Endeavour produces 52967 oz gold in 2018
Endeavour Silver Corporation reports 2018 consolidated production of 5.5 million ounces (oz) silver and 52,967 oz gold, for silver equivalent production of 9.5 million oz at 75:1 silver: gold ratio. Silver production in the Fourth Quarter, 2018 was 1,386,505 oz and gold production was 13,117 oz, for silver equivalent production of 2.4 million oz.
Endeavour owns and operates three silver mines in Mexico, the Guanaceví mine in Durango State and the Bolañitos and El Cubo mines in Guanajuato state. Production from the three mines was higher in 2018 compared to 2017 but fell short of the Company’s 2018 production guidance.
The 7% improved production performance in 2018 compared to 2017 was due to higher mine output, silver and gold grades and recoveries at the El Cubo mine. The 7% production shortfall in 2018 compared to guidance was due to lower mine output and silver grades at Guanaceví, lower gold grades at Bolañitos and delays in achieving commercial production at El Compas.
Bradford Cooke, CEO, commented, "All in all, 2018 was quite a transition year for Endeavour Silver. We saw improved performance from El Cubo, but declining performance at Bolañitos, where new mineralized zones were discovered and at Guanaceví, where two new ore bodies are being developed.
The new El Compas mine completed its initial mine development but plant commissioning issues have delayed production. In October, Nick Shakesby was appointed new VP Operations to help make a positive difference in our mining operations. We also appointed Manuel Echevarria in May as VP New Projects to oversee the engineering and development of our new mines.”
“In 2019, we anticipate improving the performance of the Guanaceví and Bolañitos mines, making the most of our declining reserves at the El Cubo mine, delivering our first year of commercial production at El Compas and upon receiving a positive board decision, commencing the development of our fifth mine at Terronera.”