Thursday, June 2, 2011

Endeavour Silver (EXK) Seeking More Silver, Gold in Mexico

Endeavour Silver (NYSE:EXK) announced it has acquired "several new properties covering an unexplored vein system at the south end of the Guanacevi mining district in Durango State, Mexico."

The miner said the acquisitions will give them over three times the prior holdings they had in the Guanacevi district.

Dubbed the La Brisa properties, it is located about 10 kilometers from its existing Porvenir silver-gold mine, which they've been working since 2004.

Endeavour vice president of corporate development, Hugh Clarke, said, "We've scoured this district for acquisitions and we're always looking for more. We know what we want."

The company said in a press release, "The La Brisa veins are considered to be prospective for new high grade silver-gold discoveries because the surface vein exposures appear to be well above the classic 'bonanza' ore horizon such as is found at Endeavour's mines elsewhere in the Guanacevi district."

This is part of the Endeavour business model of acquiring underutilized mines in districts known for silver deposits and searching for silver in areas close to those operating mines.

Endeavour was trading at $9.55, down $0.33, or 3.34 percent, as of 11:18 AM EDT.

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