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Endeavour
Silver Corp. (TSX: EDR; NYSE-Amex: EXK; DB-Frankfurt: EJD) announces that the Company set a
new record for quarterly silver production in Q4, 2010, up 15% to 895,931 oz
silver compared to Q4, 2009. Gold output also jumped to a new high in Q4,
2010, up 6% to 4,871 oz gold compared to Q4, 2009.
As a result, Endeavour delivered its sixth consecutive year of silver
production growth, up 26% year-on-year to 3.3 million oz silver in 2010. In
addition, gold output rose even more sharply, up 33% to 17,713 oz gold in
2010 compared to 2009. Using the recent silver: gold ratio of 50:1 (base
metals not included as equivalents), Endeavour produced 4.2 million oz silver
equivalents in 2010, up 24% compared to 2009.
Endeavour easily beat its production forecast of 3.1 million oz silver and
15,000 oz gold for 2010. These new records for silver and gold production can
largely be attributed to the successful completion of the 2010 expansion
programs at the Company's two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine
in Guanajuato State.
Bradford Cooke, Chairman and CEO, commented, "Our mine operations teams
are to be congratulated for doing a great job in 2010. Not only are the two
mines operating more smoothly than ever, Guanacevi
also reported its' best ever safety record, with no lost time accidents in
2010. Due primarily to the successful completion of our mine and plant
expansion to 1000 tonnes per day at Guanacevi last year, Endeavour was able to deliver its
6th consecutive year of production growth in 2010. "
"We also succeeded in accelerating our mine development at Guanajuato
thanks to our discovery of a number of new high grade veins, so that
management is now able to consider a major plant expansion at Guanajuato for
2011. We therefore expect to achieve our 7th consecutive year of organic
production growth this year. Substantial organic growth potential still
remains to be realized at the two mines in order to reach their consolidated
production capacity."
Endeavour plans to release its 2010 unaudited financial guidance and 2011
production forecast in mid-January; an overview of its 2010 exploration
results later this month; followed by our annual update of NI 43-101 reserves
and resources in late February-early March; and the 2010 audited financial
results and outlook in late March, 2011.
Endeavour Silver Corp. is a mid-cap silver mining company focused on
the growth of its silver production, reserves and resources in Mexico. Since
start-up in 2004, Endeavour has posted six consecutive years of growing
silver production, reserves and resources. The organic expansion programs now
underway at Endeavour's two operating silver mines in Mexico combined with
its strategic acquisition and exploration programs should help Endeavour
achieve its goal to become the next premier mid-tier silver mining company.
ENDEAVOUR SILVER CORP.
Per:
/s/ "Bradford Cooke"
BRADFORD COOKE
Chairman and Chief Executive Officer
For more information, please contact Hugh Clarke at Toll free: 877-685-9775, tel: (604) 685-9775, fax: (604) 685-9744, email hugh@edrsilver.com or visit our website, www.edrsilver.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within
the meaning of the United States private securities litigation reform act of
1995 and "forward-looking information" within the meaning of applicable
Canadian securities legislation. Such forward-looking statements and
information herein include, but are not limited to, statements regarding
Endeavour's anticipated performance in 2010, including silver and gold
production, timing and expenditures to develop new silver mines and
mineralized zones, silver and gold grades and recoveries, cash costs per
ounce, capital expenditures and sustaining capital and the use of proceeds
from the Company's recent financing. The Company does not intend to, and does
not assume any obligation to update such forward-looking statements or
information, other than as required by applicable law. Forward-looking
statements or information involve known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of Endeavour and its operations to be materially
different from those expressed or implied by such statements. Such factors
include, among others: fluctuations in the prices of silver and gold,
fluctuations in the currency markets (particularly the Mexican peso, Canadian
dollar and U.S. dollar); changes in national and local governments,
legislation, taxation, controls, regulations and political or economic
developments in Canada and Mexico; operating or technical difficulties in
mineral exploration, development and mining activities; risks and hazards of
mineral exploration, development and mining (including environmental hazards,
industrial accidents, unusual or unexpected geological conditions, pressures,
cave-ins and flooding); inadequate insurance, or inability to obtain
insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and
development, diminishing quantities or grades of mineral reserves as
properties are mined; the ability to successfully integrate acquisitions;
risks in obtaining necessary licenses and permits, and challenges to the
company's title to properties; as well as those factors described in the
section "risk factors" contained in the Company's most recent form
40F/Annual Information Form filed with the S.E.C. and Canadian securities
regulatory authorities. Although the Company has attempted to identify
important factors that could cause actual results to differ materially from
those contained in forward-looking statements or information, there may be
other factors that cause results to be materially different from those
anticipated, described, estimated, assessed or intended. There can be no
assurance that any forward-looking statements or information will prove to be
accurate as actual results and future events could differ materially from
those anticipated in such statements or information. Accordingly, readers
should not place undue reliance on forward-looking statements or information.
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