Canadian miner Endeavour Silver Corp said it has discovered two high-grade silver-gold zones at its Guanajuato mine in Mexico and expects a substantial increase in reserves and resources at the mine at the year-end.
Vancouver-based Endeavour also said it expects to expand its mine capacity at Guanajuato from 1,000 tonnes per day (tpd) up to 1,600 tpd in 2012.
The company had earlier said it expected inflationary pressures to be offset by higher efficiency at Guanajuato.
In October, Endeavour, which also owns and operates the Guanacevi mines in Durango State in Mexico, had acquired a second Chilean silver-gold project to expand its footprint outside of Mexico.
Shares of the company, valued at about C$958.8 million ($935.73 million), closed at C$10.98 on Monday on the Toronto Stock Exchange, after gaining about 40 percent in the last six months.