Endeavour Silver Reports 9th Consecutive Year of Production Growth
in 2013 and Sets New Quarterly Production Record in 4th Quarter,
2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 9, 2014) -
Endeavour Silver Corp. (TSX:EDR)(NYSE:EXK) achieved its ninth
consecutive year of production growth in 2013, reporting record
production of 6,813,068 ounces (oz) silver and 75,578 oz gold. The
Company also set a new record for quarterly silver and gold
production in the Fourth Quarter, 2013 from the Company's three
operating silver mines in Mexico: the Guanaceví Mine in Durango
State and the Bolañitos and El Cubo Mines in Guanajuato State.
Silver production in the Fourth Quarter, 2013 was up 56% to
1,931,717 oz and gold production was up 37% to 17,686 oz compared
to the Fourth Quarter, 2012. Revenue was up 2% to approximately
US$67.9 million as a result of the increased precious metals
production, offset by lower metal prices.
Silver production in 2013 was up 52% to 6,813,069 oz and gold
production was up 95% to 75,578 oz compared to 2012. Revenue was up
33% to approximately US$276.8 million in 2013 as a result of the
increased precious metals production, again offset by lower metal
prices.
Production Highlights
for Fiscal 2013 (Compared to Fiscal 2012)
- Silver production increased 52% to 6,813,069 oz
- Gold production jumped 95% to 75,578 oz
- Silver equivalent production escalated 67% to 11.3 million oz
(at a 60:1 silver: gold ratio)
- Revenue rose 33% to an estimated $276.8 million on 7,151,963
silver oz and 81,119 gold oz sold
- Realized silver price fell 25% to $23.10 per oz sold
- Realized gold price fell 18% to $1,375 per oz sold
- Bullion inventory at year-end included 51,000 oz silver and 198
oz gold
- Concentrate inventory available for sale at year-end was
nil
Production Highlights
for Fourth Quarter, 2013 (Compared to Fourth Quarter,
2012)
- Silver production increased 56% to 1,931,717 oz
- Gold production jumped 37% to 17,686 oz
- Silver equivalent production escalated 49% to 3.0 million oz
(at a 60:1 silver: gold ratio)
- Revenue rose 2% to an estimated $67.9 million on 2,155,326
silver oz and 18,960 gold oz sold
- Realized silver price fell 38% to $20.52 per oz sold
- Realized gold price fell 28% to $1,246 per oz sold
- Plant throughputs, ore grades and metal recoveries were higher
at all three mines
- Bullion and concentrate inventories were sold to avoid the new
mining taxes effective at year-end
Bradford Cooke, CEO and Director, commented, "Endeavour's mining
operations delivered another exceptional year in 2013,
significantly outperforming our production guidance which we
revised upwards in September. Each of the three mines contributed
above their mine plans for the year, with higher plant throughputs,
ore grades and metal recoveries across the board. The Bolañitos
mine in particular deserves special mention for delivering more
than one million oz silver above plan in 2013."
"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. We
needed to enhance our cash flow to cover our planned expenditures
and we were successful notwithstanding the lower metals
prices."
"Management continues to focus on improving cash-flows by
reducing costs and increasing productivity where possible to offset
the still declining precious metals prices, especially at El Cubo.
I would like to thank all of our managers, employees and
contractors for their valuable contributions in helping the Company
navigate these difficult times."
Q4 2013 Highlights |
|
|
|
|
|
Three Months Ended Dec. 31 |
|
|
|
Year Ended Dec. 31 |
2013 |
2012 |
% Change |
|
Production |
|
2013 |
2012 |
% Change |
1,931,717 |
1,235,026 |
56% |
|
Silver ounces produced |
|
6,813,069 |
4,485,476 |
52% |
17,686 |
12,917 |
37% |
|
Gold ounces produced |
|
75,578 |
38,687 |
95% |
1,855,108 |
1,222,705 |
52% |
|
Payable silver ounces produced |
|
6,593,805 |
4,440,619 |
48% |
16,612 |
12,800 |
30% |
|
Payable gold ounces produced |
|
72,562 |
38,311 |
89% |
2,992,877 |
2,010,046 |
49% |
|
Silver equivalent ounces produced(1) |
|
11,347,749 |
6,806,696 |
67% |
|
|
67.9 |
66.7 |
2% |
|
Revenue ($ millions)(2) |
|
276.8 |
208.1 |
33% |
2,155,326 |
1,345,832 |
60% |
|
Silver ounces sold |
|
7,151,963 |
4,815,073 |
49% |
18,960 |
13,037 |
45% |
|
Gold ounces sold |
|
81,119 |
35,167 |
131% |
20.52 |
32.87 |
-38% |
|
Realized silver price per ounce |
|
23.10 |
30.99 |
-25% |
1,246 |
1,725 |
-28% |
|
Realized gold price per ounce |
|
1,375 |
1,674 |
-18% |
|
|
(1) |
Silver equivalent ounces calculated using
60:1 ratio |
(2) |
Revenue from the sale of concentrates is
subject to adjustments upon final settlement. Concentrate sales are
subject to mark-to-market accounting treatments resulting in
quarterly closing prices used for a significant portion of metal
sales. Reported revenue and realized prices include adjustments to
prior quarter sales on final settlement. |
|
|
Fourth Quarter Production Data |
Production by mine |
Tonnes Produced |
Tonnes per day |
Grade Ag gpt(1) |
Grade Au gpt(1) |
Recovery Ag % |
Recovery Au % |
Silver Oz |
Gold Oz |
Guanacevi |
121,008 |
1,315 |
272 |
0.69 |
81.5% |
85.2% |
861,495 |
2,275 |
Bolañitos(2) |
159,294 |
1,731 |
152 |
2.61 |
89.7% |
75.9% |
698,098 |
10,142 |
El Cubo |
99,178 |
1,078 |
118 |
1.77 |
98.9% |
93.4% |
372,124 |
5,269 |
Consolidated |
379,480 |
4,125 |
181 |
1.78 |
87.3% |
81.6% |
1,931,717 |
17,686 |
|
|
(1) |
gpt =
grams per tonnes |
(2) |
Includes 16,813 tonnes (183 tpd) processed at El Cubo |
|
|
2013 Production Data |
Production by mine |
Tonnes Produced |
Tonnes per day |
Grade Ag gpt(1) |
Grade Au gpt(1) |
Recovery Ag % |
Recovery Au % |
Silver Oz |
Gold Oz |
Guanacevi |
435,922 |
1,194 |
253 |
0.60 |
78.2% |
80.7% |
2,772,227 |
6,784 |
Bolañitos(3) |
710,708 |
1,947 |
149 |
2.63 |
84.6% |
86.0% |
2,881,816 |
51,652 |
El Cubo |
391,354 |
1,072 |
107 |
1.57 |
86.1% |
86.8% |
1,159,026 |
17,142 |
Consolidated |
1,537,984 |
4,214 |
168 |
1.78 |
82.1% |
85.6% |
6,813,069 |
75,578 |
|
|
(1) |
gpt =
grams per tonnes |
(3) |
Includes 150,526 tonnes (412 tpd) processed at El Cubo |
At Guanaceví, the plant operated well above plan in the Fourth
Quarter, 2013, processing over 1,300 tonnes per day (tpd) at higher
than planned grades and recoveries. As a result, Guanaceví achieved
record silver production in the Fourth Quarter, 2013 and reported
its highest ever annual production. Throughput, grades and
recoveries are expected to pull back closer to plan over the long
term.
At Bolañitos, mine output was reduced in November, 2013 to the
1,600 tpd capacity of the plant and grades and recoveries continued
to exceed plan. As a result, Bolañitos also set both quarterly and
annual production records in the Fourth Quarter, 2013. No excess
mine output is planned from Bolañitos near term to fill the El Cubo
plant to capacity, as the focus is now on expanding the El Cubo
mine output.
At El Cubo, the operational changes implemented over the past
year have gained traction and now appear to be sustainable.
Production grades continue to trend higher as the operation reduces
dilution and eliminates production from uneconomic stopes. Although
no new material was fed into the El Cubo leach circuit during the
Fourth Quarter, the plant continued to recover ounces from residual
material in the circuit, resulting in ~10% higher recoveries than
expected.
About Endeavour Silver - Endeavour is a mid-tier silver mining
company focused on growing its profits, production, reserves and
resources in Mexico. Since start-up in 2004, Endeavour has posted
nine consecutive years of accretive growth of its silver mining
operations. The organic expansion programs now underway at
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 2014 and the timing and results of exploration drill
programs. 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.
Endeavour Silver Corp.Meghan BrownDirector Investor
Relations(604) 640-4804 or Toll free: (877) 685-9775(604)
685-9744mbrown@edrsilver.comwww.edrsilver.com
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