<SEC-DOCUMENT>0001062993-14-002803.txt : 20140513
<SEC-HEADER>0001062993-14-002803.hdr.sgml : 20140513
<ACCEPTANCE-DATETIME>20140513125223
ACCESSION NUMBER:		0001062993-14-002803
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20140331
FILED AS OF DATE:		20140513
DATE AS OF CHANGE:		20140513

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:		14836362

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

	MAIL ADDRESS:	
		STREET 1:		700 WEST PENDER STREET
		STREET 2:		SUITE 301
		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>Endeavour Silver Corp.: Form 6-K - Filed by newsfilecorp.com</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>May, 2014</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">Condensed Consolidated Interim Financial Statements for the Period Ended March 31, 2014</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">Management&#146;s Discussion and Analysis for the Period Ended March 31, 2014</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 52-109F2 <I>Certification of Interim Filings Full Certificate</I> - CEO</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="exhibit99-4.htm">99.4</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-4.htm">Form 52-109F2 <I>Certification of Interim Filings Full Certificate</I> - CFO</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: May 12, 2014</td>
    <td valign="top">By:</td>
    <td style="BORDER-BOTTOM: #000000 1px solid"><I>/s/ Bradford Cooke</I></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>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>EXHIBIT 99.1
<TEXT>

<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.1 - Filed by newsfilecorp.com</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><IMG
src="endeavourlogo.gif"
border=0></P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=center><B>Condensed Consolidated Interim Financial Statements </B></P>
<P align=center>Prepared by Management </P>
<P align=center>&nbsp;</P>
<P align=center><B>First Quarter Report <BR></B><B>Three Months Ended March 31,
2014 and 2013 </B></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><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL
      POSITION </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>(Unaudited &#150; Prepared by Management) </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(expressed in
      thousands of US dollars) </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>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>March 31, </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31, </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="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="12%">Notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center 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=center
      width="12%"><B>2014 </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="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>ASSETS </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center 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>
    <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><B>Current assets </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center 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>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;44,295 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;35,004 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">4 </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>1,471 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,463 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Accounts receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>5 </TD>
    <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>21,537 </B></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>23,749 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">6 </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>27,160 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">23,647 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Prepaid expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center 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><B>2,332 </B></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>3,341 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total current assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>96,795 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">87,204 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Non-current deposits </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,131 </B></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>1,186 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mineral property,
      plant and equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">8
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center 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%"><B>272,374 </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=right
      width="12%">278,533 </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" align=left
      bgColor=#e6efff><B>Total assets </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;370,300 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;366,923 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&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>LIABILITIES AND SHAREHOLDERS' EQUITY
    </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center 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>
    <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><B>Current liabilities </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center 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>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;15,932 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;17,221 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Income taxes payable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2,484 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,259 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Derivative liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>10 </TD>
    <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>- </B></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>1,491 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Revolving credit facility </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center 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%"><B>32,000 </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=right
      width="12%">33,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total current liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>50,416 </B></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>54,971 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&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>Provision for reclamation and
      rehabilitation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>6,662 </B></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>6,652 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Contingent liability </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>140 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">99 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Deferred income tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center 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><B>46,778 </B></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>49,053 </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 1px solid" align=left><B>Total
      liabilities </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center 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%"><B>103,996 </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=right
      width="12%">110,775 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Shareholders' equity </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center 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>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Common shares, unlimited shares authorized,
      no par value, issued and outstanding 101,255,314 shares (Dec 31, 2013 -
      99,784,409 shares) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>Page 4 </TD>
    <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>364,735 </B></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>358,408 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Contributed surplus </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Page 4 </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>14,620 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">14,836 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accumulated comprehensive income (loss) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>Page 4 </TD>
    <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(4,073</B></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>(4,081</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deficit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center 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%"><B>(108,978</B></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%">(113,015</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Total shareholders' equity </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center 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><B>266,304 </B></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>256,148 </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><B>Total
      liabilities and shareholders' equity </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><B>&nbsp;370,300 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;366,923 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of the condensed
consolidated interim financial statements. </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>Endeavour Silver Corp. </B></TD>
    <TD align=right width="15%">Page - 2 - </TD></TR></TABLE><BR>
<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><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF
      COMPREHENSIVE INCOME </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>(Unaudited &#150; Prepared by Management) </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(expressed in
      thousands of US dollars, except for shares and per share amounts)
  </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>&nbsp; </TD>
    <TD align=center width="15%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=center><B>Three Months Ended </B></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="15%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>March 31, </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">March 31, </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%">Notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2014 </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="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="15%">&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>Revenue </TD>
    <TD align=center width="15%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;53,000 </B></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;69,873 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="15%">&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>Cost of sales: </TD>
    <TD align=center width="15%" 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>
    <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>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Direct production
      costs </TD>
    <TD align=center width="15%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>27,220 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">36,887 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Royalties </TD>
    <TD align=center width="15%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>334 </B></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>450 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Share-based
      compensation </TD>
    <TD align=center width="15%">9 (a) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>68 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">75 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Depreciation and depletion </TD>
    <TD align=center width="15%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>14,073 </B></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>12,074 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Write down of inventory to net realizable value    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%">6</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%"><B>-
      </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=right width="12%">1,495    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="15%" bgColor=#e6efff>14 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>41,695 </B></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>50,981 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mine operating earnings </TD>
    <TD align=center width="15%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>11,305 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">18,892 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Expenses: </TD>
    <TD align=center width="15%" 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>
    <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>&nbsp; &nbsp; &nbsp; &nbsp;Exploration </TD>
    <TD align=center width="15%">11 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>2,168 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">4,190 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;General and administrative </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#e6efff>12 </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><B>2,438 </B></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>3,130 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="15%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>4,606 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">7,320 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Operating earnings </TD>
    <TD align=center width="15%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>6,699 </B></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>11,572 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark-to-market loss/(gain) on derivative liabilities </TD>
    <TD align=center width="15%">10 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>1,434 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(1,452</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Mark-to-market loss/(gain) on contingent
      liability </TD>
    <TD align=center width="15%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>41 </B></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>(2,491</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Finance costs </TD>
    <TD align=center width="15%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>446 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">247 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other income (expense): </TD>
    <TD align=center width="15%" 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>
    <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>&nbsp; &nbsp; &nbsp; &nbsp;Foreign exchange </TD>
    <TD align=center width="15%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(257</B></TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,400 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Investment and other income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    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><B>184 </B></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>1,978 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="15%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(73</B></TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">3,378 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="15%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Earnings before income taxes </TD>
    <TD align=center width="15%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>4,705 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">18,646 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Current income tax expense </TD>
    <TD align=center width="15%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>2,942 </B></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>1,836 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred income
      tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="15%">&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%"><B>(2,274</B></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%">2,453    </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    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><B>668 </B></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>4,289 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="15%">&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 style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Net earnings for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="15%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>4,037 </B></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>14,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="15%">&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>Other comprehensive income, net of tax </TD>
    <TD align=center width="15%" 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>
    <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 style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp;Net change in fair value of available for sale investments</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%">4</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%"><B>8
      </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=right
    width="12%">(2,839</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B>Comprehensive
      income (loss) for the period </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
    width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><B>4,045 </B></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%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">11,518 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="15%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Basic earnings
      (loss) per share based on net earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
    width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><B>&nbsp;0.04 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;0.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Diluted earnings (loss) per share based on net earnings</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="15%"
    bgColor=#e6efff>9 (c) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;0.04 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;0.13 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="15%">&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 style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Basic weighted average number of shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="15%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>100,494,157 </B></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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>99,660,016 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Diluted weighted
      average number of shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="15%">9
      (c) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><B>101,435,506 </B></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%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">101,507,642 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of the condensed
consolidated interim financial statements. </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>Endeavour Silver Corp. </B></TD>
    <TD align=right width="15%">Page - 3 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP.
</FONT></B><BR><B>CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
</B><BR><B>(Unaudited &#150; Prepared by Management) </B><BR>(expressed in thousands
of U.S. dollars, except share amounts) </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 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="8%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="7%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="7%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="7%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="7%">Accumulated </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="7%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="7%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%">other </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%">Number of </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%">Share </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%">Contributed </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%">comprehensive </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="7%">Total </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    >Note </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="7%">shares </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="7%">Capital </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="7%">Surplus </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="7%">income (loss) </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="7%">Deficit </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="7%">Equity </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>December 31, 2012 </TD>
    <TD vAlign=bottom align=left width="8%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>99,541,522 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;357,296 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;12,828 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;(5,331</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>&nbsp;(24,597</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>340,196 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="8%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exercise of options </TD>
    <TD vAlign=bottom align=left width="8%"  bgColor=#e6efff>9
      (a) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>80,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>449 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(156</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>293 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exercise of warrants </TD>
    <TD vAlign=bottom align=left width="8%" >9 (b), 10 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share appreciation rights </TD>
    <TD vAlign=bottom align=left width="8%"  bgColor=#e6efff>9
      (a) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>66,488 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>234 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(234</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share-based compensation </TD>
    <TD vAlign=bottom align=left width="8%" >9 (a) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">563 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">563 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Unrealized gain (loss) on available for
      sale assets </TD>
    <TD vAlign=bottom align=left width="8%"  bgColor=#e6efff>4
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(665</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(665</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Realized gain (loss) on available for sale assets </TD>
    <TD vAlign=bottom align=left width="8%" >4 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(2,174</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(2,174</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Expiry and forfeiture of options </TD>
    <TD vAlign=bottom align=left width="8%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(959</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>959 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Earnings for the
      period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">14,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">14,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>March 31, 2013 </TD>
    <TD vAlign=bottom align=left width="8%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>99,688,010 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>357,979 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>12,042 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(8,170</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(9,281</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>352,570 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="8%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exercise of options </TD>
    <TD vAlign=bottom align=left width="8%"  bgColor=#e6efff>9
      (a) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>59,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>281 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(99</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>182 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exercise of warrants </TD>
    <TD vAlign=bottom align=left width="8%" >9 (b), 10 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">37,399 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">148 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">148 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share-based compensation </TD>
    <TD vAlign=bottom align=left width="8%"  bgColor=#e6efff>9
      (a) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>2,981 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>2,981 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Unrealized gain (loss) on available for sale assets </TD>
    <TD vAlign=bottom align=left width="8%" >4 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">5,006 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">5,006 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Realized gain (loss) on available for sale
      assets </TD>
    <TD vAlign=bottom align=left width="8%"  bgColor=#e6efff>4
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(917</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(917</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Expiry and forfeiture of options </TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(88</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">88 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Loss for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(103,822</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>(103,822</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>December 31, 2013 </TD>
    <TD vAlign=bottom align=left width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">99,784,409 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">358,408 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">14,836 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(4,081</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(113,015</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">256,148 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exercise of options </TD>
    <TD vAlign=bottom align=left width="8%"  bgColor=#e6efff>9
      (a) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>315,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>1,201 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>(427</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>774 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exercise of warrants </TD>
    <TD vAlign=bottom align=left width="8%" >9 (b), 10 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">1,155,905 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">5,126 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">(248</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">4,878 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share-based compensation </TD>
    <TD vAlign=bottom align=left width="8%"  bgColor=#e6efff>9
      (a) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>459 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>459 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Unrealized gain (loss) on available for sale assets </TD>
    <TD vAlign=bottom align=left width="8%" >4 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">8 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">8 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Earnings for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>4,037 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>4,037 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>March 31, 2014
</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="8%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="7%">101,255,314 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="7%">&nbsp;364,735 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="7%">&nbsp;14,620 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="7%">&nbsp;(4,073</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="7%">&nbsp;(108,978</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="7%">266,304 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of the condensed
consolidated interim financial statements. </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>Endeavour Silver Corp. </B></TD>
    <TD align=right width="15%">Page - 4 - </TD>
  </TR>
</TABLE>
<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><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
      </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>(Unaudited &#150; Prepared by Management) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of U.S. dollars)
</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 style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
    width="14%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-TOP: #000000 2px solid"><B>Three Months Ended </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>March 31, </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>March 31, </B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="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="14%">Notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2014 </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="12%"><B>2013 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&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>Operating activities </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" 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>
    <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>Net earnings for the period </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD align=left width="1%" ><B>$</B></TD>
    <TD align=right width="12%"><B>4,037 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;14,357 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Items not affecting cash: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" 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>
    <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>&nbsp; &nbsp;Share-based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">9 (a) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>459 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">563 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Depreciation and depletion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>14,155 </B></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>12,148 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Deferred income tax provision (recovery) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(2,274</B></TD>
    <TD align=left width="2%" ><B>) </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,453 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Unrealized foreign exchange
      loss (gain) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(3</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>) </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(85</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Mark-to-market loss (gain) on derivative
      liability </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">10 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>1,434 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,452</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Mark-to-market loss (gain) on
      contingent liability </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>41 </B></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>(2,491</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Finance costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>436 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">117 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Write down of inventory to net
      realizable vallue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>6 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>- </B></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>1,495 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Gain on sale of investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">4 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>- </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,777</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Net changes in non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    bgColor=#e6efff>13 </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><B>(1,178</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>) </B></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>(15,790</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash from
      operating activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="14%">&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%"><B>17,107 </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=right width="12%">9,538    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&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>Investing activites </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" 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>
    <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>&nbsp; &nbsp;Property, plant and equipment expenditures </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">8 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(9,234</B></TD>
    <TD align=left width="2%" ><B>) </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(28,716</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Investment in short term
      investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>- </B></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>(130</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Proceeds from sale of short term investments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="14%">&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%"><B>-
      </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=right width="12%">4,720    </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>Cash used in investing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    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><B>(9,234</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>) </B></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>(24,126</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&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>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financing activities </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</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 vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Proceeds from (repayments to)
      revolving credit facility </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(1,000</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>) </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>24,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Exercise of options and warrants </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">9 (a)(b) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2,727 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">293 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Interest paid </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%"
    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><B>(311</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>) </B></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>(42</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash from
      financing activites </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="14%">&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%"><B>1,416 </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=right
      width="12%">24,251 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Effect of exchange rate change on cash and cash equivalents    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">85 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Increase (decrease) in cash and cash
      equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>9,289 </B></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>9,663 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash and cash
      equivalents, beginning of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="14%">&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%"><B>35,004 </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=right
      width="12%">18,617 </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" align=left
      bgColor=#e6efff><B>Cash and cash equivalents, end of period </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="14%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>44,295 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;28,365 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="14%">&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>Supplementary cash flow information </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>13 </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></TABLE>
<P align=justify>The accompanying notes are an integral part of the condensed
consolidated interim financial statements. </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>Endeavour Silver Corp. </B></TD>
    <TD align=right width="15%">Page - 5 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three months
ended March 31, 2014 and 2013 <BR>(Unaudited &#150; Prepared by Management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </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><U>CORPORATE INFORMATION</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Endeavour Silver Corp. (the &#147;Company&#148; or &#147;Endeavour
      Silver&#148;) is a corporation governed by the Business Corporation Act
      (British Columbia). The Company is engaged in silver mining in Mexico and
      related activities including acquisition, exploration, development,
      extraction, processing, refining and reclamation. The Company is also
      engaged in exploration activities in Chile. The address of the registered
      office is #301 &#150; 700 West Pender Street, Vancouver, B.C., V6C
  1G8.</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><U>BASIS OF PRESENTATION</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These condensed consolidated interim financial statements
      have been prepared in accordance with IAS 34 <I>Interim Financial
      Reporting </I>and do not include all of the information required for full
      annual financial statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Board of Directors approved the condensed
      consolidated interim financial statements for issue on May 7, 2014
  .</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The preparation of interim financial statements requires
      management to make judgments, estimates and assumptions that affect the
      application of accounting policies and the reported amounts of assets and
      liabilities, income and expense. Actual results may differ from these
      estimates.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These condensed consolidated interim financial statements
      are presented in the Company&#146;s functional currency of US dollars and
      include the accounts of the Company and its wholly owned subsidiaries:
      Endeavour Management Corp., Endeavour Zilver SARL, Endeavour Gold
      Corporation S.A. de C.V., Endeavour Capital S.A. de C.V. SOFOM ENR, Minera
      Santa Cruz Y Garibaldi S.A de C.V., Metalurgica Guanacevi S.A. de C.V.,
      Minera Plata Adelante S.A. de C.V., Refinadora Plata Guanacevi S.A. de C.
      V., Minas Bolanitos S. A. de C.V., Guanacevi Mining Services S.A. de C.V.,
      Recursos Humanos Guanacevi S.A. de C.V., Recursos Villalpando S.A. de
      C.V., Servicios Administrativos Varal S.A. de C.V., Minera Plata Carina
      Spa, MXRT Holding Ltd. , Compania Minera El Cubo S.A. de C.V., Minas
      Lupycal S.A. de C.V. and Metales Interamericanos S.A. de C.V. All
      intercompany transactions and balances have been eliminated upon
      consolidation of these subsidiaries.</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><U>SIGNIFICANT ACCOUNTING POLICIES</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The accounting policies applied in these condensed
      consolidated interim financial statements are the same as those applied in
      the Company&#146;s annual audited consolidated financial statements as at and
      for the year ended December 31, 2013, except as noted in Note
  3(a).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In preparing these condensed consolidated interim
      financial statements, the significant judgments made by management in
      applying the Company&#146;s accounting policies and the key sources of
      estimation uncertainty were the same as those that applied to the annual
      consolidated financial statements as at and for the year ended December
      31, 2013. In addition, the following accounting policy has been further
      defined for these condensed consolidated interim financial
    statements.</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%"><B>(a) </B></TD>
    <TD>
      <P align=justify><B>Changes in International Financial Reporting Standards
      (IFRS)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has adopted the following new standards,
      along with any consequential amendments, effective January 1, 2014. These
      changes were made in accordance with the applicable transitional
      provisions.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>IFRIC 21</I></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In May 2013, the IASB issued IFRIC 21, <I>Levies,
      </I>which provides guidance on accounting for levies in accordance with
      the requirements of IAS 37, <I>Provisions, Contingent Liabilities and
      Contingent Assets</I>. The interpretation defines a levy as an outflow
      from an entity imposed by a government in accordance with legislation. It
      also notes that levies do not arise from executor contracts or other
      contractual arrangements. The interpretation also confirms that an entity
      recognized a liability for a levy only when the triggering event specified
      in the legislation occurs. IFRIC 21 was applied retrospectively with no
      material impact on the financial statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(b) </B></TD>
    <TD>
      <P align=justify><B>Changes in IFRS Not Yet Adopted</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>New standards and amendments have been proposed; however,
      they do not impact the condensed consolidated interim financial statements
      and are not anticipated to impact the Company&#146;s annual consolidated
      financial statements. The nature and impact of each new standard and
      amendment applicable to the Company are described below:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>IFRS 9 Financial Instruments</I></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In November 2009, the IASB issued IFRS 9, <I>Financial
      Instruments, </I>as the first step in its project to replace IAS 39,
      <I>Financial Instruments: Recognition and Measurement</I>. IFRS 9 retains
      but simplifies the mixed measurement model and establishes two primary
      measurement categories for financial assets: amortized cost and fair
      value. The basis of classification depends on an entity&#146;s business model
      and the contractual cash flows of the financial
asset.</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><B>Endeavour Silver Corp. </B></TD>
    <TD align=right width="15%">Page - 6 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=justify><B><font size="4">ENDEAVOUR SILVER CORP. </font></B><BR>
  <B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three months ended March 31,
2014 and 2013 <BR>(Unaudited &#150; Prepared by Management) <BR>(expressed in
thousands of US dollars, unless otherwise stated) <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Classification is made at the time the financial asset is
      initially recognized, namely when the entity becomes a party to the
      contractual provisions of the instrument.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS 9 amends some of the requirements of IFRS 7,
      <I>Financial Instruments: Disclosures</I>, including added disclosures
      about investments in equity instruments measured at fair value in Other
      Comprehensive Income, and guidance on the measurement of financial
      liabilities and derecognition of financial instruments. In December 2011,
      the International Accounting Standards Board issued an amendment that
      adjusted the mandatory effective date of IFRS 9 from January 1, 2013 to
      January 1, 2015. The Company is currently assessing the impact of adopting
      IFRS 9 on its consolidated financial statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has not early adopted any other standard,
      interpretation or amendment in the condensed consolidated interim
      financial statements that have been issued, but not yet
  effective.</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><U>INVESTMENTS</U></B></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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%"><B>March 31</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="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="12%"><B>2014</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="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Investment in marketable securities, at
      cost </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>5,544</B> </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>5,544 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Unrealized gain (loss) on marketable securities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(3,591</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3,772</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Unrealized foreign exchange gain (loss) </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><B>(482</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </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>(309</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><B>1,471</B> </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%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">1,463 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</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%"></TD>
    <TD>
      <P align=justify>The marketable securities are classified as Level 1 in
      the fair value hierarchy (see Note 15) and as available for sale financial
      assets. The fair value of available for sale investments are determined
      based on a market approach reflecting the closing price of each particular
      security at the reporting date. The closing price is a quoted market price
      obtained from the exchange that is the principal active market for the
      particular security, being the market with the greatest volume and level
      of activity for the assets.</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><U>ACCOUNTS
RECEIVABLE</U></B></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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%"
    ><STRONG>March 31</STRONG> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%">Note
    </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=center
      width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD width="2%" >&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 width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Trade receivables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>9,802</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;10,263 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>IVA receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>10,925</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,717 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income tax receivables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center 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=right width="12%" bgColor=#e6efff><B>385</B> </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>411 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Due from related parties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">7 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>210</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">248 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Other receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%"
    bgColor=#e6efff>&nbsp; </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><B>215</B> </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>110 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="12%">&nbsp;</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%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><B>21,537</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><B>&nbsp;23,749</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The trade receivables consist of
receivables from provisional silver and gold sales from the Bolanitos mine. The
fair value of receivables arising from concentrate sales contracts that contain
provisional pricing mechanisms is determined using the appropriate quoted
closing price on the measurement date from the exchange that is the principal
active market for the particular metal. As such, these receivables, which meet
the definition of an embedded derivative, are classified within Level 1 of the
fair value hierarchy (see Note 15). </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>Endeavour Silver Corp. </B></TD>
    <TD align=right width="15%">Page - 7 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=justify><B><font size="4">ENDEAVOUR SILVER CORP. </font></B><BR>
  <B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three months ended March 31,
2014 and 2013 <BR>(Unaudited &#150; Prepared by Management) <BR>(expressed in
thousands of US dollars, unless otherwise stated) <BR></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%">6. </TD>
    <TD>
      <P align=justify><B><U>INVENTORIES</U></B></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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%"><B>March 31</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <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 width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Warehouse inventory </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;10,202</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;10,522 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Stockpile inventory <SUP>(1)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>8,914</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">8,530 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Finished Goods inventory <SUP>(2)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>5,565</B> </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>1,023 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Work in process
      inventory <SUP>(3)</SUP> </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%"><B>2,479</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=right width="12%">3,572
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;27,160</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;23,647 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</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%">(1) </TD>
    <TD>
      <P align=justify>The Company stockpiled 126,422 tonnes of mined ore as of
      March 31, 2014 (December 31, 2013 &#150; 128,604 tonnes).</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Company held 356,351 silver ounces and 1,534 gold
      ounces as of March 31, 2014 (December 31, 2013 &#150; 51,000 and 198,
      respectively). These ounces are carried at the lesser of cost and net
      realizable value. As at March 31, 2014, the quoted market value of the
      silver ounces was $7,116 (December 31, 2013 - $995) and the quoted market
      value of the gold ounces was $1,982 (December 31, 2013 - $238).</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The work in process inventory balances at December 31,
      2013 include a write down to net realizable value of $664 for work in
      process inventory held by the El Cubo mine. Of this amount, $234 is
      comprised of cash costs and $430 relates to depreciation and
    depletion.</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%">7. </TD>
    <TD>
      <P align=justify><B><U>RELATED PARTY TRANSACTIONS</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company shares common administrative services and
      office space with a related party company, with a director in common and
      from time to time will incur third party costs on behalf of the related
      party on a full cost recovery basis. The Company has a $210 net receivable
      related to administration costs and other items outstanding as of March
      31, 2014 (December 31, 2013 &#150; $169).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company was charged $28 for the three months ended
      March 31, 2014 for legal services from a legal firm in which the Company&#146;s
      Corporate Secretary is a partner (March 31, 2013 - $45). The Company has a
      $17 payable related to legal costs outstanding as of March 31, 2014
      (December 31, 2013- $8).</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><B>Endeavour Silver Corp. </B></TD>
    <TD align=right width="15%">Page - 8 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<P align=justify><B><font size="4">ENDEAVOUR SILVER CORP. </font></B><BR>
  <B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three months ended March 31,
2014 and 2013 <BR>(Unaudited &#150; Prepared by Management) <BR>(expressed in
thousands of US dollars, unless otherwise stated) <BR></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%"><B>8.</B> </TD>
    <TD>
      <P align=justify><B><U>MINERAL PROPERTY, PLANT AND
  EQUIPMENT</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Mineral property, plant and equipment
  comprise:</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="9%">Mineral
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="9%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="9%">Machinery &amp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="9%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="9%">Transport &amp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="9%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="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="9%">property </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="9%">Plant
    </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="9%">equipment </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="9%">Building </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="9%">office equipment </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="9%">Total
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Cost</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" 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="9%" 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="9%" 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="9%" 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="9%" 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="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Balance at December 31, 2012 </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;329,314 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;51,885 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;40,334 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;6,721 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;6,027 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;434,281 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Additions </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>38,761 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>35,034 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>11,675 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,977 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,218 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>88,665 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">- </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="9%">(16</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="9%">- </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="9%">- </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="9%">(114</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="9%">(130</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Balance at December 31, 2013 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">368,075 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">86,903 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">52,009 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">8,698 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">7,131 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">522,816 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Additions </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">6,804 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">1,186 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">1,151 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">71 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">103 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">9,315 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Disposals </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="9%"
    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="9%"
    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="9%"
    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="9%"
    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="9%"
    bgColor=#e6efff>(27</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </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="9%"
    bgColor=#e6efff>(27</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff><B>Balance at March 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;374,879</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;88,089</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;53,160</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;8,769</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;7,207</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;532,104</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Accumulated amortization</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" 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="9%" 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="9%" 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="9%" 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="9%" 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="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Balance at December 31, 2012 </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;72,231 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;11,459 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;8,559 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;1,014 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;2,587 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;95,850 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Amortization </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>39,091 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>5,964 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>5,319 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>703 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,634 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>52,711 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Impairment </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">81,743 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">14,072 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">95,815 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Disposals </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="9%"
    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="9%"
    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="9%"
    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="9%"
    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="9%"
    bgColor=#e6efff>(93</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </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="9%"
    bgColor=#e6efff>(93</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance at December 31, 2013 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>193,065 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>31,495 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>13,878 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,717 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>4,128 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>244,283 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Amortization </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">11,698 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">1,415 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">1,799 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">191 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">371 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">15,474 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Disposals </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="9%"
    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="9%"
    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="9%"
    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="9%"
    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="9%"
    bgColor=#e6efff>(27</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </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="9%"
    bgColor=#e6efff>(27</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff><B>Balance at March 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;204,763</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;32,910</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;15,677</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;1,908</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;4,472</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;259,730</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Net book value</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" 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="9%" 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="9%" 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="9%" 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="9%" 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="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>At December 31, 2013 </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;175,010 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;55,408 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;38,131 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;6,981 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;3,003 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="9%">&nbsp;278,533 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff><B>At March 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;170,116</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;55,179</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;37,483</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;6,861</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;2,735</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff><B>&nbsp;272,374</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><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%"></TD>
    <TD>
      <P align=justify>As of March 31, 2014, the Company had $344 committed to
      capital equipment purchases.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B><U>SHARE CAPITAL</U></B></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%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Purchase Options</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Options to purchase common shares of the Company have
      been granted to directors, officers, employees and consultants pursuant to
      the Company&#146;s current stock option plan approved by the Company&#146;s
      shareholders in fiscal 2009 and ratified in 2012, at exercise prices
      determined by reference to the market value of the Company&#146;s common shares
      on the date of grant. The stock option plan allows for, with approval by
      the Board, granting of options to its directors, officers, employees and
      consultants to acquire up to 7.5% of the issued and outstanding shares at
      any time.</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><B>Endeavour Silver Corp. </B></TD>
          <TD align=right width="15%">Page - 9 - </TD>
        </TR>
      </TABLE>
      <HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<P align=justify><B><font size="4">ENDEAVOUR SILVER CORP. </font></B><BR>
  <B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three months ended March 31,
2014 and 2013 <BR>(Unaudited &#150; Prepared by Management) <BR>(expressed in
thousands of US dollars, unless otherwise stated) <BR></P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes the
status of the Company&#146;s stock option plan and change during the periods
presented: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B>Expressed in
      Canadian dollars</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="3" align=center style="BORDER-TOP: #000000 2px solid"><B>Period Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD colspan="3" align=center style="BORDER-TOP: #000000 2px solid">Year
      Ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="3" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2014</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD colspan="3" align=center style="BORDER-BOTTOM: #000000 1px solid">December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Weighted</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="12%">Weighted </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="12%"><B>average</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="12%">average </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Number</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="12%"><B>exercise</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Number </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="12%">exercise </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD 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="12%"><B>of Shares</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="12%"><B>price</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="12%">of
      Shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Outstanding, beginning of period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>5,695,550</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff><B>$5.26</B> </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>4,171,450 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>$5.87 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Granted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>-</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=center width="12%"><B>-</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,022,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=center width="12%">$4.12 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Exercised <SUP>(1)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(315,000</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=center width="12%" bgColor=#e6efff><B>$2.70</B> </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>(259,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=center width="12%" bgColor=#e6efff>$3.56 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Cancelled </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%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>-</B> </TD>
    <TD 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%">(239,400</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">$8.20    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Outstanding, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>5,380,550</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="12%"
    bgColor=#e6efff><B>$5.41</B> </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>5,695,550 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="12%"
    bgColor=#e6efff>$5.26 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Options exercisable at period-end </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>3,992,550</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="12%"
    bgColor=#e6efff><B>$5.67</B> </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>4,307,550 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="12%"
    bgColor=#e6efff>$5.45 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><SUP>(1)</SUP> There were nil options
cancelled in exchange for share appreciation rights in the period ended March
31, 2014 (March 31, 2013 &#150; 120,000 options priced at CAN $3.67 cancelled in
exchange for 66,488 share appreciation rights).</P>
<P style="MARGIN-LEFT: 5%" align=justify>The following tables summarize
information about stock options outstanding at March 31, 2014: </P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD colspan="3" align=center style="BORDER-TOP: #000000 2px solid">    <B>Expressed in Canadian dollars</B> </TD>
    <TD align=center width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="15%">&nbsp;    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="15%">&nbsp;    </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD colspan="3" align=center style="BORDER-BOTTOM: #000000 2px solid"> Options Outstanding  </TD>
    <TD align=center width="5%"  >&nbsp;</TD>
    <TD colspan="2" align=center style="BORDER-BOTTOM: #000000 2px solid">Options Exercisable </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="15%">&nbsp; </TD>
    <TD align=center width="15%">Weighted </TD>
    <TD align=center width="15%">&nbsp; </TD>
    <TD align=center width="5%"  >&nbsp;</TD>
    <TD align=center width="15%">&nbsp; </TD>
    <TD align=center width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="15%">Number </TD>
    <TD align=center width="15%">Average </TD>
    <TD align=center width="15%">Weighted </TD>
    <TD align=center width="5%"  >&nbsp;</TD>
    <TD align=center width="15%">Number </TD>
    <TD align=center width="15%">Weighted </TD></TR>
  <TR vAlign=top>
    <TD align=center>CAN $ </TD>
    <TD align=center width="15%">Outstanding </TD>
    <TD align=center width="15%">Remaining </TD>
    <TD align=center width="15%">Average </TD>
    <TD align=center width="5%"  >&nbsp;</TD>
    <TD align=center width="15%">Exercisable </TD>
    <TD align=center width="15%">Average </TD></TR>
  <TR vAlign=top>
    <TD align=center>Price </TD>
    <TD align=center width="15%">as at </TD>
    <TD align=center width="15%">Contractual Life </TD>
    <TD align=center width="15%">Exercise </TD>
    <TD align=center width="5%"  >&nbsp;</TD>
    <TD align=center width="15%">as at </TD>
    <TD align=center width="15%">Exercise </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center>Intervals </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">Mar
      31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">(Number of Years) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">&nbsp;Prices </TD>
    <TD align=center width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">Mar
      31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">&nbsp;Prices </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$1.00 - $1.99 </TD>
    <TD align=right width="15%" bgColor=#e6efff>150,000 </TD>
    <TD align=center width="15%" bgColor=#e6efff>0.2 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$1.87 </TD>
    <TD align=right width="5%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>150,000 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$1.87 </TD></TR>
  <TR vAlign=top>
    <TD align=center>$2.00 - $2.99 </TD>
    <TD align=right width="15%">40,000 </TD>
    <TD align=center width="15%">3.2 </TD>
    <TD align=center width="15%">$2.01 </TD>
    <TD align=right width="5%"  >&nbsp;</TD>
    <TD align=right width="15%">40,000 </TD>
    <TD align=center width="15%">$2.01 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$3.00 - $3.99 </TD>
    <TD align=right width="15%" bgColor=#e6efff>1,267,400 </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.0 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$3.56 </TD>
    <TD align=right width="5%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>1,267,400 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$3.56 </TD></TR>
  <TR vAlign=top>
    <TD align=center>$4.00 - $4.99 </TD>
    <TD align=right width="15%">1,997,500 </TD>
    <TD align=center width="15%">4.1 </TD>
    <TD align=center width="15%">$4.12 </TD>
    <TD align=right width="5%"  >&nbsp;</TD>
    <TD align=right width="15%">784,000 </TD>
    <TD align=center width="15%">$4.12 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$8.00 - $8.99 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>1,925,650 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#e6efff>2.6 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#e6efff>$8.31 </TD>
    <TD align=right width="5%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>1,751,150 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#e6efff>$8.29 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="15%">5,380,550 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="15%">2.8    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="15%">$5.41 </TD>
    <TD align=right width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="15%">3,992,550 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="15%">$5.67 </TD></TR></TABLE>
</DIV><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%"></TD>
    <TD>
      <P align=justify>During the period ended March 31, 2014, the Company
      recognized share-based compensation expense of $459 (March 31, 2013 -
      $563) based on the fair value of the vested portion of options granted in
      prior periods.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Warrants</B></P></TD></TR></TABLE><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center>Exercise </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="17%"
    >&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="10%">Oustanding at </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="10%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="10%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="10%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="10%">Oustanding at </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center>Price </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="17%"
    >Expiry Dates </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">Issued </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">Exercised </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">Expired </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">March 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>CAN $ </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%" >&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>
    <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=center bgColor=#e6efff>$1.90 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >February 25,
      2014 </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>475,000 </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>- </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>(475,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>$1.51 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >February 25, 2014 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">25,292 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(25,292</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$1.90 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff >February 26,
      2014 </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>322,207 </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>- </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>(322,207</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>$2.05 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >February 26, 2014 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">374,468 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(374,468</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="17%"
    bgColor=#e6efff >&nbsp; </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="10%"
    bgColor=#e6efff>1,196,967 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="10%"
    bgColor=#e6efff>- </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="10%"
    bgColor=#e6efff>(1,196,967</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="10%"
    bgColor=#e6efff>- </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The warrants with an expiry date of
February 26, 2014, consisting of agents&#146; warrants issued for placing debentures
and warrants issued on conversion of debentures, were eligible to be exercised
&#147;cashless&#148; in which event no payment of the exercise price is required and the
holder receives the number of shares based upon the intrinsic value of the
warrants over the five day trading average prior to exercise. For the period
ended March 31, 2014, 85,525 warrants (March 31, 2013 &#150; nil) were elected by the
holders to be exercised &#147;cashless&#148; resulting in 44,463 shares (March 31, 2013 &#150;
nil) being issued. </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>Endeavour Silver Corp. </B></TD>
    <TD align=right width="15%">Page - 10 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<P align=justify><B><font size="4">ENDEAVOUR SILVER CORP. </font></B><BR>
  <B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three months ended March 31,
2014 and 2013 <BR>(Unaudited &#150; Prepared by Management) <BR>(expressed in
thousands of US dollars, unless otherwise stated) <BR></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%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Diluted Earnings per
Share</B></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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="12%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-TOP: #000000 2px solid"><B>Three Months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>March 31</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>March 31</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%">Note    </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=center
      width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Basic earnings </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>4,037</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;14,357 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Effect of dilutive securities: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center 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>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Mark to market (gain) on warrant derivative
      liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%"
    bgColor=#e6efff>10 </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><B>-</B> </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>(1,452</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Diluted earnings    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="12%">&nbsp;&nbsp;</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%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><B>4,037</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;12,905 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Basic weighted average number of shares outstanding </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=center width="12%"></TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%" ><STRONG>100,494,157</STRONG> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">99,660,016 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Effect of dilutive securities: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center 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>
    <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 width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Stock options </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>941,349</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">954,966 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Share purchase warrants </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center 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=right width="12%" bgColor=#e6efff><B>-</B> </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>251,964 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Share purchase warrants with embedded derivative
      liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>-</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">640,696 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Diluted weighted average number of share outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%"
    bgColor=#e6efff>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right 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><STRONG>101,435,506</STRONG> </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>101,507,642 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Diluted earnings per share </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center width="12%"
    bgColor=#e6efff>&nbsp;&nbsp;</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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>0.04</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;0.13 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</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%">10. </TD>
    <TD>
      <P align=justify><B><U>DERIVATIVE LIABILITIES</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Warrants</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Equity offerings were completed in previous periods
      whereby warrants were issued with exercise prices denominated in Canadian
      dollars. As the warrants had an exercise price denominated in a currency
      which is different from the functional currency of the Company (U.S.
      dollar), the warrants were treated as a financial liability. The Company&#146;s
      share purchase warrants were classified and accounted for as a financial
      liability at fair value with changes in fair value recognized in net
      earnings. The warrant derivative liability was classified as level 2 in
      the fair value hierarchy (see Note 15). The publicly traded warrants and
      warrants with similar characteristics were valued using the quoted market
      price as of exercise or at period end, from the market with the greatest
      volume and level of activity. For the non-publicly traded warrants, the
      Company uses the Black-Scholes option pricing model to estimate the fair
      value of the Canadian dollar denominated warrants. All warrants
      outstanding as at December 31, 2013 were exercised during the period ended
      March 31, 2014.</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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
      bgColor=#e6efff>Balance at December 31, 2012 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;5,336 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Exercise of financial liability </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 width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Mark to market loss (gain) </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>(1,452</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Balance at March 31, 2013 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,884 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Exercise of financial liability </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(95</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mark to market
      loss (gain) </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%">(2,298</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance at December 31, 2013 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,491 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Exercise of financial liability </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(2,925</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Mark to market loss (gain) </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>1,434 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Balance at March
      31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Assumptions used in the Black-Scholes
model to estimate the fair value of the warrant derivative liability:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="15%"><B>Period Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
     >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="15%"><B>Year
      Ended</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Mar 31, 2014</B> </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Dec 31, 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Outstanding warrants </TD>
    <TD align=center width="15%" bgColor=#e6efff>- </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>849,468 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Weighted average fair value of warrants at period end </TD>
    <TD align=center width="15%">- </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="15%">$1.75 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Risk-free interest rate </TD>
    <TD align=center width="15%" bgColor=#e6efff>- </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>0.88% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Expected dividend yield </TD>
    <TD align=center width="15%">- </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="15%">0% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Expected stock price volatility </TD>
    <TD align=center width="15%" bgColor=#e6efff>- </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>45% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Expected warrant
      life in years </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">-
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
     >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">0.2
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Black-Scholes pricing models require
the input of highly subjective assumptions. Volatility was estimated based on
average daily volatility based on historical share price observations over the
expected life of the warrants. </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>Endeavour Silver Corp. </B></TD>
    <TD align=right width="15%">Page - 11 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<P align=justify><B><font size="4">ENDEAVOUR SILVER CORP. </font></B><BR>
  <B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three months ended March 31,
2014 and 2013 <BR>(Unaudited &#150; Prepared by Management) <BR>(expressed in
thousands of US dollars, unless otherwise stated) <BR></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%">11. </TD>
    <TD>
      <P align=justify><B><U>EXPLORATION</U></B></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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 2px solid">Three months ended </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>March 31</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">March 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="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="12%"><B>2014</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="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <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 width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Depreciation and depletion </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;35</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;34 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Share-based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>25</B> </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 width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Salaries, wages and benefits </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>487</B> </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>628 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Direct 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%"><B>1,621</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=right width="12%">3,528    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;2,168</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;4,190 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</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%">12. </TD>
    <TD>
      <P align=justify><B><U>GENERAL AND
ADMINISTRATIVE</U></B></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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 2px solid">Three months ended </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>March 31</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">March 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="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="12%"><B>2014</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="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <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 width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Depreciation and depletion </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;38</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;40 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Share-based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>366</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">488 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Salaries, wages and benefits </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,048</B> </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>1,205 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Direct 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%"><B>986</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=right width="12%">1,397    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;2,438</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;3,130 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</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%">13. </TD>
    <TD>
      <P align=justify><B><U>SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH
      FLOWS</U></B></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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="4"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">Three Months Ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>March 31</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">March 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="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="12%"><B>2014</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="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <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 width="5%" >&nbsp;</TD>
    <TD align=left>Net changes in non-cash working capital </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 vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Accounts receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;2,174</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(11,603</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(2,265</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(392</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Prepaid expenses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,009</B> </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>(4,868</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Due from related parties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>38</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(51</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(1,359</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>805 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Income taxes payable </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%"><B>(775</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </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%">319    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;(1,178</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(15,790</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <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 width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Non-cash financing and investing
      activities: </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 width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Fair value of exercised options allocated to
      share capital </TD>
    <TD align=left width="1%" ><B>$</B></TD>
    <TD align=right width="12%"><B>&nbsp;427</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;156 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Fair value of shares issued
      under the share appreciation rights plan </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>-</B> </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>234 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Fair
      value of exercised agent warrants allocated to share capital </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%"><B>248</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=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Other cash disbursements: </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 vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Income taxes paid </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;3,856</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,846 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</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><B>Endeavour Silver Corp. </B></TD>
    <TD align=right width="15%">Page - 12 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<P align=justify><B><font size="4">ENDEAVOUR SILVER CORP. </font></B><BR>
  <B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three months ended March 31,
2014 and 2013 <BR>(Unaudited &#150; Prepared by Management) <BR>(expressed in
thousands of US dollars, unless otherwise stated) <BR></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%">14. </TD>
    <TD>
      <P align=justify><B><U>SEGMENT DISCLOSURES</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s operating segments are based on internal
      management reports that are reviewed by the Company&#146;s executives (the
      chief operating decision makers) in assessing performance. The Company has
      three operating mining segments, Guanacevi, Bolanitos and El Cubo, which
      are located in Mexico as well as exploration and corporate segments. The
      exploration segment consists of projects in the exploration and evaluation
      phases in Mexico and Chile.</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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="16"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid">  <B>Mar 31, 2014</B>   </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%"><B>Corporate</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%"><B>Exploration</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%"><B>Guanacevi</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%"><B>Bolanitos</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"><B>El
      Cubo</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;3,534 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;131 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;15,760 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;21,854 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;3,016 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;44,295 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,471 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,471 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accounts receivables </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>177 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>216 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>2,517 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>7,437 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>11,190 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>21,537 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Inventories </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">12,087 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">9,252 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">5,821 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">27,160 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Prepaid expenses </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,153 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>238 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>475 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>235 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>231 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>2,332 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Non-current deposits </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">276 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">56 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">582 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">143 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">74 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,131 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Mineral property, plant and equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>243 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>4,344 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>24,665 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>51,358 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>191,764 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>272,374 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;6,854 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;4,985 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;56,086 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;90,279 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;212,096 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;370,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Accounts payable and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;4,070 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;717 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;3,862 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;2,941 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;4,342 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;15,932 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income taxes payable </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>411 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,156 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>868 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>49 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>2,484 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Revolving credit facility </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">32,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">32,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Provision for reclamation and
      rehabilitation </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,850 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,040 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>3,772 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>6,662 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Contingent liability </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">140 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">140 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Deferred income tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(138</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>2,522 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>20,271 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>24,123 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>46,778 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Total liabilities    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;36,483 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;717 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;9,390 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;25,120 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;32,286 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;103,996 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="16" align=center style="BORDER-BOTTOM: #000000 2px solid">  <B>December 31, 2013</B>   </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%"><B>Corporate</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%"><B>Exploration</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%"><B>Guanacevi</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%"><B>Bolanitos</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"><B>El
      Cubo</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;6,991 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;143 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;9,696 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;13,880 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;4,294 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;35,004 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,463 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,463 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accounts receivables </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>374 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>78 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>3,204 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>9,807 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>10,286 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>23,749 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Inventories </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">12,138 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">6,675 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">4,834 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">23,647 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Prepaid expenses </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,562 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>242 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>517 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>220 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>800 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>3,341 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Non-current deposits </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">331 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">56 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">582 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">143 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">74 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,186 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Mineral property, plant and equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>231 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>4,321 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>23,392 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>58,399 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>192,190 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>278,533 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;10,952 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;4,840 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;49,529 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;89,124 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;212,478 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;366,923 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Accounts payable and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;4,931 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;365 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;4,219 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;2,713 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;4,993 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;17,221 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income taxes payable </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>411 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>2,848 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>3,259 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Derivative liabilities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,491 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,491 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Revolving credit facility </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>33,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>33,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Provision for reclamation and rehabilitation </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,846 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,039 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,767 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">6,652 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Contingent liability </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>99 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>99 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred income
      tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">172 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">2,090 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">20,372 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">26,419 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">49,053 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Total liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;40,104 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;365 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;8,155 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;26,972 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;35,179 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;110,775 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</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><B>Endeavour Silver Corp. </B></TD>
    <TD align=right width="15%">Page - 13 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<P align=justify><B><font size="4">ENDEAVOUR SILVER CORP. </font></B><BR>
  <B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three months ended March 31,
2014 and 2013 <BR>(Unaudited &#150; Prepared by Management) <BR>(expressed in
thousands of US dollars, unless otherwise stated) <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%">&nbsp;</TD>
    <TD colspan="16"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid">  <B>Three months ended March 31, 2014</B>   </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Silver revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;15,330 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;11,193 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;4,998 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;31,521 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gold revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">2,380 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">13,344 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">5,755 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">21,479 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;17,710 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;24,537 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;10,753 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;53,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Salaries, wages and benefits: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;1,512 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;1,186 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;1,927 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;4,625 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">555 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">279 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">463 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,297 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;administrative    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>912 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>937 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>756 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>2,605 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;stock based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">23 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">23 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">22 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">68 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(573</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>58 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(450</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(965</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Total salaries, wages and benefits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,429 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,483 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,718 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">7,630 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Direct costs: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,308 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,802 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,841 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">9,951 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>3,374 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>4,280 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>2,036 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>9,690 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">646 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">566 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">639 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,851 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(1,260</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>236 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(810</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(1,834</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Total direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">6,068 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">8,884 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">4,706 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">19,658 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Depreciation and depletion: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,215 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">6,765 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">5,745 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">14,725 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in
      inventory </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>125 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(478</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(299</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(652</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Total depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,340 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">6,287 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">5,446 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">14,073 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Royalties </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>146 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>120 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>68 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>334 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;10,983 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;17,774 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;12,938 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;41,695 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Earnings (loss) before taxes </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;(4,432</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;(2,168</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;6,727 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;6,763 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;(2,185</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;4,705 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Current income tax expense </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,397 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,476 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>69 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>2,942 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Deferred
      income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">123 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">(101</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">(2,296</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">(2,274</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>1,520 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>1,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(2,227</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>668 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Net earnings
      (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;(4,432</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;(2,168</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;5,207 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;5,388 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;42 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%">&nbsp;4,037 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%">&nbsp;</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 width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%">&nbsp;</TD>
    <TD colspan="16"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid">  <B>Three months ended March 31, 2013</B>   </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Silver revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;17,490 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;19,103 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;7,914 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;44,507 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gold revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">1,362 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">16,996 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">7,008 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">25,366 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;18,852 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;36,099 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;14,922 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;69,873 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Salaries, wages and benefits: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;1,693 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;1,621 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;2,316 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;5,630 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">493 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">539 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">411 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,443 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;administrative    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>863 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,275 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>980 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>3,118 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;stock based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">25 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">25 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">25 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">75 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>82 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>612 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>708 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Total salaries, wages and benefits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,156 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">4,072 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,746 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">10,974 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Direct costs: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">4,204 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">4,393 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,280 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">11,877 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>2,890 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>5,510 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,617 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>10,017 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">984 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">918 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,156 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,058 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>303 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>720 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>1,036 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Total direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">8,381 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">11,541 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">6,066 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">25,988 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Depreciation and depletion: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,564 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,487 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">5,226 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">11,277 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(144</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>452 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>489 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>797 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Total depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,420 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,939 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">5,715 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">12,074 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Royalties </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>450 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>450 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Write down
      of inventory to NRV </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">1,495 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">1,495 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;15,407 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;18,552 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;17,022 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;50,981 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Earnings (loss) before taxes </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;3,944 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;(4,190</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;3,445 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;17,547 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;(2,100</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;18,646 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Current income tax expense </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,330 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">476 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">30 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,836 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Deferred income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>722 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>629 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>1,102 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>2,453 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total income tax
      expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">2,052 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">1,105 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">1,132 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">4,289 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Net earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;3,944 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;(4,190</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;1,393 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;16,442 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;(3,232</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;14,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Exploration segment included $133
for the three months ended March 31, 2014 (2013 - $332) of costs incurred in
Chile. </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>Endeavour Silver Corp. </B></TD>
    <TD align=right width="15%">Page - 14 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A>
<P align=justify><B><font size="4">ENDEAVOUR SILVER CORP. </font></B><BR>
  <B>Notes to the Condensed
Consolidated Interim Financial Statements </B><BR>Three months ended March 31,
2014 and 2013 <BR>(Unaudited &#150; Prepared by Management) <BR>(expressed in
thousands of US dollars, unless otherwise stated) <BR></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%">15. </TD>
    <TD>
      <P align=justify><B><U>FAIR VALUE MEASUREMENTS</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Fair value is the price that would be received to sell an
      asset or paid to transfer a liability in an orderly transaction between
      market participants at the measurement date. The fair value hierarchy
      establishes three levels to classify the inputs to valuation techniques
      used to measure fair value. Level 1 inputs are quoted prices (unadjusted)
      in active markets for identical assets or liabilities. Level 2 inputs are
      quoted prices in markets that are not active, quoted prices for similar
      assets or liabilities in active markets, inputs other than quoted prices
      that are observable for the asset or liability (for example, interest rate
      and yield curves observable at commonly quoted intervals, forward pricing
      curves used to value currency and commodity contracts and volatility
      measurements used to value option contracts), or inputs that are derived
      principally from or corroborated by observable market data or other means.
      Level 3 inputs are unobservable (supported by little or no market
      activity). The fair value hierarchy gives the highest priority to Level 1
      inputs and the lowest priority to Level 3 inputs.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Financial assets and liabilities measured at fair value
      on a recurring basis include:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="14%">Total
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="14%">Level 1
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="14%">Level 2
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="14%">Level 3
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>As at March 31,
      2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%">$</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="14%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%">$</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="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Financial assets: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Available for sale securities </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>1,471 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>1,471 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" 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="14%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Trade receivables
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%">9,802
    </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="14%">9,802
    </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="14%">- </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="14%">- </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" align=left
      bgColor=#e6efff>Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>11,273 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>11,273 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>- </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Financial liabilities: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" 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="14%" 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="14%" 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="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Contingent
      liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%">140
    </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="14%">- </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="14%">140
    </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="14%">- </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" align=left
      bgColor=#e6efff>Total financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>140 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>- </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>140 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>Fair values of financial assets and
liabilities: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 2px solid">As at
      March 31, 2014 </TD>
    <TD
width="2%" align=center style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 2px solid">As at
      December 31, 2013 </TD>
    <TD
  width="2%" align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="14%">Carrying </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="14%">Estimated Fair </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="14%">Carrying </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="14%">Estimated Fair </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="14%">value </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="14%">value </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="14%">value </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="14%">value </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="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="14%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%">$</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="14%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%">$</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="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Financial assets: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>44,295 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>44,295 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>35,004 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>35,004 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Available for sale securities </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">1,471 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">1,471 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">1,463 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">1,463 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Trade receivables </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>9,802 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>9,802 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>10,263 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>10,263 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other receivables    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">11,735 </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="14%">11,735 </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="14%">13,486 </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="14%">13,486 </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" align=left
      bgColor=#e6efff>Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>67,303 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>67,303 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>60,216 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>60,216 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Financial liabilities: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" 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="14%" 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="14%" 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="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounts payable and </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>accrued liabilities </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>15,932 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>15,932 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>17,221 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>17,221 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Revolving credit facility </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">32,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">32,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">33,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%">33,000 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Contingent liabilities </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>140 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>140 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>99 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>99 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Derivative
      liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%">- </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="14%">- </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="14%">1,491    </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="14%">1,491    </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" align=left
      bgColor=#e6efff>Total financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>48,072 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>48,072 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>51,811 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>51,811 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV>
<P style="MARGIN-LEFT: 5%" align=justify>Disclosure of the valuation techniques
to estimate the fair values of financial assets and liabilities are disclosed in
the following notes: </P>
<table style="font-size: 10pt;border-color:#000000;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#8226;</td>
    <td>Available for sale securities (see Note 4) </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&#8226;</td>
    <td>Trade receivables (see Note 5) </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&#8226;</td>
    <td>Derivative liabilities (see Note 10) </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><B>Endeavour Silver Corp. </B></TD>
    <TD align=right width="15%">Page - 15 - </TD>
  </TR>
</TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three months
ended March 31, 2014 and 2013 <BR>(Unaudited &#150; Prepared by Management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </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>HEAD OFFICE </B></TD>
    <TD align=left width="65%" >Suite #301, 700 West Pender
      Street </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Vancouver, BC, Canada V6C 1G8
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%"
      >Telephone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;(604) 685-9775 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1-877- 685-9775 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%"
      >Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (604) 685-9744 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%"
      >Website:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      www.edrsilver.com</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="65%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="65%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>DIRECTORS </B></TD>
    <TD align=left width="65%" >Geoff Handley </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Ricardo Campoy </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Rex McLennan </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Kenneth Pickering </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Mario Szotlender </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Godfrey Walton </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="65%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>OFFICERS </B></TD>
    <TD align=left width="65%" >Bradford Cooke ~ Chief Executive
      Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Godfrey Walton ~ President and
      Chief Operating Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Dan Dickson ~ Chief Financial
      Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Dave Howe ~ Vice-President,
      Country Manager </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Luis Castro ~ Vice-President,
      Exploration </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Terrence Chandler ~
      Vice-President, Corporate Development </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >Bernard Poznanski ~ Secretary
  </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>REGISTRAR AND </B></TD>
    <TD align=left width="65%" >Computershare Trust Company of
      Canada </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>TRANSFER AGENT </B></TD>
    <TD align=left width="65%" >3<SUP>rd </SUP>Floor - 510
      Burrard Street </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="65%"  >Vancouver, BC, V6C
      3B9 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>AUDITORS </B></TD>
    <TD align=left width="65%" >KPMG LLP </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >777 Dunsmuir Street </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="65%"  >Vancouver, BC, V7Y
      1K3 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>SOLICITORS </B></TD>
    <TD align=left width="65%" >Koffman Kalef LLP </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%" >19<SUP>th </SUP>Floor &#150; 885 West
      Georgia Street </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="65%"  >Vancouver, BC, V6C
      3H4 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>SHARES LISTED </B></TD>
    <TD align=left width="65%" >Toronto Stock Exchange </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="65%"  >Trading Symbol -
      EDR </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=left width="65%" ></TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="65%"  >New York Stock
      Exchange </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="65%"  >Trading Symbol &#150;
      EXK </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><B>Endeavour Silver Corp. </B></TD>
          <TD align=right width="15%">Page - 16 - </TD>
        </TR>
      </TABLE>
      <HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>

<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.2 - Filed by newsfilecorp.com</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><IMG
src="endeavourlogo.gif"
border=0> </P>
<BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B><FONT size=4>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS
      </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>FOR THE
      PERIOD ENDED MARCH 31, 2014 </B></TD></TR></TABLE></DIV>
<P align=justify>This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) should
be read in conjunction with the condensed consolidated interim financial
statements of Endeavour Silver Corp. (&#147;Endeavour&#148; or &#147;the Company&#148;) for the
three months ended March 31, 2014 and 2013 and the related notes contained
therein, which are prepared in accordance with International Financial Reporting
Standards (&#147;IFRS&#148;) as issued by the International Accounting Standards Board
(&#147;IASB&#148;). In addition, the following should be read in conjunction with the
audited consolidated financial statements for the year ended December 31, 2013
and the related MD&amp;A. Additional information relating to the Company,
including the most recent Annual Information Form, is available on SEDAR at
www.sedar.com, and the Company&#146;s most recent annual report on Form 40-F has been
filed with the US Securities and Exchange Commission (the &#147;SEC&#148;). This MD&amp;A
contains &#147;forward-looking statements&#148; that are subject to risk factors set out
in a cautionary note contained herein. All dollar amounts are expressed in
United States (&#147;US&#148;) dollars and tabular amounts are expressed in thousands of
dollars unless otherwise indicated. This MD&amp;A is dated as of May 7, 2014 and
all information contained is current as of May 7, 2014 unless otherwise
stated.</P>
<P align=justify><B><I>Cautionary Note to US Investors concerning Estimates of
Reserves and Measured, Indicated and Inferred Resources: </I></B></P>
<P align=justify><I>This MD&amp;A has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which differ from the
requirements of US securities laws. The terms &#147;mineral reserve&#148;, &#147;proven mineral
reserve&#148; and &#147;probable mineral reserve&#148; are Canadian mining terms as defined in
accordance with Canadian National Instrument 43-101 &#150; Standards of Disclosure
for Mineral Projects (&#147;NI 43-101&#148;) and the Canadian Institute of Mining,
Metallurgy and Petroleum (the &#147;CIM&#148;) - CIM Definition Standards on Mineral
Resources and Mineral Reserves, adopted by the CIM Council, as amended. These
definitions differ from the definitions in SEC Industry Guide 7 under the US
Securities Act of 1933, as amended (the &#147;Securities Act&#148;). </I></P>
<P align=justify><I>Under SEC Industry Guide 7 standards, a &#147;final&#148; or
&#147;bankable&#148; feasibility study is required to report reserves, the three-year
historical average price is used in any reserve or cash flow analysis to
designate reserves and the primary environmental analysis or report must be
filed with the appropriate governmental authority. </I></P>
<P align=justify><I>In addition, the terms &#147;mineral resource&#148;, &#147;measured mineral
resource&#148;, &#147;indicated mineral resource&#148; and &#147;inferred mineral resource&#148; are
defined in and required to be disclosed by NI 43-101; however, these terms are
not defined terms under SEC Industry Guide 7 and are normally not permitted to
be used in reports and registration statements filed with the SEC. Investors are
cautioned not to assume that any part or all of mineral deposits in these
categories will ever be converted into reserves. &#147;Inferred mineral resources&#148;
have a great amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. It cannot be assumed that all or any
part of an inferred mineral resource will ever be upgraded to a higher category.
Under Canadian rules, estimates of inferred mineral resources may not form the
basis of feasibility or pre-feasibility studies, except in rare cases. Investors
are cautioned not to assume that all or any part of an inferred mineral resource
exists or is economically or legally mineable. Disclosure of &#147;contained ounces&#148;
in a resource is permitted disclosure under Canadian regulations; however, the
SEC normally only permits issuers to report mineralization that does not
constitute &#147;reserves&#148; by SEC Industry Guide 7 standards as in place tonnage and
grade without reference to unit measures. </I></P>
<P align=justify><I>Accordingly, information contained in this MD&amp;A contains
descriptions of Endeavour&#146;s mineral deposits that may not be comparable to
similar information made public by US companies subject to the reporting and
disclosure requirements under the US federal securities laws and the rules and
regulations thereunder. </I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
    >&nbsp;</TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>700 West Pender Street, Suite 301, Vancouver, B.C.,
      Canada V6C 1G8 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Phone: 604.685.9775 | Fax: 604.685.9744| Toll Free:
      1.877.685.9775 <U>| <FONT color=#0000ff>Email: info@edrsilver.com
      </FONT></U></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><U><FONT color=#0000ff>www.edrsilver.com
  </FONT></U></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B><I>Forward-Looking Statements</I></B> </P>
<P align=justify><I>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.</I> <I>Such forward-looking statements and information
herein include, but are not limited to, statements regarding Endeavour&#146;s
anticipated performance in 2014, 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.</I> <I>Forward-looking statements are frequently
characterized by words such as &#147;plan&#148;, &#147;expect&#148;, &#147;forecast&#148;, &#147;project&#148;,
&#148;intend&#148;, &#148;believe&#148;, &#148;anticipate&#148;, &#147;outlook&#148; and other similar words, or
statements that certain events or conditions &#147;may&#148; or &#147;will&#148; occur. Forward-
looking statements are based on the opinions and estimates of management at the
dates the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking statements.
</I></P>
<P align=justify><I>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 the Company
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 Annual Information Form filed with the Canadian
securities regulatory authorities and as filed with the SEC in our Annual Report
on Form 40-F. 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</I><I> </I><I>not place undue reliance
on forward-looking statements or information. </I></P>
<P align=justify><B><I>Table of Contents </I></B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Operating Highlights </TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 3 </TD>
    <TD align=left width="35%" bgColor=#eeeeee>Consolidated Financial Results
    </TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 13 </TD></TR>
  <TR vAlign=top>
    <TD align=left>History and Strategy </TD>
    <TD align=left width="15%" >Page 4 </TD>
    <TD align=left width="35%">Non IFRS Measures </TD>
    <TD align=left width="15%" >Page 14 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Consolidated Operations </TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 5 </TD>
    <TD align=left width="35%" bgColor=#eeeeee>Quarterly Results and Trends
</TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 18 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Guanacevi Operations </TD>
    <TD align=left width="15%" >Page 7 </TD>
    <TD align=left width="35%">Annual Outlook </TD>
    <TD align=left width="15%" >Page 23 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Bola&#241;itos Operations </TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 8 </TD>
    <TD align=left width="35%" bgColor=#eeeeee>Liquidity and Capital Resources
    </TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 24 </TD></TR>
  <TR vAlign=top>
    <TD align=left>El Cubo Operations </TD>
    <TD align=left width="15%" >Page 10 </TD>
    <TD align=left width="35%">Changes in Accounting Policies </TD>
    <TD align=left width="15%" >Page 30 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Exploration Results </TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 12 </TD>
    <TD align=left width="35%" bgColor=#eeeeee>Controls and Procedures </TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 31
  </TD></TR></TABLE></DIV><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=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="50%"><B>2</B> </TD>
    <TD align=center width="25%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#800000
    rowSpan=2 ><FONT color=#ffffff size="4"><B>&nbsp;&nbsp;&nbsp;&nbsp; Q1 2014 Highlights</B> <BR>
    </FONT></TD>
    <TD colspan="3" align=center bgColor=#800000><FONT color=#ffffff><B>Three
      Months Ended March 31</B> </FONT><FONT
      color=#ffffff>&nbsp;</FONT><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#800000><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#800000><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#800000><FONT color=#ffffff><B>% Change</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#800000
    ><FONT color=#ffffff><B>Production</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="18%"
    bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="18%"
    bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="18%"
    bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left >Silver ounces produced </TD>
    <TD align=center width="18%">1,898,999 </TD>
    <TD align=center width="18%">1,489,716 </TD>
    <TD align=center width="18%">27% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gold ounces produced </TD>
    <TD align=center width="18%">18,519 </TD>
    <TD align=center width="18%">15,032 </TD>
    <TD align=center width="18%">23% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Payable silver ounces produced </TD>
    <TD align=center width="18%">1,844,165 </TD>
    <TD align=center width="18%">1,459,706 </TD>
    <TD align=center width="18%">26% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Payable gold ounces produced </TD>
    <TD align=center width="18%">17,796 </TD>
    <TD align=center width="18%">14,787 </TD>
    <TD align=center width="18%">20% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Silver equivalent ounces
      produced<SUP>(1)</SUP> </TD>
    <TD align=center width="18%">3,010,139 </TD>
    <TD align=center width="18%">2,391,636 </TD>
    <TD align=center width="18%">26% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Cash costs per silver ounce<SUP>(2)(3)</SUP>    </TD>
    <TD align=center width="18%">4.87 </TD>
    <TD align=center width="18%">10.04 </TD>
    <TD align=center width="18%">(52%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Total production costs per
      ounce<SUP>(2)(4)</SUP> </TD>
    <TD align=center width="18%">13.07 </TD>
    <TD align=center width="18%">18.07 </TD>
    <TD align=center width="18%">(28%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >All-in sustaining costs per
      ounce<SUP>(2)(5)</SUP> </TD>
    <TD align=center width="18%">12.15 </TD>
    <TD align=center width="18%">24.60 </TD>
    <TD align=center width="18%">(51%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Processed tonnes </TD>
    <TD align=center width="18%">346,525 </TD>
    <TD align=center width="18%">376,344 </TD>
    <TD align=center width="18%">(8%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Direct production costs per
      tonne<SUP>(2)(6)</SUP> </TD>
    <TD align=center width="18%">92.93 </TD>
    <TD align=center width="18%">99.63 </TD>
    <TD align=center width="18%">(7%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Silver co-product cash costs <SUP>(7)</SUP>    </TD>
    <TD align=center width="18%">10.46 </TD>
    <TD align=center width="18%">16.20 </TD>
    <TD align=center width="18%">(35%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >Gold
      co-product cash costs <SUP>(7)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%">666    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%">889    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="18%">(25%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#800000
    ><FONT color=#ffffff><B>Financial</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="18%"
    bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="18%"
    bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="18%"
    bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left >Revenue ($ millions) </TD>
    <TD align=center width="18%">53.0 </TD>
    <TD align=center width="18%">69.9 </TD>
    <TD align=center width="18%">(24%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Silver ounces sold </TD>
    <TD align=center width="18%">1,537,665 </TD>
    <TD align=center width="18%">1,345,832 </TD>
    <TD align=center width="18%">14% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gold ounces sold </TD>
    <TD align=center width="18%">16,445 </TD>
    <TD align=center width="18%">13,037 </TD>
    <TD align=center width="18%">26% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Realized silver price per ounce </TD>
    <TD align=center width="18%">20.50 </TD>
    <TD align=center width="18%">29.38 </TD>
    <TD align=center width="18%">(30%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Realized gold price per ounce </TD>
    <TD align=center width="18%">1,306 </TD>
    <TD align=center width="18%">1,613 </TD>
    <TD align=center width="18%">(19%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Net earnings (loss) ($ millions) </TD>
    <TD align=center width="18%">4.0 </TD>
    <TD align=center width="18%">14.4 </TD>
    <TD align=center width="18%">(72%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Adjusted net earnings <SUP>(8) </SUP>($
      millions) </TD>
    <TD align=center width="18%">5.5 </TD>
    <TD align=center width="18%">12.9 </TD>
    <TD align=center width="18%">(58%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Mine operating earnings ($ millions) </TD>
    <TD align=center width="18%">11.3 </TD>
    <TD align=center width="18%">18.9 </TD>
    <TD align=center width="18%">(40%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Mine operating cash flow<SUP>(9) </SUP>($
      millions) </TD>
    <TD align=center width="18%">25.4 </TD>
    <TD align=center width="18%">32.5 </TD>
    <TD align=center width="18%">(22%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Operating cash flow before working </TD>
    <TD align=left width="18%">&nbsp; </TD>
    <TD align=left width="18%">&nbsp; </TD>
    <TD align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=center width="18%">18.3 </TD>
    <TD align=center width="18%">25.3 </TD>
    <TD align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >capital changes <SUP>(10)</SUP> </TD>
    <TD align=left width="18%">&nbsp; </TD>
    <TD align=left width="18%">&nbsp; </TD>
    <TD align=center width="18%">(28%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Earnings before ITDA <SUP>(11)</SUP> </TD>
    <TD align=center width="18%">19.3 </TD>
    <TD align=center width="18%">31.0 </TD>
    <TD align=center width="18%">(38%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Working capital ($ millions) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%">46.4    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%">42.0    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%">10%    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#800000
    ><FONT color=#ffffff><B>Shareholders</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="18%"
    bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="18%"
    bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="18%"
    bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left >Earnings (loss) per share &#150; basic </TD>
    <TD align=center width="18%">0.04 </TD>
    <TD align=center width="18%">0.14 </TD>
    <TD align=center width="18%">(71%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Adjusted earnings per share &#150;
      basic<SUP>(8)</SUP> </TD>
    <TD align=center width="18%">0.05 </TD>
    <TD align=center width="18%">0.13 </TD>
    <TD align=center width="18%">(58%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Operating cash flow before working </TD>
    <TD align=left width="18%">&nbsp; </TD>
    <TD align=left width="18%">&nbsp; </TD>
    <TD align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >capital changes per share <SUP>(10)</SUP> </TD>
    <TD align=center width="18%">0.18 </TD>
    <TD align=center width="18%">0.25 </TD>
    <TD align=center width="18%">(28%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Weighted average shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="18%">100,494,157 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="18%">99,660,016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%">1%    </TD></TR></TABLE>
</DIV><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%">(1) </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 60:1
    ratio.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Company reports non-IFRS measures which include cash
      costs net of by-products on a payable silver basis, total production costs
      per ounce, all-in sustaining costs per ounce and direct production costs
      per tonne, in order to manage and evaluate operating performance at each
      of the Company&#146;s mines. These measures, some established by the Silver
      Institute (Production Cost Standards, June 2011), are widely used in the
      silver mining industry as a benchmark for performance, but do not have a
      standardized meaning. These measures are reported on a production basis.
      See Reconciliation to IFRS on page 14.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Cash costs net of by-products per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 17.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 16.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page 17</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Adjusted earnings are calculated by adding back the
      mark-to-market impact of derivative equities held as a liability on the
      Company&#146;s balance sheet and impairment charges net of tax. See
      Reconciliation to IFRS on page 14.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>Mine operating cash flow is calculated by adding back
      amortization, depletion, inventory write downs and share-based
      compensation to mine operating earnings. Mine operating earnings and mine
      operating cash flow are before taxes. See Reconciliation to IFRS on page
      14.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(10) </TD>
    <TD>
      <P align=justify>See Reconciliation to IFRS on page 15 for the
      reconciliation of operating cash flow before working capital changes,
      operating cash flow before working capital changes per share.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(11) </TD>
    <TD>
      <P align=justify>See Reconciliation of Earnings before interest, taxes,
      depreciation and amortization on page 15.</P></TD></TR></TABLE>
<P align=justify>Management&#146;s highlights are key measures used by management,
however they should not be the sole measures used in determining the performance
of the Company&#146;s operations.</P>
<P align=justify><B><I>HISTORY AND STRATEGY </I></B></P>
<P align=justify>The Company is engaged in silver mining in Mexico and related
activities including property acquisition, exploration, development, mineral
extraction, processing, refining and reclamation. The Company is also engaged in
exploration activities in Chile. </P>
<P align=justify>Historically, the business philosophy was to acquire and
explore early-stage mineral prospects in Canada and the US. 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 Guanacev&#237; 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 an access ramp into the newly discovered North Porvenir ore-body.
In December 2004, the Company commenced the mining and processing of ore from
the new North Porvenir mine to produce silver dor&#233; bars. </P>
<P align=justify>In 2007, the Company replicated the success of Guanacev&#237; with
the acquisition of the Bola&#241;itos (formerly described as &#147;Guanajuato&#148;) mines
project in Guanajuato State. Bola&#241;itos was very similar in that there was a
fully built and permitted processing plant, and the mines were running out of
ore, so the operation was for sale. The acquisition was finalized in May 2007
and as a result of the successful mine rehabilitation and subsequent exploration
work, silver production, reserves and resources are growing rapidly and
Bola&#241;itos is now an integral part of the Company&#146;s asset base. </P>
<P align=justify>Both Guanacev&#237; and Bola&#241;itos 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 ore-bodies, Endeavour has successfully re-opened and expanded
these mines to develop their full potential. The benefit of acquiring fully
built and permitted mining and milling 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=justify>In 2012, the Company acquired the El Cubo silver-gold mine
located in Guanajuato, Mexico. El Cubo has similar challenges to Endeavour&#146;s
past acquisitions, but with two significant exceptions; the property came with
substantial reserves and resources, and the mine was already operating at 1,100
tonnes per day. After acquisition, initiated a two year operational turn-around
program aimed at increasing throughput, grade and productivity in order to
reduce operating costs and return the operation to profitability. Endeavour also
completed a capital reconstruction program of the plant and surface
infrastructure, and invested in accelerated mine exploration and development to
unfold the full potential of El Cubo. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=justify>The Company historically funded its exploration and development
activities through equity financings and convertible debentures. Equity
financings also facilitated the acquisition and development of the Guanacev&#237; and
Bola&#241;itos 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. In 2012 the Company obtained a credit
facility to help support its acquisition, exploration and capital investment
programs. The Company may choose to engage in equity, debt, convertible debt or
other financings, on an as-needed basis, in order to facilitate its growth. </P>
<P align=justify><B>REVIEW OF OPERATING RESULTS </B></P>
<P align=justify><B>Consolidated Production Results for the Three Months Ended
March 31, 2014 and 2013</B> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800000><FONT
      color=#ffffff><B>CONSOLIDATED</B> </FONT></TD>
    <TD colspan="3" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended March 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#800000><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#800000><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#800000><FONT color=#ffffff><B>% Change</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Ore tonnes processed </TD>
    <TD align=center width="18%">346,525 </TD>
    <TD align=center width="18%">376,344 </TD>
    <TD align=center width="18%">(8%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average silver grade (gpt) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>198 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>154 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>29% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver recovery (%) </TD>
    <TD align=center width="18%">86.1 </TD>
    <TD align=center width="18%">79.9 </TD>
    <TD align=center width="18%">8% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total silver ounces produced </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1,898,999 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1,489,716 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>27% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable silver ounces produced </TD>
    <TD align=center width="18%">1,844,165 </TD>
    <TD align=center width="18%">1,459,706 </TD>
    <TD align=center width="18%">26% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average gold grade (gpt) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1.92 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1.51 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>27% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold recovery (%) </TD>
    <TD align=center width="18%">86.6 </TD>
    <TD align=center width="18%">82.3 </TD>
    <TD align=center width="18%">5% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total gold ounces produced </TD>
    <TD align=center width="18%" bgColor=#eeeeee>18,519 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>15,032 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>23% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable gold ounces produced </TD>
    <TD align=center width="18%">17,796 </TD>
    <TD align=center width="18%">14,787 </TD>
    <TD align=center width="18%">20% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Silver equivalent ounces
      produced<SUP>(1)</SUP> </TD>
    <TD align=center width="18%" bgColor=#eeeeee>3,010,139 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>2,391,636 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>26% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash costs per silver ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="18%">4.87 </TD>
    <TD align=center width="18%">10.04 </TD>
    <TD align=center width="18%">(52%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total production costs per
      ounce<SUP>(2)(4)</SUP> </TD>
    <TD align=center width="18%" bgColor=#eeeeee>13.07 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>18.07 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(28%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>All in sustaining cost per ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="18%">12.15 </TD>
    <TD align=center width="18%">24.60 </TD>
    <TD align=center width="18%">(51%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Direct production costs per
      tonne<SUP>(2)(6)</SUP> </TD>
    <TD align=center width="18%" bgColor=#eeeeee>92.93 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>99.63 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(7%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver co-product cash costs <SUP>(7)</SUP> </TD>
    <TD align=center width="18%">10.46 </TD>
    <TD align=center width="18%">16.20 </TD>
    <TD align=center width="18%">(35%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Gold co-product cash costs <SUP>(7)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#eeeeee>666.31 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#eeeeee>889.21 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#eeeeee>(25%) </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%">(1) </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 60:1 ratio
    .</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Company reports non-IFRS measures which include cash
      costs net of by-product on a payable silver basis, total production costs
      per ounce, all-in sustaining costs per ounce and direct production costs
      per tonne, in order to manage and evaluate operating performance at each
      of the Company&#146;s mines. These measures, some established by the Silver
      Institute (Production Cost Standards, June 2011), are widely used in the
      silver mining industry as a benchmark for performance, but do not have a
      standardized meaning. These measures are reported on a production basis.
      See Reconciliation to IFRS on page 14.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Cash costs net of by-products per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>All-in sustaining costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 17.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro -rated basis of
      realized metal value. See Reconciliation to IFRS on page
  17.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify><B><I>Consolidated Production </I></B></P>
<P align=center><IMG
src="exhibit99-2x6x1.jpg"
border=0></P>
<P align=justify><B>Three months ended March 31, 2014 (compared to the three
months ended March 31, 2013) <BR></B>Consolidated silver production during Q1,
2014 was 1,898,999 ounce (oz), an increase of 27% compared to 1,489,716 oz in
Q1, 2013, and gold production was 18,519 oz, an increase of 23% compared to
15,032 oz in Q1, 2013. Plant throughput was 346,525 tonnes at average grades of
198 grams per tonne (gpt) silver and 1.92 gpt gold compared to 376,344 tonnes
grading 154 gpt silver and 1.51 gpt gold. Metal production was significantly
higher due to higher grades and recoveries at all three mines, partly offset by
the lower throughput. The lower consolidated throughput was a result of not
having the Las Torres plant, where the throughput was highter than the current
Bolanitos and Cubo plants. The El Cubo mine output is forecasted to rise
throughout 2014 in order to fill the El Cubo plant to capacity. The higher
grades were primarily due to mining the higher grade Porvenir Cuatro orebody at
the Guanacev&#237; operations and improving grade controls at the El Cubo operation.
The increased recoveries were partly a function of selling Bola&#241;itos and El Cubo
concentrates as opposed to processing them at the Company&#146;s leach facilities at
Guanacev&#237; and El Cubo to produce dor&#233; bars. Selling concentrate at current metal
prices resulted in higher payable metal production albeit at higher refining
charges, resulting in a financial benefit compared to dor&#233; production. </P>
<P align=justify>On March 28, 2014, a Company employee&#146;s died due to a rock fall
underground at the Porvenir Cuatro mine, part of the Guanacev&#237; Mines. On April
5, 2014, another Company employee died due to a rock fall underground at the
V-Asunci&#243;n mine, part of the El Cubo Mine. The Company closed immediately both
the Porvenir Cuatro mine and the V-Asuncion mine and completed an internal
investigation. The Company has been working with the Mexican authorities to
facilitate their investigation of these accidents. Once the investigation is
completed, the Company will review and implement any additional safety measures
recommended to prevent such accidents from recurring. </P>
<P align=justify>Following the two fatal accidents, the Company decided to
immediately implement a full safety retraining program at all three of its
mines. Each mine shut down for two days so each shift in turn could receive a
two-day refresher course on safety policies and practices. In addition, the
Company retained a group of safety specialists to review the Company&#146;s safety
programs and implement their recommendations. As the Company is already ahead of
its production plan for the year, the mine closures are not expected to impact
production guidance. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=justify><B><I>Consolidated Operating Costs </I></B></P>
<P align=justify><B>Three months ended March 31, 2014 (compared to the three
months ended March 31, 2013) <BR></B>Cost cutting initiatives that commenced in
Q2, 2013 are now established which resulted in a 7% drop of direct production
costs from Q1, 2013. The lower cost per tonne, higher grades and improved
recoveries significantly improved cash costs per ounce net of by-product
credits. Cash costs net of by-product credits, which is a non-IFRS measure and a
standard of the Silver Institute, fell 52% to $4.87 per ounce of payable silver
compared to $10.04 in Q1, 2013. All-in-sustaining costs per ounce, also a
non-IFRS measure, fell 51% to $12.15 due in part to less exploration and mine
development expenditures compared to Q1, 2013. Exploration and mine development
expenditures do fluctuate quarter to quarter, so the all-in sustaining costs are
expected to increase in the second and third quarters with higher exploration
and mine development expenditures planned. Going forward, management expects the
cash costs per ounce to also move higher as mined grades revert to reported
reserve grades.</P>
<P align=justify><B><FONT size=3>Guanacev&#237; Operations </FONT></B></P>
<P align=justify><B><I>Production Results for the Three Month Ended March 31,
2014 and 2013 </I></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800000
    ><FONT color=#ffffff><B>GUANACEV&Iacute; </B></FONT></TD>
    <TD colspan="3" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Month Ended March 31
      </B></FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#800000
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#800000><FONT color=#ffffff><B>2014 </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#800000><FONT color=#ffffff><B>2013 </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#800000><FONT color=#ffffff><B>% Change </B></FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left >Ore tonnes processed </TD>
    <TD align=center width="18%">106,813 </TD>
    <TD align=center width="18%">106,653 </TD>
    <TD align=center width="18%">0% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Average silver grade (g/t)</TD>
    <TD align=center width="18%" bgColor=#eeeeee>350 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>233 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>50% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Silver recovery (%) </TD>
    <TD align=center width="18%">83.7 </TD>
    <TD align=center width="18%">80.2 </TD>
    <TD align=center width="18%">4% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Total silver ounces produced    </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1,005,781 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>640,616 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>57% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Payable silver ounces produced </TD>
    <TD align=center width="18%">995,723 </TD>
    <TD align=center width="18%">634,210 </TD>
    <TD align=center width="18%">57% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Average gold grade (g/t) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>0.77 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>0.34 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>126% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gold recovery (%) </TD>
    <TD align=center width="18%">86.0 </TD>
    <TD align=center width="18%">80.8 </TD>
    <TD align=center width="18%">6% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Total gold ounces produced</TD>
    <TD align=center width="18%" bgColor=#eeeeee>2,273 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>942 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>141% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Payable gold ounces produced </TD>
    <TD align=center width="18%">2,250 </TD>
    <TD align=center width="18%">933 </TD>
    <TD align=center width="18%">141% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Silver equivalent ounces
      produced<SUP>(1) </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>1,142,161 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>697,136 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>64% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Cash costs per silver ounce<SUP>(2)(3)
    </SUP></TD>
    <TD align=center width="18%">8.30 </TD>
    <TD align=center width="18%">16.70 </TD>
    <TD align=center width="18%">(50%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Total production costs per
      ounce<SUP>(2)(4) </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>10.72 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>22.57 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(52%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >All in sustaining cost per ounce <SUP>(2)(5)
      </SUP></TD>
    <TD align=center width="18%">11.94 </TD>
    <TD align=center width="18%">27.75 </TD>
    <TD align=center width="18%">(57%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Direct production costs per
      tonne<SUP>(2)(6) </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>103.90 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>113.61 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(9%) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Silver co-product cash costs <SUP>(7)
    </SUP></TD>
    <TD align=center width="18%">9.65 </TD>
    <TD align=center width="18%">17.50 </TD>
    <TD align=center width="18%">(45%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#eeeeee
    >Gold co-product cash costs <SUP>(7) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#eeeeee>614 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#eeeeee>961 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#eeeeee>(36%) </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%">(1) </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 60:1 ratio
    .</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Company reports non-IFRS measures which include cash
      costs net of by-product on a payable silver basis, total production costs
      per ounce, all-in sustaining costs per ounce and direct production costs
      per tonne, in order to manage and evaluate operating performance at each
      of the Company&#146;s mines. These measures, some established by the Silver
      Institute (Production Cost Standards, June 2011), are widely used in the
      silver mining industry as a benchmark for performance, but do not have a
      standardized meaning. These measures are reported on a production basis.
      See Reconciliation to IFRS on page 14.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Cash costs net of by-product per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 17.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page
  17.</P></TD></TR></TABLE>
<P align=justify>The acquisition of Endeavour&#146;s first silver mine, at Guanacev&#237;
in 2004, continues to benefit all stakeholders. The mine has since produced more
than 15 million ounces of silver and 40,000 ounces of gold, revitalized the
local community, and helped establish Endeavour&#146;s successful business model.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=justify>Although the historic mine was closed and the plant was
struggling to process 100 tonnes per day of old tailings in 2004, Guanacev&#237; is
now producing 1,200 tonnes of high-grade ore per day. The Company found five
high-grade silver-gold ore bodies along a five kilometre length of the prolific
Santa Cruz vein and developed four new mines, one of which is now mined out. The
Guanacev&#237; operation currently includes three underground silver-gold mines, a
cyanidation leach plant, mining camp, and administration and housing facilities.
It provides steady employment for more than 450 people and engages over 200
contractors. </P>
<P align=justify><B><I>Guanacev&#237; Production Results </I></B></P>
<P align=justify><B>Three months ended March 31, 2014 (compared to the three
months ended March 31, 2013) <BR></B>Silver production at the Guanacev&#237; mine
during Q1, 2014 was 1,005,781 oz, an increase of 57% compared to 640,616 oz in
Q1, 2013, and gold production was 2,273 oz, an increase of 141% compared to 942
oz in Q1, 2013. Plant throughput was 106,813 tonnes at average grades of 350 gpt
silver and 0.77 gpt gold compared to 106,653 tonnes grading 233 gpt silver and
0.34 gpt gold. Metal production increased due to mining of the higher grade
Porvenir Cuatro orebody and higher recoveries.</P>
<P align=justify><B><I>Guanacev&#237; Operating Costs </I></B></P>
<P align=justify><B>Three months ended March 31, 2014 (compared to the three
months ended March 31, 2013) <BR></B>Cost cutting initiatives that commenced in
Q2, 2013 are now established which contributed to a 9% drop of direct production
costs from Q1, 2013. The lower cost per tonne, significantly higher metal grades
and improved recoveries significantly improved cash costs per ounce net of
by-product credits. Cash costs net of by-product credits, which is a non-IFRS
measure and a standard of the Silver Institute, fell 50% to $8.30 per ounce of
payable silver compared to $16.70 in Q1, 2013. All-in-sustaining costs per
ounce, also a non-IFRS measure, fell 57% to $11.94 due to less exploration and
mine development expenditures compared to Q1, 2013. Exploration and mine
development is a function of the maturity of the individual mines at the
Guanacev&#237; operation and can fluctuate quarter to quarter, trending lower in the
mature mines but increasing when new mines are developed. Going forward,
management expects costs per ounce to drift higher as mined grades revert to
reported reserves grades.</P>
<P align=justify><B>Bola&#241;itos Operations </B></P>
<P align=justify><B><I>Production Results for the Three Months Ended March 31,
2014 and 2013 </I></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800000><FONT
      color=#ffffff><B>BOLA&#209;ITOS</B> </FONT></TD>
    <TD colspan="3" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Month Ended March 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>% Change</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Ore tonnes processed </TD>
    <TD align=center width="15%">142,412 </TD>
    <TD align=center width="15%">167,500 </TD>
    <TD align=center width="15%">(15%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average silver grade (g/t) </TD>
    <TD align=center width="15%" bgColor=#eeeeee>144 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>135 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>7% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver recovery (%) </TD>
    <TD align=center width="15%">87.1 </TD>
    <TD align=center width="15%">79.8 </TD>
    <TD align=center width="15%">9% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total silver ounces produced </TD>
    <TD align=center width="15%" bgColor=#eeeeee>572,851 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>578,654 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable silver ounces produced </TD>
    <TD align=center width="15%">544,029 </TD>
    <TD align=center width="15%">557,754 </TD>
    <TD align=center width="15%">(2%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average gold grade (g/t) </TD>
    <TD align=center width="15%" bgColor=#eeeeee>2.72 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>2.27 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>20% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold recovery (%) </TD>
    <TD align=center width="15%">85.4 </TD>
    <TD align=center width="15%">81.0 </TD>
    <TD align=center width="15%">5% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total gold ounces produced </TD>
    <TD align=center width="15%" bgColor=#eeeeee>10,640 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>9,891 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>8% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable gold ounces produced </TD>
    <TD align=center width="15%">10,170 </TD>
    <TD align=center width="15%">9,697 </TD>
    <TD align=center width="15%">5% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Silver equivalent ounces
      produced<SUP>(1)</SUP> </TD>
    <TD align=center width="15%" bgColor=#eeeeee>1,211,251 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>1,172,114 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>3% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash costs per silver ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="15%">(2.21) </TD>
    <TD align=center width="15%">(0.06) </TD>
    <TD align=center width="15%">(3,745%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total production costs per
      ounce<SUP>(2)(4)</SUP> </TD>
    <TD align=center width="15%" bgColor=#eeeeee>9.39 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>4.44 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>(111%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>All in sustaining cost per ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="15%">3.85 </TD>
    <TD align=center width="15%">17.05 </TD>
    <TD align=center width="15%">(77%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Direct production costs per
      tonne<SUP>(2)(6)</SUP> </TD>
    <TD align=center width="15%" bgColor=#eeeeee>85.27 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>85.10 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>0% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver co-product cash costs <SUP>(7)</SUP> </TD>
    <TD align=center width="15%">9.71 </TD>
    <TD align=center width="15%">12.71 </TD>
    <TD align=center width="15%">(24%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Gold co-product cash costs <SUP>(7)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>619 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>698 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>(11%) </TD></TR></TABLE>
<BR>
<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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 60:1 ratio
    .</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Company reports non-IFRS measures which include cash
      costs net of by-products on a payable silver basis, total production costs
      per ounce, all-in sustaining costs per ounce and direct production costs
      per tonne, in order to manage and evaluate operating performance at each
      of the Company&#146;s mines. These measures, some established by the Silver
      Institute (Production Cost Standards, June 2011), are widely used in the
      silver mining industry as a benchmark for performance, but do not have a
      standardized meaning. These measures are reported on a production basis.
      See Reconciliation to IFRS on page 14.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Cash costs net of by-product per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 17.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page
  17.</P></TD></TR></TABLE>
<P align=justify>Endeavour's second acquisition, was the Bola&#241;itos mine in 2007,
which encompasses three operating silver and gold mines and a floatation plant,
located 10 kilometres from the city of Guanajuato in the state of Guanajuato.
Following the acquisition, the cash costs of production were as high as $32 per
ounce and the operation was struggling to produce 300,000 ounces of silver per
year. Following the execution of management&#146;s business strategy, the cash costs
of production became negative due to economies of scale and the rising gold
credits as production grew. Bola&#241;itos&#146; processing plant was expanded in phases
from 500 tonnes per day in 2007 to 1,600 tonnes per day in 2012. In 2013
additional mine output was processed at the El Cubo facilities allowing
production to exceed plant capacity.</P>
<P align=justify><B><I>Bola&#241;itos Production Results </I></B></P>
<P align=justify><B>Three months ended March 31, 2014 (compared to the three
months ended March 31, 2013) <BR></B>Silver production at the Bola&#241;itos mine was
572,851 ounces during Q1, 2014, an decrease of 1% compared to 578,654 oz in Q1,
2013, and gold production was 10,640 oz, an increase of 8% compared to 9,891 oz
in Q1, 2013. Plant throughput in Q1, 2014 was 142,412 tonnes at average grades
of 144 gpt silver and 2.72 gpt gold, compared to 167,500 tonnes grading 135 gpt
silver and 2.27 gpt gold in Q1, 2013.</P>
<P align=justify>Silver production was marginally down due to lower throughput,
offset by higher grades and improved recoveries. In the same period in 2013, the
Bola&#241;itos plant operated at its 1,600 tpd capacity, and extra mine tonnage was
processed at the El Cubo operation. Since Q3, 2013, Bola&#241;itos has ceased the
excess mine output to use as feed for the El Cubo plant, and the El Cubo mine
output is scheduled to rise throughout 2014 to fill its plant to capacity. Ore
grades at Bola&#241;itos, specifically in the Daniela vein, were significantly higher
than both the prior year and the 2013 mine plan. In estimation of the grades
used in the reserves, the higher grades are typically capped to reduce the
effect of smearing the high grade values too far and therefore giving an
abnormally high grade. The reserve grade is also a life of mine grade rather
than a typical year and therefore the mining grade can vary above and below the
average during the life of mine. The increased recoveries were partly a function
of selling concentrate as opposed to processing the concentrate at the Company&#146;s
leach facilities at Guanacev&#237; and El Cubo to produce dor&#233; bars as was done Q1,
2013. Selling concentrate at current metal prices resulted in higher payable
metal production albeit at higher refining charges, resulting in a financial
benefit compared to dor&#233; production.</P>
<P align=justify><B><I>Bola&#241;itos Operating Costs </I></B></P>
<P align=justify><B>Three months ended March 31, 2014 (compared to the three
months ended March 31, 2013) <BR></B>Per tonne costs remained consistent as
lower throughput and higher refining charges were offset by cost cutting
measures introduced in Q2, 2013. Cash costs per ounce net of by-product credits,
which is a non-IFRS measure and a standard of the Silver Institute, fell
significantly to negative $2.21 per ounce of payable silver compared to negative
$0.06 per ounce in the same period in 2013. The improved grades and recoveries
were the primary contributor to the lower cash costs. All-in sustaining costs
fell as mine development and exploration expenditures were curtailed and spread
over higher silver production. In Q1, 2013 to meet increased mine output
Bola&#241;itos incurred $7.1 million in development costs compared to $1.8 million in
Q1, 2014, resulting in a significant drop in all-in sustaining costs. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<P align=justify><B>El Cubo Operations </B></P>
<P align=justify><B><I>Production Results for the Three Months Ended March 31,
2014 and 2013 </I></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800000><FONT
      color=#ffffff><B>EL CUBO</B> </FONT></TD>
    <TD colspan="3" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Month Ended March 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>% Change</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Ore tonnes processed </TD>
    <TD align=center width="15%">97,300 </TD>
    <TD align=center width="15%">102,191 </TD>
    <TD align=center width="15%">(5%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average silver grade (g/t) </TD>
    <TD align=center width="15%" bgColor=#eeeeee>110 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>103 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>7% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver recovery (%) </TD>
    <TD align=center width="15%">92.7 </TD>
    <TD align=center width="15%">79.9 </TD>
    <TD align=center width="15%">16% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total silver ounces produced </TD>
    <TD align=center width="15%" bgColor=#eeeeee>320,367 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>270,446 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>18% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable silver ounces produced </TD>
    <TD align=center width="15%">304,413 </TD>
    <TD align=center width="15%">267,742 </TD>
    <TD align=center width="15%">14% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average gold grade (g/t) </TD>
    <TD align=center width="15%" bgColor=#eeeeee>2.01 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>1.48 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>36% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold recovery (%) </TD>
    <TD align=center width="15%">89.0 </TD>
    <TD align=center width="15%">86.4 </TD>
    <TD align=center width="15%">3% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total gold ounces produced </TD>
    <TD align=center width="15%" bgColor=#eeeeee>5,606 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>4,199 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>34% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable gold ounces produced </TD>
    <TD align=center width="15%">5,376 </TD>
    <TD align=center width="15%">4,157 </TD>
    <TD align=center width="15%">29% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Silver equivalent ounces
      produced<SUP>(1)</SUP> </TD>
    <TD align=center width="15%" bgColor=#eeeeee>656,727 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>522,386 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>26% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash costs per silver ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="15%">6.27 </TD>
    <TD align=center width="15%">15.30 </TD>
    <TD align=center width="15%">(59%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total production costs per
      ounce<SUP>(2)(4)</SUP> </TD>
    <TD align=center width="15%" bgColor=#eeeeee>27.30 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>35.80 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>(24%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>All in sustaining cost per ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="15%">27.66 </TD>
    <TD align=center width="15%">32.86 </TD>
    <TD align=center width="15%">(16%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Direct production costs per
      tonne<SUP>(2)(6)</SUP> </TD>
    <TD align=center width="15%" bgColor=#eeeeee>92.08 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>108.85 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>(15%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver co-product cash costs <SUP>(7)</SUP> </TD>
    <TD align=center width="15%">13.22 </TD>
    <TD align=center width="15%">22.20 </TD>
    <TD align=center width="15%">(40%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Gold co-product cash costs <SUP>(7)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>842.43 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>1,219 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>(31%) </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%">(1) </TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 60:1 ratio
    .</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Company reports non-IFRS measures which include cash
      costs net of by-products on a payable silver basis, total production costs
      per ounce, all-in sustaining costs per ounce and direct production costs
      per tonne, in order to manage and evaluate operating performance at each
      of the Company&#146;s mines. These measures, some established by the Silver
      Institute (Production Cost Standards, June 2011), are widely used in the
      silver mining industry as a benchmark for performance, but do not have a
      standardized meaning. These measures are reported on a production basis.
      See Reconciliation to IFRS on page 14.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Cash costs net of by-products per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 17.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page
  17.</P></TD></TR></TABLE>
<P align=justify>Endeavour&#146;s third mine, was acquired in July 2012. El Cubo was
a good fit with Endeavour's business strategy of buying and rejuvenating
struggling old mines in historic mining districts. However, unlike Guanacev&#237; and
Bola&#241;itos, which had low throughputs and no reserves, El Cubo offered the
potential to quickly become a core asset for Endeavour, already having a
1,100-tonne-per-day output and a reasonable reserve/resource mine life. Located
in the southeastern part of the historic Guanajuato mining district, this
producing silver and gold mine is only 15 kilometres from Endeavour&#146;s Bola&#241;itos
project, and included many mine adits, ramps, and shafts, as well as a
400-tonne-per-day leach plant. It also held a lease (until July 2013) on the
adjacent Las Torres mine and 1,800-tonne-per-day flotation plant owned by
Fresnillo PLC. Subsequent to the acquisition in Q3, 2012, Endeavour launched a
$67-million, 18-month capital investment program at El Cubo to explore and
develop the mine and to rebuild and expand the plant, tailings facility, water
supply, electrical supply, surface buildings, and surface infrastructure. This
program was completed in Q2 2013 on time and within budget. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<P align=justify><B><I>El Cubo Production Results </I></B></P>
<P align=justify>Endeavour's mine plan is focused on increasing throughput at El
Cubo of to 1,550 tpd by year end while progressively increasing the production
grades by reducing ore dilution. The Company has reorganized the mine operations
team, improved supervision and operating efficiencies, improved safety policies,
programs and training and created a Mine Rescue Team for a safer environment.
The Company acquired new mining equipment<B>, </B>accelerated mine development
and commenced underground drilling. The plant and surface infrastructure
reconstruction program was completed on time and budget in Q2, 2013. </P>
<P align=justify>During Q2, 2013 the Company announced that the newly rebuilt
plant at El Cubo was successfully re-commissioned on May 31st, reaching phase 1
operating capacity of 1,100-1,200 tpd. Work to bring the plant capacity of up to
1,500 &#150; 1,600 tpd was completed in early Q3, 2013, allowing management to
facilitate the processing up to 350 tpd of additional ore from the Bola&#241;itos
mine. More than 600,000 hours of work were completed on the plant and
infrastructure with no lost time accidents, an accomplishment of which the
Company is particularly proud. Due to the successful re-commissioning of the El
Cubo plant, Endeavour returned the nearby leased Las Torres plant to its owner,
Fresnillo PLC, on July 22, 2013. </P>
<P align=justify><B>Three months ended March 31, 2014 (compared to the three
months ended March 31, 2013) </B></P>
<P align=justify>Silver production at the El Cubo mine was 320,367 oz in Q1,
2014, an increase of 18% compared to 270,446 oz in Q1, 2013 and gold production
was 5,606 oz in Q1, 2014, an increase of 34% compared to 4,199 oz in Q1, 2013.
Plant throughput in Q1, 2014 was 97,300 tonnes at average grades of 110 gpt
silver and 2.01 gpt gold, compared to 102,191 tonnes grading 103 gpt silver and
1.48 gpt gold in Q1, 2013. The improved grades are directly correlated with
Endeavour&#146;s operational turn-around strategy to reduce dilution. Management
focused on mine development in Q1, 2014 to facilitate increased mine output up
to the 1,550 tpd plant capacity by the end of 2014. Selling concentrate as
opposed to producing dor&#233; and operating the new El Cubo plant resulted in
significant increase in recoveries compared to Q1, 2013. Selling concentrate
results in higher payable metal production and higher refining charges,
resulting in a net financial benefit.</P>
<P align=justify><B><I>El Cubo Operating Costs </I></B></P>
<P align=justify><B>Three months ended March 31, 2014 (compared to the three
months ended March 31, 2013) <BR></B>Per tonne costs fell 15% quarter over
quarter as the Company&#146;s operational turn-around strategies have taken effect.
The Company significantly reduced its work force in Q2 and Q3 2013, while
increasing the mined tonnes. Cash costs per ounce net of by-product credits,
which is a non-IFRS measure and a standard of the Silver Institute, dropped
sharply to $6.27 per ounce of payable silver compared to $15.30 in the same
period in 2013. The lower cost per tonne, improved grades and better recoveries
significantly improved the cash costs on a by-product basis, although partly
offset by the lower gold price. All-in sustaining costs fell due to the same
reasons as cash costs, however the operation continues to invest in mine
development to increase mine output to 1,550 tpd by the end of 2014. During Q1,
2014, El Cubo spent $5.1 million on three kilometres of mine development
primarily to access the Villapando-Asunci&#243;n discovery and meet production
expectations later this year. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_12"></A>

<P align="justify">
<B>Exploration Results </B></P>
<P align="justify">
In 2014, Endeavour plans to spend at least &#36;10.7 million on exploration with the provision to spend more based on free cash flow and drill results on a quarter by quarter basis. A total of 54,000 metres of drilling in about 120 holes are
budgeted to test multiple exploration targets in addition to the underground mine exploration drilling.  The Company will focus on brownfields exploration around the three operating mines in order to replenish reserves and grow resources and
mine-lives, as well as expanding and permitting the emerging new high grade silver-gold discovery in the Terronera vein on the San Sebasti&aacute;n property in Jalisco State.</P>
<P align="justify">
At Guanacev&iacute;, 4,500 metres of drilling is planned to commence late in the second quarter to test one high priority target southeast of the Santa Cruz mine.</P>
<P align="justify">
At Bola&ntilde;itos, 21,500 metres of drilling is planned to test five high priority brownfield targets northwest and southeast of the mine at La Luz Norte, La Luz-Asunci&oacute;n, Deep Daniela, La Joya Sur and Siglo XX. During Q1, 2014, 4,000
metres were drilled primarily on the La Luz-Asunci&oacute;n target with encouraging results.</P>
<P align="justify">
At El Cubo, 22,000 metres of drilling is planned to test five high priority brownfield targets northwest and southeast of the mine at Villapando-Asunci&oacute;n, Villapando Sur, San Nicolas, Cabrestantes and El Nayal. During Q1, 2014, 7,000 metres
were drilled primarily on the Villapando-Asunci&oacute;n target with significant success.</P>
<P align="justify">
Drilling has extended the silver-gold mineralized zone in the Asunci&oacute;n area of the Villapando vein system to over 800 metres long, still open at depth and to the southeast for expansion. At a 100 grams per tonne cut off grade, this
mineralized zone now measures more than 800 metres long, up to 400 metres deep and up to 14 metres thick. In 2012, Endeavour identified the Villapando-Asuncion area as one of several highly prospective target areas for the discovery of new high
grade silver-gold mineralization at El Cubo. Going forward, the focus in 2014 for this area is on step-out drilling with two surface drill rigs to determine the size of the resource, and underground mine development to provide access to the
mineralized zone and outline new reserves. </P>
<P align="justify">
In February 2014, the Company updated the San Sebasti&aacute;n mineral resource estimate that included an indicated resource totaling 18.2 million silver ounces and 86.3 thousand gold ounces and inferred resources totaling 13.4 million silver ounces
and 126.8 thousand gold ounces. In 2014, 6,000 metres of planned drilling is expected to commence in the second quarter to focus on extending the high-grade silver-gold mineralization along strike to the northwest and southeast of the current
resource area in the Terronera vein.</P>

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




<A name="page_13"></A>

<P align="justify">
<B>Consolidated Financial Results </B></P>
<P align="justify">
<B>Three months ended March 31, 2014 (compared to the three months ended March 31, 2013) </B></P>
<P align="justify">
For the three-month period ended March 31, 2014, the Company&rsquo;s mine operating earnings were &#36;11.3 million (Q1, 2013: &#36;18.9 million) on sales of &#36;53.0 million (Q1, 2013: &#36;69.9 million) with cost of sales of &#36;41.7 million
(Q1, 2013: &#36;51.0 million). </P>
<P align="justify">
Operating earnings were &#36;6.7 million (Q1, 2013: &#36;11.6 million) after exploration costs of &#36;2.2 million (Q1, 2013: &#36;4.2 million), general and administrative costs of &#36;2.4 million (Q1, 2013: &#36;3.1 million). </P>
<P align="justify">
Earnings before taxes in Q1, 2014 was &#36;4.7 million (Q1, 2013: &#36;18.7 million) after mark-to-market loss on derivative liabilities (see adjusted earnings comment on page 14) of &#36;1.4 million (Q1, 2013: mark-to-market gain of &#36;1.5
million), a foreign exchange loss of &#36;0.3 million (Q1, 2013: gain of &#36;1.4 million), a mark-to-market loss on contingent liabilities of &#36;0.1 million (Q1, 2013: gain of &#36;2.5 million), investment and other income of &#36;0.2 million
(Q1, 2013: &#36;2.0 million) and finance costs of &#36;0.4 million (Q1, 2013: &#36;0.3 million).</P>
<P align="justify">
Sales of &#36;53.0 million in Q1, 2014 represent a 24% decrease over the &#36;69.9 million for the same period in 2013. There was a 1% increase in silver ounces sold offset by a 30% decrease in the realized silver price resulting in a 29% decrease
silver sales, and there was a 5% increase in gold ounces sold with a 19% decrease in realized gold prices resulting in a 15% decrease in gold sales. During the period, the Company sold 1,537,665 oz silver and 16,445 oz gold, for realized prices of
&#36;20.50 and &#36;1,306 per oz respectively, compared to sales of 1,515,077 oz silver and 15,724 oz gold, for realized prices of &#36;29.38 and &#36;1,613 per oz respectively, in the same period of 2013. The realized prices of silver and gold
during the period were within 1% of the average silver spot price during the period of &#36;20.48 and the average gold spot price during the period of &#36;1,293, with differences due to the timing of sales and the mark-to-market adjustments for the
concentrate sales that are pending finalization. </P>
<P align="justify">
The Company increased its finished goods to 356,351 oz silver and 1,534 oz gold at March 31, 2014 compared to 51,000 oz silver and 198 oz gold at December 31, 2013. The cost allocated to these finished goods was &#36;5.6 million, compared to
&#36;1.0 million at December 31, 2013. </P>
<P align="justify">
Cost of sales for Q1, 2014 was &#36;41.7 million, a decrease of 18% over the cost of sales of &#36;51.0 million for the same period of 2013. The 18% decrease was a result of the Company cost cutting initiatives implemented in 2013 with the fall in
prices. Amortization and depletion is higher primarily due to a lower reserve base offset by the lower depletion cost base from asset impairments recognized in 2013.</P>
<P align="justify">
Exploration expenses decreased in Q1, 2014 to &#36;2.2 million from &#36;4.2 million in the same period of 2013 based on both the timing of the exploration activities and the reduction of exploration activities in the current year. The sharp drop in
precious metal prices prompted management to reduce exploration expenditures. General and administrative expenses decreased to &#36;2.4 million for the period as compared to &#36;3.1 million in the same period of 2013 primarily due to decreased
corporate development costs, legal and human resource costs. </P>
<P align="justify">
A significant number of the Company&rsquo;s share purchase warrants were classified and accounted for as a financial liability at fair value with adjustments recognized through net earnings because these warrants had an exercise price denominated in
a currency which is different from the functional currency of the Company. During the period, there was a mark-to-market loss on derivative liabilities (see adjusted earnings comment on page 14) of &#36;1.4 million compared to &#36;1.5 million gain
in the same period in 2013. All of the outstanding share purchase warrants at the beginning of the period were exercised during the period.  The loss in the current period was a reflection of the Company&rsquo;s share price increasing from
CAN&#36;3.84 at December 31, 2013 to share prices between CAN&#36;4.43 and CAN&#36;6.07 at the various exercise dates during the period. </P>

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

<A name=page_14></A>
<P align=justify>The mark-to-market loss on the contingent liability was a
result of a revaluation, based on the Monte Carlo model, of the contingent
consideration related to the acquisition of Mexgold (El Cubo). The increase in
the gold price and movement in the forward curve resulted in a $0.1 million
mark-to-market loss during Q1, 2014 while the same period in 2013 had a
mark-to-market gain on the contingent liability of $2.5 million. </P>
<P align=justify>The Company experienced a foreign exchange loss of $0.3 million
during the period compared to a gain of $1.4 million for the same period of
2013. The $0.3 million loss was primarily due to the weakening of the Canadian
dollar against the US dollar during the period, which resulted in lower
valuations on the Canadian dollar cash and receivable amounts. </P>
<P align=justify>There was an income tax expense of $0.7 million during the
period compared to $4.3 million for the same period of 2013. This is primarily a
result of decreased profitability offset by an increase in Mexican tax rates. On
January 1, 2014 the 2013 tax reforms came into effect. The tax reform included a
Special Mining Duty of 7.5% on taxable revenues, less allowable deductions
excluding interest and capital depreciation and an 0.5% Environmental Tax on
gold and silver revenues. During Q1, 2014 the Company incurred $1.1 million
special mining duty expense included as current income tax and incurred $0.3
million royalty expense corresponding to the Environmental Tax.</P>
<P align=justify><B>Non-IFRS Measures </B></P>
<P align=justify>Adjusted earnings and adjusted EPS are non-IFRS measures that
do not have standardized meanings prescribed by IFRS and therefore may not be
comparable to similar measures presented by other issuers. The Company
previously issued share purchase warrants that have an exercise price
denominated in a currency which is different from the functional currency of the
Company. Under IFRS, the warrants are classified and accounted for as a
financial liability at fair value with adjustments recognized through net
earnings. These adjustments fluctuate significantly quarter to quarter primarily
based on the change in the Company&#146;s quoted share price and have a significant
effect on reported earnings, while the dilutive impact remains unchanged. The
Company incurred impairments on non-current assets that have a significant one
time effect on reported earnings. Adjusted earnings and adjusted EPS are
measures used by management to assess the performance of the operations prior to
the impart of the mark-to-market changes and impairment amounts to appropriately
compare to past performance and provided to investors as a measure of the
Company&#146;s operating performance. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800000><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three months ended March 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2013</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Net earnings (loss) for the period </TD>
    <TD align=center width="15%">$4,037 </TD>
    <TD align=center width="15%">$14,357 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Mark-to-market loss/(gain) on derivative liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>1,434 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>(1,452) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted net earnings (loss) </TD>
    <TD align=center width="15%">$5,471 </TD>
    <TD align=center width="15%">$12,905 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Basic weighted average share outstanding</TD>
    <TD align=center width="15%" bgColor=#eeeeee>100,494,157 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>99,660,016 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Adjusted net
      earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$0.05 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$0.13 </TD></TR></TABLE>
<P align=justify>Mine operating cash flow is a non-IFRS measure that does not
have a standardized meaning prescribed by IFRS and therefore may not be
comparable to similar measures presented by other issuers. Mine operating cash
flow is calculated as revenues minus direct production costs and royalties. Mine
operating cash flow is used by management to assess the performance of the mine
operations, excluding corporate and exploration activities and provided to
investors as a measure of the Company&#146;s operating performance. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800000><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three months ended March 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2013</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Mine operating earnings operating earnings </TD>
    <TD align=center width="15%">$11,305 </TD>
    <TD align=center width="15%">$18,892 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Share-based compensation </TD>
    <TD align=center width="15%" bgColor=#eeeeee>68 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>75 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Amortization and depletion </TD>
    <TD align=center width="15%">14,073 </TD>
    <TD align=center width="15%">12,074 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Write down (recovery) of inventory to net realizable value    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>1,495 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Mine operating
      cash flow before taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$25,446 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$32,536 </TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A>
<P align=justify>Operating cash flow before working capital adjustment is a
non-IFRS measure that does not have a standardized meaning prescribed by IFRS
and therefore may not be comparable to similar measures presented by other
issuers. Operating cash flow before working capital (&#147;WC&#148;) adjustments is
calculated as operating cash flow minus working capital adjustment. Operating
cash flow before working capital adjustments is used by management to assess
operating performance irrespective of working capital changes and provided to
investors as a measure of the Company&#146;s operating performance. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800000><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three months ended March 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2013</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash from operating activities </TD>
    <TD align=center width="15%">$17,107 </TD>
    <TD align=center width="15%">$9,538 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Net changes in non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>(1,178) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>(15,790) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Operating cash
      flow before working capital adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$18,285 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$25,328 </TD></TR></TABLE>
<P align=justify>Operating cash flow per share is a non-IFRS measure that does
not have a standardized meaning prescribed by IFRS and therefore may not be
comparable to similar measures presented by other issuers. Operating cash flow
per share is calculated by dividing cash from operating activities by the
weighted average shares outstanding. Operating cash flow per share is used by
management and provided to investors as a measure of the Company&#146;s operating
performance. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800000><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three months ended March 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2013</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating cash flow before working capital adjustments </TD>
    <TD align=center width="15%">$18,285 </TD>
    <TD align=center width="15%">$25,328 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Weighted average shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>100,494,157 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>99,660,016 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Operating cash
      flow before WC changes per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$0.18 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$0.25 </TD></TR></TABLE>
<P align=justify>EBITDA is a non-IFRS financial measure, which excludes the
following from net earnings: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Income tax expense;
  <LI>Finance costs;
  <LI>Amortization and depletion </LI></UL>
<P align=justify>Management believes EBITDA is a valuable indicator of the
Company&#146;s ability to generate liquidity by producing operating cash flow to fund
working capital needs, service debt obligations, and fund capital expenditures.
Management uses EBITDA for this purpose. EBITDA is also frequently used by
investors and analysts for valuation purposes whereby EBITDA is multiplied by a
factor or &#147;EBITDA multiple&#148; based on an observed or inferred relationship
between EBITDA and market values to determine the approximate total enterprise
value of a Company. </P>
<P align=justify>EBITDA is intended to provide additional information to
investors and analysts and does not have any standardized definition under IFRS
and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. EBITDA excludes the impact of cash
costs of financing activities and taxes, and the effects of changes in operating
working capital balances, and therefore is not necessarily indicative of
operating profit or cash flow from operations as determined by IFRS. Other
companies may calculate EBITDA differently. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800000><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three months ended March 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#800000><FONT color=#ffffff><B>2013</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Net earnings (loss) for the period </TD>
    <TD align=center width="15%">$4,037 </TD>
    <TD align=center width="15%">$14,357 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Amortization and depletion &#150; cost of sales    </TD>
    <TD align=center width="15%" bgColor=#eeeeee>14,073 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>12,074 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Amortization and depletion &#150; exploration </TD>
    <TD align=center width="15%">35 </TD>
    <TD align=center width="15%">34 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Amortization and depletion &#150; general &amp;
      admin </TD>
    <TD align=center width="15%" bgColor=#eeeeee>38 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>40 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Finance costs </TD>
    <TD align=center width="15%">446 </TD>
    <TD align=center width="15%">247 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Current income tax expense </TD>
    <TD align=center width="15%" bgColor=#eeeeee>2,942 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>1,836 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Deferred income
      tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">(2,274) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">2,453 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Earnings before interest, taxes and amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>$19,297 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>$31,041 </TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<P align=justify>Cash costs per ounce, total production costs per ounce and
direct production costs per tonne are measures developed by precious metals
companies in an effort to provide a comparable standard; however, there can be
no assurance that Endeavour&#146;s reporting of these non-IFRS measures are similar
to those reported by other mining companies. Cash costs per ounce, production
costs per ounce and direct production costs per tonne are measures used by the
Company to manage and evaluate operating performance at each of the Company&#146;s
operating mining units, and are widely reported in the silver mining industry as
a benchmark for performance, but do not have a standardized meaning and are
disclosed in addition to IFRS measures. The following tables provide a detailed
reconciliation of these measures to Endeavour&#146;s cost of sales, as reported in
the Company&#146;s consolidated financial statements. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800000
    ><FONT color=#ffffff><B>Expressed in thousands US dollars</B>
      </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended March 31,
      2014</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended March 31,
      2013</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#800000
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
     bgColor=#800000><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left >Direct production costs </TD>
    <TD align=center width="9%">$8,474 </TD>
    <TD align=center width="9%">$11,344 </TD>
    <TD align=center width="9%">$7,402 </TD>
    <TD align=center width="9%">$27,220 </TD>
    <TD align=center width="9%">$11,512 </TD>
    <TD align=center width="9%">$15,588 </TD>
    <TD align=center width="9%">$9,787 </TD>
    <TD align=center width="9%">$36,887 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Royalties </TD>
    <TD align=center width="9%" bgColor=#eeeeee>146 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>120 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>68 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>334 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>450 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>450 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Special mining duty <SUP>(1)</SUP> </TD>
    <TD align=center width="9%">344 </TD>
    <TD align=center width="9%">680 </TD>
    <TD align=center width="9%">57 </TD>
    <TD align=center width="9%">1,081 </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Opening finished goods </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(650) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(60) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(710) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(1,626) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(10,442) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(2,305) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(14,373) </TD></TR>
  <TR vAlign=top>
    <TD align=left >NRV cost adjustment </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">1,131 </TD>
    <TD align=center width="9%">1,131 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#eeeeee
    >Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>2,784 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,492 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>4,276 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,780 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>9,110 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>2,510 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>13,400 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Direct production costs </TD>
    <TD align=center width="9%">11,098 </TD>
    <TD align=center width="9%">12,144 </TD>
    <TD align=center width="9%">8,959 </TD>
    <TD align=center width="9%">32,201 </TD>
    <TD align=center width="9%">12,116 </TD>
    <TD align=center width="9%">14,256 </TD>
    <TD align=center width="9%">11,123 </TD>
    <TD align=center width="9%">37,495 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >By-product gold sales </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(2,380) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(13,344) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(5,755) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(21,479) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(1,362) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(16,996) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(7,008) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(25,366) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Opening gold inventory fair market value </TD>
    <TD align=center width="9%">94 </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">144 </TD>
    <TD align=center width="9%">238 </TD>
    <TD align=center width="9%">455 </TD>
    <TD align=center width="9%">12,789 </TD>
    <TD align=center width="9%">1,560 </TD>
    <TD align=center width="9%">14,804 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#eeeeee
    >Closing gold inventory fair market value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>(544) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>(1,438) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>(1,982) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>(616) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>(10,080) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>(1,578) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>(12,274) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >Cash
      costs net of by-product </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">8,268    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">(1,200) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">1,910    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">8,978    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">10,593 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">(31)    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">4,097    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">14,659 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Amortization and depletion</TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,340 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>6,287 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>5,446 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>14,073 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>3,420 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,939 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>5,715 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>12,074 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Stock-based compensation </TD>
    <TD align=center width="9%">23 </TD>
    <TD align=center width="9%">23 </TD>
    <TD align=center width="9%">22 </TD>
    <TD align=center width="9%">68 </TD>
    <TD align=center width="9%">25 </TD>
    <TD align=center width="9%">25 </TD>
    <TD align=center width="9%">25 </TD>
    <TD align=center width="9%">75 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Opening finished goods
      depletion </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(220) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(92) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(312) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(444) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(2,699) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(1,176) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(4,319) </TD></TR>
  <TR vAlign=top>
    <TD align=left >NRV cost adjustment </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#eeeeee
    >Closing finished goods depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>265 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,024 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,289 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>717 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>2,246 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>925 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>3,888 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$10,676 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$5,110 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$8,310 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$24,096 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$14,311 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$2,480 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$9,586 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$26,377 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Throughput tonnes </TD>
    <TD align=center width="9%">106,813 </TD>
    <TD align=center width="9%">142,412 </TD>
    <TD align=center width="9%">97,300 </TD>
    <TD align=center width="9%">346,525 </TD>
    <TD align=center width="9%">106,653 </TD>
    <TD align=center width="9%">167,500 </TD>
    <TD align=center width="9%">102,191 </TD>
    <TD align=center width="9%">376,344 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Payable silver ounces </TD>
    <TD align=center width="9%" bgColor=#eeeeee>995,723 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>544,029 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>304,413 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,844,165 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>634,210 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>557,754 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>267,742 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,459,706 </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=#eeeeee >Cash costs per ounce </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$8.30 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($2.21) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$6.27 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$4.87 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$16.70 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($0.06) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$15.30 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$10.04 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Total production costs per oz </TD>
    <TD align=center width="9%">$10.72 </TD>
    <TD align=center width="9%">$9.39 </TD>
    <TD align=center width="9%">$27.30 </TD>
    <TD align=center width="9%">$13.07 </TD>
    <TD align=center width="9%">$22.57 </TD>
    <TD align=center width="9%">$4.45 </TD>
    <TD align=center width="9%">$35.80 </TD>
    <TD align=center width="9%">$18.07 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Direct production costs per
      tonne </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$103.90 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$85.27 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$92.08 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$92.93 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$113.60 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$85.11 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$108.85 </TD>
  <TD align=center width="9%" bgColor=#eeeeee>$99.63</TD></TR></TABLE>
</DIV>
<P align=justify><SUP>(1)</SUP> Special mining duty is an EBITDA royalty tax
presented as a current income tax in accordance with IFRS </P>
<P align=justify>All-in sustaining costs per ounce and all-in costs per ounces
are measures developed by the World Gold Council in an effort to provide a
comparable standard within the precious metal industry; however, there can be no
assurance that Endeavour&#146;s reporting of these non-IFRS measures are similar to
those reported by other mining companies. These measures are used by the Company
to manage and evaluate operating performance at each of the Company&#146;s operating
mining units and consolidated group, and are widely reported in the silver
mining industry as a benchmark for performance, but do not have a standardized
meaning and are disclosed in addition to IFRS measures. The following tables
provide a detailed reconciliation of these measures to Endeavour&#146;s cost of
sales, as reported in the Company&#146;s consolidated financial statements. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800000><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended March 31,
      2014</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended March 31,
      2013</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><STRONG>Bolanitos</STRONG> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><STRONG>Bolanitos</STRONG> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash costs net of by-product </TD>
    <TD align=center width="9%">$8,268 </TD>
    <TD align=center width="9%">($1,200) </TD>
    <TD align=center width="9%">$1,910 </TD>
    <TD align=center width="9%">$8,978 </TD>
    <TD align=center width="9%">$10,593 </TD>
    <TD align=center width="9%">($31) </TD>
    <TD align=center width="9%">$4,097 </TD>
    <TD align=center width="9%">$14,659 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Operations stock based compensation </TD>
    <TD align=center width="9%" bgColor=#eeeeee>23 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>23 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>22 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>68 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>25 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>25 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>25 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>75 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Corporate general and administrative </TD>
    <TD align=center width="9%">1,119 </TD>
    <TD align=center width="9%">611 </TD>
    <TD align=center width="9%">342 </TD>
    <TD align=center width="9%">2,072 </TD>
    <TD align=center width="9%">1,148 </TD>
    <TD align=center width="9%">1,010 </TD>
    <TD align=center width="9%">485 </TD>
    <TD align=center width="9%">2,642 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Corporate stock based compensation </TD>
    <TD align=center width="9%" bgColor=#eeeeee>198 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>108 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>60 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>366 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>212 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>186 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>90 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>488 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Reclamation - amortization/accretion </TD>
    <TD align=center width="9%">4 </TD>
    <TD align=center width="9%">1 </TD>
    <TD align=center width="9%">5 </TD>
    <TD align=center width="9%">10 </TD>
    <TD align=center width="9%">4 </TD>
    <TD align=center width="9%">1 </TD>
    <TD align=center width="9%">5 </TD>
    <TD align=center width="9%">10 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Mine site expensed exploration </TD>
    <TD align=center width="9%" bgColor=#eeeeee>79 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>708 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>948 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,735 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>541 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,200 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>807 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,548 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Capital expenditures sustaining </TD>
    <TD align=center width="9%">2,199 </TD>
    <TD align=center width="9%">1,842 </TD>
    <TD align=center width="9%">5,132 </TD>
    <TD align=center width="9%">9,173 </TD>
    <TD align=center width="9%">5,073 </TD>
    <TD align=center width="9%">7,121 </TD>
    <TD align=center width="9%">3,290 </TD>
    <TD align=center width="9%">15,484 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>All In Sustaining Costs </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$11,889 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$2,093 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$8,419 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$22,402 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$17,596 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$9,512 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$8,798 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$35,906 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Growth exploration </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=center width="9%">433 </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=center width="9%">1,642 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Growth capital expenditures </TD>
    <TD align=left width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>142 </TD>
    <TD align=left width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>13,232 </TD></TR>
  <TR vAlign=top>
    <TD align=left>All In Costs </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=center width="9%">$22,977 </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=center width="9%">$50,780 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Throughput tonnes </TD>
    <TD align=center width="9%">106,813 </TD>
    <TD align=center width="9%">142,412 </TD>
    <TD align=center width="9%">97,300 </TD>
    <TD align=center width="9%">346,525 </TD>
    <TD align=center width="9%">106,653 </TD>
    <TD align=center width="9%">167,500 </TD>
    <TD align=center width="9%">102,191 </TD>
    <TD align=center width="9%">376,344 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Payable silver ounces </TD>
    <TD align=center width="9%" bgColor=#eeeeee>995,723 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>544,029 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>304,413 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,844,165 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>634,210 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>557,754 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>267,742 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,459,706 </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=#eeeeee>Sustaining cost per ounce </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$11.94 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$3.85 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$27.66 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$12.15 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$27.74 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$17.05 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$32.86 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$24.60 </TD></TR>
  <TR vAlign=top>
    <TD align=left>All In costs per ounce </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=center width="9%">$12.46 </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=center width="9%">$34.79 </TD></TR></TABLE>
</DIV>
<P align=justify>Silver co-product cash costs and gold co-product cash costs are
measures used by the Company to manage and evaluate operating performance at
each of the Company&#146;s operating mining units and consolidated group , but do not
have a standardized meaning and are disclosed in addition to IFRS measures. The
following tables provide a detailed reconciliation of these measures to
Endeavour&#146;s cost of sales, as reported in the Company&#146;s consolidated financial
statements.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#800000><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended March 31,
      2014</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended March 31,
      2013</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff>&nbsp;<STRONG>Bolanitos</STRONG>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><STRONG>Bolanitos</STRONG> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#800000><FONT color=#ffffff><B>Total</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Direct production costs </TD>
    <TD align=center width="9%">$8,474 </TD>
    <TD align=center width="9%">$11,344 </TD>
    <TD align=center width="9%">$7,402 </TD>
    <TD align=center width="9%">$27,220 </TD>
    <TD align=center width="9%">$11,512 </TD>
    <TD align=center width="9%">$15,588 </TD>
    <TD align=center width="9%">$9,787 </TD>
    <TD align=center width="9%">$36,887 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Royalties </TD>
    <TD align=center width="9%" bgColor=#eeeeee>146 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>120 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>68 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>334 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>450 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>450 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Special mining duty <SUP>(1)</SUP> </TD>
    <TD align=center width="9%">344 </TD>
    <TD align=center width="9%">680 </TD>
    <TD align=center width="9%">57 </TD>
    <TD align=center width="9%">1,081 </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Opening finished goods </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(650) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(60) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(710) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(1,626) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(10,442) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(2,305) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(14,373) </TD></TR>
  <TR vAlign=top>
    <TD align=left>NRV cost adjustment </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">1,131 </TD>
    <TD align=center width="9%">1,131 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>2,784 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,492 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>4,276 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,780 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>9,110 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>2,510 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>13,400 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Direct production
      costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">11,098 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">12,144 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">8,959    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">32,201 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">12,116 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">14,256 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">11,123 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">37,495 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver production </TD>
    <TD align=center width="9%">1,005,781 </TD>
    <TD align=center width="9%">572,851 </TD>
    <TD align=center width="9%">320,367 </TD>
    <TD align=center width="9%">1,898,999 </TD>
    <TD align=center width="9%">640,616 </TD>
    <TD align=center width="9%">578,654 </TD>
    <TD align=center width="9%">270,446 </TD>
    <TD align=center width="9%">1,489,716 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Average realized silver price </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>20.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>20.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>20.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>20.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>29.38 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>29.38 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>29.38 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>29.38 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Silver value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">20,618,511 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">11,743,446 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">6,567,524 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">38,929,480 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">18,821,298 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">17,000,855 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">7,945,703 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">43,767,856 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold production </TD>
    <TD align=center width="9%">2,273 </TD>
    <TD align=center width="9%">10,640 </TD>
    <TD align=center width="9%">5,606 </TD>
    <TD align=center width="9%">18,519 </TD>
    <TD align=center width="9%">942 </TD>
    <TD align=center width="9%">9,891 </TD>
    <TD align=center width="9%">4,199 </TD>
    <TD align=center width="9%">15,032 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Average realized gold price </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,306 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,306 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,306 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,306 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,613 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,613 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,613 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,613 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Gold value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">2,968,538 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">13,895,840 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">7,321,436 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">24,185,814 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">1,519,446 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">15,954,183 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">6,772,987 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">24,246,616 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total metal value </TD>
    <TD align=center width="9%">23,587,049 </TD>
    <TD align=center width="9%">25,639,286 </TD>
    <TD align=center width="9%">13,888,960 </TD>
    <TD align=center width="9%">63,115,294 </TD>
    <TD align=center width="9%">20,340,744 </TD>
    <TD align=center width="9%">32,955,038 </TD>
    <TD align=center width="9%">14,718,690 </TD>
    <TD align=center width="9%">68,014,472 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Pro-rated silver costs </TD>
    <TD align=center width="9%" bgColor=#eeeeee>87% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>46% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>47% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>62% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>93% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>52% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>54% </TD>
    <TD align=center width="9%" bgColor=#eeeeee>64% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pro-rated gold costs </TD>
    <TD align=center width="9%">13% </TD>
    <TD align=center width="9%">54% </TD>
    <TD align=center width="9%">53% </TD>
    <TD align=center width="9%">38% </TD>
    <TD align=center width="9%">7% </TD>
    <TD align=center width="9%">48% </TD>
    <TD align=center width="9%">46% </TD>
    <TD align=center width="9%">36% </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver co-product cash costs </TD>
    <TD align=center width="9%">$9.65 </TD>
    <TD align=center width="9%">$9.71 </TD>
    <TD align=center width="9%">$13.22 </TD>
    <TD align=center width="9%">$10.46 </TD>
    <TD align=center width="9%">$17.50 </TD>
    <TD align=center width="9%">$12.71 </TD>
    <TD align=center width="9%">$22.20 </TD>
    <TD align=center width="9%">$16.20 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Gold co-product cash costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$614 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$619 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$842 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$666 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$961 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$698 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$1,219 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$889 </TD></TR></TABLE>
</DIV>
<P align=justify><SUP>(1)</SUP> Special mining duty is an EBITDA royalty tax
presented as a current income tax in accordance with IFRS </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<P align=justify><B>Quarterly Results and Trends </B></P>
<P align=justify><B><I>The following table presents selected financial
information for each of the most recent eight quarters: </I></B></P>
<P align=justify><B>(tables in thousands of US dollars except per share amounts)
</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#800000 ><FONT color=#ffffff>&nbsp;
    </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    align=center width="10%" bgColor=#800000><FONT color=#ffffff><B>2014</B>
      </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    align=center width="10%" bgColor=#800000><FONT color=#ffffff>&nbsp;
    </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    align=center width="10%" bgColor=#800000><FONT color=#ffffff>&nbsp;
    </FONT></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#800000 ><FONT color=#ffffff><B>Quarterly
      Results</B> </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#800000><FONT color=#ffffff><B>Q4</B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff><B>Q4</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff><B>Q3</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff><B>Q2</B> </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#800000><FONT color=#ffffff><B>Q1</B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff><B>Q4</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff><B>Q3</B> </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#800000><FONT color=#ffffff><B>Q2</B>
      </FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Revenue </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$53,000 </TD>
    <TD align=center width="10%">$67,857 </TD>
    <TD align=center width="10%">$67,803 </TD>
    <TD align=center width="10%">$71,250 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$69,873 </TD>
    <TD align=center width="10%">$66,719 </TD>
    <TD align=center width="10%">$51,880 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$40,434 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Direct cost </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>27,220 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>41,210 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>35,739 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>44,746 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>36,887 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>34,814 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>24,485 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>15,890 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Royalties </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">334 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">235    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">287    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">356    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">450 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">469    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">454    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">482 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Mine operating cash flow </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>25,446 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>26,412 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>31,777 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>26,148 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>32,536 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>31,436 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>26,941 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>24,062 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Share-based compensation </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">68 </TD>
    <TD align=center width="10%">107 </TD>
    <TD align=center width="10%">131 </TD>
    <TD align=center width="10%">202 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">75 </TD>
    <TD align=center width="10%">124 </TD>
    <TD align=center width="10%">146 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">216  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Amortization and depletion </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>14,073 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>15,780 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>12,566 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>13,149 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>12,074 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>10,517 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>6,353 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>4,328 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Write down on inventory </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">664    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">(2,668) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">6,383    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">1,495 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">2,876    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">3,345    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">- </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee >Mine operating earnings </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>$11,305 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$9,861 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$21,748 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$6,414 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>$18,892 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$17,919 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$17,097 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>$19,518 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Net earnings (loss) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$4,037    </TD>
    <TD align=center width="10%">($115,758) </TD>
    <TD align=center width="10%">$12,297 </TD>
    <TD align=center width="10%">($361) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$14,357 </TD>
    <TD align=center width="10%">$14,821 </TD>
    <TD align=center width="10%">$16 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$7,505    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Impairment charge, net of tax </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>104,283 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >(Gain) Loss on derivative liability </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">1,434 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">(591)    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">679    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">(2,386) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">(1,452) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">(1,881) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">1,728    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">1,632 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee >Adjusted earnings (loss) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>$5,471 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>($12,066) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$12,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>($2,747) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>$12,905 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$12,940 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$1,744 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>$5,873 </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">&nbsp;    </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">&nbsp;    </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">&nbsp;    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Basic earnings (loss) per share    </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$0.04 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>($1.16) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.12 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.00 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$0.14 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.15 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.00 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$0.09 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Diluted earnings (loss) per share </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$0.04    </TD>
    <TD align=center width="10%">($1.17) </TD>
    <TD align=center width="10%">$0.12 </TD>
    <TD align=center width="10%">$0.00 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$0.13    </TD>
    <TD align=center width="10%">$0.13 </TD>
    <TD align=center width="10%">$0.00 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$0.06    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Adjusted earnings (loss) per
      share </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$0.05 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>($0.35) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.13 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>($0.03) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$0.13 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.13 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.02 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$0.06 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Weighted shares outstanding </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">100,494,157 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">99,720,704 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">99,741,010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">99,710,933 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">99,660,016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">99,539,282 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">97,666,618 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">87,999,495 </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    bgColor=#eeeeee >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Net earnings (loss) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$4,037    </TD>
    <TD align=center width="10%">($115,758) </TD>
    <TD align=center width="10%">$12,297 </TD>
    <TD align=center width="10%">($361) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$14,357 </TD>
    <TD align=center width="10%">$14,821 </TD>
    <TD align=center width="10%">$16 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$7,505    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Amortization and depletion </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>14,146 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>15,875 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>12,648 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>13,228 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>12,148 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>10,599 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>6,426 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>4,386 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Finance costs </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">446</TD>
    <TD align=center width="10%">422 </TD>
    <TD align=center width="10%">313 </TD>
    <TD align=center width="10%">531 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">247</TD>
    <TD align=center width="10%">293 </TD>
    <TD align=center width="10%">181 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">5  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Current income tax </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>2,942 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>5,042 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2,729 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>4,363 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>1,836 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>5,932 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>3,419 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>1,713 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Deferred income tax </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">(2,274) </TD>
    <TD align=center width="10%">(23,100) </TD>
    <TD align=center width="10%">1,341 </TD>
    <TD align=center width="10%">(1,158) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">2,453    </TD>
    <TD align=center width="10%">(3,460) </TD>
    <TD align=center width="10%">2,185 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">2,788    </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee >Impairment charges </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>135,060 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>- </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >EBITDA </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$19,297 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$17,541 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$29,328 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$16,603 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$31,041 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$28,185 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$12,227 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$16,397 </TD></TR></TABLE>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<P align=justify><B><I>The following table presents selected production
information for each of the most recent eight quarters: </I></B></P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#800000><FONT color=#ffffff><B>Highlights</B>
</FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%" bgColor=#800000><FONT color=#ffffff><B>2014</B>
    </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    align=center width="10%" bgColor=#800000><FONT color=#ffffff>&nbsp;
    </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    align=center width="10%" bgColor=#800000><FONT color=#ffffff>&nbsp;
  </FONT></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#800000><FONT color=#ffffff><B>Q1</B>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff><B>Q4</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff><B>Q3</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff><B>Q2</B> </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#800000><FONT color=#ffffff><B>Q1</B>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff><B>Q4</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#800000><FONT color=#ffffff><B>Q3</B> </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#800000><FONT color=#ffffff><B>Q2</B>
    </FONT></TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD
    align=left style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Processed tonnes</B> </TD>
    <TD width="10%"
    align=center style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">346,525 </TD>
    <TD width="10%" align=center>379,480 </TD>
    <TD width="10%" align=center>389,090 </TD>
    <TD width="10%" align=center>393,070 </TD>
    <TD
      width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">376,344 </TD>
    <TD width="10%" align=center>362,779 </TD>
    <TD width="10%" align=center>306,164 </TD>
  <TD
      width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">202,987 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">106,813 </TD>
    <TD align=center width="10%">121,008 </TD>
    <TD align=center width="10%">107,480 </TD>
    <TD align=center width="10%">100,781 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">106,653 </TD>
    <TD align=center width="10%">110,763 </TD>
    <TD align=center width="10%">108,343 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">100,208 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">142,412 </TD>
    <TD align=center width="10%">159,294 </TD>
    <TD align=center width="10%">181,442 </TD>
    <TD align=center width="10%">202,472 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">167,500 </TD>
    <TD align=center width="10%">161,841 </TD>
    <TD align=center width="10%">117,271 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">102,779 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">97,300 </TD>
    <TD align=center width="10%">99,178 </TD>
    <TD align=center width="10%">100,168 </TD>
    <TD align=center width="10%">89,817 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">102,191 </TD>
    <TD align=center width="10%">90,175 </TD>
    <TD align=center width="10%">80,550 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD
    align=left style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Silver ounces</B> </TD>
    <TD width="10%"
    align=center style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">1,898,999 </TD>
    <TD width="10%" align=center>1,931,717 </TD>
    <TD width="10%" align=center>1,855,846 </TD>
    <TD width="10%" align=center>1,535,873 </TD>
    <TD
      width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">1,489,746 </TD>
    <TD width="10%" align=center>1,235,026 </TD>
    <TD width="10%" align=center>1,137,933 </TD>
  <TD
      width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">1,040,026 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">1,005,781 </TD>
    <TD align=center width="10%">861,495 </TD>
    <TD align=center width="10%">715,080 </TD>
    <TD align=center width="10%">555,036 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">640,616 </TD>
    <TD align=center width="10%">518,207 </TD>
    <TD align=center width="10%">598,285 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">669,754 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">572,851 </TD>
    <TD align=center width="10%">698,098 </TD>
    <TD align=center width="10%">794,734 </TD>
    <TD align=center width="10%">810,414 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">578,654 </TD>
    <TD align=center width="10%">518,674 </TD>
    <TD align=center width="10%">433,388 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">370,272 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">320,367 </TD>
    <TD align=center width="10%">372,124 </TD>
    <TD align=center width="10%">346,032 </TD>
    <TD align=center width="10%">170,423 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">270,446 </TD>
    <TD align=center width="10%">198,145 </TD>
    <TD align=center width="10%">106,260 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD
    align=left style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Silver grade</B> </TD>
    <TD width="10%"
    align=center style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">198 </TD>
    <TD width="10%" align=center>181 </TD>
    <TD width="10%" align=center>171 </TD>
    <TD width="10%" align=center>165 </TD>
    <TD width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">154    </TD>
    <TD width="10%" align=center>151 </TD>
    <TD width="10%" align=center>161 </TD>
  <TD width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">208    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">350 </TD>
    <TD align=center width="10%">272 </TD>
    <TD align=center width="10%">265 </TD>
    <TD align=center width="10%">240 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">233    </TD>
    <TD align=center width="10%">215 </TD>
    <TD align=center width="10%">227 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">269    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">144 </TD>
    <TD align=center width="10%">152 </TD>
    <TD align=center width="10%">147 </TD>
    <TD align=center width="10%">160 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">135    </TD>
    <TD align=center width="10%">140 </TD>
    <TD align=center width="10%">148 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">149    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">110 </TD>
    <TD align=center width="10%">118 </TD>
    <TD align=center width="10%">112 </TD>
    <TD align=center width="10%">93 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">103    </TD>
    <TD align=center width="10%">96 </TD>
    <TD align=center width="10%">92 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD
    align=left style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Silver recovery</B> </TD>
    <TD width="10%"
    align=center style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">86.1 </TD>
    <TD width="10%" align=center>87.3 </TD>
    <TD width="10%" align=center>86.7 </TD>
    <TD width="10%" align=center>73.6 </TD>
    <TD width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">79.9    </TD>
    <TD width="10%" align=center>70.1 </TD>
    <TD width="10%" align=center>71.8 </TD>
  <TD width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">76.5    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">83.7 </TD>
    <TD align=center width="10%">81.5 </TD>
    <TD align=center width="10%">78.0 </TD>
    <TD align=center width="10%">71.3 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">80.2    </TD>
    <TD align=center width="10%">67.7 </TD>
    <TD align=center width="10%">75.7 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">77.4    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">87.1 </TD>
    <TD align=center width="10%">89.5 </TD>
    <TD align=center width="10%">92.5 </TD>
    <TD align=center width="10%">77.8 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">79.8    </TD>
    <TD align=center width="10%">71.3 </TD>
    <TD align=center width="10%">77.7 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">75.2    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">92.7 </TD>
    <TD align=center width="10%">99.1 </TD>
    <TD align=center width="10%">95.6 </TD>
    <TD align=center width="10%">63.5 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">79.9    </TD>
    <TD align=center width="10%">71.2 </TD>
    <TD align=center width="10%">44.6 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD
    align=left style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Gold ounces</B> </TD>
    <TD width="10%"
    align=center style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">18,519 </TD>
    <TD width="10%" align=center>17,686 </TD>
    <TD width="10%" align=center>22,947 </TD>
    <TD width="10%" align=center>19,914 </TD>
    <TD
      width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">15,032 </TD>
    <TD width="10%" align=center>12,917 </TD>
    <TD width="10%" align=center>11,754 </TD>
  <TD width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">7,695    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">2,273 </TD>
    <TD align=center width="10%">2,275 </TD>
    <TD align=center width="10%">1,977 </TD>
    <TD align=center width="10%">1,590 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">942    </TD>
    <TD align=center width="10%">1,088 </TD>
    <TD align=center width="10%">2,667 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">2,499    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">10,640 </TD>
    <TD align=center width="10%">10,142 </TD>
    <TD align=center width="10%">15,869 </TD>
    <TD align=center width="10%">15,751 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">9,891    </TD>
    <TD align=center width="10%">8,660 </TD>
    <TD align=center width="10%">7,363 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">5,196    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">5,606 </TD>
    <TD align=center width="10%">5,269 </TD>
    <TD align=center width="10%">5,101 </TD>
    <TD align=center width="10%">2,574 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">4,199    </TD>
    <TD align=center width="10%">3,169 </TD>
    <TD align=center width="10%">1,724 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD
    align=left style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Gold grade</B> </TD>
    <TD width="10%"
    align=center style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">1.92 </TD>
    <TD width="10%" align=center>1.78 </TD>
    <TD width="10%" align=center>1.89 </TD>
    <TD width="10%" align=center>1.96 </TD>
    <TD width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">1.51    </TD>
    <TD width="10%" align=center>1.55 </TD>
    <TD width="10%" align=center>1.49 </TD>
  <TD width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">1.47    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">0.77 </TD>
    <TD align=center width="10%">0.69 </TD>
    <TD align=center width="10%">0.70 </TD>
    <TD align=center width="10%">0.68 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">0.34    </TD>
    <TD align=center width="10%">0.69 </TD>
    <TD align=center width="10%">0.87 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">0.87    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">2.72 </TD>
    <TD align=center width="10%">2.61 </TD>
    <TD align=center width="10%">2.75 </TD>
    <TD align=center width="10%">2.84 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">2.27    </TD>
    <TD align=center width="10%">2.2 </TD>
    <TD align=center width="10%">2.39 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">2.05    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">2.01 </TD>
    <TD align=center width="10%">1.77 </TD>
    <TD align=center width="10%">1.62 </TD>
    <TD align=center width="10%">1.41 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">1.48    </TD>
    <TD align=center width="10%">1.42 </TD>
    <TD align=center width="10%">1.42 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD
    align=left style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Gold recovery</B> </TD>
    <TD width="10%"
    align=center style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">86.6 </TD>
    <TD width="10%" align=center>82.1 </TD>
    <TD width="10%" align=center>96.9 </TD>
    <TD width="10%" align=center>80.4 </TD>
    <TD width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">82.3    </TD>
    <TD width="10%" align=center>71.7 </TD>
    <TD width="10%" align=center>80.1 </TD>
  <TD width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">80.3    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">86.0 </TD>
    <TD align=center width="10%">85.2 </TD>
    <TD align=center width="10%">82.1 </TD>
    <TD align=center width="10%">72.6 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">80.8    </TD>
    <TD align=center width="10%">44.3 </TD>
    <TD align=center width="10%">88 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">89.2    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">85.4 </TD>
    <TD align=center width="10%">75.8 </TD>
    <TD align=center width="10%">98.9 </TD>
    <TD align=center width="10%">85.2 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">81</TD>
    <TD align=center width="10%">75.8 </TD>
    <TD align=center width="10%">81.7 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">76.6    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">89.0 </TD>
    <TD align=center width="10%">93.2 </TD>
    <TD align=center width="10%">97.8 </TD>
    <TD align=center width="10%">63.2 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">86.4    </TD>
    <TD align=center width="10%">77 </TD>
    <TD align=center width="10%">46.9 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD
    align=left style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Cash costs per oz</B> </TD>
    <TD width="10%"
    align=center style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$4.87 </TD>
    <TD width="10%" align=center>$7.46 </TD>
    <TD width="10%" align=center>$5.14 </TD>
    <TD width="10%" align=center>$10.53 </TD>
    <TD
      width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">$10.04 </TD>
    <TD width="10%" align=center>$12.25 </TD>
    <TD width="10%" align=center>$4.70 </TD>
  <TD width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">$5.46    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$8.30 </TD>
    <TD align=center width="10%">$13.09 </TD>
    <TD align=center width="10%">$12.98 </TD>
    <TD align=center width="10%">$16.59 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$16.70 </TD>
    <TD align=center width="10%">$18.20 </TD>
    <TD align=center width="10%">$10.99 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$8.64    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">($2.21) </TD>
    <TD align=center width="10%">$0.60 </TD>
    <TD align=center width="10%">($8.10) </TD>
    <TD align=center width="10%">($2.74) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">($0.06) </TD>
    <TD align=center width="10%">($3.73) </TD>
    <TD align=center width="10%">($9.98) </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">($0.31) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$6.27 </TD>
    <TD align=center width="10%">$6.65 </TD>
    <TD align=center width="10%">$18.61 </TD>
    <TD align=center width="10%">$52.41 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$15.30 </TD>
    <TD align=center width="10%">$38.52 </TD>
    <TD align=center width="10%">$29.21 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD
    align=left style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Total cost per oz</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="10%"
    align=center style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$13.07 </TD>
    <TD width="10%" align=center>$14.59 </TD>
    <TD width="10%" align=center>$13.17 </TD>
    <TD width="10%" align=center>$18.18 </TD>
    <TD
      width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">$18.24 </TD>
    <TD width="10%" align=center>$20.84 </TD>
    <TD width="10%" align=center>$13.18 </TD>
  <TD width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">$9.98    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$10.72 </TD>
    <TD align=center width="10%">$18.51 </TD>
    <TD align=center width="10%">$18.76 </TD>
    <TD align=center width="10%">$23.34 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$22.56 </TD>
    <TD align=center width="10%">$23.89 </TD>
    <TD align=center width="10%">$16.54 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$13.01 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$9.39 </TD>
    <TD align=center width="10%">$4.35 </TD>
    <TD align=center width="10%">($3.66) </TD>
    <TD align=center width="10%">$1.28 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$4.45    </TD>
    <TD align=center width="10%">$1.59 </TD>
    <TD align=center width="10%">($5.20) </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$4.50    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$27.30 </TD>
    <TD align=center width="10%">$24.58 </TD>
    <TD align=center width="10%">$39.54 </TD>
    <TD align=center width="10%">$80.16 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$35.71 </TD>
    <TD align=center width="10%">$49.30 </TD>
    <TD align=center width="10%">$69.20 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD
    align=left style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Costs per tonne</B> </TD>
    <TD width="10%"
    align=center style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$92.93 </TD>
    <TD width="10%" align=center>$90.72 </TD>
    <TD width="10%" align=center>$104.06 </TD>
    <TD width="10%" align=center>$96.45 </TD>
    <TD
      width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">$99.63 </TD>
    <TD width="10%" align=center>$92.86 </TD>
    <TD width="10%" align=center>$97.04 </TD>
  <TD
      width="10%" align=center style="BORDER-RIGHT: #000000 2px solid">$86.32 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$103.90 </TD>
    <TD align=center width="10%">$114.55 </TD>
    <TD align=center width="10%">$111.06 </TD>
    <TD align=center width="10%">$111.21 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$113.61 </TD>
    <TD align=center width="10%">$99.70 </TD>
    <TD align=center width="10%">$101.82 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$100.81 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$85.27 </TD>
    <TD align=center width="10%">$72.78 </TD>
    <TD align=center width="10%">$84.57 </TD>
    <TD align=center width="10%">$75.50 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$85.10 </TD>
    <TD align=center width="10%">$75.66 </TD>
    <TD align=center width="10%">$77.34 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$72.18 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$92.08 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$90.44 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$131.83 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$127.11 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$108.85 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$115.25 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$119.32 </TD>
  <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">NA </TD></TR>
</TABLE>
<P align=justify><SUP>(1)</SUP> Total Production Cost per ounce </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<P align=justify><B>Key Economic Trends </B></P>
<P align=justify><B><I>Metal Price Trends </I></B></P>
<P align=center><IMG
src="exhibit99-2x20x1.jpg"
border=0></P>
<P align=justify>The prices of silver and gold are the largest single factor in
determining profitability and cash flow from operations, therefore, the
financial performance of the Company has been, and is expected to continue to
be, closely linked to the prices of silver and gold. During Q1, 2014, the
average price of silver was $20.48 per ounce, with silver trading between a
range of $19.27 and $22.05 per ounce based on the London Fix silver price. This
compares to an average of $30.11 per ounce during Q1, 2013, with a low of $28.01
and a high of $32.23 per ounce. During Q1, 2014, the Company realized an average
price of $20.50 per ounce compared with $29.38 for the corresponding period in
2013.</P>
<P align=justify>During Q1, 2014, the average price of gold was $1,293 per
ounce, with gold trading between a range of $1,221 and $1,385 per ounce based on
the London Fix PM gold price. This compares to an average of $1,632 per ounce
during Q1, 2013, with a low of $1,574 and a high of $1,694 per ounce. During Q1,
2014, the Company realized an average price of $1,306 per ounce compared with
$1,613 for the corresponding period in 2013. </P>
<P align=justify>The major influences on the precious metals prices the past
eight quarters included weaker investment demand, selling from precious metal
exchange traded funds, as well as strong US equity and bond markets that pulled
investments from other asset classes, including precious metals. In addition,
the precious metal prices were also affected by an expectation of improving
economic conditions, which lead to the reduction of the US Federal Reserve&#146;s
quantitative easing program. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A>
<P align=justify><B><I>Currency Fluctuations </I></B></P>
<P align=justify>The Company&#146;s operations are located in Mexico and therefore a
significant portion of operating costs and capital expenditures are denominated
in Mexican pesos. The corporate activities are based in Vancouver, Canada with
the significant portion of these expenditures being denominated in Canadian
dollars. Generally, as the U.S. dollar strengthens, these currencies weaken, and
as the US dollar weakens, these foreign currencies strengthen.</P>
<P align=justify>During Q1, 2014 the Mexican Peso remained relatively flat
against the U.S. dollar with lower volatility. During Q1, 2014, the average
foreign exchange rate was $13.23 Mexican Pesos per U.S. dollar, with the peso
trading between a range of $13.45 and $12.96. This compares to an average of
$12.64 during Q1, 2013, with a range of $12.99 and $12.31 Mexican pesos per U.S.
dollar.</P>
<P align=center><IMG
src="exhibit99-2x21x1.jpg"
border=0></P>
<P align=justify>During Q1, 2014, the Canadian dollar continued to depreciate
relative to the U.S. dollar. During Q1, 2014, the average foreign exchange rate
was $1.1019 Canadian dollar per U.S. dollar, with the Canadian dollar trading
between a range of $1.0627 and $1.1249. This compares to an average of $1.0077
during Q1, 2013, between a range of $0.9835 and $1.0309 Canadian dollar per U.S.
dollar.</P>
<P align=center><IMG
src="exhibit99-2x21x2.jpg"
border=0>&nbsp;<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
</P><A name=page_22></A>
<P align=justify><B><I>Cost Trends </I></B></P>
<P align=center><IMG
src="exhibit99-2x22x1.jpg"
border=0>&nbsp;</P>
<P align=justify>The Company&#146;s profitability is subject to industry wide cost
pressures on development and operating costs with respect to labour, energy,
consumables and capital expenditures. Underground mining is labour intensive and
33% of Endeavour&#146;s production costs are directly tied to labour. In order to
mitigate the impact of higher labour and consumable costs, the Company focuses
on continuous improvement, both by promoting more efficient use of materials and
supplies, and by pursuing more advantageous pricing, while increasing
performance and without compromising operational integrity.</P>
<P align=justify>In December 2013, the Mexican President passed tax reform
legislation that will be effective January 1, 2014. The tax reform includes,
among other items, an increase of the Mexican corporate tax rate from 28% to
30%, removal of the flat tax regime, a Special Mining Duty of 7.5% on taxable
revenues, less allowable deductions excluding interest and capital depreciation
and an 0.5% Environmental Tax on gold and silver revenues. During Q1, 2014 the
Company incurred $1.1 million special mining duty expense included as current
income tax and incurred $0.3 million royalty expense corresponding to the
Environmental Tax. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A>
<P align=justify><B>Annual Outlook </B></P>
<P align=justify><B>Production Outlook <BR></B>Endeavour plans to hold its
silver production relatively steady in the range of 6.5 -6.9 million ounces (oz)
compared to the 6.8 million oz silver it produced in 2013. Gold production is
expected to be in the 65,000-69,000 oz range and silver equivalent production is
anticipated to be 10.4 -11.0 million oz (at a silver:gold ratio of 60:1) as
shown in the table below.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Mine</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%"><B>Ag Prod. (M oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%"><B>Au Prod. (K oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%"><B>Ag Eq. Prod. (K oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%"><B>Tonnes/Day (tpd)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Guanacev&#237; </TD>
    <TD align=center width="20%" bgColor=#e6efff>2.6-2.7 </TD>
    <TD align=center width="20%" bgColor=#e6efff>7.0-8.0 </TD>
    <TD align=center width="20%" bgColor=#e6efff>3.0-3.2 </TD>
    <TD align=right width="20%" bgColor=#e6efff>1,200-1,300 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bola&#241;itos </TD>
    <TD align=center width="20%">2.2-2.4 </TD>
    <TD align=center width="20%">36.0-38.0 </TD>
    <TD align=center width="20%">4.4-4.7 </TD>
    <TD align=right width="20%">1,450-1,600 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff>El
      Cubo </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#e6efff>1.7-1.8 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#e6efff>22.0-23.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#e6efff>3.0-3.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="20%"
    bgColor=#e6efff>1,200-1,550 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%">6.5-6.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%">65.0-69.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%">10.4-11.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%">3,850-4,450 </TD></TR></TABLE></DIV>
<P align=justify>In 2014, Bola&#241;itos production will contract as management has
elected not to continue extra mine production for processing at the El Cubo
plant as it did in 2013. The Bola&#241;itos operation will operate at its existing
capacity of 1,600 tonnes per day (tpd). At Bola&#241;itos, production will continue
primarily from the Daniela, Karina, Lana and Bola&#241;itos veins and mine
development will open up the La Luz- Asunci&#243;n deposit. </P>
<P align=justify>In 2014, El Cubo production will expand to fill the 1,550 tpd
plant to capacity through a steady ramp-up of mine output as mine development
opens up the new Villalpando-Asunci&#243;n deposit. At El Cubo, the remaining 2014
production will continue to come primarily from the Dolores, Villalpando, San
Nicolas and Santa Cecilia veins. </P>
<P align=justify>At Guanacev&#237;, production will continue primarily from the
Porvenir Norte, Porvenir Cuatro and Santa Cruz veins. Underground development of
the new Milache discovery is awaiting permitting for development to start in
2014 and production to start in 2015.</P>
<P align=justify><B>Operating Costs <BR></B>Direct operating costs were
estimated to be in the $95 per tonne range driving the expectation that the
consolidated by-product cash costs of silver production (net of gold credits) to
be in the $9-$10 range for fiscal 2014. The increase from 2013 is primarily
driven by the lower gold price and reduced gold production. Consolidated
co-product cash costs of silver and gold production are anticipated to be around
$13-14 and $800-850 per oz respectively. All-in byproduct sustaining costs of
production (including sustaining capex, exploration and G&amp;A costs) were
forecasted to be approximately $19 per oz of silver produced.</P>
<P align=justify>In Q1, 2014, Endeavour exceeded expectations on both metal
production and operating costs. Exploration and mine development expenditures
fluctuate quarter to quarter, and all-in sustaining costs are expected to
increase in the second and third quarters with higher planned exploration and
mine development expenditures. Going forward, management expects cash costs per
ounce to also move closer to guidance as mined grades revert to reported reserve
grades. </P>
<P align=justify><B>Capital Budget <BR></B>Endeavour plans to invest $43.9
million on capital projects in 2014, including $34.6 million on mine
development, infrastructure, equipment and exploration plus $9.3 million on
plant upgrades, infrastructure, equipment and buildings. The Company has
budgeted $20.9 million at El Cubo, $9.9 million at Bola&#241;itos, $11.7 million at
Guanacev&#237; and $1.4 million for general capital, all of which should be funded by
the Company&#146;s anticipated 2014 operating cash-flow.</P>
<P align=justify><B>Exploration Expenditures <BR></B>In 2014, Endeavour targets
to spend $10.3 million on exploration. A total of 54,000 metres of drilling in
about 120 holes are budgeted to test multiple exploration targets in addition to
the underground mine exploration drilling.</P>
<P align=justify>The Company will focus on brownfields exploration around the
three operating mines in order to replenish reserves and grow resources and
mine-lives, as well as expanding and permitting the emerging new high grade
silver-gold discovery in the Terronera vein on the San Sebasti&#225;n property in
Jalisco State. See Exploration Results on page 12 for more detail. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_24"></A>

<P align="justify">
<B>Liquidity and Capital Resources </B></P>
<P align="justify">
Cash and cash equivalents have increased from &#36;35.0 million at December 31, 2013 to &#36;44.3 million at March 31, 2014. The revolving bank line of credit was reduced to &#36;32 million by the end of Q1, 2014 compared to &#36;33 million at the
end of 2013.  The Company had working capital of &#36;46.4 million at March 31, 2014 (December 31, 2013 - &#36;32.2 million). The &#36;14.2 million increase in working capital is primarily a result of free cash flow from the mines.</P>
<P align="justify">
Operating activities provided cash of &#36;17.1 million during the quarter compared to &#36;9.5 million during the same period in 2013.  The significant non-cash adjustments to net earnings were for amortization and depletion of &#36;14.1 million,
share-based compensation of &#36;0.5 million, a deferred income tax recovery of &#36;2.3 million, a mark-to-market loss on derivative liabilities of &#36;1.4 million, finance costs of &#36;0.4 million and a change in non-cash working capital of
&#36;1.2 million. The change in non-cash working capital was primarily due to normal operating fluctuations in the payable and receivable accounts.</P>
<P align="justify">
Investing activities during the period used &#36;9.2 million as compared to &#36;24.1 million in the same period of 2013. Investments in property, plant and equipment totaling &#36;9.3 million compared to &#36;28.7 million, primarily due to
significant development and plant expansion expenditures at El Cubo in 2013.  There was also &#36;4.6 million in net receipts from short term investments in 2013 that didn&rsquo;t occur in 2014. </P>
<P align="justify">
The Company invested a total of &#36;9.2 million in property, plant and equipment during 2014.  &#36;2.2 million was invested at Guanacev&iacute;, with &#36;1.7 million spent on 1 kilometre of mine development, &#36;0.4 million spent on the tailings
dam and &#36;0.1 million on various equipment.  At Bola&ntilde;itos, the Company invested &#36;1.8 million primarily on underground development. The mine developed 1.6 kilometres for &#36;1.5 million and incurred &#36;0.3 million on tailings
expansion. At El Cubo, the Company invested &#36;5.1 million. The mine incurred &#36;3.6 million developing 2.8 kilometres and spent &#36;1.5 million on various equipment for the mine as the mine ramps up to 1,500 tpd. The Company spent &#36;0.1
million on exploration property costs.</P>
<P align="justify">
As at March 31, 2014, the Company held &#36;1.5 million in available for sale investments consisting of marketable securities (December 31, 2013 - &#36;1.5 million). </P>
<P align="justify">
Financing activities during 2014 generated &#36;1.4 million, compared to &#36;24.3 million during 2013. During 2014 the Company paid &#36;1.0 million to reduce its revolving line of credit, incurring &#36;0.3 million of interest, while &#36;2.7
million was realized from the exercise of stock options and warrants. During 2013 the Company drew &#36;24.0 million in net proceeds from its revolving line of credit, incurring &#36;0.1 million of interest and &#36;0.3 million was realized from the
exercise of stock options.  </P>

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




<A name="page_25"></A>

<P align="justify">
As at March 31, 2014, the Company&rsquo;s issued share capital was &#36;364.7 million, representing 101,255,314 common shares, compared to &#36;358.4 million, representing 99,784,409 common shares, at December 31, 2013.  All of the 1,470,905 common
shares issued during the period were issued upon stock option or warrant exercises. </P>
<P align="justify">
As at March 31, 2014, the Company had options outstanding to purchase 5,380,550 common shares with a weighted average exercise price of CAN &#36;5.41. </P>
<P align="justify">
On July 24, 2012, the Company entered into a &#36;75 million revolving credit facility (&ldquo;the Facility&rdquo;) that was reduced to &#36;50 million July 2013 and will reduce to &#36;25 million July 2015. The purpose of the Facility is for
general corporate purposes and is principally secured by a pledge of the Company&rsquo;s equity interests in its material operating subsidiaries, including Refinadora Plata Guanacev&iacute; S.A de C.V., Minas Bola&ntilde;itos S.A. de C.V. and
Compania Minera del Cubo S.A. de C.V. The interest rate margin on the Facility ranges from 2.75% to 4.25% over LIBOR based on the Company&rsquo;s net debt to EBITDA ratio, where EBITDA is adjusted for gains or losses on derivative liabilities and
any extraordinary items. The Company agreed to pay a commitment fee of between 0.69% and 1.05% on undrawn amounts under the facility based on the Company&rsquo;s net debt to EBITDA ratio.  The Facility is subject to various qualitative and
quantitative covenants, including EBITDA leverage ratio, interest service coverage ratio and tangible net worth calculation; the Company is in compliance with all such debt covenants as at March 31, 2014. As of March 31, 2014, the Company had drawn
&#36;32.0 million on this facility. With the completion of the El Cubo re-construction, the Company expects to reduce the outstanding balance dependent on the metal price environment. During 2013, the Company extended the Facility until July 24,
2016, reducing from &#36;50 million to &#36;25 million July 24, 2015. </P>
<P align="justify">
In December 2013, the Mexican President passed tax reform legislation that became effective January 1, 2014. The tax reform includes a Special Mining Duty of 7.5% on taxable revenues, less allowable deductions excluding interest and capital
depreciation and an 0.5% Environmental Tax on gold and silver revenues. In Q1, 2014 the Company recognized a Special Mining Duty of &#36;1.1 million as a current tax expense and &#36;0.3 Environmental Tax as royalty expense in accordance with
IFRS.</P>
<P align="justify">
<B><I>Contingencies </I></B></P>
<P align="justify">
Minera Santa Cruz y Garibaldi SA de CV, a subsidiary of the Company, received a MXN&#36;238 million (US&#36;18.3 million) assessment on October 12, 2010 by Mexican fiscal authorities for failure to provide the appropriate support for certain expense
deductions taken in the entity&rsquo;s 2006 tax return. During the audit process, the Company retained an international accounting firm and external counsel to expedite the audit process and to ensure the delivery of the appropriate documentation.
Based on the advice of tax advisors and legal counsel, it is the Company&rsquo;s view that it provided the appropriate documentation and support for the expenses and the tax assessment has no legal merit, however as a result of a detailed review by
the Company of its accounting records and available information to support the deductions taken, the Company has estimated a potential tax exposure of &#36;40,000, plus additional interest and penalties of &#36;40,000, for which the Company has made
a provision in the consolidated financial statements. The Company has appealed the assessment and expects a favorable resolution. </P>
<P align="justify">
<B><I>Capital Requirements </I></B></P>
<P align="justify">
The Company plans to invest &#36;11.7 million at Guanacev&iacute;, &#36;9.9 million at Bola&ntilde;itos and &#36;20.9 million at El Cubo for a total of &#36;42.5 million on capital projects at its operations, all which are anticipated to be covered
by the Company&rsquo;s 2014 cash flow. Additionally the Company budgeted &#36;1.4 million for property payments and software at it Corporate office. The &#36;42.5 million primarily consists of &#36;34.6 million for mine development to convert
resources to reserves at the mine sites.</P>
<P align="justify">
The &#36;11.7 million capital budget at Guanacev&iacute; includes &#36;9.3 million for underground development, while &#36;0.9 million will be spent on the tailings dam to ensure there is sufficient capacity into the future and &#36;1.5 million on
various mine and plant equipment. In Q1, 2014, one kilometre of underground development was completed costing &#36;1.7 million, primarily due to infrastructure costs for pumping water from the Santa Cruz ore zone. Additionally the mine spent
&#36;0.4 million related tailings and &#36;0.1 million on various mine equipment.</P>

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

<A name=page_26></A>
<P align=justify>The $9.9 million capital budget at Bola&#241;itos includes $8.1
million to develop the La Luz and Plateros veins discovered 2013, $1.0 million
of additional investment in the tailings dam and $0.7 million for various
equipment replacements. During Q1, 2014, the Company had spent $1.5 million on
1.5 kilometres of underground development and $0.3 million on the tailings dam
for a total of $1.8 million as of March 31, 2014.</P>
<P align=justify>The $20.9 million capital budget at El Cubo includes $13.3 for
11.0 kilometres of mine development, $2.0 million for tailing dam expansion,
$3.5 million for mine equipment all to facilitate the increase in production
from 1,200 tpd to 1,550 tpd in 2014. Additionally $2.1 million is budgeted to
improve existing infrastructure to support the operations. In Q1, 2014, 2.9
kilometres were developed underground for $3.6 million and $1.5 million of mine
equipment was purchased, including two additional scoops.</P>
<P align=justify>C<B><I>ontractual Obligations </I></B></P>
<P align=justify>The Company had the following contractual obligations at March
31, 2014: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Payments due by period (in thousands of dollars) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%"
    >&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="11%"
    >&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="11%">&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="11%">&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="11%">&nbsp; </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=center
      >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="11%">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="11%">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="11%">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="11%">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="11%">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 >Capital Asset purchases </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="11%" bgColor=#e6efff>&nbsp;344 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="11%" bgColor=#e6efff>&nbsp;344 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="11%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="11%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="11%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Operating Lease </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">866 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">258 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">521 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">87 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </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="11%"
    bgColor=#e6efff>6,662 </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="11%"
    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="11%"
    bgColor=#e6efff>6,662 </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="11%"
    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="11%"
    bgColor=#e6efff>- </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="11%">&nbsp;7,872 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="11%">&nbsp;602 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="11%">&nbsp;7,183 </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%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="11%">&nbsp;87 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="11%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B><I>Transactions with Related Parties </I></B></P>
<P align=justify>The Company shares common administrative services and office
space with Canarc Resource Corp. and Aztec Metals Corp. (&#147;Aztec&#148;), who are
related party companies by virtue of having Bradford Cooke as a common director.
From time to time, Endeavour incurs third-party costs on behalf of the related
parties which are charged on a full cost recovery basis. The Company had
$210,000 net receivable related to administration costs outstanding as at March
31, 2014 (December 31, 2013 &#150; $248,000).</P>
<P align=justify>During the period ended March 31, 2014, the Company was charged
$28,000 (March 31, 2013 - $45,000) for legal services by Koffman Kalef LLP, a
firm in which the Company&#146;s Corporate Secretary is a partner. As of March 31,
2014, the Company had a payable outstanding of $17,000 relating to these legal
services (December 31, 2013 - $8,000).</P>
<P align=justify><B><I>Financial Assets and Liabilities </I></B></P>
<P align=justify>As at March 31, 2014, the carrying and fair values of
Endeavour&#146;s financial instruments by category were as follows: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 2px solid">As
      at March 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 2px solid">As
      at December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">Carrying </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="14%">Estimated Fair </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="14%">Carrying </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="14%">Estimated Fair </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="14%">value </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="14%">value </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="14%">value </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="14%">value </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="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="14%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%">$</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="14%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%">$</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="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><U>Financial assets: </U></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" 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="14%" 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="14%" 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="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#ffffff>44,295 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#ffffff>44,295 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#ffffff>35,004 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#ffffff>35,004 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Available for sale securities    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>1,471 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>1,471 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>1,463 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>1,463 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >Trade receivables </TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#ffffff>9,802 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#ffffff>9,802 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#ffffff>10,263 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#ffffff>10,263 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Other receivables </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="14%"
    bgColor=#e6efff>11,735 </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="14%"
    bgColor=#e6efff>11,735 </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="14%"
    bgColor=#e6efff>13,486 </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="14%"
    bgColor=#e6efff>13,486 </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 bgColor=#ffffff
    >Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#ffffff>67,303 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#ffffff>67,303 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#ffffff>60,216 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#ffffff>60,216 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff ><U>Financial liabilities:
    </U></TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>15,932 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>15,932 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>17,221 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>17,221 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >Revolving credit facility </TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#ffffff>32,000 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#ffffff>32,000 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#ffffff>33,000 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#ffffff>33,000 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Contingent liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>140 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>140 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>99 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>99 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#ffffff
    >Derivative liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#ffffff>1,491 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#ffffff>1,491 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left bgColor=#e6efff
    >Total financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>48,072 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>48,072 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>51,811 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>51,811 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A>
<P align=justify>Fair value hierarchy: </P>
<P align=justify>Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value hierarchy establishes three
levels to classify the inputs to valuation techniques used to measure fair
value. Level 1 inputs are quoted prices (unadjusted) in active markets for
identical assets or liabilities. Level 2 inputs are quoted prices in markets
that are not active, quoted prices for similar assets or liabilities in active
markets, inputs other than quoted prices that are observable for the asset or
liability (for example, interest rate and yield curves observable at commonly
quoted intervals, forward pricing curves used to value currency and commodity
contracts and volatility measurements used to value option contracts), or inputs
that are derived principally from or corroborated by observable market data or
other means. Level 3 inputs are unobservable (supported by no or little market
activity). The fair value hierarchy gives the highest priority to Level 1 inputs
and the lowest priority to Level 3 inputs. </P>
<P align=justify>Financial assets and liabilities measured at fair value on a
recurring basis include: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="14%">Total
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="14%">Level 1
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="14%">Level 2
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="14%">Level 3
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >As
      at March 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%">$</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="14%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="14%">$</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="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><U>Financial assets: </U></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Available for sale securities
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>1,471 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>1,471 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" 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="14%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Trade receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%">9,802
    </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="14%">9,802
    </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="14%">- </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="14%">- </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" align=left bgColor=#e6efff
    >Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>11,273 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>11,273 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>- </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><U>Financial liabilities:
    </U></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" 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="14%" 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="14%" 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="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Contingent liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%">140
    </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="14%">- </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="14%">140
    </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="14%">- </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" align=left bgColor=#e6efff
    >Total financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>140 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>- </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>140 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B><I>Available for sale securities </I></B></P>
<P align=justify>The Company holds marketable securities classified as Level 1
in the fair value hierarchy and as available for sale financial assets. The fair
value of available for sale investments are determined based on a market
approach reflecting the closing price of each particular security at the
reporting date. The closing price is a quoted market price obtained from the
exchange that is the principal active market for the particular security, being
the market with the greatest volume and level of activity for the assets. </P>
<P align=justify><B><I>Trade receivables </I></B></P>
<P align=justify>The trade receivables consist of receivables from provisional
silver and gold sales from the Bola&#241;itos and El Cubo mine. The fair value of
receivables arising from concentrate sales contracts that contain provisional
pricing mechanisms is determined using the appropriate quoted closing price on
the measurement date from the exchange that is the principal active market for
the particular metal. As such, these receivables, which meet the definition of
an embedded derivative, are classified within Level 1 of the fair value
hierarchy. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<P align=justify><B><I>Contingent liability </I></B></P>
<P align=justify>On July 13, 2012 the Company completed the acquisition of 100%
of the issued and outstanding shares of Mexgold Resources Inc. (&#147;Mexgold&#148;),
thereby acquiring the El Cubo mine. The seller is entitled to receive up to an
additional $50 million in cash payments from the Company upon the occurrence of
certain events 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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">i) </TD>
    <TD>
      <P align=justify>$20 million if at any time during the three years
      following the acquisition date the Company renews or extends the Las
      Torres lease, other than a one-time three month extension after the
      current lease expires;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">ii) </TD>
    <TD>
      <P align=justify>$10 million upon the simple average of the daily London
      Metals Exchange closing prices for gold exceeding $1,900.00 per ounce for
      a period of 12 consecutive months at any time during the three-year period
      immediately following the acquisition date;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">iii) </TD>
    <TD>
      <P align=justify>$10 million upon the simple average of the daily London
      Metals Exchange closing prices for gold exceeding $2,000.00 per ounce for
      a period of 12 consecutive months at any time during the three-year period
      immediately following the acquisition date; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">iv) </TD>
    <TD>
      <P align=justify>$10 million upon the simple average of the daily London
      Metals Exchange closing prices for gold exceeding $2,100.00 per ounce for
      a period of 12 consecutive months at any time during the three-year period
      immediately following the acquisition date.</P></TD></TR></TABLE>
<P align=justify>The contingent consideration related to the Las Torres lease
was valued based on factoring the probability of the Company negotiating a lease
extension. Management determined the probability of extending the lease to be
highly unlikely, resulting in a nil value assigned to the liability at
acquisition. During the quarter ended September 30, 2013, the Las Torres lease
was terminated resulting in no further liability. </P>
<P align=justify>The contingent consideration related to metal price targets is
considered a derivative, is recognized at fair value at period end and is
classified as Level 2 in the fair value hierarchy. The contingent consideration
based on the performance of gold prices was valued using a Monte Carlo
simulation. Monte Carlo simulation approaches are a class of computational
algorithms that rely on repeated random sampling to compute their results. Gold
price paths were developed using a mathematical formula based on a stochastic
process with mean reversion to a long term trend line. As of March 31, 2014, the
fair value of the contingent consideration was estimated to be $140,000
(December 31, 2013 - $99,000). </P>
<P align=justify>Under the terms of the Las Torres lease, the Company was
required to provide financial guarantees to the owner of the Las Torres Facility
as security against any environmental damages. As at March 31, 2014, there was
$1 million in letters of credit provided by the Company as security to the owner
of the Las Torres facility.</P>
<P align=justify><B><I>Financial Instrument Risk Exposure and Risk Management
</I></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><U>Credit Risk</U> </P>
<P align=justify>The Company is exposed to credit risk on its bank accounts,
investments and accounts receivable. Credit risk exposure on bank accounts and
short term investments is limited through maintaining the Company&#146;s balances
with high-credit quality financial institutions, maintaining investment
policies, assessing institutional exposure and continual discussion with
external advisors. Value added tax (&#147;IVA&#148;) receivables are generated on the
purchase of supplies and services to produce silver which are refundable from
the Mexican government. Trade receivables are generated on the sale of
concentrate inventory to reputable metal traders. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<P align=justify><U>Liquidity Risk</U> <BR>The Company ensures that there is
sufficient capital in order to meet short term business requirements. The
Company&#146;s policy is to invest cash at floating rates of interest, while cash
reserves are to be maintained in cash equivalents in order to maintain liquidity
after taking into account the Company&#146;s holdings of cash equivalents, money
market investments, marketable securities, receivables and available cash under
the revolving credit facility. The Company believes that these sources,
operating cash flow and its policies will be sufficient to cover the likely
short term cash requirements and commitments. </P>
<P align=justify><U>Market Risk</U> <BR>The significant market risk exposures to
which the Company is exposed are foreign currency risk, interest rate risk, and
commodity price risk.</P>
<P align=justify><I>Foreign Currency Risk</I> &#150; The Company&#146;s operations in
Mexico and Canada make it subject to foreign currency fluctuations. Certain of
the Company&#146;s operating expenses are incurred in Mexican pesos and Canadian
dollars; therefore 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=justify><I>Interest Rate Risk</I> &#150; 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.
The revolving credit facility is subject to interest rate risk as amounts
outstanding are subject to charges at a LIBOR-based rate (plus 2.75% to 4.25%
depending on financial and operating measures) payable according to the quoted
rate term. The interest rate charge for the year was approximately 3.3% . As at
December 31, 2013, with other variables unchanged, a 10% increase in the LIBOR
rate would be result in additional interest expense of $330,000. </P>
<P align=justify><I>Commodity Price Risk</I> &#150; Gold and silver prices have
historically fluctuated significantly 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 not
engaged in any hedging activities, other than short term metal derivative
transactions less than 90 days, to reduce its exposure to commodity price risk.
Furthermore the Company carries a contingent liability linked to the price of
gold. A significant rise in the gold price above $1900.00 could significantly
affect the Company&#146;s future earnings (see Contingent Liability on page 28) </P>
<P align=justify><I>Equity Price Risk</I> &#150; Fair values in the Company&#146;s
derivative liabilities related to the outstanding share purchase warrants
denominated in Canadian dollars are subject to equity price risk. Changes in the
market value of the Company&#146;s common shares may have a material effect on the
fair value of the Company&#146;s warrants and on net income. </P>
<P align=justify><B><I>Outstanding Share Data <BR></I></B>As of May 7, 2014, the
Company had the following securities issued and outstanding: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>101,295,314 common shares
  <LI>5,340,550 stock options with a weighted average exercise price of CAN$5.46
  per share expiring between June 22, 2014 and May 22, 2018. </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. 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, prospectus offerings,
convertible debentures, asset acquisitions or return capital to shareholders.
The Company is not subject to externally imposed capital requirements. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_30></A>
<P align=justify><B>Changes in Accounting Policies and Critical Accounting
Estimates </B></P>
<P align=justify><B><I>Changes in Accounting Policies </I></B></P>
<P align=justify>The Company has adopted the following new standards, along with
any consequential amendments, effective January 12014. These changes were made
in accordance with the applicable transitional provisions. </P>
<P align=justify><I>IFRIC 21 <BR></I>In May 2013, the IASB issued IFRIC 21,
<I>Levies, </I>which provides guidance on accounting for levies in accordance
with the requirements of IAS 37, <I>Provisions, Contingent Liabilities and
Contingent Assets</I>. The interpretation defines a levy as an outflow from an
entity imposed by a government in accordance with legislation. It also notes
that levies do not arise from executor contracts or other contractual
arrangements. The interpretation also confirms that an entity recognized a
liability for a levy only when the triggering event specified in the legislation
occurs. IFRIC 21 was applied retrospectively with no material impact on the
financial statements. </P>
<P align=justify>New standards and amendments have been proposed; however, they
do not impact the condensed consolidated interim financial statements and are
not anticipated to impact the Company&#146;s annual consolidated financial
statements. The nature and impact of each new standard and amendment applicable
to the Company are described below: </P>
<P align=justify><I>IFRS 9 Financial Instruments <BR></I>In November 2009, the
IASB issued IFRS 9, <I>Financial Instruments,</I> as the first step in its
project to replace IAS 39 <I>Financial Instruments: Recognition and
Measurement</I>. IFRS 9 retains but simplifies the mixed measurement model and
establishes two primary measurement categories for financial assets: amortized
cost and fair value. The basis of classification depends on an entity&#146;s business
model and the contractual cash flows of the financial asset. Classification is
made at the time the financial asset is initially recognized, namely when the
entity becomes a party to the contractual provisions of the instrument. </P>
<P align=justify>IFRS 9 amends some of the requirements of IFRS 7, <I>Financial
Instruments: Disclosures</I>, including added disclosures about investments in
equity instruments measured at fair value in OCI, and guidance on the
measurement of financial liabilities and derecognition of financial instruments.
In December 2011, the IASB issued an amendment that adjusted the mandatory
effective date of IFRS 9 from January 1, 2013 to January 1, 2015. The Company is
currently assessing the impact of adopting IFRS 9 on its consolidated financial
statements, including the applicability of early adoption. </P>
<P align=justify>The Company has not early adopted any other standard,
interpretation or amendment in the condensed consolidated interim financial
statements that have been issued, but not yet effective. </P>
<P align=justify><B><I>Critical Accounting Estimates </I></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 management judgement
relate to the determination of mineralized reserves, plant and equipment lives,
estimating the fair values of financial instruments and derivatives, estimating
the fair value of convertible debenture components, impairment of long-lived
assets, reclamation and rehabilitation provisions, recognition of deferred tax
assets, and assumptions used in determining the fair value of non-cash
share-based compensation. </P>
<P align=justify>See<I> &#147;Critical Accounting Estimates&#148; </I>in the Company&#146;s
annual MD&amp;A for a detailed discussion of the areas in which critical
accounting estimates are made.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><B>Controls and Procedures </B></P>
<P align=justify>Endeavour&#146;s management, including the Chief Executive Officer
and Chief Financial Officer, has evaluated the Company&#146;s internal controls over
financial reporting to determine whether any changes occurred during the period
that have materially affected, or are reasonably likely to materially affect,
the Company&#146;s internal controls over financial reporting. During the three
months ended March 31, 2014 there have been no changes that occurred that have
materially affected, or are reasonably likely to materially affect, Endeavour&#146;s
internal controls over financial reporting.</P>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>

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   <TITLE>Endeavour Silver Corp. - Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
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<P align=center><B>Form 52-109F2 </B><BR><B><I>Certification of Interim Filings
</I></B><BR><B><I>Full Certificate</I></B><B> </B><BR></P>
<P align=justify>I, Bradford Cooke, 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 colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      Endeavour Silver Corp. (the &#147;issuer&#148;) for the interim period ended March
      31, 2014.</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 vAlign=top width="5%">2. </TD>
    <TD colSpan=3>
      <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 width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance 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 width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=3>
      <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 width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD colSpan=3>
      <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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></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%"></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%"></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%"></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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD colSpan=3>
      <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 &#150; Integrated Framework (1992) (COSO
      Framework) published by The Committee of Sponsoring Organizations of the
      Treadway Commission (COSO).</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 vAlign=top width="5%">5.2 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</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 vAlign=top width="5%">5.3 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Limitation on scope of design:
  </I></B>N/A</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_2></A><BR>
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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%">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 January 1, 2014 and ended on March
      31, 2014 that has materially affected, or is reasonably likely to
      materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: <B>May 12, 2014</B><B><I> </I></B></P>
<P align=justify><I>&#147;Bradford Cooke&#148; </I><BR>_______________________
<BR>Bradford Cooke <BR>Chief Executive Officer <BR></P>
<P align=center>2 </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>

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   <TITLE>Endeavour Silver Corp. - Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>Form 52-109F2 </B><BR><B><I>Certification of Interim Filings
</I></B><BR><B><I>Full Certificate</I></B><B> </B><BR></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 colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      Endeavour Silver Corp. (the &#147;issuer&#148;) for the interim period ended March
      31, 2014.</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 vAlign=top width="5%">2. </TD>
    <TD colSpan=3>
      <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 width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance 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 width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=3>
      <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 width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD colSpan=3>
      <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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></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%"></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%"></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%"></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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD colSpan=3>
      <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 &#150; Integrated Framework (1992) (COSO
      Framework) published by The Committee of Sponsoring Organizations of the
      Treadway Commission (COSO).</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 vAlign=top width="5%">5.2 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</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 vAlign=top width="5%">5.3 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Limitation on scope of 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%">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 January 1, 2014 and ended on March
      31, 2014 that has materially affected, or is reasonably likely to
      materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: <B>May 12, 2014</B><B><I> </I></B></P>
<P align=justify><I>&#147;Dan Dickson&#148; </I><BR>_______________________ <BR>Dan
Dickson <BR>Chief Financial Officer <BR></P>
<P align=center>2 </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
