VANCOUVER, March 3 /PRNewswire-FirstCall/ -- Endeavour Silver Corp.
(EDR: TSX, EXK: AMEX, and EJD: Frankfurt) released today updated,
NI 43-101 reserve and resource estimates to December 31, 2007 for
its three active silver mining and exploration projects in Mexico,
the Guanacevi Mines in Durango State, the Guanajuato Mines
(previously called Bolanitos) in Guanajuato State, and the Parral
Exploration project in Chihuahua State. Highlights of the new
estimates include a 50% jump in proven and probable reserves to
14.9 million oz silver (16.5 million oz Ag equivalents, assuming a
55:1 Ag:Au ratio, but not including any base metals) after
replacing reserves depleted by mining in 2007 and an 11% increase
in total silver equivalent reserves and resources compared to
December 31, 2006. The updated reserves are additional to the
updated resources, both shown in the table below:
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Reserves Proven & Probable
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Description Tonnes Ag g/t Au g/t Ag oz Au oz
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Proven
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Guanacevi 82,941 447 0.65 1,192,567 1,724
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Total Proven 82,941 447 0.65 1,192,567 1,724
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Probable ---------------------------------------------- Guanacevi
1,140,933 354 0.61 13,002,592 22,309
---------------------------------------------- Guanajuato 103,000
209 1.40 694,000 4,650
---------------------------------------------- Total Probable
1,243,933 342 0.67 13,696,592 26,959
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Total Proven & Probable 1,326,874 349 0.67 14,889,159 28,684
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(x) Cut-off grade for Proven & Probable Reserves is 250 g/t Ag
for Guanacevi & 215 g/t Ag-Equivalent for Guanajuato
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Resources Measured and Indicated
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Description Tonnes Ag g/t Au g/t Ag oz Au oz
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Measured
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--------------------------- Guanacevi 15,046 224 0.35 108,524 167
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Total Measured 15,046 224 0.35 108,524 167
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Indicated
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Guanacevi 1,187,452 347 0.73 13,248,207 27,928
---------------------------------------------- Guanajuato 42,000
194 2.10 262,000 2,900
---------------------------------------------- Cometa 600,000 39
1.00 752,000 19,000
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Total Indicated 1,829,452 242 0.85 14,262,207 49,828
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Total Measured & Indicated 1,844,498 242 0.84 14,370,730 49,995
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Resources Inferred
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Description Tonnes Ag g/t Au g/t Ag oz Au oz
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Guanacevi 844,754 313 0.58 8,512,517 15,862
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Guanajuato 321,000 218 2.00 2,245,000 21,060
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Cometa 1,150,000 39 1.00 1,440,000 37,000
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Total Inferred 2,315,754 164 0.99 12,197,517 73,922
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(x) Cut-off grade for Indicated & Inferred Resources is 200 g/t
Ag for Guanacevi & 215 g/t Ag-Equivalent for Guanajuato In
2007, Endeavour focused on four different strategic objectives in
order to delineate new reserves and resources at its three main
project areas in Mexico: 1. Replace reserves depleted by mining in
2007 2. Increase conversion of resources to reserves at Guanacevi
3. Increase total resources at Guanacevi and Guanajuato 4. Find new
resources at Parral As can be seen by the 50% jump in proven and
probable reserves, the first two objectives were readily fulfilled
last year. The bulk of the new reserves are added at the Company's
Porvenir mine operation in Guanacevi through underground mine
development to convert previous resource blocks into reserve
blocks. The acquisition of the Guanajuato Mines project in Q2, 2007
also added incremental new reserves through the resampling of
accessible historic reserve blocks previously reported for the
Cebada mine in Guanajuato. Thanks to the gold content of the
reserves and resources at Guanajuato, total silver equivalent
reserves and resources increased 11% compared to last year's
estimates. No new resources were added at Guanacevi because
step-out drilling did not commence until the end of Q3, 2007 so
there were insufficient new data to materially increase resources
by year-end. However, the recent discovery of the new "3785"
silver-gold zone at Guanajuato and the extension of the known
Porvenir silver orebody at Guanacevi announced last week confirm
that Endeavour expects to continue aggressively growing its
resource base this year. In addition, Endeavour achieved its fourth
objective last year with the discovery of a new polymetallic
mineral deposit on the Cometa property, part of the Parral project.
Although zinc and lead appear to be more valuable than silver and
gold in the newly discovered Cometa mineralized zone (see table
below), the base metals have been treated as by-product credits
rather than silver equivalents for the purposes of the Company's
silver resource estimate. Metallurgical testwork is being finalized
and a preliminary economic assessment for the Cometa deposit is now
nearing completion.
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Resources Indicated
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Description Tonnes Ag g/t Au g/t Zn (%) Pb (%) Cu%
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Total Indicated 600,000 39 1.00 3.0 2.7 0.16
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Resources Inferred
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Description Tonnes Ag g/t Au g/t Zn (%) Pb (%) Cu%
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Total Inferred 1,150,000 39 1.00 2.5 2.4 0.17
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(x) Cut-off grade for Cometa Resources is 4.5% Zinc-Equivalent for
Cometa, ZnEq % = (Au g/t + Zn % + Pb % + Ag oz/t).
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Godfrey Walton, President and COO, commented, "Last year, we met
our goal of substantially increasing the proven and probable
reserves at Guanacevi to facilitate our long term mine planning. We
also enjoyed exploration success with the new discovery at the
Cometa property in Parral. This year, we have turned our attention
back to boosting the resources at each of the three active project
areas in Mexico. An aggressive 38,000 m drilling program is now
underway with five drill rigs currently turning." Endeavour
retained SRK Consulting (UK) Limited ("SRK"), to audit the updated
reserves and resources to December 31, 2007 for the Guanajuato and
Parral projects. The Qualified Person for reporting the reserves is
Mr Michael Beare, C.Eng, B.Eng (Mining), MIMMM, an employee of SRK.
The Qualified Person for reporting the resources is Mr Martin
Pittuck, M.Sc., MIMMM, also an SRK employee. Endeavour mine and
exploration personnel prepared the updated reserves and resources
to December 31, 2007 for the Guanacevi project because the combined
reserves and resources did not materially change compared to the
previous reserve/resource estimate prepared by Micon International
Ltd. in March 2007. The Qualified Person for reporting the reserves
and resources is Barry Devlin, M.Sc., P. Geo., the Vice President
of Exploration for Endeavour. The reserve and resource statements
for the Guanacevi, Guanajuato and Parral projects were classified
following the definitions and guidelines of the Canadian Institute
of Mining, Metallurgy and Petroleum CIM standards on Mineral
Resources and Reserves (CIM Standards) and the guidelines of NI
43-101. Endeavour anticipates receiving the final technical reports
from Beare, Pittuck and Devlin and filing them on SEDAR within the
next 45 days. Endeavour Silver Corp. (EDR: TSX, EXK: AMEX, EJD:
DBFrankfurt) is a small-cap silver mining company focused on the
growth of its silver production, reserves and resources in Mexico.
The expansion programs now underway at Endeavour's two operating
mines, Guanacevi in Durango and Bolanitos in Guanajuato, coupled
with the Company's aggressive acquisition and exploration programs
in Mexico should enable Endeavour to join the ranks of top primary
silver producers worldwide. ENDEAVOUR SILVER CORP. Per: /s/
"Bradford J. Cooke" Bradford J. Cooke Chairman and CEO CAUTIONARY
DISCLAIMER - FORWARD LOOKING STATEMENTS
-------------------------------------------------- Certain
statements contained herein regarding the Company and its
operations constitute "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform
Act of 1995. All statements that are not historical facts,
including without limitation statements regarding future estimates,
plans, objectives, assumptions or expectations of future
performance, are "forward-looking statements". We caution you that
such "forward looking statements" involve known and unknown risks
and uncertainties that could cause actual results and future events
to differ materially from those anticipated in such statements.
Such risks and uncertainties include fluctuations in precious metal
prices, unpredictable results of exploration activities,
uncertainties inherent in the estimation of mineral reserves and
resources, fluctuations in the costs of goods and services,
problems associated with exploration and mining operations, changes
in legal, social or political conditions in the jurisdictions where
the Company operates, lack of appropriate funding and other risk
factors, as discussed in the Company's filings with Canadian and
American Securities regulatory agencies. Resource and production
goals and forecasts may be based on data insufficient to support
them. Godfrey Walton, M.Sc., P.Geo., President and COO is the
Qualified Person for the Company as required by NI 43-101. The
Company expressly disclaims any obligation to update any
forward-looking statements. We seek safe harbour. CONTACT: Hugh
Clarke, Toll free: (877) 685-9775, tel: (604) 685-9775, fax: (604)
685-9744, email or visit our website, http://www.edrsilver.com/
DATASOURCE: Endeavour Silver Corp. CONTACT: Hugh Clarke, Toll free:
(877) 685-9775, tel: (604) 685-9775, fax: (604) 685-9744, email or
visit our website, http://www.edrsilver.com/
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