Endeavour Silver Corp.

Endeavour Silver Updates Reserves and Resources for Operating Mines

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Endeavour Silver Corp. (TSX: EDR, NYSE: EXK - http://www.commodity-tv.net/c/mid,36457,Edelmetallmesse_Munich_2016/?v=297047) 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 of December 31, 2016, and restates the 2015 silver and gold resource estimates for its exploration projects. Updated mineral reserve and resource estimates for Endeavour’s Terronera and El Compas properties will be published in conjunction with their respective economic studies in March, 2017.

Proven and probable silver reserves decreased 12% in 2016 compared to 2015, reflecting mining depletion and reduction in mine development capital investments at the three mines last year due to low metal prices early in the year. Measured and indicated silver resources decreased 2% and inferred silver resources declined 18% due to reduced exploration spending at the operations and dropping the Arroyo Seco project. Exploration programs and budgets were focused on the advancement of the Terronera project, where mineral resources are expected to increase compared to 2015. An initial mineral resource estimate is also being prepared for El Compas in an upcoming preliminary economic assessment.

Bradford Cooke, CEO of Endeavour, stated, “The dip in reserves and resources at our three operating mines was a result of our reduced capital and exploration spending last year. Now that metal prices are recovering, we have resumed our investments to find and develop new reserves and resources. Our exploration efforts at the development projects last year were successful in identifying new mineralization, so we anticipate Terronera and El Compas should add to our total resources to be released in March.”

2016 Mineral Reserve and Resource Highlights (Compared to December 31, 2015)

  • Silver proven and probable reserves decreased 12% to 10.6 million ounces (oz)
  • Gold proven and probable reserves decreased 18% to 91,100 oz
  • Silver equivalent proven and probable reserves decreased 12% to 17.4 million oz (75:1 silver:gold ratio)
  • Silver measured and indicated resources decreased 2% to 64.2 million oz
  • Gold measured and indicated resources increased 1% to 533,700 oz
  • Silver equivalent measured and indicated resources increased 2% to 105.1 million oz
  • Silver inferred resources decreased 18% to 37.2 million oz
  • Gold inferred resources are unchanged at 336,000 oz
  • Silver equivalent inferred resources decreased 8% to 64.7 million oz

Mineral Reserve and Resource Estimates at December 31, 2016

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

87,000

247

0.49

284

686,200

1,400

789,000

Bolañitos

157,000

90

2.84

311

456,700

14,300

1,531,200

El Cubo

409,000

154

1.99

295

2,028,900

26,200

3,996,900

Total Proven

653,000

151

2.00

297

3,171,800

41,900

6,317,100

Probable

Guanaceví

508,000

262

0.64

311

4,285,200

10,500

5,071,200

Bolañitos

238,000

104

1.81

245

798,300

13,800

1,834,800

El Cubo

453,000

159

1.71

280

2,311,100

24,900

4,174,900

Total Probable

1,199,000

192

1.27

286

7,394,600

49,200

11,080,900

Total P+P

1,852,000

177

1.53

290

10,566,400

91,100

17,399,000

 

 

 

 

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

69,000

248

0.47

284

550,300

1,000

628,300

Bolañitos

89,000

150

2.29

329

427,600

6,500

916,600

El Cubo

213,000

192

3.13

414

1,318,500

21,400

2,926,500

Total Measured

371,000

193

2.43

369

2,296,400

28,900

4,471,400

Indicated

Guanaceví

2,271,000

296

0.72

351

21,595,600

52,800

25,554,900

Bolañitos

698,000

162

2.04

325

3,630,300

45,800

7,066,800

El Cubo

732,000

194

2.44

366

4,561,100

57,400

8,864,600

Terronera

2,938,000

211

1.65

335

19,912,000

156,000

31,612,000

Guadalupe y Calvo

1,861,000

119

2.38

295

7,147,300

142,500

17,834,800

Total Indicated

8,500,000

208

1.66

332

56,846,300

454,500

90,933,100

Total M+I

8,871,000

207

1.70

334

59,142,700

483,400

95,404,500

 

Silver-Gold Inferred Resources

 

Tonnes

Ag g/t

Au g/t

Ag Eq g/t

Ag oz

Au oz

Ag Eq oz

Inferred

Guanaceví

638,000

379

0.82

441

7,769,400

16,900

9,035,400

Bolañitos

1,150,000

153

2.29

330

5,674,700

84,800

12,032,500

El Cubo

1,453,000

214

2.78

411

10,004,000

129,900

19,748,800

Terronera

1,213,000

218

1.39

322

8,500,000

54,400

12,580,000

Guadalupe y Calvo

154,000

94

2.14

255

464,600

10,600

1,259,600

Total Inferred

4,608,000

219

2.00

366

32,412,700

296,600

54,656,300

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guanacevi

363,000

208

0.26

302

2,420,500

3,100

3,517,800

0.78

1.32

Parral

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

9,647,700

2.49

2.58

Inferred

Guanacevi

488,000

132

0.16

293

2,076,000

2,500

4,596,800

1.36

2.54

Parral

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

10,023,200

2.23

2.35

  • 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.
  • Mineral resources are exclusive of and in addition to mineral reserves.
  • Mineral resource and reserve cut-off grades are based on a 198 g/t silver equivalent for Guanaceví, 162 g/t silver equivalent for Bolañitos, 177 g/t silver equivalent for El Cubo, and 100 g/t for Terronera.
  • Metallurgical recoveries were 82.5% silver and 85.4% gold for Guanaceví, 79.6% silver and 84.5% gold for Bolañitos, and 87.8% silver and 84.7% gold for El Cubo.
  • Mining recoveries of 95% were applied for mineral reserve estimate calculations.
  • Minimum mining widths were 0.8 metres for mineral reserve estimate calculations.
  • Dilution factors for mineral reserve estimate calculations averaged 29% for Guanaceví, 21% for Bolañitos, and 30% 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.
  • Silver equivalent grades are based on a 75:1 silver:gold ratio.
  • Price assumptions are US$16.29/oz for silver, US$1,195/oz for gold, US$0.82/lb for lead and US$0.90/lb for zinc.
  • 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 resource estimates. The Independent Qualified Persons for the mineral resource and mineral reserve estimates at Guanaceví, Bolañitos, and El Cubo were Zachary Black, SME-RM, and Jeffery Choquette, P.E., MMSA, of Hard Rock Consulting. Technical reports for Guanaceví, Bolañitos, and El Cubo will be completed and filed on SEDAR in March, 2017.

The mineral resource estimate for Terronera was undertaken by Independent Qualified Persons Eugene Puritch, P.Eng., and Richard Routledge, P.Geo., of P&E Mining Consultants Inc. Mr. Puritch has reviewed and approved the technical content of this press release with respect to Terronera.

The mineral reserve and mineral resource estimates within this press release were classified following the definitions and guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum CIM standards and definitions of mineral resource estimates and mineral reserve estimates as referenced in National Instrument 43-101.

About Endeavour – Endeavour Silver Corp. is a mid-tier precious metals mining company with three high-grade, underground, silver‑gold mines in Mexico. Since start‑up in 2004, Endeavour has grown its mining operations organically to produce 9.7 million ounces of silver equivalent in 2016. Development of Endeavour’s high-grade discovery on the Terronera property in Jalisco state, the permitted El Compas mine and plant in Zacatecas state, and the prospective Parral properties in Chihuahua state is expected to facilitate the Company’s goal to become a premier senior producer in the silver mining sector.

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: mbrown@edrsilver.com
Website: www.edrsilver.com

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward‑looking statements and information herein include but are not limited to statements regarding Endeavour’s anticipated performance in 2017 and the timing and results of various future activities. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.



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