Reserves & Resources

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

Silver-Gold Proven and Probable Reserves
  Tonnes Ag g/t Au g/t Ag Eq g/t Ag oz Au oz Ag Eq oz
Proven 409,000 154 1.99 295 2,028,900 26,200 3,996,900
Probable 453,000 159 1.71 280 2,311,100 24,900 4,174,900
Total P+P 862,000 157 1.84 287 4,340,000 51,100 8,171,800


Silver-Gold Measured and Indicated Resources
  Tonnes Ag g/t Au g/t Ag Eq g/t Ag oz Au oz Ag Eq oz
Measured 213,000 192 3.13 414 1,318,500 21,400 2,926,500
Indicated 732,000 194 2.44 366 4,561,100 57,400 8,864,600
Total M+I 945,000 194 2.60 377 5,879,600 78,800 11,791,100


Silver-Gold Inferred Resources
  Tonnes Ag g/t Au g/t Ag Eq g/t Ag oz Au oz Ag Eq oz
Inferred 1,453,000 214 2.78 411 10,004,000 129,900 19,748,800
  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.