Endeavour Silver Corp.: Production Growth Slows, Mine Development Accelerates, Temporary Mine and Mill Teething Problems Resolved.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Endeavour Silver Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:EDR (Enhanced Data Rate) An acronym occasionally used to reflect an advancement in transmission or transfer speed. For example, Bluetooth 2.0 + EDR provides a dramatic increase in speed over the previous version. See Bluetooth. )(FWB (Fixed Wireless Broadband) See fixed wireless. :EJD EJD European Journal of Dermatology EJD Executive Juris Doctor (degree) ) - High-Grade Silver Mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. Outlined on Porvenir Dos and San Marcos San Marcos (săn mär`kəs). 1 City (1990 pop. 38,974), San Diego co., S Calif., a northern suburb of San Diego; settled 1880s, inc. 1963. Properties, Guanacevi Project, Durango, Mexico Endeavour Silver Corp. announces that the rate of growth in silver production at the Guanacevi Project, Durango, Mexico has slowed in recent weeks as underground mining equipment and personnel were diverted from ore production to development headings in order to prepare for the next phase of production growth in 2006. Various mine and mill "teething teething /teeth·ing/ (teth´ing) the entire process resulting in eruption of the teeth. teeth·ing n. The eruption or cutting of the teeth. problems" cropped up during the most recent increase in production, which also caused a slowdown in silver production, but these issues have now been resolved. Specifically, a major mine supplier was until recently unable to deliver certain ground support parts and supplies on a timely basis. As a result, the highest grade stope stope n. An excavation in the form of steps made by the mining of ore from steeply inclined or vertical veins. tr.v. stoped, stop·ing, stopes To remove (ore) from or mine by means of a stope. in the North Porvenir mine was unnecessarily idle for several weeks. In addition, the mill closed for several days last week to repair two cone crushers and complete normal maintenance on the crushers. As a result, recent silver production has plateaued at about 100,000 oz. per month, ahead of the Q2 performance but lower than the 125,000 oz. per month goal Endeavour has targeted. With these issues now resolved, the Company anticipates the rate of growth of silver production will once again increase to meet next year's production targets. Endeavour also announces that high-grade silver mineralization has been outlined by surface sampling of the Santa Cruz Santa Cruz, city, United States Santa Cruz (săn`tə kr  z), city (1990 pop. 49,040), seat of Santa Cruz co., W Calif., on the north shore of Monterey Bay; inc. 1866. vein on the
Porvenir Dos property and the San Vicente San Vicente (sän vēsān`tā), city (1993 pop. 28,529), central El Salvador. Among its industries are textile manufacturing and sugar milling. San Vicente is the commercial center of a region that produces coffee and sugarcane. vein on the San Marcos
properties, both recent additions to the Guanacevi Project, Durango,
Mexico.Porvenir Dos is located adjacent to and along strike from the Santa Cruz property to the northwest of the new North Porvenir mine. Endeavour holds an option to purchase a 100% interest in the Porvenir Dos and La Sultana properties for cash payments totalling US$137,500 over an 18-month period. After optioning Porvenir Dos in August 2005, Endeavour completed a geological mapping and vein-sampling program over the 500 m long surface extention of the Santa Cruz vein. It is marked by old mine workings that exhibit varying amounts of fracturing, oxidation oxidation /ox·i·da·tion/ (ok?si-da´shun) the act of oxidizing or state of being oxidized.ox·idative ox·i·da·tion n. 1. The combination of a substance with oxygen. 2. , silicification si·lic·i·fy v. si·lic·i·fied, si·lic·i·fy·ing, si·lic·i·fies v.tr. To convert into or impregnate with silica. v.intr. To become converted into or impregnated with silica. and quartz veining vein·ing n. Distribution or arrangement of veins or veinlike markings. , up to 4 m wide in places but averaging 1 m thick. The Santa Cruz vein is hosted by Tertiary andesitic volcanics near the contact with underlying Cretaceous conglomeritic sediments. The andesites display a broad zone of rusty white argillic alteration similar to the North Porvenir mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zone. The conglomerates host a sub-parallel, narrow vein that appears to be a splay off the Santa Cruz vein. The mapping and sampling program on the Porvenir Dos property appears to confirm a relatively high level within the mineralized system, similar to the North Porvenir zone, where narrow veining occurs on surface but silver mineralization is relatively sparse sparse - A sparse matrix (or vector, or array) is one in which most of the elements are zero. If storage space is more important than access speed, it may be preferable to store a sparse matrix as a list of (index, value) pairs or use some kind of hash scheme or associative memory. and lower grade. Notwithstanding, a total of 17 channel samples from vein outcrops on Porvenir Dos returned assays ranging up to 691 gpt silver and 0.8 gpt gold. Follow-up systematic channel samples collected approximately 5 m apart along a 200 m length of the vein from southeast to northwest returned the following assays:
PORVENIR DOS PROPERTY - SANTA CRUZ VEIN
SELECTED CHANNEL SAMPLE RESULTS
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Ag Equivalent
Sample equals
(No.) Width Silver Gold (Silver+(60xGold))
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(m) (ft) (gpt) (gpt) (gpt) (opt)
PNWS-58 0.60 2.0 516 0.5 546 15.9
60 0.60 2.0 195 0.3 213 6.2
62 0.50 1.6 308 0.4 332 9.7
66 1.00 3.3 206 0.3 224 6.5
81-83 1.90 6.2 273 0.38 296 8.6
84 0.70 2.3 435 0.6 471 13.7
7 0.40 1.3 202 0.3 220 6.4
100-102 2.10 6.9 549 0.1 555 16.2
incl. 0.50 1.6 1029 0.1 1035 30.2
104 0.70 2.3 191 0.2 203 5.9
68 0.80 2.6 272 0.3 290 8.5
108-109 1.40 4.6 576 0.8 624 18.2
69 0.70 2.3 398 1.2 470 13.7
111 0.80 2.6 467 0.7 509 14.8
10 0.80 2.6 463 1.0 523 15.2
11 1.00 3.3 634 1.5 724 21.1
12 0.80 2.6 376 1.2 448 13.1
29 0.70 2.3 884 0.6 920 26.8
31 0.70 2.3 393 0.3 411 12.0
79 0.60 2.0 421 0.5 451 13.1
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Multiplying the gold grades in grams per tonne by 60 and adding them to the silver grade in grams per tonne is how the silver equivalents were calculated. This calculation takes into account the difference in price and metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. recoveries in the plant for both metals. San Marcos is located sub-parallel to and approximately 3 km northeast of the Santa Cruz vein and the North Porvenir mine. Endeavour acquired a 100% interest in the San Marcos properties as part of the 9-property package purchased from Industrias Penoles in May 2005. A mapping and sampling program similar to the Porvenir Dos property was conducted over the 1.2 km surface extent of the San Vicente vein. The property has a number of old mine workings that display quartz veining up to 10 m wide but averaging 1 m thick. The San Vicente vein is also hosted by Tertiary andesitic volcanics near their contact with the underlying Cretaceous conglomeritic sediments, but dipping to the northeast rather than to the southwest. Like Porvenir Dos, the surface mineralization appears to be somewhat sporadic but 30 grab or channel samples from vein outcrops and mine dumps mine dump Noun S African a large mound of waste material from gold-mining operations returned assays up to 789 gpt Ag and 2.0 gpt Au, as follows:
SAN MARCOS PROPERTIES - SAN VICENTE/NUESTRA SENORA VEIN
SELECTED SURFACE SAMPLE RESULTS
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Ag Equivalent
Sample equals
(No.) Width Silver Gold (Silver+(60xGold))
-------------------------------------------------------------
(m) (ft) (gpt) (gpt) (gpt) (opt)
2224 0.9 3.0 208 1.5 298 8.7
SV01 Grab 37 3.2 229 6.7
SV05 Grab 548 1.8 656 19.1
2192 4.0 13.1 354 0.5 384 11.2
2193 0.8 2.6 270 0.4 294 8.6
SV08 Grab 548 1.2 620 18.1
SV11 Grab 204 2.0 324 9.4
SV16 Grab 536 1.1 602 17.6
SV18 Grab 789 2.0 909 26.5
SV19 Grab 237 0.7 279 8.1
SV21 Grab 130 2.0 250 7.3
SV22 Grab 226 0.8 274 8.0
SV24 Grab 452 1.0 512 14.9
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Sporadic but high grade silver vein mineralization at both Porvenir Dos and San Marcos is a good indicator of prospective but more continuous mineralization at depth. Endeavour is already drilling Porvenir Dos as part of the current drill program now underway on the Guanacevi Project. San Marcos will be drilled as part of the 2006 drill program. Godfrey Walton, President, stated, "These two properties represent good examples of how old vein prospects can be developed into attractive drill targets in a relatively short period of time within the Guanacevi district. We anticipate developing several similar targets for drilling in 2006 as part of our ongoing exploration in the district." Godfrey Walton, M.Sc, P.Geo., is the Qualified Person supervising the surface drilling and underground sampling programs on the Santa Cruz property. He has instituted a Quality Control sampling program of blanks and duplicates to monitor the integrity of all assay results. Endeavour personnel at the Guanacevi Project camp split all core samples and assay them at the Guanacevi plant. Blanks and duplicates are introduced into the sequence and the samples are driven to Durango where they are couriered to the Chemex lab in Hermosillo. Samples are dried, crushed and split and a 30 gram (1 assay ton 1. A weight of 29.166 + grams used in assaying, for convenience. Since it bears the same relation to the milligram that a ton of 2000 avoirdupois pounds does to the troy ounce, the weight in milligrams of precious metal obtained from an assay ton of ore gives directly the number of ) sub sample is taken for analysis. Gold and silver at both Guanacevi and Chemex are determined by fire assay with an atomic absorption (AA) finish. Endeavour Silver Corp. (TSX VENTURE:EDR)(FWB:EJD) is a silver mining company focused on the growth of its silver resources and production in Mexico. The expansion program now underway at the high grade Santa Cruz silver mine in Durango, Mexico, should allow Endeavour to become one of the top five primary silver producers in the world. On Behalf of the Board of Directors, ENDEAVOUR SILVER CORP. Bradford J. Cooke, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain statements contained herein regarding the Company and its operations constitute "forward-looking statements" within the meaning of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include fluctuations in precious metal prices, unpredictable results of exploration activities, uncertainties inherent in the estimation of mineral reserves and resources, fluctuations in the costs of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. , problems associated with exploration and mining operations, changes in legal, social or political conditions in the jurisdictions where the Company operates, lack of appropriate funding and other risk factors, as discussed in the Company's filings with Canadian and American Securities regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. . Resource and production goals and forecasts may be based on data insufficient to support them. Godfrey Walton, P.Geo. and/or Bradford Cooke, P.Geo. are the Qualified Persons for the Company as required by NI 43-101. The Company expressly disclaims any obligation to update any forward-looking statements. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has neither approved nor disapproved the contents of this news release. Endeavour Silver Corp. (TSX VENTURE:EDR) (FRANKFURT:EJD) |
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