VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/14/13 -- Endeavour Silver Corp. (TSX: EDR)(NYSE: EXK)(FRANKFURT: EJD) announces that production rose for the 8th consecutive year in 2012. Consolidated silver and gold production from the Company's three operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Bolanitos and newly acquired El Cubo Mines in Guanajuato State, established new records for both annual and quarterly production at the end of the Fourth Quarter, 2012.
Silver production rose 20% to 4,485,426 ounces (oz) silver and gold output was up 77% to 38,687 oz compared to 2011. Silver equivalent production escalated 33% to 6.4 million oz (50: 1 silver: gold ratio). As a result, Endeavour was 2% below its 4.6 million oz silver production guidance and 1% above its 38,000 oz gold production guidance for the year.
Annual revenues were up 63% to US$208.1 million and Fourth Quarter, 2012 revenues were up 281% to US$66.7 million due to higher metal production and sales plus higher gold prices, offset by lower silver prices in 2012. In the 4th Quarter, 2012, silver production rose 10% to 1,235,026 oz and gold production was up 83% to 12,917 oz compared to the 4th Quarter, 2011.
Bradford Cooke, CEO of Endeavour Silver, commented, "Our operations team delivered another solid year of growth in 2012. Both the 20% expansion program to 1200 tpd at Guanacevi and the 60% expansion program to 1600 tpd at Bolanitos were completed on time and budget. We were also honoured to become the first mining company awarded a Certificate of Health from the Durango State Secretary of Health thanks to the success of our employee and community health programs at Guanacevi."
"In Q3, Endeavour acquired the El Cubo mine and initiated a 12 month capital rebuilding program of the mine, plant and surface infrastructure and a 2 year operational turn-around program, both of which were showing positive results by year-end. This year is shaping up to be another good year of growth for the Company with the initial focus on El Cubo. We anticipate releasing our 2013 outlook and production guidance before the end of January."
Production Highlights for 2012 (Compared to 2011)-- Silver production increased 20% to 4,485,426 oz-- Gold production rose 77% to 38,687 oz-- Silver and equivalents production escalated 33% to 6.4 million oz (at a 50:1 silver: gold ratio)-- Revenues jumped 63% to US$208.1 million-- Realized silver price was down 13% to US$30.99 per oz sold-- Realized gold price was up 7% to US$1,674 per oz sold-- Bullion inventory held at December 31, 2012 totalled 250,382 oz silver and 2,712 oz gold compared to 812,104 oz Ag and 3,043 oz Au-- Concentrate inventory as of December 31, 2012 totalled 361,579 oz silver and 6,241 oz gold compared to 168,006 oz Ag and 2,351 oz AuProduction Highlights for Fourth Quarter, 2012 (Compared to Fourth Quarter, 2011)-- Silver production up 10% to 1,235,026 oz-- Gold production up 83% to 12,917 oz-- Silver and equivalents production up 28% to 1.9 million oz (at a 50:1 silver: gold ratio)-- Revenues up 281% to US$66.7 million (Q4, 2011 revenues were low due to stockpile strategy)-- Realized silver price up 21% to US$32.87 per oz sold-- Realized gold price up 4% to US$1,725 per oz sold