Endeavour Silver Produces 1,305,399 oz Silver and 10,541 oz Gold for 2.1 Million oz Silver Equivalents in Q3, 2021; 2021 Consolidated Production Guidance Raised to 7.7 – 8.0 Million oz Silver Equivalents
October 07, 2021
VANCOUVER, British Columbia, Oct. 07, 2021 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) reports production of 1,305,399 silver ounces (oz) and 10,541 gold oz in Q3, 2021, for silver equivalent (“AgEq”) production of 2.1 million oz at an 80:1 silver:gold ratio, totaling 6.1 million AgEq oz for the 9 months ended September 30, 2021.
Management has increased 2021 consolidated production guidance to 7.7 – 8.0 million oz silver equivalents to reflect continued strong performance at Guanacevi due to higher than expected grades and tonnage milled. Full details are provided in the section, “Revision to Full Year 2021 Guidance” in this news release.
2021 Third Quarter Highlights
- Consolidated Production Ahead of Plan: Silver equivalent production at each mine is on track to meet or exceed 2021 production plans.
- Guanacevi Production Ahead of Plan: Higher throughput and higher silver and gold grades resulted in record production during the quarter, ahead of the annual plan. Based on continued strong performance, the operations team has significantly improved the production outlook for the full year, resulting in an estimated 20% increase in silver equivalent metal.
- Bolanitos Production on Plan: Processed tonnes were ahead of plan, offset by lower ore grades.
- El Compas Suspended: Final stockpiles were processed subsequent to the suspension of operations in early August. Most of the company personnel have been transferred to other sites or laid off, while the mine and plant have been placed on temporary care and maintenance. Management is evaluating several opportunities.
- Metal Sales and Inventories: Sold 699,540 oz silver and 9,925 oz gold, held 1,030,304 oz silver and 1,211 oz gold of bullion inventory and 37,100 oz silver and 2,028 oz gold in concentrate inventory. Management continued to withhold metal from sale during the price correction over the third quarter and plans to sell the withheld metal inventory in anticipation of a precious metal prices rebound.
- Robust Economics in the Terronera Feasibility Study: Favorable outcomes including improved confidence in the project cost, design and operability provide a strong position for securing project financing. The Terronera Project Technical Report, authored in accordance with National Instrument 43-101, will be filed on SEDAR and EDGAR by October 24, 2021.
- Acquired Bruner Gold Project in Nye County, Nevada: Completed the acquisition of an advanced stage gold exploration project in a favourable jurisdiction for US$10 million in cash.
Dan Dickson, CEO, commented, “We are well positioned to exceed our original full year consolidated production guidance, which has led to the decision to formally revise our annual targets. Our 2021 business plan shows strong performance, which has resulted in higher production than last year, despite suspending operations at the small El Compas mine. This reaffirms an important year of investment into our people and culture programs to ensure the long-term sustainability of our operations.”
“Entering the fourth quarter, we are also continuing with our exploration programs and anticipate releasing additional drill results at Terronera, building on the encouraging regional results we announced previously this year. We are advancing the Terronera development and continue to negotiate critical contracts, procure various long lead equipment items and general mine equipment, are increasing the work force and preparing for early earth works.”
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