Endeavour Silver Corp.'s silver equivalent production in the third quarter totaled 2.4 million ounces, an 18% drop year over year.
However, CEO Bradford Cooke said in an Oct. 11 statement that production exceeded expectations for the third quarter and the company is set to achieve its "recently raised production guidance for 2016."
Endeavour revised its full year guidance in July to between 9.0 million ounces and 9.8 million ounces of silver equivalent, including 5.5 million ounces to 6.0 million ounces of silver and 49,000 ounces to 54,000 ounces of gold.
Silver production during the third quarter fell 29% to 1.3 million ounces while gold production was down 6% to 14,364 ounces, both on a yearly basis, from the company's three operating mines in Mexico — the Guanacevi mine in Durango and the Bolañitos and El Cubo mines in Guanajuato.
The company also reported that during the first nine months of the year, silver equivalent production was down 9% year over year to 7.8 million ounces. Silver production dropped 20% year over year to 4.3 million ounces while gold production increased 3% to 45,973 ounces.
"In addition to developing new ore bodies at Guanaceví and Bolañitos, we currently have eight drill rigs working on five projects to grow our resource base this year," Cooke commented. "Work continues on both the pre-feasibility study for Terronera and a preliminary economic assessment for El Compas for completion by year-end."