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

Endeavour Silver Corp. (EDR)

Company Web Site: www.edrsilver.com
(NI) 43-101 reports from projects located in: Mexico (MX)
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2009-03-18. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-09.
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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 2010-03-09
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Lead Zinc
    Guanacevi MX $10.02 35% 43% 23% 75.91 K oz     42.47 M oz
    Guanajuato MX $4.65 13% 31% 56% 129.82 K oz     13.57 M oz
    El Cometa MX $3.97 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-Mar-09
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 2010-03-09) $1,120.10 per oz     $17.27 per oz     $1.00590 per lb     $1.05740 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $3.76     $12.38     $1.20     $1.30
    Percentage of Total Metal Value 20.17%     66.40%     6.43%     7.00%
    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-Mar-09
    Metal Value per Share (MVpSh)    US$18.64
    Average Ore Value per Tonne    US$181.21
    Metal Value Leverage (MVL)    5.18
    Market Capitalization as % of Metal Value    19.3%
    Recent Stock Price    C$3.69   (TSX/TSXV close on 2010-03-09.)
Conversion rate used: 1 Cnd$ = 0.974456 US$ )
    Fully Diluted Share Count    81.70 M    ( Fully diluted share count taken from EDR's share structure page (January 2010). )
    PP% | MI% | I%    22% | 44% | 34%
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    216.7 g/t
    Market Capitalization
    per oz of Silver In Ground    $5.02   US$  |   5.15   C$
    Silver Eq Oz Estimate    88.17 M oz   ( 58.55 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $3.33   US$  |   3.42   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	$10.02	35%	43%	23%	75.91 K oz	42.47 M oz
Guanajuato	MX	$4.65	13%	31%	56%	129.82 K oz	13.57 M oz
El Cometa	MX	$3.97	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-Mar-09
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 2010-03-09)	$1,120.10 per oz	$17.27 per oz	$1.00590 per lb	$1.05740 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$3.76	$12.38	$1.20	$1.30
Percentage of Total Metal Value	20.17%	66.40%	6.43%	7.00%
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-Mar-09
Metal Value per Share (MVpSh)	US$18.64
Average Ore Value per Tonne	US$181.21
Metal Value Leverage (MVL)	5.18
Market Capitalization as % of Metal Value	19.3%
Recent Stock Price	C$3.69 (TSX/TSXV close on 2010-03-09.) Conversion rate used: 1 Cnd$ = 0.974456 US$ )
Fully Diluted Share Count	81.70 M ( Fully diluted share count taken from EDR's share structure page (January 2010). )
PP% \| MI% \| I%	22% \| 44% \| 34%
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	216.7 g/t
Market Capitalization per oz of Silver In Ground	$5.02 US$ \| 5.15 C$
Silver Eq Oz Estimate	88.17 M oz ( 58.55 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$3.33 US$ \| 3.42 C$

See terms for more about GoldMinerPulse metrics.

El Cometa - ^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: Wed Mar 3, 2010 Endeavour Silver Grows Its Reserves/Resources for 5th Consecutive Year, 2009 Silver Reserves Up 113%, Gold Reserves Up 87% Compared to 2008

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 $0.60    43.84 K oz     1.460 g/t     934.00 K t
   Silver $0.31    1.47 M oz     49.000 g/t     934.00 K t
   Lead $0.81    29.89 K t       32,000.000 g/t     934.00 K t
   Zinc $0.85    29.89 K t       32,000.000 g/t     934.00 K t
Estimate notes: Wed Mar 3, 2010 Endeavour Silver Grows Its Reserves/Resources for 5th Consecutive Year, 2009 Silver Reserves Up 113%, Gold Reserves Up 87% Compared to 2008. Lead and zinc resource counts left unchanged from previous 43-101 reported grades.
Cutoff grade is USD40 Net Smelter Return.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.60	43.84 K oz	1.460 g/t	934.00 K t
Silver	$0.31	1.47 M oz	49.000 g/t	934.00 K t
Lead	$0.81	29.89 K t	32,000.000 g/t	934.00 K t
Zinc	$0.85	29.89 K t	32,000.000 g/t	934.00 K t
Estimate notes: Wed Mar 3, 2010 Endeavour Silver Grows Its Reserves/Resources for 5th Consecutive Year, 2009 Silver Reserves Up 113%, Gold Reserves Up 87% Compared to 2008. Lead and zinc resource counts left unchanged from previous 43-101 reported grades. Cutoff grade is USD40 Net Smelter Return.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.34    24.61 K oz     1.450 g/t     528.00 K t
   Silver $0.22    1.04 M oz     61.000 g/t     528.00 K t
   Lead $0.39    14.26 K t       27,000.000 g/t     528.00 K t
   Zinc $0.45    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	$0.34	24.61 K oz	1.450 g/t	528.00 K t
Silver	$0.22	1.04 M oz	61.000 g/t	528.00 K t
Lead	$0.39	14.26 K t	27,000.000 g/t	528.00 K t
Zinc	$0.45	15.84 K t	30,000.000 g/t	528.00 K t
Estimate notes: See Indicated note.

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: 2009-03-18 (239 pages)

Updates: Wed Mar 3, 2010 Endeavour Silver Grows Its Reserves/Resources for 5th Consecutive Year, 2009 Silver Reserves Up 113%, Gold Reserves Up 87% Compared to 2008

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 $0.06 4.56 K oz 0.620 g/t 229.00 K t
Silver $0.57 2.71 M oz 368.000 g/t 229.00 K t
Estimate notes: Wed Mar 3, 2010 Endeavour Silver Grows Its Reserves/Resources for 5th Consecutive Year, 2009 Silver Reserves Up 113%, Gold Reserves Up 87% Compared to 2008
Cut-off Grade 270 g/t Silver reported as diluted recoverable tonnes and grade.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.06	4.56 K oz	0.620 g/t	229.00 K t
Silver	$0.57	2.71 M oz	368.000 g/t	229.00 K t
Estimate notes: Wed Mar 3, 2010 Endeavour Silver Grows Its Reserves/Resources for 5th Consecutive Year, 2009 Silver Reserves Up 113%, Gold Reserves Up 87% Compared to 2008 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 $0.24 17.76 K oz 0.510 g/t 1.08 M t
Silver $2.61 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	$0.24	17.76 K oz	0.510 g/t	1.08 M t
Silver	$2.61	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 $0.51 37.03 K oz 0.530 g/t 2.17 M t
Silver $3.77 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	$0.51	37.03 K oz	0.530 g/t	2.17 M t
Silver	$3.77	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 $0.23 16.56 K oz 0.360 g/t 1.43 M t
Silver $2.03 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	$0.23	16.56 K oz	0.360 g/t	1.43 M t
Silver	$2.03	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: 2009-03-18 (175 pages)

Updates: Wed Mar 3, 2010 Endeavour Silver Grows Its Reserves/Resources for 5th Consecutive Year, 2009 Silver Reserves Up 113%, Gold Reserves Up 87% Compared to 2008

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 $0.13 9.21 K oz 2.580 g/t 111.00 K t
Silver $0.14 656.65 K oz 184.000 g/t 111.00 K t
Estimate notes: See Table 17.5 Wed Mar 3, 2010 Endeavour Silver Grows Its Reserves/Resources for 5th Consecutive Year, 2009 Silver Reserves Up 113%, Gold Reserves Up 87% Compared to 2008
Cut-off grade 202 Ag-Equivalent for Guanajuato

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.13	9.21 K oz	2.580 g/t	111.00 K t
Silver	$0.14	656.65 K oz	184.000 g/t	111.00 K t
Estimate notes: See Table 17.5 Wed Mar 3, 2010 Endeavour Silver Grows Its Reserves/Resources for 5th Consecutive Year, 2009 Silver Reserves Up 113%, Gold Reserves Up 87% Compared to 2008 Cut-off grade 202 Ag-Equivalent for Guanajuato

•Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.17 12.32 K oz 2.410 g/t 159.00 K t
Silver $0.19 894.59 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	$0.17	12.32 K oz	2.410 g/t	159.00 K t
Silver	$0.19	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 $0.52 38.12 K oz 1.900 g/t 624.00 K t
Silver $0.91 4.31 M oz 215.000 g/t 624.00 K t
Estimate notes: See Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.52	38.12 K oz	1.900 g/t	624.00 K t
Silver	$0.91	4.31 M oz	215.000 g/t	624.00 K t
Estimate notes: See Probable note.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.96 70.18 K oz 1.930 g/t 1.13 M t
Silver $1.63 7.71 M oz 212.000 g/t 1.13 M t
Estimate notes: See Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.96	70.18 K oz	1.930 g/t	1.13 M t
Silver	$1.63	7.71 M oz	212.000 g/t	1.13 M t
Estimate notes: See Probable note.


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