Endeavour Silver Corp. (TSX:EDR)(NYSE Amex:EXK)(DBFrankfurt:EJD) announces that the Company set a new record for quarterly silver production in Q4, 2010, up 15% to 895,931 oz silver compared to Q4, 2009. Gold output also jumped to a new high in Q4, 2010, up 6% to 4,871 oz gold compared to Q4, 2009.
As a result, Endeavour delivered its sixth consecutive year of silver production growth, up 26% year-on-year to 3.3 million oz silver in 2010. In addition, gold output rose even more sharply, up 33% to 17,713 oz gold in 2010 compared to 2009. Using the recent silver: gold ratio of 50:1 (base metals not included as equivalents), Endeavour produced 4.2 million oz silver equivalents in 2010, up 24% compared to 2009.
Endeavour easily beat its production forecast of 3.1 million oz silver and 15,000 oz gold for 2010. These new records for silver and gold production can largely be attributed to the successful completion of the 2010 expansion programs at the Company's two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State.
Bradford Cooke, Chairman and CEO, commented, "Our mine operations teams are to be congratulated for doing a great job in 2010. Not only are the two mines operating more smoothly than ever, Guanacevi also reported its best ever safety record, with no lost time accidents in 2010. Due primarily to the successful completion of our mine and plant expansion to 1000 tonnes per day at Guanacevi last year, Endeavour was able to deliver its 6th consecutive year of production growth in 2010."
"We also succeeded in accelerating our mine development at Guanajuato thanks to our discovery of a number of new high grade veins, so that management is now able to consider a major plant expansion at Guanajuato for 2011. We therefore expect to achieve our 7th consecutive year of organic production growth this year. Substantial organic growth potential still remains to be realized at the two mines in order to reach their consolidated production capacity."
Endeavour plans to release its 2010 unaudited financial guidance and 2011 production forecast in mid-January; an overview of its 2010 exploration results later this month; followed by our annual update of NI 43-101 reserves and resources in late February-early March; and the 2010 audited financial results and outlook in late March, 2011.
Source: Endeavour Silver Corp.