Endeavour Silver Produces over 4mn oz Silver
Endeavour Silver reports production of 4.0 million silver ounces (oz) and 38,907 gold oz in 2019, for silver equivalent production of 7.1 million oz at 80:1 silver: gold ratio. Silver production in the Fourth Quarter, 2019 was 939,511 oz and gold production was 9,578 oz, for silver equivalent production of 1.7 million oz.
Silver and gold production was lower in Q4, 2019 compared to Q4, 2018 due to the suspension of mining operations at the El Cubo mine during the quarter and lower throughput and grades at Bolanitos, partly offset by higher production at Guanacevi and new production at El Compas. The Company withdrew its revised guidance in Q4, 2019, silver production missed the low range of revised guidance by 4% and gold production missed the low range of revised 2019 production guidance by 2%.
Silver equivalent production was slightly lower in Q4, 2019 compared to Q3, 2019 due to the suspension of mining operations at the El Cubo mine on November 30th, 2019. Management initiated multiple measures at Guanacevi in Q2 and Bolanitos in Q3, 2019 to return the two operations to profitability. Continued improvement of tonnes mined, ore grades and oz produced are anticipated in 2020.
Bradford Cooke, Endeavour CEO, commented, “The Company’s performance last year was negatively impacted by operating issues at all four mines. We made sweeping changes to the mining operations in Q2 and Q3 and as a result, we are finally seeing production turning around, led by Guanacevi. Endeavour expects higher production at each of its three mines in 2020.”
“We continued to advance our Terronera and Parral projects, with additional engineering trade off studies completed for Terronera and continued exploration drilling at Parral during the Fourth Quarter. A final updated Pre-Feasibility Study for Terronera is being completed this month and an initial Preliminary Economic Assessment at Parral is expected in Q1, 2020.”
Key highlight Q4 says, 1: Silver production decreased 27% year-on-year to 4,018,735 oz, 2: Gold production decreased 27% year-on-year to 38,907 oz, 3: Silver equivalent production was 7.1 million oz (at a 80:1 silver: gold ratio), 4: Silver ounces sold totaled 4,054,652 oz & 5: Gold ounces sold totaled 39,151 oz
Implemented operating improvements at all mines to generate free cash flow in 2020.
