Endeavor Silver will produce 1,458,448 ounces of silver and 9,194 ounces of gold in Q3 2022, equivalent to 2.2 million ounces of silver.Canadian Business Journal
VANCOUVER, British Columbia, October 11, 2022 (GLOBE NEWSWIRE) — Endeavor Silver Corp. (“Endeavor” or “Company”) (NYSE: EXK; TSX: EDR) (“Endeavor” or the “Company”) is pleased to report third quarter 2022 production of 1,458,448 silver ounces (ounces) and 9,194 gold ounces.1 (“AgEq”) 2.2 million ounces of production for the nine months to 30 September 2022 totaling 6.3 million ounces of AgEq. .
“The grade of ore processed at Guanacebi continues to exceed plan, which has enabled us to meet the upper end of our improved production guidance. Outperformance is well timed as we continue to face financial pressure from the impact,” said CEO Dan Dixon. “We have announced impressive drilling results from our quarterly exploration program at Guanasevi, in which we are extending and defining the vertical extent of the Dos orebodies near the historic working area Porvenir he.”
Q3 2022 Highlights
- Steady efforts to improve safety: The frequency and severity of lost-time injuries continue to trend downward as employees continue to focus on a positive, safety-oriented culture through our “Te Cuido” safety philosophy.
- Guanasevi continues to outperform: Silver and Gold production is on schedule, driven by higher grades.
- Boranitos performance remained stable: Strong silver production, higher silver grades and increased throughput were offset by the impact of lower than expected gold production and gold grades.
- metal sales and inventory: sold 1,327,325 ounces of silver and 8,852 ounces of gold during the quarter. At the end of the quarter, it held 1,527,548 oz of silver and 3,210 oz of gold bar stocks and 2,769 oz of silver and 144 oz of gold concentrate stocks.
- Guanacevi gives drills positive results: Further exploration results from near-mine drilling in easily accessible areas intersect high-grade silver and gold mineralization at the El Curso property (see news release dated September 26, 2022).
- Positive findings at Parall: Drilling has crossed some of the best grades to date in a significant width along the Veta Colorada structure (see news release dated September 8, 2022).
- Promoting the Teronera Project: The Early Works program launched last year continued to include detailed engineering, key contracts and procurement of long lead items. Extensive due diligence work continued to fund the project. The Company expects to make a formal construction decision in the coming months, subject to completion of the financing package and receipt of additional amendment permits.
- Completed Acquisition of Pitarrilla Project: It is the world’s largest greenfield silver project and, together with Terronera and Parral, forms the basis of our growth profile.
- Sale of El Compas assets to Grupo ROSGO: Completed a five-year, US$5 million asset and factory sale (see news release dated September 12, 2022).
Mine operations in Q3 2022
Consolidated silver production in Q3 2022 increased 12% to 1,458,448 oz compared to Q3 2021. This is primarily due to increased silver production at the Guanasevi mine. The high grade of the El Curso orebody has led to improved production, enabling production targets to be met during periods of reduced plant throughput. Local third-party ore continued to supplement mine production, accounting for 12% of quarterly tons processed and contributing to improved ore grades. Guanasevi’s throughput was below plan, although he increased 4% over the previous quarter. This is due to heavy rainfall during a short concentrated period in September. Management continues to explore alternatives to change grind sizes and leaching times to further increase throughput beyond his current 1,200 tpd capacity.
Gold production fell 13% to 9,194 ounces. This is mainly due to the decline in the grade of gold mined at the Bolañitos mine. Increased gold production from Guanacevi offset gold production from the El Compas mine, which closed in the third quarter of 2021.
Boranitos Q3 2022 throughput was 3% lower than Q3 2021, with silver grade 5% higher and gold grade 5% lower. At the Bolanitos mine, silver production increased by 2% and gold production decreased by 11%. The change in grade was due to the typical variation of orebodies.
Production highlights for the three and nine months ending September 30, 2022
Three months ended September 30 | Nine months ended September 30 | |||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | |
202,745 | 222,461 | (9%) | Throughput (tons) | 610,253 | 673,932 | (9%) |
1,458,448 | 1,305,399 | 12% | ounces of silver produced | 4,132,610 | 3,427,223 | twenty one% |
9,194 | 10,541 | (13%) | gold ounces produced | 27,178 | 32,816 | (17%) |
1,445,880 | 1,295,126 | 12% | ounces of payable silver produced | 4,095,696 | 3,394,103 | twenty one% |
9,039 | 10,328 | (12%) | ounces of payable gold produced | 26,705 | 32,177 | (17%) |
2,193,968 | 2,148,679 | 2% | ounces of silver produced | 6,306,850 | 6,052,503 | Four% |
1,327,325 | 699,539 | 90% | sell silver ounces | 3,647,987 | 2,443,184 | 49% |
8,852 | 9,925 | (11%) | ounces of gold sold | 27,025 | 30,398 | (11%) |
Production by mine for the third quarter and the nine months ended September 30 are as follows:
Production table for Q3 2022 by Mine (1)
manufacturing | tons | tons | School year | School year | recovery | recovery | Silver | Money |
by me | treated | per day | total* | August* | Ag% | % Au | Oz | Oz |
guanacebi | 97,728 | 1,062 | 468 | 1.29 | 90.6% | 89.9% | 1,332,190 | 3,642 |
boranitos | 105,017 | 1,141 | 43 | 1.88 | 87.0% | 87.5% | 126,258 | 5,552 |
Linking | 202,745 | 2,204 | 248 | 1.60 | 90.3% | 88.4% | 1,458,448 | 9,194 |
*gpt = grams per ton
Production table by Mine for the nine months ended 30 September 2022 (1)
manufacturing | tons | tons | School year | School year | recovery | recovery | Silver | Money |
by me | treated | per day | total* | August* | Ag% | % Au | Oz | Oz |
guanacebi | 292,998 | 1,073 | 446 | 1.28 | 87.1% | 89.6% | 3,660,190 | 10,799 |
boranitos | 317,255 | 1,162 | 53 | 1.79 | 87.4% | 89.7% | 472,420 | 16,379 |
Linking | 610,253 | 2,235 | 242 | 1.55 | 87.1% | 89.6% | 4,132,610 | 27,178 |
*gpt = grams per ton
Third Quarter 2022 Results and Conference Call
The company’s third quarter 2022 financial results will be released before the market opens on Tuesday, November 8, 2022, and a conference call will be held on the same day at 10:00 am PT / 1:00 pm ET. To join the conference call, dial the number below.
Date Time: | Tuesday, November 8, 2022 at 10:00 AM PT / 1:00 PM ET |
phone: | Toll free in Canada and the US +1-800-319-4610 |
Local or International +1-604-638-5340 | |
It can take up to 10 minutes to connect to the conference call. | |
Replay: | A replay of the conference call is available by dialing +1-800-319-6413 (toll free) in Canada and the US and +1-604-638-9010 (toll free) outside of Canada and the US . The replay passcode is 9479#. Replays are also available on our website www.edrsilver.com. |
About Endeavor Silver – Endeavor is a mid-sized precious metals mining company operating two high grade underground silver/gold mines in Mexico. Endeavor is currently moving the Terronera Mine Project toward a development decision, awaiting funding and final permits, and is examining its portfolio of exploration and development projects in Mexico, Chile and the United States to identify the best senior It promotes the goal of becoming a silver producer. Our philosophy of corporate social integrity brings value to all our stakeholders.
contact address:
Galina Meleger, Vice President, Investor Relations
Email: [email protected]
Website: www.edrsilver.com
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Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. (collectively, “forward-looking statements”). Such forward-looking statements and information include, but are not limited to, forward-looking statements regarding our mines and projects. We disclaim any intention or obligation to update such forward-looking statements or information, except as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors and actual results, levels of activity, levels of production, performance or achievements may vary They may differ materially from those expressed or implied by forward-looking statements. Such factors include the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and cost guidance, national and local governments, Canadian and Mexican laws, taxation, administration, regulation, political or economic developments including, but not limited to: financial risks due to operational or technical problems in precious metal prices, mineral exploration, development and mining activities; the risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, the risks involved in obtaining required licenses and permits, and challenges to company ownership; In addition, the factors set forth in the section “Risk Factors” contained in our most recent Form 40F/Annual Information Form filed with the U.S. Securities and Exchange Commission and available at www.sec.gov; Canadian Securities Regulatory Authority, available at. sedar.com.
Forward-looking statements are based on assumptions that management believes to be reasonable. This includes, but is not limited to, ongoing exploration and mining operations, absence of material adverse changes in market prices of commodities, timing of mining operations and completion of mined products. comply with management’s expectations and achieve the production performance they state and other assumptions and factors described in this document; Although we have attempted to identify important factors that could cause our actual results to differ materially from those contained in any forward-looking statements or information, we cannot predict, describe, estimate or evaluate our results. , or there may be other factors that cause it to differ materially from the forecast. was intended. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results or future events could differ materially from those anticipated by such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
1 Silver equivalent calculated using a silver:gold ratio of 80:1.
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Endeavor Silver will produce 1,458,448 ounces of silver and 9,194 ounces of gold in Q3 2022, equivalent to 2.2 million ounces of silver.Canadian Business Journal
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