MEXICO – Endeavour Silver Corp
. of Vancouver has completed the sale of 8.02 million shares for net proceeds of US $16.0 million. The funds will be used in part for exploration of the Terronera silver-gold project in Jalisco state. A portion of the funds will be spent for exploration at existing mines.
Endeavour has outlined a high grade zone of mineralization more than 1,400 metres long, 200 metres deep, and 3 to 10 metres thick. It remains open along strike to the southeast and down dip. So far 2.9 million indicated tonnes at 327 g/t AgEq and 1.2 million inferred tonnes at 315 g/t AgEq have been outlined. The resource is estimated to contain 28.4 million oz of silver and about 200,00 oz of gold. Underground mining is planned.
The Terronera preliminary economic assessment is available at www.EDRSilver.com