Apr. 11, 2011 (Marketwire) --
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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/11/11 -- Endeavour Silver Corp. (TSX:EDR)(NYSE Amex:EXK)(DBFrankfurt:EJD) announced today that the Company set new records for silver and gold production in the First Quarter, 2011 from the Company's two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State.
Silver production was up 17% to 900,133 ounces (oz) and gold production was up 33% to 5,008 oz compared to the First Quarter 2010. Revenues were up 95% to $35.4 million thanks to both the higher metal production and higher realized metal prices.
Production Highlights of First Quarter 2011 (Compared to First Quarter 2010)
-- Silver production increased 17% to 900,133 oz
-- Gold production rose 33% to 5,008 oz
-- Silver and equivalents production escalated 20% to 1.1 million oz (at a
40:1 silver:gold ratio)
-- Revenues jumped 95% to $35.4 million
-- Realized silver price rose 96% to $33.18 per oz sold (4.1% above average
spot price for Q10)
-- Realized gold price rose 28% to $1,413 per oz sold (1.9% above average
spot price for Q10)
Production Table for First Quarter 2011
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Tonnes Tonnes Grade Grade Recovery Recovery Silver Gold
Mine Produced per day Ag g/t Au g/t Ag % Au % Oz Oz
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Guanacevi 91,104 1,012 307 0.70 73.8 85.4 663,202 1,750
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Guanajuato 50,838 565 184 2.53 78.8 78.8 236,931 3,258
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Consolidated 141,942 1,576 263 1.36 75.0 81.0 900,133 5,008
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Godfrey Walton, President and COO, stated, "Endeavour reported its best-ever quarter of silver and gold production in Q1, 2011. With plant throughput up sharply year-on-year and silver recoveries up slightly quarter-on quarter, we are right on track to meet our production forecast of 3.7 million oz silver in 2011. As a result of our record production and rising precious metal prices, the Company also set new records for revenues and realized metal prices per ounce sold during the First Quarter."
"Like 2010, the production in 2011 is expected to be relatively flat in Q1 and Q2 as the Company focuses on its capital expansion programs but should increase thereafter once the Guanajuato plant expansion from 600 tonnes per day (tpd) to 1000 tpd is completed in Q3, 2011. That capital project is well underway and is on schedule and budget. All required mill equipment has been purchased, including a refurbished 900 tpd ball mill, cone crusher, conveyors, cyclones and flotation cells. All of the equipment is now on site with the exception of the ball mill which is scheduled to be delivered in Q2."
"The dry stack tailings capital project at Guanacevi is also on time and budget, the design work is complete the filter presses have been ordered and completion is expected in Q3 2011. The new 115 Kva power line is currently being designed with installation scheduled for commencement this quarter and completion late this year. Mine development will accelerate at both mines once new equipment and new miners arrive at the mine-sites. Both the Santa Cruz mine at Guanacevi and the Lucero South mine at Guanajuato are being actively developed for production this year.
At Guanacevi, the Porvenir Norte ore-body continues to dominate production with Porvenir Dos ores complementing it. At Guanajuato, the Lucero vein continues to contribute significantly to production with the balance of ore coming from Cebada and Bolanitos."
Godfrey Walton, M.Sc., P. Geo., the President and COO for Endeavour, is the Qualified Person who reviewed this news release and oversaw the mining operations.
ENDEAVOUR SILVER CORP.
BRADFORD COOKE, Chairman and CEO
About Endeavour Silver Corp. - Endeavour Silver is a mid-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted six consecutive years of growing silver production, reserves and resources. The organic expansion programs now underway at Endeavour's two operating silver mines in Mexico combined with its strategic acquisition and exploration programs should help Endeavour achieve its goal to become the next premier mid-tier silver mining company.
