Thursday, April 12, 2012

Endeavor Silver Reports Record Production in Q1 2012


" Endeavour Silver Reports Record Production in First Quarter, 2012; Produces 1,072,491 oz Silver (Up 19%) and 6,321 oz Gold (Up 26%); Final NI 43-101 Reserve and Resource Report Results in Minor Adjustments to Reserves and Resources

Silver production was up 19% to 1,072,491 ounces (oz) and gold production was up 26% to 6,321 oz compared to the First Quarter 2011. Revenues were up 39% to US$49.0 million thanks to both the higher metal production and higher realized gold prices."

Here is definitely something to take note of below. The company and management are doing something very smart here in my opinion:
 
"Note: In January and February, 2012, gold and silver prices enjoyed a significant rebound from their lows in December, 2011. Endeavour therefore elected to sell most of the precious metal inventory it accumulated in Q4, 2011 in order to capture the higher gold and silver prices. However, gold and silver prices corrected sharply once again in March 2012 so Endeavour management once again chose to accumulate its precious metal production in Q1, 2012 rather than sell at depressed prices. Management plans to monitor precious metal prices closely and sell some (or all) of the silver and gold inventory at appropriately higher metal prices, or if the need arises for more cash."

Source: www.edrsilver.com. 

I am long EXK.

 

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