July 10, 2012 / 1:48 PM / in 5 years

UPDATE 1-Endeavour Silver reports higher Q2 production

July 10 (Reuters) - Endeavour Silver Corp said its second-quarter silver output rose 22 percent and it was on track to meet its full-year production targets.

The company, which owns and operates the Guanacevi and the Guanajuato mines in Mexico, produced about 1 million ounces of silver in the quarter.

Gold production rose 59 percent to 7,695 ounces.

Revenue rose 11 percent to $40.4 million due to the rise in production, despite lower silver prices.

Silver prices fell 24 percent to an average of $29.4 per ounce during the April-June quarter, compared with last year.

Endeavour Silver said it still expects to produce 4.3 million ounces of silver and 26,000 ounces of gold during the year.

The Vancouver-based company said earlier this year it was open to more acquisitions after announcing a $250 million deal to buy AuRico Gold Inc’s El Cubo silver-gold mine in Mexico.

Shares of the company, which has a market value of C$733 million, were up 2 percent at C$8.54 on the Toronto Stock Exchange on Tuesday morning.

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