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Answer: This year, we celebrated our 15th year of mining operations, both at Guanacevi and for the Company as a whole. The remarkable thing about Guanacevi is that when we bought it, the mine had closed because it had run out of ore but we thought it had great potential. Within six months of signing the definitive agreement to acquire the mine, we were able to discover a new high grade orebody and develop it to production! This is how Endeavour got its start.
The first two discoveries, Porvenir Norte and Santa Cruz, sustained us for over 12 years of profitable operations. Only since 2017 has Guanacevi started to struggle with falling production and rising costs. The real issue is that our original orebodies were shallow, thick, rich and low cost whereas over time, those two orebodies have become deeper, narrower, lower grade and higher cost. The solution to turn Guanacevi around is to close these old orebodies and open up new orebodies.
Our belief that Guanacevi held great potential for new discoveries turned out to be prescient. Even though the mine has always had a short mine life, we were able to make four additional discoveries, P2, P4, Milache and SCS. We are now transitioning Guanacevi from mining the old orebodies to operating the new orebodies in order to secure the next several years of profitable production.
So we are celebrating 15 years of production on a positive note.