Endeavour Silver Corp. - Exploration Review Of 2007 And Exploration Outlook For 2008



    VANCOUVER, Feb. 12 /CNW/ - Endeavour Silver Corp. (EDR: TSX, EXK: AMEX,
and EJD: Frankfurt) delivered additional exploration success in 2007,
highlighted by the discovery of new polymetallic mineralization on the El
Cometa mine property, part of Endeavour's Parral Project located in the
historic mining district of Hidalgo de Parral, Chihuahua State, Mexico.
    Last year, the Company drilled a total of 24,000 m of core in 76 drill
holes, testing prospective silver targets in 4 separate project areas,
Guanacevi in Durango, Guanajuato in Guanajuato, Parral in Chihuahua and Arroyo
Seco in Michoacan. All four areas returned positive drill results although
many of the sample assays for the projects were still in progress at year-end.
    For 2008, Endeavour is budgeting 38,000 of drilling in approximately 150
drill holes using 4 drill rigs at the four project areas, with a renewed focus
on expanding the silver resources near Endeavour's two operating mines at
Guanacevi and Guanajuato (previously called the Bolanitos Project but renamed
to reflect the district-scale opportunity of the Bolanitos-Cebada-Golondrinas
properties at Guanajuato).
    Bradford Cooke, Chairman and CEO, Commented "We are gratified to see our
acquisition and exploration strategy at the Parral Project already paying off
with the new discovery at El Cometa. Even though the new mineralized zone is
not silver-rich, it has substantial zinc, lead and gold values. El Cometa is
attractively located adjacent to existing infrastructure for rapid development
and represents the first of what management hopes will be several new
discoveries in this historic mining district."
    The following is an overview of the Company's four principal exploration
projects in Mexico, including a review of exploration results in 2007 and the
outlook for exploration programs in 2008:

    Parral Project
    --------------
    Endeavour currently holds an option to acquire a 100% interest in the 20
hectare (49 acres) El Cometa mine property located on the outskirts of the
city of Parral in Chihuahua State, Mexico. According to the Mexican Geological
Survey (SGM, previously CRM), the district of Parral produced over
250 million oz silver historically, as a by-product of several large
lead-zinc-silver vein mines. Two large polymetallic mines continue to operate
at the south end of the district, the Santa Barbara mine (6000 tpd) of Grupo
Mexico and the San Francisco mine (3000 tpd) of Grupo Frisco.
    In 2006, Endeavour acquired options to purchase several properties along
the Colorada vein system in the Parral district. In 2007, a total of 15,800 m
were drilled in 47 holes to test 7 separate prospective silver veins target.
Once it became clear that the Company had an emerging discovery on the El
Cometa Property, the other properties were dropped because the drill results
were less encouraging.
    The El Cometa property is well located for mining, accessible by paved
road only 1 km from a 500 tpd government-owned plant. The old El Cometa mine
was developed on 3 mine levels to 75 m in depth on the same vein as the
Esmeralda mine, located only 2 km to the south.
    Esmeralda is estimated to have produced 4 million tonnes of ore grading
6% combined Pb-Zn, 100 gpt Ag and 0.5 gpt Au on 10 levels to 600 m in depth.
The deepest drill hole by Endeavour at El Cometa is only 400 m below surface
and the newly discovered mineralized zone is still open at depth and to a
certain extent along strike. Drill results to year-end are shown in the
following table:

    
    El Cometa Vein Drill Results
                                                                     Released
                                                                       Previ-
    HOLE      VEIN      FROM  WIDTH   Au       Ag   Cu(%)  Pb(%) Zn(%) ously
    -------------------------------------------------------------------------
           La Estrella
            Vein       178.30  2.50   0.2      77  0.005  0.077  0.300
    CM11-1 ------------------------------------------------------------------
           El Cometa
            Vein       265.75  2.50   0.1       6  0.016  0.808  1.486  (*)
    -------------------------------------------------------------------------
    CM12-1 El Cometa
            Vein       129.46  2.38   0.4      28  0.035  1.063  1.344  (*)
    -------------------------------------------------------------------------
    CM13-1 El Cometa
            Vein       187.37  2.30   0.5      14  0.031  1.729  3.396  (*)
    -------------------------------------------------------------------------
    CM13-2 El Cometa
            Vein       199.62  2.66   0.9      15  0.050  2.527  4.952  (*)
    -------------------------------------------------------------------------
           La Estrella
            Vein       111.91  3.34   0.9      24  0.063  1.425  1.859  (*)
           ------------------------------------------------------------------
    CM13-3 El Cometa
            Vein       292.25  3.95   0.2       9  0.070  1.168  2.917  (*)
           ------------------------------------------------------------------
           Consuelo
            Breccia    342.30  3.86   0.2      30  0.134  0.349  0.111
    -------------------------------------------------------------------------
    CM13-4 El Cometa
            Vein       225.75  4.15   0.2      10  0.049  1.856  4.452
    -------------------------------------------------------------------------
    CM14-1 El Cometa
            Vein       166.57  4.26   0.3      41  0.038  1.351  2.614
    -------------------------------------------------------------------------
    CM14-2 El Cometa
            Vein       263.06  3.68   3.1      51  0.169  3.533  1.048
    -------------------------------------------------------------------------
           La Estrella
            Vein       236.20  3.70   0.4      18  0.045  2.929  7.281
           ------------------------------------------------------------------
           Inc.        236.55  0.35  0.51   38.00  0.071  6.080 17.850
           ------------------------------------------------------------------
    CM14-3 Inc.        239.10  0.45  0.78   60.00  0.179  9.710 16.600
           ------------------------------------------------------------------
           El Cometa
            Vein       416.65  2.97   1.8      22  0.121  0.293  0.261
           ------------------------------------------------------------------
           Consuelo
            Breccia    477.05  2.97   0.1      18  0.119  0.488  0.505
    -------------------------------------------------------------------------
    CM15-1 El Cometa
            Vein       212.06  2.94   1.4      22  0.052  1.826  1.662  (*)
    -------------------------------------------------------------------------
    CM15-2 El Cometa
            Vein       300.57  8.86   1.0      50  0.212  5.431  3.043  (*)
    -------------------------------------------------------------------------
           La Estrella
            Vein       238.93  2.92   0.9      20  0.012  4.245  4.459
           ------------------------------------------------------------------
    CM15-3 El Cometa
            Vein       447.23  4.34   0.2      81  0.382  2.631  2.442
           ------------------------------------------------------------------
           Consuelo
            Breccia    473.50  3.20   0.1      15  0.459  0.084  0.408
    -------------------------------------------------------------------------
           La Estrella
            Vein       156.55  2.51   0.3      40  0.022  3.067  1.181  (*)
           ------------------------------------------------------------------
    CM16-1 El Cometa
            Vein       319.70  2.47   0.2      15  0.112  1.847  3.537  (*)
           ------------------------------------------------------------------
           Consuelo
            Breccia    340.43  2.53   1.1      21  0.180  2.244  0.497
    -------------------------------------------------------------------------
           El Cometa
            Vein       254.47  2.63   0.2       6  0.015  0.475  0.672  (*)
    CM16-2 ------------------------------------------------------------------
           Consuelo
            Breccia    273.87  2.66   0.6      16  0.068  2.120  2.697
    -------------------------------------------------------------------------
           El Cometa
             Vein      300.90  2.92   1.5      23  0.097  2.799  4.295  (*)
    CM17-1 ------------------------------------------------------------------
           Consuelo
            Breccia    324.58 10.55   3.1      28  0.160  2.400  2.930
    -------------------------------------------------------------------------
           La Estrella
            Vein       111.50  2.43   0.2      58  0.055  1.494  1.193  (*)
           ------------------------------------------------------------------
    CM17-2 El Cometa
            Vein       278.77  2.36   0.3       6  0.060  0.519  0.404
           ------------------------------------------------------------------
           Consuelo
            Breccia    283.83  4.19   0.6      21  0.134  3.472  1.322  (*)
    -------------------------------------------------------------------------
           El Cometa
            Vein       210.93  2.24   0.1       8  0.007  1.015  1.239
           ------------------------------------------------------------------
    CM17-3 Consuelo
            Breccia    227.39  2.16   4.7     362  0.095  3.110  2.107
           ------------------------------------------------------------------
           Inc.        227.70  1.10   8.3     700  0.152  5.330  3.410
    -------------------------------------------------------------------------
           La Estrella
            Vein       218.70  2.83   0.4      10  0.021  1.616  3.053
    CM17-4 ------------------------------------------------------------------
           El Cometa
            Vein       406.81  5.08   3.5      47  0.014  2.978  0.397
    -------------------------------------------------------------------------
           La Estrella
            Vein       138.24  2.51   0.4      19  0.048  1.538  1.985
           ------------------------------------------------------------------
    CM18-1 El Cometa
            Vein       328.30  3.50  15.3      36  0.359  4.431  3.452  (*)
           ------------------------------------------------------------------
           Consuelo
            Breccia    341.22  2.66   0.3       8  0.055  0.975  0.989
    -------------------------------------------------------------------------
           La Estrella
            Vein       126.65  2.75   0.4      32  0.023  2.047  2.111  (*)
           ------------------------------------------------------------------
    CM18-2 El Cometa
            Vein       303.61  4.53   0.8     115  0.254  5.051  6.456  (*)
           ------------------------------------------------------------------
           Inc.        305.30  0.90  0.76   58.00  0.074  3.830 15.750
    -------------------------------------------------------------------------
           La Estrella
            Vein        89.34  3.47   0.3     157  0.078  1.526  1.441  (*)
    CM18-3 ------------------------------------------------------------------
           El Cometa
            Vein       251.67  2.91   1.9      38  0.058  2.363  1.344  (*)
    -------------------------------------------------------------------------
           La Estrella
            Vein       154.01  2.74   0.8      11  0.017  0.900  1.610
           ------------------------------------------------------------------
    CM18-4 El Cometa
            Vein       364.31  2.74   0.2       5  0.067  0.844  1.573
           ------------------------------------------------------------------
           Consuelo
            Breccia    386.63  4.84   0.2      87  0.758  1.853  1.533
    -------------------------------------------------------------------------
           La Estrella
            Vein       129.35  2.56   0.2      58  0.027  2.235  3.552
           ------------------------------------------------------------------
    CM19-1 El Cometa
            Vein       327.93  6.59   0.7      63  0.304  3.023  4.646
           ------------------------------------------------------------------
           Inc.        329.70  0.60  0.59   72.00  0.299  7.120 11.050
    -------------------------------------------------------------------------
           La Estrella
            Vein       145.20  4.00   0.3      11  0.010  1.022  1.582
           ------------------------------------------------------------------
           El Cometa
    CM19-2  Vein       356.22  6.51   1.6      62  0.302  2.907  1.933
           ------------------------------------------------------------------
           El Cometa
            Vein       264.16  8.87   0.4      40  0.346  3.721  4.470
           ------------------------------------------------------------------
           Inc.        265.10  0.50  0.86  178.00  0.301 10.500 10.650
    -------------------------------------------------------------------------
    MX-1   La Mexicana
            Vein       121.00  3.66   0.2      47  0.054  2.852  6.343  (*)
    -------------------------------------------------------------------------
    

    Note - The width referred to above is the core width and not the true
width which is in process of being finalized.
    It is clear that the zinc, lead and gold contents of the vein appear to
be more valuable than the silver component. On average, the mineralized zones
grade approximately 1.7 % Zn, 2.6% Pb, 1.8 gpt Au and 50 gpt Ag, assuming no
mine dilution.
    Metallurgical test-work and a preliminary economic assessment are
currently underway so that an initial resource estimate can be completed in
Q1, 2008. Endeavour has also commenced infill drilling of 7 holes totaling
2,000 m to tighten up the drill spacing to approximately 40 m centers.
    Negotiations are now underway to significantly expand Endeavour's
land-holdings at Parral, both near El Cometa as well as in other prospective
areas. For the Parral Project as a whole, a total of 4300 m of drilling is
budgeted in 2008, including El Cometa and new property acquisitions.

    Guanajuato Project
    ------------------
    In 2007, Endeavour acquired a 100% interest in the Bolanitos Mines
Project (now renamed the Guanajuato Project), including the Cebada mine
properties along the Veta Madre and the Bolanitos mine properties along the
Veta La Luz as well as the 500 tpd Bolanitos process plant, located only a few
km north and west of the city Guanajuato in the famous silver-gold mining
district of Guanajuato, Guanajuato State, Mexico.
    Unidad Bolanitos consists of 13 properties totaling 2071 hectares (5,117
acres) in two property groups (Bolanitos and Cebada), three operating
silver(gold) mines (Bolanitos, Golondrinas and Cebada), several past-producing
silver(gold) mines, and the 500 tonne per day Bolanitos process plant. Cebada
is located just 3 km north of the city of Guanajuato. Bolanitos and the plant
are situated approximately 5 km west of Cebada, and both properties are
readily accessed by paved and well maintained gravel roads.
    According to the SGM, the district of Guanajuato was the second largest
historic silver mining district in Mexico, having produced over 1 billion oz
of silver and 5 million oz of gold since the late 1500's. In the last three
years, three historic mines have been re-activated in the Guanajuato district
by Canadian companies, the El Cubo mine of Gammon Gold, the Cata-Las
Rayas-Valenciana mines of Great Panther and Cebada-Bolanitos-Golondrinas mines
of Endeavour.
    In 2007, Endeavour compiled the historic surface and underground sample
and drill data of Industrias Penoles for the Cebada and Bolanitos mine
properties, commenced underground re-sampling of certain historic reserve
blocks, identified multiple prospective silver vein targets, and initiated the
first drilling program in this part of the district in almost 2 decades.
    A total of 3,600 m were drilled in 15 holes to test three target areas.
As of year-end, the company was still awaiting the assays from all 15 holes.
    The Cebada and Bolanitos mine properties are well located for mining,
accessible by gravel road only a few km north and west of the city of
Guanajuato. The Cebada mine lies along the famous Veta Madre and were
originally developed by the Spaniards in the 1600's. The Bolanitos mines cover
most of the Veta La Luz sub-district, which was found in the early 1500's,
prior to the discovery of the Veta Madre.
    The Company has launched an aggressive drilling program at the Guanajuato
Project in 2008, totaling 17,500 m in approximately 75 holes. The focus will
be on delineating new resources within or adjacent to the numerous existing
mine workings at Cebada and Bolanitos, as well as exploring new property
acquisitions within the district.

    Guanacevi District
    ------------------
    Endeavour currently owns or has options to acquire 100% interests in
approximately 957 hectares (2,365 acres) within the historic silver mining
district of Guanacevi, Durango State, Mexico. The Company first acquired the
producing Santa Cruz mine properties and the Guanacevi process plant in 2004
when they were preparing to close.
    Since that time, Endeavour has discovered four new high-grade silver
orebodies along an initial 4 km length of the Santa Cruz vein, culminating in
a reserve and resource estimate in March 2007 (see NR dated March 8, 2007)
totaling approximately 10 million oz silver in proven and probable reserves,
21 million oz silver in measured and indicated resources and 10 million oz
silver in inferred resources, as follows:

    
    Proven and Probable Reserves

    ----------------------------------------------------------------
                                 In-situ Tonnes & Grade
                    ------------------------------------------------
                                Silver                Gold
    Category   Zone   Tonnes     (g/t)      Ounces    (g/t)  Ounces
    ----------------------------------------------------------------
    Proven     Zone
                 1         0         0           0       0        0
    ----------------------------------------------------------------
               Zone
                1-2   91,436       513   1,508,049    0.92    2,718
    ----------------------------------------------------------------
               Zone
                 2    82,063       671   1,770,316    0.97    2,558
    ----------------------------------------------------------------
               Zone
                 3   182,498       483   2,833,911    0.91    5,314
    ----------------------------------------------------------------
               Zone
                 4    10,072       658     213,070    0.95      309
    ----------------------------------------------------------------
    Total Proven     366,069       537   6,325,346    0.93   10,898
    ----------------------------------------------------------------
    Probable   Zone
                 1   218,818       476   3,348,659    0.98    6,892
    ----------------------------------------------------------------
               Zone
                1-2        0         0           0       0        0
    ----------------------------------------------------------------
               Zone
                 2         0         0           0       0        0
    ----------------------------------------------------------------
               Zone
                 3    23,421       341     256,799    0.73      550
    ----------------------------------------------------------------
               Zone
                 4         0         0           0    0.00        0
    ----------------------------------------------------------------
    Total Probable   242,239       463   3,605,458   0.096    7,442
    ----------------------------------------------------------------
    Total Proven +
     Probable        608,308       508   9,930,804    0.94   18,339
    ----------------------------------------------------------------

    Indicated Resources (Cut-off Grade 200 g/t Silver)

    ------------------------------------------------------------
                Million  Silver  Gold     Silver        Gold
    AREA         Tonnes   (g/t)  (g/t)  Million oz  Thousand oz
    ------------------------------------------------------------
    PORVENIR       1.38    300   0.46      13.33          20
    ------------------------------------------------------------
    PORVENIR DOS   0.22    349   0.66       2.47           5
    ------------------------------------------------------------
    SANTA CRUZ     0.33    391   0.69       4.21           7
    ------------------------------------------------------------
    ALEX BRECCIA   0.10    314   0.62       1.05           2
    ------------------------------------------------------------
    TOTAL          2.03    327   0.54      21.06          34
    ------------------------------------------------------------

    Inferred Resources (Cut-off 200 g/t Silver and within 75 m of the
    Indicated Boundary)

    ------------------------------------------------------------
                Million  Silver  Gold     Silver        Gold
    AREA         Tonnes   (g/t)  (g/t)  Million oz  Thousand oz
    ------------------------------------------------------------
    PORVENIR       0.68    284   0.58       6.19          13
    ------------------------------------------------------------
    PORVENIR DOS      -      -      -          -           -
    ------------------------------------------------------------
    SANTA CRUZ     0.22    379   0.62       2.67           4
    ------------------------------------------------------------
    ALEX BRECCIA   0.13    277   0.50       1.13           2
    ------------------------------------------------------------
    TOTAL          1.03    323   0.60       9.99          19
    ------------------------------------------------------------
    

    According to the SGM, the district of Guanacevi was a top five historic
silver mining district in Mexico with past production estimated at more than
450 million oz silver. Endeavour brought its first new discovery, the new
North Porvenir ore-body into production in late 2004 and has significantly
expanded the operations each year since.
    Exploration drilling was halted in Q1, 2007 to allow mine development to
proceed and underground drill stations to be cut. Drilling resumed in
September, 2007 and by year-end, 3,900 m had been completed in 7 drill holes
to extend known mineralization at the North Porvenir and Santa Cruz mines to
the northwest. Only half of the assays for these drill holes were received by
year-end.
    An aggressive drilling program is now underway in 2008 to complete
12,700 m in approximately 50 drill holes testing 6 target areas, including the
newly acquired Milache and San Pedro properties. Like Guanajuato, the focus
will be on delineating new silver resources proximal to both current and
historic mine workings.

    Arroyo Seco
    -----------
    Endeavour owns 1,215 hectares (3,002 acres) at the Arroyo Seco property
in Michoacan that it acquired at auction from the SGM in late 2006. Arroyo
Seco was acquired because the SGM reported a stratabound silver historic
resource within a favorable sedimentary layer.
    Arroyo Seco is somewhat unique to Mexico in that the silver
mineralization appears to be syn-sedimentary in nature, forming stratiform
tabular lenses within three stacked sedimentary layers. Mineralization
consists of tetrahedrite, tennantite, argentite, and minor galena, sphalerite,
chalcopyrite and pyrite associated with barite, calcite, and quartz in
disseminated sulfide zones.
    The Company drilled 750 m in 7 holes last year to confirm the
syn-sedimentary nature of the silver-barite mineralization. The holes returned
economically interesting mineralization, including 823 gpt Ag over 1.10 m.
    Geological mapping and IP-Resistivity surveying both indicate that the
favorable mineralized sedimentary bed thickens towards the southeast part of
the property. Therefore, a small drilling program of 1,500 m in approximately
10 holes is planned for this area in 2008.
    Barry Devlin, M.Sc., P.Geo. Vice President Exploration is the Qualified
Persons who reviewed this news release and supervised the surface drilling and
sampling programs in Parral, Guanacevi and Guanajuato Projects. A Quality
Control sampling program of blanks and duplicates has been instituted to
monitor the integrity of all assay results. All core samples are split at the
Parral, Guanajuato, or Guanacevi field offices and shipped to SGS assay lab in
Durango and or Chemex Labs, where they are dried, crushed, split and 30 gram
pulp samples are prepared for analysis. Gold and silver are determined by fire
assay with an atomic absorption (AA) finish and lead, zinc and copper are
determined by AA.

    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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