By Deborah Bacal
Proactive Investors
After hitting a new 52-week high on Thursday, an insider of Endeavour Silver (TSE:EDR) (NYSE:EXK) was quick to show his strong convictions for the company, which operates three silver and gold producing mines in Mexico.
Board director Rex John McLennan, who has more than 30 years of experience in the resource industry and served as CFO of Placer Dome for eight years, acquired 10,000 shares of Endeavour at C$6.50 apiece in the public market on July 10. Shares of Endeavour hit as high as C$6.69 on Thursday, a new annual high for the precious metals miner.
The stock has advanced nearly 72% since the beginning of 2014. On Wednesday, Endeavour reported strong silver production results for its second quarter, trending ahead of its guidance year-to-date. The company said silver production for the second quarter grew 9% to 1.67 million ounces, while gold output fell 24% to 15,136 ounces compared to the year ago period due to the over production of its Bolanitos mine in 2013.