🕐13.01.10 - 20:04 Uhr
Endeavour Silver Sets New Record for Mine Production in Q4, 2009, Silver Up 12%
to 779,345 oz, Gold Up 90% to 4,591 oz
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Endeavour Silver Sets New Record for Mine Production in Q4, 2009,
Silver Up 12% to 779,345 oz, Gold Up 90% to 4,591 oz;
Delivers Fifth Consecutive Year of Production Growth in 2009,
Silver Up 11% to 2.6 Million oz, Gold Up 66% to 13,298 oz;
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Vancouver, Canada - January 13, 2010 - Endeavour Silver Corp.
(EXK:
NYSE-Amex, EDR: TSX, EJD: DB-Frankfurt, EDR.WT: TSX) announces that
the Company set a new record for silver production in Q4, 2009, up
12% quarter-on-quarter to 779,345 oz silver.
Gold production also
jumped to a new quarterly high, up 90% to 4,591 oz gold in Q4, 2009.
Endeavour delivered its fifth consecutive year of silver production
growth in 2009, up 11% year-on-year to 2.6 million oz silver.
In
addition, gold production rose even more sharply, up 66% to 13,298 oz
gold in 2009 compared to 2008.
Using the current silver:gold ratio of
62:1 (base metals not included as equivalents), Endeavour produced 3.4
million oz silver equivalents in 2009, up 21% compared to 2008.
These new Company highs for silver and gold production can largely be
attributed to the successful expansion programs at the Companys two
operating silver mines in Mexico, the Guanacevi Mine in Durango State
and the Guanajuato Mine in Guanajuato State.
Substantial organic
growth potential remains to be realized at the two mines in order to
reach their +4 million oz per year capacity.
Endeavour also enjoyed its best-ever unaudited quarterly and annual
financial results in 2009 since the commencement of mining operations
in 2004.
Although the annual audited financial statements will not be
ready until late March, based on production and sales results to
December 31, 2009, management provides the following estimates of
financial results for fiscal 2009: sales revenues will exceed US$50
million, costs of sales are expected to be less than US$31 million, Q4
cash costs should come in below the US$5.20 per oz recorded in Q3 and
average around US$6 per oz silver for 2009.
To view a video with Chairman and CEO Bradford Cookes commentary on
the 2009 production data, click here:
http://www.edrsilver.com/i/media/2010-01-13_NRV.html
Bradford Cooke, Chairman and CEO, commented, "We are happy to announce
that Endeavour delivered its fifth consecutive year of production
growth in 2009.
We also succeeded in driving our cash costs of silver
production down to almost half of where they were 18 months ago.
Our
mine operations teams are to be congratulated for doing a great job in
2009, notwithstanding the difficult start to the year thanks to the
global financial crisis and various operating issues that resulted in
several days of lost production."
"Management is of the belief that the silver price will continue to
appreciate in 2010 so we plan to continue accelerating our exploration
drilling, mine development and plant refurbishment programs this year
in order to ensure continued aggressive production growth.
We expect
to achieve our 6th consecutive year of organic production growth this
year as well as growth through acquisitions in 2010."
Endeavour plans to release an overview of its 2009 exploration
activities including new drilling results within the next two weeks; a
more detailed review of its 2009 mining operations and 2010 production
forecast in February; the annual update of NI 43-101 reserves and
resources by early March; and the 2009 audited financial results and
outlook will be released in late March, 2010.
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 five consecutive years of
growing silver production and resources.
The organic expansion
programs now underway at Endeavours two operating silver mines in
Mexico combined with its strategic acquisition program should help
propel Endeavour 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 Toll free:
877-685-9775, tel: (604) 685-9775, fax: (604) 685-9744, email
or visit our website, www.edrsilver.com.
The TSX
Exchange has neither approved nor disapproved the contents of this news
release.
CAUTIONARY DISCLAIMER - 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 Endeavours anticipated performance in 2010,
including silver and gold production, timing and expenditures to
develop new silver mines and mineralized zones, silver and gold grades
and recoveries, cash costs per ounce, capital expenditures and
sustaining capital and the use of proceeds from the Companys recent
financing.
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: fluctuations in the
prices of silver and gold, fluctuations in the currency markets
(particularly the Mexican peso, Canadian dollar and U.S.
dollar);
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 (including environmental hazards,
industrial accidents, unusual or unexpected geological conditions,
pressures, cave-ins and flooding); inadequate insurance, or inability
to obtain insurance; availability of and costs associated with mining
inputs and labour; the speculative nature of mineral exploration and
development, diminishing quantities or grades of mineral reserves as
properties are mined; the ability to successfully integrate
acquisitions; risks in obtaining necessary licenses and permits, and
challenges to the companys title to properties; as well as those
factors described in the section "risk factors" contained in the
Companys most recent form 40F/Annual Information Form filed with the
S.E.C.
and Canadian securities regulatory authorities.
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.
View News Release in PDF Format:
http://www.edrsilver.com/i/pdf/2010-01-13_NR.pdf
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7 seconds to download at 56.6Kbps
You can also view this News Release on our website at:
http://www.edrsilver.com/s/NewsReleases.asp?ReportID=380061
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Copyright (c) 2010 ENDEAVOUR SILVER CORP.
(EDR) All rights reserved.
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