Endeavour Silver to build fourth Mexican mine
Endeavour Silver will build a fourth Mexican mine at its El Compas project.
The company approved the Zacatecas state gold-silver project for development following publication of an initial mineral resource.
Current mineralized material to be mined is 300,000t, containing 829,000oz silver and 61,000oz gold, the company said.
Development will depend on receipt of an explosives permit and further clarity regarding an exemption from the new Zacatecas state environmental tax.
MINE PLAN
Endeavour plans to produce 200t/d ore at the Zacatecas state gold-silver project, with initial plant capacity of 250t/d.
The company plans to fill the remaining capacity by purchasing mill feed from small miners in the district.
The mine will require US$10mn capex, from Endeavour's existing cash, according to a PEA. Construction is expected to take six months.
"The operation is very scalable if we discover or purchase additional mineral resources in the Zacatecas district and refurbish the second ball mill to double the plant capacity to 500t/d," CEO Bradford Cooke said.
PRODUCTION, COSTS
The mine will produce 11,488oz/y gold and 135,600oz/y silver over a 4.3-year mine life.
All-in sustaining costs are estimated at US$9.64/oz silver equivalent, assuming US$18/oz silver and US$1,260/oz gold. At the same prices, the project has a post-tax IRR of 42%.
Endeavour also has the El Cubo, Guanaceví and Bolañitos primary silver mines in Mexico and the Terronera project in the country.
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