El Cubo, Mexico

Overview

Acquisition Endeavour's third mine, acquired in July 2012
Location 6 kilometres southeast of the city of Guanajuato in the state of Guanajuato
Access 30 minutes by municipal road to the town of El Cubo
Property Approximately 8,100 hectares in the second largest historic silver mining district in Mexico
Infrastructure State power grid; local labour, supplies, and services
Operations 3 mines feed a flotation plant that produces mineral concentrates; concentrates feed a 400-tonne-per-day leach plant to produce doré bars
Geology Low-sulphidation epithermal veins are typically thousands of metres long, 400 metres deep, and 1 to 3 metres thick

 

2014 Production

  • 1.2 million ounces of silver
  • 18,146 ounces of gold
  • 2.5 million ounces of silver equivalent

Reserves and Resources (as of December 31, 2014)

  • 3.5 million ounces of proven and probable silver
  • 13.7 million ounces of measured and indicated silver
  • 7.7 million ounces of inferred silver
  • 47,300 ounces of proven and probable gold
  • 200,900 ounces of measured and indicated gold
  • 104,900 ounces of inferred gold

Production Statistics

 
YEAR SILVER (oz) GOLD (oz) SILVER EQUIV. (oz)
2014 1,228,256 18,146 2,498,476 (1)
2013 1,159,026 17,142 2,187,546 (2)

2012

304,405 4,893 597,985 (3)

(1) Gold converted to silver at a 70:1 ratio
(2) Gold converted to silver at a 60:1 ratio
(3) Gold converted to silver at a 50:1 ratio

El Cubo is Endeavour’s third and potentially largest mine, located six kilometres southeast of the city of Guanajuato in the state of Guanajuato. Access is by municipal road and infrastructure includes the state power grid, and local labour, supplies and services in the city of Guanajuato. The property covers approximately 8,150 hectares in this second largest historic silver mining district in Mexico.

The El Cubo sub-district is characterized by low- sulphidation epithermal veins typically thousands of metres long, up to 400 metres deep, and ranging up to 15 metres thick. Today El Cubo comprises four underground mining operations feeding a central, 1,550 tonne-per-day plant to produce high-grade silver- gold concentrates, providing employment for 620 employees and 420 contractors.

In 2014, El Cubo produced 1.2 million ounces of silver and 18,146 ounces of gold, totaling 2.5 million ounces of silver equivalent. Cash costs at El Cubo in 2014 were $16.40 per ounce of silver, while all-in sustaining costs were $39.49 per ounce of silver (both net of gold credits). Endeavour’s main objective at El Cubo in 2014 was focused on increasing throughput to 1,500 tpd by year end and increasing production grades by opening up new higher grade areas and reducing ore dilution.

At El Cubo, exploration drilling in 2014 totaled 27,932 metres in 69 holes, testing three high priority brownfield targets northwest and southeast of the mine: Villalpando-Asunción (V-Asunción), Villalpando Sur, and San Nicolas. High-grade, silver-gold mineralization at V-Asunción was expanded to 1,200 metres long by 450 vertical metres by up to 14 metres thick, still open at depth and to the southeast. Accelerated mine development of the V-Asunción zone helped facilitate the expanded mine output in Q4, 2014, to fill the plant to capacity and drive cash costs down by year-end.

Production at El Cubo in 2015 will continue primarily from the new V-Asunción, Dolores, Villalpando, San Nicolas and Santa Cecilia veins with mine production ramping up to 2,200 tpd in the second quarter. Mine production in excess of the El Cubo plant capacity will be processed at the Bolañitos plant. Production is forecast at 2.1 to 2.4 million ounces of silver and 32,000 to 35,000 ounces of gold, for 4.3 to 4.8 million ounces of silver equivalents.

Operating Mines – Endeavour Silver Corp. has three producing silver mines in Mexico, the Guanaceví Mine in the state of Durango and the Bolañitos and El Cubo mines in the state of Guanajuato.

Production in 2014 totalled 7.2 million ounces of silver and 62,895 ounces of gold, equal to 11.6 million ounces of silver equivalent at a 70:1 ratio.

Growth Plans – The Company plans additional growth by exploration and development of its existing properties and is actively looking for acquisitions with existing or near term silver production.

Exploration – In addition, the company has a portfolio of exploration properties which will undergo exploration and drilling in 2015.
 

1.2
Million
Ounces of Silver
Produced in 2014
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