Endeavour Silver (
TSX:EDR,
Stock Forum), owner and operator of three mines in Mexico in both the Durango and Guanajuato states, announced a productive quarter yesterday, stating that it was trending ahead of its guidance year to date.
According to the
news release, the company increased silver production during the quarter by 9% to 1,669,609 ounces compared to the matching 2013 quarter while on the other hand gold production fell 24% to 15,136 ounces.
Sales were down for both silver and gold with silver slipping 1% to 1,774,306 ounces and gold dropping 42% to 14,688 ounces. Quarter-end bullion inventory was listed at 119,866 ounces silver and 272 ounces gold with concentrate inventory for the same period including 86,724 ounces silver and 1,266 ounces gold.
Company CEO, Bradford Cooke, commented on the company’s performance, “Our second quarter silver production improved year-on-year but pulled back from the out-performance of our first quarter production, closer to our plan for 2014.”
He went on to explain, “Quarterly gold production was lower compared to last year primarily due to the over-production of the Bolanitos mine in 2013. Production remains ahead of guidance year to date, and safety remains our top priority.”
Then he concluded, “With all three mines performing well, we turned our focus in Q2, 2014 back to exploration. We now have a total of 12 drill rigs working at the three mines plus our emerging new high grade silver-gold discovery on the San Sebastián property.”
Traders seemed happy with the company’s report and gave it a considerable boost in the market today pushing share prices to a 52-week high.
Endeavour Silver was in the news recently when
the company announced intersecting high-grade silver-gold mineralization in the La Luz-Asuncion Vein at Bolanitos Mine at the end of June.
Shares climbed 7.47% on the news to $6.62 per share.
Currently there are 101.3m outstanding shares with a market cap of $670.3 million.