Endeavour Silver Corp. announced that its silver production in 2008 totaled 2.34 million ounces of silver, up 9% over 2007, marking the fourth consecutive year of record silver production. According to the press release, the all-time high silver production can largely be attributed to the successful rehabilitation and re-commissioning of the Guanajuato Mines project, which was acquired in May 2007.
Bradford Cooke, Chairman and CEO, commented, “We are pleased to announce that Endeavour beat its revised production forecast of 2.3 million oz silver for 2008, notwithstanding our decision in September to slow production growth so long as the silver price remains depressed. Management is of the belief that the silver price will rebound in 2009 so we plan to use this time of lower silver prices to accelerate the development of new ore-bodies that will facilitate our next phase of production growth.”
“Once the silver price bounces back, and our accelerated mine development projects are well underway, we plan to resume our aggressive production growth so as to achieve our 5th consecutive year of record silver production. Endeavour’s two operating silver mines should be able to more than double their silver production over the next two and a half years in order to fill the two process plants to their operating capacities. Management will also continue to seek opportunities for growth by acquisitions in 2009,” he concluded.