Endeavour Silver Corp (TSE:EDR) (NYSE:EXK) has said that it had significantly lifted bullion production and revenues for the first quarter ended March 31, but warned that some lost production days are anticipated in the second quarter during the re-commissioning of the El Cubo plant in Guanajuato State.
The precious metals miner said it planned on strong first quarter production to compensate for a possible dip in second quarter output related to the plant and surface infrastructure rebuilding programs at El Cubo.
The company has three operating silver mines in Mexico: the Guanacevi mine in Durango State and the Bolanitos and El Cubo Mines in Guanajuato State.
Silver production in the first quarter was up 39% to 1.48 million ounces from 1.07 million ounces a year earlier and gold production more than doubled year-over-year to 15,032 ounces, from 6,3201 ounces.
Revenues increased 42% to US$69.9 million, from $49 million in the year-ago period, thanks to the increased metal production and some sales of accumulated concentrate, partly offset by lower metal prices, the company said.
In the first quarter, silver and equivalents production escalated 63% to 2.32 million ounces year-over-year.
"Endeavour's mining operations enjoyed a good start to 2013 with record quarterly silver and gold production in the first quarter,” said president and COO Godfrey Walton.
“Guanacevi rebounded from a slow start with better than planned silver grades and recoveries thanks to the commencement of production at the Porvenir Cuatro mine.
"Bolanitos continued to exceed expectations with higher than planned mine output, the extra ore being processed at the leased Las Torres plant near El Cubo and the extra concentrates being sold thanks to two new concentrate sales contracts.”
Indeed, the miner signed two new concentrate sales contracts for Bolanitos in the quarter, in order to facilitate higher production. Revenue is subject to adjustment upon final settlement in the second quarter, it said, including metal prices.
Endeavour said that the realized silver price fell 11% to $29.38 per ounce sold, two-per-cent below the average price for the quarter, while the average realized gold price fell four per cent to $1,686 per ounce sold, one per cent lower than the average price in the quarter.
As at the quarter’s end, the company said bullion inventory included 234,970 ounces of silver and 2,091 ounces of gold. Concentrate inventory included 321,487 ounces of silver and 5,589 ounces of gold.
Endeavour Silver is a mid-tier silver mining company focused on the growth of its silver production, reserves and resources in Mexico. - Bullion street
The precious metals miner said it planned on strong first quarter production to compensate for a possible dip in second quarter output related to the plant and surface infrastructure rebuilding programs at El Cubo.
The company has three operating silver mines in Mexico: the Guanacevi mine in Durango State and the Bolanitos and El Cubo Mines in Guanajuato State.
Silver production in the first quarter was up 39% to 1.48 million ounces from 1.07 million ounces a year earlier and gold production more than doubled year-over-year to 15,032 ounces, from 6,3201 ounces.
Revenues increased 42% to US$69.9 million, from $49 million in the year-ago period, thanks to the increased metal production and some sales of accumulated concentrate, partly offset by lower metal prices, the company said.
In the first quarter, silver and equivalents production escalated 63% to 2.32 million ounces year-over-year.
"Endeavour's mining operations enjoyed a good start to 2013 with record quarterly silver and gold production in the first quarter,” said president and COO Godfrey Walton.
“Guanacevi rebounded from a slow start with better than planned silver grades and recoveries thanks to the commencement of production at the Porvenir Cuatro mine.
"Bolanitos continued to exceed expectations with higher than planned mine output, the extra ore being processed at the leased Las Torres plant near El Cubo and the extra concentrates being sold thanks to two new concentrate sales contracts.”
Indeed, the miner signed two new concentrate sales contracts for Bolanitos in the quarter, in order to facilitate higher production. Revenue is subject to adjustment upon final settlement in the second quarter, it said, including metal prices.
Endeavour said that the realized silver price fell 11% to $29.38 per ounce sold, two-per-cent below the average price for the quarter, while the average realized gold price fell four per cent to $1,686 per ounce sold, one per cent lower than the average price in the quarter.
As at the quarter’s end, the company said bullion inventory included 234,970 ounces of silver and 2,091 ounces of gold. Concentrate inventory included 321,487 ounces of silver and 5,589 ounces of gold.
Endeavour Silver is a mid-tier silver mining company focused on the growth of its silver production, reserves and resources in Mexico. - Bullion street
