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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/12/13 -- Endeavour Silver Corp. (TSX: EDR)(NYSE: EXK)(FRANKFURT: EJD) announced today record earnings, cash flow and revenue for the year ended December 31, 2012, thanks to the Company's eighth consecutive year of growing silver and gold production. Endeavour owns and operates three underground silver-gold mines in Mexico: the Guanacevi mine in Durango state, and the Bolanitos and El Cubo mines in Guanajuato state.
Highlights of Fiscal 2012 (Compared to Fiscal 2011)Financial-- Net earnings increased 124% to $42.1 million ($0.45 per share) compared to $18.8 million ($0.22 per share)-- Adjusted earnings(1) increased 24% to $40.2 million ($0.42 per share) compared to $32.4 million ($0.37 per share)-- EBITDA(1) increased 71% to $90.5 million-- Cash flow from operations before working capital changes increased 30% to $82.9 million-- Mine operating cash flow(1) increased 32% to $114.4 million-- Revenue increased 63% to $208.1 million-- Bullion held in inventory included 250,382 ounces (oz) silver and 2,712 oz gold-- Concentrate held in process included 361,279 oz silver and 6,222 oz gold-- Realized silver price decreased 13% to $30.99 per oz sold (on par with 2012 average spot price)-- Realized gold price increased 7% to $1,674 per oz sold (consistent with 2012 average spot price)-- Cash cost(1) increased 44% to $7.33 per oz silver payable (net of gold credits)-- Cash cost excluding El Cubo increased 4% to $5.28 per oz and El Cubo cash costs were $35.27 per ozOperations-- Silver production up 20% to 4,485,476 oz-- Gold production up 77% to 38,687 oz-- Silver equivalent production up 33% to 6.4 million oz (at a 50:1 silver:gold ratio)-- Completed the Bolanitos mine and plant expansion to 1,600 tonnes per day (tpd) capacity-- Completed the Guanacevi mine and plant expansion to 1,200 tpd capacity-- Acquired the El Cubo mine and plant operating at 1,100 tpd-- Launched a $67 million, 18 month capital investment program at El Cubo to explore and develop the mines and rebuild and expand the plant, tailings facility, water supply, electrical supply, surface buildings and related surface infrastructure-- Completed an initial $14.5 million on capital projects at El Cubo including 5.4 km of mine development, 2 ventilation shafts, and 10,000 m of underground drilling, plant reconstruction and expansion, the purchase of new and refurbishment of old mine equipment and other purchases-- Won several safety awards at Durango State mine rescue and first aid competitions, and Certificate of Health for Guanacevi from the Durango State Secretary of Health, and national CSR award for El CuboExploration-- Silver proven and probable reserves up 37% to 23.1 million oz;-- Gold proven and probable reserves up 229% to 222,300 oz;-- Silver equivalent proven and probable reserves up 67% to 34.2 million oz;-- Silver measured and indicated resources up 62% to 58.5 million oz;-- Gold measured and indicated resources up 96% to 524,800 oz;-- Silver equivalent measured and indicated resources up 67% to 84.7 million oz;-- Silver inferred resources up 74% to 61.1 million oz;-- Gold inferred resources up 182% to 520,400 oz;-- Silver equivalent inferred resources up 92% to 87.1 million oz;-- Delineated new high grade silver-gold discovery in Milache area at Guanacevi-- Drilled out new high grade silver-gold discovery in Lana vein at Bolanitos-- Discovered new high grade silver-gold discovery in Terronera vein at San SebastianHighlights of Fourth Quarter 2012 (Compared to Fourth Quarter 2011)-- Net earnings increased to $14.8 million ($0.15 per share) compared to $16,000 ($0.00 per share)-- Adjusted earnings(1) increased 759% to $12.9 million ($0.13 per share) compared to $1.7 million ($0.02 per share)-- EBITDA(1) increased 877% to $28.2 million-- Cash flow from operations before working capital changes increased 5% to $20.4 million-- Mine operating cash flow(1) increased 17% to $31.4 million-- Revenue increased 29% to $66.7 million on 1,345,832 silver oz sold and 13,037 gold oz sold-- Realized silver price increased 14% to $32.87 per oz sold-- Realized gold price increased 5% to $1,725 per oz sold-- Cash cost(1) increased 44% to $7.33 per oz silver payable (net of gold credits)-- Cash cost excluding El Cubo increased 79% to $7.23 per oz and El Cubo cash costs were $38.52 per oz-- Silver production up 9% to 1,235,026 oz-- Gold production up 10% to 12,917 oz-- Silver equivalent production up 9% to 1.9 million oz (at a 50:1 silver:gold ratio)(1) Adjusted earnings, mine operating cash flow, EBITDA and cash costs are non-IFRS measures. Please refer to the definitions in the Company's Management Discussion and Analysis.
