2011

August 3, 2011
Endeavour Silver Reports $10.6 Million Adjusted Earnings in Q2, 2011 Thanks to Rising Silver-Gold Production and Precious Metal Prices; Conference Call at 1:00 pm EDT, Thursday, August 4, 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire -08/03/11)- Endeavour Silver Corp. (TSX: EDR - News)(NYSE: EXK - News)(Frankfurt: EJD.F - News) announced today its financial and operating results and unaudited financial statements for the Second Quarter, 2011. Endeavour owns and operates two high-grade, underground, silver-gold mines in Mexico, the Guanacevi Mines in Durango State and the Guanajuato Mines in Guanajuato State.

The Company reported adjusted earnings (a non-IFRS measure) of $10.6 million ($0.12 per share) in the Second Quarter 2011. Net earnings were $17.0 million and operating cash-flow was $21.3 million from revenues totaling $36.4 million. Silver sales averaged $37.65 per ounce (oz) and the cash cost of silver production was $6.98 per oz net of gold credits in Q2, 2011.

Highlights of Second Quarter, 2011 (Compared to Q2, 2010)

 

--  Adjusted Earnings (non-IFRS measure) escalated to $10.6 million ($0.12
    per share) compared to a $1.4 million loss (see IFRS comment below)
--  Net Earnings (IFRS measure) increased to $17.0 million ($0.20 per share)
    compared to a $3.2 million loss
--  Operating Cash-Flow jumped 553% to $21.3 million
--  Mine Operating Cash-Flow rose 151% to $23.6 million
--  Revenues climbed 85% to $36.4 million

--  Silver production up 3% to 850,476 oz
--  Gold production up 8% to 4,831 oz
--  Silver equivalent production up 4% to 1.04 million oz (40:1 silver: gold
    ratio, no base metals)

--  Realized silver price up 102% to $37.65 per oz sold, realized gold price
    up 26% to $1523 per oz sold
--  Cash cost up 6% to $6.98 per oz silver produced (net of gold credits)
--   Gross profit margin up 241% to $30.67 per oz silver
--   Working capital up 31% to $133.6 million, with cash and short term
    investments of $108.9 million

Bradford Cooke, Chairman and CEO, commented, "Endeavour posted healthy financial and operating results in the Second Quarter, 2011 and continued to grow its cash position and working capital thanks to a robust and rising gross profit margin. As a result of rising silver and gold production and substantially higher precious metal prices, our sales revenues, operating cash-flow, and adjusted earnings were all up sharply compared to Q2, 2010."

"Endeavour is well on track to meet its 2011 guidance for silver production (3.7 million oz) and cash costs (less than $5.70 per oz), with our better than expected First Quarter results being partially offset by a slower Second Quarter. Cash costs of production did jump in Q2, 2011 as industry-wide cost pressures caught up to us during the quarter. While costs such as labour, power and consumables will likely continue their slow rise, we expect our cash costs of production to start falling again once the economies of scale from our new mine and plant expansion at Guanajuato take effect."

"The Guanajuato plant expansion project from 600 tonnes per day (tpd) to 1,000 tpd is now over 75% complete with commissioning of the new circuits scheduled for the first two weeks of September. The crushing circuit is nearing completion this week, the grinding and flotation circuits should be ready in three weeks and the new electrical substation by month-end. Our operations team also added new mining personnel during the quarter and as a result, the mines are now delivering over 900 tonnes per day to the ore stockpile. The mines are scheduled to ramp up to 1000 tpd over the next two months."

Financial Results (see Consolidated Statement of Operations)

Revenues increased 85% to $36.4 million in Q2, 2011 (Q2, 2010 - $19.7 million) thanks to sharply higher silver-gold production and precious metal prices. The Company sold 804,881 silver oz and 3,980 gold oz at average realized prices of $37.65 per oz and $1,523 per oz respectively. Costs of Sales were up 27% to $17.1 million (Q2, 2010 - $13.4 million) primarily due to higher output and cost factors described above.

Mine Operating Cash-Flow increased 151% to $23.6 million (Q2, 2010 - $9.4 million) and Mine Operating Earnings rose to $19.2 million (Q2, 2010 - $6.3 million). The Company realized Operating Earnings of $13.8 million (Q2, 2010 - $2.3 million), Operating Cash-Flow was $21.3 million (Q2, 2010 - 3.3 million) and Earnings Before Taxes were $22.7 million (Q2, 2010 - loss of $1.2 million).

Net Earnings were $17.0 million ($0.20 per share) for the period after deducting an Income Tax Expense of $5.8 million (Q2, 2010 - $2.0 million). Net Earnings includes a mark to market derivative liability gain related to share purchase warrants issued in 2009 denominated in Canadian dollars, while the Company's functional currency is the US dollar. Under IFRS, these warrants are classified and accounted for as financial liability at fair market value with adjustments recognized through net earnings. The depreciation of these warrants resulted in a derivative liability gain of $6.3 million compared to a $1.8 million loss in 2010.

Adjusted Earnings are 10.6 million ($0.12 per share) compared to a $1.4 million loss in 2010 (negative $0.05 per share), excluding the derivative liability adjustments related to the warrants.

Cash Costs climbed 6% to $6.98 per oz silver produced in Q2, 2011 (Q2, 2010 - $6.57 per oz) due to a number of factors, including rising labour, power and fuel costs, the appreciation of the Mexican Peso to US dollars, supply constraints on plant re-agents, more mining in ore-bodies subject to production royalties, and some one-time mine and plant equipment availability issues that affected our mined tonnes and plant throughput at Guanacevi.

Capital investments totaled $12.0 million in property, plant and equipment during the Second Quarter, 2011. The main focus of the capital programs was the continued underground development of Guanacevi and Guanajuato mines, certain plant upgrade projects at Guanacevi and the plant expansion program at Guanajuato, which is on schedule for completion in Q3, 2011.

At June 30, 2011, the Company held cash and short term investments of $108.9 million and working capital totaled $133.6 million, up $31.5 million from the end of 2010.

Endeavour's financial results are expressed in US dollars and are now prepared in accordance with International Financial Reporting Standards ("IFRS"). Our accounting policies have changed and the presentation, financial statement captions and terminology used in this news release and the accompanying unaudited financial statements differ from that used in all previously issued financial statements and quarterly and annual reports. The new policies have been consistently applied to all of the past periods presented in this news release and all prior period information has been restated or reclassified for comparative purposes unless otherwise noted. Shareholders are referred to the Company's website for more information and further details on the conversion to IFRS are provided in Management's Discussion and Analysis and in Note 17 to our Unaudited Condensed Consolidated Financial Statements for the period ended June 30, 2011. Click on the following links for the Second Quarter, 2011 Financial Statements - /about_us/financials/ and Management's Discussion and Analysis ("MD&A") - /about_us/mda/.

Operating Results (see Consolidated Table of Operations)

Consolidated silver production increased 3% to 850,476 oz and gold production climbed 8% to 4,831 oz in Q2, 2011 compared to Q2, 2010 thanks to higher plant throughput at both Guanacevi and Guanajuato, partially offset by slightly lower silver grades and recoveries and enhanced by slightly higher gold grades and recoveries. As a result, consolidated silver and equivalent production rose 4% to 1.04 million oz (40:1 silver: gold ratio, no base metals) compared to Q2, 2010.

Consolidated plant throughputs in Q2, 2011 totaled 136,958 tonnes, up 11% compared to Q2, 2010 due to the benefits of the 2010 mine development program at Guanajuato. The Guanacevi Mine averaged 941 tonnes per day (tpd) and the Guanajuato Mine averaged 564 tpd during the Second Quarter, 2011. Consolidated silver grades averaged 266 grams per tonne (gpt) silver (8.5 oz per ton) and gold grades averaged 1.36 gpt. Consolidated silver recoveries averaged 73% and gold recoveries averaged 81%.

Guanacevi silver production for Q2, 2011 was 618,083 oz, down 1% compared to 622,385 oz in Q2, 2010 and gold production was 1,633 oz, an increase of 2% compared to 1,602 oz. Plant throughput was 85,594 tonnes at average grades of 310 gpt silver and 0.69 gpt gold, compared to 75,701 tonnes grading 332 gpt silver and 0.80 gpt gold in Q2, 2010. The increased silver and gold production is attributable to the 13% increase in plant throughput while grades and recoveries were both slightly lower.

Guanajuato silver production for Q2, 2011 was 232,393 oz, up 14% compared to 204,054 oz in Q2, 2010 and gold production was 3,198 oz, an increase of 12% compared to 2,858 oz. Plant throughput was 51,364 tonnes at average grades of 192 gpt silver and 2.48 gpt gold, compared to 48,124 tonnes grading 166 gpt silver and 2.14 gpt gold in Q2, 2010. The increased silver and gold production is attributable to the 7% increase in throughput, and higher ore grades.

Outlook for Third Quarter, 2011

In Q3, 2011, Endeavour anticipates its financial performance will continue to improve, reflecting still rising silver and gold prices, a modest increase in precious metal production once the new expanded mill and flotation circuits at the Guanajuato plant are commissioned during the quarter, and falling cash costs related to the new economies of scale at Guanajuato. However, industry-wide cost pressures such as rising labour, power, fuel and consumables costs will likely continue to partially offset the Company's progress towards cost reductions at its two mining operations.

Similar to 2010, the first two quarters of silver production in 2011 were relatively flat as forecast, with the operations team focused on the mine development and plant expansion capital programs. Silver production is expected to start rising again late in the third quarter, once the mine and plant expansion at Guanajuato is completed.

Guanacevi is currently producing at close to its 1,000 tonne per day (tpd) capacity and that is expected to continue in Q3, 2011. Guanacevi currently draws 80% of its ore production from the Porvenir Mine with the balance coming from Porvenir Dos, Porvenir Cuatro and Santa Cruz. However, Santa Cruz production will continue to escalate as mine development advances and Porvenir Dos will continue to decline as it nears the end of its mine-life late this year.

Guanajuato is currently producing at close to its 600 tpd capacity and that is expected to rise to 1,000 tpd late this quarter once the new plant expansion is completed. Production from the Lucero, Karina, Fernanda and Daniela veins has already ramped up to 900 tpd and now contributes 90% of ore production with the balance coming from Cebada and Bolanitos. The installation of the new 1,000 tonne per day mill and flotation circuit at the Guanajuato plant is anticipated to increase capacity from 600 tpd to 1,600 tpd. Once the new 1,000 tpd circuit is commissioned, the old 600 tpd circuit will be idled until such time as the Company has sufficient new reserves and resources to bring it back on line.

Endeavour is currently undertaking an aggressive $9.2 million, 47,000 meter, 175-hole exploration drill program to test multiple exploration targets within three mining districts and the newly-acquired properties. Based on pending exploration results and property acquisitions, the Company is currently assessing whether to increase the 2011 drill program and budget.

Q2, 2011 Conference Call at 1:00 pm PDT, Thursday, August 4, 2011

A conference call to discuss the Q2, 2011 financial and operating results will be held at 1:00 PM Eastern Time (10:00 AM Pacific Time) on Thursday, August 4, 2011. To participate in the conference call, please dial the following:

 

800-319-4610                  Canada and USA (Toll-free)
604-638-5340                  Vancouver Dial In
1-604-638-5340                Outside of Canada & USA
No passcode is necessary

A replay of the conference call will be available by dialing 1-800-319-6413 in Canada & USA (Toll-free) or 1- 604-638-9010 outside of Canada and USA. The required pass code is 4890 followed by #.

ENDEAVOUR SILVER CORP.

Bradford Cooke, Chairman and CEO

About Endeavour Silver Corp.

Endeavour Silver is a mid-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted six consecutive years of growing silver production, reserves and resources. The organic expansion programs now underway at Endeavour's two operating silver mines in Mexico combined with its strategic acquisition and exploration programs should help Endeavour achieve its goal to become the next premier mid-tier silver mining company.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include, but are not limited to, statements regarding Endeavour's anticipated performance in 2011, including revenue, cash cost and capital cost forecasts, silver and gold production, timing and expenditures to develop new silver mines and mineralized zones, silver and gold grades and recoveries, cash costs per ounce, capital expenditures and sustaining capital and the use of the Company's working capital. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others: fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Canadian dollar and U.S. dollar); fluctuations in the price of consumed commodities, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, reliability of calculation of mineral reserves and resources and precious metal recoveries, diminishing quantities or grades of mineral reserves as properties are mined; the ability to successfully integrate acquisitions; risks in obtaining necessary licenses and permits, global market events and conditions and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

 

ENDEAVOUR SILVER CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Unaudited - Prepared by Management)
(expressed in thousands of US dollars)

----------------------------------------------------------------------------
                                      June 30,   December 31,     January 1,
                                         2011           2010           2010
----------------------------------------------------------------------------
ASSETS
Current assets
  Cash and cash equivalents      $     77,741   $     68,037   $     26,702
  Short term investments               31,164         20,009              -
  Available for sale
   investments                         10,480          3,632          4,521
  Accounts receivable and
   prepaids                            11,392         10,299          7,467
  Inventories                          17,568         12,883          6,032
  Due from related parties                224            218            243
----------------------------------------------------------------------------
Total current assets                  148,569        115,078         44,965
----------------------------------------------------------------------------
Long term deposits                        600            778          1,153
Mineral property, plant and
 equipment                             80,300         71,241         55,425
----------------------------------------------------------------------------
Total assets                     $    229,469   $    187,097   $    101,543
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS'
 EQUITY
Current liabilities
  Accounts payable and accrued
   liabilities                   $     10,077   $      9,464   $      5,230
  Current portion of promissory
   note                                     -            231            231
  Accrued interest on
   convertible debentures                   -              -            254
  Income taxes payable                  4,935          3,260            545
----------------------------------------------------------------------------
Total current liabilities              15,012         12,955          6,260
----------------------------------------------------------------------------
Promissory note                             -             56            248
Provision for reclamation and
 rehabilitation                         2,539          2,524          2,018
Deferred income tax liability          17,073         13,323          7,945
Liability portion of
 convertible debentures                     -              -          3,666
Derivative liabilities                 23,869         29,348         29,749
----------------------------------------------------------------------------
Total liabilities                      58,493         58,206         49,886
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Shareholders' equity
Common shares, unlimited shares
 authorized, no par value,
 issued and outstanding
 84,424,000 shares (2010 -
 80,720,420 shares)                   231,633        205,862        109,413
Contributed surplus                     6,498          7,793          7,319
Accumulated comprehensive
 income                                 1,595          1,444            537
Deficit                               (68,750)       (86,208)       (65,612)
----------------------------------------------------------------------------
Total shareholders' equity            170,976        128,891   $     51,657
----------------------------------------------------------------------------
Total liabilities and
 shareholders' equity            $    229,469   $    187,097   $    101,543
----------------------------------------------------------------------------
----------------------------------------------------------------------------


ENDEAVOUR SILVER CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited - Prepared by Management)
(expressed in thousands of US dollars, except for shares and per share
amounts)

----------------------------------------------------------------------------
                            Three Months Ended             Six Months Ended
                        June 30,       June 30,       June 30,      June 30,
                           2011           2010           2011          2010
----------------------------------------------------------------------------
Revenue            $     36,363   $     19,692   $     71,715  $     37,944
Cost of sales:
 Direct
  production
  costs                  12,109          9,752         22,468        18,690
 Royalties                  631            515          1,076           743
 Stock-based
  compensation              132            265            167           320
 Amortization and
  depletion               4,247          2,905          8,190         6,044
----------------------------------------------------------------------------
                         17,119         13,437         31,901        25,797
Mine operating
 earnings                19,244          6,255         39,814        12,147
Expenses:
 Exploration              2,592          1,558          3,725         2,464
 General and
  administrative          2,900          2,372          5,145         4,119
----------------------------------------------------------------------------
                          5,492          3,930          8,870         6,583
Operating
 earnings                13,752          2,325         30,944         5,564
Mark-to-market
 (gain) loss on
 derivative
 liabilities             (6,334)         1,761          7,631        (3,846)
Finance costs                 7          1,329             19         2,478
Other income
 (expense):
 Foreign exchange          (118)          (608)         1,569            41
 Investment and
  other income            2,782            142          3,018           216
----------------------------------------------------------------------------
                          2,664           (466)         4,587           257
Earnings (loss)
 before income
 taxes                   22,743         (1,231)        27,881         7,189
Income tax
 expense:
 Current income
  tax expense
  (recovery)              3,930           (258)         7,261           101
 Deferred income
  tax expense             1,847          2,235          3,169         3,574
----------------------------------------------------------------------------
                          5,777          1,977         10,430         3,675
Net earnings
 (loss) for the
 period                  16,966         (3,208)        17,451         3,514
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Other comprehensive income, net of tax
 Net change in
  fair value of
  available for
  sale
  investments              (237)            71            151           614
----------------------------------------------------------------------------
                           (237)            71            151           614
----------------------------------------------------------------------------
Comprehensive
 income (loss)
 for the period          16,729         (3,137)        17,602         4,128
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Basic earnings
 (loss) per share
 based on net
 earnings          $       0.20   $      (0.05)  $       0.21  $       0.06
----------------------------------------------------------------------------
Diluted earnings
 per share based
 on net earnings   $       0.12   $      (0.05)  $       0.21  $       0.03
----------------------------------------------------------------------------
Basic weighted
 average number
 of shares
 outstanding         83,593,669     62,355,945     82,429,259    61,742,936
----------------------------------------------------------------------------
Diluted weighted
 average number
 of shares
 outstanding         88,777,750     62,355,945     84,375,931    67,889,360
----------------------------------------------------------------------------


ENDEAVOUR SILVER CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(Unaudited - Prepared by Management)
(expressed in thousands of U.S. dollars, except share amounts)

----------------------------------------------------------------------------
                                 Three Months Ended        Six Months Ended
                                June 30,    June 30,    June 30,    June 30,
                                   2011        2010        2011        2010
----------------------------------------------------------------------------
Operating activities
Net earnings (loss) for the
 period                       $  16,966   $  (3,208)  $  17,451   $   3,514
Items not affecting cash:
  Stock-based compensation        1,558       1,611       1,901       2,258
  Depreciation and depletion      4,280       2,946       8,261       6,127
  Deferred income tax
   provision                      2,428       2,224       3,750       3,574
  Unrealized foreign
   exchange gain                   (350)       (130)     (1,470)       (217)
  Mark to market loss (gain)
   on derivative liability       (6,334)      1,761       7,631      (3,846)
  Loss on conversion of
   convertible debentures             -         693           -       1,121
  Finance costs                       7         625          15       1,334
  (Gain) loss on marketable
   securities                        91         (47)         91         (47)
  Taxes paid                      4,102         776       4,523         926
Net changes in non-cash
 working capital                 (1,493)     (3,998)     (6,258)     (8,938)
----------------------------------------------------------------------------
Cash from (used for)
 operations                      21,255       3,253      35,895       5,806
----------------------------------------------------------------------------
Investing activites
  Property, plant and
   equipment expenditures       (12,004)     (6,993)    (19,368)    (12,771)
  Investment in short term
   investments                   (4,942)          -     (18,571)     (1,021)
  Proceeds from sale of
   marketable securities            631       1,218         631       1,218
  Proceeds from long term
   deposits                         178           -         178           -
----------------------------------------------------------------------------
Cash used in investing
 activities                     (16,137)     (5,775)    (37,130)    (12,574)
----------------------------------------------------------------------------
Financing activities
  Common shares issued, net
   of issuance costs              4,837       1,019       9,472       1,902
  Interest paid                       -        (301)          -        (625)
----------------------------------------------------------------------------
Cash from financing
 activites                        4,837         718       9,472       1,277
----------------------------------------------------------------------------
Effect of exchange rate
 change on cash and cash
 equivalents                        (87)       (365)      1,467         165
Increase (decrease) in cash
 and cash equivalents             9,955      (1,804)      8,237      (5,491)
Cash and cash equivalents,
 beginning of period             67,873      23,545      68,037      26,702
----------------------------------------------------------------------------
Cash and cash equivalents,
 end of period                $  77,741   $  21,376   $  77,741   $  21,376
----------------------------------------------------------------------------
----------------------------------------------------------------------------


ENDEAVOUR SILVER CORP.
COMPARATIVE TABLE OF CONSOLIDATED MINE OPERATIONS
(Unaudited - Prepared by Management)
(expressed in thousands of U.S. dollars, except share amounts)

----------------------------------------------------------------------------
              Plant           Ore          Recovered     Recov- Cash Direct
              T'put        Grades             Ounces     eries  Cost   Cost
           -----------------------------------------------------------------
                        Ag     Au         Ag      Au   Ag   Au $ per  $ per
Period       Tonnes   (gpt)  (gpt)       (oz)    (oz)  (%)  (%)   oz  tonne
----------------------------------------------------------------------------
Production
 2011
Q1, 2011    141,942    263   1.36    900,133   5,008 75.0 81.0  4.62  79.30
Q2, 2011    136,958    266   1.36    850,476   4,831 72.7 80.6  6.98  96.69
Q3, 2011
Q4, 2011
----------------------------------------------------------------------------
YTD 2011    278,900    264   1.36  1,750,609   9,839 73.9 80.8  5.77  87.84
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Production
 2010
Q1, 2010    112,963    270   1.34    766,210   3,775 78.3 78.7  6.69  79.45
Q2, 2010    123,825    267   1.32    826,439   4,460 77.6 84.9  6.57  86.69
Q3, 2010    126,599    265   1.45    797,054   4,607 73.8 77.8  6.11  81.35
Q4, 2010    143,623    267   1.37    895,931   4,871 72.6 76.7  5.08  80.86
----------------------------------------------------------------------------
YTD 2010    507,010    267   1.37  3,285,634  17,713 75.4 79.4  6.08  82.10
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Production
 2009
Q1, 2009     85,731    271   1.02    572,785   2,335 78.8 86.7  7.94  74.69
Q2, 2009     90,338    259   1.16    584,486   2,768 77.2 85.0  7.53  79.46
Q3, 2009     93,276    271   1.42    661,903   3,604 79.6 84.6  5.64  78.91
Q4, 2009    115,482    270   1.62    779,344   4,591 77.8 76.2  4.92  79.07
----------------------------------------------------------------------------
Total       384,827    268   1.33  2,598,518  13,298 78.3 82.6  6.36  78.14
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Q2, 2011 :
 Q2, 2010        11%    -1%     3%         3%      8%  -6%  -5%    6%    12%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Q2, 2011 :
 Q1, 2011        -4%     1%     0%        -6%     -4%  -3%   0%   51%    22%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
YTD 2011 :
 YTD 2010        18%    -1%     2%        10%     19%  -5%  -1%   -6%     6%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Contact:


Contacts:
Endeavour Silver Corp.
Hugh Clarke
(604) 685-9775 or Toll Free: 877-685-9775
(604) 685-9744 (FAX)
hugh@edrsilver.com
www.edrsilver.com