EXK Endeavour Silver Corp

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May 9, 2016 Canarc Sells El Compas Mine Project To EXK Endeavour Silver For CAD$10.5 M In Endeavour Shares

EXK Endeavour Silver Signs Definitive Agreement to Acquire Oro Silver Resources and Its El Compas Gold-Silver Mine Property and Leased Plant From Canarc Resource

VANCOUVER, BC--(Marketwired - May 09, 2016) - Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) is pleased to announce it has entered into a definitive agreement with Canarc Resource Corp. to acquire a 100% interest in Oro Silver Resources Ltd., a wholly owned subsidiary of Canarc. Oro Silver holds the El Compas gold-silver mine property and a five-year renewable lease on the 500 tonne per day (tpd) La Plata ore processing plant in Zacatecas, Mexico.

Pursuant to the agreement, Endeavour will pay Canarc CAD$10.5 million by issuing 2,147,239 common shares of Endeavour at a deemed issue price of CAD$4.89, representing the 10-day volume weighted average price of Endeavour's shares on the TSX. Endeavour will assume Canarc's obligation to pay an aggregate of 165 troy ounces of gold from production to Marlin Gold Mining Ltd.

Closing will occur upon receipt of applicable regulatory approvals and the satisfaction of customary closing conditions, expected no later than June 30, 2016. The transaction was evaluated and negotiated by management led by Godfrey Walton, President and COO. The transaction was approved by the independent members of the Endeavour board. Due his positions as Chairman and Director of Canarc, Bradford Cooke, CEO, did not participate in any deal discussions or in the board meeting to review and approve the transaction.

Rationale for Purchase and Benefits to Endeavour
•The transaction provides Endeavour with the opportunity to acquire a high quality, permitted gold-silver mine and a modern leased plant nearby, and recommence exploration and development on a fast track to production, pursuant to Endeavour's successful historic business model.
•The El Compas gold-silver mine project has good exploration potential to expand resources and good acquisition potential to consolidate stranded resources and exploration targets within the Zacatecas mining district to extend mine life.
•The 500 tpd La Plata plant was constructed by the Zacatecas state government in September 2013 for processing minerals available from local small miners in the state. It last operated in October 2014, was leased to Oro Silver in January 2016, has fully permitted crushing, grinding, flotation and tailings circuits, and is located within 20 km on mostly paved roads from the mine.
•The 3,990 hectare El Compass property hosts a current resource estimated in January 2016 by Canarc and consists of 28 concessions fully permitted for mining. Of these, 22 concessions are subject to a 1.5% net smelter return royalty, while six concessions are subject to a 3.0% NSR royalty.
•Capital costs are estimated at less than USD$10 million and the time frame to develop the mine and refurbish the plant for production is estimated to be less than one year.
•Endeavour's short-term goal at El Compas will be to invest in exploration to upgrade and expand the resource, consolidate properties in the district to extend mine life, refurbish the plant, re-evaluate the economics to develop the mine, and complete a NI 43-101 report this year.
•If successful, Endeavour would commence production at El Compas in 2017.

Godfrey Walton commented, "We are pleased to add another high quality mining property to our project portfolio, and we look forward to unfolding the full potential at El Compas and starting a new mining operation in another historic silver district in Mexico. El Compas should help our production and cash flow profiles while we develop our exciting new Terronera silver-gold mining project."

About Endeavour -- Endeavour Silver is a mid-tier precious metals mining company that owns three high grade, underground, silver-gold mines in Mexico. Since start-up in 2004, the company has grown its mining operations to produce 11.4 million ounces of silver and equivalents in 2015. We find, build and operate quality silver mines in a sustainable way to create real value for all stakeholders. Endeavour Silver's shares trade on the TSX (symbol EDR) and on the NYSE (symbol EXK).

EXK November 1, 2016
Endeavour Silver Completes Acquisition of Parral Properties from Silver Standard

Vancouver, Canada - November 1, 2016 - Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) announces closing of the acquisition of a 100% interest in the Parral properties from Silver Standard Resources Inc. The Parral properties are located in the historic silver mining district of Hidalgo de Parral in southern Chihuahua state, Mexico. The properties cover 3,432 hectares, are accessible by paved highway, and contain large veins traceable for eight km. Details of the acquisition were announced by news release dated September 14, 2016.

Under the terms of the agreement, Endeavour has issued 1,198,083 common shares to Silver Standard, and has agreed to spend US$2 million on exploration over the two-year period following the closing date.

On completing this exploration expenditure, Endeavour will have one year to deliver a National Instrument 43-101 (“NI 43-101”) technical report, including a resource estimate, and issue an additional US$200,000 in common shares to Silver Standard for each one million ounces of silver delineated in measured and indicated resources on the San Patricio and La Palmilla properties, based on the 10-day average closing price of Endeavour’s common shares on the NYSE prior to the earlier of delivery of the NI 43-101 report and the third anniversary of the initial closing date under the Agreement.

Meghan Brown
Good morning everyone and welcome to the Endeavour Silver Corp. Third Quarter Conference Call. On the line today, we have the Company’s CEO, Brad Cooke, as well as our President and COO, Godfrey Walton, our CFO, Dan Dickson, and our VP Corporate Development, Dale Mah.
Before we get started, I’m required to remind you that certain statements on this call will contain forward-looking information within the meaning of applicable Securities Laws. These may include statements regarding Endeavour’s anticipated performance in 2016 and future years, including revenue and cost forecasts, silver and gold production, grades and recoveries, and the timing and expenditures required to develop new silver mines in mineralized zones. 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.
Thank you. With that, I'll turn the call over to Endeavour's CEO, Brad Cooke.

Bradford Cooke
Thanks Meg, and welcome all. Endeavour posted another strong quarter in Q3 2016 with net earnings of $5.6 million compared to a loss in the same quarter last year. That was really driven by our increase in EBITDA, up 700% to $10.8 million, cash flow from operations up 72% to $8.2 million, mining operating cash flow up 48% to $17.8 million, and revenue interestingly enough basically flat at $42.1 million.
So I think the jump in earnings and cash flow was primarily due to the higher prices, more efficient operations, and lower costs, given the slightly lower production that we experienced compared to the same quarter last year.
Silver production was down 29% to 1.3 million ounces compared to the same quarter last year. Gold production was off 6% to 14,000 ounces. Silver equivalent production was $2.4 million in the quarter.
We did acquire the perspective Parral exploration properties in the Parral District of Chihuahua, and while they're still being treated as exploration properties, the thinking is that it also can be advanced fairly quickly to an economic study and possibly even a production decision within a year or so.
As a result of our robust quarter with both Bolañitos and El Cubo being well ahead of the annual plan on both production and costs, the only disappointment really was Guanaceví; it's low on production and high on costs. But we are finally starting to see the changes that we put in place in Q2 and early Q3 starting to improve both the output of the mill and we're also seeing, I think, some improvement on costs as we go forward.
As a result of the improved financial performance, we saw our cash jump to $83.2 million at the end of the quarter and working capital was $91.9 million at the end of Q3. We did increase both our production guidance and our capital and exploration budgets and currently have 12 drill rigs working on six projects to grow our resource base. Currently, we're actively drilling at Guanaceví, Bolañitos, El Cubo, Terronera, and Guadalupe y Calvo.
So, that's the highlights for the call. I think, Operator, what we'll do is open it up for questions.

Bhakti Pavani Euro Pacific Capital
Could you maybe provide some color on the development at El Compas? Are you guys still drilling there? What's the status of the results study?

Godfrey Walton
Yes. I didn't hear the property that she was asking about.

Bhakti Pavani
El Compas.

Godfrey Walton
El Compas. Hi, Bhakti; this is Godfrey. Thanks for the question. Yes, we are still drilling there and the current guidance is that we will be looking at completing a PEA later this year and releasing that information next year. So, everything is still moving forward. We're still drilling, still looking at doing some metallurgical testing, and looking at all the requirements we need to complete to get the plant up and running again.

Bhakti Pavani
When do you anticipate the drilling to be completed there?

Godfrey Walton
Well, as we mentioned on the tour, we're going to be drilling there for quite a long time and we'll do enough to be able to feel comfortable with releasing a resource for the PEA, but I expect to be drilling through next year. Then as we acquire other projects in the district, I think we'll be continuing to drill on those as well. So, it's not going to be finished by a set time. It's going to just keep on going. 

Dan Dickson
Godfrey, it's Dan here. Can you give some clarity to Bhakti? Like, Bhakti, for 2016 we announced 3,000 metres of drilling that would be done by the end of the year, which I think with the PEA and drilling was about $2 million. Godfrey, where are we on that 3,000 metres? Maybe that would give some clarity to Bhakti.

Godfrey Walton
Okay. Well, we actually increased that metreage, because we have two drill rigs turning. We will be completed, that phase by the end of the year. That was the original plan, and so we're about halfway through that, but then we'll obviously be increasing the drilling for next year

Bhakti Pavani
Okay. Thank you. With regards to Terronera, what's the status there? I guess you guys need to make a decision by the year-end, right?

Godfrey Walton
Well, we are planning on finishing a PFS and we will be completing that and we'll be, I think as we release, we'll be—as we mentioned in our guidance, we'll be releasing that early next year as well.

Bhakti Pavani
Okay. Just quickly on El Cubo, is there any opportunity to further reduce costs at that mine?

Godfrey Walton
Well, we're always looking at ways to reduce our costs and Cubo is one of those operations. So, we're examining whether we can increase the amount of long haul drilling that we can help to reduce costs, but they are fairly tight right now, so I don't see a big change in costs, but we will be continuing to look at that.

Justic Stevens Raymond James
Yes, just a few questions for me. At Guanaceví you guys said that you expect to tame the plant production level in the fourth quarter here. Would you say you think you're going to be able to remain on the mine plan going forward, and do you guys have any sort of other significant development that you guys need to do in order to get to new ore bodies?

Godfrey Walton
Okay. Thanks. This is Godfrey. At Guanaceví, I think as Brad mentioned, we are a little behind schedule, behind the overall plan. We are aiming to get back to the 1,200 tonnes a day that we had talked about earlier in the year and that is moving forward. We've revitalized the electrical and ventilation and development that was causing us some delays. So, we won't hit the actual guided targets, but we will be close to the 1,200 tonnes a day by the end of the year.
To get into new ore bodies, we do need to do some development, and that includes Milache. We've got about a year's development to get over to that ore body. Then we also need to do some development to get into Santa Cruz Sur.

Justic Stevens
Sounds good. Can you give me some sort of rough split on where the fourth quarter ore will be coming from there?

Godfrey Walton
Most of the ore is coming from Santa Cruz itself. I think about 75% of it comes out of Santa Cruz and then about 25% comes from North Provenir, Provenir Central, and there's a tiny little bit coming out of Provenir Cuatro.

Justic Stevens
Perfect. Just one more for me; so for Bolañitos, do you guys expect to maintain sort of similar grades that we saw in Q3, and similar sort of ore mix from the LLSS Young  and the historic stockpile as you sort of drive your throughput down to 800 tonnes a day?

Godfrey Walton
The stockpile is complete at this point, but the grades we do expect to be there about those numbers. So, the 75 grams to 80 grams silver and about a little over 2 grams gold.

Unidentified Analyst BMO Capital Markets
So I have a couple of questions. I guess I'll start off with some cost questions. Just looking at the mining cost at Bolañitos, this quarter you guys are having about, I think it was $26 per tonne you're averaging whereas the last quarter it was around $48 and the previous quarter around $38. I was wondering if something had structurally changed. If what you guys are thinking the cost per tonne are going to be going forward at Bolañitos.

Dan Dickson
Hey, John Paul, this is Dan. Structurally, there's a significant change, once you get through the MDA, but more detail. We had some historical stockpile at Bolañitos from before we acquired it and we've been running that historical stockpile through the plant, which effectively took us from 1,000 tonnes per day up to almost 1,500 tonnes per day in the third quarter. From a cost perspective, those tonnes never had any costs assigned to it when we purchased Bolañitos for less than $7 million, so effectively, we had free tonnes going through.
So, in the MD&A we talk about on a total bases our cost per tonne was $48 per tonne on a quarter. In reality, if we adjusted that out to remove those free tonnes, we should be in the $63 per tonne range. You've touched on it. Immediately in the mining costs, you have of $28 versus kind of a historical $40. We'll be always in the high $30s, or we expect to be in the high $30s.

Unidentified Analyst
Okay. Perfect. Now, for Guanaceví, the same question with regard to cost. Mining costs went up last quarter about 16 bucks per tonne. I was wondering what your expectations going forward would be for Guanaceví.

Dan Dickson
Yes. Our expectations going for Guanaceví is it's to come down. I know Brad touched on that quickly on his interlude into this conference call. Really, our tonnage at Guanaceví dipped at end of Q2 and into Q3 and we expect that to come up. It will help those costs. We also have some refurbish costs that are running through our cost per tonne, just to kind of reorganize the ventilation, things that we typically expense.
Then additionally, in the first half of the year, we actually had some historical stockpile there as well at Guanaceví that we reduced. We ended up having additional tonnage to what our actual estimate was over the last 10 years of stockpiling that material. But we are at $93 cost per tonne, which was significantly higher than Q1 and Q2. I expect it to drop back down into the mid-$80s at minimum here in the fourth quarter and then into 2017.

Unidentified Analyst
Okay. Okay. My questions from then are going to be around the guidance and budgeting around Guanaceví. First, with sustaining CapEx, there's been kind of some changes over the last few quarters. You guys have adjusted from your original guidance. What's your expectation now for guidance for the full year for Guanaceví? What's the number that's out in the market?

Dan Dickson
The full guidance—in the MD&A we probably have more detail on this, Page 27—the full guidance for Guanaceví's capital program in 2016 was $14.1 million and most of that was mine development, about $9.5 million to $10 million was mine development. Additionally in this quarter we talked about an initial $3.8 million of capital budget across the three assets and that really comes down to items that we want to source, that we're looking at sourcing here in the fourth quarter that would really relate to 2017, and we want to be up front with the market. If we go through that $14.1 million budget, it just comes down to timing. We don't necessarily have clarity of whether we'll get those things delivered and, hence, recognizing those costs. Certain things we want to get refurbished.
So, of that $3.8 million breakdown, $1.8 million related to Guanaceví. Hopefully, we can get some of that spent here in the fourth quarter so we hit the ground running in 2017. On a total basis, without even adjustment that we announced here this morning, you're looking at about $15 million to $16 million of capital spend at Guanaceví for the year.

Unidentified Analyst
Okay. Thanks for clarifying that for me. The other part of this was the exploration CapEx—the exploration expensed at Guanaceví. You guys were guiding somewhere around 1.3 for the year?

Dan Dickson
Yes, and we're still on track for that 1.3.

Unidentified Analyst
Okay. Okay. I guess there's been a lot of questions already about El Compas and Terronera, so on the site visit, you guys were talking about staffing and I was just wondering how things were progressing with that, with staffing. Do you have any additional color on there?

Bradford Cooke
Yes.

Godfrey Walton
Okay. We have not staffed up as yet. We have small exploration group that are active on site and we have Alfonso that I think you probably met while you were on the tour. But until we've got some clarity on just what we're going to do on the plant and costs and things like that, we will be probably looking at staffing up in Q1/Q2 next year.

Unidentified Analyst
Okay. Does that include the GM role and the—I think it was the VP Operations that you guys were looking for?

Godfrey Walton
The GM role, yes, it's until we have—we're sure. Right now, Alfonso is our Interim GM there while we're going through this really data collection phase to get a better feel for the costs. In regards to the VP of Operations that covers all the sites in Mexico, we're moving forward on that and I think in Q4 here we'll be able to make an announcement of somebody who will be joining us.

Unidentified Analyst
Okay. That's great news, guys. I look forward to hearing the details on both El Compas and Terronera in the New Year, and I wish you guys all the best.

Godfrey Walton
Okay. Thanks very much, JP.

Bradford Cooke
Thanks, JP. Just a reminder that the critical timeline on Compas' is actually the mine development, which we're primarily going to do with a contractor, so the staffing up can actually take a couple of quarters primarily at the plant. Next question.

Howard Flinker Flinker & Company
Can you tell me or can you guess how much the reduced peso reduced your costs, and if fuel was cheaper this year than last year? I forget the year-over-year change in oil.

Dan Dickson
For us, I don't have a specific drop in the fuel cost out of Mexico, but for us, fuel's way down the list for one of the key costs for us. So we're not open-pit mining where diesel is a big factor. All our underground machines are relatively small and I believe it's our ninth cost on our purchase basis. So, normally I would have that. I just don't—Pemex controls prices down there and it's definitely lower than what we pay here in Canada or the United States.

Howard Flinker
That's right. Yes. The prices are depressed, I forget. The peso?

Dan Dickson
Yes. But from a foreign exchange standpoint, 33% of our cost comes from labor being underground vein mining, which has a direct impact obviously to the depreciation in the peso. Our estimates of the drop in our cost year-over-year, it's amounted to just under half, probably 40% to 45%. So, again, in Q3, the peso touched almost—got up to the high 19s. It's come back a little bit and it's in the high 18s, so we do get a benefit from that. But a lot of the capital items that we source are coming from U.S. and U.S. denominated currency—U.S. denominated currency.

Bradford Cooke
We enjoyed a good third quarter, and even though metal prices have come back a little bit here in October, there's a wildcard in the near-term future down southwest and the U.S of A., and so I'm not going to be forecasting any metal prices for Q4.
I think the operations are in good stead and the only one that was giving us some trouble, Guanaceví, is coming back up to plan. The development pipeline, as you are all aware, very busy at this time, and so in terms of catalysts going forward, it'll be mostly drill news followed by the two economic studies early in the New Year from Terronera and Compas.
So, stay tuned for our year-end call that'll be in March, and thanks all for listening in.

EXK January 10, 2017
Endeavour Silver Produces 5.4 Million oz Silver and 57,375 oz Gold in 2016

Vancouver, Canada - January 10, 2017 - Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) reports 2016 production of 5.4 million ounces (oz) silver and 57,375 oz gold, slightly above guidance on gold and slightly below guidance on silver. Silver equivalent production totalled 9.7 million oz at a 75:1 silver: gold ratio, in line with guidance.

Silver production in the Fourth Quarter, 2016 was 1,088,845 oz and gold production was 44,402 oz, for silver equivalent production of 1.9 million oz. Endeavour owns and operates three silver mines in Mexico: the Guanaceví mine in Durango State and the Bolañitos and El Cubo mines in Guanajuato State.

Production Highlights for Fiscal 2016 (Compared to Fiscal 2015)
•Silver production decreased 24% year-on-year at 5,435,407 oz
•Gold production decreased 4% to 57,375 oz
•Silver equivalent production was 9.7 million oz (at a 75:1 silver: gold ratio)
•Silver ounces sold totalled 5,152,031 oz
•Gold ounces sold totalled 55,851 oz
•Bullion inventory at year-end included 311,625 oz silver and 665 oz gold
•Concentrate inventory at year-end included 18,962 oz silver and 218 oz gold

Production Highlights for Fourth Quarter, 2016 (Compared to Fourth Quarter, 2015)
•Silver production decreased 37% to 1,088,845 oz
•Gold production decreased 26% to 11,402 oz
•Silver equivalent production was 1.9 million oz (at a 75:1 silver: gold ratio)
•Silver ounces sold totalled 946,456 oz
•Gold ounces sold totalled 11,004oz

Bradford Cooke, CEO, commented, “Last year, Endeavour’s silver and gold production were significantly higher than our initial production guidance thanks to the turnaround in precious metal prices which allowed management to revise our production guidance upwards in July. I am pleased to say our operations team responded well and in general met the upward revised production targets in 2016.
“However, production was down year on year due to our decisions in January to significantly reduce spending on exploration and development in 2016 at low metal prices, which reduced our mine access and therefore metal production. We reversed those decisions at the end of the second quarter and restarted our exploration and development programs to once again expand resources and access reserves.
“We also acquired two high grade silver-gold development projects in the historic silver mining districts of Zacatecas and Parral, Mexico and advanced our exciting new discovery on the Terronera property. The company is now in a position to potentially build three new mines over the next three years to fuel Endeavour’s next phase of organic growth.”

Operating Highlights for 2016 and more here

6:57 AM ET Endeavour Silver 4Q Silver Production Down 37% to 1.09M Oz EXK Dow Jones
6:57 AM ET Endeavour Silver 4Q Gold Production Down 26% to 11,402 Oz EXK Dow Jones
6:56 AM ET Endeavour Silver reports 2016 production of 5.4 mln oz silver and 57,375 oz gold, slightly above guidance on gold and slightly below guidance on silver Briefing.com
6:56 AM ET Endeavour Silver Produced 5.4 M Oz Silver and 57,375 Oz Gold in 2016 Dow Jones
6:55 AM ET Endeavour Silver Produces 5.4 Million oz Silver and 57,375 oz Gold in 2016 Marketwired

EXK Endeavour Silver Sees FY17 Gold Production at 50,000-53,000 Oz

EXK Endeavour Silver Sees FY17 Silver Equivalent Production at 8.9M-9.7M Oz

EXK Endeavour Silver Sees FY17 Silver Production at 5.2M-5.7M Oz

January 25, 2017 EXK Endeavour Silver Provides Production and Cost Guidance for 2017

Vancouver, Canada - January 25, 2017 - Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) provides 2017 production and cost guidance for its three producing mines in Mexico: the Guanaceví mine in Durango state and the Bolañitos and El Cubo mines in Guanajuato state.
In 2017, the Company’s plan is to produce at slightly lower throughput and higher silver grades compared to 2016, resulting in similar silver production and slightly lower gold production forecasts. Endeavour plans to continue investing significantly in exploration and development programs to extend the existing mine lives and build new mines to fuel future growth.

2017 Production Guidance
Silver production is expected to be in the range of 5.2-5.7 million oz and gold production is expected be in the 50,000-53,000 oz range. Silver equivalent production is forecast to be 8.9-9.7 million oz using a 75:1 silver:gold ratio, as shown in the table below.

Bradford Cooke, Endeavour CEO, commented, “We expect 2017 to be a transformative year for Endeavour as our attention turns to growth. The emergence of our exciting new Terronera discovery and the acquisition of two attractive projects last year, El Compas and Parral, have positioned us for significant growth over the next three years which we think could coincide with rising precious metal prices. We believe now is the right time to invest for the future across our portfolio.”
In particular, the Company continues to advance the Preliminary Economic Assessment (PEA) and initial resource estimate for the El Compas project in Zacatecas state and the Pre-Feasibility Study (PFS) and updated reserve/resource estimate for the Terronera project in Jalisco state for completion in March, 2017.
The El Compas PEA is somewhat dependent on the outcome of appeals by several industries of the recently amended Revenue Law in the State of Zacatecas. The amendment to the Revenue Law is effectively a new environmental tax on the extraction of rock, sand and similar materials, the pollution of air, soil and water and the disposal of wastes including all mill tailings and heap leach pads. However, mining companies already pay a federal environmental tax and the Company has received legal advice that the amended state Revenue Law is unconstitutional so Endeavour and many other companies plan to file constitutional challenges in the Mexican courts. The amendment went into effect as of January 1, 2017 and could make the El Compas project, and every other mine in the state, uneconomic. High level discussions are now underway between the affected industries in Zacatecas and state and federal government officials to repeal or amend this law.
At Guanaceví, production will be similar to 2016 based on slightly lower grades and higher throughputs of 1,000 to 1,200 tonnes per day (tpd), primarily from the Santa Cruz, Porvenir Norte, and Porvenir Centro orebodies. Underground exploration and mine development in these areas will be funded by mine cash flow. Development of the new SCS and Milache deposits will utilize growth capital funded by the Company’s treasury.
At Bolañitos, mine production will continue operating at approximately 1,100 tpd primarily from the LL-Asunción deposit, the Plateros deposit, and historic mine fill. Underground exploration and mine development in these areas will continue to be funded by mine cash flow.
At El Cubo, production will also continue steady state at about 1,400 tpd from the V-Asunción, Dolores, Villalpando, San Nicolas and Santa Cecilia veins. Underground exploration and mine development in these areas will continue to be funded by mine cash flow.

Operating Costs
Cash costs, net of gold by-product credits, are expected to be $6.50-$7.50 per oz of silver produced in 2017, comparable to the first three quarters of 2016. Consolidated cash costs on a co-product basis are anticipated to be $10.25-$11.25 per oz silver and $775-$825 per oz gold.
All-in sustaining costs (AISC), net of gold by-product credits, in accordance with the World Gold Council standard, are estimated to be $14-$15 per oz of silver produced in 2017, higher than the first three quarters of 2016 due to increased investments in exploration and development programs. When non-cash items such as stock-based compensation are excluded, AISC is forecast to be in the $13.50-$14.50 range. On a co-product basis, AISC is anticipated to be $14.50-$15.50 per oz silver and $1,050-$1,150 per oz gold. Direct operating costs are estimated to be in the range of $70-$75 per tonne.
Management has assumed a $17 per oz silver price, $1,190 per oz gold price, and 20:1 Mexican peso per US dollar exchange rate for its 2017 cost forecasts.

2017 Capital Budget
Last year management focused on reducing sustaining exploration and capital investments at low precious metals prices to ensure positive cash flow for the Company. In 2017, Endeavour plans to invest $43.3 million on capital projects at the three operating mines, including $7.7 million of growth capital, all primarily for mine development, in order to access reserves and resources for mining. At today’s prices, the investments at operations will be covered by operating cash flow, while exploration and growth capital will be funded by the Company’s treasury.
At Guanaceví, 9.2 kilometres (km) of mine development are budgeted at $11.3 million in the North Porvenir and Santa Cruz mines, which have been in production since 2004 and 2012, respectively. An additional $2.2 million will be spent on ventilation, underground electrical and water control throughout the mine. The remaining $3.2 million will be spent on new mobile equipment to aid the significant planned development, site infrastructure and equipment.
Management has also approved an additional 2.5 km of development, budgeted at $7.1 million, to access two new ore bodies currently not in production. The development is expected to commence in the second quarter depending on permitting.
At Bolañitos, 5.0 km of mine development are budgeted at $5.1 million to access reserves and resources in LL-Asunción, Plateros, and mineralized fill from historic stopes not included in resources. An additional $0.5 million is planned to purchase various mine equipment required for the year.
At El Cubo, 7.8 km of mine development are budgeted at $8.4 million, and $2.0 million is budgeted for supporting underground infrastructure mainly in the Villalpando vein. An additional $1.4 million will be spent on mobile mine equipment and $1.4 million on plant equipment and infrastructure.

Exploration Budget

In 2017, the Company plans to drill 64,000 metres (m) and spend $15.2 million on brownfields and greenfields exploration, development engineering, and land payments across its portfolio of properties. At the three existing mines, 20,000 m of core drilling is planned at a cost of $3.0 million. At the exploration and development projects, 44,000 m will be drilled at a cost of $10.5 million.
At El Compas, management has approved a $3.0 million exploration program to drill 8,000 m testing new targets, and collar an 800 m exploration adit (subject to the PEA and the state Revenue Law) to provide underground access to the historical resources in the El Compas and El Orito veins, confirm drill results, and assess geotechnical parameters for mining of the mineralized zones.
At Terronera, management has approved a $2.3 million, 10,000 m drill program to test other mineralized veins, complete the PFS, and advance the site infrastructure. In 2016, the Terronera vein discovery was deepened and expanded by drilling. Additionally, a number of parallel structures were discovered by mapping and sampling. In December 2016, high-grade drill results were announced from the La Luz vein located 2,200 m northeast of the Terronera vein.
At Parral, management plans to spend $3.0 million on drilling 18,000 m to confirm a portion of the historical resource, testing multiple greenfields high-grade and bulk tonnage silver targets, and completing a PEA. The potential for near-term, small scale contract mining and toll milling will also be evaluated.
Additionally, the Company will conduct a 5,000 m drill program at the Guadalupe y Calvo property in Chihuahua, Mexico and a 3,000 m drill program in Chile. Both properties are highly prospective: Guadalupe y Calvo for high-grade vein mineralization near the existing resource, and for bulk tonnage silver-lead-zinc manto mineralization in Chile.

About Endeavour Silver - Endeavour Silver is a mid-tier precious metals mining company that owns 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 and equivalents in 2016. We find, build and operate quality silver mines in a sustainable way to create real value for all stakeholders. Endeavour Silver’s shares trade on the TSX (EDR) and the NYSE (EXK).

EXK Noble Capital Markets Initiates Research Coverage on Endeavour Silver Corp. (EXK)
Noble Capital Markets, a leading small-cap focused investment firm, announces the initiation of research coverage of Endeavour Silver Corp.

NEW YORK, Feb. 16, 2017 /PRNewswire/ -- Noble Capital Markets announced today that it has initiated research coverage on Endeavour Silver Corp. (NYSE: EXK). The report was issued by Senior Research Analyst, Michael Heim, CFA.
Endeavour Silver Corporation (Endeavour, Endeavour Silver, ESC or EXK) is a mid-tier precious metal producer producing nine million ounces of silver equivalent from three mines in Mexico. ESC is headquartered in Vancouver. The company had proven and probably silver equivalent reserves of 17 million, measured and indicated resources of 95 million and inferred resources of 55 million at the end of 2016. The full report and disclosures can be accessed by clicking HERE
 

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Egon von Greyerz: THE IDES OF MARCH – GOLD AT $14,463 and SILVER AT $669

EXK Endeavour Silver announces that exploration drilling on the Terronera property in Jalisco State, Mexico continues to expand the recently discovered high-grade, silver-gold mineralized zones to greater depths within the Terronera vein and at shallow depths within the La Luz vein.

March 16, 2017
EXK Endeavour Silver Expands High-Grade Silver-Gold Mineralized Zones in Terronera and La Luz Veins on the Terronera Property in Jalisco, Mexico

Vancouver, Canada - March 16, 2017 - Endeavour Silver Corp. (NYSE: EXK, TSX: EDR) announces that exploration drilling on the Terronera property in Jalisco State, Mexico continues to expand the recently discovered high-grade, silver-gold mineralized zones to greater depths within the Terronera vein and at shallow depths within the La Luz vein.
Recent drilling in the Terronera vein has expanded the main high-grade, mineralized zone down to 400 metre (m) depths, still open to depth and to the southeast (view long section here). In addition to the main zone, drilling intercepted mineralized footwall (Fw) and hangingwall (Hw) splays. In some places the splays merge to form one very thick mineralized zone (eg. Hole TR11-3). None of the drill results reported herein are included in the upcoming resource estimate and pre-feasibility study (PFS) for Terronera, and they indicate clear potential to expand resources within the Terronera vein.
Drill results from five holes* previously reported in October and December 2016, plus four new drill holes reported herein, are summarized in the table below. Highlights include 230 grams per tonne (gpt) silver and 1.8 gpt gold (359 gpt AgEq) over 16.3 m true width, or 10.5 opT AgEq over 53.5 ft, with an internal interval assaying 3,490 gpt silver and 8.9 gpt gold (4,110 gpt AgEq) over 0.3 m true width, or 119.8 opT AgEq over 1.0 ft, in hole TR11-3. See here

Recent drilling in the La Luz vein, located about 2.2 kilometres northeast of the Terronera vein, has expanded the new high-grade, mineralized zone over 500 m long by 250 m deep starting approximately 100 m below surface and still open to surface and to depth (view long section here). None of the drill results reported herein are included in the upcoming resource estimate and pre-feasibility study (PFS) for Terronera, and they indicate clear potential to expand resources within the La Luz vein.

Drill results from seven holes* previously reported in December 2016, plus seven new drill holes reported herein, are summarized in the table below. Highlights include 63 gpt silver and 57.0 gpt gold (4,054 gpt AgEq) over 2.2 m true width, or 118.0 opT AgEq over 7.2 ft, with an internal interval assaying 340 gpt silver and 320.0 gpt gold (22,740 gpt AgEq) over 0.3 m true width, or 663.0 opT AgEq over 1.0 ft, in hole LL-21. See here

Bradford Cooke, CEO of Endeavour Silver, commented, “Although narrower than the Terronera vein, mineralization in the La Luz vein is much higher grade, more gold rich, and shallower in depth compared to Terronera. Both sets of drill results indicate the excellent exploration potential of the property. Several other veins hosting high-grade mineralization on surface north of the Terronera vein are scheduled for drilling this year. Two drill rigs are currently working on the Terronera property.”

Godfrey Walton, M.Sc., P.Geo., Endeavour’s President and COO, is the Qualified Person who reviewed and approved this news release and supervised the drilling programs in Mexico. A Quality Control sampling program of reference standards, blanks and duplicates has been instituted to monitor the integrity of all assay results. All samples are split at the local field office and shipped to ALS-Chemex Labs, where they are dried, crushed, split and 50 gram pulp samples are prepared for analysis. Gold and silver are determined by fire assay with an atomic absorption (AA) finish.

Peak Gold – Biggest Gold Story Not Being Reported

Endeavour Silver Corp (TSE:EDR) (NYSE:EXK) Director Bradford Cooke acquired 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The shares were purchased at an average cost of C$4.48 per share, for a total transaction of C$89,600.00.

"...As the East continues their massive increases in acquisitions of both gold and silver in physical form, the West continues staring a setting sun in the face. China, especially, has their long term goals in place and I would bet an ounce of gold to an ounce of silver their plans include gold coming to the table as a gold backed currency. We have said many, many times China is not acquiring ton upon ton of gold in order to make more gold jewelry. China only produces 8 million silver pandas per annum, so they are not acquiring all this silver to make coins or just to produce solar panels. They are moving, what is measured, tons of gold through the SGE on a daily basis. It is believed that China is moving tons of physical gold through Shanghai and Beijing that is not counted in their “official holdings” for IMF purposes.
Keep stacking as the digital marks for gold and silver continue climbing and keep watch on the $21.25 mark as that seems to be the next jumping off point. Don’t think for a minute the cartel is simply going to roll over once silver hits this point. They will be fighting tooth-and-nail to protect this important line in the sand." ***Digital Silver and Digital Gold