The Terronera project has made significant construction progress to date. Concrete work is well advanced, and erection of structural steel for the grinding and flotation areas has started. In early 2024, the Company provided an Updated Initial Capital Cost (“2024 Updated Scenario”), which increased the project budget by
“Throughout 2023, we’ve achieved several major milestones across multiple fronts,” commented
Q4 2023 Construction and Development Highlights
As of
- Safety – Our strong onsite safety focus continues: The Project finished 2023 with 172 days totaling over 600,000 manhours with no lost-time accidents.
- Progress – Overall project progress reached 43% completion including a 3% reduction due to the adjusted weighting related to the 2024 Updated Scenario. The project remains on track for commissioning in Q4 2024.
- Engineering – Detail engineering for the mill and infrastructure began transitioning to construction support towards the end of 2023. Excavation designs for the Lower Platform and detail design for Tailing Storage Facility (“TSF”) have been advanced using supplemental geotechnical investigation results obtained in Q4 2023.
Mine Development – Over 2,200 metres of underground development were completed in 2023. The in-house mining team has been successfully transitioning from using contracted to direct-hire labor with greater development efficiencies. Development was focused on Portal 1, 2 and 4 declines for accessing ore and setting up the main ventilation circuit and haulage way; the Portal 4 incline broke through to surface and preparations are underway to complete the portal structure in Q1 2024.- Plant Site – Surface mill and infrastructure construction is now almost 50% complete; concrete works were well advanced to allow the start of vertical construction in early Q1 2024. The electromechanical contract was awarded and mobilization commenced.
- Primary Crusher – Concrete has been completed for the jaw crusher foundation and the perimeter walls, including backfill and compaction.
- Course Ore Stockpile and
Reclaim Tunnel – The Coarse Ore Stockpile support walls have been completed along with the roof including the feeder chute imbeds. For the reclaim tunnel, concrete has been completed for two major roof sections with two sections remaining. - Grinding – The concrete of the grinding area is nearly complete and being prepared for release to the general contractor to begin structural steel and mechanical installations.
- Flotation – The concrete of the flotation cell pedestals is nearly complete and being prepared for release to the general contractor to begin structural steel and mechanical installations.
- Thickener – The thickener tank support pedestals were completed and was backfill initiated. Concrete work has been started for the raw water, process water, thickener surge, and concentrate storage tank pedestals and foundations.
- Primary Crusher – Concrete has been completed for the jaw crusher foundation and the perimeter walls, including backfill and compaction.
- Lower Facilities Platform and TSF – Access road construction has commenced from the Lower Platform and TSF area to the Upper Mill Platform.
- Procurement – Focused on procuring bulk materials, including structural steel, piping, and electrical cable following a comprehensive scheduling for delivery that tracks construction requirements.
- Onsite Personnel – The workforce had increased to 126 employees and 400 contractor workers.
- Community Relations – Supporting the local municipality has continued to be a major focus with sponsoring cultural and community activities in the area.
- Environmental – Environmental and social assessment initiatives continue according to schedule as outlined under the Equator Principal requirements for project loan financing.
2024 Outlook and Planning
Endeavour remains focused on advancing the
For Q1 2024, surface construction will focus on completing concrete work to allow structural steel erection, mechanical installations and initial electrical work for the crushing, coarse-ore stockpile, grinding, flotation and tailing thickener areas. Early in Q2, excavation is anticipated to be complete for the Lower Platform, which includes facilities such as the LNG and power generation areas and the concentrate and tailing filtration areas. For Q2 and Q3, work is planned for all mill and infrastructure areas with mechanical completion and commissioning activities planned in Q4.
For the mine, development in Portal 1, 2 and 4 declines will continue with first ore development anticipated in Q2. Initial long-hole mining is planned for Q3 and cut-and-fill mining is planned with ore being stockpiled for mill ramp up. Development activities at
The Company is well-positioned to satisfy the Terronera project financing requirements and expects the first draw under the
Dedicated Project Website
The Company has launched a dedicated project website, accessible at www.terronera.com, serving as a virtual hub for the local community, key stakeholders, and other interested parties to stay informed and engaged with the ongoing progress of the
About the
The Terronera project is a high-grade silver-gold project being developed in the
For more information about the project and details of the Feasibility Study, the technical report is entitled “NI 43-101 Technical Report on the Feasibility Study of the
About Endeavour Silver – Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in
Contact Information
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
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Footnote:
- Financial figures are based on a preliminary estimate. Final audited figures will be released with the 2023 financial statements on
March 11, 2024 . - Project commitments are inclusive of total project expenditures.
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; national and local governments, legislation, taxation, controls, regulations and political or economic developments in
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, forecasted Terronera mine economics as of 2024, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. 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.
Source:
2024 GlobeNewswire, Inc., source