UPDATE: Endeavour Silver Sets New Production Records in Q4; Shares Up Almost 4%

By Midnight Trader,  January 10, 2012, 09:40:42 AM EDT

Endeavour Silver Corp. (EDR.TO) opened the session higher at $11.11, but has pared earlier gains and is now up almost 4% at $11.01 after announcing record-setting silver and gold production from its 2 operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State for the fourth quarter, 2011.

The company said that in the fourth quarter, silver production was up 25% to 1.1 million ounces and gold production was up 45% to 7,045 ounces compared to the previous year. Bradford Cooke, Chairman and CEO, said: "Our operations team is to be congratulated for doing yet another outstanding job in 2011. Thanks to the successful completion of our Guanajuato mine and plant expansion to 1000 tonnes per day (tpd) on time and budget, Endeavour continued its track record of meeting its production guidance and delivering growth for its shareholders. Our exploration team is also to be congratulated for discovering multiple new high grade veins at Guanajuato such as the thick, high grade Daniela vein. As a result of these discoveries, management was able to open the new Lucero South mine in 2010 and expand the Guanajuato plant capacity to 1600 tpd in 2011, thereby leaving the door open for future mine expansion."

More than 26.9 thousand EDR shares were traded so far.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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