VANCOUVER, Nov. 27 /CNW/ - Endeavour Silver Corp. (EDR: TSX, EXK: AMEX
and EJD: DBFrankfurt) announces the acquisition of an option to purchase the
El Milache properties along the trend of the Santa Cruz silver vein
approximately 2 km northwest of the Porvenir Mine, part of Endeavour's
<a href="http://www.edrsilver.com/s/Guanacevi.asp">Guanacevi Mines Project</a> in Durango, Mexico.
The El Milache-El Desengano-Veronica properties (74.2 hectares) cover
about 1 km along the northwest-trending Santa Cruz vein and 1 km along the
north to northeast-trending San Pedro vein-manto system. The properties are
road accessible, located only 1 km south of the town of San Pedro and 6 km
northwest of the town of Guanacevi.
On the El Milache property, the Santa Cruz vein lies below the Tertiary
Upper Volcanic sequence of rhyolite tuffs and flows and therefore represents a
blind target for drilling along strike from the Porvenir mine. However, the
San Pedro veins and mantos were actively mined from surface on the El
Desengano property in the early 1900's and again from 1982 to 2001.
On and around the Desengano property, mine workings include the Desengano
ramp and El Tule and Buena Fortuna shafts. Historically, these mines were
estimated to have produced around 200,000 tonnes grading 1000 gpt silver and
more recently, local mine owners produced an estimated 280,000 tonnes grading
500 gpt silver and 0.8 gpt gold. These historical production estimates are
from local miners and while Endeavour believes them to be reasonably accurate
based on the volume of old mine dumps, Endeavour has not independently
verified them and so they should not be relied upon.
The Santa Cruz vein is a normal fault defining the western edge of a
large horst block that forms the core of the Guanacevi district and the San
Pedro sub-district to the north. Most of the historic vein mines at Guanacevi
lie east of this horst block. In the San Pedro sub-district, numerous north
to northeast-trending faults crosscut the horst block and the shallow-dipping
(15 to 35 degrees) unconformable contact of the Tertiary Lower Volcanic
andesite flows and tuffs overlying a conglomerate sequence.
High grade, silver-lead-zinc orebodies formed in veins along the faults
and in mantos along the andesite-conglomerate contact. The ore mineralogy
consists of argentite-galena-sphalerite associated with
quartz-calcite-rhodonite-pyrite. In 1993, the Mexican Geological Survey
(originally the CRM, recently renamed SGM) published a monograph on the
Geology and Mines in the State of Durango. The rich, shallow dipping, silver
manto orebodies at the Buena Fortuna, El Desengano and El Tule mines were
described as ranging in grade from 200 gpt to 17,000 gpt silver and 0.5 gpt to
25 gpt gold.
Endeavour can acquire a 100% interest in the El Milache properties by
paying US$50,000 and issuing 30,000 shares upon signing the option agreement
and paying US$50,000 after 18 months. The Company plans to explore and drill
the Santa Cruz vein and San Pedro manto targets commencing in the new year.
<a href="http://www.edrsilver.com/s/Management.asp">Bradford Cooke</a>, Chairman and CEO, stated, "The El Milache properties are
a valuable addition to Endeavour's project portfolio at Guanacevi. Not only do
they extend Endeavour's land position to 5 km in total along the productive
Santa Cruz vein trend, they also give us our first exposure to the rich San
Pedro manto trend. We anticipate acquiring additional properties in the
near-term for the Guanacevi, Bolanitos and Parral Projects as we consolidate
our land positions in these famous silver districts."
Barry Devlin, M.Sc., P. Geo., the Vice President of Exploration for
Endeavour, is the Qualified Person who reviewed this news release.
Endeavour Silver Corp. (EDR: TSX, EXK: AMEX, EJD: DBFrankfurt) is a
small-cap silver mining company focused on the growth of its silver
production, reserves and resources in Mexico. The expansion programs now
underway at Endeavour's two operating mines, Guanacevi in Durango and
Bolanitos in Guanajuato, coupled with the Company's aggressive acquisition and
exploration programs in Mexico should enable Endeavour to join the ranks of
top primary silver producers worldwide.
ENDEAVOUR SILVER CORP.
/s/ "Bradford J. Cooke"
Bradford J. Cooke
Chairman and CEO
The TSX Exchange has neither approved nor disapproved the contents of
this news release.
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Certain statements contained herein regarding the Company and its
operations constitute "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995. All statements
that are not historical facts, including without limitation statements
regarding future estimates, plans, objectives, assumptions or expectations of
future performance, are "forward-looking statements". We caution you that such
"forward looking statements" involve known and unknown risks and uncertainties
that could cause actual results and future events to differ materially from
those anticipated in such statements. Such risks and uncertainties include
fluctuations in precious metal prices, unpredictable results of exploration
activities, uncertainties inherent in the estimation of mineral reserves and
resources, fluctuations in the costs of goods and services, problems
associated with exploration and mining operations, changes in legal, social or
political conditions in the jurisdictions where the Company operates, lack of
appropriate funding and other risk factors, as discussed in the Company's
filings with Canadian and American Securities regulatory agencies. Resource
and production goals and forecasts may be based on data insufficient to
support them. Godfrey Walton, P.Geo. and/or Bradford Cooke, P.Geo. are the
Qualified Persons for the Company as required by NI 43-101. The Company
expressly disclaims any obligation to update any forward-looking statements.
We seek safe harbour.
For further information:
For further information: Hugh Clarke, Toll free: 1-877-685-9775, tel:
(604) 685-9775, fax: (604) 685-9744, email email@example.com or
visit our website, www.edrsilver.com