Been buying EDR wts which I would not advise (expire October 24 with a strike of $5.25)unless you know wts cold, are a seasoned gambler, math teacher, like anxiety, have masochestic tendencies, or ride roller coaters for a living:
Endeavour Silver Corp (C-EDR) - News Release
Endeavour Silver expects to double production in 2007
2007-03-20 18:22 ET - News Release
Shares issued 42,727,814
EDR Close 2007-03-19 C$ 4.94
Mr. Bradford Cooke reports
ENDEAVOUR SILVER CORP.; GUANACEVI MINE OPERATIONS-2006 REVIEW AND 2007 FORECAST: SILVER PRODUCTION ROSE 42% TO 1.35 MILLION OZ IN 2006, FORECAST TO DOUBLE TO 2.6 MILLION OZ SILVER IN 2007
In 2006, Endeavour Silver Corp.'s production from the Guanacevi mine operations in Durango, Mexico, rose 42 per cent to 1.35 million ounces silver and 2,493 ounces gold (1.48 million ounces silver equivalent at a 50:1 silver-to-gold ratio).
All of the production at Guanacevi came from the Porvenir mine, which produced 153,794 tonnes (439 tonnes per day) grading 425 grams per tonne silver and 0.84 g/t gold, for a total of 1.91 million ounces silver and 2,449 ounces gold. Only 117,255 tonnes (335 tonnes per day) grading 449 g/t silver and 0.90 g/t gold were processed by the plant due to delays, now resolved, in the plant expansion program. The remaining 46,891 tonnes of mine production were added to the plant stockpiles, which, at year-end contained 57,643 tonnes grading 308 g/t silver, or 570,805 ounces silver.
In 2007, production is forecast to double to 2.57 million ounces silver and 4,720 ounces gold (2.80 million ounces Ag equivalents) from 275,820 tonnes (756 tonnes per day) grading 376 g/t silver and 0.68 g/t gold. The Porvenir mine is scheduled to produce 212,500 tonnes (582 tonnes per day) grading 405 g/t silver and 0.74 g/t gold, and the 63,320-tonne balance will be drawn from the stockpiles (which includes 8,600 tonnes of old tailings).
The Guanacevi mine operations 2006 review and 2007 forecast are shown in the table.
GUANACEVI MINE OPERATIONS 2006 REVIEW AND 2007 FORECAST
2006 2007
Silver (oz) 1,352,661 2,567,000
Gold (oz) 2,493 4,720
Ag equivalents (oz) 1,480,000 2,803,000
Mill (t) 117,255 275,820
Input (tpd) 335 756
Silver (g/t) 449 376
Recovery (%) 80.0 77.0
Gold (g/t) 0.9 0.68
Recovery (%) 73.0 78.0
Ag equivalents (opt) 14.4 13.2
Mine (t) 153,794 212,500
Output (tpd) 439 582
Silver (g/t) 425 405
Gold (g/t) 0.84 0.74
Ag equivalents (opt) 13.6 14.2
Stockpiles (t) 57,643 2,923
Silver (g/t) 308 308
The company's financial review and forecast will be released after the audited year-end financial statements are filed at the end of March.
The main reason the plant production fell short of the mine production in 2006 was because of delays in the installation and commissioning of a 10.5-by-12-foot ball mill and related facilities. In December, Endeavour started commissioning the mill and found many issues that required immediate work, including a re-engineering and reinstallation of the mill.
Endeavour is pleased to announce that these new plant facilities are now running at their design specifications. The mill will continue the commissioning period until the end of March.
Endeavour enjoyed another solid year of accomplishments elsewhere in its operations, highlighted by the tripling of reserves and resources at the Guanacevi mines project through its aggressive exploration drilling programs. Endeavour drilled 38,121 metres of core in 163 drill holes, all but nine holes in the Guanacevi area in 2006.
This year, exploration drilling will continue at Guanacevi, but emphasis will also be placed on the company's new projects, including the Bolanitos mine in Guanajuato, the Parral project in Chihuahua and the Arroyo Seco project in Michoacan. Management's goal is to add at least 20 million ounces of new silver resources through exploration in 2007.
Other 2006 operations highlights were as follows:
safety:
reduced lost-time accidents per man-day;
environmental:
planted 3,000 pine seedlings for a total of 9,000 since 2004;
community:
sponsored two student scholarships to attend college;
exploration:
drilled 38,000 metres in 163 holes;
development:
drove 6,800 m of underground ramps, sills and raises;
mine projects:
purchased six new scoop trams and ordered two new jumbo drills;
built two new underground electrical substations; and
refurbished the mine offices; and
mill projects:
initiated plant expansion program, including a large new ball mill;
built new electrical substation; and
upgraded the plant laboratory.
In 2007, the plant expansion program will continue with emphasis on improving metal recoveries by upgrading the performance of the CCD leach, Merrill Crowe precipitation and refinery circuits to produce dore bars. The development of a second silver mine at Guanacevi later this year for production in 2008 is now being evaluated as part of the five-year mine and 10-year tailings plans.
Bradford Cooke, chairman and chief executive officer, commented: "Endeavour enjoyed a great year in exploration in 2006, a good year at the mine and a challenging year at the plant. Fortunately, by staffing up to meet the challenges of such aggressive growth, the Endeavour operation team has successfully overcome the plant challenges and production is now ahead of schedule for 2007. Shareholders can look forward to another banner year of growth thanks to the talented and hard-working Endeavour operations team in Mexico."
Godfrey Walton, MSc, PGeo, is the qualified person responsible for reviewing all of the operating data for the Guanacevi mines project. A quality control sampling program of blanks and duplicates has been instituted to monitor the integrity of all assay results from the mine and plant. All samples are assayed at the Guanacevi plant, and selected rejects, pulps, blanks and duplicates are delivered to the BSI Inspectorate sample prep lab in Durango for check assays. Samples are dried, crushed, split and 30-gram pulp samples are then airfreighted to Reno, Nev., for analysis at the BSI Inspectorate laboratory. Gold and silver at both Guanacevi and BSI are determined by fire assay with an atomic absorption (AA) finish.
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