Reserves and Resources

Reserves and Resource Estimates updated January 29, 2015

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
Guanaceví 87,000 247 0.49 284 686,200 1,400 789,000
Bolañitos 157,000 90 2.84 311 456,700 14,300 1,531,200
El Cubo 409,000 154 1.99 295 2,028,900 26,200 3,996,900
Total Proven 653,000 151 2.00 297 3,171,800 41,900 6,317,100
Probable
Guanaceví 508,000 262 0.64 311 4,285,200 10,500 5,071,200
Bolañitos 238,000 104 1.81 245 798,300 13,800 1,834,800
El Cubo 453,000 159 1.71 280 2,311,100 24,900 4,174,900
Total Probable 1,199,000 192 1.27 286 7,394,600 49,200 11,080,900
Total P+P 1,852,000 177 1.53 290 10,566,400 91,100 17,399,000

 

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
Guanaceví 69,000 248 0.47 284 550,300 1,000 628,300
Bolañitos 89,000 150 2.29 329 427,600 6,500 916,600
El Cubo 213,000 192 3.13 414 1,318,500 21,400 2,926,500
Total Measured 371,000 193 2.43 369 2,296,400 28,900 4,471,400
Indicated
Guanaceví 2,271,000 296 0.72 351 21,595,600 52,800 25,554,900
Bolañitos 698,000 162 2.04 325 3,630,300 45,800 7,066,800
El Cubo 732,000 194 2.44 366 4,561,100 57,400 8,864,600
Terronera 2,938,000 211 1.65 335 19,912,000 156,000 31,612,000
Guadalupe y Calvo 1,861,000 119 2.38 295 7,147,300 142,500 17,834,800
Total Indicated 8,500,000 208 1.66 332 56,846,300 454,500 90,933,100
Total M+I 8,871,000 207 1.70 334 59,142,700 483,400 95,404,500

 

Silver-Gold Inferred Resources
  Tonnes Ag g/t Au g/t Ag Eq g/t Ag oz Au oz Ag Eq oz
Inferred
Guanaceví 638,000 379 0.82 441 7,769,400 16,900 9,035,400
Bolañitos 1,150,000 153 2.29 330 5,674,700 84,800 12,032,500
El Cubo 1,453,000 214 2.78 411 10,004,000 129,900 19,748,800
Terronera 1,213,000 218 1.39 322 8,500,000 54,400 12,580,000
Guadalupe y Calvo 154,000 94 2.14 255 464,600 10,600 1,259,600
Total Inferred 4,608,000 219 2.00 366 32,412,700 296,600 54,656,300

 

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
Guanacevi 363,000 208 0.26 302 2,420,500 3,100 3,517,800 0.78 1.32
Parral 1,631,000 49 0.90 117 2,589,900 47,200 6,129,900 2.87 2.86
Total Indicated 1,994,000 78 0.78 151 5,010,400 50,300 9,647,700 2.49 2.58
Inferred
Guanacevi 488,000 132 0.16 293 2,076,000 2,500 4,596,800 1.36 2.54
Parral 1,303,000 63 0.88 129 2,658,900 36,900 5,426,400 2.55 2.28
Total Inferred 1,791,000 82 0.68 174 4,734,900 39,400 10,023,200 2.23 2.35
  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 for Guanaceví, 162 g/t silver equivalent for Bolañitos, 177 g/t silver equivalent for El Cubo, and 100 g/t for Terronera.
  4. Metallurgical recoveries were 82.5% silver and 85.4% gold for Guanaceví, 79.6% silver and 84.5% gold for Bolañitos, and 87.8% silver and 84.7% gold for El Cubo.
  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% for Guanaceví, 21% for Bolañitos, and 30% for El Cubo. 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 at Guanaceví, Bolañitos, and El Cubo were Zachary Black, SME-RM, and Jeffery Choquette, P.E., MMSA, of Hard Rock Consulting. Technical reports for Guanaceví, Bolañitos, and El Cubo will be completed and filed on SEDAR in March, 2017.

The mineral resource estimate for Terronera was undertaken by Independent Qualified Persons Eugene Puritch, P.Eng., and Richard Routledge, P.Geo., of P&E Mining Consultants Inc. Mr. Puritch has reviewed and approved the technical content of this information with respect to Terronera.

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.

 

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