MEXICO - Vancouver-based ENDEAVOUR SILVER remains on track to become one of the top five primary silver producers in North America, thanks to the continued expansion of the Santa Cruz mine in the Durango state, said company VP Godfrey Walton. The Santa Cruz mine is expected to produce 300,000 to 400,000 oz of silver in 2004, but Endeavour aims to expand production ten-fold over the next two-and-a-half years by mining the North Porvenir, La Prieta and Deep Santa Cruz zones.
Exploration is currently taking place at the North Porvenir zone with the aim of bringing it into production during 2005. The results from this zone have been better than expected, and exploration will begin on La Prieta and the Deep Santa Cruz zones next year.
Endeavour plans to stop work, however, on its San Jos property in Sinaloa state and El Taco property in Sonora state due to disappointing results. Instead it is going to concentrate on acquiring more properties in the Guanacevi district where the Santa Cruz mine is located. Talks with a number of landowners in the area have begun.
"We're in negotiations with several other owners in the Guanacevi area and our focus will be on that. I think it will be in the first quarter of 2005 when we make an announcement," said Walton. He added that he believes silver prices will continue to increase in the long term but that the company is still basing its financial calculations on a price of US$6/oz.
Endeavour's website is at www.edrsilver.com.
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