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Small-Cap Miner Sets New Record for Quarterly Mine Production, Shares Rise on News
By: AllPennyStocks.com News
July 7, 2010
Time waits for no man – neither do gold or silver deposits. Both reward aggressive and smart companies who find where precious metals dwell and bring them to market. With projections from some quarters for gold prices to climb as high as $10,000 U.S. by 2012, time is of the essence to get shovels into the earth.
In early July, Vancouver-based Endeavour Silver Corp. (TSX:EDR) announced new records for quarterly silver and gold production from the Company's two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State.
Figures released on July 7 announced that EDR silver production totaled 826,439 ounces (oz), while gold production amounted to 4,461 oz in Q2 2010, up 41% and 61% respectively from the same quarter the year before. As a result, silver-equivalent production rose to 1.1 million oz in Q2, 2010, using gold as the only silver equivalent, at a 65:1 silver: gold ratio.
This development keeps attention on EDR, and keeps the momentum rolling; in June, the company announced it had expanded its property holdings near the Company's operating Bolanitos silver mine in Guanajuato. Specifically, EDR acquired the Belen II and Ampliacion de Belen properties (192 hectares), located approximately 2.5 kilometres east of its current Lucero silver-gold vein discovery and midway between the Company's operating Bolanitos and Cebada silver-gold mines at Guanajuato.
EDR is a small-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since its startup in 2004, Endeavour has posted five consecutive years of growing silver production and resources. The organic expansion programs now underway at Endeavour's two operating silver mines in Mexico combined with its strategic acquisition and exploration programs should help Endeavour achieve its goal to become the next premier mid-tier silver mining company.
Endeavour claims to stand out from other silver mining companies for the strong organic growth potential of its core assets, its high silver grades and leverage to the price of silver, the substantial exploration upside of its Mexican mining properties, and the significant under-utilized capacities of the Guanacevi and Guanajuato plants.
Given the richness of its finds in Mexico, it should come as no surprise that EDR’s stock price has pressed against the five-dollar barrier for inclusion as a small-cap stock. The price soared as high as $4.57 in early January, but sank as low as $1.66 in the first week of last July. The news from Guanajuato this week spiked the stock by a quarter to around the $3.50 mark, still a bargain for those looking for more gold and silver exposure in their portfolios.
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