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Endeavour Silver Updates Reserve and Resource Estimates; Deep Drilling Intersects Highest Grades Yet at Terronera

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VANCOUVER, BC --(Marketwired - January 21, 2016) - 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 well as one exploration project, the Terronera Project in Jalisco State, as of December 31, 2015.

Endeavour replaced its proven and probable silver reserves in 2015 notwithstanding a lower metal price assumption ($16 per ounce (oz) silver vs $18 per oz) compared to 2014. Measured and indicated silver resources increased 6% and gold resources decreased 17% in 2015 due respectively to upgrading of inferred silver resources at Guanacevi and Bolanitos and depletion of gold resources at Bolañitos.

Bradford Cooke, CEO of Endeavour, stated, "We are gratified to have replaced our P&P reserves and boosted our M&I silver resources given the challenging metal price environment last year. Our exploration efforts were successful in identifying new mineralization at each mine and the Terronera mine project should be a significant driver of new reserves and resources in 2016."

In past years, Endeavour has used three-year trailing price averages for silver and gold in estimating reserves and resources. At the end of 2015, the trailing price averages for gold and silver were approximately $1,279 per oz gold and $19.52 per oz silver, which management views as too high for use in the estimation of reserves and resources. Instead, management used a US$1,150 per oz gold price and US$16 per oz silver price to more reasonably reflect the near-term outlook.

2015 Reserve/Resource Highlights (Compared to December 31, 2014)



-- Silver Proven and Probable Reserves were flat at 12.0 million ounces
(oz)
-- Gold Proven and Probable Reserves were flat at 110,800 oz
-- Silver Equivalent Proven and Probable Reserves totalled 19.7 million oz
(70:1 silver:gold ratio)
-- Silver Measured and Indicated Resources increased 7% to 69.8 million oz
-- Gold Measured and Indicated Resources decreased 19% to 539,500 oz
-- Silver Equivalent Measured and Indicated Resources totalled 107.6
million oz
-- Silver Inferred Resources decreased 12% to 44.7 million oz
-- Gold Inferred Resources increased 3% to 349,700 oz
-- Silver Equivalent Inferred Resources totalled 69.2 million oz
-- 2014 silver equivalents based on 70:1 silver:gold ratio, base metals
not included
-- All assumptions are listed at the bottom of the reserve and resource
summary table



Work on Endeavour's other exploration projects in Mexico (the Guadalupe y Calvo and Parral projects in Chihuahua and the Arroyo Seco project in Michoacán) did not change the resources, and previous estimates remain unchanged. The Guadalupe y Calvo resources were estimated in 2012 and the Parral and Arroyo Seco resources were estimated at the end of 2010. The Terronera resource estimate is the same one used in the Preliminary Economic Estimate (PEA) released in May 2015.

Mineral Reserve and Resource Estimates at December 31, 2015




----------------------------------------------------------------------------
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 107,500 254 0.52 290 878,000 1,795 1,003,700
----------------------------------------------------------------------------
Bolañitos 205,700 125 2.60 307 827,700 17,400 2,045,700
----------------------------------------------------------------------------
El Cubo 195,200 150 3.11 367 940,600 19,585 2,311,600
----------------------------------------------------------------------------
Total
Proven 508,400 162 2.37 328 2,646,300 38,780 5,361,000
----------------------------------------------------------------------------
Probable
----------------------------------------------------------------------------
Guanaceví 798,000 205 0.45 237 5,260,600 11,735 6,082,100
----------------------------------------------------------------------------
Bolañitos 172,600 101 2.73 292 561,800 15,150 1,622,300
----------------------------------------------------------------------------
El Cubo 632,100 173 2.23 330 3,521,700 45,105 6,679,100
----------------------------------------------------------------------------
Total
Probable 1,602,700 181 1.40 279 9,344,100 71,990 14,383,500
----------------------------------------------------------------------------
Total P+P 2,111,100 177 1.63 291 11,990,400 110,770 19,744,500
----------------------------------------------------------------------------







----------------------------------------------------------------------------
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 175,500 306 0.54 344 1,728,000 3,090 1,944,300
----------------------------------------------------------------------------
Bolañitos 101,300 140 2.13 289 457,300 6,940 943,100
----------------------------------------------------------------------------
El Cubo 74,650 279 2.83 477 670,200 7,062 1,164,500
----------------------------------------------------------------------------
Total
Measured 360,650 255 1.49 359 2,953,400 17,292 4,163,800
----------------------------------------------------------------------------
Indicated
----------------------------------------------------------------------------
Guanaceví 2,313,200 277 0.78 331 20,565,600 58,215 24,640,700
----------------------------------------------------------------------------
Bolañitos 940,700 153 1.94 289 4,639,700 58,610 8,742,400
----------------------------------------------------------------------------
El Cubo 630,000 215 2.19 368 4,352,400 44,570 7,472,300
----------------------------------------------------------------------------
Terronera 3,091,400 221 1.71 340 21,947,000 169,500 33,812,000
----------------------------------------------------------------------------
Guadalupe y
Calvo 1,861,000 119 2.38 286 7,147,300 142,500 17,122,300
----------------------------------------------------------------------------
Total
Indicated 9,104,500 207 1.61 320 60,714,000 470,595 93,655,700
----------------------------------------------------------------------------
Total M+I 9,465,150 209 1.60 321 63,667,400 487,887 97,819,500
----------------------------------------------------------------------------







----------------------------------------------------------------------------
Silver-Gold Inferred Resources
----------------------------------------------------------------------------
Ag Eq
Tonnes Ag g/t Au g/t g/t Ag oz Au oz Ag Eq oz
----------------------------------------------------------------------------
Inferred
----------------------------------------------------------------------------
Guanaceví 1,150,520 308 0.72 358 11,389,100 26,671 13,256,100
----------------------------------------------------------------------------
Bolañitos 1,291,700 171 2.74 363 7,104,500 113,900 15,077,500
----------------------------------------------------------------------------
El Cubo 1,172,500 192 2.68 380 7,247,100 100,800 14,303,100
----------------------------------------------------------------------------
Terronera 1,176,700 189 1.43 289 7,157,400 54,300 10,958,400
----------------------------------------------------------------------------
Guadalupe y
Calvo 154,000 94 2.14 244 464,600 10,600 1,206,600
----------------------------------------------------------------------------
Total
Inferred 5,039,520 211 1.90 344 34,132,500 307,971 55,690,500
----------------------------------------------------------------------------






Silver-Gold-Lead-Zinc Resources
----------------------------------------------------------------------
Tonnes Ag g/t Au g/t Ag Eq g/t
----------------------------------------------------------------------
Indicated
----------------------------------------------------------------------
Parral 1,631,000 49 0.90 112
----------------------------------------------------------------------
Guanaceví 655,000 166 0.21 181
----------------------------------------------------------------------
Total Indicated 2,286,000 83 0.70 132
----------------------------------------------------------------------
Parral 1,303,000 63 0.88 125
----------------------------------------------------------------------
Arroyo Seco 738,000 220 0.07 225
----------------------------------------------------------------------
Guanaceví 646,000 129 0.15 140
----------------------------------------------------------------------
Total Inferred 2,687,000 122 0.48 156
----------------------------------------------------------------------


Silver-Gold-Lead-Zinc Resources
----------------------------------------------------------------------------
Ag oz Au oz Ag Eq oz Pb% Zn%
----------------------------------------------------------------------------
Indicated
----------------------------------------------------------------------------
Parral 2,589,900 47,200 5,893,500 2.87 2.86
----------------------------------------------------------------------------
Guanaceví 3,495,700 4,400 3,805,300 0.61 1.02
----------------------------------------------------------------------------
Total Indicated 6,085,600 51,600 9,698,800 2.22 2.33
----------------------------------------------------------------------------
Parral 2,658,900 36,900 5,239,500 2.55 2.28
----------------------------------------------------------------------------
Arroyo Seco 5,220,000 1,700 5,336,300 0.65 0.18
----------------------------------------------------------------------------
Guanaceví 2,687,300 3,100 2,904,300 1.12 2.07
----------------------------------------------------------------------------
Total Inferred 10,566,200 41,700 13,476,100 1.68 1.65
----------------------------------------------------------------------------






1. Reserve cut-off grades were 200 g/t silver equivalent at Guanaceví, 192
g/t silver equivalent at Bolañitos, and 184 g/t silver equivalent at El
Cubo.
2. Measured and indicated resource cut-off grades were 182 g/t silver
equivalent at Guanaceví, 175 g/t silver equivalent at Bolañitos, 167 g/t
silver equivalent at El Cubo, and 150 g/t silver equivalent at
Terronera.
3. Inferred resource cut-off grades for Guanaceví, Bolañitos and El Cubo,
were the same as the measured and indicated resource cut offs and 150
g/t silver equivalent at Terronera.
4. Mineral resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that all or any part of the
mineral resources estimated will be converted into mineral reserves.
5. Recoveries were 83.5% silver and 86.2% gold at Guanaceví; 75.9% silver
and 84.7% gold at Bolañitos; and 87.4% silver and 89.6% gold at El Cubo
6. Minimum mining widths were 1.4 metres at Guanaceví, 0.8 metres at
Bolañitos, and 0.8 metres at El Cubo.
7. Dilution factors were 26.2% at Guanaceví, 24.0% at Bolañitos, and 23.9%
at El Cubo. Dilution factors are calculated based on internal stope
dilution calculations and external dilution factors of 15% for cut and
fill and 30% for long hole
8. Silver equivalents are based on a 70:1 silver:gold ratio
9. Price assumptions are $16 per ounce for silver and $1,150 per ounce for
gold.
10. Mineral resources are estimated exclusive of and in addition to mineral
reserves.
11. Proven reserves are defined within 10 metres of underground development
while probable reserves extend a further 15 metres from underground
development.



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 Qualified Persons for the mineral resource and reserve estimates were Zachary Black, QP, SME-RM and Jeffery Choquette, P.E., QP, MMSA of Hard Rock Consulting. Technical reports for Guanaceví, Bolañitos, and El Cubo will be completed and filed on SEDAR by March 6, 2016.

These reserve and resource statements were classified following the definitions and guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum CIM standards and definitions of mineral resources and reserves and the guidelines contained in National Instrument 43-101.

2015 Updated Exploration Highlights

Endeavour Silver Corp. (TSX: EDR) (NYSE: EXK) also released today an update of the Company's final exploration drill results in 2015. Last year, the focus was on brownfields exploration around the three operating mines to replace reserves and expand resources, and on infill drilling the Terronera discovery to better define the resources for mine planning and economic modelling.

Luis Castro, Endeavour's Vice President of Exploration, commented, "Our exploration programs continued to deliver solid drill results in 2015, notwithstanding a reduced budget due to lower metal prices. In particular, deep drilling at Terronera intersected the highest grades yet on the property, and surface sampling of several other veins identified multiple new high grade drill targets for 2016. Last year, we spent US$7.2 million on exploration excluding capitalized property costs and drilled 36,385 metres (m) or 119,373 feet (ft) in 151 drill holes."

Terronera Property

Endeavour drilled 6,130 m in 27 holes at Terronera to infill the recently discovered, thick, high-grade silver-gold mineralization within the Terronera vein. Recent drilling highlights include 3,875 gpt silver and 4.36 gpt gold over 5.58 m true width (122.5 opT silver equivalent over 18.3 ft based on a silver: gold ratio of 75:1) in hole TR09-5 (link to longitudinal section).

This hole, drilled below a low grade hole TR09-3 which was previously thought to be the bottom of the bonanza mineralized zone, intersected the highest grades yet on the property, including a core zone grading 15,533 gpt silver and 10.0 gpt gold over 0.39 m true width (16,283 gpt silver equivalent over 1.3 ft based on a silver: gold ratio of 75:1). This part of the deposit remains open for further drilling.




----------------------------------------------------------------------------
Hole Structure From True Width Au Ag AgEq

(m) (m) (gpt) (gpt) (gpt)
----------------------------------------------------------------------------
TR06-4 Terronera 309.80 1.94 1.37 122 225
-----------------------------------------------------
Including 309.80 0.23 0.55 674 715
----------------------------------------------------------------------------
TR08-4 Terronera 298.40 1.83 0.72 979 1,033
-----------------------------------------------------
Including 299.20 0.26 2.63 4,360 4,557
----------------------------------------------------------------------------
TR09-5 Terronera 302.60 5.58 4.36 3,875 4,202
-----------------------------------------------------
Including 308.05 0.39 10.00 15,533 16,283
----------------------------------------------------------------------------




Surface grab and chip sampling of three other veins on the Terronera property identified new areas of high grade silver-gold mineralization over mineable widths. The La Luz vein was traced for 1.7 km in length, ranges from 2 to 7 m wide and grades from nil up to 951 gpt silver and 26.7 gpt gold. The El Padre vein was traced for 1.8 km along strike, ranges from 0.4 to 4 m wide and grades from nil up to 358 gpt silver and 10.1 gpt gold. The Democrata vein was traced for 850 m in length, ranges from 0.3 to 2 m wide and grades from nil up to 534 gpt silver and 9.3 gpt gold. Each of these veins exhibit small historic mine workings but have never been explored or drilled in modern times.

Bolañitos Mine

In 2015, Endeavour drilled 9,500 m in 39 holes at Bolañitos to outline high-grade, gold-silver vein mineralization in the Bolañitos North and Puertecito South areas. Recent drilling highlights include 29 grams per tonne (gpt) silver and 19.0 gpt gold over 1.69 m true width (42.4 ounces per ton (opT) silver equivalent over 5.5 ft based on a silver: gold ratio of 75:1) within the San Miguel HW vein in hole MG-03 (link to longitudinal section). The San Miguel HW vein intercepts are a shallow extension of the historic San Miguel mine, and the mineralization is wide open along strike.




----------------------------------------------------------------------------
Hole Structure From True Width Au Ag AgEq

(m) (m) (gpt) (gpt) (gpt)
----------------------------------------------------------------------------
MG-03 San Miguel HW 108.75 1.69 19.02 29 1,456
-----------------------------------------------
Including 108.95 0.14 97.50 123 7,436
----------------------------------------------------------------------------
MG-04 San Ignacio 29.20 1.32 0.48 385 421
-----------------------------------------------
Including 30.55 0.38 0.63 859 906
-----------------------------------------------
San Miguel 149.80 2.16 4.44 10 343
-----------------------------------------------
Including 152.40 0.26 17.05 27 1,306
----------------------------------------------------------------------------
MG-05 San Miguel HW 66.35 1.41 5.47 114 525
-----------------------------------------------
Including 67.55 0.13 14.40 158 1,238
----------------------------------------------------------------------------
RV-16 La Loba 283.40 1.20 2.08 82 238
-----------------------------------------------
Including 284.40 0.20 4.20 199 514
----------------------------------------------------------------------------
CTA-02 Cabrera Carrica 38.35 1.48 1.79 98 232
-----------------------------------------------
Including 40.10 0.25 4.66 116 466
-----------------------------------------------
Lourdes 136.10 1.16 0.97 175 248
-----------------------------------------------
Including 136.35 0.30 3.38 448 702
----------------------------------------------------------------------------




El Cubo Mine

Endeavour drilled 11,200 m in 47 holes last year at El Cubo to delineate new high-grade, gold-silver vein mineralization in the V-Asunción and other veins. Recent drilling highlights include 223 gpt silver and 3.72 gpt gold over 6.06 m true width (14.6 opT silver equivalent over 19.9 ft based on a silver: gold ratio of 75:1) within the Nayal vein in hole CNY-04 (link to longitudinal section). The Nayal vein intercepts are very shallow and the mineralized zone remains open along strike.




----------------------------------------------------------------------------
Hole Structure From True Width Au Ag AgEq

(m) (m) (gpt) (gpt) (gpt)
----------------------------------------------------------------------------
CNY-02 Nayal 109.30 1.13 6.15 547 1,008
-----------------------------------------------
Including 110.15 0.30 17.90 1,595 2,938
----------------------------------------------------------------------------
CNY-04 Nayal 46.25 6.06 3.72 223 501
-----------------------------------------------
Including 49.40 0.68 14.90 865 1,983
----------------------------------------------------------------------------
CUDG-989 Dolores (Hw) 14.90 1.09 3.90 197 489
-----------------------------------------------
Including 15.50 0.50 6.39 354 833
----------------------------------------------------------------------------
CUDG-989A Dolores (Hw) 14.85 1.10 4.83 289 651
-----------------------------------------------
Including 15.25 0.40 12.95 771 1,742
----------------------------------------------------------------------------
CUDG-994 San Miguel 30.60 1.06 3.50 25 287
-----------------------------------------------
Including 30.90 0.18 11.05 66 895
----------------------------------------------------------------------------
CUDG-996 San Juan de Dios 92.70 1.35 10.40 123 902
-----------------------------------------------
Including 93.80 0.29 48.00 566 4,166
----------------------------------------------------------------------------
CUDG-1002 La Loca 109.30 1.54 4.33 72 397
-----------------------------------------------
Including 109.30 0.17 18.30 45 1,418
----------------------------------------------------------------------------




Guanaceví Mine

In 2015, Endeavour drilled 9,550 m in 38 holes at Guanaceví to expand previously discovered high-grade silver-gold mineralization in the Santa Cruz vein at the Santa Cruz and Porvenir Norte mines. Recent drilling highlights include 1,661 gpt silver and 3.11 gpt gold over 1.03 m true width (55.2 opT silver equivalent over 3.4 ft based on a silver: gold ratio of 75:1) in hole UG-07 (link to longitudinal section).

The Santa Cruz vein intercepts are depth extensions of the Santa Cruz mine and remain open at depth.




----------------------------------------------------------------------------
True
Hole Structure From Width Au Ag AgEq

(m) (m) (gpt) (gpt) (gpt)
----------------------------------------------------------------------------
UG-01 Santa Cruz SCV2 100.85 1.32 0.26 245 264
-----------------------------------------------
Including 102.50 0.13 0.77 799 857
----------------------------------------------------------------------------
UG-04 Santa Cruz SCV2 170.85 1.02 0.39 269 298
----------------------------------------------------------------------------
UG-06 Santa Cruz 172.00 1.06 1.35 1,061 1,163
-----------------------------------------------
Including 172.25 0.14 5.03 3,300 3,677
----------------------------------------------------------------------------
UG-07 Santa Cruz 212.50 1.03 3.11 1,661 1,895
-----------------------------------------------
Including 212.50 0.21 11.90 6,340 7,233
----------------------------------------------------------------------------




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 2004 the company has grown from no operations to 11.4 million ounces of silver equivalent production in 2015. We find, build and operate quality silver mines in a socially, economically and environmentally responsible manner to create real value for all stakeholders. Endeavour Silver's shares trade on the TSX under the symbol EDR and on the NYSE under the symbol EXK.


Attachment Available: http://www.marketwire.com/library/MwGo/2016/1/21/11G079615/Longitudinal_Terronera-8f1a26d89df28f15bb803a528a33827b.pdf

Attachment Available: http://www.marketwire.com/library/MwGo/2016/1/21/11G079615/Longitudinal_Santa_Cruz-6a75ce172830be379423855ee09a6521.pdf

Attachment Available: http://www.marketwire.com/library/MwGo/2016/1/21/11G079615/Longitudinal_San_Miguel-684a634e3e1f9b35a0ebb801f46007b2.pdf

Attachment Available: http://www.marketwire.com/library/MwGo/2016/1/21/11G079615/Longitudinal_Nayal-33ee6b75fa2fbfdab36a044dd265bd2e.pdf


FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information - For more information, please contact:
Meghan Brown
Director Investor Relations
Toll free: (877) 685-9775
Tel: (604) 640-4804
Fax: (604) 685-9744
Email: mbrown@edrsilver.com
Website: www.edrsilver.com

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