08:44 AM EST, 01/23/2018 (MT Newswires) -- Endeavour Mining (EDV.TO), which operates five West African gold mines, said Tuesday its gold production rose 17% in the fourth quarter while costs dropped 8.3% as it opened its new Hounde mine in Burkina Faso.

The company said gold output was 204,000 ounces in the quarter, up from 175,000 ounces in the year-prior period while all-in sustaining costs were $784 per ounce, the lowest ever for the company, from $855 per ounce.

Endeavour said its full-year production of 663,000 ounces, a 14% increase, met its guidance to investors of 630,000 to 675,000 ounces while 2017 costs of $869 per ounce also met its targets.

"Our strong performance in (the fourth quarter) was driven by the successful start-up of Hounde, which decreased our all-in sustaining costs below $800 for the first time in Endeavour's history," Sebastien de Montessus, the company's chief executive, said in a statement.

Endeavour said it expects 2018 gold production of between 670,000 to 720,000 ounces and all-in sustaining costs of $840 to $890 per ounce.

The company's shares closed Monday at $24.90 on the Toronto Stock Exchange. The shares have traded between $19.77 and $28.81 over the past 12 months