Reserves & Resources

Guanaceví Mineral Reserve and Resource Estimates at December 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 87,000 247 0.49 284 686,200 1,400 789,000
Probable 508,000 262 0.64 311 4,285,200 10,500 5,071,200
Total P+P 595,000 260 0.62 307 4,971,400 11,900 5,860,200

 

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 69,000 248 0.47 284 550,300 1,000 628,300
Indicated 2,271,000 296 0.72 351 21,595,600 52,800 25,554,900
Total M+I 2,340,000 295 0.71 349 22,145,900 53,800 26,183,200

 

Silver-Gold Inferred Resources
 
Inferred 638,000 379 0.82 441 7,769,400 16,900 9,035,400

 

Silver-Gold-Lead-Zinc Resources
   Tonnes Ag g/t Au g/t Ag Eq g/t Ag oz Au oz Ag Eq oz Pb% Zn%
Indicated 363,000 208 0.26 302 2,420,500 3,100 3,517,800 0.78 1.32
Inferred 488,000 132 0.16 293 2,076,000 2,500 4,596,800 1.36 2.54
  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 198 g/t silver equivalent.
  4. Metallurgical recoveries were 82.5% silver and 85.4% 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 29%. 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.