Endeavour Silver Reports Record Production in First Quarter, 2013; Produces 1,489,746 oz Silver (Up 39%) and 15,032 oz Gold (Up 13

Mon Apr 8, 2013 7:30am EDT

* Reuters is not responsible for the content in this press release.

  VANCOUVER, BRITISH COLUMBIA, Apr 08 (Marketwired) --
Endeavour Silver Corp. (TSX:EDR)(NYSE:EXK)(FRANKFURT:EJD) announced today
that the Company set new records for silver and gold production in the
First Quarter, 2013 from the Company's three operating silver mines in
Mexico, the Guanacevi Mine in Durango State and the Bolanitos and El Cubo
Mines in Guanajuato State.

    Silver production in the First Quarter, 2013 was up 39% to 1,489,746
ounces (oz) and gold production was up 138% to 15,032 oz compared to the
First Quarter, 2012. Revenues were up 42% to US$69.9 million thanks to
the increased metal production and some sales of accumulated concentrate,
partly offset by lower metal prices.

    Production Highlights for First Quarter, 2013 (Compared to First Quarter,
2012)


--  Silver production increased 39% to 1,489,746 oz 
--  Gold production rose 138% to 15,032 oz 
--  Silver and equivalents production escalated 63% to 2.32 million oz (at a
    55:1 silver: gold ratio) 
--  Revenues jumped 42% to $69.9 million on 1,515,077 silver oz sold and
    15,724 gold oz sold 
--  Realized silver price fell 11% to $29.38 per oz sold (2% below average
    price for Q1/13) 
--  Realized gold price fell 4% to $1,686 per oz sold (1% below average
    price for Q1/13) 
--  Bullion inventory at quarter-end included 234,970 oz silver and 2,091 oz
    gold 
--  Concentrate inventory at quarter-end included 321,487 oz silver and
    5,589 oz gold 
--  Signed two new concentrate sales contracts for Bolanitos cons to
    facilitate higher production 


    Production Table for First Quarter, 2013


----------------------------------------------------------------------------
                       Tonnes   Grade         Reco- Reco-                  
               Tonnes     per  Ag gpt   Grade  very  very     Silver    Gold
Mine         Produced     day     (1)  Au gpt  Ag %  Au %         Oz      Oz
----------------------------------------------------------------------------
Guanacevi     106,653   1,185     233    0.34  80.2  80.8    640,616     942
                          (2)                                               
----------------------------------------------------------------------------
Bolanitos     167,500   1,861     135    2.27  79.8  81.0    578,654   9,891
                          (3)                                               
----------------------------------------------------------------------------
El Cubo       102,191   1,135     103    1.48  79.9  86.4    270,446   4,199
----------------------------------------------------------------------------
Consolidated  376,344   4,181     154    1.51  79.9  82.3  1,489,746  15,032
----------------------------------------------------------------------------
(1) gpt = grams per tonnes                                                  
(2) Includes scheduled down time for maintenance                            
(3) Includes 30,677 tonnes (341 tpd) processed at Las Torres facility       


    Godfrey Walton, President and COO, commented, "Endeavour's mining
operations enjoyed a good start to 2013 with record quarterly silver and
gold production in the First Quarter, 2013. Guanacevi rebounded from a
slow start with better than planned silver grades and recoveries thanks
to the commencement of production at the Porvenir Cuatro mine. Bolanitos
continued to exceed expectations with higher than planned mine output,
the extra ore being processed at the leased Las Torres plant near El Cubo
and the extra concentrates being sold thanks to two new concentrate sales
contracts. El Cubo continued to improve with higher production tonnes and
grades compared to Q4, 2012."

    The Company did plan on strong Q1 production to compensate for a possible
dip in Q2 production related to the plant and surface infrastructure
rebuilding programs at El Cubo. The reconstruction of the El Cubo plant
remains on time and budget but some lost production days are anticipated
in Q2 for both El Cubo and Bolanitos ores during the re-commissioning of
the El Cubo plant. Revenue from the sale of concentrates in Q1 is subject
to adjustment upon final settlement in Q2 including metal prices.

    Endeavour is also pleased to announce that it has successfully concluded
the annual renegotiation of the collective bargaining agreement covering
its union employees of Compania Minera del Cubo SA de CV at the El Cubo
mine in Guanajuato State, Mexico. 

    Management extends its congratulations to the negotiating teams of both
the Company and the National Miners Union of Mexico for the productive
and collaborative discussions that enabled the agreement to be finalized.
Both parties worked towards the mutual goal of building and maintaining a
peaceful, safe, productive and harmonious working environment that will
encourage and facilitate both the Company and the employees to work more
efficiently, increase metal production and decrease operating costs,
whilst maintaining positive relations between the parties both now and in
the future.

    The Company further announces that it received two awards for Corporate
Social Responsibility (CSR) in 2012 from CEMEFI, an independent
institution that recognizes excellence in CSR practices in Mexico. 

    Endeavour has been given recognition by CEMEFI for CSR excellence at
Endeavour's Bolanitos and El Cubo mining operations. The Company has also
successfully implemented CSR programs for many years at its Guanacevi
mine and anticipates they will receive recognition this year. 

    These awards highlight Endeavour's continuing commitment to
sustainability and CSR through its numerous sustainability projects,
which are focused on enhancing community life, improving health and
safety, promoting education and protecting the environment at each of our
mining operations in Mexico.

    Godfrey Walton, President and COO, is the Qualified Person who reviewed
and approved the technical disclosures contained herein.

    ENDEAVOUR SILVER CORP. 

    BRADFORD COOKE, CEO and Director

    About Endeavour- Endeavour 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 eight consecutive years of
growing silver production, reserves and resources. The organic expansion
programs now underway at Endeavour's three operating silver mines in
Mexico combined with its strategic acquisition and exploration programs
should facilitate Endeavour's goal to become the next premier senior
silver mining company. 

    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 2012 and the timing and results of
exploration drill programs. 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, 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; the speculative nature of mineral exploration and development,
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.

    Forward-looking statements are based on assumptions management believes
to be reasonable, including but not limited to: the continued operation
of the Company's mining operations, no material adverse change in the
market price of commodities, mining operations will operate and the
mining products will be completed in accordance with management's
expectations and achieve their stated production outcomes, and such other
assumptions and factors as set out herein. 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.


Contacts:
Endeavour Silver Corp.
Meghan Brown
Director Investor Relations
Toll free: (877) 685-9775 or (604) 685-9775
mbrown@edrsilver.com

Endeavour Silver Corp.
Lana McCray
Corporate Communications Co-Ordinator
Toll free: (877) 685-9775 or (604) 685-9775
(604) 685-9744 (FAX)
lmccray@edrsilver.com
www.edrsilver.com

© 2013 Marketwire L.P. All rights reserved.

-0-
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.