Reserves & Resources

El Cubo Mineral Reserve and Resource Estimates at Decenber 31, 2016

Silver-Gold Proven and Probable Reserves
  Tonnes
(000s)
Ag
g/t
Au
g/t
Ag Eq
g/t
Ag oz
(000s)
Au oz
(000s)
Ag Eq
oz (000s)
Proven 409 154 1.99 295 2,025 26.2 3,879
Probable 453 159 1.71 280 2,316 24.9 4,078
Total P+P 862 157 1.84 287 4,341 51.1 7,957
       
Silver-Gold Measured and Indicated Resources
  Tonnes
(000s)
Ag
g/t
Au
g/t
Ag Eq
g/t
Ag oz
(000s)
Au oz
(000s)
Ag Eq
oz (000s)
Measured 213 192 3.13 414 1,315 21.4 2,835
Indicated 732 194 2.44 366 4,566 57.4 8,614
Total M+I 945 194 2.60 377 5,881 78.8 11,449
               
Silver-Gold Inferred Resources
  Tonnes
(000s)
Ag
g/t
Au
g/t
Ag Eq
g/t
Ag oz
(000s)
Au oz
(000s)
Ag Eq
oz (000s)
Inferred 1,453 214 2.78 411 9,997 129.9 19,200
  1. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any or all part of the mineral resources will be converted into mineral reserves.
  2. Mineral resources are exclusive of and in addition to mineral reserves.
  3. Mineral resource and reserve cut-off grades are based on a 177 g/t silver equivalent.
  4. Metallurgical recoveries were 87.8% silver and 84.7% gold.
  5. Mining recoveries of 95% were applied for mineral reserve estimate calculations.
  6. Minimum mining widths were 0.8 metres for mineral reserve estimate calculations.
  7. Dilution factors for mineral reserve estimate calculations averaged 30%. Dilution factors are calculated based on internal stope dilution calculations and external dilution factors of 15% for cut and fill mining and 30% for long hole mining.
  8. Silver equivalent grades are based on a 75:1 silver:gold ratio.
  9. Price assumptions are US$16.29/oz for silver, US$1,195/oz for gold, US$0.82/lb for lead and US$0.90/lb for zinc.
  10. Figures in the tables are rounded to reflect estimate precision; small differences generated by rounding are not material to the estimates.

Godfrey Walton, M.Sc., P.Geo., President and COO of Endeavour, is the Qualified Person who reviewed and approved the technical information contained in these mineral resource estimates. The Independent Qualified Persons for the mineral resource and mineral reserve estimates were Zachary Black, SME-RM, and Jeffery Choquette, P.E., MMSA, of Hard Rock Consulting. A technical report will be completed and filed on SEDAR in March 2017.

These mineral reserve and mineral resource estimates were classified following the definitions and guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum CIM standards and definitions of mineral resource estimates and mineral reserve estimates as referenced in National Instrument 43-101.