Endeavour Silver Completes Feasibility Study on the Terronera Project in Jalisco State, Mexico. Robust Economics Supported by Larger Mineral Reserves, Higher Annual Silver Production and Longer Mine Life;
Video Webcast and Q&A at 7AM PDT (10AM EDT) Today
VANCOUVER, British Columbia, Sept. 09, 2021 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) is pleased to announce it has now completed a Feasibility Study (“FS”) on the 100% owned Terronera Project in Jalisco state, Mexico. Robust economics are supported by larger mineral reserves, higher annual production and longer mine life (“LOM”) compared to the 2020 Pre-Feasibility Study (“Endeavour Silver Corp. Terronera Project NI 43-101 Technical Report dated July 31, 2020) (“2020 PFS”).
The Feasibility Study supports a high grade, silver-gold underground mining operation at Terronera producing an average of 3.3 million payable ounces (“oz”) silver and 32,874 payable oz gold per year over a 12-year mine life. Endeavour management worked with Wood PLC for 12 months to complete the FS, which included comprehensive reviews of the construction, operations, and costs, to provide confidence for project completion within budget and on schedule. Endeavour Silver has commenced initial earthworks and intends to make a formal construction decision subject to completion of a financing package, and receipt of additional amended permits later this year. An additional $13 million budget has been approved to advance the initial earthworks, site clearing, temporary camp and ordering of long lead items for a cumulative 2021 development budget of $21 million approved to date.
Wood PLC will author the Technical Report in accordance with National Instrument 43-101, to be filed on SEDAR and EDGAR within 45 days of this news release.
The FS base case assumes a silver price of $20 per oz and a gold price of $1,575 per oz with an implied 79:1 silver to gold ratio, and a Mexican Peso to US Dollar exchange rate of 20:1. The FS also presents project sensitivities including a sensitivity scenario using a spot silver price of $24 per oz and a spot gold price of $1,800 per oz. All currency references herein are in US$.
A video webcast to discuss the results of the Feasibility Study is scheduled for today, Thursday September 9, 2021, at 7:00 a.m. Pacific time (10:00am Eastern time) with Chief Executive Officer, Dan Dickson. The investor presentation which accompanies this news release is available (here). All details with respect to participation in the webcast are outlined in the “2021 Feasibility Study Video Webcast” section below.
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