April 11, 2011 / 10:33 AM / in 7 years

UPDATE 1-Endeavour Silver's Q1 revenue up on prices, output

* Q1 rev $35.4 mln vs $18.2 mln last year

* Silver production up 17 pct (Adds details)

April 11 (Reuters) - Endeavour Silver Corp’s first-quarter revenue nearly doubled as production rose and bullion prices climbed sharply.

For the quarter, revenue was $35.4 million, compared with $18.2 million last year.

The Vancouver, British Columbia-based company owns and operates two high-grade, underground, silver and gold mines in Mexico — the Guanacevi and the Guanajuato mines.

Silver production rose 17 percent to 900,133 ounces, while gold output was up 33 percent at 5,008 ounces from the two mines.

Both gold and silver prices have soared as the global financial crisis boosted interest in precious metals as a haven from risk.

But silver has outpaced gold throughout last year and has rallied by a third so far in 2011, to trade at a 31-year high of $41.93 on Monday.

Realized silver prices rose 96 percent to $33.18 an ounce, while gold prices jumped 28 percent to $1,413 an ounce, the company said in a statement.

But the company expects production to be relatively flat in the second quarter as it focuses on its capital expansion programs, and would increase the output once the Guanajuato plant expansion to 1,000 tonnes per day (tpd) from 600 tpd is completed in the third quarter.

Shares of the company closed at C$11.85 on Friday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel)

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