Endeavour Silver Reports Financial and Operating
Results for Q1, 2009; Silver Production Up 13%, Cash Costs Down 24%
Compared to Q1, 2008
Vancouver, Canada
-- May 13, 2009 - Endeavour Silver Corp. ("Endeavour" or the
"Company") (EDR: TSX, EJD: DB-Frankfurt and EXK: NYSE-Amex)
announced today its' financial and operating results and unaudited
financial statements for the First Quarter, 2009. Endeavour owns and
operates two high-grade, underground, silver-gold mines in Mexico, the
Guanacevi Mines in Durango State and the Guanajuato Mines in Guanajuato
State.
The financial results are expressed in US dollars ("US$") and
are based on Canadian generally accepted accounting practices (Canadian
"GAAP"). For a more detailed review, shareholders are referred
to the Q1, 2009 Financial Statements and Management Discussion and
Analysis ("MD&A") posted on the Company's website, www.edrsilver.com.
First Quarter, 2009 Highlights (Compared to Q1, 2008)
- Silver
production rose 13% to 572,785 oz
- Gold production
jumped 63% to 2,335 oz
- Silver-equivalent
production up 22% to 736,235 oz (70:1 silver:gold ratio and no base
metals)
- Mineral sales
fell 21% to $8.5 million
- Mine operating cash-flow
dropped 37% to $2.6 million
- Cash costs reduced 24% to
$7.56 per oz silver produced
- Closed $11 million
convertible redeemable debenture financing
- Total silver-equivalent
mineral inventory rose 24% to 62.3 million oz (assuming 75:1
silver:gold ratio based on gold/silver prices in December 2008, not
including any base metals as equivalents) and proven and probable
reserves now total 7.8 million ounces (oz) silver (9.6 million oz
silver-equivalents), indicated resources increased to 19.5 million
oz silver (26.1 million oz silver-equivalents) and inferred
resources climbed to 19.5 million oz silver (26.6 million oz
silver-equivalents)
- Commenced 2009 capital
and exploration projects at Guanacevi and Guanajuato
- Mine Development
Completed: 1,248 meters at Guanacevi, 583 meters at Guanajuato
- Guanacevi Access Ramps
Underway at Alex Breccia, Porvenir Dos and Santa Cruz
- Guanacevi Ventilation
Shaft Completed and Fan Installation Underway
- Guanacevi Pump Station
Upgraded and Further Modifications are Underway
- Guanacevi
Tailings Expansion Now Underway
- Soil Geochemical Sample
Grids Completed at San Pedro and Bolanitos
- Diamond drilling permits
pending for Q2 start-up
Bradford Cooke, Chairman and CEO,
commented, "Endeavour enjoyed another strong quarter of silver
production in Q1, 2009 compared to Q1, 2008. We put the brakes on our
production growth late last year due to the low silver price and as a
result, silver production is down from Q4, 2008. However, the silver
price rebounded in the First Quarter, and thanks to our recent US$11
million financing, new capital projects are now underway at both mines
that should facilitate a +20% expansion of silver production this year to
the 2.7-2.9 million oz range."
"Cash costs were also sharply lower in Q1, 2009 compared to Q1, 2008
as a result of the plant upgrade programs that facilitated higher tonnage
throughputs and improved silver recoveries, and the depreciation of the
Mexican peso relative to the US dollar. Notwithstanding the recent five
day temporary shut-down to comply with the Presidential decree to
restrict the spread of the H1N1 swine influenza virus, management expects
Q2, 2009 silver production and cash costs to be comparable with Q1, 2009
as previously forecast."
Financial Results (see Consolidated Statement of Operations below)
Mineral Sales totalled $8.5 million in Q1, 2009, down 21% (Q1, 2008 -
$10.7 million) due to lower silver prices and higher finished goods. Costs
of Sales amounted to $5.9 million, down 11% (Q1, 2008 - $6.6 million) due
to lower cash costs, so Mine Operating Cash Flows also declined 37% to
$2.6 million (Q1, 2008 - $4.2 million) because of the lower prices and
delayed revenue from accumulation of finished goods.
With Depreciation and Depletion rising to $2.3 million (Q1, 2008 - $1.5
million) due to lower ore reserves, the Company realized lower Mine
Operating Earnings of $0.3 million (Q1, 2008 - $2.6 million). The
Operating Loss for the three months ended March 31, 2009 declined to $1.2
million (Q1, 2008 - $1.8 million) after Exploration costs of $0.2 million
(Q1, 2008 - $2.0 million), General and Administrative costs of $1.2
million (Q1, 2008 - $1.4 million), Accretion of Convertible Debentures of
$0.1 (Q1, 2008 - Nil) and Stock Based Compensation costs of $0.1 million
(Q1, 2008 - $1.0 million).
The Loss Before Taxes for the three months ended March 31, 2009 also
increased to $1.9 million (Q1, 2008 - $1.4 million) after Foreign Exchange
Loss of $0.9 million (Q1, 2008 - $0.5 million), and Investment and Other
Income of $0.2 million (Q1, 2008 - $0.1 million). During the First
Quarter, 2008 there was also a realized Gain on Marketable Securities of
$0.8 million. The Company incurred a lower Net Loss in Q1, 2009 of $1.8
million (Q1, 2008 - $2.4) after an Income Tax recovery of $0.1 million
(Q1, 2008 - Income Tax provision of $0.6 million).
Cash costs were $7.56 per oz silver produced in Q1, 2009, down 24% (Q1,
2008 - $10.01 per oz) thanks to higher tonnage throughputs at Guanajuato
as a result of the rehabilitation and re-opening of the four main mine
shafts in Q2, 2008, higher metal recoveries at Guanacevi as a result of
the numerous plant upgrade capital projects completed last year, and the
depreciation of the Mexican peso. Endeavour reports its cash costs
according to the Gold Institute cash cost reporting guidelines so they
include offsite costs such as transportation, smelting and refining
costs.
The company made capital investments totalling $2.5 million in property,
plant and equipment during the First Quarter, 2009. Approximately $2.0
million was spent at Guanacevi, including $1.6 million on mine
development, $0.3 million on mine equipment and $0.1 million office
equipment. Some $0.5 million was spent at Guanajuato, including $0.2
million on mine development and $0.3 million on mine equipment.
At March 31, 2009, Company held cash and cash equivalents of $7.8 million
and working capital of $15.7 million.
Operating Results (see Consolidated Table of Operations below)
Silver production in Q1, 2009 was 572,785 ounces, an increase of 13%
compared to 504,669 ounces in the first quarter of 2008. Plant
throughputs in Q1, 2009 totalled 85,731 tonnes (up 10%) at average grades
of 271 grams per tonne (gpt) silver (down 11%) and 1.02 gpt gold (up 44%)
as compared to 78,157 tonnes at average grades of 304 gpt silver and 0.71
gpt gold during Q1, 2008 and plant recoveries in Q1, 2009 were 81.8% for
silver (up 24%) and 88.4% for gold (up 11%).
The increased tonnage throughputs, lower silver grades and higher gold
grades in Q1, 2009 are all attributable to Guanajuato operating near
capacity during the quarter (up 265% to 456 tonnes per day), offset by a
decrease in Guanacevi's output (down 26% to 567 tonnes per day) as
stockpiles were depleted and more personnel and equipment were allocated
to mine development. The Guanajuato mines have lower silver grades but
significantly higher gold grades than the Guanacevi mines. Guanacevi
production was also compounded by higher than expected water inflows that
has reduced the current mine output as the access ramp progresses deeper
below the water table. Pumping and electrical capacities are both in the
process of being expanded as part of the 2009 mine development capital
program.
The increased silver and gold recoveries (silver up 24% to 81.8%) reflect
the plant upgrades and lower manganese ore-types now being processed at
Guanacevi, and the higher throughputs of higher recovery ore-types at
Guanajuato.
The Company also changed how it reports its silver production from
Guanajuato in Q1, 2009. Prior to December, 2008, the Company recovered
gold and silver at Guanajuato into bulk sulfide concentrates and shipped
the concentrates to the Met-Mex ("Penoles") refinery in
Torreon, Mexico for treatment. Guanajuato production was previously
reported as silver-in-concentrate.
However, Penoles significantly increased their smelting charges,
deductions and penalties mid-2008. Therefore, the Company evaluated its
process alternatives for the Guanajuato concentrates and determined that
it could materially reduce its costs by shipping the concentrates to the
Guanacevi plant for treatment to produce dore silver-gold bars. Smelters
typically pay more than 99% for the silver and gold in dore as compared
to 95% in concentrates, but re-processing the concentrates at Guanacevi
only recovers 88% of the silver and gold in concentrate, resulting in
slightly lower production, but significantly lower costs, overall
improving the Company's gross margin. Therefore, all Guanajuato
production is now reported as silver in dore, similar to the Guanacevi
production.
Q2, 2009 Outlook
In Q2, 2009, Endeavour expects silver production and cash costs to be
comparable with Q1, 2009 as previously forecast.
The 2009 mine development capital program is well on track to bring both
the new Alex Breccia mine at Guanacevi and the new Lucero vein at
Guanajuato into full production by the end of Q2, 2009. Furthermore, the
new Porvenir Dos mine at Guanacevi should be ready for production by the
end of Q3, 2009, thereby facilitating a jump in silver production in
Q3/Q4 compared to Q1/Q2. Increased production from the San Jose vein
which has split into two veins will start production in Q2 on one split
and in Q3 on the other split.
Exploration drilling will get underway in the San Pedro area of Guanacevi
and the Lucero area of Guanajuato during the Second Quarter, 2009 in
order to better define and expand these new silver-gold discoveries.
In Guanacevi, drilling proposed for the San Pedro area will test both
high grade veins as well as moderate grade mantos and one larger
stock-work zone of silver-lead-zinc mineralization, all within an area
measuring more than 1.5 kilometers (0.9 miles) in length and 500 meters
(1,600 feet) across.
In Guanajuato, drilling will try to extend the Bolanitos, San Jose and
Lucero vein mineralization to the south where it still remains open. Previous
drilling highlights include intervals of 5.54 grams per tonne gold and
166 gpt silver over 5.80 meters (19 feet), including 11.45 gpt gold and
239 gpt silver over 1.90 meters (6 feet) on the Bolanitos vein.
Endeavour Silver Corp. (EDR: TSX, EXK: NYSE-Amex, EJD:
DB-Frankfurt) is a small-cap silver mining company focused on the growth of
its silver production, reserves and resources in Mexico. Since start-up
in 2004, Endeavour has posted four consecutive years of aggressive silver
production and resource growth. The organic expansion programs now
underway at Endeavour's two operating silver mines in Mexico combined
with its strategic acquisition program should help Endeavour achieve its
goal to become the next premier mid-tier primary silver producer.
ENDEAVOUR SILVER CORP.
BRADFORD COOKE,
Chairman and CEO
For more information, please contact Hugh Clarke at Toll free:
877-685-9775, tel: (604) 685-9775, fax: (604) 685-9744, email
hugh@edrsilver.com or visit our website, www.edrsilver.com. The TSX
Exchange has neither approved nor disapproved the contents of this news
release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements"
within the meaning of the United States private securities litigation
reform act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities legislation. Such
forward-looking statements and information herein include, but are not
limited to, statements regarding Endeavour's anticipated performance in
2009, including silver and gold production, timing and expenditures to develop
new silver mines and mineralized zones, silver and gold grades and
recoveries, cash costs per ounce, capital expenditures and sustaining
capital and the use of proceeds from the Company's recent financing. The
Company does not intend to, and does not assume any obligation to update
such forward-looking statements or information, other than as required by
applicable law.
Forward-looking statements or information involve known and unknown
risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Endeavour and its
operations to be materially different from those expressed or implied by
such statements. Such factors include, among others: fluctuations in the
prices of silver and gold, fluctuations in the currency markets
(particularly the Mexican peso, Canadian dollar and U.S. dollar); changes
in national and local governments, legislation, taxation, controls,
regulations and political or economic developments in Canada and Mexico;
operating or technical difficulties in mineral exploration, development
and mining activities; risks and hazards of mineral exploration,
development and mining (including environmental hazards, industrial
accidents, unusual or unexpected geological conditions, pressures,
cave-ins and flooding); inadequate insurance, or inability to obtain
insurance; availability of and costs associated with mining inputs and
labour; the speculative nature of mineral exploration and development,
diminishing quantities or grades of mineral reserves as properties are
mined; the ability to successfully integrate acquisitions; risks in
obtaining necessary licenses and permits, and challenges to the company's
title to properties; as well as those factors described in the section
"risk factors" contained in the Company's most recent form
40F/Annual Information Form filed with the S.E.C. and Canadian securities
regulatory authorities. Although the Company has attempted to identify
important factors that could cause actual results to differ materially
from those contained in forward-looking statements or information, there
may be other factors that cause results to be materially different from
those anticipated, described, estimated, assessed or intended. There can
be no assurance that any forward-looking statements or information will
prove to be accurate as actual results and future events could differ
materially from those anticipated in such statements or information. Accordingly,
readers should not place undue reliance on forward-looking statements or
information.
ENDEAVOUR SILVER CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)
(Unaudited- Prepared by Management)
(expressed in thousands of US dollars, except for shares and per share
amounts)
-------------------------------------------------------------------------- ������������������������������������������������������ Three Months Ended ��������������������������������������������������� March 31,���� March 31, ��������������������������������������������������� ����2009��������� 2008 -------------------------------------------------------------------------- Sales������������������������������������������� $���� 8,487�� $��� 10,729 Cost of sales����������������������������������������� 5,883�������� 6,567 Depreciation and depletion���������������������������� 2,290�������� 1,505 Exploration��������������������������������������������� 157�������� 2,083 General and administrative���������������������������� 1,090�������� 1,378 Accretion of convertible debentures��������������������� 147������������ - Stock-based compensation��������������������������������� 83�������� 1,030 -------------------------------------------------------------------------- Earnings (loss)�������������������������������������� (1,163)���� ��(1,834) Foreign exchange gain (loss)��������������������������� (915)�������� (462) Realized gain (loss) on marketable securities������������� -���������� 743 Gain on convertible debentures redeemable option���������� -������������ - Investment and other income����������������������������� 189���������� 143 -------------------------------------------------------------------------- Loss before taxes and other items�������������������� (1,889)������ (1,410) -------------------------------------------------------------------------- Income tax recovery (provision)������������������������� 149��������� (601) -------------------------------------------------------------------------- Net loss for the period������������������������������ (1,740)������ (2,011) -------------------------------------------------------------------------- -------------------------------------------------------------------------- Other comprehensive income, net of tax Unrealized gain (loss) on marketable securities���������� -���� ��������3 Reclassification adjustment for loss � (gain) included in net income��������������������������� -��������� (416) -------------------------------------------------------------------------- �������������������������������������������������������� ��-��������� (413) -------------------------------------------------------------------------- Comprehensive income (loss) for the period����������� (1,740)������ (2,424) -------------------------------------------------------------------------- -------------------------------------------------------------------------- Basic and diluted loss per share based on net loss�������������������������������� $�� (0.03)� $���� (0.04) -------------------------------------------------------------------------- -------------------------------------------------------------------------- Weighted average number of shares outstanding���� 50,080,632��� 48,995,948 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Comparative Table of Consolidated Mine Operations -------------------------------------------------------------------------- ��������������������������������������������������������������������� Cash ���������� ������Plant��� Ore Grades� Recovered Ounces� Recoveries��� Cost ���������������� T'put�� -----------� ----------------� ----------� ------ ��������������� ------���� Ag���� Au�������� Ag���� Au��� Ag��� Au�� $ per Period��������� Tonnes�� (gpt)� (gpt)���� ��(oz)�� (oz)�� (%)�� (%)���� oz -------------------------------------------------------------------------- Production 2007 Year: Q1, 2007������� 47,781��� 427�� 0.88��� 490,986� 1,020� 74.8� 75.1��� 5.45 Q2, 2007������� 58,060��� 290�� 0.99��� 430,248� 1,481� 74.8� 76.4��� 9.67 Q3, 2007������� 94,469��� 281�� 0.80��� 577,384� 1,804� 67.8� 74.4�� 10.64 Q4, 2007������� 91,251��� 319�� 0.85��� 636,866� 2,122� 68.0� 80.4�� 11.09 -------------------------------------------------------------------------- Total��������� 291,561��� 319�� 0.87� 2,135,484� 6,427� 70.4� 76.8��� 9.38 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Production 2008 Year: Q1, 2008��� ����78,157��� 304�� 0.71��� 504,669� 1,433� 66.2� 79.8�� 10.01 Q2, 2008������� 86,391��� 257�� 0.77��� 517,077� 1,705� 72.8� 83.0��� 9.62 Q3, 2008������� 96,721��� 270�� 0.93��� 625,094� 2,465� 75.4� 84.9��� 9.55 Q4, 2008������� 90,927��� 288�� 0.98��� 696,075� 2,416� 82.2� 88.4��� 7.43 -------------------------------------------------------------------------- Total��������� 352,196��� 279�� 0.85� 2,342,915� 8,019� 74.5� 84.2��� 9.03 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Production 2009 Year: Q1, 2009������� 85,731��� 271�� 1.02��� 572,785� 2,335� 81.8� 88.4��� 7.56 -------------------------------------------------------------------------- YTD 2009������� 85,731��� 271�� 1.02��� 572,785� 2,335� 81.8� 88.4��� 7.56 -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- Q1, 2009 : Q1, 2008���������� 10%�� -11%��� 44%������� 13%��� 63%�� 24%�� 11%��� -24% -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- Q1, 2009 : Q4, 2008���������� -6%��� -6%���� 4%������ -18%��� -3%��� 0%��� 0%����� 2% -------------------------------------------------------------------------- -------------------------------------------------------------------------- Comparative Table of Guanacevi Mine Operations -------------------------------------------------------------------------- ���������������� �����������������������������������������������������Cash ���������������� Plant��� Ore Grades� Recovered Ounces� Recoveries��� Cost ���������������� T'put�� -----------� ----------------� ----------� ------ ��������������� ------���� Ag���� Au�������� Ag ����Au��� Ag��� Au�� $ per Period��������� Tonnes�� (gpt)� (gpt)������ (oz)�� (oz)�� (%)�� (%)���� oz -------------------------------------------------------------------------- Production 2007 Year: Q1, 2007������� 47,781��� 427�� 0.88��� 490,986� 1,020 �74.8� 75.1��� 5.45 Q2, 2007������� 40,749��� 377�� 0.72��� 382,377��� 824� 75.9� 76.4��� 9.86 Q3, 2007������� 68,084��� 342�� 0.61��� 491,643��� 987� 65.8� 74.5�� 10.31 Q4, 2007������� 69,681��� 370�� 0.65��� 542,789� 1,126� 65.4� 76.9��� 7.45 -------------------------------------------------------------------------- Total��������� 226,295��� 375�� 0.70� 1,907,795� 3,957� 69.4� 75.7��� 8.16 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Production 2008 Year: Q1, 2008������� 68,651��� 322�� 0.60��� 458,624� 1,012� 64.5� 75.9��� 8.61 Q2, 2008������� 65,276��� 287�� 0.55��� 419,245��� 883� 69.2� 78.7��� 8.92 Q3, 2008������� 63,979��� 321�� 0.58��� 465,661� ��976� 70.7� 81.3��� 9.66 Q4, 2008������� 57,750��� 346�� 0.58��� 514,867��� 917� 79.4� 87.7��� 7.37 -------------------------------------------------------------------------- Total��������� 255,656��� 318�� 0.58� 1,858,397� 3,788� 70.6� 80.6��� 8.60 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Production 2009 Year: Q1, 2009������� 51,073��� 326�� 0.56��� 409,476��� 795� 79.3� 88.1��� 7.81 -------------------------------------------------------------------------- YTD 2009������� 51,073��� 326�� 0.56��� 409,476��� 795� 79.3� 88.1��� 7.81 -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- Q1, 2009 : Q1, 2008��������� -26%���� 1%��� -7%������ -11%�� -21%�� 23%�� 16%���� -9% -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- Q1, 2009 : Q4, 2008�������� �-12%��� -6%��� -3%������ -20%�� -13%��� 0%��� 0%����� 6% -------------------------------------------------------------------------- -------------------------------------------------------------------------- Comparative Table of Guanajuato Mine Operations -------------------------------------------------------------------------- ��������������������������������������������������������������������� Cash ���������������� Plant��� Ore Grades� Recovered Ounces� Recoveries��� Cost ���������������� T'put�� -----------� ----------------� ----------� ------ ��������������� ------���� Ag���� Au�������� Ag���� Au��� Ag��� Au�� $ per Period��������� Tonnes�� (gpt)� (gpt)������ (oz)�� (oz)�� (%)�� (%)���� oz -------------------------------------------------------------------------- Production 2007 Year:� Purchased May 2, 2007 Q1, 2007������������ 0����� 0����� 0��������� 0����� 0���� 0���� 0������ - Q2, 2007������� 17,311��� 120�� 1.70���� 47,870��� 657� 71.7� 69.4��� 8.07 Q3, 2007������� 26,385��� 124�� 1.29���� 85,742��� 817� 81.5� 74.7�� 12.58 Q4, 2007������� 21,570��� 155�� 1.50���� 94,077��� 886� 87.7� 85.0�� 32.97 -------------------------------------------------------------------------- Total���������� 65,266��� 133�� 1.47��� 227,689� 2,360� 81.5� 76.6�� 20.06 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Production 2008 Year: Q1, 2008�������� 9,506��� 171�� 1.54���� 46,045��� 421� 88.1� 87.7�� 24.58 Q2, 2008������� 21,115��� 164�� 1.44���� 97,832��� 822� 88.1� 87.7�� 12.75 Q3, 2008������� 32,742��� 170�� 1.62��� 159,433� 1,489� 88.3� 87.2��� 9.22 Q4, 2008������� 33,177��� 188�� 1.67��� 181,208� 1,499� 90.6� 88.9��� 7.90 -------------------------------------------------------------------------- Total���������� 96,540��� 175�� 1.59��� 484,518� 4,231� 89.0� 87.9�� 10.79 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Production 2009 Year: Q1, 2009������� 34,658��� 189�� 1.70��� 163,309� 1,540� 88.1� 88.6��� 6.90 -------------------------------------------------------------------------- YTD 2009������� 34,658��� 189�� 1.70��� 163,309� 1,540� 88.1� 88.6��� 6.90 -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- Q1, 2009 : Q1, 2008�������� �����265%��� 11%��� 10%������ 255%�� 266%��� 0%��� 1%��� -72% -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- Q1, 2009 : Q4, 2008��������������� 4%���� 1%���� 2%������ -10%���� 3%�� -3%��� 0%��� -13% -------------------------------------------------------------------------- -------------------------------------------------------------------------- ENDEAVOUR SILVER CORP. CONSOLIDATED BALANCE SHEET (Unaudited-Prepared by Management) (expressed in thousands of US dollars) -------------------------------------------------------------------------- ��������������������������������������������������� March 31,� December 31, ������������������������������������������������������� 2009��������� 2008 -------------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents���������������������� $���� 7,783�� $���� 3,582 Marketable securities����������������������������������� 34����������� 35 Accounts receivable and prepaids��������������������� 9,024�������� 6,203 Inventories�������������� ����������������������������3,768�������� 3,159 Due from related parties������������������������������� 146���������� 119 -------------------------------------------------------------------------- Total current assets��������������������������������� 20,755������� 13,098 Long term deposits�������������������������������������� 932���������� 914 Long term investments��������������������������������� 2,109�������� 2,155 Mineral property, plant and equipment���������������� 51,120������� 51,125 -------------------------------------------------------------------------- Total assets������������������������������������ $��� 74,916�� $��� 67,292 -------------------------------------------------------------------------- -------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities������� $���� 4,823�� $���� 5,339 Accrued interest on convertible debentures������������� 101������������ - Income taxes payable������������������������������������ 91������������ - -------------------------------------------------------------------------- Total current liabilities����������������������������� 5,015�������� 5,339 Asset retirement obligations������������� �������������1,485�������� 1,445 Future income tax liability��������������������������� 3,417�������� 4,036 Liability portion of convertible debentures����������� 7,267������������ - -------------------------------------------------------------------------- Total liabilities������������������������������������ 17,184������� 10,820 -------------------------------------------------------------------------- Shareholders' equity Common shares, unlimited shares authorized, no par value, issued and outstanding 51,537,018 shares (2008 - 49,080,478 shares)�������� 89,816������� 87,584 Special Warrants, (2,311,540 units)����������������������� -�������� 2,118 Equity portion of convertible debentures�������������� 2,416������������ - Contributed surplus���������������������������������� 11,755������� 11,285 Accumulated comprehensive income������������������������ 212���������� 212 Deficit��������������������������������������������� (46,467)� ����(44,727) -------------------------------------------------------------------------- Total shareholders' equity��������������������������� 57,732������� 56,472 -------------------------------------------------------------------------- ����������������� �������������������������������$��� 74,916�� $��� 67,292 -------------------------------------------------------------------------- -------------------------------------------------------------------------- ENDEAVOUR SILVER CORP. CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited-Prepared by Management) (expressed in thousands of US dollars) -------------------------------------------------------------------------- ����������������������������������������������������� Three Months Ended ����������������� ����������������������������������March 31,���� March 31, ������������������������������������������������������� 2009��������� 2008 -------------------------------------------------------------------------- Operating activities Net loss for the period� ������������������������$��� (1,740)� $��� (2,011) Items not affecting cash: Stock-based compensation�������������������������������� 83�������� 1,030 Depreciation and depletion��������������������������� 2,290�������� 1,505 Future income tax loss (recovery)��������������������� (452)���������� 23 Unrealized foreign exchange loss (gain)���������������� (70)��������� 148 Accretion of convertible debentures��������������������� 46������������ - (Gain) loss on marketable securities��������������������� -��������� (743) Net changes in non-cash working capital�������������� (3,629)��������� 684 -------------------------------------------------------------------------- Cash from (used for) operations���������������������� (3,472)��������� 636 -------------------------------------------------------------------------- Investing activities Property, plant and equipment expenditures���������� (2,467)������ (3,897) Long term deposits������������������������������������� (18)���������� 11 Investment in marketable securities���������������������� -��������� (969) Proceeds from sale of marketable securities�������������� -�������� 2,471 -------------------------------------------------------------------------- Cash used in investing activities������������������ ��(2,485)������ (2,384) -------------------------------------------------------------------------- Financing activities Common shares issued, net of issuance costs������������� 35����������� 32 Issuance of convertible debentures������������������ 11,225������������ - Debenture issuance costs���������������������������� (1,102)����������� - -------------------------------------------------------------------------- Cash from financing activities����������������������� 10,158����������� 32 -------------------------------------------------------------------------- Increase (decrease) in cash and cash equivalents������ 4,201������� (1,716) Cash and cash equivalents, beginning of period�������� 3,582������� 16,577 -------------------------------------------------------------------------- Cash and cash equivalents, end of period�������� $���� 7,783�� $��� 14,861 -------------------------------------------------------------------------- --------------------------------------------------------------------------
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