Endeavour Silver Corp. (TSX:EDR,NYSE:EXK) announced that its silver production was 1,040,026 ounces during the second quarter of 2012, a 22 percent increase compared to a year ago.
As quoted in the press release:
- Silver and equivalents production escalated 31% to 1.46 million oz (at a 55:1 silver: gold ratio)
- Revenues jumped 11% to $40.4 million on 1,075,000 silver oz sold and 5,650 gold oz sold
- Realized silver price fell 22% to $29.21 per oz sold (close to the average spot price for Q2/12)
- Metal held in inventory at quarter-end included 896,501 oz silver and 6,124 oz gold
Godfrey Walton, Endeavour’s president and COO, commented:
Endeavour’s mining operations have enjoyed a strong start to 2012 with new records for silver and gold production in the first six months of the year. Our 2012 mine and plant expansion programs are on time and budget for Guanajuato to reach 1,600 tonnes per day (tpd) and Guanacevi to reach 1,200 tpd by year-end, 2012. As a result, the Company is well on the way to achieving its 2012 production guidance of 4.3 million oz silver and 26,000 oz gold.