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Endeavour Silver Corp. (TSX:EDR) released second quarter financial and operating results for the Guanacevi and Bolanitos gold-silver mining operations in Mexico.
Endeavour Silver Corp. (TSX:EDR) released second quarter financial and operating results for the Guanacevi and Bolanitos gold-silver mining operations in Mexico.
As quoted in the press release:
Highlights of Second Quarter, 2012 (Compared to Q2, 2011)
- Net earnings decreased 56% to $7.5 million ($0.09 per share) compared to $17.0 million
- Adjusted earnings(1)fell 44% to $5.9 million ($0.06 per share) compared to $10.6 million
- Operating cash-flow before working capital changes dipped 9% to $16.9 million
- Mine operating cash-flow(1)increased 2% to $24.1 million
- Revenues rose 11% to $40.4 million on sales of 1,075,000 oz silver and 5,650 oz gold
- Working capital improved 19% to $159.0 million, up from $133.6 million
- Silver production up 22% to 1,040,026 oz
- Gold production up 59% to 7,695 oz
- Silver equivalents production up 31% to 1.46 million oz (at a 55:1 silver:gold ratio)
- Realized silver price fell 22% to $29.21 per oz sold (consistent with average spot price for Q2)
- Realized gold price up 5% to $1,599 per oz sold (consistent with average spot price for Q2)
- Cash costs(1)decreased 22% to $5.46 per oz silver payable (net of gold credits)
- Metal held in inventory at period-end included 896,501 oz silver and 6,124 oz gold compared to 177,935 oz silver and 2,291 oz gold
Bradford Cooke, CEO and Director, commented:
Endeavour continues to post profitable quarterly financial and operating results notwithstanding the current correction in metal prices. Revenues were up in Q2, 2012 thanks to higher silver and gold production and cash costs were down due to the economies of scale of increased throughput at Bolanitos and higher gold credits at Guanacevi.
Click here to read the full press release.
