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Endeavour is engaged in the evaluation, acquisition, exploration, development and exploitation of silver mining properties in Mexico. Both Guanacevi and Guanajuato are good examples of Endeavour’s business model of acquiring fully built and permitted silver mines that were about to close for lack of ore. By bringing the money and expertise needed to find new silver ore-bodies, Endeavour has successfully re-opened and is now expanding these mines to unfold their full potential. The benefit of acquiring fully built and permitted mining and milling infrastructure is that if new exploration efforts are successful, the mine development cycle from discovery to production only takes a matter of months instead of the several years normally required in the traditional mining business model. [Source: June 2010 MD&A Filing]
The Endeavour Silver Corp. website is at www.edrsilver.com.
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This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-03-22.
The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.
| General Metric | Value on 2012-02-03 |
|---|---|
| In Situ Metal Value per Share (MVpSh) | US$37.05 |
| Average Ore Value per Tonne | US$271.16 |
| Metal Value Leverage (MVL) | 3.35 |
| Market Capitalization as a Percentage of Metal Value | 29.8% |
| Recent Closing Stock Price | C$10.98 [note 1] |
| Fully Diluted Share Count | 92.23 M [note 2] |
| Percentage In Situ Proven + Probable Reserve | 15% |
| Percentage In Situ Measured + Indicated Resource | 58% |
| Percentage In Situ Inferred Resource | 27% |
| Metric | Value on 2012-02-03 |
|---|---|
| Silver Reserves + Resources | 70.55 M oz |
| Average Silver Ore Grade | 174.1 g/t |
| Market Capitalization per oz of Silver In Situ | US$14.45 ( C$14.35 ) |
| Silver Equivalent Ounces Estimate | 101.61 M oz |
| Market Capitalization per oz of Silver Equivalent | US$10.03 ( C$9.97 ) |
Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share count estimated from the shares outstanding plus options and warrants as detailed in the Consoldiated Financial Statements, December 31, 2010.
All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.
| Metric / Metal | Gold | Silver | Lead | Zinc | ||
|---|---|---|---|---|---|---|
| Total Counts (reserves + resources) | 392.01 K oz | 70.55 M oz | 84.83 K t | 84.46 K t | ||
| Metal Prices in US$ (from 2012-02-03) | $1,725.90 / oz | $33.63 / oz | $1.00640 / lb | $0.96490 / lb | ||
| Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count | $7.34 | $25.73 | $2.04 | $1.95 | ||
| Percentage of Total Metal Value | 19.80% | 69.44% | 5.51% | 5.26% | ||
| Metal Value Percentage Proven + Probable | 10% | 19% | 0% | 0% | ||
| Metal Value Percentage Measured + Indicated | 54% | 59% | 55% | 55% | ||
| Metal Value Percentage Inferred | 35% | 22% | 45% | 45% | ||
The above metal value totals derive from the following projects.
| Project | Location | Metal Value per share (% total) | Average Ore Value US$/t | Gold | Silver | Lead | Zinc | PP% | MI% | I% |
|---|---|---|---|---|---|---|---|---|---|---|
| Guanacevi | Durango, Mexico | $17.60 ( 47.5% ) | US$281.34 | 86.73 K oz | 43.83 M oz | 27% | 73% | 0 | ||
| Guanajuato | Guanajuato, Mexico | $10.04 ( 27.1% ) | US$293.23 | 219.56 K oz | 16.28 M oz | 8% | 46% | 45% | ||
| Parral | Chihuahua, Mexico | $7.32 ( 19.8% ) | US$230.17 | 84.06 K oz | 5.23 M oz | 80.03 K t | 83.13 K t | 0 | 55% | 45% |
| Arroyo Seco | Michoacan, Mexico | $2.08 ( 5.6% ) | US$260.01 | 1.66 K oz | 5.22 M oz | 4.80 K t | 1.33 K t | 0 | 0 | 100% |
PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors
Latest NI43-101 Report: NI 43-101 Technical Report of a Geological Evaluation of the Arroyo Seco Project
2010-12-31 (61 pages).
Updates: Endeavour Silver Expands Its Silver/Gold Resources for 7th Consecutive Year news release March 8, 2011.
Project Location: Michoacan, Mexico.
Average Ore Value (all estimate types): US$260.01
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.03 | 1.66 K oz | 0.070 g/t | 738.18 K t |
| Silver | $1.90 | 5.22 M oz | 220.000 g/t | 738.18 K t |
| Lead | $0.12 | 4.80 K t | 6,500.000 g/t | 738.18 K t |
| Zinc | $0.03 | 1.33 K t | 1,800.000 g/t | 738.18 K t |
Estimate notes: See Table 9 December 1, 2010 Inferred Mineral Resource Estimate, Arroyo Seco Property in the NI43-101 dated December 2010.
Latest NI43-101 Report: NI 43-101 TECHNICAL REPORT
AUDIT OF THE
RESOURCE AND RESERVE ESTIMATES
FOR THE
GUANACEVÍ PROJECT
DURANGO STATE
MEXICO
2011-03-15 (307 pages).
Updates: Endeavour Silver Expands Its Silver/Gold Resources for 7th Consecutive Year news release March 8, 2011.
Project Location: Durango, Mexico in the Sierra Madre Occidential mining region. View Google Map.
Average Ore Value (all estimate types): US$281.34
Proven + Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.38 | 20.20 K oz | 0.490 g/t | 1.28 M t |
| Silver | $3.98 | 10.92 M oz | 265.000 g/t | 1.28 M t |
Estimate notes: Table 1.1 December 31, 2010 Proven and Probable Mineral Reserve Estimate, Guanaceví Mines Project, March 2011 NI43-101 report.
Measured + Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.64 | 34.15 K oz | 0.460 g/t | 2.31 M t |
| Silver | $6.28 | 17.22 M oz | 232.000 g/t | 2.31 M t |
Estimate notes: Table 1.2 December 31, 2010 Indicated Mineral Resource Estimate, Guanaceví Mines Project in the March 2011 NI43-101 report.
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.57 | 30.61 K oz | 0.460 g/t | 2.07 M t |
| Silver | $5.31 | 14.57 M oz | 219.000 g/t | 2.07 M t |
Estimate notes: Table 1.3 December 31, 2010 Inferred Mineral Resource Estimate, Guanaceví Mines Project in the March 2011 NI43-101 report.
Proven
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.03 | 1.77 K oz | 0.500 g/t | 110.00 K t |
| Silver | $0.40 | 1.11 M oz | 313.000 g/t | 110.00 K t |
Estimate notes: Table 1.4 December 31, 2010 Stockpile Reserves, Guanaceví Mines Project in the March 2011 NI43-101 report.
Latest NI43-101 Report: NI 43-101 TECHNICAL REPORT
AUDIT OF THE
RESOURCE AND RESERVE ESTIMATES
FOR THE
GUANAJUATO MINES PROJECT
GUANAJUATO STATE,
MEXICO
2011-03-15 (172 pages).
Updates: Endeavour Silver Expands Its Silver/Gold Resources for 7th Consecutive Year news release March 8, 2011.
Project Location: Guanajuato, Mexico in the Sierra Madre Occidental mining region. View Google Map.
Average Ore Value (all estimate types): US$293.23
Proven + Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.34 | 18.36 K oz | 2.370 g/t | 241.00 K t |
| Silver | $0.50 | 1.36 M oz | 176.000 g/t | 241.00 K t |
Estimate notes: Table 1.3 December 31, 2010, Proven and Probable Mineral Reserve Estimate, Guanajuato Mines Project, in the March 2011 NI43-101 report.
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $1.89 | 101.14 K oz | 2.180 g/t | 1.44 M t |
| Silver | $2.76 | 7.56 M oz | 163.000 g/t | 1.44 M t |
Estimate notes: Table 1.4 December 31, 2010, Indicated Mineral Resource Estimate, Guanajuato Mines Project in the March 2011 NI43-101 report.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $1.87 | 100.06 K oz | 2.110 g/t | 1.48 M t |
| Silver | $2.68 | 7.35 M oz | 155.000 g/t | 1.48 M t |
Estimate notes: Table 1.5 December 31, 2010, Inferred Mineral Resource Estimate, Guanajuato Mines Project in the March 2011 NI43-101 report.
Latest NI43-101 Report: NI 43-101 TECHNICAL REPORT AUDIT OF THE RESOURCE ESTIMATE FOR THE EL COMETA PROJECT CHIHUAHUA STATE, MEXICO
2008-03-31 (89 pages).
Updates: Endeavour Silver Expands Its Silver/Gold Resources for 7th Consecutive Year news release March 8, 2011.
Project Location: Chihuahua, Mexico in the Mexican Silver Belt mining region. View Google Map.
Average Ore Value (all estimate types): US$230.17
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.88 | 47.19 K oz | 0.900 g/t | 1.63 M t |
| Silver | $0.94 | 2.57 M oz | 49.000 g/t | 1.63 M t |
| Copper | $0.23 | 2.45 K t | 1,500.000 g/t | 1.63 M t |
| Lead | $1.13 | 46.81 K t | 28,700.000 g/t | 1.63 M t |
| Zinc | $1.08 | 46.65 K t | 28,600.000 g/t | 1.63 M t |
Estimate notes: Endeavour Silver Expands Its Silver/Gold Resources for 7th Consecutive Year
news release March 8, 2011.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.69 | 36.86 K oz | 0.880 g/t | 1.30 M t |
| Silver | $0.97 | 2.66 M oz | 63.470 g/t | 1.30 M t |
| Copper | $0.24 | 2.61 K t | 2,000.000 g/t | 1.30 M t |
| Lead | $0.80 | 33.22 K t | 25,500.000 g/t | 1.30 M t |
| Zinc | $0.84 | 36.48 K t | 28,000.000 g/t | 1.30 M t |
Estimate notes: See Indicated note.
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