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<SEC-DOCUMENT>0001062993-09-003467.txt : 20090929
<SEC-HEADER>0001062993-09-003467.hdr.sgml : 20090929
<ACCEPTANCE-DATETIME>20090928174142
ACCESSION NUMBER:		0001062993-09-003467
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20090630
FILED AS OF DATE:		20090929
DATE AS OF CHANGE:		20090928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENDEAVOUR SILVER CORP
		CENTRAL INDEX KEY:			0001277866
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33153
		FILM NUMBER:		091091076

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 301
		STREET 2:		700 WEST PENDER STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1G8
		BUSINESS PHONE:		604-685-9775

	MAIL ADDRESS:	
		STREET 1:		SUITE 301
		STREET 2:		700 WEST PENDER STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1G8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENDEAVOUR GOLD CORP
		DATE OF NAME CHANGE:	20040128
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by sedaredgar.com - Endeavour Silver Corp. - Form 6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF" style="font-size: 10pt;">
<hr noshade align="center" width="100%" size=3 color="black">

<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="center">For the month of<b> September, 2009</b></p>

<p align="center">Commission File Number: <B>001-33153</B></p>

<p align="center"><b><u><font size=5>ENDEAVOUR SILVER CORP.</font></u></b><br>
  (Translation of registrant's name into English) </p>

<p align="center"><b>Suite 301 - 700 West Pender Street<br>
  <u>Vancouver, British Columbia, Canada, V6C 1G8</u></b><br>
  (Address of principal executive offices) </p>

<p align="center">Indicate by check mark whether the registrant files or will
  file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center">[<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
  Form 20-F&nbsp;&nbsp;&nbsp;[ x ] Form 40-F</p>
<p align="center">Indicate by check mark if the registrant is submitting the Form
  6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>
<p align="center"> Indicate by check mark if the registrant is submitting the
  Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>
<p align="center">Indicate by check mark whether by furnishing the information
  contained in this Form, the registrant is also thereby furnishing the information
  to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
  of 1934.</p>
<p align="center">Yes [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
  No [ x ]</p>
<p align="center"> If &quot;Yes&quot; is marked, indicate below the file number
  assigned to the registrant in connection with Rule 12g3-2(b): 82- _________
</p>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<p align="center"><img src="endeavourlogo.gif" width="289" height="75"></p>
<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-1.htm">Management's Discussion and Analysis (Amended) for the Period ended June 30, 2009</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm">99.2</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-2.htm">Form 52-209F2R - CEO Certification</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-3.htm">99.3</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-3.htm">Form 52-109F2R - CFO Certifcation</a></td>
  </tr>
</table>
<p>&nbsp;</p>

<hr noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><strong><u>SIGNATURES</u></strong></p>

<p align="justify">Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed on its behalf
  by the undersigned, thereunto duly authorized.</p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><b>Endeavour Silver Corp.</b></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">(Registrant)</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">Date: September 25, 2009</td>
    <td valign="top">By:</td>
    <td><I>/s/ Bradford Cooke</I></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td><hr noshade align="center" width="100%" size=1 color="black"> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>Bradford Cooke</td>
  </tr>
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">Title:</td>
    <td>Chairman &amp; CEO</td>
  </tr>
</table>
<p>&nbsp; </p>

<hr noshade align="center" width="100%" size=5 color="Black"></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>AMENDED MD&A
<TEXT>
<HTML>
<HEAD>
   <TITLE>Filed by sedaredgar.com - Endeavour Silver Corp. - Exhibit 99.1</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify><B><U>PRELIMINARY INFORMATION</U></B></P>
<P align=justify>The following Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;)
of Endeavour Silver Corp. (the &#147;Company&#148;) should be read in conjunction with the
unaudited consolidated financial statements for the three and six months ended
June 30, 2009 and 2008 and the related notes contained therein. In addition, the
following should be read in conjunction with the audited consolidated financial
statements for the year ended December 31, 2008, the related MD&amp;A and the
Company&#146;s most recent Annual Information Form, which have been filed with the
Canadian Provincial Securities Regulatory Authorities (*) and the most recent
Form 40-F which has been filed with the US Securities and Exchange Commission
(the &#147;SEC&#148;).</P>
<P align=justify>All financial information in this MD&amp;A is prepared in
accordance with Canadian generally accepted accounting principles (&#147;CAD GAAP&#148;),
and all dollar amounts are expressed in US dollars unless otherwise
indicated.</P>
<P align=justify><B>Cautionary Note concerning Forward-Looking Statements:
</B>This MD&amp;A contains &#147;forward-looking statements&#148; within the meaning of
the United States Private Securities Litigation Reform act of 1995 and
&#147;forward-looking information&#148; within the meaning of applicable Canadian
securities legislation. Such forward-looking statements and information herein
include, but are not limited to, statements regarding Endeavour&#146;s anticipated
performance in 2009, including 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. 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); 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, but not limited to
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, diminishing quantities or grades of mineral reserves as properties
are mined; the ability to successfully integrate acquisitions; risks in
obtaining necessary licenses and permits, and challenges to the company&#146;s title
to properties; as well as those factors described in the section &#147;risk factors&#148;
contained in the Company&#146;s most recent annual report on Form 40-F filed with the
SEC and Annual Information Form filed with the Canadian securities regulatory
authorities. 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.</P>
<P align=justify><B>Cautionary Note to U.S. Investors concerning Estimates of
Measured, Indicated and Inferred Resources: </B>In this MD&amp;A, the terms
&#147;measured&#148;, &#147;indicated&#148; and &#147;inferred&#148; resources are used. The Company advises
U.S. investors that while such terms are recognized and permitted under Canadian
securities rules, the SEC does not recognize them. U.S. investors are cautioned
not to assume that all or any part of the mineral deposits in these categories
will ever be converted to proven or probable reserves<B>. </B>&#147;Inferred
resources&#148; in particular have a great amount of uncertainty as to their
existence, and their economic feasibility. U.S. investors are cautioned not to
assume that all or any part of an inferred mineral resource actually exists,
will ever be upgraded to a higher resource category or will ever be economically
feasible to mine. Under Canadian securities rules, estimates of inferred
resources may not form part of the basis of feasibility or other economic
studies. </P>
<P align=justify><B>(*) available at the SEDAR website at </B><B><U><FONT
color=#0000ff>www.sedar.com</FONT></U></B></P>
<P align=center>1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left colSpan=2><B><U>TABLE OF CONTENTS</U></B> </TD>
    <TD align=left width="6%">&nbsp;</TD></TR>
  <TR>
    <TD height="16" colSpan=2 align=left>&nbsp;</TD>
  <TD align=left width="6%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;<a href="#page_2"><B>1</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="#page_2"><B>History
      and Strategy</B> </A></TD>
    <TD align=left width="6%" bgColor=#eeeeee><a href="#page_2"><B>Page</B>
      <B>2</B> </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;<a href="#page_3"><B>2</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="#page_3"><B>Operating
      Performance</B> </A></TD>
    <TD align=left width="6%" bgColor=#eeeeee><a href="#page_3"><B>Page</B>
      <B>3</B> </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;<a href="#page_12"><B>3</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="#page_12"><B>Financial
      Results</B> </A></TD>
    <TD align=left width="6%" bgColor=#eeeeee><a href="#page_12"><B>Page
      12</B> </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;<a href="#page_17"><B>4</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="#page_17"><B>Liquidity
      and Capital Resources</B> </A></TD>
    <TD align=left width="6%" bgColor=#eeeeee><a href="#page_17"><B>Page
      17</B> </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;<a href="#page_24"><B>5</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="#page_24"><B>Outlook</B>
      </A></TD>
    <TD align=left width="6%" bgColor=#eeeeee><a href="#page_24"><B>Page
      24</B> </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;<a href="#page_26"><B>6</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="#page_26"><B>Subsequent
      Events</B> </A></TD>
    <TD align=left width="6%" bgColor=#eeeeee><a href="#page_26"><B>Page
      25</B> </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;<a href="#page_25"><B>7</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="#page_25"><B>Changes
      in Accounting Policies &amp; Critical Accounting Estimates</B> </A></TD>
    <TD align=left width="6%" bgColor=#eeeeee><a href="#page_25"><B>Page
      25</B> </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;<a href="#page_26"><B>8</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="#page_26"><B>Controls
      and Procedures</B> </A></TD>
    <TD align=left width="6%" bgColor=#eeeeee><a href="#page_26"><B>Page
      26</B> </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;<a href="#page_26"><B>9</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="#page_26"><B>International
      Financial Reporting Standards</B> </A></TD>
    <TD align=left width="6%" bgColor=#eeeeee><a href="#page_26"><B>Page
      26</B> </A></TD></TR></TABLE>
<P align=justify><B><U>HISTORY AND STRATEGY</U></B></P>
<P align=justify>The Company is engaged in the evaluation, acquisition,
exploration, development and exploitation of silver mining properties in
Mexico.</P>
<P align=justify>Historically, the business philosophy was to acquire and
explore early-stage mineral prospects in Canada and the United States. In 2002
the Company was re-organized, a new management team was appointed, and the
business strategy was revised to focus on acquiring advanced-stage silver mining
properties in Mexico. Mexico, despite its long and prolific history of metal
production, appeared to be relatively un-explored using modern exploration
techniques and offered promising geological potential for precious metals
exploration and production.</P>
<P align=justify>After evaluating several mineral properties in Mexico in 2003,
the Company negotiated an option to purchase the Guanacevi silver mines and
process plant located in Durango, Mexico in May 2004. Management recognized that
even though the mines had run out of ore, little modern exploration had been
carried out to discover new silver ore-bodies. Exploration drilling commenced in
June 2004 and quickly met with encouraging results. By September 2004,
sufficient high grade silver mineralization had been outlined to justify the
development of a ramp into the newly discovered ore-body called North Porvenir.
In December 2004, the Company commenced the mining and processing of ore from
the new North Porvenir mine to produce silver dore bars.</P>
<P align=justify>In 2007, the Company replicated the success of Guanacevi with
the acquisition of the Guanajuato Mines project in Guanajuato State. Guanajuato
was very similar in that there was a fully built and permitted processing plant,
the mines were running out of ore and the operation was for sale. The
acquisition was finalized in May 2007 and as a result of the successful mine
rehabilitation and exploration work conducted in 2008, both silver production
and resources grew sharply last year, and Guanajuato is now a strong and growing
part of the Company&#146;s asset base.</P>
<P align=justify>Both Guanacevi and Guanajuato are good examples of Endeavour&#146;s
business model of acquiring fully built and permitted silver mines that were
about to close for lack of ore. By bringing the money and expertise needed to
find new silver orebodies, Endeavour has successfully re-opened and is now
expanding these mines to unfold their full potential. The obvious benefit of
acquiring fully built and permitted infrastructure is that if new exploration
efforts are successful, the mine development cycle from discovery to
production only takes a matter of months instead of the several years normally
required in the traditional mining business model.</P>
<P align=center>2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify>The Company historically funded its exploration and development
activities through equity financings. Equity financings also facilitated the
acquisition and development of the Guanacevi and Guanajuato Mines projects.
However, since 2004, the Company has been able to finance more and more of its
acquisition, exploration, development and operating activities from production
cash flows.</P>
<P align=justify><B><U>OPERATING PERFORMANCE</U></B></P>
<P align=justify><B><I>Q2, 2009 Highlights (Compared to Q2, 2008)</I></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD colSpan=2>
      <P align=justify>Silver production rose 13% to 584,486 oz</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD colSpan=2>
      <P align=justify>Gold production jumped 62% to 2,768 oz</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD colSpan=2>
      <P align=justify>Silver-equivalent production climbed 22% to 762,891 oz
      (using a 67:1 silver:gold ratio and not including base metals)</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD colSpan=2>
      <P align=justify>Cash costs fell 28% to $6.95 per oz silver
  produced</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD colSpan=2>
      <P align=justify>Capital investments underway at Guanacevi and
      Guanajuato</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Mine Development: 992 meters completed at Guanacevi, 707
      meters completed at Guanajuato</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Guanacevi Access Ramps well underway at Alex Breccia,
      Porvenir Dos, Santa Cruz and Porvenir North</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Guanacevi Ventilation Shaft completed, installing
      ladderways and piping for dewatering</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Guanacevi Pump Station Modified, adding two more pump
      stations to handle the water in flow</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Guanacevi Tailings Expansion for 2009 nearing
      completion</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Guanajuato Access Ramps completed at Lucero, San Jose and
      Cebada.</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD colSpan=2>
      <P align=justify>Exploration projects at Guanacevi and
Guanajuato</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Drilling started in Guanacevi at San Pedro and Porvenir
      Cuatro, while drill permits are still pending for Lucero and Cebada zones
      at Guanajuato.</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>The first drift along the Lucero Vein averages 270 grams
      per tonne silver (gpt) and 2.58 gpt gold over a 2.8 meter true
      thickness.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD colSpan=2>
      <P align=justify>Plant throughputs in Q2, 2009 totalled 90,338 tonnes (up
      5%) at average grades of 259 grams per tonne (gpt) silver and 1.16 gpt
      gold (up 44%) and plant recoveries were 77.2% for silver (up 10%) and 85%
      for gold (up 2%)</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD colSpan=2>
      <P align=justify>Acquired the strategic Porvenir Cuatro properties at
      Guanacevi adjoining Endeavour&#146;s Porvenir Dos property and covers an
      additional 670 meters of strike length along the Santa Cruz vein system to
      the northwest, extending Endeavour&#146;s land position along this prolific
      mineralized structure to 4.5km</P></TD></TR></TABLE>
<P align=center>3</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
</P><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      colSpan=3><B><I>Comparative Table of Consolidated Mine Operations</I></B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center><B><U>Plant T'put</U></B> </TD>
    <TD align=center colSpan=2><B><U>Ore Grades</U></B> </TD>
    <TD align=center colSpan=2><B><U>Recovered Ounces</U></B> </TD>
    <TD align=center colSpan=2><B><U>Recoveries</U></B> </TD>
  <TD align=center><B><U>Cash Cost</U></B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Tonnes</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Ag(gpt)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Au(gpt)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Ag(oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Au(oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Ag(%)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Au(%)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>$
      per oz</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Production 2007 Year:</B> </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
  <TD align=center width="9%">&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
  <TD width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q1, 2007 </TD>
    <TD align=right width="9%" bgColor=#e6efff>47,781 </TD>
    <TD align=right width="9%" bgColor=#e6efff>427 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0.88 </TD>
    <TD align=right width="9%" bgColor=#e6efff>490,986 </TD>
    <TD align=right width="9%" bgColor=#e6efff>1,020 </TD>
    <TD align=right width="9%" bgColor=#e6efff>74.8 </TD>
    <TD align=right width="9%" bgColor=#e6efff>75.1 </TD>
  <TD align=right width="9%" bgColor=#e6efff>5.45 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Q2, 2007 </TD>
    <TD align=right width="9%">58,060 </TD>
    <TD align=right width="9%">290 </TD>
    <TD align=right width="9%">0.99 </TD>
    <TD align=right width="9%">430,248 </TD>
    <TD align=right width="9%">1,481 </TD>
    <TD align=right width="9%">74.8 </TD>
    <TD align=right width="9%">76.4 </TD>
  <TD align=right width="9%">9.67 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q3, 2007 </TD>
    <TD align=right width="9%" bgColor=#e6efff>94,469 </TD>
    <TD align=right width="9%" bgColor=#e6efff>281 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0.80 </TD>
    <TD align=right width="9%" bgColor=#e6efff>577,384 </TD>
    <TD align=right width="9%" bgColor=#e6efff>1,804 </TD>
    <TD align=right width="9%" bgColor=#e6efff>67.8 </TD>
    <TD align=right width="9%" bgColor=#e6efff>74.4 </TD>
  <TD align=right width="9%" bgColor=#e6efff>10.64 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Q4, 2007 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">91,251 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">319    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">0.85    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">636,866 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">2,122    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">68.0    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">80.4    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">11.09    </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>291,561 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>319 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>0.87 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>2,135,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>6,427 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>70.4 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>76.8 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>9.38 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Production 2008 Year:</B> </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
  <TD align=left width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q1, 2008 </TD>
    <TD align=right width="9%" bgColor=#e6efff>78,157 </TD>
    <TD align=right width="9%" bgColor=#e6efff>304 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0.71 </TD>
    <TD align=right width="9%" bgColor=#e6efff>504,669 </TD>
    <TD align=right width="9%" bgColor=#e6efff>1,433 </TD>
    <TD align=right width="9%" bgColor=#e6efff>66.2 </TD>
    <TD align=right width="9%" bgColor=#e6efff>79.8 </TD>
  <TD align=right width="9%" bgColor=#e6efff>10.01 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Q2, 2008 </TD>
    <TD align=right width="9%">86,391 </TD>
    <TD align=right width="9%">257 </TD>
    <TD align=right width="9%">0.77 </TD>
    <TD align=right width="9%">517,077 </TD>
    <TD align=right width="9%">1,705 </TD>
    <TD align=right width="9%">72.8 </TD>
    <TD align=right width="9%">83.0 </TD>
  <TD align=right width="9%">9.62 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q3, 2008 </TD>
    <TD align=right width="9%" bgColor=#e6efff>96,721 </TD>
    <TD align=right width="9%" bgColor=#e6efff>270 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0.93 </TD>
    <TD align=right width="9%" bgColor=#e6efff>625,094 </TD>
    <TD align=right width="9%" bgColor=#e6efff>2,465 </TD>
    <TD align=right width="9%" bgColor=#e6efff>75.4 </TD>
    <TD align=right width="9%" bgColor=#e6efff>84.9 </TD>
  <TD align=right width="9%" bgColor=#e6efff>9.55 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Q4, 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">90,927 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">288    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">0.98    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">696,075 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">2,416    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">82.2    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">88.4    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">7.43    </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>352,196 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>279 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>0.85 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>2,342,915 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>8,019 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>74.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>84.2 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>9.03 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Production 2009 Year:</B> </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
  <TD align=left width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q1, 2009 </TD>
    <TD align=right width="9%" bgColor=#e6efff>85,731 </TD>
    <TD align=right width="9%" bgColor=#e6efff>271 </TD>
    <TD align=right width="9%" bgColor=#e6efff>1.02 </TD>
    <TD align=right width="9%" bgColor=#e6efff>572,785 </TD>
    <TD align=right width="9%" bgColor=#e6efff>2,335 </TD>
    <TD align=right width="9%" bgColor=#e6efff>78.8 </TD>
    <TD align=right width="9%" bgColor=#e6efff>86.7 </TD>
  <TD align=right width="9%" bgColor=#e6efff>7.56 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Q2, 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">90,338 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">259    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">1.16    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">584,486 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">2,768    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">77.2    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">85.0    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">6.95    </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>YTD 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>176,069 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>265 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>1.09 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>1,157,271 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>5,103 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>78.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>85.8 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>7.25 </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
  <TD width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Q2, 2009 : Q2, 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>5% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>1% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>51% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>13% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>62% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>6% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>2% </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-28% </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
  <TD width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Q2, 2009 : Q1, 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>5% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-4% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>14% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>2% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>19% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-2% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-2% </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-8% </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
  <TD width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>YTD 2009 : YTD 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>7% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-5% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>48% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>13% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>63% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>12% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>5% </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-26% </TD>
  </TR></TABLE>
<P align=center>4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      colSpan=3><B><I>Comparative Table of Guanacevi Mine Operations</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center><B><U>Plant T'put</U></B> </TD>
    <TD align=center colSpan=2><B><U>Ore Grades</U></B> </TD>
    <TD align=center colSpan=2><B><U>Recovered
      Ounce</U></B><B>s</B> </TD>
    <TD align=center colSpan=2><B><U>Recoveries</U></B> </TD>
  <TD align=center><B><U>Cash Cost</U></B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Period</B> </TD>
    <TD
      width="9%" align=center style="BORDER-BOTTOM: #000000 2px solid"><B>Tonnes</B> </TD>
    <TD
      width="9%" align=center style="BORDER-BOTTOM: #000000 2px solid"><B>Ag(gpt)</B> </TD>
    <TD
      width="9%" align=center style="BORDER-BOTTOM: #000000 2px solid"><B>Au(gpt)</B> </TD>
    <TD
      width="9%" align=center style="BORDER-BOTTOM: #000000 2px solid"><B>Ag(oz)</B> </TD>
    <TD
      width="9%" align=center style="BORDER-BOTTOM: #000000 2px solid"><B>Au(oz)</B> </TD>
    <TD
      width="9%" align=center style="BORDER-BOTTOM: #000000 2px solid"><B>Ag(%)</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Au(%)</B></TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><b> $ per oz</b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;<B>Production 2007 Year:</B> </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
  <TD align=left width="9%">&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
  <TD width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q1, 2007 </TD>
    <TD align=right width="9%" bgColor=#e6efff>47,781 </TD>
    <TD align=right width="9%" bgColor=#e6efff>427 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0.88 </TD>
    <TD align=right width="9%" bgColor=#e6efff>490,986 </TD>
    <TD align=right width="9%" bgColor=#e6efff>1,020 </TD>
    <TD align=right width="9%" bgColor=#e6efff>74.8 </TD>
    <TD align=right width="9%" bgColor=#e6efff>75.1 </TD>
  <TD align=right width="9%" bgColor=#e6efff>5.45 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Q2, 2007 </TD>
    <TD align=right width="9%">40,749 </TD>
    <TD align=right width="9%">377 </TD>
    <TD align=right width="9%">0.72 </TD>
    <TD align=right width="9%">382,377 </TD>
    <TD align=right width="9%">824 </TD>
    <TD align=right width="9%">75.9 </TD>
    <TD align=right width="9%">76.4 </TD>
  <TD align=right width="9%">9.86 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q3, 2007 </TD>
    <TD align=right width="9%" bgColor=#e6efff>68,084 </TD>
    <TD align=right width="9%" bgColor=#e6efff>342 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0.61 </TD>
    <TD align=right width="9%" bgColor=#e6efff>491,643 </TD>
    <TD align=right width="9%" bgColor=#e6efff>987 </TD>
    <TD align=right width="9%" bgColor=#e6efff>65.8 </TD>
    <TD align=right width="9%" bgColor=#e6efff>74.5 </TD>
  <TD align=right width="9%" bgColor=#e6efff>10.31 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Q4, 2007 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">69,681 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">370    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">0.65    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">542,789 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">1,126    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">65.4    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">76.9    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">7.45    </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>226,295 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>375 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>0.70 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>1,907,795 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>3,957 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>69.4 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>75.7 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>8.16 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;<B>Production 2008 Year:</B> </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
  <TD align=left width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q1, 2008 </TD>
    <TD align=right width="9%" bgColor=#e6efff>68,651 </TD>
    <TD align=right width="9%" bgColor=#e6efff>322 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0.60 </TD>
    <TD align=right width="9%" bgColor=#e6efff>458,624 </TD>
    <TD align=right width="9%" bgColor=#e6efff>1,012 </TD>
    <TD align=right width="9%" bgColor=#e6efff>64.5 </TD>
    <TD align=right width="9%" bgColor=#e6efff>75.9 </TD>
  <TD align=right width="9%" bgColor=#e6efff>8.61 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Q2, 2008 </TD>
    <TD align=right width="9%">65,276 </TD>
    <TD align=right width="9%">287 </TD>
    <TD align=right width="9%">0.55 </TD>
    <TD align=right width="9%">419,245 </TD>
    <TD align=right width="9%">883 </TD>
    <TD align=right width="9%">69.2 </TD>
    <TD align=right width="9%">78.7 </TD>
  <TD align=right width="9%">8.92 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q3, 2008 </TD>
    <TD align=right width="9%" bgColor=#e6efff>63,979 </TD>
    <TD align=right width="9%" bgColor=#e6efff>321 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0.58 </TD>
    <TD align=right width="9%" bgColor=#e6efff>465,661 </TD>
    <TD align=right width="9%" bgColor=#e6efff>976 </TD>
    <TD align=right width="9%" bgColor=#e6efff>70.7 </TD>
    <TD align=right width="9%" bgColor=#e6efff>81.3 </TD>
  <TD align=right width="9%" bgColor=#e6efff>9.66 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Q4, 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">57,750 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">346    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">0.58    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">514,867 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">917    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">79.4    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">87.7    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">7.37    </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>255,656 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>318 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>0.58 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>1,858,397 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>3,788 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>70.6 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>80.6 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>8.60 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;<B>Production 2009 Year:</B> </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
  <TD align=left width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q1, 2009 </TD>
    <TD align=right width="9%" bgColor=#e6efff>51,073 </TD>
    <TD align=right width="9%" bgColor=#e6efff>326 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0.56 </TD>
    <TD align=right width="9%" bgColor=#e6efff>409,476 </TD>
    <TD align=right width="9%" bgColor=#e6efff>795 </TD>
    <TD align=right width="9%" bgColor=#e6efff>79.3 </TD>
    <TD align=right width="9%" bgColor=#e6efff>88.1 </TD>
  <TD align=right width="9%" bgColor=#e6efff>7.81 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Q2, 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">53,936 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">311    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">0.64    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">415,775 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">952    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">77.1    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">86.2    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">9.21    </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>YTD 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>105,009 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>318 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>0.60 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>825,251 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>1,747 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>78.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>87.1 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>8.52 </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
  <TD width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Q2, 2009 : Q2, 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-17% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>8% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>16% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-1% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>8% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>11% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>10% </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>3% </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
  <TD width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Q2, 2009 : Q1, 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>6% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-5% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>14% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>2% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>20% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-3% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-2% </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>18% </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
  <TD width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>YTD 2009 : YTD 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-22% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>4% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>4% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-6% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-8% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>17% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>13% </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-3% </TD>
  </TR></TABLE>
<P align=center>5</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      colSpan=3><B><I>Comparative Table of Guanajuato Mine Operations</I></B>
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center><B><U>Plant</U></B> </TD>
    <TD align=center colSpan=2><B><U>Ore Grades</U></B> </TD>
    <TD align=center colSpan=2><B><U>Recovered
      Ounce</U></B><B>s</B> </TD>
    <TD align=center colSpan=2><B><U>Recoveries</U></B> </TD>
  <TD align=center><B><U>Cash</U></B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Tonnes</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Ag(gpt)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Au(gpt)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Ag(oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Au(oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Ag(%)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Au(%)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>$
      per oz</B> </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
  <TD width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Production 2007 Year:</B> </TD>
    <TD align=left colSpan=2><B>Purchased May 2, 2007</B> </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
  <TD align=left width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q1, 2007 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0 </TD>
    <TD align=right width="9%" bgColor=#e6efff>0 </TD>
  <TD align=right width="9%" bgColor=#e6efff>- </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Q2, 2007 </TD>
    <TD align=right width="9%">17,311 </TD>
    <TD align=right width="9%">120 </TD>
    <TD align=right width="9%">1.70 </TD>
    <TD align=right width="9%">47,870 </TD>
    <TD align=right width="9%">657 </TD>
    <TD align=right width="9%">71.7 </TD>
    <TD align=right width="9%">69.4 </TD>
  <TD align=right width="9%">8.07 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q3, 2007 </TD>
    <TD align=right width="9%" bgColor=#e6efff>26,385 </TD>
    <TD align=right width="9%" bgColor=#e6efff>124 </TD>
    <TD align=right width="9%" bgColor=#e6efff>1.29 </TD>
    <TD align=right width="9%" bgColor=#e6efff>85,742 </TD>
    <TD align=right width="9%" bgColor=#e6efff>817 </TD>
    <TD align=right width="9%" bgColor=#e6efff>81.5 </TD>
    <TD align=right width="9%" bgColor=#e6efff>74.7 </TD>
  <TD align=right width="9%" bgColor=#e6efff>12.58 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Q4, 2007 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">21,570 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">155    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">1.50    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">94,077 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">886    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">87.7    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">85.0    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">32.97    </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>65,266 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>133 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>1.47 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>227,689 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>2,360 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>81.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>76.6 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>20.06 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Production 2008 Year:</B> </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
  <TD align=left width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q1, 2008 </TD>
    <TD align=right width="9%" bgColor=#e6efff>9,506 </TD>
    <TD align=right width="9%" bgColor=#e6efff>171 </TD>
    <TD align=right width="9%" bgColor=#e6efff>1.54 </TD>
    <TD align=right width="9%" bgColor=#e6efff>46,045 </TD>
    <TD align=right width="9%" bgColor=#e6efff>421 </TD>
    <TD align=right width="9%" bgColor=#e6efff>88.1 </TD>
    <TD align=right width="9%" bgColor=#e6efff>87.7 </TD>
  <TD align=right width="9%" bgColor=#e6efff>24.58 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Q2, 2008 </TD>
    <TD align=right width="9%">21,115 </TD>
    <TD align=right width="9%">164 </TD>
    <TD align=right width="9%">1.44 </TD>
    <TD align=right width="9%">97,832 </TD>
    <TD align=right width="9%">822 </TD>
    <TD align=right width="9%">88.1 </TD>
    <TD align=right width="9%">87.7 </TD>
  <TD align=right width="9%">12.75 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q3, 2008 </TD>
    <TD align=right width="9%" bgColor=#e6efff>32,742 </TD>
    <TD align=right width="9%" bgColor=#e6efff>170 </TD>
    <TD align=right width="9%" bgColor=#e6efff>1.62 </TD>
    <TD align=right width="9%" bgColor=#e6efff>159,433 </TD>
    <TD align=right width="9%" bgColor=#e6efff>1,489 </TD>
    <TD align=right width="9%" bgColor=#e6efff>88.3 </TD>
    <TD align=right width="9%" bgColor=#e6efff>87.2 </TD>
  <TD align=right width="9%" bgColor=#e6efff>9.22 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Q4, 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">33,177 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">188    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">1.67    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">181,208 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">1,499    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">90.6    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">88.9    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">7.90    </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>96,540 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>175 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>1.59 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>484,518 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>4,231 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>89.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>87.9 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>10.79 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Production 2009 Year:</B> </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
  <TD align=left width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Q1, 2009 </TD>
    <TD align=right width="9%" bgColor=#e6efff>34,658 </TD>
    <TD align=right width="9%" bgColor=#e6efff>189 </TD>
    <TD align=right width="9%" bgColor=#e6efff>1.70 </TD>
    <TD align=right width="9%" bgColor=#e6efff>163,309 </TD>
    <TD align=right width="9%" bgColor=#e6efff>1,540 </TD>
    <TD align=right width="9%" bgColor=#e6efff>77.4 </TD>
    <TD align=right width="9%" bgColor=#e6efff>83.3 </TD>
  <TD align=right width="9%" bgColor=#e6efff>6.90 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Q2, 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">36,402 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">183    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">1.93    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">168,711 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">1,816    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">77.5    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">84.3    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">1.38    </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>YTD 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>71,060 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>186 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>1.82 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>332,020 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>3,356 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>77.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>83.8 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>4.10 </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
  <TD width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Q2, 2009 : Q2, 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>72% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>12% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>34% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>72% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>121% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-12% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-4% </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-89% </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
  <TD width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Q2, 2009 : Q1, 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>5% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-3% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>14% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>3% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>18% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>0% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>1% </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-80% </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
  <TD width="9%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>YTD 2009 : YTD 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>132% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>12% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>24% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>131% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>170% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-12% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-4% </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>-75% </TD>
  </TR></TABLE>
<P align=justify><B><I>Consolidated Production Results</I></B></P>
<P align=justify><B><I>Q2, 2009 compared to Q2, 2008</I></B></P>
<P align=justify>Silver production for the Second Quarter of 2009 was 584,486
ounces, an increase of 13% compared to 517,077 ounces in the Second Quarter of
2008. Plant throughput for Q2, 2009 was 90,338 tonnes at an average grade of 259
grams per tonnes (&#147;gpt&#148;) of silver and 1.16 gpt of gold as compared to 86,391
tonnes at an average grade of 257 gpt of silver and 0.77 gpt of gold during Q2,
2008. The increased throughput is largely attributable to the Guanajuato Mines
operating near capacity during the quarter, offset in part by a decrease in the
Guanacevi mines output as more personnel and equipment were allocated to mine
development. In addition, the Guanacevi mines experienced higher than expected
water flow in the main access ramp in the North Porvenir and Santa Cruz
ore-bodies and several unexpected outages on the local power grid which
compounded the dewatering process. </P>
<P align=justify>Silver grades were 1% higher and gold grades were 51% higher in
Q2, 2009 compared to Q2, 2008 reflecting the higher grade silver ore processed
at both Guanacevi and Guanajuato. The increased gold grades reflect the
increasing production at Guanajuato where the gold grade is significantly higher
than Guanacevi. The average silver recovery rate was 6% higher in Q2, 2009
compared to Q2, 2008 reflecting the different ore-types being processed, the
plant upgrades, and the increased production of higher recovery ores at
Guanajuato.</P>
<P align=center>6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify><B><I>Q2, 2009 compared to Q1, 2009</I></B></P>
<P align=justify>Silver production for the Second Quarter of 2009 was 584,486
ounces, an increase of 2% compared to 572,785 ounces in the First Quarter of
2009. Plant throughput for Q2, 2009 was 90,338 at an average grade of 259 gpt of
silver and 1.16 gpt of gold as compared to 85,731 tonnes at an average grade of
271 gpt of silver and 1.02 gpt of gold during Q1, 2009. The increase in
throughput was due to the increased production at both Guanacevi and
Guanajuato.</P>
<P align=justify>Silver grades were 4% lower and gold grades were 14% higher in
Q2, 2009 compared to Q1, 2009 reflecting the higher throughput of lower grade
silver ore from Guanajuato, which has lower silver grades but significantly
higher gold grades than the Guanacevi mine.</P>
<P align=justify><B><I>YTD, 2009 compared to YTD, 2008</I></B></P>
<P align=justify>Silver production for the first two quarters of 2009 was
1,157,271 ounces, an increase of 13% compared to 1,021,746 ounces in the first
two quarters of 2008. Plant throughput for the 2009 period was 176,069 at an
average grade of 265 gpt of silver and 1.09 gpt of gold as compared to 164,548
tonnes at an average grade of 279 gpt of silver and 0.74 gpt of gold during the
same period in 2008. The increase in throughput was due to a large increase in
production from Guanajuato while the production at Guanacevi decreased because
mine personnel and equipment were more focused on new mine development and
dewatering the ramp at North Porvenir.</P>
<P align=justify>Silver grades were 5% lower and gold grades were 48% higher in
the first two quarters of 2009 compared to the same period in 2008, due to the
higher throughput of lower grade silver ore and higher grade gold ore from
Guanajuato.</P>
<P align=justify><B><I>Guanacevi Mines Production Results </I></B><B><I>Q2, 2009
compared to Q2, 2008</I></B></P>
<P align=justify>Silver production for Q2, 2009 was 415,775 ounces, a decrease
of 1% compared to 419,245 ounces in Q2, 2008, with gold production of 952
ounces, an increase of 8% compared to 883 ounces in Q1, 2008. Plant throughput
for Q2, 2009 was 53,936 tonnes at an average grade of 311 gpt silver and 0.64
gpt gold as compared to 65,276 tonnes at an average grade of 287 gpt silver and
0.55 gpt gold during Q2 2008.</P>
<P align=justify>The average silver grade was slightly higher than Q2, 2008 and
the average silver recovery rate improved 10% due to reduced processing of
manganese oxide ores at Guanacevi and efficiencies attained from the plant
upgrades completed in 2008. The plant throughput rate was 17% lower in Q2, 2009
compared to Q2, 2008 as the mine focused more personnel and equipment on mine
development. In addition, the Guanacevi mines experienced higher than expected
water flow in the main access ramp in the North Porvenir and Santa Cruz ore
bodies and several unexpected outages on the local power grid which compounded
the dewatering process.</P>
<P align=justify><B><I>Q2, 2009 compared to Q1, 2009</I></B></P>
<P align=justify>Silver production for Q2, 2009 was 415,775 ounces, an increase
of 2% compared to 409,476 ounces in Q1, 2009, with gold production of 952
ounces, an increase of 20% compared to 795 ounces in Q1, 2009. Plant throughput
for Q2, 2009 was 53,936 tonnes at an average grade of 311 gpt silver and 0.64
gpt gold as compared to 51,073 tonnes at an average grade of 326 gpt silver and
0.56 gpt gold during Q1 2009.</P>
<P align=justify>The average silver grade was slightly lower compared to Q1,
2009, as a function of mining lower grade block reserves. The plant throughput
rate was 6% higher in Q2, 2009 compared to Q1, 2009 because the mine is
producing more tonnes at a slightly lower grade<FONT color=#ff0000>.</FONT></P>
<P align=justify><B><I>YTD, 2009 compared to YTD, 2008<BR></I></B>Silver
production for the first two quarters of 2009 was 825,251 ounces, a decrease of
6% compared to 877,869 ounces in the first two quarters of 2008. Plant
throughput for the 2009 period was 105,009 at an average grade of 318 gpt of silver and 0.60 gpt of gold as compared to 133,927
tonnes at an average grade of 305 gpt of silver and 0.58 gpt of gold during the
same period in 2008. </P>
<P align=center>7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify>The decrease in production and throughput was due to
Guanacevi stockpiles being depleted, while more personnel and equipment were
allocated to mine development, slowed by higher water flow than expected as the
ramp drives deeper below the water table. In addition, the Guanacevi mines
experienced higher than expected water flow in the main access ramp in the North
Porvenir and Santa Cruz ore bodies and several unexpected outages on the local
power grid which compounded the dewatering process. </P>
<P align=justify>Silver and gold grades were 4% higher for the first two
quarters of 2009 compared to the same period in 2008, reflecting different ore
types processed at Guanacevi and the lower silver grade ore processed in Q2
2008.</P>
<P align=justify><B><I>Guanajuato Mines Production Results </I></B></P>
<P align=justify><B><I>Q2, 2009 compared to Q2, 2008<BR></I></B>Silver
production for Q2, 2009 was 168,711 ounces, an increase of 72%, compared to
97,832 ounces in Q2, 2008, and gold production was 1,816 ounces, an increase of
121% compared to 822 ounces in Q2, 2008. Plant throughput for Q2, 2009 was
36,402 tonnes at an average grade of 183 gpt silver and 1.93 gpt gold as
compared to 21,115 tonnes at an average grade of 164 gpt silver and 1.44 gpt
gold during Q2, 2008.</P>
<P align=justify>Silver grades were 12% higher and gold grades were 34% higher
in Q2, 2009 compared to Q2, 2008 primarily due to the discovery and development
of higher grade stopes in the new Lucero vein area of the Bolanitos mine and at
depth in the Veta-Madre at the Cebada mine. The recovery rates continue to be
consistent quarter-on-quarter.</P>
<P align=justify>The primary factor in the significant increase in the silver
production and plant throughput from Q2, 2008 to Q2, 2009 was the rehabilitation
and re-opening of the four main mine shafts in Q2, 2008, which opened up several
new production areas at the Guanajuato Mines.</P>
<P align=justify><B><I>Q2, 2009 compared to Q1, 2009<BR></I></B>Silver
production for Q2, 2009 was 168,711 ounces, an increase of 3% compared to
163,309 ounces in Q1, 2009, with gold production of 1,816 ounces, an increase of
18% compared to 1,540 ounces in Q1, 2009. Plant throughput for Q2, 2009 was
36,402 tonnes at an average grade of 183 gpt silver and 1.93 gpt gold as
compared to 34,658 tonnes at an average grade of 189 gpt silver and 1.70 gpt
gold during Q1, 2009.</P>
<P align=justify>The increase in production from Q1, 2009 to Q2, 2009 is due to
an increase in higher grade ore coming from the Lucero and Cebada mines. The
Company revised its method for reporting production from Guanajuato in 2009;
Prior to December, 2008, the Company recovered gold and silver into bulk sulfide
concentrates and shipped the concentrates to the Met-Mex (&#147;Penoles&#148;) refinery in
Torreon, Mexico for treatment. Penoles paid 95% of the gold and silver in
concentrate but significantly increased their smelting charges, deductions and
penalties in mid-2008. Therefore, the Company re-evaluated its processing
alternatives for the Guanajuato concentrates and determined that it could
materially reduce its smelting costs by shipping the concentrates to the
Guanacevi process plant for treatment to produce dore silver-gold bars. Smelters
typically pay more than 99% for the silver and gold in dore and re-processing at
Guanacevi only recovers 88% of the silver and gold in concentrate, so the result
is slightly lower production, but significantly lower costs, overall improving
the Company&#146;s gross margin.</P>
<P align=justify><B><I>YTD, 2009 compared to YTD, 2008<BR></I></B>Silver
production for the first two quarters of 2009 was 332,020 ounces, an increase of
131% compared to 143,877 ounces in the first two quarters of 2008. Plant
throughput for the 2009 period was 71,060 at an average grade of 186 gpt of
silver and 1.82 gpt of gold as compared to 30,621 tonnes at an average grade of
166 gpt of silver and 1.47 gpt of gold during the same period in 2008. The
increase in production and throughput was due to the mine and plant being
operated at capacity after the main production shafts were re-opened and new
ore-bodies were discovered and developed. Silver grades were 12% higher an and
gold grades were 24% higher for the first two quarters of 2009 compared to the
same period in 2008 as a result of the higher grade ore from Lucero and
Cebada.</P>
<P align=center>8</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify><B><I><U>Cash Costs (Non-GAAP Measure)</U></I></B></P>
<P align=justify>Cash operating cost per oz is a non-GAAP measure commonly
reported in the silver and gold mining industry as a benchmark of performance,
but it does not have a standardized meaning prescribed by GAAP and therefore may
not be comparable to similar measures presented by other issuers. The cash
operating cost is provided to investors and used by management as a measure of
the Company&#146;s operating performance. The Company reports its cash operating cost
per oz of silver produced as cost of sales, net of gold credits and
royalties.</P>
<P align=justify><B>Reconciliation of cash operating cost per oz to cost of
sales (2009):</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=12><B>Consolidated (in US $000s except ozs
      produced/payable and cash cost/oz)</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="8%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>Year to date</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    colSpan=4><B>For the three months ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-09</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-09</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Sep-09</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Jun-09</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Mar-09</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cost of Sales </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;11,523 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;5,640 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;5,883 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Add/(Subtract): </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;Royalties </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(551</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(334</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(217</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; &nbsp;Change
      in Inventories </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;1,002 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;535 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;467 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;By-Product gold sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(3,667</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(1,820</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(1,847</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cash Operating Costs
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;8,307 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;4,021 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;4,286 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 3px double"
    align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Produced </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,157,271 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">584,486 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">572,785 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Payable </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,145,697 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">578,641 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">567,056 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left><B>Cash Cost Per Oz US$ *</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>7.25</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>6.95</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>7.56</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=12><B>Guanacevi Mines (in US $000s except ozs
      produced/payable and cash cost/oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="8%"><B>For the year</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    colSpan=4><B>For the three months ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-09</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-09</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Sep-09</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Jun-09</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Mar-09</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cost of Sales </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;7,205 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;3,782 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;3,423 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Add/(Subtract): </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;Royalties </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(551</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(334</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(217</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; &nbsp;Change
      in Inventories </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;1,352 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;766 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;586 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;By-Product gold sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(1,047</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(423</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(624</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cash Operating Costs
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;6,959 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;3,791 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;3,168 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 3px double"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Produced </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">825,251 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">415,775 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">409,476 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Payable </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">816,998 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">411,617 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">405,381 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left><B>Cash Cost Per Oz US$ *</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>8.52</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>9.21</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>7.81</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=12><B>Guanajuato Mines Project (in US $000s except ozs
      produced/payable and cash cost/oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="8%"><B>For the year</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    colSpan=4><B>For the three months ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-09</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-09</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Sep-09</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Jun-09</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Mar-09</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cost of Sales </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;4,318 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;1,858 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;2,460 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Add/(Subtract): </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;Royalties </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; &nbsp;Change
      in Inventories </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(352</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(231</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(121</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;By-Product gold sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(2,620</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(1,397</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(1,223</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cash Operating Costs
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;1,346 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;230 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;1,116 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 3px double"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Produced </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">332,020 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">168,711 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">163,309 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Payable </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">328,699 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">167,024 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">161,675 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left><B>Cash Cost Per Oz US$ *</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>4.09</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>1.38</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%"><B>6.90</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=9>* Based on payable silver production attributable
      to cost of sales </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=center>9</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify><B>Reconciliation of cash operating cost per oz to cost of
sales (2008):</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=12><B>Consolidated (in US $000s except ozs
      produced/payable and cash cost/oz)</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="8%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="8%"><B>For the year</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    colSpan=4><B>For the three months ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-08</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-08</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Sep-08</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Jun-08</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Mar-08</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cost of Sales </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;27,802 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;7,226 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;7,648 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;6,361 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;6,567 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Add/(Subtract): </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;Royalties </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(807</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(264</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(77</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(198</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(268</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; &nbsp;Change
      in Inventories </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;173 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(153</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;100 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;196 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;30 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;By-Product gold sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(6,383</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(1,742</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(1,821</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(1,473</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(1,347</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cash Operating Costs
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;20,785 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;5,067 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;5,850 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;4,886 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;4,982 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 3px double"
    align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Produced </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">2,343,455 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">696,615 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">625,094 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">517,077 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">504,669 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Payable </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">2,300,640 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">682,401 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">612,465 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">507,993 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">497,781 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Cash Cost Per Oz US$ *</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>9.03</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>7.43</B> </TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>9.55</B> </TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>9.62</B> </TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>10.01</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=12><B>Guanacevi Mines (in US $000s except ozs
      produced/payable and cash cost/oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="8%"><B>For the year</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    colSpan=4><B>For the three months ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-08</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Jun-08</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Sep-08</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Jun-08</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Mar-08</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cost of Sales </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;19,950 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;4,983 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;5,376 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;4,467 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;5,124 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Add/(Subtract): </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;Royalties </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(807</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(264</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(77</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(198</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(268</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; &nbsp;Change
      in Inventories </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;13 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(191</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(22</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;196 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;30 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;By-Product gold sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(3,336</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(769</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(824</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(764</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(979</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cash Operating Costs
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;15,820 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;3,759 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;4,453 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;3,701 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;3,907 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 3px double"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Produced </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,858,927 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">515,407 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">465,661 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">419,245 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">458,624 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Payable </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,840,348 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">510,253 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">461,004 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">415,053 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">454,038 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Cash Cost Per Oz US$ *</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>8.60</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>7.37</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>9.66</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>8.92</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>8.61</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=12><B>Guanajuato Mines Project (in US $000s except ozs
      produced/payable and cash cost/oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="8%"><B>For the year</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    colSpan=4><B>For the three months ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-08</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Jun-08</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Sep-08</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Jun-08</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Mar-08</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cost of Sales </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;7,852 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;2,243 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;2,272 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;1,894 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;1,443 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Add/(Subtract): </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;Royalties </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; &nbsp;Change
      in Inventories </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;160 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;38 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;122 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;By-Product gold sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(3,047</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(973</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(997</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(709</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(368</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cash Operating Costs
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;4,965 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;1,308 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;1,397 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;1,185 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;1,075 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 3px double"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Produced </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">484,518 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">181,208 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">159,433 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">97,832 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">46,045 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Payable </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">460,292 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">172,148 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">151,461 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">92,940 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">43,743 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Cash Cost Per Oz US$ *</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>10.79</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>7.60</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>9.22</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>12.75</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>24.58</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=9>* Based on payable silver production attributable
      to cost of sales </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=center>10</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify><B>Reconciliation of cash operating cost per oz to cost of
sales (2007):</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=9><B>Consolidated (in US $000s except ozs
      produced/payable and cash cost/oz)</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="8%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="8%"><B>For the year</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    colSpan=4><B>For the three months ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-07</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-07</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Sep-07</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Jun-07</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Mar-07</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cost of Sales </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;24,335 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;8,759 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;6,917 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;5,092 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;3,567 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Add/(Subtract): </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;Royalties </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(787</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(211</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(191</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(194</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(191</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; &nbsp;Change
      in Inventories </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;131 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(289</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;518 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(98</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;By-Product gold sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(3,934</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(1,309</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(1,199</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(799</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(627</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cash Operating Costs
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;19,745 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;6,950 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;6,045 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;4,099 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;2,651 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 3px double"
    align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Produced </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">2,135,484 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">636,866 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">577,381 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">430,251 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">490,986 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Payable </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">2,105,021 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">626,734 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">568,177 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">424,034 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">486,176 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Cash Cost Per Oz US$ *</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>9.38</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>11.09</B> </TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>10.64</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>9.67</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>5.45</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=9><B>Guanacevi Mines (in US $000s except ozs
      produced/payable and cash cost/oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="8%"><B>For the year</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    colSpan=4><B>For the three months ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-07</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Jun-07</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Sep-07</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Jun-07</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Mar-07</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cost of Sales </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;18,717 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;5,383 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;5,397 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;4,370 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;3,567 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Add/(Subtract): </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;Royalties </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(742</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(211</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(191</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(149</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(191</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; &nbsp;Change
      in Inventories </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;131 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(289</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;518 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(98</TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;By-Product gold sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(2,700</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(880</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(704</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(489</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(627</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cash Operating Costs
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;15,406 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;4,003 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;5,020 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;3,732 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;2,651 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 3px double"
    align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Produced </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,907,795 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">542,789 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">491,643 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">382,377 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">490,986 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Payable </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,888,717 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">537,361 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">486,726 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">378,554 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">486,076 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Cash Cost Per Oz US$ *</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>8.16</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>7.45</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>10.31</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>9.86</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>5.45</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=12><B>Guanajuato Mines Project (in US $000s except ozs
      produced/payable and cash cost/oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="8%"><B>For the year</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    colSpan=4><B>For the three months ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Dec-07</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Jun-07</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Sep-07</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>30-Jun-07</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%"><B>31-Mar-07</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cost of Sales </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;5,618 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;3,376 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;1,520 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;722 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Add/(Subtract): </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;Royalties </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(45</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(45</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp; &nbsp;Change
      in Inventories </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;
      &nbsp;By-Product gold sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(1,234</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(429</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(495</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(310</TD>
    <TD align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Cash Operating Costs
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;4,339 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;2,947 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;1,025 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;367 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 3px double"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Produced </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">227,689 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">94,077 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">85,728 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">47,874 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left>Ozs Payable </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">216,304 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">89,373 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">81,451 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">45,480 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Cash Cost Per Oz US$ *</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>20.06</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>32.97</B> </TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>12.58</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>8.07</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>0.00</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=6>*Based on payable silver production attributable
      to cost of sales. </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=center>11</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify><B><I>Exploration Activities</I></B></P>
<P align=justify>The Company planned minimal exploration activities in the first
quarter to preserve working capital in light of the economic uncertainty at the
end of 2008. </P>
<P align=justify>A two-phase exploration program commenced in the second quarter
focused on following up several of the new discoveries made in 2008 testing
several new prospective targets near Endeavour's two mining operations, at
Guanacevi in Durango State and Guanajuato in Guanajuato State; </P>
<P align=justify>The Phase 1 exploration program includes 6000 meters of core
drilling in 25 drill holes to target extensions of several veins, mantos and
stock-works in the San Pedro area of Guanacevi and the northern continuation of
the Santa Cruz vein on the Porvenir Cuatro properties north of the operating
Porvenir mine; as well as drilling at three of the 2008 vein discoveries and two
new vein prospect areas in the Cebada and Bolanitos areas of Guanajuato.</P>
<P align=justify>In Guanacevi, drilling proposed for the San Pedro area will
test both high grade veins as well as moderate grade mantos and one larger
stock-work zone of silver-lead-zinc mineralization, all within an area measuring
more than 1.5 kilometers (0.9 miles) in length and 500 meters (1,600 feet)
across. Mineralized zones are mainly comprised of narrow veinlets of quartz,
carbonate and adularia with sphalerite, galena and pyrite hosted in Tertiary-age
volcaniclastic andesite.</P>
<P align=justify>In Guanajuato, proposed drilling will try to extend the
Bolanitos, San Jose and Lucero vein mineralization to the south where it still
remains open. Mapping and sampling along the Veta Madre northwest of Endeavour's
Cebada mine discovered a new zone of alteration with coincident gold and silver
geochemical anomalies. This new discovery possibly represents another ore-shoot
on the Veta Madre which has never been drilled.</P>
<P align=justify>The phase 1 program is now underway in Guanacevi with drilling
at San Pedro and Porvenir Cuatro. The drilling in Guanajuato is pending final
approval of environmental permitting which is expected shortly.</P>
<P align=justify>The Phase 2 exploration program will then focus on expanding
the highest priority discovery areas in order to prepare them for an updated
reserve/resource report at year-end.</P>
<P align=justify><B><U>FINANCIAL RESULTS</U></B></P>
<P align=justify><B><U>Review of Consolidated Financial Results</U></B></P>
<P align=justify><B>Six months ended June 30, 2009 compared with the six months
ended June 30, 2008</B></P>
<P align=justify>For the six months ended June 30, 2009, the Company&#146;s Mine
Operating Earnings were $0.5 million (2008 &#150;Earnings of $4.6 million) from its
mining and milling operations on sales of $16.7 million (2008 - $20.8 million)
with cost of sales of $11.5 million (2008 - $12.9 million) and depreciation and
depletion $4.7 million (2008 - $3.3 million).</P>
<P align=justify>The Operating Loss for the six months ended June 30, 2009 was
$3.3 million (2008 - $4.7 million) after Exploration costs of $0.6 million (2008
- - $4.8 million), General and Administrative costs of $2.0 million (2008 - $2.8
million), Accretion of Convertible Debentures of $0.6 million (2008 &#150; Nil) and
Stock Based Compensation costs of $0.6 million (2008 - $1.7 million). </P>
<P align=justify>The Loss Before Taxes for the six months ended June 30, 2009
was $3.3 million (2008 - $3.7 million) after Foreign Exchange Loss of $0.2
million (2008 &#150; $0.3 million), and Investment and Other Income of $0.2 million
(2008 - $0.2 million). During the period in 2008 there was also a realized Gain
on Marketable Securities of $1.0 million. The Company incurred a Net Loss for
the six months ended June 30, 2009 of $3.6 million (2008 - $5.4 million) after
an Income Tax Provision of $0.2 million (2008 &#150; $1.7 million).</P>
<P align=center>12</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify>Sales were $16.7 million for the first two quarters of 2009, a
decrease of 20% over the sales of $20.8 million for the first two quarters of
2008, although there was an increase in production. The decrease in sales is due
to the decrease in silver price realized during the period over the same period
last year, and by the Company holding larger quantities of finished goods at the
end of the period. as well as. There was $3.7 million in finished goods
inventory at June 30, 2009 compared to $0.5 million at June 30, 2008. The
average spot price for silver has decreased by 24% from $17.43 for the six
months ended June 30, 2008 to $13.17 for the six months ended June 30, 2009.</P>
<P align=justify>Cost of sales for the six months ended June 30, 2009 was $11.5
million, a decrease of 11% over the cost of sales of $12.9 million for the first
two quarters of 2008. The decrease in the cost of sales is primarily a result of
the Company holding larger quantities of finished goods at the end of the
period, the improved productivity at Guanajuato mine and the depreciation of the
Mexican Peso to the US Dollar compared to prior period.. Depreciation, depletion
and accretion was $4.7 million, an increase of 44% as compared to the first six
months of 2008, primarily due to the reduction in the reported proven and
probable ounces, which is used to deplete mine assets on a unit of production
basis, as well as depreciation on additional capital assets.</P>
<P align=justify>Exploration expenses decreased to $0.6 million for the six
months ended June 30, 2009 from $4.8 million for the same period in 2008 as the
Company has reduced the exploration activity to conserve cash and focus on mine
development and capital expenditures. General and Administrative expenses
decreased by 28% to $2.0 million for the first six months of 2009 as compared to
$2.8 million in the comparative period of 2008 primarily as the Canadian Dollar
depreciated against the US Dollar decreasing the reporting currency costs as
well as some cost reductions.</P>
<P align=justify>The Company experienced a foreign exchange loss during the
first two quarters of $0.2 million as compared to a foreign exchange loss of
$0.3 million in the first two quarters of 2008. The losses are due to
fluctuations of the Canadian dollar and the Mexican Peso to the US dollar.
Investment and other income remained consistent at $0.2 million for the current
and prior year. For the six months ended June 30, 2009 there was an income tax
provision of $0.2 million and for the same period in 2008 an income tax
provision of $1.7 million.</P>
<P align=justify><B>Three months ended June 30, 2009 compared with the three
months ended June 30, 2008</B></P>
<P align=justify>For the three months ended June 30, 2009, the Company realized
Mine Operating Earnings of $0.2 million (2008 &#150;$1.9 million) from its mining and
milling operations on sales of $8.2 million (2008 - $10.1 million) with cost of
sales of $5.6 million (2008 - $6.4 million) and depreciation and depletion $2.4
million (2008 - $1.8 million).</P>
<P align=justify>The Operating Loss for the three months ended June 30, 2009 was
$2.1 million (2008 - $2.8 million) after Exploration costs of $0.4 million (2008
- - $2.6 million), General and Administrative costs of $1.0 million (2008 -$1.4
million), Accretion of Convertible Debentures of $0.4 million (2008 &#150; Nil) and
Stock Based Compensation costs of $0.5 million (2008 - $0.7 million). </P>
<P align=center>13</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify>The Loss Before Taxes for the three months ended June 30, 2009
was $1.4 million (2008 - $2.3 million) after Foreign Exchange Gain of $0.7
million (2008 &#150; $0.2 million), and Investment and Other Income of $7 thousand
(2008 - $0.1 million). During the period in 2008 there was also a realized Gain
on Marketable Securities of $0.2 million. The Company incurred a Net Loss for
the three months ended June 30, 2009 of $1.8 million (2008 - $3.4 million) after
an Income Tax Provision of $0.4 million (2008 &#150; $1.1 million).</P>
<P align=justify>Sales were $8.2 million for the second quarter of 2009, a
decrease of 18% over the sales of $10.1 million for the second quarter of 2008,
although there was an increase in production. The decrease in sales is due the
timing of finished goods sales at the end of the period, which is reflected by
an increase in finished goods inventory, and due to the decrease in the silver
price realized during the period compared to the same period in 2008. Cost of
sales for the quarter was $5.6 million, a decrease of 11% over the cost of sales
of $6.4 million for Q2 2008. The decrease in the cost of sales is primarily a
result of a timing in sales at the end of the period with a corresponding
increase in the balance of finished goods. Depreciation, depletion and accretion
was $2.4 million, an increase of 36% as compared to Q2 2008, primarily due to
the reduction in the reported proven and probable ounces, which is used to
deplete mine assets on a unit of production basis as well as depreciation on
additional capital assets.</P>
<P align=justify>Exploration expenses decreased to $0.4 million in Q2 2009 from
$2.6 million in Q2 2008 as the Company has reduced the exploration activity to
conserve cash and focus on mine development capital expenditures. General and
Administrative expenses decreased by 36% to $1.0 million in Q2 2009 as compared
to $1.4 million in Q2 2008 due to both reduced costs and foreign currency
translations. As most General and Administrative costs are incurred in Canadian
Dollars and the Canadian Dollar depreciated against the US Dollar from the 2008
period compared to the 2009 period the Company experienced a decrease the
reporting currency costs.</P>
<P align=justify>The Company experienced a foreign exchange gain during Q2 2009
of $0.7 million as compared to a foreign exchange gain of $0.2 million in the
second quarter of 2008. In the second quarter of 2009 there has been a
strengthening of the Canadian dollar and the Mexican Peso to the US dollar
while, the Company held both Canadian dollars and Mexican Peso during this
period. During the quarter there was an income tax provision of $0.4 million for
Q2 2009, as compared to an income tax provision of $1.1 million for Q2,
2008.</P>
<P align=justify><B><I>Summary of Quarterly Results</I></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      colSpan=4>Dec 31, 2009 </TD>
    <TD
    align=center style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD align=center style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=center style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      colSpan=4>Dec. 31, 2008 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center>&nbsp;</TD>
    <TD width="6%" align=center style="BORDER-TOP: #000000 1px solid">&nbsp;    </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      colSpan=4>Dec 31, 2007 </TD>
  <TD style="BORDER-TOP: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>(in US$000s </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    colSpan=4>Period End </TD>
    <TD
    align=center
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=center style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="6%" align=center style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    colSpan=4>Period End </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
    <TD
      width="6%" align=center style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    colSpan=4>Period End </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>except per share
      amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="6%">Jun
      30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="6%">Mar
      31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="6%">Dec
      31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="6%">Sep
      30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="6%">Jun
      30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="6%">Mar
      31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="6%">Dec
      31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="6%">Sep
      30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total Revenues </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#e6efff>&nbsp;8,236 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#e6efff>&nbsp;8,487 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#e6efff>&nbsp;7,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#e6efff>&nbsp;10,613 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#e6efff>&nbsp;10,060 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#e6efff>&nbsp;10,729 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#e6efff>&nbsp;11,018 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#e6efff>&nbsp;7,686 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cost of Sales </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;5,640 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;5,883 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;7,226 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;7,648 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;6,361 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;6,567 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;8,804 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;6,872 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap
      align=left>Depreciation, Depletion &amp; Accretion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="6%">&nbsp;2,414 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="6%">&nbsp;2,290 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="6%">&nbsp;2,551 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="6%">&nbsp;2,558 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="6%">&nbsp;1,769 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="6%">&nbsp;1,505 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="6%">&nbsp;1,493 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="6%">&nbsp;1,621 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left
    bgColor=#e6efff>Mine Operating Earnings / (Loss)* </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="6%"
    bgColor=#e6efff>&nbsp;182 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="6%"
    bgColor=#e6efff>&nbsp;314 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="6%"
    bgColor=#e6efff>&nbsp;(1,877</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="6%"
    bgColor=#e6efff>&nbsp;407 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="6%"
    bgColor=#e6efff>&nbsp;1,930 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="6%"
    bgColor=#e6efff>&nbsp;2,657 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="6%"
    bgColor=#e6efff>&nbsp;721 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="6%"
    bgColor=#e6efff>&nbsp;(807</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net income (loss): </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;(i) Total </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(1,832</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(1,740</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(5,149</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(7,427</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(3,417</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(2,011</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(4,237</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(3,651</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;(ii) Basic per share </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;(0.04</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;(0.03</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;(0.11</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;(0.15</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;(0.07</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;(0.04</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;(0.09</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;(0.08</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;(iii) Diluted per share </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(0.04</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(0.03</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(0.11</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(0.15</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(0.07</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(0.04</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(0.09</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="6%">&nbsp;(0.08</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=15>*
      Earnings from mine operations is a non-GAAP measure used by the Company as
      a measure of operating performance </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><B><I>Quarterly Trends and Analysis</I></B></P>
<P align=justify>In the 2<SUP>nd</SUP> Quarter of 2007 production and revenue
were adversely impacted by the processing of lower head grade ore from Guanacevi
partially offset by the initial contribution of Guanajuato. The higher loss for
the 2<SUP>nd</SUP> Quarter 2007 reflects lower earnings from Mine Operations,
Exploration costs and the required costing of non-cash Stock Based
Compensation.</P>
<P align=center>14</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify>In the 3<SUP>rd</SUP> Quarter of 2007 sales were higher from
higher metal production partially offset by lower realized metal prices. The
higher loss in the 3<SUP>rd</SUP> Quarter 2007 reflects higher Mine Operating
costs and increased Depreciation.</P>
<P align=justify>In the 4<SUP>th</SUP> Quarter of 2007 the Company realized
higher production and revenue due to higher grade ore processed during the
quarter and a higher silver price. The higher loss for the 4<SUP>th</SUP>
Quarter 2007 reflects additional exploration and labour costs. </P>
<P align=justify>In the 1<SUP>st</SUP> Quarter of 2008 production decreased
because Guanajuato reduced output in order to facilitate the mine and shaft
safety upgrades to meet North American standards. The decreased production was
partly offset by higher silver prices, which surged to more than $20 per ounce
in March, averaging $17.68 during the quarter. The decreased costs were a
function of decreased production activity during the Guanajuato rehabilitation
and safety programs.</P>
<P align=justify>In the 2<SUP>nd</SUP> Quarter of 2008 the ramp up of Guanacevi
capital expansion program, including mine development reduced the production for
the quarter, while Guanajuato production ramped up in June resulting in
consistent production and costs quarter over quarter.</P>
<P align=justify>In the 3<SUP>rd</SUP> Quarter of 2008 production increased
primarily due to the ramp up of production at Guanajuato, partially offsetting
the slide in silver prices which began in August. Costs increased due to the
ramp up of Guanajuato operations and improved employee production bonuses which
were magnified by the slight appreciation of the Mexican Peso during the quarter
until late September when the Peso began its significant fall. </P>
<P align=justify>In the 4<SUP>th</SUP> Quarter of 2008 the Company realized
higher production output due to improved grades and recoveries at Guanacevi and
greater output at Guanajuato. However the production increase was significantly
offset by the drop in the silver price during the fourth quarter. The decrease
in production costs is attributed to the significant depreciation of the Mexican
peso. The Company&#146;s largest production cost is labour, therefore any change in
the valuation of the local currency directly impacts our production costs.
Subsequent to December 31, 2008, the Mexican Peso continued its depreciation
against the US dollar, further reducing the US dollar production costs of both
mines. </P>
<P align=justify>In the 1<SUP>st</SUP> Quarter of 2009, the Company&#146;s decrease
in production was offset by improved silver and gold prices compared to prior
quarter. The Company&#146;s operating costs continued to benefit from the
depreciation of the Mexican Peso against the US dollar, while General and
Administrative costs reported also benefited from the depreciation of the
Canadian dollar against the US dollar. </P>
<P align=justify>In the 2<SUP>nd</SUP> Quarter of 2009, the Company experienced
a slight increase in production over the previous quarter but the significant
increase in finished goods inventory at the end of the period resulted in
decreased sales revenue. The Company&#146;s operating costs also decreased from the
previous quarter primarily accordingly. </P>
<P align=justify><B><U>Update on Use of Proceeds from Recent
Financings</U></B></P>
<P align=justify>As disclosed in the Company&#146;s short form prospectus dated
February 20, 2009, the Company proposed to use Cdn.$1,075,000 of the net
proceeds from its December 31, 2008 special warrants private placement to
continue sustaining capital development programs associated with the Company&#146;s
Guanacevi Mine Project. Based on the December 31, 2008 noon exchange rate
reported by the Bank of Canada of Cdn.$1.00 = US$0.8166, this amount was
equivalent to US$887,845.</P>
<P align=justify>These proceeds were used to extend the North Porvenir Ramp for
stope development and complete a robbins ventilation raise, as further detailed
in the table below. In the first quarter of 2009, the ramp was extended 564
metres at a cost of 30% greater than plan. The extra costs for the ramp
extension were attributed to additional ground support installed through a
section of the ramp and more than expected water inflows and therefore required
more pumping. The ventilation raise was higher than budget due to an
unfavourable exchange rate as compared to the original quote.</P>
<P align=center>15</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE><BR>
<P align=justify>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Guanacevi Mine Project</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="10%"><B>Expected</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%"><B>Actual</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%"><B>Variance</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Capital Expenditures</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="10%"><B>(US$)</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%"><B>(US$)</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%"><B>(US$)</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Ventilation Raise</B> </TD>
    <TD align=left width="1%"><B>$</B></TD>
    <TD align=right width="10%"><B>387,885</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%"><B>$</B></TD>
    <TD align=right width="10%"><B>429,722</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>($41,837</B></TD>
    <TD align=left width="2%"><B>)</B> </TD></TR>
  <TR bgcolor="#E6EFFF">
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>North Porvenir Ramp Extension</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>Labour </TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>205,783 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>283,244 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(77,461</TD>
    <TD width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Engineering &amp; Geology </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="10%">45,730 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">44,052 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1,678 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>Supplies </TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>120,040 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>188,441 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD align=right>(68,401</TD>
    <TD align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Electrical </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="10%">32,664 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">42,002 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(9,338</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Indirect Allocation </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>85,743 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>81,542 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>4,201 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>North Porvenir Ramp Extension</B> </TD>
    <TD align=left width="1%"><B>$</B></TD>
    <TD align=right width="10%"><B>489,960</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>639,281</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>(149,321</B></TD>
    <TD align=left width="2%"><B>)</B> </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
      bgColor=#ffffff><B>Total</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#ffffff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
     bgColor=#ffffff><B>&nbsp;877,845</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    bgColor=#ffffff><B>&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    bgColor=#ffffff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
     bgColor=#ffffff><B>&nbsp;1,069,003</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    bgColor=#ffffff><B>&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    bgColor=#ffffff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
     bgColor=#ffffff><B>&nbsp;(191,158</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    bgColor=#ffffff><B>)</B></TD></TR></TABLE>
</P>
<P align=justify>On February 26, 2009, the Company received net proceeds of
Cdn.$12.5 million from a private placement of five year 10% subordinated
unsecured convertible redeemable debentures. Based on the February 26, 2009 noon
exchange rate reported by the Bank of Canada of Cdn.$1.00 = US$0.8028, this
amount was equivalent to US$10.0 million. Of the net proceeds from this private
placement, U.S.$5.8 million were intended to be used for capital expenditures at
the Guanacevi and Guanajuato Mines Projects as set out in the table below, with
the balance of U.S.$4.2 million to be used for working capital. The work was
completed with costs being consistent with management&#146;s initial budget and with
no material variance.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Guanacevi and Guanajuato Mines</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Projects</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="10%"><B>Expected</B> </TD>
    <TD align=center width="2%"></TD>
    <TD align=center width="1%"></TD>
    <TD align=center width="10%"><B>Actual</B> </TD>
    <TD align=center width="2%"></TD>
    <TD align=center width="1%"></TD>
    <TD align=center width="10%"><B>Variance</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Capital Expenditures</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="10%"><B>(US$)</B> </TD>
    <TD align=center width="2%"></TD>
    <TD align=center width="1%"></TD>
    <TD align=center width="10%"><B>(US$)</B> </TD>
    <TD align=center width="2%"></TD>
    <TD align=center width="1%"></TD>
    <TD align=center width="10%"><B>(US$)</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Mine Development </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>3,500,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>3,450,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>50,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Plant Expansion </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">500,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">500,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">0 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Scoops and Scissorlift </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,400,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,300,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>100,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Miscellaneous Equipment </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">400,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">340,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">60,000 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><B>5,800,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><B>5,590,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff><B>210,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B><U>Transactions with Related Parties</U></B></P>
<P align=justify>The Company shares common administrative services and office
space with Canarc Resource Corp., Caza Gold Corp., and Aztec Metals Corp.
(&#147;Aztec&#148;), related party companies, and from time to time will incur third-party
costs on behalf of the related parties on a full cost recovery basis. The
Company has $97,000 receivable related to administration costs outstanding as of
June 30, 2009. (December 31, 2008 &#150; $21,000).</P>
<P align=justify>During the six months ended June 30, 2009, the Company has paid
$63,000 for legal services to Koffman Kalef LLP, a firm in which the Company&#146;s
Corporate Secretary is a partner.</P>
<P align=center>16</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify>The Company has $102,000 receivable from Aztec Metals Corp.
related to 2008 property tax payments and the initial Rio Chico option payment
outstanding as of March 31, 2009. The Company agreed to accept common shares of
Aztec Metals Corp. in lieu of cash for the outstanding receivable.</P>
<P align=justify><B><U>LIQUIDITY AND CAPITAL RESOURCES</U></B></P>
<P align=justify>The cash and cash equivalents balance increased by $3.3 million
from $3.6 million at December 31, 2008 to $6.9 million at June 30, 2009 and the
Company had working capital of $13.7 million at June 30, 2009 (December 31, 2008
- - $7.7 million). Cash and cash equivalents increased for the period by $3.3
million primarily due to the net proceeds from the issuance of convertible
debentures cash of $10.0 million less $6.5 million used for capital investments
made in property, plant and equipment. The increase in working capital of $6.0
million is primarily a result of the increase in cash and cash equivalents of
$3.3 million, the increase in accounts receivable and prepaids of $0.7 million,
the increase in inventory of $3.2 million, less the increase in accounts payable
of $0.2 million and the increase of the other short term liabilities of $1.2
million.</P>
<P align=justify>Operating activities used $0.6 million during the six months
ended June 30, 2009 compared to using $1.5 million during the same period in
2008. The major non-cash adjustments on the recorded loss of $3.6 million were
non-cash charges for depreciation, depletion and accretion of $4.7 million,
stock-based compensation of $0.6 million, an unrealized foreign exchange loss of
$0.7 million and an increase in non-cash working capital $2.2 million. The
increase in non-cash working capital is primarily due to increased trade
receivables and inventories as a result of a strike of the precious metals
division of Met-Mex Penoles SA de CV. It was necessary for the Company to make
alternate arrangements for the refining and sales of its dore with different
shipping and settlement schedules.</P>
<P align=justify>Investing activities during the six months used $6.5 million as
compared to $6.7 million in 2008. The investments in property, plant and
equipment was $6.5 million compared to $8.3 million for the same period in 2008.
There has been no investing activities related to marketable securities during
the current period as compared to proceeds from sales of $3.8 million and
investments made of $2.2 million in the same period of 2008.</P>
<P align=justify>Financing activities during the first two quarters generated
$10.4 million as compared to $36,000 during the same period in 2008. In February
2009, the Company completed a convertible debt financing for $10.0 million, net
of issue costs, of five year 10% subordinated unsecured convertible redeemable
debentures. There were also 415,000 share purchase options exercised which
provided $0.4 million net of issue costs.</P>
<P align=justify>As at June 30, 2009, the Company&#146;s issued share capital was
$90.6 million representing 51,963,072 common shares compared to $87.5 million
representing 49,080,478 common shares at December 31, 2008. Of the 2,882,594
commons shares issued during the period, 2,311,540 were issued upon conversion
of special warrants, 415,000 were issued upon stock option exercises, 136,054
were issued on the acquisition of a mineral property and 20,000 were issued
under the Company&#146;s stock bonus plan.</P>
<P align=justify>In December 2008, the Company completed a brokered and non
brokered private placements of special warrants for 2,311,540 units at CAN$1.30
per unit for gross proceeds of CAN$3.0 million. Each special warrant is
exercisable into a unit comprised of one common share and one-half of a common
share purchase warrant. Each whole share purchase warrant is exercisable to
purchase one common share at an exercise price of CAN$1.90 until February 25,
2014. The agents received a cash commission of 6% totalling $0.1 million and
131,792 agents&#146; share purchase warrants at an exercise price of CAN$1.51 until
February 25, 2014. The warrants issued to the agents have a deemed fair value of
$0.1 million and have been recorded in share capital on a net basis. The special
warrants had been classified as a separate equity component at December 31, 2008
as the Company had not yet received final approval from the provincial
securities regulator on the final prospectus. This was subsequently received on
February 24, 2009 and the special warrants were exercised into units as
described above.</P>
<P align=justify>As at June 30, 2009, the Company had 5,078,500 options to
purchase common shares outstanding with a weighted average exercise price of
CAN$3.18 and had 1,931,976 share purchase warrants outstanding with a weighted
average exercise price of CAN$1.87.</P>
<P align=center>17</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify>The company invested $7.3 million in property, plant and
equipment during the six months ended June 30, 2009, of which $6.5 million was
paid in cash, $0.2 million was settled through common shares and $0.6 million
will be settled through the balance remaining on a promissory note.
Approximately $6.3 million was invested at Guanacevi with $4.0 million on mine
development, $0.4 million on the plant, $1.7 million spent on mine equipment and
$0.1 million office equipment. A total of $1.1 was invested at Guanajuato with
$0.6 million on mine development, $0.1 million spent on the plant, and $0.4
million spent on mine equipment.</P>
<P align=justify>Even though The Company generates significant mine operating
cash flow, the Company has incurred significant operating losses to date.
Management recognizes that the Company will need to grow its operation and/or
generate additional financing resources in order to meet its planned business
objectives in the near and long term. The Company has historically financed its
activities principally by the sale of equity securities. The Company&#146;s ability
to continue as a going concern is dependent on the Company&#146;s ability to raise
equity financing, debt financing or the attainment of profitable operations.</P>
<P align=justify>In February 2009, management completed a convertible debt
financing for approximately CAN $14 million of five year 10% subordinated
unsecured convertible redeemable debentures (See page 22 for further
discussion). Management continues to pursue alternatives to improve the
financial position of the Company to remain as a going concern through 2009.
</P>
<P align=justify>At June 30, 2009 the Company held certain Notes that were
obtained in February from the restructuring of Canadian Asset Backed Commercial
Paper &#147;ABCP&#148;. The ABCP was purchased in a Canaccord Capital account in August
2007 with a par value $5.2 million. At the dates at which we acquired the
investments, the non-bank sponsored ABCP was rated RI (High) by Dominion Bond
Rating Services (&#147;DBRS&#148;), the highest credit rating issued for commercial paper.
In August 2007, the ABCP market experienced liquidity problems and was
subsequently frozen. Refer to page 19 for further detail. </P>
<P align=justify>Management acknowledges the recent volatility in gold and
silver prices and the unprecedented disruptions in the current credit and
financial markets. The poor conditions in the US housing market and credit
quality of mortgage backed securities have continued and worsened, causing a
loss of confidence in the broader U.S. and global credit and financial markets
and resulting in the collapse of, and governmental intervention in, major banks,
financial institutions and insurers. This has created a climate of greater
volatility, less liquidity, widening of credit spreads, a lack of price
transparency, increased credit losses and tighter credit conditions. These
disruptions could, among other things, make it more difficult for the Company to
obtain, or increase the cost of obtaining, capital and financing for operations
should it be considered necessary. There can be no assurance that the Company
will be able to continue to obtain adequate additional financing and/or achieve
profitability or positive cash flows. Furthermore, failure to continue as a
going concern would require that the Company&#146;s assets and liabilities be
restated on a liquidation basis which would differ significantly from the going
concern basis.</P>
<P align=justify><B><U>Capital Requirements</U></B></P>
<P align=justify>The Company plans to invest a total of $16.8 million in capital
projects in 2009, most of which will come from mine operating cash flow, with
the continued focus on dewatering two new ore bodies at Guanacevi. At Guanacevi
$8.5 million will be invested in further mine development, $4.9 million on
related mining equipment and facilities and a further $1.5 million on increasing
the size of the tailings facility. At Guanajuato $1.5 million will be invested
to develop some of the newly discovered mineralized zones and $0.4 million will
be incurred to expand the plant to 600 tonnes per day.</P>
<P align=justify>The mine development at Guanacevi will increase the access to
the Porvenir North area of the ore body and provide access to Alex Breccia,
Santa Cruz and Porvenir Dos ore bodies. This will provide the operation with a
larger selection of stopes and allow it to expand the daily tonnage sent to the
mill and improve management of cash flows.</P>
<P align=center>18</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify>The Company plans to meet capital requirements with mine
operating cash flows and proceeds from the convertible debt issued in February
2009. Management continues to pursue alternatives to improve the financial
position of the Company and ensure there are adequate resources to meet ongoing
capital requirements.</P>
<P align=center>19</P>
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noShade SIZE=5>
<A name=page_20></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify><B><U>Financial Instruments and Other Instruments</U></B></P>
<P align=justify><B>Financial Assets and Liabilities</B></P>
<P align=justify>The Company&#146;s financial instruments consist of cash and cash
equivalents, receivables, marketable securities, accounts payable, accrued
liabilities, convertible debt, promissory note and restructured ABCP notes. Cash
and cash equivalents are designated as held for trading and therefore carried at
fair value, with the unrealized gain or loss recorded in income. Marketable
securities are available for sale with the unrealized gain or loss recorded in
other comprehensive income. The restructured ABCP Notes are designated as
available for sale with unrealized gains or loss recorded in other comprehensive
income, unless determined to be other than temporary. The liability component of
the convertible debentures are designated as other financial liabilities and
were initially recognized at fair value with subsequent measurements at
amortized cost. The promissory note is designated as other financial liabilities
and are recognized at fair value with subsequent measurements at amortized cost.
Accretion and Interest expense are expensed as incurred. Interest income and
expense are both recorded in income.</P>
<P align=justify>The fair values of cash and cash equivalents, accounts
receivables, accounts payable and accrued liabilities approximate carrying value
because of the short term nature of these instruments. The fair value of the
restructured ABCP Notes are determined by discounting the stream of future
payment at the estimated prevailing market rates. There are no significant
differences between the carrying values and the fair values of any financial
assets or liabilities.</P>
<P align=justify><B>Financial Instrument Risk Exposure and Risk
Management</B></P>
<P align=justify>The Company is exposed in varying degrees to a variety of
financial instrument related risks. The Board approves and monitors the risk
management process. The types of risk exposure and the way in which such
exposure is managed is provided as follows:</P>
<P align=justify><B>Credit Risk<BR></B>The Company is exposed to credit risk on
its bank accounts, trade receivable and IVA receivable. Credit risk exposure on
bank accounts is limited through maintaining its cash and equivalents with
high-credit quality financial institutions, maintaining investment policy,
assessing institutional exposure and continual discussion with external
advisors. Trade receivables are generated on the sale of silver to a large
Mexican refiner and to a metal traders which the Company has deemed to have a
high credit rating. IVA receivables are generated on the purchase of supplies
and services to produce silver which are refundable from the Mexican
government.</P>
<P align=justify><B>Liquidity Risk<BR></B>The Company ensures that there is
sufficient capital in order to meet short term business requirements. After
taking into account the Company&#146;s holdings of cash equivalents, marketable
securities and receivables the Company believes that these sources will be
sufficient to cover the likely short term cash requirements and commitments.</P>
<P align=justify><B>Market Risk<BR></B>The significant market risk exposures to
which the Company is subject are foreign exchange risk, interest rate risk and
commodity price risk. </P>
<P align=justify><B>Foreign Currency Risk<BR></B>The Company&#146;s operations in
Mexico and Canada make it subject to foreign currency fluctuations. The
Company&#146;s operating expenses are primarily incurred in Mexican Pesos and
Canadian dollars, and the fluctuation of the US dollar in relation to these
currencies will consequently have an impact upon the profitability of the
Company and may also affect the value of the Company&#146;s assets and the amount of
shareholders&#146; equity. The Company has not entered into any agreements or
purchased any instruments to hedge possible currency risks.</P>
<P align=center>20</P>
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noShade SIZE=5>
<A name=page_21></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify><B>Interest Rate Risk<BR></B>In respect of financial assets,
the Company&#146;s policy is to invest cash at floating rates of interest and cash
reserves are to be maintained in cash equivalents in order to maintain
liquidity. Fluctuations in interest rates impact the value of cash equivalents.
Our convertible debentures have a fixed interest rate and are not exposed to
interest rate risk.</P>
<P align=justify><B>Commodity Price Risk<BR></B>The value of the Company&#146;s
mineral resource properties is related to the price of silver and gold and the
outlook for these minerals. Silver and gold prices have historically fluctuated
widely and are affected by numerous factors outside of the Company&#146;s control,
including, but not limited to, industrial and retail demand, central bank
lending, forward sales by producers and speculators, levels of worldwide
production, short-term changes in supply and demand because of speculative
hedging activities, and certain other factors. The Company has elected not to
actively manage our commodity risk at this time.</P>
<P align=justify>The Company does not currently use derivative or hedging
instruments to reduce its exposure to fluctuations in foreign currency exchange
rates or commodity prices. </P>
<P align=justify><B><U>Asset Backed Commercial Paper</U></B></P>
<P align=justify>At June 30, 2009 the Company held restructured Canadian Asset
Backed Commercial Paper Notes that were obtained in February 2009 from the
restructuring of Canadian Asset Backed Commercial Paper (&#147;ABCP&#148;). The ABCP was
purchased in a Canaccord Capital account in August 2007 with a par value $5.2
million. At the dates at which the Company acquired the investments, the
non-bank sponsored ABCP was rated RI (High) by Dominion Bond Rating Services
(&#147;DBRS&#148;), the highest credit rating issued for commercial paper. In August 2007,
the ABCP market experienced liquidity problems and was subsequently frozen. </P>
<P align=justify>In September 2007, a Pan-Canadian Committee (the &#147;Committee&#148;)
consisting of a panel of major ABCP investors was formed to restructure the
affected ABCP trusts. </P>
<P align=justify>On March 20, 2008 the Committee issued an information statement
which provided details of the restructuring plan. The proposed restructuring
plan (the &#147;Restructuring Plan&#148;) was submitted under the Companies Creditors
Arrangement Act and approved by the majority of noteholders on April 25, 2008.
The Restructuring Plan was sanctioned by the Ontario Superior Court on June 5,
2008. The Supreme Court of Canada denied an appeal by noteholders seeking relief
thereby allowing the implementation of the Restructuring Plan on January 19,
2009. </P>
<P align=justify>The Company assessed the estimated fair value of our
restructured ABCP Notes and based on the available information regarding current
market conditions, the underlying assets and the indicative values contained in
the report issued by JP Morgan, we recorded an impairment of $2.6 million in
2008.. There is a significant amount of uncertainty in estimating the amount of
timing of cash flows associated with the ABCP. The Company estimated the fair
value by using a basic discounted cash flow model assuming principal is repaid
between 2013 and 2016 using a 12% discount rate. This resulted in an estimated
fair value of CAN$2.6 million as at December 31, 2008.</P>
<P align=center>21</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify>The Company updated the valuation model to reflect the notes
that were distributed as a result of the restructuring. The restructuring plan
was executed as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD colSpan=2>
      <P align=justify>The creation of three master asset vehicles
  (MAV).</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD colSpan=2>
      <P align=justify>Within each MAV, the issuance of 5 different series of
      notes:</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Class A-1 Notes will be the senior notes, with the other
      series of Notes subordinated to them. Class A-1 Notes are expected to
      receive AA ratings, have maturities from 6 to 8 years and a coupon rate of
      Bankers Acceptance (&#147;BA&#148;) Rate less 0.5%.</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Class A-2 Notes will be senior to the Class B Notes, C
      Notes and IA Tracking Notes. Class A-2 Notes are expected to receive AA
      ratings, have maturity of 8 years and a coupon rate of BA Rate less
      0.5%</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Class B Notes will be senior to the Class C Notes and IA
      Tracking Notes. Class B Notes will not be rated and are expected to have a
      maturity of 8 years and a coupon rate BA Rate of less 0.5%</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Class C Notes will be senior to the IA Tracking Notes.
      Class C Notes will not be rated and are expected to have a maturity of 8
      years and a coupon rate of 20%. It was stated by JP Morgan the Class C
      Notes that &#147;investors&#148; should expect return closer to BA Rate less
      0.5%.</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>IA Tracking Notes will not be rated. IA Tracking Notes
      are expected to have a maturity of 8 years and a coupon rate equivalent to
      the net rate of return generated by the specific underlying
  assets.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD colSpan=2>
      <P align=justify>There have been minimal market trades of the restructured
      Notes. The DBRS has an &#147;A&#148; rating for the Class A-1 Notes at this
    time.</P></TD></TR></TABLE>
<P align=justify>Based on the Restructuring Plan:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>CAN $3,229,000 of our investments were replaced with Class A-1 Notes
  <LI>CAN $1,093,000 of our investments were replaced with Class A-2 Notes
  <LI>CAN $ 198,000 of our investments were replaced with Class B Notes
  <LI>CAN $ 140,000 of our investments were replaced with Class C Notes
  <LI>CAN $ 464,000 of our investments were replaced with IA Tracking Notes
</LI></UL>
<P align=justify>The Notes were recorded at their estimated fair value of CAN
$2.6 million, resulting in no gain or loss on implementation of the
restructuring. There continues to be uncertainly surrounding the interest
payments receivable, though the Company did receive $221thousand in the period
in accordance with the terms of the notes.</P>
<P align=justify><B><U>Convertible Debentures</U></B></P>
<P align=justify>In February 2009, the Company issued CAN $14 million in 10%
subordinated unsecured convertible redeemable debentures (the &#147;Debentures&#148;)
maturing February 2014. The interest is 10% annually, paid quarterly in arrears.
At any time, each Debenture may be converted by the holder into one unit
consisting of one of the Company&#146;s common shares and one half of a common share
purchase warrant at an initial conversion rate of 526.3 units for each CAN
$1,000 Debenture, representing an initial conversion price of CAN $1.90 per
unit. Additional units may become issuable following the occurrence of certain
corporate acts or events. Each full share purchase warrant will entitle the
holder to purchase one common share at an exercise price of CAN $2.05. A total
of 7,364,737 common shares are issuable upon conversion. Subsequent to July 26,
2010, each Debenture can be redeemed by the Company for cash, plus a redemption
fee of 7%, provided the closing share price is greater than CAN $2.85. </P>
<P align=justify>As the Debentures include both cash payment and equity
conversion features, the gross proceeds have been allocated between liability
and equity elements as further described below. The liability component of the
Debentures is designated as other financial liabilities and is recognized at
amortized cost. The related transaction costs are allocated on a proportional
basis. The transaction costs associated with the liability portion of the
Debentures is deferred over their expected term. </P>
<P align=center>22</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify>The face value of the Debentures has been allocated as follows
for accounting purposes:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>CAN $</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>US $</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Allocation of gross proceeds</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Gross Proceeds</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;13,993</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;11,225</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Fair value of
      liability portion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">10,492 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">8,417
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Fair value of equity portion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>3,501 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,808 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Liability portion of convertible
      debentures</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Opening balance </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Fair value of debt component </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,492 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,417 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Issuance costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,547</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,241</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accretion expense </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>670 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>574 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest accrued </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(291</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(252</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest paid </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(190</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(156</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Foreign exchange
      (gain)/loss on revaluation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">563
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Closing balance of liability portion</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>9,134</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>7,905</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Equity portion of convertible
      debentures</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Opening balance </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Fair value of equity portion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,501 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,808 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Issuance costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(516</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(415</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Closing balance of equity portion</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>2,985</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>2,393</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The fair value of the liability portion of the Debentures at
initial recognition was estimated using a discounted cash flow method,
estimating the Company&#146;s incremental borrowing rate to be 18%. The fair value of
the equity component was estimated using the residual value method. The Company
has determined that its cash redemption option has no material value. The
liability portion of the Debentures is accreted over an expected life of 5 years
using the effective interest method. Total financing fees associated with the
transaction were $1,656, which were allocated on a proportional basis between
the liability component ($1,241), equity component ($415). The Company paid
$1,191 and issued 644,414 share purchase warrants exercisable at CAN$ 1.90 for
five years with an estimated value of $465 as consideration for the financing
fees. The agent warrants were valued using Black-Scholes valuation technique
with an expected life of 5 years and a volatility of 73%.</P>
<P align=justify><B><U>Contractual Obligations</U></B></P>
<P align=justify>The Company had the following contractual obligations at June
30, 2009:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      colSpan=15>&nbsp;Payments due by period (in thousands of
      dollars)&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp;Contractual Obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%">Total
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%">Less
      than 1 year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%">1 &#150; 3
      years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%">3 &#150; 5
      years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%">More
      than 5 years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Operating Lease </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;517 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>230 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>287 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Promissory Note </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">566 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">231 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">335 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Other Long-Term Liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>1,525 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>564 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>961 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="8%">2,608
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="8%">461
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="8%">622
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="8%">564
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="8%">961
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=center>23</P>
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify><B><U>Outstanding Share Data</U></B></P>
<P align=justify>As of August 6, 2009, the Company had the following items
issued and outstanding:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>51,963,072 common shares
  <LI>3,958,500 options to purchase common shares with a weighted average
  exercise price of CAD$2.39 expiring between February 1, 2010 and June 14,
  2017.
  <LI>1,931,976 share purchase warrants with a weighted average exercise price
  of CAD$1.87 expiring between February 25, 2014 and February 26, 2014.
  <LI>CAN$ 13,993,000 of five year 10% subordinated unsecured convertible
  redeemable debentures with an exercise price of $1.90 per share. </LI></UL>
<P align=justify>The Company considers the items included in the consolidated
statement of shareholders&#146; equity as capital. The Company&#146;s objective when
managing capital is to safeguard its ability to continue as a going concern, so
that it can continue to provide returns for shareholders and benefits for other
stakeholders<B>.</B> The Company manages the capital structure and makes
adjustments to it in light of changes in economic conditions and the risk
characteristics of the underlying assets. In order to maintain or adjust the
capital structure, the Company may issue new shares through private placements,
convertible debentures, asset acquisitions or return capital to shareholders.
The Company is not subject to externally imposed capital requirements.</P>
<P align=justify><B><U>OUTLOOK</U></B></P>
<P align=justify>Endeavour anticipates that the main business themes affecting
the silver mining business in Q2, 2009 will largely continue in Q3, 2009. The
global financial crisis appears to have peaked late last year, global economic
recession was the new reality in H1, 2009, but stock markets are on the rebound
thanks to announcements of massive government economic stimulus programs and
precious metal prices have risen sharply from their lows late last year.</P>
<P align=justify>In Q3, 2009, precious metal prices should continue to show
strength, both as a safe haven for cash in a time of financial distress as well
as a hedge against inflation as governments print new money to fund their
economic stimulus programs. Silver and gold prices often show fundamental
strength in September and 2009 should be no exception.</P>
<P align=justify>The Mexican economy has been negatively impacted in recent
months by both the government &#147;war on drugs&#148; and by the recent influenza
epidemic. However, neither of these issues have had, nor should they have, any
material impact on Endeavour&#146;s silver mining operations.</P>
<P align=justify>As forecast, Endeavour expects silver production to rise in Q3,
2009 with the completion of the various mine development programs at both
Guanacevi and Guanajuato. At Guanacevi, the new Alex Breccia mine is now in
production, although the main production increase will be in Q4 2009 due to the
shrinkage mining method being used. The Alex Breccia ore is currently being
processed in the leach circuit until there is sufficient daily ore output to
justify re-activation of the floatation circuit. The new Porvenir Dos mine will
come into production in Q3, 2009 on schedule and continue to ramp up its ore
tonnage produced in Q4, 2009. </P>
<P align=justify>At Guanajuato, production from the new Lucero mine will
continue to grow in Q3, 2009 as mine development opens up more working stopes.
Mine development will also continue to open up new stopes in the sub-parallel
San Jose and Bolanitos veins in the same area and in the Veta Madre at the
Cebada mine. In addition the Guanajuato plant will undergo a very low cost
expansion to increase capacity by 20% in Q3, 2009 with an installation of a more
efficient cone crusher. </P>
<P align=justify>Endeavour continues to make progress on acquiring old mine
properties with exploration potential within the Guanacevi and Guanajuato
districts, and the Company remains in acquisition mode in Q3, 2009 evaluating a
number of larger M&amp;A opportunities. </P>
<P align=center>24</P>
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify><B><U>SUBSEQUENT EVENTS</U></B></P>
<P align=justify>On July 29<SUP>th</SUP>, 2009, the Board of Directors approved
a re-pricing of 670,000 employee options with weighted average remaining
contractual life of 4.4 years and option price of CAN $3.79. The re-priced
options weighted contractual life will remain 4.4 years, while the options will
have an exercise price of CAN $2.01 and a one year vesting period. </P>
<P align=justify>On July 29<SUP>th</SUP>, 2009, the Board of Directors approved
the cancellation of 1,120,000 insider options with weighted average remaining
contractual life of 6.8 years and option price of CAN $4.89.</P>
<P align=justify><B><U>CHANGES IN ACCOUNTING POLICIES &amp; CRITICAL ACCOUNTING
ESTIMATES</U></B></P>
<P align=justify><B><U>Changes in Accounting Policies</U></B></P>
<P align=justify>On January 1, 2009, the Company adopted a new accounting
standard that was issued by the Canadian Institute of Chartered Accountants:
Handbook Section 3604, <I>Goodwill and intangible assets,</I> which replaces
section 3062, Goodwill and intangible assets and Section 3450, Research and
Development Costs, establishes a standard for recognition, measurement and
disclosure of goodwill and intangible assets. There is no impact on the
Company&#146;s consolidated financial statements.</P>
<P align=justify><B><U>Critical Accounting Estimates</U></B></P>
<P align=justify>The preparation of financial statements requires the Company to
make estimates that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Significant areas requiring the use of estimates relate to the
determination of mineralized reserves, valuation of asset back commercial paper,
impairment of long-lived assets, determination of asset retirement obligations,
valuation allowances for future income taxes and assumptions used in determining
the fair value of non-cash based compensation. </P>
<P align=justify><B><I>Mineralized reserves and impairment on long lived
assets<BR></I></B>Management periodically reviews the carrying value of its
mineral properties with internal and external mining related professionals. A
decision to abandon, reduce or expand a specific project is based upon many
factors including general and specific assessments of reserves, anticipated
future prices, anticipated future costs of exploring, developing and operating a
producing mine, expiration term and ongoing expense of maintaining leased
mineral properties and the period for properties with unproven reserves.
However, properties which have not demonstrated suitable mineral concentrations
at the conclusion of each phase of an exploration program are reevaluated to
determine if future exploration is warranted and their carrying values are
appropriate.</P>
<P align=justify>If an area of interest is abandoned or it is determined that
its carrying value cannot be supported by future production or sale, the related
costs are charged against operations in the period of abandonment or
determination that the carrying value exceeds its fair value. The amounts
recorded as mineral properties represent costs incurred to date and do not
necessarily reflect present or future values.</P>
<P align=justify>The accumulated costs of mineral properties that are developed
to the stage of commercial production are amortized using the units of
production basis using proven and probable reserves (as defined by National
Instrument 43-101). Plant and equipment are recorded at cost and are amortized
using the straight-line method at rates varying from 5% to 30% annually.</P>
<P align=justify><B><I>Asset retirement obligations<BR>
</I></B>Reclamation and
closure costs have been estimated based on the Company&#146;s interpretation of
current regulatory requirements, however changes in regulatory requirements and
new information may result in revisions to estimates. The Company recognized the
present value of liabilities for reclamation and closure costs in the period in
which they are incurred.</P>
<P align=center>25</P>
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style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Management&#146;s Discussion and Analysis (AMENDED)</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the Six Months Ended June 30, 2009</B> </TD>
    <TD align=right width="50%"><B>Date of Preparation: August 6, 2009</B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>(Expressed in
      US dollars unless otherwise noted)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="50%"><B>(amended September 25, 2009)</B> </TD></TR></TABLE>
<P align=justify> These obligations are measured initially at
fair value and the resulting costs capitalized to the carrying value of the
related asset. In subsequent periods, the liability is adjusted for any changes
in the amount or timing and for the accretion of discounted underlying future
cash flows. The capitalized asset retirement cost is amortized to operations
over the life of the asset.</P>
<P align=justify><B><I>Convertible Debt<BR></I></B>We follow accounting
guidelines in determining the value of the liability and equity components of
the convertible notes, as described in Note 5 to the interim Financial
Statements. The carrying value of the liability component was determined by
discounting the stream of future payments of interest and principal over a 5
year expected life at the estimated market rate for a similar liability without
the conversion features. The carrying value of the equity component was measured
as the face value of the notes less the portion relating to the debt
component.</P>
<P align=justify><B><I>Future income taxes<BR></I></B>The Company follows the
asset and liability method of accounting for income taxes. Under this method,
future tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases, and losses
carried forward. Future tax assets and liabilities are measured using
substantively enacted or enacted tax rates expected to apply to taxable income
in the years in which those temporary differences are expected to be recovered
or settled. The effect on future tax assets and liabilities of a change in tax
rates is recognized in income in the period that includes the substantive
enactment date. Future tax assets are recognized to the extent that they are
considered more likely than not to be realized. The valuation of future income
tax assets is adjusted, if necessary, by the use of a valuation allowance to
reflect the estimated realizable amount. The future income tax provision also
incorporates management&#146;s estimates regarding the utilization of tax loss carry
forwards, which are dependent on future operating performance and
transactions.</P>
<P align=justify><B><I>Stock-based compensation<BR></I></B>The Company has a
share option plan which is described in Note 9 (d) of the Company&#146;s consolidated
financial statements. The Company records all stock-based compensation for
options using the fair value method. The fair value of each option award is
estimated on the date of the grant using the Black-Scholes option pricing model,
with expected volatility based on historical volatility of our stock. We use
historical data to estimate the term of the option and the risk free rate for
the expected term of the option is based on the Government of Canada yield curve
in effect at the time of the grant. </P>
<P align=justify><B><U>CONTROLS AND PROCEDURES</U></B></P>
<P align=justify>Our management, including our Chief Executive Officer and Chief
Financial Officer, has evaluated our internal control over financial reporting
to determine whether any changes occurred during the period that have materially
affected, or are reasonably likely to materially affect, our internal control
over financial reporting. During the six months ended June 30, 2009 there have
been no changes that occurred that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting. </P>
<P align=justify><B><U>INTERNATIONAL FINANCIAL REPORTING STANDARDS</U></B></P>
<P align=justify>On February 13, 2008, the Canadian Accounting Standards Board
confirmed that publicly accountable enterprises will be required to adopt
International Financial Reporting Standards (&#147;IFRS&#148;) in place of Canadian GAAP
for interim and annual reporting purposes for fiscal years beginning on or after
January 1, 2011. At this time, the impact on our future financial position and
results of operations is being assessed. The Company has and continues to
provide training seminars to its accounting staff and has hired additional
accounting staff to assist with the assessment of its current accounting
policies, systems and processes in order to identify differences between current
Canadian GAAP and IFRS GAAP treatment. The Company intends to update the
critical accounting policies and procedures to incorporate the changes required
by converting to IFRS and the impact of these changes on its financial
disclosure. Regular reporting will occur to senior executive management and to
the Audit Committee of our Board of Directors.</P>
<P align=center>26</P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>CERTIFCATION
<TEXT>
<HTML>
<HEAD>
   <TITLE>Filed by sedaredgar.com - Endeavour Silver Corp. - Exhibit 99.2</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>Form 52-109F2R<BR> Certification of refiled interim
filings</B></P>
<P align=justify>This certificate is being filed on the same date that Endeavour
Silver Corp. (the &#147;issuer&#148;) has refiled the interim MD&amp;A for the interim
period ended June 30, 2009.</P>
<P align=justify>I, Bradford Cooke, Chairman and Chief Executive Officer of
Endeavour Silver Corp., certify the following:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial statements and interim MD&amp;A (together, the &#147;interim
      filings&#148;) of the issuer for the interim period ended June 30,
  2009.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial statements
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      results of operations and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s
GAAP.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is the Internal Control - Integrated Framework (COSO Framework)
      published by The Committee of Sponsoring Organizations of the Treadway
      Commission (COSO).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify><B><I>Limitation on scope of design:
</I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on April 1, 2009 and ended on June
      30, 2009 that has materially affected, or is reasonably likely to
      materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: September <U>25</U>, 2009 </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>"Bradford
      Cooke&#148;</I> </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Bradford Cooke </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Chairman and Chief Executive Officer </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE>
<P align=center>2</P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>CERTIFCATION
<TEXT>
<HTML>
<HEAD>
   <TITLE>Filed by sedaredgar.com - Endeavour Silver Corp. - Exhibit 99.3</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>Form 52-109F2R<BR> Certification of refiled interim
filings</B></P>
<P align=justify>This certificate is being filed on the same date that Endeavour
Silver Corp. (the &#147;issuer&#148;) has refiled the interim MD&amp;A for the interim
period ended June 30, 2009.</P>
<P align=justify>I, Dan Dickson, Chief Financial Officer of Endeavour Silver
Corp., certify the following:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial statements and interim MD&amp;A (together, the &#147;interim
      filings&#148;) of the issuer for the interim period ended June 30,
  2009.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial statements
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      results of operations and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s
GAAP.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is the Internal Control - Integrated Framework (COSO Framework)
      published by The Committee of Sponsoring Organizations of the Treadway
      Commission (COSO).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify><B><I>Limitation on scope of design:
</I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on April 1, 2009 and ended on June
      30, 2009 that has materially affected, or is reasonably likely to
      materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: September <U>25</U>, 2009 </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>&#147;Dan
      Dickson&#148;</I> </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Dan Dickson </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Financial Officer </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE>
<P align=center>2</P>
<HR align=center width="100%" color=black noShade SIZE=5>

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<TYPE>GRAPHIC
<SEQUENCE>5
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
