Endeavour Silver output drops in Q3
Shares in Endeavour Silver (TSX:EDR), (NYSE:EXK) were slightly down in pre-market trading Tuesday morning after the Canadian miner reported a significant output drop for the grey precious metal in the July to Sept. quarter of the year from its three operating mines in Mexico.
Silver output plunged 29% to 1,284,646 ounces in the July to Sept. quarter this year, compared to the same period in 2015. Gold production, in turn, decreased 6% to 14,364 ounces, the miner said.
The Vancouver-based miner currently has eight drill rigs working on five projects to grow its resource base.
Despite the lower numbers, the Vancouver-based company noted it remains on track to meet full year revised guidance of 5.5-6.0 million ounces of silver, 49,000-54,000 ounces gold and 9.0-9.8 million ounces of silver equivalents.
After a cautious start of the year, when it slashed output at some of its mines due to soft silver prices, Endeavour Silver is now ramping up investment to access new ore bodies at its Guanaceví mine in Durango state, as well as at its Bolañitos and El Cubo mines in Guanajuato state.
In addition, the company currently has eight drill rigs working on five projects to grow its resource base. Work continues on both the prefeasibility study for Terronera and a preliminary economic assessment for El Compás, due to be completed by the end of the year.
Endeavour Silver is also working on fully integrating the recently acquired Parral properties in the historic Hidalgo de Parral district to its project pipeline.
The stock was trading in New York 5 cents lower than its closing price of $4.30 on Monday.