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Endeavour Silver (NYSE: EXK) (TSX: EDR) announces its financial results for the fourth quarter and year end as of December 31, 2016. The company owns and operates three underground silver-gold mines in Mexico: the Guanaceví mine in Durango state, and the Bolañitos and El Cubo mines in Guanajuato state. As quoted in the press release: …
Endeavour Silver (NYSE: EXK) (TSX: EDR) announces its financial results for the fourth quarter and year end as of December 31, 2016. The company owns and operates three underground silver-gold mines in Mexico: the Guanaceví mine in Durango state, and the Bolañitos and El Cubo mines in Guanajuato state.
As quoted in the press release:
Bradford Cooke, CEO, commented, “Looking back, 2016 was a year of transition for Endeavour Silver. We delivered sharply improved financial performance in 2016 primarily due to higher metal prices and lower operating costs, notwithstanding lower cash flow and revenue resulting from lower production. We readily met our cost guidance, and with the exception of a slight (1%) miss on silver production, we met our production guidance which was revised upwards in July last year.
“Production was down year on year due to our decisions in January to significantly reduce spending on exploration and development in 2016 at low metal prices, which reduced our mine access and therefore metal production. We reversed that decision at the end of the second quarter and restarted our exploration and development programs to once again expand resources and access reserves.
“With the acquisition last year of two high grade silver-gold development projects in the historic silver mining districts of Zacatecas and Parral, Mexico and the advancement of our exciting new discovery on the Terronera property, our focus has now turned to near term growth. That makes 2017 a year of transformation for Endeavour as the company is now in a position to potentially build three new mines over the next three years to fuel Endeavour’s next phase of organic growth.”
