🕐09.02.10 - 19:24 Uhr
Endeavour Silver Acquires Option to Purchase San Sebastián Silver-Gold Properti
es in Jalisco State, Mexico
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Re: News - Tuesday, February 09, 2010
Endeavour Silver Acquires Option to Purchase San Sebastián
Silver-Gold Properties in Jalisco State, Mexico
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Vancouver, Canada - February 9, 2010 - Endeavour Silver Corp.
(TSX:
EDR, TSX: EDR.WT, NYSE Amex: EXK, DBFrankfurt: EJD) announces that it
has acquired an option to purchase the San Sebastián silver-gold
properties in Jalisco State, Mexico from IMMSA (Grupo Mexico), one of
the largest mining companies in Mexico.
San Sebastián del Oeste is an historic silver and gold mining district
located in south-western Jalisco State, approximately 155 kilometres
(km) southwest of Guadalajara and 40 km northeast of Puerto Vallarta,
accessible by paved and gravel roads.
One small, high grade,
underground silver-gold mine, Santa Quiteria (75 tonnes per day),
continues to operate in the district.
The San Sebastián properties
being acquired by Endeavour surround the Santa Quiteria mine and
represent a new, district-scale, silver-gold exploration opportunity
for the Company.
The San Sebastián properties (3,320 hectares) cover a classic, low
sulfidation, epithermal vein system in four mineralized vein
sub-districts named Los Reyes, Santiago de los Pinos, San Sebastián del
Oeste and Real de Oxtotipan.
Each sub-district consists of a cluster of
quartz (calcite, barite) veins mineralized with sulfide minerals
(pyrite, argentite, galena, and sphalerite).
Each vein cluster spans
about a 3 km by 3 km in area.
In total, more than 50 small mines were
developed historically within at least 20 separate veins.
The San Sebastián veins tend to be large and can carry high grade
silver-gold mineralized ore-bodies.
For example, the La Quiteria vein
ranges up to 15 m thick, and the Santa Quiteria mine averages about 280
grams per tonne (gpt) silver and 0.5 gpt gold over a 3 m to 4 m width.
This high grade mineralized zone appears to extend into the San
Sebastián properties both along strike and immediately down dip.
Although the San Sebastián silver mines were first discovered in 1542,
and there were several periods of small-scale mining over the last 450
years, the only significant modern exploration in the district was
carried out by IMMSA in the late 1980s and early 1990s.
IMMSA
systematically assayed more than 200 rock samples from many of the old
mines, the highlights of which are shown in the following table:
View table: IMMSA Sampling Highlights
http://www.edrsilver.com/s/NewsReleases.asp?ReportID=384450
IMMSA also drilled 17 widely spaced diamond drill holes, mostly on the
Terronera vein.
The drilling succeeded in intersecting widespread
silver-gold mineralization ranging from 0 to 1 gram per tonne (gpt)
gold and from 50 to 150 gpt silver over 2 to 6 meter (m) widths.
Since
the known high-grade silver-gold ore-body at the Santa Quiteria mine is
restricted to a discrete, plunging ore-body measuring about 200-250 m
long by 200-250 m deep by 2.5-5.0 m thick, Endeavour exploration
personnel are of the opinion that substantial potential exists to find
additional high grade mineralized zones within the several dozen
kilometers of known veins on the San Sebastián properties.
The vast
majority of these veins have never been drilled.
To view a video with Chairman and CEO Bradford Cookes commentary on
the acquisition click here.
http://www.edrsilver.com/presentation-feb2010/EndeavourFeb2010.html
Endeavour geologists collected 17 rock samples from some of the
historic mines on the San Sebastián properties.
Sampling highlights are
shown in the following table:
View table: Endeavour Sampling Highlights
http://www.edrsilver.com/s/NewsReleases.asp?ReportID=384450
Endeavour can acquire a 100% interest in the San Sebastián properties
from IMMSA by making cash payments totaling US$2.75 million and
spending US$2.0 million on exploration over a three year period.
IMMSA
will retain a 2% NSR royalty on mineral production from the properties.
Endeavour was introduced to the San Sebastián opportunity by Candiani
Mining, a mineral consulting company based in Mexico City.
Bradford Cooke, Chairman and CEO of Endeavour, commented, "We are
pleased to conclude this San Sebastián transaction, as it represents an
attractive first step in our acquisition strategy for 2010.
We plan to
expand our silver project portfolio by continuing to consolidate our
land-holdings in Guanaceví and Guanajuato; by acquiring one or two new
district-scale exploration opportunities like San Sebastián; and by
continuing to evaluate both resource development projects, as well as
operating silver mines.
Our exploration team plans to commence
exploration field work at San Sebastián shortly so that new high grade
silver-gold targets can be readied for drilling later this year."
Barry Devlin, M.Sc., P.
Geo., the Vice President of Exploration for
Endeavour, is the Qualified Person who reviewed this news release and
supervised the sampling program at the San Sebastián Project.
All
samples were shipped to Inspectorate Labs in Durango, Mexico, where
they are dried, crushed, split and 50 gram pulp samples are prepared
for analysis.
Gold and silver are determined by fire assay with a
gravimetric finish.
Endeavour Silver Corp 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 five consecutive years of
growing silver production and resources.
The organic expansion programs
now underway at Endeavours two operating silver mines in Mexico
combined with its strategic acquisition program should help propel
Endeavour to become the next premier mid-tier primary silver producer.
ENDEAVOUR SILVER CORP.
Per:
/s/ "Bradford J.
Cooke"
Bradford Cooke
Chairman and CEO
For more information, please contact Hugh Clarke Toll free:
877-685-9775, tel: (604) 685-9775, fax: (604) 685-9744, email
or visit our website, www.edrsilver.com.
CAUTIONARY DISCLAIMER - 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 Endeavours anticipated performance in 2010,
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 Companys 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 companys title to properties; as well as those
factors described in the section "risk factors" contained in the
Companys 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.
View News Release in PDF Format:
http://www.edrsilver.com/i/pdf/2010-02-09_NR.pdf
You can also view this News Release on our website at:
http://www.edrsilver.com/s/NewsReleases.asp?ReportID=384451
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(EDR) All rights reserved.
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