07:25 AM EDT, 04/10/2024 (MT Newswires) -- Endeavour Silver Corp. ( EXK ) on Wednesday reported the first drawdown on US$60 million of the US$120 million senior secured debt facility for the development of the Terronera Mine in Jalisco state, Mexico.

The company said the construction of the Terronera mine is "well underway and remains on track and has satisfied all conditions precedent to the first draw".

Under the hedge contract, the company said forward sales amounting to 68,000 ounces of gold have been executed at US$2,325 per ounce, representing 55% of planned gold production during the initial three years of operations. There is no requirement to hedge silver sales. Also, forward purchases of US$45 million equivalent Mexican pesos over the remaining construction period have been hedged at $16.56 per US dollar.