Endeavour Silver Corp.

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January 21, 2016

Endeavour Silver Updates Reserve and Resource Estimates; Deep Drilling Intersects Highest Grades Yet at Terronera

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VANCOUVER, BC--(Marketwired - January 21, 2016) -   Endeavour Silver Corp. (TSX: EDR) (NYSE: EXK) reports updated NI 43-101 silver and gold reserve and resource estimates for its three producing mines in Mexico: the Guanaceví Mine in Durango State and the Bolañitos and El Cubo Mines in Guanajuato State; as well as one exploration project, the Terronera Project in Jalisco State, as of December 31, 2015.

Endeavour replaced its proven and probable silver reserves in 2015 notwithstanding a lower metal price assumption ($16 per ounce (oz) silver vs $18 per oz) compared to 2014. Measured and indicated silver resources increased 6% and gold resources decreased 17% in 2015 due respectively to upgrading of inferred silver resources at Guanacevi and Bolanitos and depletion of gold resources at Bolañitos.

Bradford Cooke, CEO of Endeavour, stated, "We are gratified to have replaced our P&P reserves and boosted our M&I silver resources given the challenging metal price environment last year. Our exploration efforts were successful in identifying new mineralization at each mine and the Terronera mine project should be a significant driver of new reserves and resources in 2016."

In past years, Endeavour has used three-year trailing price averages for silver and gold in estimating reserves and resources. At the end of 2015, the trailing price averages for gold and silver were approximately $1,279 per oz gold and $19.52 per oz silver, which management views as too high for use in the estimation of reserves and resources. Instead, management used a US$1,150 per oz gold price and US$16 per oz silver price to more reasonably reflect the near-term outlook.

2015 Reserve/Resource Highlights (Compared to December 31, 2014)

  • Silver Proven and Probable Reserves were flat at 12.0 million ounces (oz)
  • Gold Proven and Probable Reserves were flat at 110,800 oz
  • Silver Equivalent Proven and Probable Reserves totalled 19.7 million oz (70:1 silver:gold ratio)
  • Silver Measured and Indicated Resources increased 7% to 69.8 million oz
  • Gold Measured and Indicated Resources decreased 19% to 539,500 oz
  • Silver Equivalent Measured and Indicated Resources totalled 107.6 million oz
  • Silver Inferred Resources decreased 12% to 44.7 million oz
  • Gold Inferred Resources increased 3% to 349,700 oz
  • Silver Equivalent Inferred Resources totalled 69.2 million oz
    • 2014 silver equivalents based on 70:1 silver:gold ratio, base metals not included
    • All assumptions are listed at the bottom of the reserve and resource summary table

Work on Endeavour's other exploration projects in Mexico (the Guadalupe y Calvo and Parral projects in Chihuahua and the Arroyo Seco project in Michoacán) did not change the resources, and previous estimates remain unchanged. The Guadalupe y Calvo resources were estimated in 2012 and the Parral and Arroyo Seco resources were estimated at the end of 2010. The Terronera resource estimate is the same one used in the Preliminary Economic Estimate (PEA) released in May 2015.

Mineral Reserve and Resource Estimates at December 31, 2015

 
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   107,500   254   0.52   290   878,000   1,795   1,003,700
Bolañitos   205,700   125   2.60   307   827,700   17,400   2,045,700
El Cubo   195,200   150   3.11   367   940,600   19,585   2,311,600
Total Proven   508,400   162   2.37   328   2,646,300   38,780   5,361,000
Probable
Guanaceví   798,000   205   0.45   237   5,260,600   11,735   6,082,100
Bolañitos   172,600   101   2.73   292   561,800   15,150   1,622,300
El Cubo   632,100   173   2.23   330   3,521,700   45,105   6,679,100
Total Probable   1,602,700   181   1.40   279   9,344,100   71,990   14,383,500
Total P+P   2,111,100   177   1.63   291   11,990,400   110,770   19,744,500
                             
             
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   175,500   306   0.54   344   1,728,000   3,090   1,944,300
Bolañitos   101,300   140   2.13   289   457,300   6,940   943,100
El Cubo   74,650   279   2.83   477   670,200   7,062   1,164,500
Total Measured   360,650   255   1.49   359   2,953,400   17,292   4,163,800
Indicated
Guanaceví   2,313,200   277   0.78   331   20,565,600   58,215   24,640,700
Bolañitos   940,700   153   1.94   289   4,639,700   58,610   8,742,400
El Cubo   630,000   215   2.19   368   4,352,400   44,570   7,472,300
Terronera   3,091,400   221   1.71   340   21,947,000   169,500   33,812,000
Guadalupe y Calvo   1,861,000   119   2.38   286   7,147,300   142,500   17,122,300
Total Indicated   9,104,500   207   1.61   320   60,714,000   470,595   93,655,700
Total M+I   9,465,150   209   1.60   321   63,667,400   487,887   97,819,500
                             
                             
Silver-Gold Inferred Resources
    Tonnes   Ag g/t   Au g/t   Ag Eq g/t   Ag oz   Au oz   Ag Eq oz
Inferred
Guanaceví   1,150,520   308   0.72   358   11,389,100   26,671   13,256,100
Bolañitos   1,291,700   171   2.74   363   7,104,500   113,900   15,077,500
El Cubo   1,172,500   192   2.68   380   7,247,100   100,800   14,303,100
Terronera   1,176,700   189   1.43   289   7,157,400   54,300   10,958,400
Guadalupe y Calvo   154,000   94   2.14   244   464,600   10,600   1,206,600
Total Inferred   5,039,520   211   1.90   344   34,132,500   307,971   55,690,500
                             
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                                    
Parral   1,631,000   49   0.90   112   2,589,900   47,200   5,893,500   2.87   2.86
Guanaceví   655,000   166   0.21   181   3,495,700   4,400   3,805,300   0.61   1.02
Total Indicated   2,286,000   83   0.70   132   6,085,600   51,600   9,698,800   2.22   2.33
Parral   1,303,000   63   0.88   125   2,658,900   36,900   5,239,500   2.55   2.28
Arroyo Seco   738,000   220   0.07   225   5,220,000   1,700   5,336,300   0.65   0.18
Guanaceví   646,000   129   0.15   140   2,687,300   3,100   2,904,300   1.12   2.07
Total Inferred   2,687,000   122   0.48   156   10,566,200   41,700   13,476,100   1.68   1.65
                                     
  1. Reserve cut-off grades were 200 g/t silver equivalent at Guanaceví, 192 g/t silver equivalent at Bolañitos, and 184 g/t silver equivalent at El Cubo.
  2. Measured and indicated resource cut-off grades were 182 g/t silver equivalent at Guanaceví, 175 g/t silver equivalent at Bolañitos, 167 g/t silver equivalent at El Cubo, and 150 g/t silver equivalent at Terronera.
  3. Inferred resource cut-off grades for Guanaceví, Bolañitos and El Cubo, were the same as the measured and indicated resource cut offs and 150 g/t silver equivalent at Terronera.
  4. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves.
  5. Recoveries were 83.5% silver and 86.2% gold at Guanaceví; 75.9% silver and 84.7% gold at Bolañitos; and 87.4% silver and 89.6% gold at El Cubo
  6. Minimum mining widths were 1.4 metres at Guanaceví, 0.8 metres at Bolañitos, and 0.8 metres at El Cubo.
  7. Dilution factors were 26.2% at Guanaceví, 24.0% at Bolañitos, and 23.9% at El Cubo. Dilution factors are calculated based on internal stope dilution calculations and external dilution factors of 15% for cut and fill and 30% for long hole
  8. Silver equivalents are based on a 70:1 silver:gold ratio
  9. Price assumptions are $16 per ounce for silver and $1,150 per ounce for gold.
  10. Mineral resources are estimated exclusive of and in addition to mineral reserves.
  11. Proven reserves are defined within 10 metres of underground development while probable reserves extend a further 15 metres from underground development.

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 Qualified Persons for the mineral resource and reserve estimates were Zachary Black, QP, SME-RM and Jeffery Choquette, P.E., QP, MMSA of Hard Rock Consulting. Technical reports for Guanaceví, Bolañitos, and El Cubo will be completed and filed on SEDAR by March 6, 2016.

These reserve and resource statements were classified following the definitions and guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum CIM standards and definitions of mineral resources and reserves and the guidelines contained in National Instrument 43-101.

2015 Updated Exploration Highlights

Endeavour Silver Corp. (TSX: EDR) (NYSE: EXK) also released today an update of the Company's final exploration drill results in 2015. Last year, the focus was on brownfields exploration around the three operating mines to replace reserves and expand resources, and on infill drilling the Terronera discovery to better define the resources for mine planning and economic modelling.

Luis Castro, Endeavour's Vice President of Exploration, commented, "Our exploration programs continued to deliver solid drill results in 2015, notwithstanding a reduced budget due to lower metal prices. In particular, deep drilling at Terronera intersected the highest grades yet on the property, and surface sampling of several other veins identified multiple new high grade drill targets for 2016. Last year, we spent US$7.2 million on exploration excluding capitalized property costs and drilled 36,385 metres (m) or 119,373 feet (ft) in 151 drill holes."

Terronera Property

Endeavour drilled 6,130 m in 27 holes at Terronera to infill the recently discovered, thick, high-grade silver-gold mineralization within the Terronera vein. Recent drilling highlights include 3,875 gpt silver and 4.36 gpt gold over 5.58 m true width (122.5 opT silver equivalent over 18.3 ft based on a silver: gold ratio of 75:1) in hole TR09-5 (link to longitudinal section).

This hole, drilled below a low grade hole TR09-3 which was previously thought to be the bottom of the bonanza mineralized zone, intersected the highest grades yet on the property, including a core zone grading 15,533 gpt silver and 10.0 gpt gold over 0.39 m true width (16,283 gpt silver equivalent over 1.3 ft based on a silver: gold ratio of 75:1). This part of the deposit remains open for further drilling.

                         
Hole   Structure   From   True Width   Au   Ag   AgEq
(m)   (m)   (gpt)   (gpt)   (gpt)
TR06-4   Terronera   309.80   1.94   1.37   122   225
Including   309.80   0.23   0.55   674   715
TR08-4   Terronera   298.40   1.83   0.72   979   1,033
Including   299.20   0.26   2.63   4,360   4,557
TR09-5   Terronera   302.60   5.58   4.36   3,875   4,202
Including   308.05   0.39 &nnbsp; 10.00   15,533   16,283
                         

Surface grab and chip sampling of three other veins on the Terronera property identified new areas of high grade silver-gold mineralization over mineable widths. The La Luz vein was traced for 1.7 km in length, ranges from 2 to 7 m wide and grades from nil up to 951 gpt silver and 26.7 gpt gold. The El Padre vein was traced for 1.8 km along strike, ranges from 0.4 to 4 m wide and grades from nil up to 358 gpt silver and 10.1 gpt gold. The Democrata vein was traced for 850 m in length, ranges from 0.3 to 2 m wide and grades from nil up to 534 gpt silver and 9.3 gpt gold. Each of these veins exhibit small historic mine workings but have never been explored or drilled in modern times.

Bolañitos Mine

In 2015, Endeavour drilled 9,500 m in 39 holes at Bolañitos to outline high-grade, gold-silver vein mineralization in the Bolañitos North and Puertecito South areas. Recent drilling highlights include 29 grams per tonne (gpt) silver and 19.0 gpt gold over 1.69 m true width (42.4 ounces per ton (opT) silver equivalent over 5.5 ft based on a silver: gold ratio of 75:1) within the San Miguel HW vein in hole MG-03 (link to longitudinal section). The San Miguel HW vein intercepts are a shallow extension of the historic San Miguel mine, and the mineralization is wide open along strike.

                         
Hole   Structure   From   True Width   Au   Ag   AgEq
(m)   (m)   (gpt)   (gpt)   (gpt)
MG-03   San Miguel HW   108.75   1.69   19.02   29   1,456
    Including   108.95   0.14   97.50   123   7,436
MG-04   San Ignacio   29.20   1.32   0.48   385   421
Including   30.55   0.38   0.63   859   906
San Miguel   149.80   2.16   4.44   10   343
Including   152.40   0.26   17.05   27   1,306
MG-05   San Miguel HW   66.35   1.41   5.47   114   525
Including   67.55   0.13   14.40   158   1,238
RV-16   La Loba   283.40   1.20   2.08   82   238
Including   284.40   0.20   4.20   199   514
CTA-02   Cabrera Carrica   38.35   1.48   1.79   98   232
Including   40.10   0.25   4.66   116   466
Lourdes   136.10   1.16   0.97   175   248
Including   136.35   0.30   3.38   448   702
                         

El Cubo Mine

Endeavour drilled 11,200 m in 47 holes last year at El Cubo to delineate new high-grade, gold-silver vein mineralization in the V-Asunción and other veins. Recent drilling highlights include 223 gpt silver and 3.72 gpt gold over 6.06 m true width (14.6 opT silver equivalent over 19.9 ft based on a silver: gold ratio of 75:1) within the Nayal vein in hole CNY-04 (link to longitudinal section). The Nayal vein intercepts are very shallow and the mineralized zone remains open along strike.

                         
Hole   Structure   From   True Width   Au   Ag   AgEq
(m)   (m)   (gpt)   (gpt)   (gpt)
CNY-02   Nayal   109.30   1.13   6.15   547   1,008
Including   110.15   0.30   17.90   1,595   2,938
CNY-04   Nayal   46.25   6.06   3.72   223   501
Including   49.40   0.68   14.90   865   1,983
CUDG-989   Dolores (Hw)   14.90   1.09   3.90   197   489
Including   15.50   0.50   6.39   354   833
CUDG-989A   Dolores (Hw)   14.85   1.10   4.83   289   651
Including   15.25   0.40   12.95   771   1,742
CUDG-994   San Miguel   30.60   1.06   3.50   25   287
Including   30.90   0.18   11.05   66   895
CUDG-996   San Juan de Dios   92.70   1.35   10.40   123   902
Including   93.80   0.29   48.00   566   4,166
CUDG-1002   La Loca   109.30   1.54   4.33   72   397
Including   109.30   0.17   18.30   45   1,418
                         

Guanaceví Mine

In 2015, Endeavour drilled 9,550 m in 38 holes at Guanaceví to expand previously discovered high-grade silver-gold mineralization in the Santa Cruz vein at the Santa Cruz and Porvenir Norte mines. Recent drilling highlights include 1,661 gpt silver and 3.11 gpt gold over 1.03 m true width (55.2 opT silver equivalent over 3.4 ft based on a silver: gold ratio of 75:1) in hole UG-07 (link to longitudinal section).

The Santa Cruz vein intercepts are depth extensions of the Santa Cruz mine and remain open at depth.

                         
Hole   Structure   From   True Width   Au   Ag   AgEq
(m)   (m)   (gpt)   (gpt)   (gpt)
UG-01   Santa Cruz SCV2   100.85   1.32   0.26   245   264
Including   102.50   0.13   0.77   799   857
UG-04   Santa Cruz SCV2   170.85   1.02   0.39   269   298
UG-06   Santa Cruz   172.00   1.06   1.35   1,061   1,163
Including   172.25   0.14   5.03   3,300   3,677
UG-07   Santa Cruz   212.50   1.03   3.11   1,661   1,895
Including   212.50   0.21   11.90   6,340   7,233
                         

About Endeavour Silver - Endeavour Silver is a mid-tier precious metals mining company that owns three high grade, underground, silver-gold mines in Mexico. Since 2004 the company has grown from no operations to 11.4 million ounces of silver equivalent production in 2015. We find, build and operate quality silver mines in a socially, economically and environmentally responsible manner to create real value for all stakeholders. Endeavour Silver's shares trade on the TSX under the symbol EDR and on the NYSE under the symbol EXK.

Attachment Available: http://edrsilver.com/_resources/maps/Longitudinal_Terronera.pdf
Attachment Available: http://edrsilver.com/_resources/maps/Longitudinal_Santa_Cruz.pdf
Attachment Available: http://edrsilver.com/_resources/maps/Longitudinal_San_Miguel.pdf
Attachment Available: http://edrsilver.com/_resources/maps/Longitudinal_Nayal.pdf

Contact Information - For more information, please contact:
Meghan Brown
Director Investor Relations
Toll free: (877) 685-9775
Tel: (604) 640-4804
Fax: (604) 685-9744
Email: 
Website: www.edrsilver.com

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