Endeavor is primarily interested in finding, developing and operating silver and gold mines in Mexico. We have three high-grade underground mines currently operating and we’re now planning to roll out three new mines over the next three years to grow our production by more than 50 percent. And interestingly enough, also shrink our costs by almost the same amount 50 percent. We’re coming into a new bull cycle for a silver and I’m really looking forward to being the next major silver producer in the sector.
Endeavour Silver is a mid-tier precious metals mining company that owns three high grade, underground, silver-gold mines in Mexico. Since 2004 the company has grown from no production to 9.7 million ounces of silver equivalent production in 2016. We find, build and operate quality silver mines in a socially, economically and environmentally responsible manner to create real value for all stakeholders.
Guanaceví is Endeavour’s highest grade and deepest silver mine. Since acquisition, Endeavour has discovered seven high-grade silver-gold ore bodies along a six kilometre length of the Santa Cruz vein, opened new mines, and completed plant modernization and expansion programs. Today three underground mines feed the central, 1,200 tonne-per-day plant that produces doré bars, with a total work force of about 550 employees and 350 contractors.
In 2016, the Guanaceví mine produced 2.4 million ounces of silver and 5,328 ounces of gold, totaling 2.8 million ounces of silver equivalent. Silver and gold production both fell below guidance due to lower throughput and grades, partially offset by higher recoveries.
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