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Author Topic: EXK - Endeavour Silver Corporation - AMEX  (Read 13198 times)
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« Reply #15 on: August 10, 2013, 01:20:04 PM »

Endeavour Silver Reports Second Quarter, 2013 Financial Results

August 6, 2013

Endeavour Silver Corp. announced today its financial results for the Second Quarter, 2013 (reported in US$). Endeavour is a mid-cap silver mining company that owns and operates three underground silver-gold mines in Mexico, the Guanaceví mine in Durango state and the Bolañitos and El Cubo mines in Guanajuato state.

Highlights of Second Quarter, 2013 (Compared to Second Quarter, 2012)

•Net earnings decreased 133% to a loss of $0.4 million ($0.00 loss per share)
•Adjusted earnings(1) decreased 183% to a loss of $2.7 million ($0.03 loss per share)
•EBITDA(1) increased 1% to $16.6 million
•Cash flow from operations before working capital changes decreased 32% to $11.5 million
•Mine operating cash flow(1) increased 8% to $26.1 million
•Revenue increased 76% to $71.3 million on 1,787,571 silver oz sold and 25,477 gold oz sold
•Realized silver price fell 23% to $21.38 per oz sold
•Realized gold price fell 19% to $1,297 per oz sold
•Cash costs of production net of by-product gold credits(1) increased 93% to $10.53 per oz silver
•Cash costs of production on co-product basis were $14.75 per oz silver and $854 per oz gold
•Bullion inventory at quarter-end included 214,068 oz silver and 522 oz gold
•Concentrate inventory at quarter-end included 41,192 oz silver and 798 oz gold
•Cash and equivalents of $22.3 million and working capital of $16.1 million at quarter-end

•Silver production up 48% to 1,535,873 oz
•Gold production up 159% to 19,914 oz
•Silver equivalent production up 76% to 2.61 million oz (at a 60:1 silver:gold ratio)
•Reduced costs company-wide in response to the sharply lower metal prices
•Expanded production at Bolañitos to boost cash flow and offset lower metal prices
•Re-commissioned the newly rebuilt plant and infrastructure at El Cubo on time and budget
•Bolañitos placed 2nd, El Cubo 6th of 15 teams in regional underground mine safety competition

Mine Operations
For the quarter ended June 30, 2013, the Company generated revenue totaling $71.1 million (2012 - $40.4 million). During the period, the Company sold 1,787,571 oz silver and 25,477 oz gold at realized prices of $21.38 and $1,297 per oz respectively, compared to sales of 1,075,000 oz silver and 5,650 oz gold at realized prices of $29.21 and $1,599 per oz respectively in 2012. After cost of sales of $64.8 million (2012 - $20.9 million), mine operating earnings amounted to $6.4 million (2012 - $19.5 million).

Cash Flow
Mine operating cash flow before taxes was $19.8 million (2012 - $24.1 million), excluding depreciation and depletion of $13.1 million (2012 - $4.3 million), stock-based compensation of $0.2 million (2012 - $0.2 million), and a write-down of inventory of $6.4 million (2012 - $nil). The write-down was due to marking inventory to market at quarter-end and contributed to an operating loss of $2.4 million (2012 - earnings of $13.4 million), resulting in a net loss for the period ended June 30, 2013 of $0.4 million (2012 - earnings of $7.5 million).

Net Earnings
Net earnings included a mark-to-market derivative liability gain related to share purchase warrants issued in 2009 denominated in Canadian dollars, while the Company's functional currency is the US dollar. Under IFRS, these warrants are classified and accounted for as financial liability at fair market value with adjustments recognized through net earnings. The appreciation of these warrants resulted in a derivative liability gain of $1.5 million (2012 - $0.1 million). Therefore, the adjusted loss was $2.7 million ($0.03 per share) compared to earnings of $5.9 million ($0.07 per share).

Cash Costs
The cash costs of production, net of gold by-product credits, increased 93% to $10.53 per oz silver produced (2012 - $5.46), and on a co-product basis, cash costs were $14.75 per oz silver and $854 per oz gold. The higher cash costs were largely due to the lower gold credit, higher amortization and depletion related to the El Cubo acquisition and a mark to market write-down of the value of stockpiled ore, concentrate and bullion inventories due to the lower metal prices, partly offset by the increased contribution of the Bolañitos mine, the Company's lowest cost operation.


♦♦♦ Give me control of a nations money supply, and I care not who makes it’s laws... Mater Amschel Rothschild ♦♦♦
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« Reply #16 on: October 09, 2013, 09:41:22 AM »

Endeavour Silver Sets New Production Record In Third Quarter 2013

Third Quarter, 2013 Financial Results to be Released After Market on Tuesday, November 5; Conference Call on Wednesday, November 6, 2013

October 9, 2013

Endeavour Silver Corp. set new records for quarterly silver and gold production in the Third Quarter, 2013 from the Company's three operating silver mines in Mexico: the Guanaceví Mine in Durango State and the Bolañitos and El Cubo Mines in Guanajuato State.

Silver production in the Third Quarter, 2013 was up 63% to 1,855,846 ounces (oz) and gold production was up 95% to 22,947 oz compared to the Third Quarter, 2012. Revenue was up 31% to approximately US$67.8 million in the Third Quarter, 2013 as a result of the increased precious metal production, partially offset by lower metal prices.

Production Highlights for Third Quarter, 2013 (Compared to Third Quarter, 2012)
•Silver production increased 63% to 1,855,846 oz
•Gold production jumped 95% to 22,947 oz
•Silver equivalent production escalated 75% to 3.23 million oz (at a 60:1 silver: gold ratio)
•Revenue rose 31% to an estimated $67.8 million on 1,788,375 silver oz and 20,958 gold oz sold
•Realized silver price fell 21% to $22.60 per oz sold(2)
•Realized gold price fell 14% to $1,409 per oz sold(2)
•Bullion inventory at quarter-end included 365,481 oz silver and 2,176 oz gold
•Concentrate inventory at quarter-end included 19,645 oz silver and 297 oz gold
•Enhanced cash flow by increasing production tonnes and/or grades at all three mines
•Continued to cut costs through additional work-force reductions and operating efficiencies
•El Cubo and Bolañitos production and recoveries both benefitted from the clean-out of the leased Las Torres plant before it was returned to the owner in late July
•Increased 2013 production guidance as a result of the out-performance of the Bolañitos mine and the operational turn-around of the El Cubo mine

Bradford Cooke, CEO and Director, commented, "Our operations team continues to meet or beat their production targets. Production at each of the three mines was above plan for the quarter and we made a seamless transition from processing extra Bolañitos production through the Las Torres leased plant to filling the excess capacity at the newly rebuilt El Cubo plant."

"We are now half way through our two year operational turn-around at El Cubo and it appears to have turned the corner. I would like to credit our work force for making the changes needed to improve productivity. There is still much work to do but through continued co-operation, our goal is to continue improving the production grades and lowering the operating costs."

"Our exploration team also continued to deliver during the Third Quarter, drilling into four new high-grade mineralized zones, three at Bolañitos and one at El Cubo. Exploration drilling was shut down during Q3 to reduce discretionary expenditures but with the robust Q3 production results, drilling has now resumed at El Cubo and Bolañitos."

"Endeavour is now approaching its original production guidance for 2013 in just three quarters and we are on track to meet or beat our increased guidance targets for the year that were released in September. However, the Third Quarter production benefitted from the one time clean-out of the Las Torres plant so management cautions against using the Q3 production as a measure for Q4 production."


♦♦♦ Give me control of a nations money supply, and I care not who makes it’s laws... Mater Amschel Rothschild ♦♦♦
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« Reply #17 on: June 24, 2014, 12:32:29 PM »

Looks to be leveling off after a great month... Now in overbought territory...


♦♦♦ Give me control of a nations money supply, and I care not who makes it’s laws... Mater Amschel Rothschild ♦♦♦
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« Reply #18 on: August 17, 2015, 11:18:07 AM »

Endeavour Silver Drilling Intersects High Grade, Gold-Silver Mineralization In Three Historic Veins

August 17, 2015

Endeavour Silver Corporation announces that drilling on the Bolanitos property in Guanajuato State, Mexico has intersected high grade, gold-silver mineralization within three historic veins, San Ignacio-San Miguel, La Joya and Gabriela. Gabriela mineralization is adjacent to historic mine workings that are readily accessible for development.

Luis Castro, Vice President of Exploration, commented, "We are encouraged that our exploration drilling continues to find new zones of high grade mineralization at relatively shallow depths within historic veins on the Bolanitos property. The Gabriela mineralization sits adjacent to historic mine workings that should provide easy access for future mining if a large enough block of mineral can be outlined."

Godfrey Walton, M.Sc., P.Geo., Endeavour's President and COO, is the Qualified Person who reviewed and approved this news release and supervised the drilling programs in Mexico. A Quality Control sampling program of reference standards, blanks and duplicates has been instituted to monitor the integrity of all assay results. All samples are split at the local field office and shipped to ALS-Chemex Labs, where they are dried, crushed, split and 50 gram pulp samples are prepared for analysis. Gold and silver are determined by fire assay with an atomic absorption (AA) finish.


♦♦♦ Give me control of a nations money supply, and I care not who makes it’s laws... Mater Amschel Rothschild ♦♦♦
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