🕐18.11.09 - 16:09 Uhr
Endeavour Silver Acquires Option to Purchase the San Juanico Properties Adjacent
to El Cometa Property, Parral District, Chihuahua State, Mexico
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Endeavour Silver Acquires Option to Purchase the San Juanico
Properties Adjacent to El Cometa Property, Parral District,
Chihuahua State, Mexico
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Vancouver, Canada - November 18, 2009 - Endeavour Silver Corp.
("Endeavour" or the "Company") (EXK: NYSE-Amex, EDR: TSX, EDR.WT: TSX,
and EJD: DB-Frankfurt) announces that it has acquired an option to
purchase the San Juanico properties, located adjacent to the El Cometa
property, part of Endeavours Parral exploration project near the city
of Hidalgo de Parral, Chihuahua State, Mexico.
The San Juanico mine properties (including the Ampliacion de San
Juanico, Dolores and El Jazmin concessions) cover approximately 800
meters (17.1 hectares or 42.4 acres) along the trend of the mineralized
Esmeralda vein structure to the north of and adjoining the El Cometa
property at Parral.
To see the San Juanico maps, click here
http://www.edrsilver.com/s/ParralMine.asp.
To view a video with Chairman and CEO Bradford Cookes commentary on
the acquisition click here:
http://www.edrsilver.com/i/media/2009-11-18_NRV.html.
Two small mine shafts, San Juanico and Dolores, had a history of
small-scale production down to 100 and 150 meter depths respectively
and the upper mine levels were until recently producing approximately
25 tonnes per day of silver-rich lead-zinc-gold ores for processing at
the nearby 500 tonne per day SGM plant owned by the government.
Endeavour acquired the El Cometa property in 2006 and carried out three
phases of surface exploration drilling in 2007 and 2008.
As of
December 31, 2007, an NI 43-101 report prepared by SRK (released on
March 3, 2008 and filed on SEDAR) estimated mineral resources for El
Cometa as follows:
View Table: El Cometa Mineral Resource Estimate, 31 December 2007
http://www.edrsilver.com/i/pdf/2009-11-18_NR.pdf
Subsequent to this report, Endeavour drilled 7 additional holes in 2008
and re-estimated the resource at El Cometa as of December 31, 2008
(released on March 23, 2009) based on lower metal prices and a higher
cut-off grade as follows:
View Table: El Cometa Resource Estimate, 31 December 2008
http://www.edrsilver.com/i/pdf/2009-11-18_NR.pdf
Drilling highlights from El Cometa include intercepts of up to 362 gpt
silver, 4.7 gpt gold, 3.1% lead and 2.1% zinc over 2.2 meters true
width in hole CM17-3; and 50 gpt silver, 1.0 gpt gold, 5.4% lead and
3.0% zinc over 6.2 meters true width in hole CM15-2.
Endeavours exploration team believes the resource potential of the San
Juanico properties is substantial because the historic and recently
producing mineralized veins on the San Juanico property appear to be
simple extensions of the mineralized veins drilled next door on the El
Cometa property.
As was the case with El Cometa prior to its
acquisition by Endeavour, the mineralized veins at San Juanico have
never been explored by drilling.
The best model for the San Juanico-El Cometa mineralized vein system
may be the La Esmeralda mine located only 2 km south of El Cometa along
the same Esmeralda vein system.
The Esmeralda mine produced
approximately 4 million tonnes of ore grading 6% combined Pb-Zn, 100
gpt Ag and 0.5 gpt Au from 10 mine levels to 600 meters in depth in the
1950s to the 1980s.
Bradford Cooke, Chairman and CEO, commented, "We view the acquisition
of the San Juanico properties as a very attractive opportunity to
extend the resources on the El Cometa property onto the San Juanico
properties.
If we can double the current resources to 3 million
tonnes, then these properties should have sufficient critical mass to
conduct a preliminary economic assessment.
San Juanico enjoys
excellent access and infrastructure, being located on the outskirts of
the city of Hidalgo de Parral less than two kilometers from the
government process plant."
Endeavour can acquire a 100% interest in the San Juanico properties by
making US$130,000 in cash payments over 18 months and a final payment
in 24 months of a minimum US$300,000 to a maximum of US$1.9 million
based on the NI 43-101 compliant silver-equivalent resources (using
only gold as an equivalent based on price ratio of silver and gold).
Endeavour has also entered into a joint venture agreement with the
current owner of San Juanico to share in the development of and
production from the properties during the 24 month option period.
The
Company has advanced the owner US$150,000 as a loan to rent or purchase
mining equipment and supplies sufficient to redevelop the San Juanico
mine back into small scale production.
The loan is secured by a first
mortgage on the San Juanico properties.
The Company plans to commence its Phase 1 exploration drilling program
at San Juanico in Q1, 2010.
Barry Devlin, M.Sc., P.
Geo., the Vice
President of Exploration for Endeavour, is the Qualified Person who
reviewed this news release and supervised the drilling programs at the
El Cometa Project.
Endeavour Silver Corp.
is a small-cap silver mining company focused on
the growth of its silver production, reserves and resources in Mexico.
Since start-up in 2004, Endeavour has posted four consecutive years of
aggressive silver production and resource growth.
The organic
expansion programs now underway at Endeavours two operating silver
mines in Mexico combined with its strategic acquisition program should
help Endeavour achieve its goal to become the next premier mid-tier
primary silver producer.
ENDEAVOUR SILVER CORP.
Per:
/s/ "Bradford J.
Cooke"
BRADFORD COOKE
Chairman and CEO
For more information, please contact Hugh Clarke at Toll free:
877-685-9775, tel: (604) 685-9775, fax: (604) 685-9744, email
or visit our website, www.edrsilver.com.
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 planned work programs.
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 risk factors herein include, but are not limited to,
fluctuations in future metal prices and exchange rates, uncertainties
inherent in the estimation of reserves and resources and the
availability of capital.
Such factors are described in the section
"risk factors" contained in the Companys most recent Annual
Information Form filed with Canadian securities regulatory authorities
and Form 40 F filed with the United States Securities and Exchange
Commission.
Mineral resources do not have demonstrated economic
viability.
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.
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.
Accordingly, readers should not place
undue reliance on forward-looking statements or information.
view News Release in PDF Format:
http://www.edrsilver.com/i/pdf/2009-11-18_NR.pdf
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You can also view this News Release on our website at:
http://www.edrsilver.com/s/NewsReleases.asp?ReportID=372400
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Copyright (c) 2009 ENDEAVOUR SILVER CORP.
(EDR) All rights reserved.
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