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A: It is amazing how quickly our silver mining sector turned its focus this year from survival to growth. Endeavour Silver has been more active than most silver companies in responding to these new market conditions. Firstly, we reversed our January decision to take our El Cubo mine down to care and maintenance by year-end. With El Cubo back operating at close to its 1,500 tpd capacity, we boosted our production guidance in July and now expect to produce between 9.0 and 9.8 million ounces of silver equivalents this year. Secondly, we turned our attention to rebuilding our project development pipeline through acquisitions while asset prices are still depressed. We recently acquired the El Compas gold project in Zacatecas state, and have entered into a binding agreement to acquire the Parral silver property in Chihuahua state. Both are small but scalable, high-quality mining projects located in large, historic mining districts with near-term, low-cost production potential and strong exploration upside. Last but not least, our emerging new high-grade silver-gold discovery on the Terronera property in Jalisco state is now subject to a pre-feasibility study for a possible production decision by the end of 2016.
What are we doing to fuel our next phase of growth in Endeavour? We propose to build three new mines over the next three years. Our five-year goal is to double our annual silver equivalent production to 20 million ounces, and drive our operating costs down to the lowest quartile in the sector. Our three new projects will take us halfway to that goal, and we are still motivated to grow through organic mine expansions and additional M&A. These next five years should be very exciting for Endeavour shareholders.