plan and the completion of the Phase 2 mine expansion from 1,500 tpd to 2,200 tpd at El Cubo was a significant achievement, offsetting the planned lower production from Bolañitos.
"As precious metal prices continued their downturn in 2015, our main focus was on maintaining constant production, reducing operating costs and maximizing free cash flow. I am proud of our operating team for their ongoing efforts to reduce our all-in sustaining costs in this difficult environment. We remain committed to the process of continuous improvement at each of our mines."
Operating Highlights for 2015
Consolidated Production | ||||||
Three Months Ended Dec 31 | Q4 2015 Highlights | Year Ended December 31 | ||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | |
406,387 | 374,212 | 9% | Throughput (tonnes) | 1,563,802 | 1,404,406 | 11% |
1,732,765 | 2,009,172 | (14%) | Silver ounces produced | 7,178,666 | 7,212,074 | (0%) |
15,433 | 15,127 | 2% | Gold ounces produced | 59,990 | 62,895 | (5%) |
1,686,330 | 1,950,037 | (14%) | Payable silver ounces produced | 6,991,639 | 6,996,916 | (0%) |
15,073 | 14,557 | 4% | Payable gold ounces produced | 58,585 | 60,518 | (3%) |
2,813,075 | 3,068,062 | (8%) | Silver equivalent ounces produced(1) | 11,377,966 | 11,614,724 | (2%) |
1,682,572 | 2,000,253 | (16%) | Silver ounces sold | 7,301,698 | 6,539,686 | 12% |
15,255 | 13,635 | 12% | Gold ounces sold | 59,450 | 58,323 | 2% |
2015 Production by Mine | ||||||||
Production
by mine |
Tonnes
Produced |
Tonnes
per day |
Grade
Ag gpt (2) |
Grade
Au gpt (2) |
Recovery
Ag % |
Recovery
Au % |
Silver
Oz |
Gold
Oz |
Guanaceví | 431,431 | 1,182 | 295 | 0.62 | 84.1% | 85.9% | 3,440,748 | 7,390 |
Bolañitos | 455,226 | 1,247 | 118 | 1.99 | 83.9% | 82.3% | 1,449,773 | 23,966 |
El Cubo | 677,145 | 1,855 | 119 | 1.52 | 88.3% | 86.5% | 2,288,145 | 28,634 |
Consolidated | 1,563,802 | 4,284 | 167 | 1.41 | 85.4% | 84.7% | 7,178,666 | 59,990 |
Fourth Quarter Production by Mine | ||||||||
Production
by mine |
Tonnes
Produced |
Tonnes
per day |
Grade
Ag gpt (2) |
Grade
Au gpt (2) |
Recovery
Ag % |
Recovery
Au % |
Silver
Oz |
Gold
Oz |
Guanaceví | 105,039 | 1,142 | 269 | 0.61 | 83.9% | 86.2% | 761,769 | 1,775 |
Bolañitos | 103,878 | 1,129 | 90 | 1.88 | 83.6% | 82.3% | 251,363 | 5,166 |
El Cubo | 197,470 | 2,146 | 131 | 1.57 | 86.5% | 85.2% | 719,633 | 8,492 |
Consolidated | 406,387 | 4,417 | 156 | 1.40 | 84.9% | 84.3% | 1,732,765 | 15,433 |
1)
Silver equivalents based on a 70:1 gold:silver ratio
2)
gpt = grams per tonne
Guanaceví Mine
Bolañitos Mine
El Cubo Mine
El Cubo 2015 |
Tonnes
Produced |
Tonnes
per day |
Grade
Ag gpt |
Grade
Au gpt |
Recovery
Ag % |
Recovery
Au % |
Silver
Oz |
Gold
Oz |
Q1 | 138,610 | 1,540 | 113 | 1.46 | 88.5% | 84.7% | 445,827 | 5,510 |
Q2 | 156,780 | 1,723 | 112 | 1.51 | 83.4% | 85.4% | 470,683 | 6,502 |
Q3 | 184,285 | 2,003 | 124 | 1.54 | 88.7% | 89.1% | 652,002 | 8,130 |
Q4 | 197,470 | 2,146 | 131 | 1.57 | 86.5% | 85.2% | 719,633 | 8,492 |
2015 | 677,145 | 1,855 | 119 | 1.52 | 88.3% | 86.5% | 2,288,145 | 28,634 |
Terronera Project
Upcoming Releases
Endeavour plans to release its updated reserve and resource estimate and its 2016 outlook with production guidance within the next two weeks.
About Endeavour Silver - Endeavour Silver is a mid-tier silver mining company focused on growing production, reserves and resources in Mexico. Endeavour's three silver-gold mines in Mexico combined with its strategic acquisition and exploration programs should facilitate Endeavour's goal to become a premier senior silver producer.
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 2015 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, 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, 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 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.
Contact Information
- For more information, please contact:
Meghan Brown
Director Investor Relations
Toll free: (877) 685-9775
Tel: (604) 640-4804
Fax: (604) 685-9744
Email: [email protected]
Website: www.edrsilver.com