Endeavour Silver Reports Rise In 1Q Earnings
Endeavour Silver Corp. (NYSE: EXK; TSX: EDR), whichoperates three underground silver-gold mines in Mexico, reports that first-quarter net earnings rose sharply from a year ago despite lower output, helped in part by higher prices for precious metals. Net earnings were $6 million, or 5 cents per share, compared to $1.8 million, or 2 cents, in the same period a year ago. Silver production decreased 29% year-on-year to 1,076,974 ounces, while gold production decreased 27% to 11,724 ounces. “We are pleased to report significantly higher first-quarter earnings for 2017, especially in light of our lower production compared to Q1 2016 and our increased investments on exploration and development,” says Bradford Cooke, chief executive officer. “Our plan to increase production throughout the year bodes well for our financial outlook on the year. We recently made a decision to develop El Compas into our fourth mine, and we look forward to giving the green light soon to develop Terronera into our fifth mine.” The company reports that the average realized silver price increased 17% to $17.79 per ounce sold, while the gold price increased 5% to $1,280 per ounce. All-in sustaining costs rose 64% to $18.24 per ounce of silver, net of gold credits.