Endeavour Silver Corp./ EDR, EXK (TSX, NYSE)

EDR kauft ein

Endeavour Acquires San Pedro Properties In Guanacevi Silver District, Durango, Mexico

Endeavour Silver Corp. (EDR: TSX, EXK: AMEX, EJD: DBFrankfurt) announces the acquisition of an option to purchase the San Pedro properties, located about 6 km northwest of Endeavour's operating Porvenir Mine, in the Guanacevi silver district, Durango State, Mexico.

The 15 San Pedro properties (330 hectares) cover the heart of the historic San Pedro sub-district north of Guanacevi, and include the famous El Soto, Nuevo Australia, Noche Buena and Buena Fe silver mines. They boost Endeavour's land holdings in Guanacevi by 53% to 957 hectares, and give the Company a major new prospective area to explore for high grade silver deposits. (...)

VG heron

Endeavour Silver Reports Financial and Operating Results for First Quarter

EDR mit Zahlen: Die Unze kostet etwa 8,61 USD, der Nettogewinn der Produktion liegt bei 2,5 Mille -- na immerhin, aber es gibt auch viel Sand im Getriebe

VG heron

Mexico Mike: Trip report: Endeavour Silver (TSX:EDR, AMEX:EXK) May 2008

There are now more than 250 Canadian junior miners active in Mexico. Endeavour Silver was one of the first on the scene with serious aspirations to put old mines back into production. The company also became one of the first to discover just how difficult that goal is to accomplish. The learning curve has been steep, and I think the company is about to take the next step to becoming a significant primary silver producer.

I was part of a group touring the two core operating areas for Endeavour this past weekend. In four years I have been able to participate in about 30-40 such tours, and this was one of the best organized and most thorough. It’s a small point to make, but it reflects well on the caliber of management, and the ability to tell their story will build greater interest for investment, so its important.

The first stop on the trip for me was the City of Guanajuato, located in a historic mining district with over 1 billion ounces of silver production. This puts the region in select company, with perhaps a handful of districts in the entire world that have greater historic production. So it’s a good place for a silver junior to develop a core asset.

Endeavour completed the acquisition of their Guanajuato project from Industrias Penoles in 2007, gaining control of the past producing Bolanitos Mines and a processing plant. The acquisition price was extremely cheap considering the location and high quality of the project, mainly because the remaining resources of the mine were limited. The company has been engaged in a rapid refurbishment program through to the current time, which has been reflected in high operating costs for the project and that has perhaps driven the share price down. But what I witnessed during this part of the tour greatly impressed me.

The decision was made to halt production from most of the underground workings of the mine, to allow an overhaul of the shaft infrastructure and hoist equipment. The existing infrastructure was deemed unsafe and the company chose to invest to bring it up to higher standards rather than risk the health of their workers. That should tell you something about the character of the management. This meant that no significant underground development could be completed while the program was underway, and that the many workers employed at the mine would be laid off. Since experienced mine workers are hard to find, and in consideration of the hardship such a decision would create for the staff, Endeavour management elected to keep the mine shifts on the payroll and do their best to keep them busy during the refurbishment.

Lower grade stockpiled material was run though the mill, and some low grade near-surface stopes were mined with ramp access at that time. The results showed up in low production numbers for the project and high operating costs since the full cost of labour was charged even though limited production occurred.

However, I think it was a great decision for a number of reasons. Exploration work has been ongoing, and the company has outlined new resources that can sustain a higher production rate for the future, and there are a great many targets which have yet to be tested. The mine will also be able to run at a high degree of efficiency and with a ‘safety dividend’ of greater productivity. The shaft refurbishment is now complete at 3 of the 6 shafts serving the mine workings, and access is expected to re-open in June so a greater rate of production will commence shortly.

We rode down one of the shafts in the Cebada Mine to about 130m below the surface, and walked through some of the workings to see the veins where the next round of production will come from. The veins were formed in a low sulfidation environment, so the ore is characterized by extensive quartz deposits bearing banded silver and gold mineralization across widths from one to several meters.

We also visited some shallow historic workings in the San Jose mine through a surface adit, and observed wider intervals of low grade breccia mineralization from the prior operations. This represents a lower cost operating environment and there is significant untested exploration potential further along this vein where the company is working to prove up additional resources.

It should be noted that the original mines were commonly producing silver above 1000 g/t and as entirely new mineralization is outlined through modern exploration, similar high grade ore is a legitimate possibility.

The mill is in excellent condition, thoroughly modernized and ready to run at full capacity of about 500 tonnes per day. A testament to the efficiency of the operations can be found in the exceptional recovery percentage: currently 88% of the gold and 89% of the silver is carried in the concentrates produced from the 3-stage floatation cell recovery circuit, and the company hopes to achieve 90% efficiency.

The following day we visited the second core operating area for Endeavour, the Guanacevi Mines project in Durango. Again, this is located in a significant producing district and the company was able to gain the property area including former producing mines, plus a large mill and recovery plant.

This project was the first acquisition for EDR back in 2004 and it also came cheaply because there were only limited remaining resources from the previous operator. Within a matter of weeks, the management launched an exploration program that achieved some new discovery zones, and the company commenced mining shortly thereafter. In the years that have passed since then, Endeavour has increased production rates and outlined additional new discovery zones to feed the mill. They have also completed refurbishment and expansion of the recovery plant, and development of a much larger tailings pond was almost complete. So this trend of building value into acquired assets is a factor in the success for both core operating areas. The company has also been active to secure greater property holdings to build their inventory of exploration targets.

We entered the Porvenir Mine through a surface portal and traveled down several levels along a decline ramp to get to several stopes that were in production. These veins are also low sulfidation systems and typically extend across vein widths of about 2m, which is ideal for an underground operation. The operations were very efficient, extracting just the minimum amount of rock mass from the steeply dipping veins that were clearly defined from the host rock.

After several years of exploration work the company has now defined resources at 4 main zones of the mine, and drilling work was ongoing at a brand new fifth target recently acquired which could represent an entirely new high sulfidation deposit. This would provide the added dimension of base metals production to go with the silver/gold mineralization currently mined. The average grades of all zones are in the 300-400 g/t silver range, and that is quite profitable for a mine of this size. An updated resource estimate is underway and will probably establish more than 2 million tonnes in the mineral inventory, enough to keep the operation running at full capacity for several years.

The mill at Guancevi is a vat leaching recovery operation that treats the ore with cyanide to dissolve the contained metals into solution. A dore product is produced and we witnessed several bars weighing about 25kg each that had been poured from the daily recovery. Again, this mill was extremely modern and in excellent condition. An expansion has been completed to roughly double the capacity through the addition of several new, larger leaching tanks. This additional capacity may yield greater recovery percentages since the company will have the luxury of treating the ore for a longer duration.

A floatation cell recovery circuit is also planned in the expansion process, that will allow the company to process sulphide mineralization to produce lead and zinc concentrates.

During the two days of the tour, management answered every question I could throw at them, acknowledging any issues that remained to be resolved. We heard presentations from the geologists and mine engineers at each project, and were provided extensive documentation to outline the current extent of operations and future drilling targets.

I am greatly impressed by what I saw on this tour. I think Endeavour has built the framework for a large, efficient operation. They have proven the ability to rapidly define large new resource areas and develop access for production. The mill facilities are state of the art, and each has additional potential for construction of additional capacity. They have advanced through a difficult learning process and now have the benefit of running larger volumes of ore, producing greater quantities of metal, at lower costs, exactly when the metals are priced at the top of their trends for this cycle. Along the way they have built strong relationships with the local communities and earned the trust of their employees.

Endeavour still has about $25 million in the treasury so they will not run out of cash to maintain the aggressive growth and development. The increase in production set to commence shortly should generate additional free cash flow. I think EDR stock will increase in value to price in the improved operating fundamentals, and that will enable the company to start looking at some tempting acquisition targets later in the year, to build even greater growth in the pipeline. I also believe there is significant potential in the property holdings for much larger resource development, and success at the end of the drill bit will contribute to further upside in the share price.

My comments are to be considered simply as my own personal opinions and observations. The company paid my direct travel expenses during this tour, and I received no compensation whatsoever for my time, or for presenting this report. I own shares of the company, and I plan to buy more shares a few weeks after my articles are published in Investors Digest and a newsletter. I do not consider myself unbiased, but I am independent. I share my report for the benefit of the majority of investors who cannot tour mine projects, and encourage people to complete their own due diligence and assume full responsibility for their own investment decisions.

Cheers!

Mike Kachanovsky
http://www.smartinvestment.ca

Will Wall Street Discover Endeavor's Mines?
by Thomas Tan

Part III

Es gibt auch noch:

Part I

Part II

VG heron

Gute Meldung von Guanacevi
Endeavour Silver Drilling Intersects Thicker, Deeper Extension of Santa Cruz Silver Zone at Guanacevi; Infill Drilling Defines Poly-Metallic Mineralization in Cometa Zone at Parral; Stock Options Set for Employees

VG heron

Kommentar von Mexico Mike, http://www.mexicomike.ca

This news is significant because it represents an entirely new mineralized system at Guanacevi. Until now, all of the ore that was processed came from low sulphidation silver-gold veins. This new zone is a sulphide ore body, and there are substantial zinc-lead credits along with the silver. As mentioned in the news release, the deposit area is being developed and will be in production within a year. A new floatation cell circuit has been installed at the mill to run this ore. So we have additional growth built in, and greater flexibility in the metals production now so that EDR will have leverage to other payable metals.

News

"They also mark the first significant occurrence of potentially economic base metals at Santa Cruz, accompanied by lower precious metal grades typical of the deeper parts of the classic, low sulpidation epithermal vein systems found in Mexico. Discovery of the base metal zone is timely due to the fact they can be added to a new resource estimate to be prepared later this year and they can be recovered in the Guanacevi plant flotation circuit, which is scheduled to be re-commissioned in Q3 and expanded in Q4, 2008.

Santa Cruz was a historic silver mine discovered by the Spanish in the late 1500's and mined again by Industrias Penoles in the 1900's. Penoles sank an inclined 270 m deep shaft and developed the mine down 13 levels. Endeavour commenced exploration drilling below the deepest mine level 13 in 2005 in order to search for extensions of the Santa Cruz mineralization. "

cheers!

mike

EDR scheint die Probleme nach und nach in den Griff zu bekommen:
Endeavour Silver Production on Target in Second Quarter, 2008; Produces 515,634 oz Silver, up 2% Over Q1, 2008; Silver Production to Climb Substantially in Q3 and Q4, 2008

Zitat: Bradford Cooke, Chairman and CEO, stated, "It is gratifying to see our initiatives to reduce cash costs at both mine operations, and the hard work of our dedicated employees on the many capital projects, starting to pay off with positive results. Guanajuato is now taking a giant leap forward, as planned, in its mine output and silver production, and Guanacevi is also starting to step up its operating performance. The next two quarters should be quite rewarding for shareholders."

VG heron

Positiver Ausblick im aktuellen MD&A:

Outlook

For 2008, the Company has forecast another substantial increase in its silver production, reserves and resources for the fourth consecutive year. Like 2007, production growth in the first two quarters was relatively flat as the focus was on completing the various mine and plant capital projects. However, several of these projects are now complete and several more are scheduled for completion in the third quarter, 2008 so production should rise significantly in the second half of the year.

At Guanacevi, the Company plans to boost the tonnage mined in H2, 2008 by retaining a contractor to develop the new Alex Breccia mine, accelerate development of the north Porvenir mine and develop ramp access to the historic Santa Cruz mine. Emphasis will continue to be placed on minimizing mine dilution so as to enhance the ore grade delivered to the plant. In the plant, the capital expansion and improvement projects should facilitate an increase in metal recoveries. In particular, the expanded agitation leach circuit, optimized CCD circuit, the about to be commissioned new thickeners, silver refinery and refurbished flotation circuit.should all contribute to higher silver recoveries.

Exploration drilling has resumed with renewed vigour at Guanacevi, both underground at the Porvenir mine as well as on surface at the newly acquired Milache and San Pedro properties. The Company announced positive drill results in Q2, 2008 that should expand the Porvenir and Santa Cruz ore-bodies and some exciting new high grade vein discoveries were released for the Milache and San Pedro properties.

At Guanajuato, “safety first” determined the action plan for the operations in the second quarter, 2008. The shafts were upgraded to North American safety standards and came back on-line in June 2008 which allowed mine output to jump in Q2, 2008. The grade of the historic mineralized material not in reserves that is being mined has already risen in response to the grade and dilution control programs instituted last year. Minor improvements are scheduled for the plant but metal recoveries are not expected to improve as they are already above the target recoveries. In Q2, 2008, the crushing circuit was upgraded at the plant and the tailings pond capacity was expanded.

Exploration at Guanajuato focused on drilling around the Golondrinas, Bolanitos and Cebada mines in an effort to make a new discoveries and expand resources and reserves. The Company announced some exciting high grade drill results in Q1 and Q2 for the newly discovered “3785” zone at Cebada. The old 265 mine level is now being rehabilitated in Q3 and Q4 in order to access the 3785 mineralized zone for bulk sampling and further exploration and development work in anticipation of a new resource estimate and mine plan by year-end.

At Parral, the evaluation of the Cometa project will be completed in the second half of 2008 so that a decision can be made how to proceed with this new base and precious metal discovery. Exploration will continue at Arroyo Seco in the third and fourth quarters of 2008.
The Company will continue to evaluate new property acquisitions in each of the districts where it is currently working, as well as in other parts of Mexico in order to fuel continued growth.

-----
VG heron

Telekonferenz für Donnerstag, 14. August, 10 Uhr vormittags (PDT) anberaumt

Vancouver, British Columbia, 13. August 2008 - Endeavour Silver Corp. (TSX: EDR) (AMEX: EXK) (Frankfurt: EJD) meldete heute seine Finanz- und Betriebsergebnisse für das 2. Quartal 2008. Die Finanzergebnisse sind in US-Dollar (US $) angegeben und wurden nach in Kanada allgemein anerkannten Bilanzierungsmethoden erstellt. Für genauere Informationen können Aktionäre den vollständigen Bilanzbericht sowie die Stellungnahmen und Analysen der Geschäftsführung auf der Website des Unternehmens (http://www.edrsilver.com) und auf der SEDAR-Website (http://www.sedar.ca) einsehen.

Höhepunkte des 2. Quartals 2008

- Mineralverkäufe stiegen im Vergleich zum Vorjahresquartal um 58% auf 10,1 Mio. $.
- Die Silberproduktion stieg im Vergleich zum Vorjahresquartal um 20% auf 517.077 Unzen.
- Der Erlös aus dem Minenbetrieb stieg im Vergleich zum Vorjahresquartal um 171% auf 1,9 Mio. $.
- Die Cash-Kosten sanken um 1% auf 9,62 $ pro Unze gegenüber dem Vergleichsquartal 2007 und um 4% gegenüber dem 1. Quartal 2008.
- Minenertrag, Anlagendurchsatzrate, Silberproduktion, Erzgehalt und Ausbeute aus dem Guanajuato-Minenprojekt in Guanajuato lagen alle deutlich über und die Cash-Kosten deutlich unter jenen des Vorjahresquartals.
- Die Overhead-Kosten gingen im Vergleich zum Vorjahresquartal ebenfalls zurück; die allgemeinen Aufwendungen und Verwaltungsausgaben sanken um 22% und die Vergütungen auf Aktienbasis um 80%.
- Das Betriebskapital belief sich zum Ende des 2. Quartals 2008 auf 16,8 Mio. $ einschließlich 10,7 Mio. $ an flüssigen Mitteln, Cash-Äquivalenten und Wertpapieren des Umlaufvermögens.
- Es wurden im Rahmen von Bohrungen im Guanacevi-Minenprojekt in Durango mehrere neue Bereiche mit hochwertiger Silbermineralisierung im Gebiet von San Pedro entdeckt.
- Ein neuer Bereich mit einer "3785"-Gold-Silber-Mineralisierung wurde bei Bohrungen in Guanajuato erweitert.

Bradford Cooke, Chairman und CEO, meinte dazu: "Endeavour hat im 2. Quartal 2008 seine Silberproduktion weiter gesteigert, die Cash-Kosten reduziert und Fortschritte bei seinen zahlreichen Kapitalerweiterungs- und Upgrade-Projekten erzielt. Die Ausgaben für die Silberproduktion und die Cash-Kosten werden sich im 3. Quartal im Zuge des Abschlusses mehrerer Investitionsprojekte voraussichtlich weiter verbessern. Wie die enormen Fortschritte in Guanajuato im 2. Quartal zeigen, dürften die Expansions- und Upgrade-Programme des Unternehmens einen positiven Einfluss auf den Produktionsertrag und die Cash-Kosten in der zweiten Jahreshälfte nehmen. Endeavour war im 2. Quartal 2008 auch mit seinen Explorationsbohrprogrammen sehr erfolgreich und durchtäufte mehrere Adern mit hochgradiger Silbermineralisierung im aussichtsreichen Gebiet San Pedro in Guanacevi. Die Geschäftsführung erwartet, dass in der Berichterstattung zu den Explorations- und Akquisitionsprogrammen in Mexiko in den nächsten beiden Quartalen wesentliche Fortschritte gemeldet werden können. Das Unternehmen hat derzeit vier Bohrgeräte in drei seiner Silberprojekte im Einsatz."

Das Unternehmen realisierte im 2. Quartal 2008 einen Umsatz aus Mineralverkäufen von 10,1 Mio. $ und einen Betriebserlös von 1,9 Mio. $ aus seinen Minen- und Mühlenbetrieben. Der im 2. Quartal 2008 durchschnittlich von Endeavour erzielte Silberpreis betrug 18,12 $ pro verkaufter Unze. Dieser Wert liegt 33% über dem Vergleichswert im Vorjahresquartal, was in Verbindung mit der Produktionssteigerung den rapiden Anstieg bei den Mineralumsätzen erklärt. Die Verkaufskosten betrugen 6,4 Mio. $ und die Abschreibungen 1,8 Mio. $.

Nach Explorationskosten von 2,7 Mio. $, allgemeinen Aufwendungen und Verwaltungskosten von 1,4 Mio. $ und Vergütungen auf Aktienbasis von 0,7 Mio. $ betrug der Betriebsverlust für die mit 30. Juni 2008 endenden drei Quartalsmonate rund 2,8 Mio. $. Der Verlust vor Steuern für die drei Quartalsmonate zum 30. Juni 2008 betrug 2,4 Mio. $ (nach einem Fremdwährungsgewinn von 0,1 Mio. $, realisierten Gewinnen aus Wertpapierverkäufen von 0,2 Mio. $ sowie Investitions- und anderen Einnahmen von 0,1 Mio. $). Das Unternehmen erzielte zum Ende des 2. Quartals 2008 einen Nettoverlust von 3,4 Mio. $ (nach 1,1 Mio. $ Einkommensteuer-Rücklagen).

Die konsolidierte Silberproduktion für das 2. Quartal 2008 betrug 517.077 Unzen, was einem Anstieg von 2% gegenüber dem 1. Quartal 2008 und einem Anstieg von 20% verglichen mit dem Vergleichsquartal in 2007 entspricht. Die Silberproduktion in Guanajuato verdoppelte sich im 2. Quartal 2008 auf 97.832 Unzen gegenüber dem 1. Quartal 2008 und dem 2. Quartal 2007. Dies ist darauf zurückzuführen, dass größere Minensanierungsmaßnahmen und Sicherheits-Upgrades fertiggestellt wurden, wodurch die Hauptproduktionsschächte im Juni 2008 wieder in Betrieb genommen werden konnten. Die Silberproduktion in Guanacevi sank im 2. Quartal 2008 gegenüber dem 1. Quartal 2008 geringfügig um 9% auf 419.245 Unzen. Dies ist auf geringere Anlagendurchsätze zurückzuführen, die sich aus dem laufenden Anlagenaufrüstungsprogramm und den niedrigeren Silbergehalten ergeben. Allerdings war dies gleichzeitig ein Anstieg um 10% gegenüber dem Vergleichsquartal in 2007, da sich die Anlagendurchsätze seit damals erhöht haben.

Die konsolidierte Anlagendurchsatzrate erhöhte sich im 2. Quartal 2008 auf 998 Tonnen pro Tag (tpd), während sie im 1. Quartal 2008 bei 881 tpd und im 2. Quartal 2007 bei nur 645 tpd lag. Für das 3. Quartal 2008 wird daher ein weiterer Anstieg erwartet. Die konsolidierten Silbererzgehalte sanken im 2. Quartal 2008 auf 257 Gramm Silber pro Tonne (gpt) gegenüber 304 gpt Silber im 1. Quartal 2008 und 290 gpt Silber im 2. Quartal 2007, werden sich aber voraussichtlich im 3. Quartal 2008 wieder erholen und anziehen. Die konsolidierte Silberausbeute erhöhte sich im 2. Quartal 2008 um 10% auf 72,8%; im 1. Quartal 2008 waren es 66,2%. Gegenüber dem Vergleichsquartal des Vorjahres (74,8%) waren sie um 3% geringer. Sie werden sich aber aufgrund der verschiedenen Investitionsprojekte zur Aufrüstung der Anlagen im 3. Quartal 2008 voraussichtlich weiter verbessern.

Die konsolidierten Cash-Kosten beliefen sich im 3. Quartal 2008 auf 9,62 $ pro produzierter Unze; im Vergleich zum 1. Quartal 2008 (10,01 $) ist das ein Rückgang von 4% und verglichen mit dem Vergleichsquartal in 2007 (9,67 $) ein Rückgang von 1%. Die Cash-Kosten in Guanajuato halbierten sich im 2. Quartal 2008 verglichen mit dem 1. Quartal 2008 auf 12,75 $. Dies ist auf den starken Anstieg der Silberproduktion zurückzuführen, nachdem die Hauptproduktionsschächte im Juni 2008 wieder in Betrieb genommen wurden. Im 3. Quartal 2008 werden sie voraussichtlich weiter sinken. Die Cash-Kosten in Guanacevi erhöhten sich im 2. Quartal 2008 gegenüber dem 1. Quartal 2008 geringfügig auf 8,92 $ 2008 aufgrund der sinkenden Anlagendurchsatzraten und Silbergehalte. Bei beiden wird es aber voraussichtlich im 3. Quartal 2008 wieder nach oben gehen.

Endeavour investierte im 2. Quartal 2008 4,4 Mio. $ in diverse Investitionsprojekte, einschließlich 2,2 Mio. $ in die Erschließung unterirdischer Abbaustätten, Sanierungsmassnahmen und Sicherheits-Upgrades, 1,5 Mio. $ in die Erweiterung und Verbesserung verschiedener Anlagenabläufe und 0,7 Mio. $ in Gebäude und Fahrzeuge. Die meisten Investitionen wurden in Guanacevi getätigt, um die Abbaumenge und die Anlagenkapazität zu steigern und eine höhere Metallausbeute zu erzielen. Das Unternehmen hat außerdem die Mine in Guanajuato großzügig saniert und ein Sicherheits-Upgrade durchgeführt, um die Produktionsschächte auf nordamerikanischen Standard zu bringen.

http://www.minenportal.de/artikel.php?sid=4324

des laufenden Jahres eine Steigerung der Silberproduktion von 21 Prozent gegenüber den ersten drei Monaten 2008.609.548 Unzen Silber holte man in den ersten drei Monaten 2009 in Mexiko aus dem Boden und damit über 20 Prozent mehr als im ersten Quartal 2008. Da die zusätzlich anfallende Goldproduktion gesteigert werden konnte - um 73 Prozent auf 2.481 Unzen - stieg die Produktion in Unzen Silber-Äquivalent um 30 Prozent gegenüber 2008 auf jetzt 783.218 Unzen. Bis Ende 2009, will Endeavour Silver zwischen 2,7 und 2,9 Millionen Unzen produzien.Eine Produktionserweiterung ist geplant und die Cash-Kosten, werden bei 7,50 Dollar erwartet.

guten morgen investoren.
ich hätte gerne gewußt, was ihr derzeit von endeavor haltet. das papier war vor kurzem noch an der 3,00 marke und steht gerade an 2,45. hier hat sich das ganze allerdings charttechnisch etaws festgefahren, und mit der gesamtsituation erscheint mir das daher doch nur kurzfristig bearisch.
zukauf?
noch warten, bis wann?
hm.? fundamentals?
trendkanal alles andere als gebrochen, alles im lot, lediglich auf wochensicht.
wie sagte woernie (gott hab dich selig), nicht am wiederstand, oder war es am support kaufen...
eure einschätzung?

[Blockierte Grafik: http://profichart.boerse-go.de/562827]
1 jahreschart mit steffens mittellinie
[Blockierte Grafik: http://profichart.boerse-go.de/562833]

chart auf 5 jahre samt wiederständen/unterstützungen - was da fundamental geht weiß ich nicht...

keiner redet über diese axtie... dabei find ich sollte da doch ordentlich was gehen
gruß
pi