GoldMinerPulse Report on Endeavour Silver Corp.: (NI) 43-101 Metal Valuation Report

Endeavour Silver Corp. (EDR)

Company Web Site: www.edrsilver.com
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-08-05. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-09-02.
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Recent Production
2009 : Full year: 2.6M oz silver and 13,298 oz gold.
2008 : 2.95 million oz silver equivalents in 2008
Source(s): Delivers Fifth Consecutive Year of Production Growth in 2009
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-09-02
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Lead Zinc
    Guanacevi MX $11.19 35% 43% 23% 75.91 K oz     42.47 M oz
    Guanajuato MX $5.16 13% 31% 56% 129.82 K oz     13.57 M oz
    Parral MX $3.90 0 65% 35% 68.46 K oz     2.51 M oz     44.14 K t     45.73 K t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal Gold Silver Lead Zinc
    Metal Totals 274.19 K oz     58.55 M oz     44.14 K t     45.73 K t
    Metal Prices in US$ (from 2010-09-02) $1,251.30 per oz     $19.69 per oz     $0.96240 per lb     $0.94810 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $4.12     $13.86     $1.13     $1.15
    Percentage of Total Metal Value 20.36%     68.41%     5.56%     5.67%
    PP% | MI% | I% 16% | 43% | 41%     28% | 40% | 31%     0 | 68% | 32%     0 | 65% | 35%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
    Metal Value per Share (MVpSh)    US$20.25
    Average Ore Value per Tonne    US$200.54
    Metal Value Leverage (MVL)    5.33
    Market Capitalization as % of Metal Value    18.7%
    Recent Stock Price    C$4   (TSX/TSXV close on 2010-09-02.)
Conversion rate used: 1 Cnd$ = 0.949244 US$ )
    Fully Diluted Share Count    83.20 M    ( Fully diluted share count taken from EDR's share structure page (August 2010). )
    PP% | MI% | I%    23% | 44% | 33%
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    216.7 g/t
    Market Capitalization
    per oz of Silver In Ground    $5.40   US$  |   5.68   C$
    Silver Eq Oz Estimate    85.58 M oz   ( 58.55 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $3.69   US$  |   3.89   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
Arroyo Seco Project    -   See Arroyo Seco Project page.
GoldMinerPulse will include Arroyo Seco in the EDR's MORE estimates once a NI 43-101 for the site is available. The following quote is from EDR web page (October 2008):
Since this historic resource estimate predates CIM reporting standards and Endeavour has not yet verified it, the Company is not treating this estimate as compliant with NI 43-101 and therefore it should not be relied upon. However, it is clearly relevant to Endeavour's plans for further exploration on the property.

GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Endeavour Silver Corp. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Lead	Zinc
Guanacevi	MX	$11.19	35%	43%	23%	75.91 K oz	42.47 M oz
Guanajuato	MX	$5.16	13%	31%	56%	129.82 K oz	13.57 M oz
Parral	MX	$3.90	0	65%	35%	68.46 K oz	2.51 M oz	44.14 K t	45.73 K t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal	Gold	Silver	Lead	Zinc
Metal Totals	274.19 K oz	58.55 M oz	44.14 K t	45.73 K t
Metal Prices in US$ (from 2010-09-02)	$1,251.30 per oz	$19.69 per oz	$0.96240 per lb	$0.94810 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$4.12	$13.86	$1.13	$1.15
Percentage of Total Metal Value	20.36%	68.41%	5.56%	5.67%
PP% \| MI% \| I%	16% \| 43% \| 41%	28% \| 40% \| 31%	0 \| 68% \| 32%	0 \| 65% \| 35%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
Metal Value per Share (MVpSh)	US$20.25
Average Ore Value per Tonne	US$200.54
Metal Value Leverage (MVL)	5.33
Market Capitalization as % of Metal Value	18.7%
Recent Stock Price	C$4 (TSX/TSXV close on 2010-09-02.) Conversion rate used: 1 Cnd$ = 0.949244 US$ )
Fully Diluted Share Count	83.20 M ( Fully diluted share count taken from EDR's share structure page (August 2010). )
PP% \| MI% \| I%	23% \| 44% \| 33%
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	216.7 g/t
Market Capitalization per oz of Silver In Ground	$5.40 US$ \| 5.68 C$
Silver Eq Oz Estimate	85.58 M oz ( 58.55 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$3.69 US$ \| 3.89 C$

See terms for more about GoldMinerPulse metrics.

Guanacevi - ^top^

(NI) 43-101 Report:

Title: NI 43-101 TECHNICAL REPORT AUDIT OF THE RESOURCE AND RESERVE ESTIMATES FOR THE GUANACEVÍ PROJECT DURANGO STATE MEXICO
Date: 2010-03-15 (292 pages)

Updates: Reserves and Resources web page, viewed April 2010.

Project Location: Durango, Mexico / Mining Region: Sierra Madre Occidential

Map View: View Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.07 4.56 K oz 0.620 g/t 229.00 K t
Silver $0.64 2.71 M oz 368.000 g/t 229.00 K t
Estimate notes: Reserves and Resources web page, viewed April 2010.
Cut-off Grade 270 g/t Silver reported as diluted recoverable tonnes and grade.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.07	4.56 K oz	0.620 g/t	229.00 K t
Silver	$0.64	2.71 M oz	368.000 g/t	229.00 K t
Estimate notes: Reserves and Resources web page, viewed April 2010. Cut-off Grade 270 g/t Silver reported as diluted recoverable tonnes and grade.

•Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.27 17.76 K oz 0.510 g/t 1.08 M t
Silver $2.92 12.33 M oz 354.000 g/t 1.08 M t
Estimate notes: See Proven note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.27	17.76 K oz	0.510 g/t	1.08 M t
Silver	$2.92	12.33 M oz	354.000 g/t	1.08 M t
Estimate notes: See Proven note.

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.56 37.03 K oz 0.530 g/t 2.17 M t
Silver $4.22 17.82 M oz 255.000 g/t 2.17 M t
Estimate notes: See Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.56	37.03 K oz	0.530 g/t	2.17 M t
Silver	$4.22	17.82 M oz	255.000 g/t	2.17 M t
Estimate notes: See Probable note.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.25 16.56 K oz 0.360 g/t 1.43 M t
Silver $2.28 9.62 M oz 209.000 g/t 1.43 M t
Estimate notes: See Proven note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.25	16.56 K oz	0.360 g/t	1.43 M t
Silver	$2.28	9.62 M oz	209.000 g/t	1.43 M t
Estimate notes: See Proven note.

Guanajuato - ^top^

(NI) 43-101 Report:

Title: NI 43-101 TECHNICAL REPORT AUDIT OF THE RESOURCE AND RESERVE ESTIMATES FOR THE GUANAJUATO MINES PROJECT GUANAJUATO STATE, MEXICO
Date: 2010-03-15 (175 pages)

Updates: Reserves and Resources web page, viewed April 2010.

Project Location: Guanajuato, Mexico / Mining Region: Sierra Madre Occidental

Map View: View Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.14 9.21 K oz 2.580 g/t 111.00 K t
Silver $0.16 656.65 K oz 184.000 g/t 111.00 K t
Estimate notes: Reserves and Resources web page, viewed April 2010.
Cut-off grade 202 Ag-Equivalent for Guanajuato

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.14	9.21 K oz	2.580 g/t	111.00 K t
Silver	$0.16	656.65 K oz	184.000 g/t	111.00 K t
Estimate notes: Reserves and Resources web page, viewed April 2010. Cut-off grade 202 Ag-Equivalent for Guanajuato

•Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.19 12.32 K oz 2.410 g/t 159.00 K t
Silver $0.21 894.59 K oz 175.000 g/t 159.00 K t
Estimate notes: See Proven note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.19	12.32 K oz	2.410 g/t	159.00 K t
Silver	$0.21	894.59 K oz	175.000 g/t	159.00 K t
Estimate notes: See Proven note.

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.57 38.12 K oz 1.900 g/t 624.00 K t
Silver $1.02 4.31 M oz 215.000 g/t 624.00 K t
Estimate notes: See Proven note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.57	38.12 K oz	1.900 g/t	624.00 K t
Silver	$1.02	4.31 M oz	215.000 g/t	624.00 K t
Estimate notes: See Proven note.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.06 70.18 K oz 1.930 g/t 1.13 M t
Silver $1.82 7.71 M oz 212.000 g/t 1.13 M t
Estimate notes: See Proven note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.06	70.18 K oz	1.930 g/t	1.13 M t
Silver	$1.82	7.71 M oz	212.000 g/t	1.13 M t
Estimate notes: See Proven note.

Parral - ^top^

(NI) 43-101 Report:

Title: NI 43-101 TECHNICAL REPORT AUDIT OF THE RESOURCE ESTIMATE FOR THE EL COMETA PROJECT CHIHUAHUA STATE, MEXICO
Date: 2008-03-31 (89 pages)

Updates: Reserves and Resources web page, viewed April 2010.

Project Location: Chihuahua, Mexico / Mining Region: Mexican Silver Belt

Map View: View Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.66    43.84 K oz     1.460 g/t     934.00 K t
   Silver $0.35    1.47 M oz     49.000 g/t     934.00 K t
   Lead $0.76    29.89 K t       32,000.000 g/t     934.00 K t
   Zinc $0.75    29.89 K t       32,000.000 g/t     934.00 K t
Estimate notes: Reserves and Resources web page, viewed April 2010.
Cutoff grade is USD40 Net Smelter Return.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.66	43.84 K oz	1.460 g/t	934.00 K t
Silver	$0.35	1.47 M oz	49.000 g/t	934.00 K t
Lead	$0.76	29.89 K t	32,000.000 g/t	934.00 K t
Zinc	$0.75	29.89 K t	32,000.000 g/t	934.00 K t
Estimate notes: Reserves and Resources web page, viewed April 2010. Cutoff grade is USD40 Net Smelter Return.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.37    24.61 K oz     1.450 g/t     528.00 K t
   Silver $0.25    1.04 M oz     61.000 g/t     528.00 K t
   Lead $0.36    14.26 K t       27,000.000 g/t     528.00 K t
   Zinc $0.40    15.84 K t       30,000.000 g/t     528.00 K t
Estimate notes: See Indicated note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.37	24.61 K oz	1.450 g/t	528.00 K t
Silver	$0.25	1.04 M oz	61.000 g/t	528.00 K t
Lead	$0.36	14.26 K t	27,000.000 g/t	528.00 K t
Zinc	$0.40	15.84 K t	30,000.000 g/t	528.00 K t
Estimate notes: See Indicated note.