Reserves and Resources

Reserve and Resource Estimates updated April 17, 2017

Mineral Reserve and Resource Estimates at December 31, 2017

Silver-Gold Proven and Probable Mineral Reserves
  Tonnes Ag g/t Au g/t Ag Eq g/t Ag oz Au oz Ag Eq oz
Proven
Guanaceví 82,000 224 0.49 261 591,000 1,300 688,500
Bolañitos 154,000 87 2.48 273 431,000 12,300 1,353,500
El Cubo 171,000 184 1.80 319 1,010,000 9,900 1,752,500
Total Proven 407,000 155 1.80 290 2,032,000 23,500 3,794,500
Probable
Guanaceví 224,000 252 0.58 296 1,812,000 4,200 2,127,000
Bolañitos 258,000 86 1.87 226 714,000 15,500 1,876,500
El Cubo 317,000 186 1.68 312 1,894,000 17,100 3,176,500
Terronera 4,061,000 207 1.95 353 27,027,000 255,000 46,152,000
Total Probable 4,860,000 201 1.87 341 31,447,000 291,800 53,332,000
Total P&P 5,267,000 198 1.86 337 33,479,400 315,300 57,126,500
       
Silver-Gold Measured and Indicated Mineral Resources
  Tonnes Ag g/t Au g/t Ag Eq g/t Ag oz Au oz Ag Eq oz
Measured
Guanaceví 17,000 299 0.38 328 167,000 200 182,000
Bolañitos 31,000 118 2.28 289 118,000 2,300 290,500
El Cubo 207,000 184 2.90 402 1,225,000 19,300 2,672,500
Total Measured 255,000 184 2.66 384 1,510,000 21,800 3,145,000
Indicated
Guanaceví 1,650,000 310 0.80 370 16,449,000 42,400 19,629,000
Bolañitos 763,000 152 1.84 290 3,727,000 45,100 7,109,500
El Cubo 404,000 165 1.98 314 2,143,000 25,700 4,070,500
El Compas 148,000 104 7.31 652 495,000 34,900 3,112,500
Guadalupe y Calvo 1,861,000 119 2.38 298 7,120,000 142,400 17,800,000
Parral (new) 37,000 184 0.27 204 216,000 300 238,500
Total Indicated 4,863,000 193 1.86 332 30,150,000 290,800 51,960,000
Total M&I 5,118,000 192 1.90 335 31,660,000 312,600 55,105,000
 
Silver-Gold Inferred Mineral Resources
  Tonnes Ag g/t Au g/t Ag Eq g/t Ag oz Au oz Ag Eq oz
Inferred
Guanaceví 761,000 314 0.78 373 7,684,000 19,100 9,116,500
Bolañitos 945,000 150 1.95 296 4,556,000 59,200 8,996,000
El Cubo 1,100,000 143 2.07 298 5,058,000 73,200 10,548,000
Terronera 1,174,000 288 1.16 375 10,848,000 43,700 14,125,500
El Compas 217,000 76 5.38 480 530,000 37,500 3,342,500
Guadalupe y Calvo 154,000 94 2.14 255 465,000 10,600 1,260,000
Parral (new) 2,283,000 262 0.25 281 19,215,000 18,100 20,572,500
Total Inferred 6,634,000 227 1.23 319 48,356,000 261,400 67,961,000
                   
Silver-Gold-Lead-Zinc Mineral Resources
   Tonnes Ag g/t Au g/t Ag Eq g/t(1) Ag oz Au oz Ag Eq oz(1) Pb% Zn%
Indicated                              
Guanacevi 363,000 208 0.26 302 2,420,500 3,100 2,653,000 0.78 1.32
Parral (Cometa) 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 8,782,900 2.49 2.58
Inferred
Guanacevi 488,000 132 0.16 293 2,076,000 2,500 2,263,500 1.36 2.54
Parral (Cometa) 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 7,689,900 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. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
  2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  3. The Mineral Resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
  4. Mineral Resources are exclusive of and in addition to Mineral Reserves.
  5. Mineral Resource and Mineral Reserve cut-off grades are based on a 202 g/t silver equivalent for Guanaceví, 158 g/t silver equivalent for Bolañitos, 152 g/t silver equivalent for Villalpando Ascuncion ore zone of El Cubo and 218 g/t silver equivalent for Santa Cecilia ore zone of El Cubo, and 150 g/t silver equivalent for Terronera,  El Compas, Guadalupe y Calvo and Parral Properties.
  6. Metallurgical recoveries were 83.0% silver and 85.0% gold for Guanaceví, 84.3% silver and 87.7% gold for Bolañitos, and 87.0% silver and 86.7% gold for El Cubo.
  7. Mining recoveries of 92% were applied for Mineral Reserve Estimate calculations.
  8. Minimum mining widths were 0.8 metres for Mineral Reserve Estimate calculations.
  9. Dilution factors for Mineral Reserve Estimate calculations averaged 26% for Guanaceví, 28% for Bolañitos, and 35% 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 at Guanaceví, 28% and Bolañitos and 54% for long mining at El Cubo.
  10. Silver equivalent grades are based on a 75:1 silver:gold ratio and calculated including only silver and gold.
  11. Inferred Mineral Resources for Terronera includes the Terronera and Real Alto Area (Animas-Los Negros, El Tajo & Real veins).
  12. The La Colorada structure (Parral) does not contain gold on an economic scale.
  13. Price assumptions for Guanaceví, Bolañitos and El Cubo are US$17.26/oz for silver, US$1,232/oz for gold, US$0.82/lb for lead and US$0.90/lb for zinc.
  14. Price assumptions for Terronera are US$18/oz for silver, US$1,250/oz for gold.
  15. Price assumptions for El Compas are US$18/oz for silver, US$1,225/oz for gold.
  16. 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 Reserve and Resource Estimates. A Quality Control sampling program of reference standards, blanks and duplicates has been instituted to monitor the integrity of all assay results. All samples are split at the local field office and shipped to ALS-Chemex Labs, where they are dried, crushed, split and 50 gram pulp samples are prepared for analysis. Gold and silver are determined by fire assay with an atomic absorption (AA) finish.

The Mineral Resource Estimates for Terronera, El Compas and Parral were undertaken by Independent Qualified Persons Eugene Puritch, P.Eng., FEC, CET, Yungang Wu, P.Geo., and David Burga, P.Geo of P&E Mining Consultants Inc. Mr. Puritch has reviewed and approved the technical content of this press release with respect to the Terronera vein area, El Compas and new Parral.

 The Cometa property in Parral which is part of the Lead-Zinc portion of the table is based on a Technical report titled NI 43-101 Technical Report audit of the Mineral Resource Estimate for the Parral Project, Chuhuahua State, Mexico and filed Dec 15, 2010 and authored by William Lewis, B.Sc., Charley Z. Murahwi M.Sc. MAusIMM and Dibya Kanti Mukhopadhyay M.Sc. MAusIMM. This report is separate from the Parral Properties described by P&E Mining Consultants Inc.

The resources on the veins (Animas-Negros, Tajo and Real) from the Terronera property were estimated as part of a 43-101 report authored by Michael J. Munroe dated March 27th 2014 and titled NI 43-101 Technical Report audit of the Mineral Resource estimate for the San Sebastian Project, Jalisco State, Mexico.  The San Sebastian project was renamed the Terronera project.

A Technical Report prepared in accordance with NI 43-101 for the Parral Properties will be completed and filed on SEDAR in March 2018.

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