Endeavour Announces NI 43-101 Reserve/Resource Update: Proven/Probable Reserves Rise 50% to 14.9 Million Oz Silver; Silver Equivalent Reserves/Resources Increase 11% Over Last Year



    VANCOUVER, March 3 /CNW/ - 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:

    
    -------------------------------------------------------------------------
    Reserves Proven & Probable
    -------------------------------------------------------------------------
    Description                   Tonnes   Ag g/t  Au g/t    Ag oz     Au oz
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Proven
    -------------------------------------------------------------------------
    Guanacevi                      82,941    447    0.65   1,192,567   1,724
    -------------------------------------------------------------------------
    Total Proven                   82,941    447    0.65   1,192,567   1,724
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    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
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total Proven & Probable     1,326,874    349    0.67  14,889,159  28,684
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*) Cut-off grade for Proven & Probable Reserves is 250 g/t Ag for
        Guanacevi & 215 g/t Ag-Equivalent for Guanajuato
    -------------------------------------------------------------------------
    Resources Measured and Indicated
    -------------------------------------------------------------------------
    Description                   Tonnes   Ag g/t  Au g/t    Ag oz     Au oz
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Measured
    -------------------------------------------------------------------------
    ---------------------------
    Guanacevi                      15,046    224    0.35     108,524     167
    -------------------------------------------------------------------------
    Total Measured                 15,046    224    0.35     108,524     167
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Indicated
    -------------------------------------------------------------------------
    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
    -------------------------------------------------------------------------
    Total Indicated             1,829,452    242    0.85  14,262,207  49,828
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total Measured & Indicated  1,844,498    242    0.84  14,370,730  49,995
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Resources Inferred
    -------------------------------------------------------------------------
    Description                  Tonnes    Ag g/t  Au g/t    Ag oz     Au oz
    -------------------------------------------------------------------------
    Guanacevi                     844,754    313    0.58   8,512,517  15,862
    -------------------------------------------------------------------------
    Guanajuato                    321,000    218    2.00   2,245,000  21,060
    -------------------------------------------------------------------------
    Cometa                      1,150,000     39    1.00   1,440,000  37,000
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total Inferred              2,315,754    164    0.99  12,197,517  73,922
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*) 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.

    
    -------------------------------------------------------------------------
    Resources Indicated
    -------------------------------------------------------------------------
    Description                  Tonnes    Ag g/t  Au g/t  Zn (%) Pb (%) Cu%
    -------------------------------------------------------------------------
    Total Indicated               600,000     39    1.00    3.0    2.7  0.16
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Resources Inferred
    -------------------------------------------------------------------------
    Description                  Tonnes    Ag g/t  Au g/t  Zn (%) Pb (%) Cu%
    -------------------------------------------------------------------------
    Total Inferred              1,150,000     39    1.00    2.5    2.4  0.17
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*) Cut-off grade for Cometa Resources is 4.5% Zinc-Equivalent for
        Cometa, ZnEq % = (Au g/t + Zn % + Pb % + Ag oz/t).
    -------------------------------------------------------------------------
    

    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.

    %SEDAR: 00018368E          %CIK: 0001277866




For further information:

For further information: Hugh Clarke, Toll free: (877) 685-9775, tel:
(604) 685-9775, fax: (604) 685-9744, email investorrelations@edrsilver.com or
visit our website, www.edrsilver.com

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