Endeavour Silver Updates Reserves and Resources for Operating Mines

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 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.
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.