1

Building a Premier

Mid-Tier Silver Producer

Corporate Presentation

June 2012

2

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 2012, including revenue, cash cost and capital cost forecasts, silver and gold

production, the anticipated completion of the El Cubo and Guadalupe y Calvo acquisitions, timing and expenditures to develop new silver mines and

mineralized zones, silver and gold grades and recoveries, cash costs per ounce, capital expenditures and sustaining capital and the use of the Company’s

working capital. 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: fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Canadian dollar and

U.S. dollar); fluctuations in the price of consumed commodities, 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 (including environmental hazards, industrial accidents, unusual or unexpected geological

conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and

labour; the speculative nature of mineral exploration and development, reliability of calculation of mineral reserves and resources and precious metal recoveries,

diminishing quantities or grades of mineral reserves as properties are mined; the ability to complete the El Cubo and Guadalupe y Calvo acquisitions and their

successful integration,; risks in obtaining necessary licenses and permits, global market events and conditions 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.

Cautionary Note: Forward Looking Statements

3

Introduction

• One of North America’s fastest growing silver

mining companies Endeavour Silver Corp:

• Two high grade producing silver-gold operations in

Mexico; Guanacevi Mines in Durango,

Guanajuato Mines in Guanajuato

Producing Mines:

• Acquisition of the El Cubo Mine in Guanajuato

makes Endeavour a premier mid-tier silver

producer

Accretive Acquisition:

• Four district-scale exploration properties in

Mexico; San Sebastian, La Brisa, Parral,

Guadalupe y Calvo

Exploration Projects:

• Create a premier senior silver producer (+10

million oz per year) through continued

organic growth and strategic acquisitions

Strategic Goal:

Investor Highlights

4

Proven Operating

Track Record:

966% production growth

in last 7 years

Compelling Organic

Growth:

60% expansion at

Guanajuato in 2012 to

1,600 tpd

Focus on Quality

Assets:

Large districts, big veins,

high grades, low costs

Strong Financials:

Working capital est.

US$175 million, no debt

Accretive New

Acquisition:

El Cubo Mine in

Guanajuato, same district

as current operation

Good Liquidity:

Listed on the NYSE, TSX,

Frankfurt

Pure Silver-Gold

Leverage:

75/25 silver/gold in dore,

no base metals

Experienced Board

and Management:

200+ years in mining

industry

Board and Management

5

Bradford Cooke

M.Sc., P.Geo.

Director

CEO

Godfrey Walton

M.Sc., P.Geo.

Director

President & COO

Mario Szotlender

B.IR

Director

Ricardo Campoy

B.Sc.

Director

Geoff Handley

B.Sc.

Chairman

Rex McLennan

B.Sc., M.B.A

Director

Dan Dickson

CA

CFO

David Howe

M.Sc.

VP, Operations

Barry Devlin

M.Sc., P.Geo.

VP, Exploration

Hugh Clarke

VP, Corporate

Communications

Miguel Ordaz

Ing.

Mexico Projects Director

Board of Directors

Additional Management

6

Business Model:

• Acquire under-explored,

under-performing mines

in historic silver districts

that are built, permitted,

staffed and about to close

• Invest the capital and

expertise needed to

discover new ore-bodies,

turn-around operations

and re-open the mines

• Expand silver resources

and reserves each year

to drive annual mine and

plant expansions which

fuel continuous growth

Three producing mines, Four exploration projects

Corporate Strategy

Reserves/Resources: 656% Growth Last 7 Years

7

Silver Equivalent Reserves and Resources (million oz’s)

Note: 2010 Silver equivalents based on 55:1 silver: gold ratio, base metals are not included

Other

Million

s

0

20

40

60

80

100

120

140

2004 2005 2006 2007 2008 2009 2010 2011

46

53

62

121

76

90

16

GJT

O

GC

VI

Oth

er

0

8

Silver Production: 966% Growth Last 7 Years

Annual Silver Production

0

1

2

3

4

5

6

2004 2005 2006 2007 2008 2009 2010 2011 2012

Million

s

GC

VI

GT

O

4.8-5.2

3.73

3.30

2.60

2.35 2.15

0.95

0.35

EC

Target

1.35

1 Peers include: AXR, CDE, FR, FVI, GPR, HL, PAAS, SSRI and SVM.

2 Calculated as the simple average of peer group production CAGR between 2004 and 2011 (emerging producers adjusted for their first full year of production).

Source: Intierra Ltd.

9

Cash Costs: 46% Lower Last 4 Years

$9.38

$9.03

$6.04

$5.71

$5.08

$2.59$2.44

$4.85

$4.13

$6.83

$-

$2.00

$4.00

$6.00

$8.00

$10.00

2007 2008 2009 2010 2011

$/o

z

Endeavour Cash Costs Peer Group Cash Costs

1 Peers include: AXR, CDE, FR, FVI, GPR, HL, PAAS, SSRI and SVM.

2 Calculated as the simple average of cash cost CAGR between 2007 and 2011.

Source: Intierra Ltd.

(14%) CAGR Peers1: 27% CAGR2

10

Gross Margin: Fastest Growth in Silver Sector

$2.17

$5.48

$9.48

$13.91

$30.53

$11.55

$14.51 $15.49

$19.62

$35.61

$-

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

2007 2008 2009 2010 2011

$/o

z

Gross Margin Realized Silver Price

11

GUANACEVI

MINES

12

Guanacevi: A Top 5 Mexican Silver District

District Highlights:

• Located in the Sierra Madre

Occidental gold-silver belt

• Produced over 450 million oz

silver historically

• Multiple silver veins span 10 km x

5 km area

• Classic epithermal ore-bodies in

Lower Tertiary andesites

• Excellent infrastructure near paved

state highway, on state power

grid

• Porvenir Cuatro, Porvenir Dos,

Porvenir Norte & Santa Cruz

Mines now in production

• Now drilling new high-grade

mineralized zone at Milache

Guanacevi: Four Underground Mines

13

2011 Reserves/Resources1:

P+P: 13.5 million oz Ag

M+I: 19.9 million oz Ag

Inf: 15 million oz Ag

Q1 2012 Production

Production: 726,697 oz Ag

1,620 oz Au

Throughput: 1100 tpd

Grades: 292 gpt Ag

0.60 gpt Au

Recoveries: 78.2% Ag

85% Au

Mines: Porvenir Norte

Porvenir Dos

Porvenir Cuatro

Santa Cruz

Porvenir Norte is the largest mine

operating in the Guanacevi district

1) See Page 41-42 for details

Guanacevi: Upgrading the Mines & Plant

14

2012 Capital Projects:

Total: $21.3 million

Plant: Upgrading

conveyors, concentrate

handling, crushing,

expanding fine ore bins

Mine: New underground

development

Surface: New 115 Kv power

line

Mine: New underground

equipment

Plant Currently Operating at 1000 tonnes per day;

Expanding to 1200 tonnes per day in 2012

Guanacevi: Reserves and Resources

15 15

Endeavour Discovered Five New Silver Deposits In Five Years

773,000 tonnes @ 304 Ag gpt + 0.65 Au gpt = 7.55 million Oz Ag (8.4 million Oz Ag-Eq)

799,000 tonnes @ 231 Ag gpt + 0.39 Au gpt = 5.93 million Oz Ag (6.5 million Oz Ag-Eq)

2.8 million tonnes @ 217 Ag gpt + 0.42 Au gpt = 19.92 million Oz Ag (22.1 million Oz Ag-Eq)

2.0 million tonnes @ 217 Ag gpt + 0.40 Au gpt = 14.05 million Oz Ag (15.5 million Oz Ag-Eq)

16

GUANAJUATO

MINES

17

Guanajuato: 2nd

Largest Mexico Silver District

District Highlights:

• Located in the Sierra Madre

silver-gold belt

• Produced over 1.2 billion oz

silver historically and 5

million oz gold

• Three main vein systems span 20

km x 20 km area

• Classic epithermal ore-bodies in

Lower Tertiary andesites

• Excellent infrastructure- paved

state highway, on state

power grid

• Cebada, Bolanitos and Lucero

Mines now in production, 5

new ore bodies in last 5

years

• Now drilling multiple veins in

Bolanitos area

Vetas De

La Luz

Vetas De

Sierras

18

Guanajuato: Three Underground Mines

View of New Lucero South Mine Portal

2011 Reserves/Resources1:

P+P: 3.3 Million Oz Ag

M+I: 14.6 Million Oz Ag

Inf: 9.8 Million Oz Ag

Q1 2012 Production

Production: 345,794 Oz Ag

4,701 Oz Au

Throughput: 1000 tpd

Grades: 163 gpt Ag

2.10 gpt Au

Recoveries: 70% Ag

74% Au

Mines: Bolanitos/Lucero/

Cebada

Development: Lucero South/

Karina/ Fernanda/

Daniela

1) See Page 41-42 for details

Guanajuato: Expanding the Mines & Plant

19

Plant currently operating at 1000 tpd;

Expanding to 1600 tpd capacity by end of 2012

2012 Capital Projects:

Total: $20.6 million

Plant: Complete tailings

piping & pumps,

expand flotation cells

& concentrate

handling

Mine: New underground

development

Mine: New underground

equipment

Guanajuato: New Discoveries At Bolanitos

20

Recent Drill Results

• 250 gpt Ag, 5.35 gpt Au / 9.35 m

• 404 gpt Ag, 6.50 gpt Au / 7.35 m

• 448 gpt Ag, 14.0 gpt Au / 4.61 m

• 170 gpt Ag, 7.73 gpt Au / 7.14 m

2012 Exploration Targets

• Daniela-Karina

• La Joya- Puertocito

• La Luz- Asuncion

• Belen-Ericka

21

El Cubo Mines-New Acquisition

Endeavour Silver to Acquire El Cubo Silver-Gold Mine and Guadalupe y

Calvo Exploration Property From AuRico Gold

El Cubo: A Great Fit for Endeavour in Guanajuato

22

El Cubo Highlights:

• Discovered in the 1860’s more

than 300 years after mining began in

the Guanajuato District.

• Producing silver-gold mine currently

operating at 1200 tpd with 965

employees

• Produced 556,379 oz Ag and 8,670 oz

Au or 990,000 oz silver equivalents

in 2011 and over 80 million ounces

of silver & 2 million ounces of

gold historically

• Multiple silver-gold veins over 9 km

long, up to 10 m wide & 600 m deep

• San Nicolas Vein averaged 10-15 gpt Au

& 100-150 gpt Ag

• 61 mineral concessions covering 8,144

hectares, including several mine

adits, ramps and shafts and a 400 tpd

leach plant, plus a lease until May

2013 on the adjacent Las Torres Mine

Complex, which includes a 2,000 tpd

flotation plant owned by Fresnillo plc

Vetas De

La Luz

Vetas De

Sierras

El Cubo: Underground Silver-Gold Mine

23

Aurico 2011 Reserves/Resources1:

P+P: 18.5 million oz Ag

M+I: 8.3 million oz Ag

Inf: 26.7 million oz Ag

Aurico 2011 Production (9 months)

Production: 556,379 oz Ag

8,670 oz Au

Throughput: 1100 tpd

Grades: 80.5 gpt Ag

1.24 gpt Au

Recoveries: 83.9% Ag

84.8% Au

Mines: Villalpando

Peregrina

Development: Dolores

1) Endeavour has not verified Aurico’s reserves/resources, they are considered to be historic & should not be relied upon - See Page 40 for details

El Cubo: Dolores Discovery Cross Section

24

• New Dolores global mineral

inventory of 466,000 oz

AuEq includes potential

underground tonnage of

1.3 million tonnes @

3.98 gpt Au Eq for

159,000 AuEq

• Bulk tonnage open pit

potential near surface

• Present known vertical

interval of 200 m open at

depth

No Detectable on

Surface

1.6m @ 621 AgEq

5.8m @ 239 AgEq

4.1m @ 304 AgEq

2.03m @ 750 AgEq

10.4m @ 285 AgEq

1.7m @ 523 AgEq

2.6m @ 334 AgEq

DOLORES SE

New Drilling 2012

El Cubo: Transaction Details

25

• At Closing, Endeavour will pay AuRico US$200 million in cash or, at Endeavour’s

election, up to $100 million in Endeavour common shares priced at $9.06 and

the balance in cash

• Endeavour will pay up to an additional $50 million over the next three years, upon

the occurrence of certain events such as higher gold prices for a total of up to

$250 million

• Endeavour has sufficient cash on hand to meet the minimum $100 million cash

payment and has secured a bank line of credit to provide sufficient cash to meet

the maximum $200 million cash payment by Closing

El Cubo: Transaction Rationale

26

• Adds a third producing silver-gold mine (El Cubo) nearby Endeavour’s Guanajuato

mine and launches Endeavour into the mid-tier of primary silver producers

• Adds an advanced gold-silver exploration project (GyC) to Endeavour’s exploration

portfolio with further exploration potential

• Immediately accretive to Endeavour on NAVPS (23%1 ), AgEq production, reserves,

resources with substantial turn-around potential on cash-flow and cash costs

• Increases 2012 silver production by 12%-16% to 4.8-5.0 million oz based on Q1,

2012 production and 6 months production, potential to boost 2013 production

to 6 million oz Ag (9 million oz AgEq), revised production guidance to be

provided after Closing

• Aurico reports proven and probable reserves of 18.5 million oz Ag and 322,000 oz

Au, measured and indicated resources of 8.3 million oz Ag and 135% to 269,000

oz Au, and inferred resources of 26.7 million oz Ag and 548,00 oz Au2

• Increases prospective mineral land-holdings by six-fold and enhances Endeavour’s

exploration potential in Mexico

1 Assuming a purchase price of US$250 million ($100 million in cash and $150 million in shares). NAVPS based on analyst consensus estimates for El Cubo and Guadalupe y Calvo as at April 15, 2012.

Source: Thomson One Analytics and Bloomberg.

2 Endeavour has not verified Aurico’s reserves/resources, they are considered to be historic & should not be relied upon - See Page 40 for details

El Cubo: Operating Synergies

27

• Two mines in one district should lead to savings in administration, human resources

and purchasing

• Expertise in turning around two other underperforming mines at Guanacevi in 2004

and Guanajuato in 2007

• El Cubo mine methods and equipment are oversized, Bolanitos mine methods and

equipment are undersized, so swap methods and equipment to improve output

and productivity and reduce ore dilution and cash costs

• El Cubo has 965 employees producing 1.8 million oz Ag Eq. in 2012, Endeavour has

900 employees producing 3x that (5.5 million oz Ag Eq) in 2012 so retrain,

relocate or reduce work force at El Cubo

• Bolanitos currently produces silver-gold concentrates and trucks them 1000 km

north to the leach plant at Guanacevi, but El Cubo has a smaller older leach plant

and after a modernization and expansion program, Bolanitos will only truck 15 km

• Expertise in discovering new ore-bodies in old districts at Guanacevi and Guanajuato,

16 exploration targets identified for drilling at El Cubo

Guadalupe y Calvo: Prospective Gold-Silver Project

28

GyC Highlights

• Advanced gold-silver exploration project

• Well located & accessible in southern

Chihuahua State 300 km SW of

Chihuahua City

• Huge property covers 54,872 hectares,

most of the historic gold-silver district

• District produced 1.5+million oz Au & 20+

million oz Ag historically

• Two major veins up to 60 m wide & 6 km

long

• Classic epithermal ore-bodies in lower

tertiary andesites

• Aurico reports indicated resources of 7.6 million

oz silver and 126,000 oz gold and

inferred resources of 4.4 million oz silver

and 67,000 oz gold1

1 Endeavour has not verified Aurico’s reserves/resources, they are considered to be historic & should not be relied upon - See Page 40 or details

29

San Sebastian: Historic Silver-Gold District

• Discovered in 1542, mined for

centuries, largely un-explored

• Four large silver-gold vein systems

each 3 km long

• Covers +50 small historic mines on

+20 separate veins

• Classic epithermal ore-bodies in

Lower Tertiary andesites

• Located 40 km northwest of Puerto

Vallarta in Jalisco State

• One small mine (La Quiteria)

operates in the district

• Recent grab samples assay up to

11,824 gpt Ag, 40.3 gpt Au

Property Highlights

30

San Sebastian: New High Grade Discovery

TR02-1 1,489 gpt Ag, 0.85 gpt Au / 5.66m

TR12-1 500 gpt Ag, 1.15 gpt Au / 11.48m

TR13-1 222 gpt Ag, 10.73 gpt Au / 13.34m

TR15-1 287 gpt Ag, 1.08 gpt Au / 4.37m

RECENT DRILL RESULTS

31

Financial Performance:

Operating Performance:

2012 Guidance (Before El Cubo):

Financial Performance: Annual Growth

2010 2011 Q1 2012

Sales Revenues: US$86.5 million US$128.0 million US$49.0 million, Up 39%

Mine Op. Cash Flow: $45.0 million $86.4 million $32.0 million, Up 30%

Operating Cash Flow: $32.7 million $47.4 million $28.8 million, Up 96%

Adjusted Net Earnings: $ 1.7 million $32.4 million $19.6 million

$0.02/share $0.37/share $0.22/share

2010 2011 Q1 2012

Silver Production 3,285,634 oz 3,730,128 oz 1,072,491 oz, Up 19%

Gold Production 17,711 oz 21,807 oz 6,321 oz, Up 26%

Realized Silver Price $19.62 $35.61 $33.10 per oz

Silver Production: 4.3 million oz, Up 14%

Gold Production: 26,000 oz, Up 24%

Cash Cost: US$5.50 - $6.00

10.8

10.2

9.4

8.2

7.1

5.1

4.7

1.2

0.4

(6.8)

Silver

Standard

Great

Panther

Alexco

Pan

American

First Majestic

Coeur

d'Alene

Endeavour

Endeavour

Pro Forma

Hecla

Fortuna

Silvercorp

20.9

9.5

7.2

7.1

5.3

5.0

3.7

2.5

2.0

1.5

Pan

American

Coeur

d'Alene

Hecla

First Majestic

Silver

Standard

Silvercorp

Endeavour

Pro Forma

Endeavour

Fortuna

Alexco

Great

Panther

19.1

21.9

32 32

2011 Cash Costs2 2011 Silver Production

1

AgEq Resources3

(Moz Ag) ($US/oz Ag) (Moz AgEq)

Sen

ior

M

id-T

ier

Em

ergin

g

1 Presented on a silver only basis. Silvercorp production based on March 31 fiscal year end.

2 Cash cost net of by-product credits as reported. El Cubo cash costs calculated on the bases of ounces produced during 2011.

3 Reflects silver and gold reserves & resources only; equivalent calculations based on 55:1 silver to gold ratio.

4 Combination analysis for El Cubo includes production, cash costs and reserve & resource estimates from Guadalupe y Calvo. Endeavour has not verified Aurico’s reserves/resources, they are considered to

be historic & should not be relied upon

Source: Thomson One Analytics, Bloomberg and Intierra Ltd.

779

502

314

260

249

121

117

35

26

Pan

American

Silver

Standard

Coeur

d'Alene

Hecla

First

Majestic

Endeavour

Pro Forma

Silvercorp

Endeavour

Fortuna

Alexco

Great

Panther

1,734

1,820

4

4

A Premier Low-Cost Mid-Tier Producer

4

• EXK: NYSE EDR: TSX EJD: Frankfurt Exchange Listings:

•88.0 Million Shares Issued:

•6.1 Million (adds $30 Million) Warrants/Options:

•94.2 Million Fully Diluted:

•US $9.62 Share Price (June 8, 2012):

•US $847 Million Market Cap:

• 1.5 Million Shares (TSX & NYSE) Daily Volume (3 Mo. Ave.):

• Fresnillo Plc 3.2% Strategic Shareholder:

33

•BMO (Andrew Kaip), CIBC (Brian Quast), Euro

Pacific Capital (Heiko Ihle), Haywood (Chris

Thompson), Salman Partners (Ash Guglani)

Analyst Coverage:

Share Capital

34

• Deliver 8th consecutive year of growth in revenues, cash flow, earnings, production,

reserves & resources

• Acquire El Cubo mine, 2012 focus on turning around mine operations and exploration,

then on expand production

• Expand Guanajuato mine 60% to 1600 tpd, now underway

• Expand Guanacevi mine 20% to 1200 tpd, now underway

• Expand reserves and resources by aggressive brown-fields exploration at three mines

• Make new discoveries by green-fields exploration at exploration properties

• Continue to acquire new silver-gold exploration properties to build project pipeline and

fuel organic growth

Near Term Catalysts for Growth

We have the core assets, management team, track record, balance

sheet and share structure to continue delivering out-performance

35

Contact Us

Endeavour Silver Corp.

Suite 301-700 West Pender Street

Vancouver, BC, V6C 1G8

Canada

hugh@edrsilver.com

lmccray@edrsilver.com

www.edrsilver.com

Phone: 1-604-685-9775 Fax: 1-604-685-9744

Canada and US Toll-Free: 1-877-685-9775

36

Appendix

Why Silver?

37

• Silver is an Industrial Metal:

unlike gold, silver is

consumed & the number of

industrial uses is

multiplying

• Silver is a Precious Metal:

like gold, silver is money &

its role as a store of value

and a hedge against

monetary inflation is

growing

• Currency debasement is not

new – governments

throughout history have

“printed” money eg. Falling

silver % in the Roman

Denarius coin

Demand 2010

Denarius % Silver

38

Social Responsibility 2011 Highlights

• Endeavour Silver strives to improve the

quality of life for every employee &

each community in which it works by

operating in the most socially

responsible manner

• Placed 2nd

out of 20 teams in First Aid

& 3rd

out of 27 teams in Mine Rescue

at recent Mexico National Mine

Safety Competition

• Given two top national 2011 safety

awards for Guanacevi & Guanajuato

mines

• Granted Clean Industry Award for

environmental responsibility at

Guanacevi & another one pending for

Guanajuato

• Launched $1 million 5 year university

scholarship endowment program in

Canada & Mexico

• Funded 100 wheelchair program in

Mexico for people in need

AuRico Reserves & Resources (as of Dec. 31, 2011)

39

AuRico Reserves & Resources (as of Dec. 31, 2011)

Category Tonnes Au g/t Ag g/t AuEq g/t Au oz Ag oz AuEq oz AgEq oz

El Cubo

Proven 2,238,000 1.84 114 3.89 132,000 8,199,000 280,000 15,459,000

Probable 3,152,000 1.88 102 3.72 190,000 10,313,000 377,000 20,763,000

P & P Total 5,390,000 1.86 107 3.79 322,000 18,512,000 657,000 36,222,000

Measured 337,000 1.10 65 2.27 12,000 701,000 25,000 1,361,000

Indicated 3,874,000 2.07 61 3.17 257,000 7,600,000 395,000 21,735,000

M & I Total 4,211,000 1.99 61 3.10 269,000 8,301,000 420,000 23,096,000

Inferred 7,198,000 2.37 115 4.46 548,000 26,682,000 1,031,000 56,822,000

Grand Total 16,799,000 2.11 99 3.90 1,139,000 53,495,000 2,108,000 116,140,000

Guadalupe y Calvo

Indicated 2,523,000 1.55 93 3.25 126,000 7,585,000 264,000 14,515,000

Inferred 1,832,000 1.13 74 2.48 67,000 4,357,000 146,000 8,042,000

Grand Total 4,355,000 1.38 85 2.93 193,000 11,942,000 410,000 22,557,000

Global Reserves & Resources

P & P Total 5,390,000 1.86 107 3.79 322,000 18,512,000 657,000 36,222,000

M & I Total 6,734,000 1.82 73 3.16 395,000 15,886,000 684,000 37,611,000

Inferred Total 9,030,000 2.12 107 4.05 615,000 31,039,000 1,177,000 64,864,000

Global Total 21,154,000 1.96 96 3.70 1,332,000 65,437,000 2,518,000 138,697,000

Endeavour Reserves & Resources (as of Dec. 31, 2011)

40

Endeavour Reserves & Resources

Category Tonnes Au g/t Ag g/t AuEq g/t Au oz Ag oz AuEq oz AgEq oz

Global Reserves & Resources

P & P Total 2,088,000 1.01 250 5.56 67,500 16,807,800 373,096 20,520,300

M & I Total 5,953,000 1.28 191 4.75 244,600 36,515,700 908,522 49,968,700

Indicated (Parral) 1,631,000 0.90 49 1.79 47,200 2,589,900 94,289 5,185,900

M & I Total 7,584,000 1.20 160 4.11 291,800 39,105,600 1,002,811 55,154,600

Inferred 4,225,600 1.08 193 4.59 146,200 26,234,600 623,193 34,275,600

Inferred (various) 2,348,000 0.52 117 2.65 39,600 8,841,800 200,360 11,019,800

Inferred Total 6,573,600 0.88 166 3.90 185,800 35,076,400 823,553 45,295,400

Global Total 16,245,600 1.04 174 4.21 545,100 90,989,800 2,199,460 120,970,300

Endeavour Reserves & Resources (as of Dec. 31, 2011)

41

Endeavour Reserves

Category Tonnes Ag g/t Au g/t Ag oz Au oz

Reserves proven & probable

Proven

Guanacevi 773,000 304 0.65 7,555,500 16,200

Guanajuato 337,000 189 2.41 2,045,400 26,100

Total proven 1,110,000 268 1.18 9,575,200 42,200

Probable

Guanacevi 799,000 231 0.39 5,935,400 10,100

Guanajuato 179,000 225 2.63 1,297,2000 15,200

Total probable 978,000 285 0.38 7,232,600 25,300

Total proven &

probable 2,088,000 250 1.01 16,807,800 67,500

Resources measured & indicated

Measured

Guanajuato 258,000 177 2.51 1,470,900 20,800

Total measured 258,000 177 2.51 1,470,900 20,800

Indicated

Guanacevi 2,849,000 217 0.42 19,922,300 38,800

Guanajuato 2,539,000 161 2.20 10,128,300 155,400

San Sebastian 307,000 199 0.55 1,968,000 5,400

Total indicated 5,695,000 175 1.09 32,018,600 199,600

Total measured &

indicated 5,953,000 175 1.15 33,489,500 220,400

Resources inferred

Guanacevi 2,013,000 217 0.40 14,050,900 26,200

Guanajuato 1,783,600 167 1.92 9,586,700 110,200

San Sebastian 354,000 211 0.52 2,404,100 5,900

Total inferred 4,150,600 195 1.07 26,041,700 142,300

Silver-Gold-Lead-Zinc Resources

Category Tonnes Ag

g/t

Au

g/t Ag oz Au oz

PB

(%)

Zn

(%)

Resources indicated

Parral 1,631,000 49 0.90 2,589,900 47,200 2.87 2.86

Total indicated 1,631,000 49 0.90 2,589,900 47,200 2.87 2.86

Resources inferred

Guanacevi 307,00 98 0.10 962,900 1,000 1.73 3.32

Parral 1,303,000 63 0.88 2,658,900 36,900 2.55 2.28

Arroyo Seco 738,000 220 0.07 5,220,000 1.700 0.65 0.18

Total inferred 2,348,000 117 0.52 8,841,800 39,600 1.85 1.76

El Cubo: Property, Mines, Veins & Geology

42

43

Guanajuato: Daniela Vein Long. Section

Daniela Discovery is 800m long x150m vertical x 3-10m thick