Endeavour Silver Updates Reserves and Resources for Operating Mines ______________________________________________________________________________
NEWS RELEASE
Endeavour Silver Updates Reserves and Resources for Operating Mines
______________________________________________________________________________
Vancouver, Canada – January 19, 2017 – 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 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
1. 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.
2. Mineral resources are exclusive of and in addition to mineral reserves.
3. 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.
4. 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.
5. Mining recoveries of 95% were applied for mineral reserve estimate calculations.
6. Minimum mining widths were 0.8 metres for mineral reserve estimate calculations.
7. 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.
8. Silver equivalent grades are based on a 75:1 silver:gold ratio.
9. 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.
10. 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 ounc es 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: [email protected]
Website: www.edrsilver.com
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 in formation 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 explor ation 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 i n 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 ma terially from those anticipated in such statements or information. Accordingly,
readers should not place undue reliance on forward-looking statements or information.