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(Kitco News) – Endeavour Silver (NYSE: EXK; TSX: EDR) will build an underground mine and mill at the company’s Terronera Project in Jalisco state, Mexico.

Construction encompasses a processing plant with 2,000 tonne per day (tpd) capacity and an initial capital expenditure cost of $230 million, partially offset by a decrease in sustaining capital to $88.3 million over the life of the mine. Endeavour expects a 21-month construction period, including 3 to 6 months ramp up to full production with initial production expected in the fourth quarter of 2024.

Endeavour also announced today that it secured a senior secured debt facility for up to $120 million with Societe Generale and ING Bank N.V.

“With official Board approval now in hand, the path is cleared to advance construction of the Terronera Project, which will be Endeavour’s next producing mine.”, said Dan Dickson, Endeavour’s CEO. “We are very pleased with the financial commitments that Societe Generale and ING have made towards the development of the Terronera Project. After undergoing a comprehensive due diligence process, we secured very competitive financing terms with quality financiers that protect the upside for our shareholders.”