Endeavour Silver (NYSE:EXK) (TSX:EDR) released today its financial results for the second quarter ended June 30, 2017. Endeavour owns and operates three underground silver-gold mines in Mexico: the Guanacev mine in Durango state, and the Bolaitos and El Cubo mines in Guanajuato state.
The Company’s financial performance in the Second Quarter, 2017 was impacted by lower production and increased exploration and development activities compared to the Second Quarter, 2016. Production was lower in Q2, 2017 compared to Q2, 2016 due to differences in the annual mine plans. In 2016, production was higher in H1 and declined in H2 whereas in 2017, production should rise incrementally from H1 to H2 with increased access to reserves at all three mines.
Production in the Second Quarter, 2017 was higher than the First Quarter, 2017 due primarily to improved performance of the Bolaitos and El Cubo mines. Both mines are now performing in line with their operating plans for the year whereas Guanacevi continues to lag behind plan.
Endeavour CEO Bradford Cooke commented:
Our second quarter production was an improvement over the first quarter thanks to higher tonnes and/or grades from the Bolaitos and El Cubo mines. The Guanacev mine continued to lag behind plan and another internal review was initiated in order to better understand the new issues and possible resolutions.