November 10, 2010 / 2:52 PM / in 7 years

UPDATE 1-Endeavour Silver posts Q3 profit on strong metal prices

* Reports breakeven/shr for Q3 vs loss/shr $0.03 year-ago

* Q3 rev up 181 pct at $20.1 mln

* Q3 silver production up 20 pct at 797,054 oz

* Q3 gold production rise 28 pct to 4,607 oz * Shares up 2 pct

Nov 10 (Reuters) - Canadian mineral company Endeavour Silver Corp (EDR.TO) reported a quarterly profit, partly helped by rising metal prices, and said it expects cash costs to drop in the coming quarter as it ramps up production capacity.

For the July-September quarter, the company posted net income of $127,000, or breakeven per share, compared with net loss of $1.5 million, or 3 cents per share, a year ago.

Silver production climbed 20 percent to 797,054 ounces, while gold production jumped 28 percent to 4,607 ounces during the quarter, helped by higher plant throughput at its Guanacevi and Guanajuato plants in Mexico.

Revenue was up 181 percent to $20.1 million.

“Plant production should climb and cash costs should fall once again in fourth quarter, as our mining operations approach the 1,000 ton per day capacity at Guanacevi and the 600 ton per day capacity at Guanajuato,” the company said in a statement.

On Nov. 9, Endeavour raised its all-cash offer for explorer Cream Minerals CMA.V by 2 cents to 14 Canadian cents a share. Endeavour had launched a bid to buy Cream minerals in September. [ID:nN28158948]

The Vancouver, British Columbia-based company’s shares, which have gained 44 percent in value since it made the offer for Cream Minerals, were up 2 percent at C$5.97 in early-morning trade on Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur and Ashutosh Joshi in Bangalore; Editing by Maju Samuel)

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