Endeavour Silver launches company-wide cost reduction initiatives
Endeavour Silver reports a company-wide initiative to reduce capital, operating and other costs in Canada and Mexico as a result of the drop in precious metals prices this quarter. Management is seeking cost savings at head office and temporarily adjusting its exploration, development and mining activities to reduce operating, capital and other costs until such time as gold and silver prices rebound. The reduced expenditures and revised exploration, development and mining plans are expected to boost production and reduce operating and capital costs in Q4 through several measures. Head office has initiated reductions across all departments to reduce general and administrative costs including investor relations marketing. The exploration group has already achieved most of its goals for the year and will cease all drilling activities at month end. Exploration personnel are now focused on lower cost mapping and sampling programs in Mexico and Chile, preparing new resource estimates and planning for 2019 when drill programs are expected to resume. The mine operations group conducted a review of possible short-term improvements to increase revenue and decrease costs at each mine to year-end.