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Endeavour Silver Reports Record Production in First Quarter, 2012; Produces 1,072,491 Oz Silver (Up 19%) and 6,321 Oz Gold (Up 26%)

Final NI 43-101 Reserve and Resource Report Results in Minor Adjustments to Reserves and Resources
MarketwirePress Release: Endeavour Silver Corp. – Wed, Apr 11, 2012 8:11 AM EDT

finance.yahoo.com/news/endeavour-silver-...ction-121113680.html

VANCOUVER, BRITISH COLUMBIA--(Marketwire -04/11/12)- Endeavour Silver Corp. (TSX: EDR.TO - News)(NYSE: EXK - News)(Frankfurt: EJD.F - News) announced today that the Company set new records for silver and gold production in the First Quarter, 2012 from the Company's two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State.

Silver production was up 19% to 1,072,491 ounces (oz) and gold production was up 26% to 6,321 oz compared to the First Quarter 2011. Revenues were up 39% to US$49.0 million thanks to both the higher metal production and higher realized gold prices.

Production Highlights of First Quarter 2012 (Compared to First Quarter 2011)



-- Silver production increased 19% to 1,072,491 oz
-- Gold production rose 26% to 6,321 oz
-- Silver and equivalents production escalated 21% to 1.39 million oz (at a
50:1 silver: gold ratio)

-- Revenues jumped 39% to $49.0 million on 1,100,000 silver oz sold and
7,496 gold oz sold
-- Realized silver price fell less than 1% to $33.10 per oz sold (1.4%
above average price for Q1/12)
-- Realized gold price rose 20% to $1,686 per oz sold (equal to average
spot price for Q1/12)
-- Metal held in inventory at quarter-end included 925,100 oz silver and
3,927 oz gold

Note: In January and February, 2012, gold and silver prices enjoyed a significant rebound from their lows in December, 2011. Endeavour therefore elected to sell most of the precious metal inventory it accumulated in Q4, 2011 in order to capture the higher gold and silver prices. However, gold and silver prices corrected sharply once again in March 2012 so Endeavour management once again chose to accumulate its precious metal production in Q1, 2012 rather than sell at depressed prices. Management plans to monitor precious metal prices closely and sell some (or all) of the silver and gold inventory at appropriately higher metal prices, or if the need arises for more cash.

Production Table for First Quarter 2012



----------------------------------------------------------------------------
Tonnes Tonnes Grade Grade Recovery Recovery Silver Gold
Mine Produced per day Ag g/t Au g/t Ag % Au % Oz Oz
----------------------------------------------------------------------------
Guanacevi 98,963 1,087 292 0.60 78.2 85.3 726,697 1,620
----------------------------------------------------------------------------
Guanajuato 94,796 1,042 163 2.10 69.5 73.6 345,794 4,701
----------------------------------------------------------------------------
Consolidated 193,759 2,129 229 1.33 75.2 76.2 1,072,491 6,321
----------------------------------------------------------------------------

Godfrey Walton, President and COO, stated, "Endeavour's two mining operations have enjoyed a good start to 2012 with record silver and gold production in the First Quarter. As a result, the Company is well on the way to achieving its 2012 production guidance of 4.3 million oz silver and 26,000 oz gold. The 2012 organic expansion programs at both mines are now underway with plant throughputs expected to increase 60% by year-end at Guanajuato and 20% by mid-year at Guanacevi."

"At the end of Q1, 2012, the new 115 kva state power line into Guanacevi was connected and energized to the mine and plant. As a result, the Company should enjoy some reduction in operating costs as the electrical generators currently being leased will no longer be needed, and there should be far fewer electrical brown-outs and related pump failures at the mines. The new dry stack tailings facility will also be connected and commissioned this month thanks to the new power supply."

"At Guanajuato, the Lucero South ramp connected with the Lucero Main mine workings during the First Quarter, which should facilitate accelerated mine development and production from the Lucero vein going forward. Mine development continues to open up the Daniela and Karina veins for increasing production throughout the year in order to fill the newly expanded plant."

Final NI 43-101 Reserve and Resource Report

Endeavour has received its final NI 43-101 reserve and resource report to December 31, 2011 and filed it on SEDAR. Some final adjustments were made to the reserve and resource estimates at Guanajuato by the report authors from Micon International Limited.

The net effect is that the proven reserves at Guanajuato were reduced by 25,700 oz silver and 100 oz gold, the indicated resources at Guanajuato were expanded by 3,026,200 oz silver and 24,200 oz gold, and the inferred resources at Guanajuato were expanded by 192,900 oz silver and 3,900 oz gold. The revised final tables of reserves and resources are appended below.

Godfrey Walton, M.Sc., P. Geo., the President and COO for Endeavour, is the Qualified Person who reviewed this news release and oversaw the mining operations.

ENDEAVOUR SILVER CORP.

BRADFORD COOKE, Chairman and CEO

About Endeavour Silver Corp. - Endeavour Silver is a mid-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted seven consecutive years of growing silver production, reserves and resources. The organic expansion programs now underway at Endeavour's two operating silver mines in Mexico combined with its strategic acquisition and exploration programs should help Endeavour achieve its goal to become the next premier mid-tier silver mining company.

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 2011, including revenue, cash cost and capital cost forecasts, silver and gold production, 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 successfully integrate acquisitions; 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.



Reserves and Resources (as of December 31, 2011)
----------------------------------------------------------------------------
Reserves Proven & Probable
----------------------------------------------------------------------------
Ag Au
Description Tonnes g/t g/t Ag oz Au oz
----------------------------------------------------------------------------
Proven
----------------------------------------------------------------------------
Guanacevi 773,000 304 0.65 7,555,500 16,200
----------------------------------------------------------------------------
Guanajuato 337,000 189 2.41 2,019,700 26,000
----------------------------------------------------------------------------
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 1,297,200 15,200
----------------------------------------------------------------------------
Total Probable 978,000 230 0.80 7,232,600 25,300
----------------------------------------------------------------------------
Total Proven & Probable 2,088,000 250 1.01 16,807,800 67,500
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Resources Measured & Indicated
----------------------------------------------------------------------------
Ag Au
Description Tonnes g/t g/t Ag oz Au oz
----------------------------------------------------------------------------
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 13,154,500 179,600
----------------------------------------------------------------------------
San Sebastian 307,000 199 0.55 1,968,000 5,400
----------------------------------------------------------------------------
Total Indicated 5,695,000 191 1.22 35,044,800 223,800
----------------------------------------------------------------------------
Total Measured & Indicated 5,953,000 191 1.28 36,515,700 244,600
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Resources Inferred
----------------------------------------------------------------------------
Ag Au
Description Tonnes g/t g/t Ag oz Au oz
----------------------------------------------------------------------------
Guanacevi 2,013,000 217 0.40 14,050,900 26,200
----------------------------------------------------------------------------
Guanajuato 1,858,600 164 1.91 9,779,600 114,100
----------------------------------------------------------------------------
San Sebastian 354,000 211 0.52 2,404,100 5,900
----------------------------------------------------------------------------
Total Inferred 4,225,600 193 1.08 26,234,600 146,200
----------------------------------------------------------------------------

Silver-Gold-Lead-Zinc Resources (as of December 31, 2010)
----------------------------------------------------------------------------
Ag Au
Description Tonnes g/t 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
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Ag Au
Description Tonnes g/t g/t Ag oz Au oz Pb% Zn%
----------------------------------------------------------------------------
Resources Inferred
----------------------------------------------------------------------------
Guanacevi 307,000 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 Indicated 2,348,000 117 0.52 8,841,800 39,600 1.85 1.76
----------------------------------------------------------------------------

Notes:



1. Reserve cut-off at Guanacevi is 158 g/t Ag
2. Reserve cut-off at Guanajuato is 111 g/t Ag
3. Mining width is 2.0 meters
4. Dilution is 15% after it has been diluted to a minimum mining width if
required
5. Resource cut-off for the Guanacevi and Guanajuato projects is 100 Ag eq
6. Reserve and Resource Silver equivalent is 55:1 for Silver to Gold
7. At the Parral project a cut-off using NSR of $40 is used with the prices
listed below
8. The cut-off used for Arroyo Seco was 100 g/t Ag


Net Smelter Return (NSR) Cut-off Parameters for the Parral Project
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Description Parameter
----------------------------------------------------------------------------
Gold Price US $1,000 per oz
----------------------------------------------------------------------------
Silver Price US $16 per oz
----------------------------------------------------------------------------
Lead Price US $0.65 per lb
----------------------------------------------------------------------------
Zinc Price US $0.65 per lb
----------------------------------------------------------------------------
Gold Recovery (Overall) 75%
----------------------------------------------------------------------------
Silver Recovery (Overall) 71%
----------------------------------------------------------------------------
Lead Recovery (Overall) 80%
----------------------------------------------------------------------------
Zinc Recovery (Overall) 74%
----------------------------------------------------------------------------
Smelter Terms Based on generic contract
----------------------------------------------------------------------------
---------------------------------------------------------------------------

VANCOUVER, BRITISH COLUMBIA--(Marketwire -04/15/12)- Endeavour Silver Corp. (TSX: EDR.TO - News)(NYSE: EXK - News)(Frankfurt: EJD.F - News) ("Endeavour") and AuRico Gold Inc. (TSX: AUQ.TO - News)(NYSE: AUQ - News) ("AuRico Gold") are pleased to announce that they have entered into a definitive agreement whereby Endeavour will acquire 100% interests in AuRico Gold's operating El Cubo silver-gold mine in Guanajuato State, Mexico and the Guadalupe y Calvo silver-gold exploration project in Chihuahua State, Mexico, for total consideration of up to US$250 million.

On Closing, Endeavour will pay AuRico Gold US$200 million, comprised of, at Endeavour's election, up to US$100 million of the purchase price in Endeavour common shares and the balance in cash. Post-Closing, AuRico Gold will be entitled to receive up to an additional US$50 million in cash payments from Endeavour upon the occurrence of certain events during the three years following Closing.

El Cubo is a producing silver-gold mine located in the southeast part of the historic Guanajuato mining district in central Mexico, only 10 kilometers (km) from Endeavour's operating Guanajuato silver-gold mine in the northwest part of the Guanajuato district (see attached map).

Guadalupe y Calvo is an advanced silver-gold exploration project located in the historic Guadalupe y Calvo mining district in Chihuahua State, Mexico, approximately 300 km southwest of the city of Chihuahua. AuRico Gold recently announced an updated resource estimate and preliminary economic assessment envisioning a combined open pit and underground silver-gold mining operation at Guadalupe y Calvo.

The acquisition of the El Cubo mine is an excellent fit within Endeavour's growth strategy of buying mines in historic mining districts where management can create shareholder value by bringing its expertise and capital to bear on expanding reserves and resources, improving mine and mill operations and growing silver and gold production. El Cubo complements Endeavour's Guanajuato mine and should provide operational synergies going forward, as well as boosting Endeavour's silver production to immediately move it into the mid-tier of primary silver producers, with little or no equity dilution to shareholders.

The acquisition of the Guadalupe y Calvo project also fits well with Endeavour's growth strategy as it is located in an historic mining district and has good exploration upside to increase silver-gold resources and the potential to become Endeavour's fourth mine. Endeavour plans to further explore Guadalupe y Calvo with additional drilling before re-assessing its mining potential.

For AuRico Gold, this announcement follows the recent signing of a definitive agreement with respect to the divestiture of AuRico Gold's Australian mines and is consistent with AuRico Gold's strategy of focusing on its large, low cost, core assets. AuRico Gold is now directing all of its attention to delivering value for shareholders from its three operating mines, including Young-Davidson where first production is imminent, and its development pipeline in Mexico and Canada.

Bradford Cooke, Chairman and CEO of Endeavour, commented, "El Cubo's proximity and similarity to, and potential synergies with, our Guanajuato mine, make El Cubo a logical and strategic acquisition for Endeavour that will have an immediate and sizable impact on our production, reserves and resources with minimal or no dilution to our shareholders. We hope to replicate at El Cubo the same types of exploration and operational successes that we have engineered at our Guanacevi and Guanajuato mines."

Rene Marion, President and CEO of AuRico Gold, commented, "AuRico Gold is pleased to have reached an agreement with Endeavour Silver on the El Cubo and Guadalupe y Calvo properties. AuRico Gold views Endeavour as a logical owner for these properties and are solid operators positioned to deliver on the potential we see at both the El Cubo and Guadalupe y Calvo properties. We look forward to participating in the future success of these two assets through our potential ownership interest in Endeavour and through the future receipt of the contingent payments."

El Cubo Highlights
-- Producing silver-gold mine currently operating at 1,200 tpd with 965 employees-- 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, which includes a 2,000 tpd flotation plant owned by a subsidiary of Fresnillo plc-- Q1, 2012 production was 209,440 oz silver and 4,543 oz gold, or 459,305 oz silver equivalent-- Proven and Probable Reserves (Dec 31, 2011) of 18.5 million oz silver and 322,000 oz gold-- Measured and Indicated Resources (Dec 31, 2011) of 8.3 million oz silver and 269,000 oz gold-- Inferred Resources (Dec 31, 2011) of 26.7 million oz silver and 548,000 oz gold
Guadalupe y Calvo Highlights
-- Advanced silver-gold exploration project-- 9 mineral concessions covering 54,872 hectares, including several old mine adits and shafts-- Indicated Resources (Dec 31, 2011) of 7.6 million oz silver and 126,000 oz gold-- Inferred Resources (Dec 31, 2011) of 4.4 million oz silver and 67,000 oz gold-- Preliminary economic assessment (Mar 5, 2012) evaluated the potential for a combined open pit and underground mine producing on average 968,100 oz silver and 17,600 oz gold annually (1.9 million oz silver equivalent at a 55:1 gold: silver ratio) for the first 8 years of production-- After tax NPV at a 5% discount rate is US$93.4 million and the IRR is 27.9% with an initial capital cost of US$85.9 million at a silver price of US$26.35/oz and a gold price of US$1,450/oz
Endeavour Plans
-- Endeavour plans to complete a more detailed assessment of the El Cubo mine operations, mine plan, reserves and resources in order to develop its own long term growth plan and provide 2012 guidance on production, cash costs, capital and exploration programs and budgets after Closing-- Endeavour also plans to complete a more detailed assessment of the Guadalupe y Calvo resources and exploration targets in order to develop its own long term growth plan and provide 2012 guidance on exploration programs and budgets after Closing
Transaction Rationale for Endeavour
-- Adds a third producing silver-gold mine to Endeavour's mine portfolio and launches Endeavour into the mid-tier of primary silver producers-- Adds an advanced gold-silver exploration project to Endeavour's exploration portfolio with the potential to become Endeavour's fourth mine-- Accretive to Endeavour on all financial measures-- Increases 2012 silver production by at least 12% to 4.8 million oz based on Q1, 2012 production and six months production. Revised production guidance will be provided post-Closing-- Increases proven and probable reserves by 110% to 35.3 million oz Ag and 477% to 389,500 oz Au, measured and indicated resources by 41% to 55.0 million oz Ag and 135% to 686,800 oz Au, and inferred resources by 88% to 66.1 million oz Ag and 331% to 800,800 oz Au-- Potential to reduce cash costs at El Cubo through operational synergies with the Guanjuato mine-- Substantially increases Endeavour's prospective mineral land-holdings and exploration potential in Mexico
Transaction Rationale for AuRico Gold
-- Completes AuRico Gold's divestiture process of non-core mines and enables AuRico Gold to direct its full attention to its core portfolio of large, low cost gold mines, projects, and exploration portfolio-- Total proceeds of up to US$250 million including significant cash proceeds of a minimum of US$100 million on Closing-- Significant upside participation potential through AuRico Gold's potential shareholding in Endeavour of up to US$100 million-- Potential for further cash payments of up to US$50 million within three years of Closing
Transaction Highlights
-- On Closing, Endeavour will pay AuRico Gold US$200 million, comprised of, at Endeavour's election, up to US$100 million of the purchase price in Endeavour common shares and the balance in cash Post-Closing, AuRico Gold will be entitled to receive up to an additional US$50 million in cash payments from Endeavour upon the occurrence of certain events during the three years following Closing, for total consideration of up to US$250 million-- Endeavour has sufficient cash on hand (current working capital approximately US$170 million) to meet the minimum cash requirements for Closing and is in the process of securing a bank line of credit which is expected to provide sufficient cash to meet the maximum cash requirements for Closing-- Closing of the transaction is subject to customary closing conditions including receipt of regulatory approvals-- The transaction is subject to a standard review by the competition and anti-trust commission of Mexico, with Closing anticipated within 45 business days
Advisors
-- Endeavour retained Koffman Kalef LLP as its legal advisor-- AuRico Gold retained Dundee Capital Markets to act as its financial advisor and Fasken Martineau DuMoulin LLP to act as its legal advisor
Endeavour Conference Call

An Endeavour telephone conference call to discuss the transaction will be held at 10 am PDT (1 pm EDT) on Tuesday, April 17, 2012. To participate in the telephone conference call, please dial the following:
-- 1-800-319-4610 Canada and USA (Toll-free)-- 1-604-638-5340 Vancouver Dial In-- 1-604-638-5340 Outside of Canada & USA-- No pass-code is necessary to participate in the conference call

This appears to be a good deal to me, but for the synergies, not just the new mine. After a couple of e-mail exchanges with Hugh Clarke, here of some things that hadn't occurred to me.

Endeavour isn't lacking for rock. They had months of unprocessed ore awaiting processing at Guanajauto. They had a few rate limiters last year which they openly discussed on their mine tour.

They lacked power going to the Guanjauato mill, which they needed for another crusher curcuit. This was addressed, and have beginning to processi more ore. They were also near capacity at Quancevi for processing concentrate. Well, El cubo has a leach plant. So, they will have less concentrate to ship, and will be saving trucking costs (and can process more concentrate)

They will be able to use the Las Tores plant until May of 2013 under the present contract. So they will also be processing more ore. I can only assume that there will be another contract established sometime in the future. All this, on top of the additional reserves, and 2 operations within a few kilometers in Gaunajuato. This for around 10-15 million shares worth of dilution to the shareholders? Accretive dilution to be sure, and minimal at that.

Endeavour Silver Reports Record Adjusted Earnings for Q1, 2012, Up 35% to $19.6 Million Compared to Q1, 2011; Revenues Up 39% to $49.0 Million, Cash Flow Up 96% to $28.8 Million

Q1, 2012 Conference Call at 10 am PDT, Wednesday, May 9, 2012




finance.yahoo.com/news/endeavour-silver-...usted-120000118.html

VANCOUVER, BRITISH COLUMBIA--(Marketwire -05/08/12)- Endeavour Silver Corp. (EDR.TO)(EXK)(EJD.F) announced today its financial and operating results and unaudited financial statements for the First Quarter, 2012. Endeavour owns and operates two high-grade, underground, silver-gold mines in Mexico, the Guanacevi Mines in Durango State and the Guanajuato Mines in Guanajuato State.

The Company reported record adjusted earnings (a non-IFRS measure) of $19.6 million ($0.22 per share) in the First Quarter, 2012. Net earnings (an IFRS measure) were $19.8 million and operating cash-flow was $30.0 million from revenues totaling $49.0 million. Silver sales averaged $33.10 per ounce (oz) and the cash costs of production were $6.26 per oz net of gold credits, generating a gross margin of $26.84 per oz of silver produced in Q1, 2012.

Highlights of First Quarter, 2012 (Compared to Q1, 2011)



-- Adjusted Earnings(1) rose 35% to $19.6 million ($0.22 per share)
compared to $14.5 million ($0.18 per share)
-- Net Earnings increased to $19.8 million ($0.23 per share) compared to
$0.5 million ($0.01 per share)
-- Operating Cash-Flow jumped 96% to $28.8 million
-- Mine Operating Cash-Flow(1) climbed 30% to $32.0 million
-- Revenues escalated 39% to $49.0 million
-- Working Capital improved to $158.5 million, up 30% from $121.5 million

-- Silver production up 19% to 1,072,491 ounces (oz)
-- Gold production up 26% to 6,321 oz
-- Silver equivalent production up 21% to 1.39 million oz (50:1 silver:
gold ratio, no base metals)
-- Realized silver price fell less than 1% to $33.10 per oz sold (1.4%
above average price for Q1/12)
-- Realized gold price up 20% to $1,686 per oz sold (equal to average spot
price for Q1/12)
-- Cash costs(1) rose 35% to $6.26 per oz silver produced (net of gold
credits)
-- Metal held in inventory at quarter end included 941,875 oz silver and
4,156 oz gold

(1) Adjusted earnings, mine operating cash-flow and cash costs are non-IFRS
measures


Bradford Cooke, Chairman and CEO, commented, "Endeavour posted strong financial and operating results in the First Quarter, 2012. Thanks to rising silver and gold production, and robust precious metal prices, our sales revenues, operating cash-flow, net earnings and adjusted earnings were all up sharply. As a result, the Company's working capital has never been stronger and we are well positioned to close in June the recently announced strategic acquisition of our third operating silver-gold mine in Mexico, the El Cubo mine in Guanajuato State. Endeavour is well on track to meet its production guidance for 2012. Management plans to provide further guidance regarding El Cubo and the Company's revised production outlook for the year after closing."

"As in previous years, our capital expansion programs at Guanacevi and Guanajuato commenced in the 1st Quarter and are scheduled for completion in the 3rd and 4th Quarters. Silver production will remain relatively flat and cash costs a bit higher than guidance reflecting our current focus on the capital programs. However, once the Guanajuato mine expansion from 1000 tonnes per day (tpd) to 1,600 tpd and the Guanacevi plant optimization from 1000 tpd to 1200 tpd are completed, production should start rising and cash costs should start falling once again."

"In exploration, we currently have five drill rigs working, three at Guanajuato and one each at Guanacevi and the San Sebastian project in Jalisco. New property acquisitions in each of the two districts we operate in are currently in progress, and some exciting new property acquisitions elsewhere are now being evaluated. Initial results from our exploration and acquisition programs are expected this quarter."

Financial Results (see Consolidated Statement of Operations)

Revenues increased 39% to $49.0 million in Q1, 2012 (Q1, 2011 - $35.4 million) thanks to sharply higher silver-gold production. The Company sold 1,100,000 silver oz and 6,497 gold oz at average realized prices of $33.10 per oz and $1,689 per oz respectively. Costs of Sales were up 73% to $25.6 million (Q1, 2011 - $14.8 million) primarily due to higher production, increasing labour costs and higher depletion rates on a per tonne basis.

Mine Operating Cash-Flow increased 30% to $32.0 million (Q1, 2011 - $24.5 million) and Mine Operating Earnings rose to $23.4 million (Q1, 2011 - $20.6 million). The Company realized positive Operating Earnings of $18.9 million (Q1, 2011 - $17.2 million), Operating Cash-Flow was $28.8 million (Q1, 2011 - $14.6 million) and Earnings Before Taxes were $25.2 million (Q1, 2011 - $5.1 million).

Net Earnings were $19.8 million ($0.23 per share) for the period after deducting an Income Tax Expense of $5.4 million (Q1, 2011 - $4.7 million). Net Earnings includes a mark to market derivative liability gain related to share purchase warrants issued in 2009 denominated in Canadian dollars, while the Company's functional currency is the US dollar. Under IFRS, these warrants are classified and accounted for as financial liability at fair market value with adjustments recognized through net earnings. The appreciation of these warrants resulted in a derivative liability gain of $0.1 million compared to a $14.0 million loss in 2011.

Adjusted Earnings are $19.6 million ($0.22 per share) compared to $14.5 million in 2011 ($0.18 per share), excluding the derivative liability adjustments related to the warrants.

Cash Costs increased 35% to $6.26 per oz silver produced in Q1, 2012 (Q1, 2011 - $4.94 per oz) mainly due to down time at Guanacevi related to the connection with the new 115 kva state power supply and in part to wage increases, the appreciation of the Mexican peso and lower grade silver ores at both mines. Endeavour reports its cash costs according to the Gold Institute cash cost reporting guidelines.

Capital investments totaled $9.3 million in property, plant and equipment during the First Quarter, 2012. Their main focus was on continued underground development at the Guanacevi and Guanajuato mines, expanding our mining fleet and upgrading various circuits at the plants to handle increased throughputs.

At March 31, 2012, the Company held cash and short term investments of $131.6 million and working capital totaled $158.5 million, up $16.2 million from the end of 2011.

In January and February, 2012, gold and silver prices enjoyed a significant rebound from their lows in December, 2011. Endeavour therefore elected to sell most of the precious metal inventory it accumulated in Q4, 2011 in order to capture the higher gold and silver prices. However, gold and silver prices corrected sharply once again in March 2012 so Endeavour management once again chose to accumulate its precious metal production in Q1, 2012 rather than sell at depressed prices. As of March 31, 2012 the Company held 941,875 oz silver and 4,156 oz gold in metal inventory carried at cost on the balance sheet.

Operating Results (see Consolidated Table of Operations)

Consolidated silver production climbed 19% to 1,072,491 oz and gold production jumped 26% to 6,321 oz in Q1, 2012 compared to Q1, 2011 thanks to higher plant throughput at both Guanacevi and Guanajuato, partially offset by slightly lower ore grades and recoveries. As a result, consolidated silver and equivalent production rose 21% to 1.4 million oz (50:1 silver: gold ratio, no base metals) compared to Q1, 2011.

Consolidated plant throughputs in Q1, 2012 totaled 193,756 tonnes, up 37% compared to Q1, 2011 due to the 2011 plant expansion at Guanajuato. The Guanacevi mine averaged 1,087 tpd and the Guanajuato mine averaged 1,042 tpd during the First Quarter, 2012. Consolidated silver grades averaged 229 grams per tonne (gpt) silver (9.4 oz per ton) and gold grades averaged 1.33 gpt. Consolidated silver recoveries averaged 75% and gold recoveries averaged 76%.

Guanacevi silver production for Q1, 2012 was 726,697 oz, up 9% compared to 663,202 oz in Q1, 2011 and gold production was 1,620 oz, a decrease of 7% compared to 1,750 oz. Plant throughput was 98,963 tonnes at average grades of 292 gpt silver and 0.60 gpt gold, compared to 91,104 tonnes grading 307 gpt silver and 0.70 gpt gold in Q1, 2011. The increased silver production is attributable to the 9% increase in plant throughput and silver recoveries were also higher.

Guanajuato silver production for Q1, 2012 was 345,794 oz, up 44% compared to 236,931 oz in Q1, 2011 and gold production was 4,701 oz, an increase of 16% compared to 3,258 oz. Plant throughput was 94,796 tonnes at average grades of 163 gpt silver and 2.10 gpt gold, as compared to 50,838 tonnes grading 184 gpt silver and 2.53 gpt gold in Q1, 2011. The increased silver and gold production is attributable to the 86% increase in throughput, offset by lower grades and recoveries.

Outlook for Second Quarter, 2012

Management anticipates silver production and cash costs in Q2, 2012 will be comparable to Q1, 2012 while our operating teams focus on expanding the two mines and optimizing the two plants to attain 2012 throughput goals of 1200 tpd at Guanacevi and 1600 tpd at Guanajuato. We expect the direct costs per tonne at Guanacevi and Guanajuato will start falling once again later this year thanks to anticipated economies of scale as throughput increases at both operations.

Endeavour expects to close the previously announced El Cubo mine and Guadalupe y Calvo property acquisitions in Q2, 2012 once the Mexican government competition anti-trust review is completed. Revised 2012 guidance and our new conceptual long term growth plan will be outlined at that time.

Q1, 2012 Conference Call at 10 am PDT (1 pm EDT) on Wednesday, May 9, 2012

A conference call to discuss the Q1, 2012 financial and operating results will be held at 1 pm Eastern Time (10 am Pacific Time) on Wednesday, May 9, 2012. To participate in the conference call, please dial the following:



-- 800-319-4610 Canada and USA (Toll-free)
-- 604-638-5340 Vancouver Dial In
-- 1-604-638-5340 Outside of Canada & USA
-- No passcode is necessary


A replay of the conference call will be available by dialing 1-800-319-6413 in Canada & USA (Toll-free) or 1-604-638-9010 outside of Canada and USA. The required pass code is 4890 followed by #.

ENDEAVOUR SILVER CORP.

BRADFORD COOKE, Chairman and CEO

Earl this is a well-run company which formulated a long-term game plan several years ago and has persistently and effectively executed that plan.

The results continue to speak for themselves. This is a great company to add as part of the "safe/conservative" component in one's basket of miners. It's big enough to represent safety/security, while still providing plenty of long-term upside (especially with all the miners currently valued at Silly Prices).

Ironically, while we generally don't like to recommend companies to people we are getting closer and closer to the "once in a lifetime" (TWICE in a lifetime?) prices we saw at the end of 2008, and we all should know what happened after THAT.

Right now, you can now pretty much look at ANY of the top-quality juniors and say "you should buy this" at current prices. So in that respect Endeavour is hardly unique. However as noted above we MUST hold a "basket" of these companies - since no one of these companies is "indestructible" (in a world full of rapacious banksters).

So adding Endeavour as PART OF one's basket is a no-brainer at current prices. However with so much to choose from we can AFFORD to spread our dollars around and still obtain outstanding value with every buy.

Endeavour Silver Options Lourdes Property in Guanajuato, Mexico


finance.yahoo.com/news/endeavour-silver-...perty-120000418.html

VANCOUVER, BRITISH COLUMBIA--(Marketwire -06/19/12)- Endeavour Silver Corp. (EDR.TO)(EXK)(EJD.F) announces that it has acquired an option to purchase the Lourdes silver-gold property in the Sierra del Cubo area, located about 40 kilometers (km) northeast of Guanajuato City in Guanajuato State, Mexico. The property is readily accessed by paved state highways about a one hour drive from Guanajuato City, where Endeavour owns and operates its Guanajuato Mine.

The Lourdes property covers a silver-gold low sulfidation epithermal vein system more than 5 km long. The vein system includes three main veins, El Tigre, La Blanca and P131, and several secondary veins. Although Lourdes is considered to be an early stage exploration property, there are several small historic mines located on the property, which is comprised of 3 concessions totaling 509 hectares.

The main El Tigre vein is marked by strong argillic alteration of the Upper Tertiary rhyolite host rocks, and quartz veining up to 5 meters thick. The quartz is mainly chalcedonic, sericitic in places, with colloform banding and locally abundant calcite replacement textures.

While surface assays of the veins are generally low, Endeavour's rock chip samples of the El Tigre and La Blanca veins assayed up to 1.9 grams per tonne (gpt) Au and 299 gpt Ag in places. The spotty high gold and silver grades, rhyolite host rocks and chalcedonic quartz veins all indicate that the Lourdes system is exposed at a high level and holds potential for bonanza grade mineralized zones at depth.

Endeavour plans to conduct systematic geologic mapping, sampling and trenching of the veins followed by diamond drilling to evaluate the ore potential of the Lourdes vein system. The Company has an option to purchase a 100% interest in the Lourdes property for US$350,000 over a 3-year period, subject to a 3% net smelter return (NSR) royalty of which 2% can be purchased at any time for US$2 million.

ENDEAVOUR SILVER CORP.

BRADFORD COOKE, Chief Executive Officer

Qualified Person - Barry Devlin, M.Sc., P.Geo. Vice President, Exploration is the Qualified Person who reviewed this news release and supervised the sampling programs at Lourdes. A Quality Control sampling program of reference standards, blanks and duplicates was used to ensure the integrity of all assay results. All samples were shipped to ALS-Chemex Labs, where they were dried, crushed, split and 50 gram pulp samples were prepared for analysis. Gold and silver were determined by fire assay with an atomic absorption (AA) finish and other elements are determined by AA.

About Endeavour Silver Corp. - Endeavour Silver is a premier mid-tier silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted seven consecutive years of growing silver production, reserves and resources. The organic expansion programs now underway at Endeavour's two operating silver mines in Mexico combined with its strategic acquisition and exploration programs should facilitate Endeavour's goal to become the next premier senior silver mining company.

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 2012, including revenue, cash cost and capital cost forecasts, silver and gold production, the option of the Lourdes property, timing and expenditures to explore and 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; 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.

Another Company with a great management, which simply goes out and efficiently executes its growth strategy, year after year after year.

Endeavour has done a WONDEFUL job of adding to its land package at bargain-basement prices. Indeed, here we have the ONE way in which the banksters HELP the miners: they are making these unexplored/semi-explored properties very CHEAP to acquire.

It may take YEARS to find out if this particular property will ever add significant ounces of silver to Endeavour's operations, however when you're able to acquire land this shrewdly you don't NEED every land parcel to pay off.

Endeavour Silver Production Continues to Climb in Second Quarter, 2012; Produces 1,040,026 Oz Silver (Up 22%) and 7,695 Oz Gold (Up 59%)

Endeavour to Release Second Quarter, 2012 Financial Results on August 7, 2012, Conference Call at 1:00 PM EDT on August 8, 2012
MarketwirePress Release: Endeavour Silver Corp. – 4 hours ago


finance.yahoo.com/news/endeavour-silver-...climb-121400144.html

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2012) - Endeavour Silver Corp. (EDR.TO)(EXK)(EJD.F) announces that the Company's silver and gold production from the Company's two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State, continued to climb in the Second Quarter, 2012.

Silver production was up 22% to 1,040,026 ounces (oz) and gold production was up 59% to 7,695 oz compared to the Second Quarter, 2011. Revenues were up 11% to US$40.4 million due to the higher metal production even though metal prices were lower in Q2, 2012 compared to Q2, 2011.

Production Highlights of Second Quarter 2012 (Compared to Second Quarter 2011)

-- Silver production increased 22% to 1,040,026 oz

-- Gold production rose 59% to 7,695 oz

-- Silver and equivalents production escalated 31% to 1.46 million oz (at a

55:1 silver: gold ratio)

-- Revenues jumped 11% to $40.4 million on 1,075,000 silver oz sold and

5,650 gold oz sold

-- Realized silver price fell 22% to $29.21 per oz sold (close to the

average spot price for Q2/12)

-- Realized gold price rose 5% to $1,599 per oz sold (close to the average

spot price for Q2/12)

-- Metal held in inventory at quarter-end included 896,501 oz silver and

6,124 oz gold

Production Table for Second Quarter 2012

----------------------------------------------------------------------------

Tonnes Tonnes Grade Grade Recovery Recovery Silver Gold

Mine Produced per day Ag g/t Au g/t Ag % Au % Oz Oz

----------------------------------------------------------------------------

Guanacevi 100,208 1,101 269 0.87 77.4 89.2 669,754 2,499

----------------------------------------------------------------------------

Guanajuato 102,779 1,129 149 2.05 75.2 76.6 370,272 5,196

----------------------------------------------------------------------------

Consolidated 202,987 2,230 208 1.47 76.5 80.3 1,040,026 7,695

----------------------------------------------------------------------------

Godfrey Walton, President and COO, stated, "Endeavour's mining operations have enjoyed a strong start to 2012 with new records for silver and gold production in the first six months of the year. Our 2012 mine and plant expansion programs are on time and budget for Guanajuato to reach 1,600 tonnes per day (tpd) and Guanacevi to reach 1,200 tpd by year-end, 2012. As a result, the Company is well on the way to achieving its 2012 production guidance of 4.3 million oz silver and 26,000 oz gold."

"With the success we've enjoyed at turning around and expanding the Guanacevi and Guanajuato mines in recent years, we are looking forward to closing the El Cubo mine acquisition this week and integrating it with our current operations in the Second Half of 2012. We plan to release our plans for El Cubo and revised guidance for 2012 upon the closing of the acquisition."

Endeavour Silver Corp. plans to release its Second Quarter, 2012 financial results on Tuesday August 7, 2012 prior to the market open. A conference call to discuss the results will be held at 10:00 AM Pacific Time (1:00 PM Eastern Time) on Wednesday August 8, 2011. To participate in the conference call, please dial the following:

-- 1-800-319-4610 Canada and USA (Toll-free)

-- 604-638-5340 Vancouver

-- 1-604-638-5340 Outside of Canada & USA

-- No passcode is necessary

A replay of the conference call will be available by dialing 1-800-319-6413 in Canada & USA (Toll-free) or 1-604-638-9010 outside of Canada and USA. The required pass code is 4890 followed by the # sign.

ENDEAVOUR SILVER CORP.

BRADFORD COOKE, CEO and Director

About Endeavour Silver Corp. - Endeavour Silver is a mid-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted seven consecutive years of growing silver production, reserves and resources. The organic expansion programs now underway at Endeavour's two (soon to be three) operating silver mines in Mexico combined with its strategic acquisition and exploration programs should help Endeavour achieve its goal to become the next premier mid-tier silver mining company.

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 2011, including revenue, cash cost and capital cost forecasts, silver and gold production, 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 successfully integrate acquisitions; 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.

The Endeavour group is clear thinking, well lead by both directors and management. I would expect continued success, if metals hold. The synergies with El Cubo and the other Guanajuato operations with increase over time.