<SEC-DOCUMENT>0001062993-14-001753.txt : 20140331
<SEC-HEADER>0001062993-14-001753.hdr.sgml : 20140331
<ACCEPTANCE-DATETIME>20140331153153
ACCESSION NUMBER:		0001062993-14-001753
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20131231
FILED AS OF DATE:		20140331
DATE AS OF CHANGE:		20140331

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:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33153
		FILM NUMBER:		14729771

	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>40-F
<SEQUENCE>1
<FILENAME>form40f.htm
<DESCRIPTION>FORM 40-F
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Form 40-F - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
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<P align=center><B><FONT size=5>UNITED STATES</FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR>
  Washington, D.C. 20549</P>
<P align=center><B><FONT size=5>FORM 40-F</FONT></B></P>
<P align=center>[&nbsp;&nbsp; ] REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF
THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P align=center>OR </P>
<P align=center>[X] ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 </P>
<P align=center>For the fiscal year ended<B> </B><B><U>December 31, 2013</U></B></P>
<P align=center>Commission file number: <STRONG><U>001-33153 </U></STRONG></P>
<P align=center>
<IMG
src="endeavourlogo.gif" width="289" height="75" border=0>&nbsp;<BR>
  <B><U><FONT
size=5>ENDEAVOUR SILVER CORP.</FONT></U></B><B> </B><BR>(Exact Name of
Registrant as Specified in its Charter) </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=center width="409" ><B><U>British Columbia </U></B></TD>
    <TD width="409" align=center><B><U>1040 </U></B></TD>
  <TD width="409" align=center><B><U>N/A </U></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="409" >(Province or other jurisdiction of
      incorporation or organization) </TD>
    <TD width="409" align=center>(Primary Standard Industrial<br>
    Classification Code) </TD>
  <TD width="409" align=center>(I.R.S. Employer Identification No.) </TD>
  </TR></TABLE>
<P align=center><B>#301-700 West Pender Street</B><BR><B>Vancouver, British
Columbia, Canada V6C 1G8 </B><BR><B><U>(604) 685-9775</U></B><B>
</B><BR>
  (Address and Telephone Number of Registrant&#146;s Principal Executive Offices)</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=center><B>DL Services Inc.</B></TD>
  <TD width="50%" align=center>Copies to: </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B>Columbia Center, 701 Fifth Avenue, Suite 1600</B></TD>
  <TD width="50%" align=center><B>Jason K. Brenkert </B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B>Seattle, Washington 98104</B></TD>
  <TD width="50%" align=center><B>Dorsey &amp; Whitney LLP </B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><U>(206) 903-5448</U></B></TD>
  <TD width="50%" align=center><B>1400 Wewatta Street, Suite 400 </B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>(Name, address (including zip code) and telephone number
      (including area </TD>
  <TD width="50%" align=center><B>Denver, Colorado 80202-5549 </B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>code) of agent for service in the United States) </TD>
    <TD width="50%" align=center><B><U>(303) 629-3400
</U></B></TD>
  </TR></TABLE>
<P align=justify>Securities registered or to be registered pursuant to Section
12(b) of the Act: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=center><U>Title of Each Class: </U></TD>
    <TD width="50%" align=center><U>Name of Each Exchange On Which Registered:
      </U></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><U>Common Shares, no par value </U></B></TD>
  <TD width="50%" align=center><B><U>NYSE </U></B></TD>
  </TR></TABLE>
<P align=justify>Securities registered or to be registered pursuant to Section
12(g) of the Act: <B><U>None</U></B><B> </B></P>
<P align=justify>Securities for which there is a reporting obligation pursuant
to Section 15(d) of the Act: <B><U>None</U></B><B> </B></P>
<P align=justify>For annual reports, indicate by check mark the information
filed with this form: </P>
<P align=center><STRONG>[X] </STRONG>Annual Information
Form&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>[X] </STRONG>Audited Annual Financial Statements </P>
<P align=justify>Indicate the number of outstanding shares of each of the
issuer's classes of capital or common stock as of the close of the period
covered by the annual report: As at December 31, 2013, <B>99,784,409 </B>common
shares of the Registrant were issued and outstanding. </P>
<P align=justify>Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. </P>
<P align=center>[X]&nbsp;&nbsp;
Yes&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp;&nbsp;&nbsp;] No </P>
<P align=justify>Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files). </P>

<P align=center>[&nbsp;&nbsp; ]&nbsp;&nbsp; Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp;&nbsp;
] No </P>

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<P align=center><B>EXPLANATORY NOTE</B></P>
<P align=justify>Endeavour Silver Corp. (the &#147;Company&#148; or the &#147;Registrant&#148;) is a
Canadian issuer eligible to file its annual report pursuant to Section 13 of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), on Form 40-F
pursuant to the multi-jurisdictional disclosure system of the Exchange Act. The
Company is a &#147;foreign private issuer&#148; as defined in Rule 3b-4 under the Exchange
Act. Equity securities of the Company are accordingly exempt from Sections
14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3
thereunder.</P>
<P align=center><B>FORWARD-LOOKING STATEMENTS</B></P>
<P align=justify>This annual report on Form 40-F and the exhibits attached
hereto contain &#147;forward-looking statements&#148; within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
concern the Company&#146;s anticipated results and developments in the Company&#146;s
operations in future periods, planned exploration and development of its
properties, plans related to its business and other matters that may occur in
the future. These statements relate to analyses and other information that are
based on forecasts of future results, estimates of amounts not yet determinable
and assumptions of management. </P>
<P align=justify>Statements concerning reserves and mineral resource estimates
may also be deemed to constitute forward-looking statements to the extent that
they involve estimates of the mineralization that will be encountered if the
Company&#146;s property is developed, and in the case of mineral reserves, such
statements reflect the conclusion based on certain assumptions that a mineral
deposit can be economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as &#147;expects&#148; or &#147;does not expect&#148;, &#147;is
expected&#148;, &#147;anticipates&#148; or &#147;does not anticipate&#148;, &#147;plans&#148;, &#147;estimates&#148; or
&#147;intends&#148;, or stating that certain actions, events or results &#147;may&#148;, &#147;could&#148;,
&#147;would&#148;, &#147;might&#148; or &#147;will&#148; (or the negative and grammatical variations of any of
these terms and similar expressions) be taken, occur or be achieved,) are not
statements of historical fact and may be forward-looking statements.
Forward-looking statements are subject to a variety of known and unknown risks,
uncertainties and other factors which could cause actual events or results to
differ from those expressed or implied by the forward-looking statements,
including, without limitation:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>	risks related to precious and base metal price fluctuations;
  <LI> 	risks related to fluctuations in the price of consumed commodities;
  <LI> 	risks related to fluctuations in the currency markets (particularly the Mexican peso, Canadian dollar and United States dollar);
  <LI> 	risks related to the competitive nature of the mining industry;
  <LI> risks related to the inherently dangerous activity of mining, including conditions or events beyond our control, and operating or technical difficulties in mineral exploration, development and mining activities;
  <LI> risks related to infrastructure at our project areas;
  <LI> uncertainty in our ability to fund the development of our mineral properties or the completion of further exploration programs;
  <LI>uncertainty as to actual capital costs, operating costs, production and economic returns, and uncertainty that our development activities will result in profitable mining operations;
  <LI> risks related to our reserves and mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently estimated and to diminishing quantities or grades of mineral reserves as properties are mined;
  <LI> risks related to our acquisition strategy and integration of new acquisitions;
  <LI> risks related to our foreign operation including risks related to many of our primary properties being located in Mexico, including political, economic, and regulatory instability;
  <LI> 	risks related to  governmental regulations and obtaining necessary licenses and permits;
  <LI> risk related to Mexican tax assessments;
  <LI> risks related to our business being subject to environmental laws and regulations which may increase our costs of doing business and restrict our operations;
  <LI> risks related to our mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title;
  <LI> risks related to employee recruitment and retention
  <LI> risks related to our officers and directors becoming associated with other natural resource companies which may give rise to conflicts of interests.
  <LI> risks related to our reliance on third parties;
  <LI> risks related to our financial statements;
  <LI> risks related to general economic conditions;
  </UL>
<P align=center>2</P>
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<UL style="TEXT-ALIGN: justify">
  <LI>uncertainty in our ability to obtain necessary financing;
  <LI> risks related to our status as a foreign issuer under United States federal securities laws;
  <LI> risks related to financials instruments;
  <LI> risks related to our securities.
</UL>
<P align=justify>This list is not exhaustive of the factors that may affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further in the exhibits attached to this annual report on Form 40-F, including in the Annual Information Form of the Company filed as Exhibit 99.1 to this annual report on Form 40-F and are incorporated by reference herein.  Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements.  The Company&rsquo;s forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made and the Company does not assume any obligation to update forward-looking statements if circumstances or management&rsquo;s beliefs, expectations or opinions change, except as required by law.  For the reasons set forth above, investors should not place undue reliance on forward-looking statements.</P>
<P align=center><B>NOTE TO UNITED STATES READERS- <BR></B><B>DIFFERENCES IN
UNITED STATES AND CANADIAN REPORTING PRACTICES</B></P>
<P align=justify>The Company is permitted, under the multi-jurisdictional
disclosure system adopted by the United States Securities and Exchange
Commission (the &#147;SEC&#148;), to prepare this annual report in accordance with
Canadian disclosure requirements, which differ from those of the United States.
The Company has prepared its consolidated financial statements, which are filed as <U>Exhibit
99.2</U> to this annual report on Form 40-F, in accordance with International
Financial Reporting Standards as issued by the International Accounting
Standards Board (&#147;IFRS&#148;) and they are not comparable to financial statements of
United States companies.</P>
<P align=center><B>RESOURCE AND RESERVE ESTIMATES</B></P>
<P align=justify>The Company&#146;s Annual Information Form (&#147;AIF&#148;) filed as
<U>Exhibit 99.1</U> to this annual report on Form 40-F has been prepared in
accordance with the requirements of the securities laws in effect in Canada,
which differ from the requirements of United States 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;) - <I>CIM
Definition Standards on Mineral Resources and Mineral Reserves</I>, adopted by
the CIM Council, as amended. These definitions differ from the definitions in
SEC Industry Guide 7 under the United States Securities Act of 1933, as amended
(the &#147;Securities Act&#148;). </P>
<P align=justify>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. </P>
<P align=justify>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 all or any part of a mineral deposit 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. </P>
<P align=justify>Accordingly, information contained in this annual report on
Form 40-F and the documents incorporated by reference herein contain
descriptions of our mineral deposits that may not be comparable to similar
information made public by U.S. companies subject to the reporting and
disclosure requirements under the United States federal securities laws and the
rules and regulations thereunder. </P>
<P align=center>3</P>
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<P align=center><B>CURRENCY</B></P>
<P align=justify>Unless otherwise indicated, all dollar amounts in this annual
report on Form 40-F are in United States dollars. The exchange rate of Canadian
dollars into United States dollars, on December 31, 2013, based upon the noon
exchange rate as quoted by the Bank of Canada, was Cdn.$1.00 = US.$0.9402. </P>
<P align=center><B>ANNUAL INFORMATION FORM</B></P>
<P align=justify>The Company&rsquo;s AIF for the fiscal year ended December 31, 2013 is filed as <u>Exhibit 99.1</u> to this annual report on Form 40-F and is incorporated by reference herein.</P>
<P align=center><B>AUDITED ANNUAL FINANCIAL STATEMENTS </B></P>
<P align=justify>The Company&rsquo;s management&rsquo;s discussion and analysis for the fiscal year ended December 31, 2013 (&ldquo;MD&amp;A&rdquo;) is filed as <u>Exhibit 99.4</u> to this annual report on Form 40-F and is incorporated by reference herein.</P>
<P align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P align=justify>The Company&rsquo;s management&rsquo;s discussion and analysis for the fiscal year ended December 31, 2013 (&ldquo;MD&amp;A&rdquo;) is filed as <u>Exhibit 99.4</u> to this annual report on Form 40-F and is incorporated by reference herein.</P>
<P align=center><B>TAX MATTERS</B></P>
<P align=justify>Purchasing, holding, or disposing of the Company&#146;s securities
may have tax consequences under the laws of the United States and Canada that
are not described in this annual report on Form 40-F. </P>
<P align=center><B>CONTROLS AND PROCEDURES</B></P>
<P align=justify><I>Disclosure Controls and Procedures</I></P>
<P align=justify>At the end of the period covered by this annual report on Form
40-F for the fiscal year ended December 31, 2013, an evaluation was carried out
under the supervision of, and with the participation of, the Company&#146;s
management, including its Chief Executive Officer (CEO) and Chief Financial
Officer (CFO), of the effectiveness of the design and operation of the Company&#146;s
disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange
Act). Based upon that evaluation, the Company&#146;s CEO and CFO have concluded that
the Company&#146;s disclosure controls and procedures were effective to give
reasonable assurance that the information required to be disclosed by the
Company in reports that it files or submits under the Exchange Act is (i)
recorded, processed, summarized and reported, within the time periods specified
in the SEC&#146;s rules and forms, and (ii) accumulated and communicated to
management, including its principal executive and principal financial officers,
or persons performing similar functions, as appropriate to allow timely
decisions regarding required disclosure. </P>
<P align=justify><I>Management&#146;s Report on Internal Control over Financial
Reporting</I></P>
<P align=justify>Management is responsible for establishing and maintaining
adequate internal control over financial reporting, as defined in Rules
13a-15(f) of the Exchange Act. A company&#146;s internal control over financial
reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles. </P>
<P align=justify>A company&#146;s internal control over financial reporting includes
those policies and procedures that (i) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company&#146;s assets that could have a
material effect on the financial statements. It should be noted that a control
system, no matter how well conceived or operated, can only provide reasonable
assurance, not absolute assurance, that the objectives of the control system are
met.</P>
<P align=center>4</P>
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<P align=justify>Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with policies and
procedures may deteriorate. </P>
<P align=justify>Management, including the CEO and CFO, assessed the
effectiveness of the Company&#146;s internal control over financial reporting as of
December 31, 2013. In making this assessment, management used the criteria set
forth in the Internal Control Integrated Framework (1992) issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO). Based on its
assessment, management has concluded that, as of December 31, 2013, the
Company&#146;s internal control over financial reporting was effective and no
material weaknesses in the Company&#146;s internal control over financial reporting
were discovered. </P>
<P align=justify>The Company is required to provide an auditor&#146;s attestation
report on its internal control over financial reporting for the fiscal year
ended December 31, 2013. In this annual report on Form 40-F, the Company&#146;s
independent registered public accounting firm, KPMG LLP (&#147;KPMG&#148;), has provided
its opinion as to the effectiveness of the Company&#146;s internal control over
financial reporting as of December 31, 2013. KPMG has also audited the Company&#146;s
financial statements included in this annual report on Form 40-F and issued a
report thereon. </P>
<P align=justify><I>Auditor&#146;s Attestation Report</I></P>
<P align=justify>KPMG&rsquo;s attestation report on the Company&rsquo;s internal control over financial reporting is included in the audit report filed in <u>Exhibit 99.3</u> of this annual report on Form 40-F and is incorporated by reference herein.</P>
<P align=justify><I>Changes in Internal Control over Financial Reporting</I></P>
<P align=justify>There have been no changes that occurred during the Company&#146;s
fiscal year ended December 31, 2013 that have materially affected, or are
reasonably likely to materially affect, the Company&#146;s internal control over
financial reporting. </P>
<P align=center><B>CORPORATE GOVERNANCE</B></P>
<P align=justify>The Company&#146;s Board of Directors (the &#147;Board of Directors&#148;) is
responsible for the Company&#146;s Corporate Governance policies and has separately
designated standing Compensation, Corporate Governance and Nominating, and Audit
Committees. The Board of Directors has determined that all the members of the
Compensation, Corporate Governance and Nominating, and Audit Committees are
independent, based on the criteria for independence prescribed by section
303A.02 of the NYSE Listed Company Manual. </P>
<P align=justify><I>Compensation Committee</I></P>
<P align=justify>Compensation of the Company&rsquo;s CEO and all other officers is recommended by management to the Compensation Committee, established in accordance with section 303A.05 of the NYSE Listed Company Manual, for evaluation and recommendation to the Board of Directors.  The Compensation Committee develops, reviews and monitors director and executive compensation and policies. The Compensation Committee is also responsible for annually reviewing the adequacy of compensation for directors and others and the composition of compensation packages.  The Company&rsquo;s CEO cannot be present during the Committee&rsquo;s deliberations or vote.  The Compensation Committee is composed of four independent directors (as determined under section 303A.02 and section 303A.05 of the NYSE Listed Company Manual): Ricardo Campoy (Chair), Geoffrey Handley, Ken Pickering and Mario Szotlender.  The Company&rsquo;s Compensation Committee Charter is available on the Company&rsquo;s website at www.edrsilver.com.</P>
<P align=justify><I>Corporate Governance and Nominating Committee</I></P>
<P align=justify>The Company&#146;s Corporate Governance and Nominating Committee,
established in accordance with section 303A.04 of the NYSE Listed Company
Manual, is tasked with (a) developing and recommending to the Board of Directors
corporate governance principles applicable to the Company; (b) identifying and
recommending qualified individuals for nomination to the Board of Directors; and
(c) providing such assistance as the Chair of the Board of Directors, if
independent, or alternatively the lead director of the Board of Directors, may
require. The Corporate Governance and Nominating Committee is composed of three
independent directors: Geoffrey Handley (Chair), Rex McLennan, and Mario
Szotlender. The Corporate Governance and Nominating Committee Charter is
available on the Company&#146;s website at www.edrsilver.com. </P>
<p align="center">5</p>
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<P align=justify>The principal corporate governance responsibilities of the
Corporate Governance and Nominating Committee include 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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>reviewing and reassessing at least annually the adequacy
      of the Company&#146;s corporate governance procedures and recommending any
      proposed changes to the Board of Directors for approval;</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%">b) </TD>
    <TD>
      <P align=justify>reviewing and recommending changes to the Board of
      Directors of the Company&#146;s Code of Conduct and considering any requests
      for waivers from the Company&#146;s Code of Conduct;</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%">c) </TD>
    <TD>
      <P align=justify>receiving comments from all directors and reporting
      annually to the Board of Directors with an assessment of the Board of
      Director&#146;s performance to be discussed with the full Board of Directors
      following the end of each fiscal year.</P></TD></TR></TABLE>
<P align=justify>The principal responsibilities of the Corporate Governance and
Nominating Committee for selection and nomination of director nominees include
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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>in making recommendations to the Board of Directors
      regarding director nominees, the Corporate Governance and Nominating
      Committee shall consider the appropriate size of the Board of Directors;
      the competencies and skills that the Board of Directors considers to be
      necessary for the Board of Directors, as a whole, to possess; the
      competencies and skills that the Board of Directors considers each
      existing director to possess; the competencies and skills each new nominee
      will bring to the Board of Directors; and whether or not each new nominee
      can devote sufficient time and resources to the nominee&#146;s duties as a
      director of the Company;</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%">b) </TD>
    <TD>
      <P align=justify>developing qualification criteria for directors for
      recommendation to the Board of Directors and, in conjunction with the
      Chair of the Board of Directors (or, if the Chair is not an independent
      director, any lead director of the Board of Directors), the Corporate
      Governance and Nominating Committee shall appoint directors to the various
      committees of the Board of Directors;</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%">c) </TD>
    <TD>
      <P align=justify>having the sole authority to retain and terminate any
      search firm to be used to identify director candidates or any other
      outside advisors considered necessary to carry out its duties and to
      determine the terms of such retainer;</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%">d) </TD>
    <TD>
      <P align=justify>in conjunction with the Chair of the Board of Directors
      (or, if the Chair of the Board of Directors is not an independent
      director, any lead director of the Board of Directors), overseeing the
      evaluation of the Board of Directors and of the Company and making
      recommendations to the Board of Directors as
appropriate.</P></TD></TR></TABLE>
<P align=center><B>AUDIT COMMITTEE</B></P>
<P align=justify>The Company&#146;s Board of Directors has a separately designated
standing Audit Committee established in accordance with section 3(a)(58)(A) of
the Exchange Act and section 303A.06 of the NYSE Listed Company Manual. The
Company&#146;s Audit Committee is comprised of:</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&#149;&nbsp;</TD>
    <TD>Rex McLennan (Chair)</TD>
  </TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD>Mario Szotlender</TD>
  </TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD>Ricardo Campoy</TD>
  </TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD>Geoffrey Handley</TD>
  </TR>
</TABLE>
<br>


<P>In the opinion of the Company&#146;s Board of Directors, all members of the Audit
Committee are independent (as determined under Rule 10A-3 of the Exchange Act
and section 303A.02 of the NYSE Listed Company Manual) and are financially
literate. The members of the Audit Committee do not have fixed terms and are
appointed and replaced from time to time by resolution of the Board of
Directors. </P>
<P align=center>6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=justify>The Audit Committee meets with the Company&#146;s President, the
CEO, the CFO and the Company&#146;s independent auditors to review and inquire into
matters affecting financial reporting, the system of internal accounting and
financial controls, as well as audit procedures and audit plans. The Audit
Committee also recommends to the Board of Directors which independent registered
public auditing firm should be appointed by the Company. In addition, the Audit
Committee reviews and recommends to the Board of Directors for approval the
annual financial statements, the MD&amp;A, and undertakes other activities
required by exchanges on which the Company&#146;s securities are listed and by
regulatory authorities to which the Company is held responsible. The Company&#146;s
Audit Committee Charter is available on the Company&#146;s website at
www.edrsilver.com. </P>
<P align=justify>Audit Committee Financial Expert</P>
<P align=justify>The Company&#146;s Board of Directors has determined that Rex
McLennan qualifies as a financial expert (as defined in Item 407 (d)(5)(ii) of
Regulation S-K under the Exchange Act) and is independent (as determined under
Exchange Act Rule 10A-3 and section 303A.02 of the NYSE Listed Company Manual).
</P>
<P align=center><B>PRINCIPAL ACCOUNTING FEES AND SERVICES &#150; INDEPENDENT
AUDITORS</B> </P>
<P align=justify>The following table shows the aggregate fees billed to the
Company by KPMG LLP and its affiliates, Chartered Accountants, the Company&#146;s
independent registered public auditing firm, in each of the last two years. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="15%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="15%">2012 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><I>Audit
      Fees (1)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="15%">$712,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="15%">$587,504 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><I>Tax Fees
      (2)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="15%">$40,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="15%">$279,620 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><I>All
      other fees (3)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="15%">$0 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="15%">$0 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap
      align=left><B>Total*</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="15%">$753,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="15%">$867,124</TD>
  </TR></TABLE></DIV>
<P align=justify>* All amounts are expressed in Canadian dollars</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>The aggregate fees billed in each of the last two fiscal
      years for assurance and related services by the Company&#146;s external auditor
      that are reasonably related to the performance of the audit or review of
      the Company&#146;s financial statements.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The aggregate fees billed in each of the last two fiscal
      years for professional services rendered by the company&#146;s external auditor
      for tax compliance and tax advice.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The aggregate fees billed in each of the last two fiscal
      years for products and services provided by the Company&#146;s external
      auditor, other than the services reported under clauses 1and 2
    above.</P></TD></TR></TABLE>
<P align=center><B>PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES PROVIDED BY
INDEPENDENT AUDITORS</B> <B></B></P>
<P align=justify>The Audit Committee pre-approves all audit services to be
provided to the Company by its independent auditors. Non-audit services that are
prohibited to be provided to the Company by its independent auditors may not be
pre-approved. In addition, prior to the granting of any pre-approval, the Audit
Committee must be satisfied that the performance of the services in question
will not compromise the independence of the independent auditors. All non-audit
services performed by the Company&#146;s auditor for the fiscal year ended December
31, 2013 were pre-approved by the Audit Committee of the Company. No non-audit
services were approved pursuant to the <I>de minimis</I> exemption to the
pre-approval requirement. </P>
<P align=center><B>OFF-BALANCE SHEET TRANSACTIONS</B></P>
<P align=justify>The Company does not have any off-balance sheet financing
arrangements or relationships with unconsolidated special purpose entities. </P>
<P align=center><B>CODE OF ETHICS</B></P>
<P align=justify>The Company has adopted a Code of Business Conduct and Ethics
(the &#147;Code&#148;) that applies to all the Company&#146;s directors, executive officers and
employees, which is available on the Company&#146;s website at www.edrsilver.com and
in print to any shareholder who requests it. The Code meets the requirements for
a &#147;code of ethics&#148; within the meaning of that term in Form 40-F. </P>
<P align=center>7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=justify>All amendments to the Code, and all waivers of the Code with
respect to any of the officers covered by it, will be posted on the Company&#146;s
website, www.edrsilver.com within five business days of the amendment or waiver
and provided in print to any shareholder who requests them. During the fiscal
year ended December 31, 2013, the Company did not substantively amend, waive or
implicitly waive any provision of the Code with respect to any of the directors,
executive officers or employees subject to it. </P>
<P align=center><B>CONTRACTUAL OBLIGATIONS</B></P>
<P align=justify>The following table lists as of December 31, 2013 information
with respect to the Company&#146;s known contractual obligations.</P>
<P align=center>Payments due by period (in thousands of dollars)</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" noWrap
      align=center>Contractual Obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">Less than 1 year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">1 &#150; 3 years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">3 &#150; 5 years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">More than 5 years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgcolor="#E6EFFF">Accounts Payable </TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">&nbsp;17,221 </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">&nbsp;17,221 </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">&nbsp;- </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">&nbsp;- </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >$</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">&nbsp;- </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Income Tax Payable </TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">3,259 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">3,259 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">- </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">- </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">- </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgcolor="#E6EFFF">Operating Lease </TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">962 </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">266 </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">539 </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">157 </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">- </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Capital Commitments </TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">940 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">940 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">- </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">- </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">- </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgcolor="#E6EFFF">Revolving Credit Facility </TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">33,000 </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">- </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">33,000 </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">- </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="1%" bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD noWrap align=right width="7%" bgcolor="#E6EFFF">- </TD>
    <TD noWrap align=left width="2%" bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Other Long-Term Liabilities<SUP>(1)</SUP> </TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">6,652 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">- </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">6,652 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">- </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">- </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left bgcolor="#E6EFFF">Contingent
      Consideration </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%" bgcolor="#E6EFFF"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right
      width="7%" bgcolor="#E6EFFF">99 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%" bgcolor="#E6EFFF"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%" bgcolor="#E6EFFF"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right
      width="7%" bgcolor="#E6EFFF">- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%" bgcolor="#E6EFFF"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%" bgcolor="#E6EFFF"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right
      width="7%" bgcolor="#E6EFFF">99 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%" bgcolor="#E6EFFF"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%" bgcolor="#E6EFFF"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right
      width="7%" bgcolor="#E6EFFF">- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%" bgcolor="#E6EFFF"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%" bgcolor="#E6EFFF"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right
      width="7%" bgcolor="#E6EFFF">- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%" bgcolor="#E6EFFF"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right
      width="7%">&nbsp;62,133 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right
      width="7%">&nbsp;21,686 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right
      width="7%">&nbsp;40,290 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right
      width="7%">&nbsp;157 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right
      width="7%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%"
    >&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%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The $6.6 million of other long-term liabilities is the
      discounted cost estimate to settle the Company&#146;s reclamation costs of the
      Guanacevi mine, Bolanitos mine and El Cubo mine in Mexico. These costs include
      land rehabilitation, decommissioning of buildings and mine facilities,
      on-going care and maintenance and other costs.</P></TD></TR></TABLE>
<P align=center><B>NOTICES PURSUANT TO REGULATION BTR</B> </P>
<P align=justify>There were no notices required by Rule 104 of Regulation BTR
that the Registrant sent during the year ended December 31, 2013 concerning any
equity security subject to a blackout period under Rule 101 of Regulation BTR.
</P>
<P align=center><B>NYSE CORPORATE GOVERNANCE</B></P>
<P align=justify>The Company&#146;s common shares are listed on the NYSE. Sections
103.00 and 303A.11 of the NYSE Listed Company Manual permit foreign private
issuers to follow home country practices in lieu of certain provisions of the
NYSE Listed Company Manual. A foreign private issuer that follows home country
practices in lieu of certain provision of the NYSE Listed Company Manual must
disclose any significant ways in which its corporate governance practices differ
from those followed by domestic companies either on the its website or in the
annual report that it distributes to shareholders in the United States. A
description of the significant ways in which the Company&#146;s governance practices
differ from those followed by domestic companies pursuant to NYSE standards is
as follows: </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Shareholder Meeting Quorum
Requirement</I>: The NYSE is of the opinion that the quorum required for any
meeting of shareholders should be sufficiently high to insure a representative
vote. The Company&#146;s quorum requirement is set forth in its Memorandum and
Articles. A quorum for a meeting of members of the Company is two persons who
are, or who represent by proxy, shareholders who, in the aggregate, hold at
least 5% of the shares entitled to be voted at the meeting. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Proxy Delivery Requirement</I>: The
NYSE requires the solicitation of proxies and delivery of proxy statements for
all shareholder meetings, and requires that these proxies shall be solicited
pursuant to a proxy statement that conforms to SEC proxy rules. The Company is a
&#147;foreign private issuer&#148; as defined in Rule 3b-4 under the Exchange Act, and the
equity securities of the Company are accordingly exempt from the proxy rules set
forth in Sections 14(a), 14(b), 14(c) and 14(f) of the Exchange Act. The Company
solicits proxies in accordance with applicable rules and regulations in Canada.
</P>
<P align=center>8</P>
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<P style="MARGIN-LEFT: 5%" align=justify><I>Shareholder Approval
Requirement:</I> The Company will follow Toronto Stock Exchange rules for
shareholder approval of new issuances of its common shares. Following Toronto
Stock Exchange rules, shareholder approval is required for certain issuances of
shares that: (i) materially affect control of the Company; or (ii) provide
consideration to insiders in aggregate of 10% or greater of the market
capitalization of the listed issuer and have not been negotiated at arm&#146;s
length. Shareholder approval is also required, pursuant to Toronto Stock
Exchange rules, in the case of private placements: (x) for an aggregate number
of listed securities issuable greater than 25% of the number of securities of
the listed issuer which are outstanding, on a non-diluted basis, prior to the
date of closing of the transaction if the price per security is less than the
market price; or (y) that during any six month period are to insiders for listed
securities or options, rights or other entitlements to listed securities greater
than 10% of the number of securities of the listed issuer which are outstanding,
on a non-diluted basis, prior to the date of the closing of the first private
placement to an insider during the six month period. </P>
<P align=justify>The foregoing are consistent with the laws, customs and
practices in Canada.</P>
<P align=justify>In addition, the Company may from time-to-time seek relief from the NYSE corporate governance requirements on specific transactions under the NYSE Listed Company Guide, in which case, the Company  shall make the disclosure of such transactions available on the Company&rsquo;s website at www.edrsilver.com. Information contained on the Company&rsquo;s website is not part of this annual report on Form 40-F.</P>
<P align=center><B>MINE SAFETY DISCLOSURE</B> </P>
<P align=justify>Pursuant to Section 1503(a) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 (&#147;Dodd-Frank Act&#148;), issuers that are
operators, or that have a subsidiary that is an operator, of a coal or other
mine in the United States are required to disclose in their periodic reports
filed with the SEC information regarding specified health and safety violations,
orders and citations, related assessments and legal actions, and mining-related
fatalities under the regulation of the Federal Mine Safety and Health
Administration (&#147;MSHA&#148;) under the Federal Mine Safety and Health Act of 1977
(the &#147;Mine Act&#148;). During the fiscal year ended December 31, 2013, the Company
had no mines in the United States subject to regulation by MSHA under the Mine
Act. </P>
<P align=center><B>UNDERTAKING</B></P>
<P align=justify>The Company undertakes to make available, in person or by
telephone, representatives to respond to inquiries made by the Commission staff,
and to furnish promptly, when requested to do so by the Commission staff,
information relating to: the securities registered pursuant to Form 40-F; the
securities in relation to which the obligation to file an annual report on Form
40-F arises; or transactions in said securities. </P>
<P align=center><B>CONSENT TO SERVICE OF PROCESS</B> </P>
<P align=justify>The Company filed an Appointment of Agent for Service of
Process and Undertaking on Form F-X/A with the SEC on March 28, 2013, with
respect to the class of securities in relation to which the obligation to file
this annual report on Form 40-F arises.</P>
<P align=center><B>EXHIBIT INDEX</B></P>
<P align=justify>The following exhibits have been filed as part of this annual
report:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left><B><U>Exhibit</U></B> </TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="85%" align=left><B><U>Description</U></B> </TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="85%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="3" align=left bgColor=#eeeeee><B>Annual Information</B></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="85%" align=left> <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>
    <a href="exhibit99-1.htm">99.1. </a> </TD>
    <TD colspan="2" align=left bgColor=#eeeeee> <P align=justify>
    <a href="exhibit99-1.htm">Annual Information Form of the Company
      for the year ended December 31, 2013 </a> </P></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="85%" align=left> <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>
    <a href="exhibit99-2.htm">99.2. </a></TD>
    <TD colspan="2" align=left bgColor=#eeeeee> <P align=justify>
    <a href="exhibit99-2.htm">The following audited consolidated
      financial statements of the Company, are exhibits to and form a part of this annual report:
    </a> </P></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="85%" align=left> <p></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee width="5%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="85%" align=left> <P align=justify>
    <a href="exhibit99-2.htm">Consolidated Statements of Financial
      Position as of December 31, 2013 and 2012 </a> </P></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="85%" align=left> <p></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="5%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="85%" align=left> <P align=justify>
    <a href="exhibit99-2.htm">Consolidated Statements of Comprehensive Income (Loss)
      for the year ended December 31, 2013 and December 31, 2012 </a> </P></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="85%" align=left> <p></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="5%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="85%" align=left> <P align=justify>
    <a href="exhibit99-2.htm">Consolidated Statement of Changes in Equity for
      the years ended December 31, 2013 and December 31, 2012 </a> </P></TD>
  </TR>
</TABLE>
<p align="center">9<BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="5%" align=left
    >&nbsp;</TD>
    <TD bgColor=#eeeeee width="85%" align=left > <a href="exhibit99-2.htm">Consolidated Statements of Cash Flow for the
      years ended December 31, 2013 and December 31, 2012</a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD  width="5%" align=left
    >&nbsp;</TD>
    <TD width="85%" align=left >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="5%" align=left
    >&nbsp;</TD>
    <TD bgColor=#eeeeee width="85%" align=left > <P align=justify>
    <a href="exhibit99-2.htm">Notes to
    Consolidated Financial Statements </a> </P></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  width="85%" align=left> <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>
    <a href="exhibit99-3.htm">99.3. </a></TD>
    <TD colspan="2" align=left bgColor=#eeeeee > <P align=justify>
    <a href="exhibit99-3.htm">Independent Registered Public Accounting Firm&#146;s
      Report on Consolidated Financial Statements and Attestation on Internal
      Control Over Financial Reporting </a> </P></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  width="85%" align=left> <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>
    <a href="exhibit99-4.htm">99.4. </a></TD>
    <TD colspan="2" align=left bgColor=#eeeeee
    > <P align=justify>
    <a href="exhibit99-4.htm">Management&#146;s Discussion
        and Analysis </a></P></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  width="85%" align=left> <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Certifications</B> </TD>
    <TD bgColor=#eeeeee  width="5%" align=left
    >&nbsp;</TD>
    <TD bgColor=#eeeeee width="85%" align=left > <P align=justify> </P></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  width="85%" align=left> <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>
    <a href="exhibit99-5.htm">99.5. </a></TD>
    <TD colspan="2" align=left bgColor=#eeeeee
    > <P align=justify>
    <a href="exhibit99-5.htm">Certificate of Chief Executive
        Officer Pursuant to Rule 13a-14(a) of the Exchange Act </a></P></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  width="85%" align=left> <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>
    <a href="exhibit99-6.htm">99.6. </a></TD>
    <TD colspan="2" align=left bgColor=#eeeeee
    > <P align=justify>
    <a href="exhibit99-6.htm">Certificate of Chief Financial
        Officer Pursuant to Rule 13a-14(a) of the Exchange Act </a></P></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  width="85%" align=left> <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>
    <a href="exhibit99-7.htm">99.7. </a></TD>
    <TD colspan="2" align=left bgColor=#eeeeee > <P align=justify>
    <a href="exhibit99-7.htm">Certificate
        of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted
        pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </a></P></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  width="85%" align=left> <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>
    <a href="exhibit99-8.htm">99.8. </a></TD>
    <TD colspan="2" align=left bgColor=#eeeeee > <P align=justify>
    <a href="exhibit99-8.htm">Certificate
        of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted
        pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </a></P></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  width="85%" align=left> <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Consents</B> </TD>
    <TD bgColor=#eeeeee  width="5%" align=left
    >&nbsp;</TD>
    <TD bgColor=#eeeeee width="85%" align=left > <P align=justify> </P></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  width="85%" align=left> <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>
    <a href="exhibit99-9.htm">99.9. </a></TD>
    <TD colspan="2" align=left bgColor=#eeeeee
    > <P align=justify><a href="exhibit99-9.htm">Consents of Michael Munroe, SME-RM
    </a> </P></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  width="85%" align=left> <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>
    <a href="exhibit99-10.htm">99.10. </a></TD>
    <TD colspan="2" align=left bgColor=#eeeeee
    > <P align=justify><a href="exhibit99-10.htm">Consent of KPMG LLP </a> </P></TD>
  </TR>
</TABLE>
<P align=center>10</P>
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<P align=center><B>SIGNATURES</B> </P>
<P align=justify>Pursuant to the requirements of the Exchange Act, the
Registrant certifies that it meets all of the requirements for filing on Form
40-F and has duly caused this annual report to be signed on its behalf by the
undersigned, thereto duly authorized. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left >&nbsp;</TD>
    <TD noWrap align=left width="50%"><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp;</TD>
    <TD noWrap align=left width="50%">By:&nbsp; <U>/s/ Bradford Cooke</U>
  </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp;</TD>
    <TD noWrap align=left width="50%">Name: Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp;</TD>
    <TD noWrap align=left width="50%">Title: Chief Executive Officer </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >Date: March 28, 2014 </TD>
    <TD noWrap align=left width="50%"></TD></TR></TABLE>


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<p align="center">11</p>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>



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   <TITLE>Endeavour Silver Corp.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

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<P align="right">
<b>Exhibit 99.1</b></P>

<P align="center">&nbsp;
</P>

<P align="center">
<B><font size="5">ANNUAL INFORMATION FORM</font></B><font size="5"> </font> </P>

<P align="center">
<B>(&ldquo;AIF&rdquo;) </B> </P>
<P align="center">
<B>of </B></P>
<P align="center">
<B><font size="5">ENDEAVOUR SILVER CORP.</font></B><font size="5"> </font> </P>
<P align="center">
<B>(the &ldquo;Company&rdquo; or &ldquo;Endeavour&rdquo;) </B> </P>
<P align="center">
Suite #301 - 700 West Pender Street <br>
Vancouver, British Columbia, Canada, V6C 1G8 <br>
Phone: (604) 685-9775 <br>
Fax: (604) 685-9744 </P>
<P align="center">&nbsp;
</P>
<P align="center">&nbsp;
</P>
<P align="center">
<B>Dated: March 28, 2014 </B></P>

<P align="center">&nbsp;
</P>

<P align="center">&nbsp;
</P>

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<P align=justify><B><U>TABLE OF CONTENTS</U></B><B> </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 align=right bgColor=#eeeeee nowrap width="5%">
    <p style="margin-right: 10"><B>ITEM</B> </TD>
    <TD align=left width="2%" bgColor=#eeeeee nowrap>
    <p align="left" style="margin-right: 5"><B>1:</B>      </TD>
    <TD width="87%" align=left bgColor=#eeeeee><B>PRELIMINARY NOTES</B> </TD>
    <TD width="6%" align=right bgColor=#eeeeee><B>1</B>    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;1.1 </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Incorporation of Documents by
      Reference </TD>
    <TD align=right>1 </TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#eeeeee nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;1.2      </TD>
    <TD align=left width="2%" bgColor=#eeeeee nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left bgColor=#eeeeee>Date of
      Information </TD>
    <TD align=right bgColor=#eeeeee>1 </TD></TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;1.3 </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Forward-Looking Statements      </TD>
    <TD align=right>1 </TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#eeeeee nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;1.4      </TD>
    <TD align=left width="2%" bgColor=#eeeeee nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left bgColor=#eeeeee>Currency and
      Exchange Rates </TD>
    <TD align=right bgColor=#eeeeee>3 </TD></TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;1.5 </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Classification of Mineral
      Reserves and Resources </TD>
    <TD align=right>3 </TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#eeeeee nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;1.6      </TD>
    <TD align=left width="2%" bgColor=#eeeeee nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left bgColor=#eeeeee>Cautionary
      Note to U.S. Investors concerning Estimates of Measured, Indicated and
      Inferred Resources </TD>
    <TD align=right bgColor=#eeeeee>&nbsp; 3</TD></TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="2%" nowrap >
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#eeeeee nowrap width="5%">
    <p style="margin-right: 10"><B>ITEM</B> </TD>
    <TD align=left width="2%" bgColor=#eeeeee nowrap>
    <p style="margin-right: 5"><B>2:</B>      </TD>
    <TD align=left bgColor=#eeeeee><B>CORPORATE STRUCTURE</B> </TD>
    <TD align=right bgColor=#eeeeee><B>4</B>    </TD></TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;2.1 </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Name, Address and
      Incorporation </TD>
    <TD align=right>4 </TD></TR>
  <TR vAlign=top>
    <TD align=right bgColor=#eeeeee nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;2.2      </TD>
    <TD align=left width="2%" bgColor=#eeeeee nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left bgColor=#eeeeee>Subsidiaries      </TD>
    <TD align=right bgColor=#eeeeee>4 </TD></TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">&nbsp;</TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>
    <p style="margin-right: 10"><B>ITEM</B> </TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5"><B>3:</B> </TD>
    <TD align=left><B>GENERAL DEVELOPMENT OF THE BUSINESS</B> </TD>
  <TD align=right><B>4</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;3.1      </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Three Year
      History </TD>
  <TD align=right>4 </TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;3.2 </TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Significant Acquisitions    </TD>
  <TD align=right>9 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">&nbsp;</TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>
    <p style="margin-right: 10"><B>ITEM</B> </TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5"><B>4:</B>      </TD>
    <TD align=left><B>DESCRIPTION OF THE BUSINESS</B> </TD>
    <TD align=right><B>9</B>      </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;4.1 </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>General Description </TD>
    <TD align=right>9 </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;4.2      </TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Risk Factors      </TD>
    <TD align=right>10  </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;4.3 </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Asset-Backed Securities
      Outstanding </TD>
    <TD align=right>19 </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;4.4      </TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Mineral
      Projects </TD>
    <TD align=right>19  </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">&nbsp;</TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>
    <p style="margin-right: 10"><B>ITEM</B> </TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5"><B>5:</B> </TD>
    <TD align=left><B>DIVIDENDS</B> </TD>
  <TD align=right><B>53</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;5.1      </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Dividends      </TD>
    <TD align=right>53  </TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10"><B>ITEM</B> </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5"><B>6:</B> </TD>
    <TD align=left><B>DESCRIPTION OF CAPITAL STRUCTURE</B> </TD>
    <TD align=right><B>53</B> </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;6.1      </TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>General
      Description of Capital Structure </TD>
    <TD align=right>53  </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;6.2 </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Constraints </TD>
    <TD align=right>54 </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;6.3      </TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Ratings    </TD>
    <TD align=right>54  </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">&nbsp;</TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>
    <p style="margin-right: 10"><B>ITEM</B> </TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5"><B>7:</B> </TD>
    <TD align=left><B>MARKET FOR SECURITIES</B> </TD>
  <TD align=right><B>54</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;7.1      </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Trading
      Price and Volume </TD>
    <TD align=right>54  </TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10"><B>ITEM</B> </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5"><B>8:</B> </TD>
    <TD align=left><B>ESCROWED SECURITIES</B> </TD>
    <TD align=right><B>55</B> </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;8.1      </TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Escrowed
      Securities </TD>
    <TD align=right>55  </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">&nbsp;</TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>
    <p style="margin-right: 10"><B>ITEM</B> </TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5"><B>9:</B> </TD>
    <TD align=left><B>DIRECTORS AND OFFICERS</B> </TD>
  <TD align=right><B>55</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;9.1      </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Name,
      Occupation and Security Holding </TD>
    <TD align=right>55  </TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right nowrap>
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;9.2 </TD>
    <TD width="2%" align=left nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Cease Trade Orders,
      Bankruptcies, Penalties or Sanctions </TD>
  <TD align=right>57 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right nowrap width="5%">
    <p style="margin-right: 10">&nbsp; &nbsp; &nbsp;9.3      </TD>
    <TD align=left width="2%" nowrap>
    <p style="margin-right: 5">&nbsp; </TD>
    <TD align=left>Conflicts of
      Interest </TD>
    <TD align=right>60  </TD>
  </TR></TABLE>
<BR>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=right>
    <p style="margin-right: 10"><B>ITEM</B>      </TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5"><B>10:</B>      </TD>
    <TD align=left><B>PROMOTERS</B>      </TD>
    <TD align=right><B>60</B>      </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=right>
    <p style="margin-right: 10"><B>ITEM</B>      </TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5"><B>11:</B>      </TD>
    <TD align=left><B>LEGAL
      PROCEEDINGS</B> </TD>
    <TD align=right><B>60</B>      </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD nowrap width="2%">
    <p style="margin-right: 5">11.1      </TD>
    <TD align=left>&nbsp; &nbsp;
      &nbsp;Legal
      Proceedings </TD>
    <TD align=right>60      </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=right>&nbsp;</TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5">11.2      </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Regulatory
      Actions </TD>
    <TD align=right>61      </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD width="2%" nowrap>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=right>
    <p style="margin-right: 10"><B>ITEM</B>  </TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5"><B>12:</B>  </TD>
    <TD align=left><B>INTEREST OF MANAGEMENT AND
      OTHERS IN MATERIAL</B> <STRONG>TRANSACTIONS</STRONG>  </TD>
    <TD align=left>
    <p align="right"><b>&nbsp; 61
      </b> </TD></TR>
  <TR vAlign=top>
    <TD align=right>
    <p style="margin-right: 10">&nbsp;</TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5">12.1      </TD>
    <TD align=left>&nbsp; &nbsp;
      &nbsp;Interest
      of Management and Others in Material Transactions </TD>
    <TD align=right>61      </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=right>&nbsp;</TD>
    <TD width="2%" nowrap>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>
    <p style="margin-right: 10"><B>ITEM</B>      </TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5"><B>13:</B>      </TD>
    <TD align=left><B>TRANSFER
      AGENT AND REGISTRAR</B> </TD>
    <TD align=right><B>61</B>      </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=right>
    <p style="margin-right: 10">13.1      </TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;
      &nbsp;Transfer
      Agent and Registrar </TD>
    <TD align=right>61      </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD width="2%" nowrap>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=right>
    <p style="margin-right: 10"><B>ITEM</B>      </TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5"><B>14:</B>      </TD>
    <TD align=left><B>MATERIAL
      CONTRACTS</B> </TD>
    <TD align=right><B>61</B>      </TD></TR>
  <TR vAlign=top>
    <TD align=right>
    <p style="margin-right: 10">14.1      </TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;
      &nbsp;Material
      Contracts </TD>
    <TD align=right>61      </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=right>&nbsp;</TD>
    <TD width="2%" nowrap>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>
    <p style="margin-right: 10"><B>ITEM</B>      </TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5"><B>15:</B>      </TD>
    <TD align=left><B>INTERESTS
      OF EXPERTS</B> </TD>
    <TD align=right><B>62</B>      </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right>
    <p style="margin-right: 10">15.1      </TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;
      &nbsp;Names
      of Experts </TD>
    <TD align=right>62      </TD></TR>
  <TR vAlign=top>
    <TD align=right width="5%">
    <p style="margin-right: 10">15.2      </TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Interests
      of Experts </TD>
    <TD align=right>62      </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right>&nbsp;</TD>
    <TD width="2%" nowrap>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right width="5%">
    <p style="margin-right: 10"><B>ITEM</B>      </TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5"><B>16:</B>      </TD>
    <TD align=left><B>ADDITIONAL
      INFORMATION</B> </TD>
    <TD align=right><B>63</B>      </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="5%" align=right>
    <p style="margin-right: 10">16.1      </TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Additional
      Information </TD>
    <TD align=right>63      </TD></TR>
  <TR vAlign=top>
    <TD align=right>
    <p style="margin-right: 10">16.2      </TD>
    <TD width="2%" nowrap>
    <p style="margin-right: 5">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;
      &nbsp;Audit
      Committee </TD>
    <TD align=right>63      </TD></TR></TABLE>
<BR>
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<P align=justify><B>ITEM 1: PRELIMINARY NOTES </B></P>
<P align=justify><B>1.1 Incorporation of Documents by Reference </B></P>
<P align=justify>All financial information in this Annual Information Form
(&#147;AIF&#148;) has been prepared in accordance with International Financial Reporting
Standards (&#147;IFRS&#148;) as prescribed by the International Accounting Standards Board.
</P>
<P align=justify>The information provided in the AIF is supplemented by
disclosure contained in the documents listed below which are incorporated by
reference into this AIF. These documents must be read together with the AIF in
order to provide full, true and plain disclosure of all material facts relating
to Endeavour. The documents listed below are not contained within, nor attached
to this document. The documents may be accessed by the reader at the following
locations: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD width="35%" align=center valign="middle"><U>Type of Document</U> </TD>
    <TD align=center valign="middle"><U>Effective Date /</U> <U><br>
    Period Ended</U> </TD>
    <TD align=center valign="middle"><U>Date Filed /</U> <U>Posted</U> </TD>
    <TD width="35%" align=center valign="middle"><U>Document name which may be viewed at the</U>
      <U><br>
    SEDAR website at </U><B><U>www.sedar.com</U></B>
    </TD></TR>
  <TR vAlign=top>
    <TD width="35%" align=left valign="middle">NI 43-101 Technical Report on the Resource
      and Reserve Estimates for the Guanacevi Mines Project, Durango State,
      Mexico </TD>
    <TD width="15%" align=left valign="middle">December 31, 2013 </TD>
    <TD width="15%" align=left valign="middle">March 27, 2014 </TD>
    <TD width="35%" align=left valign="middle">Technical Report (43-101) &#150;
      English Qualification Certificate(s) and Consent(s) </TD>
  </TR>
  <TR>
    <TD width="35%" valign="middle">NI 43-101 Technical Report on the Resource and Reserve Estimates for
      the Bola&#241;itos Mines Project (formerly the Guanajuato Mines Project),
      Guanajuato State, Mexico </TD>
    <TD width="15%" valign="middle">December 31, 2013 </TD>
    <TD width="15%" valign="middle">March 28, 2014 </TD>
    <TD width="35%" valign="middle">Technical Report (43-101) &#150; English Qualification
      Certificate(s) and Consent(s) </TD>
  </TR>
  <TR>
    <TD width="35%" valign="middle">NI 43-101 Technical Report on the Resource and Reserve
      Estimates for the El Cubo Mines Project, Guanajuato State, Mexico </TD>
    <TD width="15%" valign="middle">December 31, 2013 </TD>
    <TD width="15%" valign="middle">March 28, 2014 </TD>
    <TD width="35%" valign="middle">Technical Report (43-101) &#150; English
      Qualification Certificate(s) and Consent(s) </TD>
  </TR>
  <TR>
    <TD width="35%" valign="middle">NI 43-101 Technical Report on the Resource Estimate for the San
      Sebastian Project, Jalisco State, Mexico </TD>
    <TD width="15%" valign="middle">December 31, 2013 </TD>
    <TD width="15%" valign="middle">March 28, 2014 </TD>
    <TD width="35%" valign="middle">Technical Report (43-101) &#150; English Qualification
      Certificate(s) and Consent(s) </TD>
  </TR></TABLE></DIV>
<P align=justify>References to &#147;the Company&#148;, &#147;Endeavour&#148; or &#147;Endeavour Silver&#148;
are to Endeavour Silver Corp. and where applicable and as the context requires,
include its subsidiaries. </P>
<P align=justify><B>1.2 Date of Information </B></P>
<P align=justify>All information in this AIF is as of December 31, 2013 unless
otherwise indicated. </P>
<P align=justify><B>1.3 Forward-Looking Statements </B></P>
<P align=justify>This Annual Information Form contains &#147;forward-looking
statements&#148; within the meaning of applicable Canadian securities legislation.
Such forward-looking statements concern the Company&#146;s anticipated results and
developments in the Company&#146;s operations in future periods, planned exploration
and development of its properties, plans related to its business and other
matters that may occur in the future.</P>
<P align=center>1 <B><I><br>
Endeavour Silver Corp.</I></B><B><I> </I></B> </P>
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<A name="page_5"></A>

<P align="justify">
These statements relate to analyses and other information that are based on expectations of future performance, including silver and gold production and planned work programs. </P>
<P align="justify">
Statements concerning reserves and mineral resource estimates constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed and, in the case of mineral
reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. </P>
<P align="justify">
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including,
without limitation: </P>
<UL style="text-align:justify;">
<LI>
risks related to precious and base metal price fluctuations;</LI>
<LI>
risks related to fluctuations in the currency markets (particularly the Mexican peso, Canadian dollar and United States dollar);</LI>
<LI>
risks related to the inherently dangerous activity of mining, including conditions or events beyond our control, and operating or technical difficulties in mineral exploration, development and mining activities;</LI>
<LI>
uncertainty in our ability to fund the development of our mineral properties or the completion of further exploration programs;</LI>
<LI>
uncertainty as to actual capital costs, operating costs, production and economic returns, and uncertainty that our development activities will result in profitable mining operations;</LI>
<LI>
risks related to our reserves and mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently estimated and to diminishing quantities or
grades of mineral reserves as properties are mined;</LI>
<LI>
risks related to changes in governmental regulations, tax and labour laws and obtaining necessary licenses and permits;</LI>
<LI>
risks related to our business being subject to environmental laws and regulations which may increase our costs of doing business and restrict our operations;</LI>
<LI>
risks related to our mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title;</LI>
<LI>
risks relating to inadequate insurance or inability to obtain insurance;</LI>
<LI>
risks related to our ability to successfully integrate acquisitions;</LI>
<LI>
uncertainty in our ability to obtain necessary financing;</LI>
<LI>
risks related to increased competition that could adversely affect our ability to attract necessary capital funding or acquire suitable producing properties for mineral exploration in the future;</LI>
<LI>
risks related to many of our primary properties being located in Mexico, including political, economic, and regulatory instability; and</LI>
<LI>
risks related to our officers and directors becoming associated with other natural resource companies which may give rise to conflicts of interests.</LI>
</UL>
<P align="justify">
This list is not exhaustive of the factors that may affect our forward-looking statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from
those described in the forward-looking statements.  The Company&rsquo;s forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made and the Company does not assume any obligation to
update forward-looking statements if circumstances or management&rsquo;s beliefs, expectations or opinions change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
</P>
<P align="center">
2
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
<B>1.4</B><B> </B><B>Currency and Exchange Rates</B><B> </B></P>
<P align="justify">
All dollar amounts in this AIF are expressed in U.S. dollars unless otherwise indicated. References to &ldquo;CDN&#36;&rdquo; are to Canadian dollars. On March 28, 2014, the noon exchange rate for the United States dollar in terms of Canadian dollars, as quoted by the Bank of Canada, was U.S.$1.1064(Cdn $1.00 = U.S.$0.9038). On December 31, 2013, the noon exchange rate for the United States in terms of Canadian dollars, as quoted by the Bank of Canada, was U.S.$1.00 = Cdn$1.0636 (Cdn$1.00 = U.S.$0.9038). On March 28, 2014, the noon exchange rate for the United States dollar in terms of Canadian dollars, as quoted by the Bank of Canada, was U.S.$1.1064(Cdn.$1.00 = U.S.$0.9038). On December 31, 2013, the noon exchange rate for the United States in terms of Canadian dollars, as quoted by the Bank of Canada, was U.S.$1.00 = Cdn.$1.0636 (Cdn.$1.00 = U.S.$0.9038).</P>
<P align="justify">
<B>1.5</B><B> </B><B>Classification of Mineral Reserves and Resources </B></P>
<P align="justify">
In this AIF, the definitions of proven and probable mineral reserves, and measured, indicated and inferred mineral resources are those used by the Canadian provincial securities regulatory authorities and conform to the definitions utilized by the
Canadian Institute of Mining, Metallurgy and Petroleum (&ldquo;CIM&rdquo;) in the &ldquo;CIM Standards on Mineral Resources and Reserves &ndash; Definitions and Guidelines&rdquo; adopted on August 20, 2000 and amended November 14, 2004 and November
27, 2010. </P>
<P align="justify">
<B>1.6</B><B> </B><B>Cautionary Note to U.S. Investors concerning Estimates of Measured, Indicated and Inferred Resources </B></P>
<P align="justify">
This AIF has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws.  The terms &ldquo;mineral reserve&rdquo;, &ldquo;proven mineral
reserve&rdquo; and &ldquo;probable mineral reserve&rdquo; are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 &ndash; Standards of Disclosure for Mineral Projects (&ldquo;NI 43-101&rdquo;) and the Canadian
Institute of Mining, Metallurgy and Petroleum (the &ldquo;CIM&rdquo;) - <I>CIM Definition Standards on Mineral Resources and Mineral Reserves</I>, adopted by the CIM Council, as amended. These definitions differ from the definitions in SEC Industry
Guide 7 under the United States Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).  Under SEC Industry Guide 7 standards, a &ldquo;final&rdquo; or &ldquo;bankable&rdquo; 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. </P>
<P align="justify">
In addition, the terms &ldquo;mineral resource&rdquo;, &ldquo;measured mineral resource&rdquo;, &ldquo;indicated mineral resource&rdquo; and &ldquo;inferred mineral resource&rdquo; 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.  &ldquo;Inferred mineral resources&rdquo; 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 &ldquo;contained ounces&rdquo; in a resource is permitted disclosure under Canadian regulations; however, the
SEC normally only permits issuers to report mineralization that does not constitute &ldquo;reserves&rdquo; by SEC Industry Guide 7 standards as in place tonnage and grade without reference to unit measures. </P>
<P align="justify">
Accordingly, information contained in this AIF contain descriptions of our mineral deposits that may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States
federal securities laws and the rules and regulations thereunder. </P>
<P align="center">
3
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align=justify><B>ITEM 2: CORPORATE STRUCTURE </B></P>
<P align=justify><B>2.1 Name, Address and Incorporation </B></P>
<P align=justify>The Company was incorporated under the laws of the Province of
British Columbia on March 11, 1981 under the name, &#147;Levelland Energy &amp;
Resources Ltd&#148;. Effective August 27, 2002 the Company changed its name to
&#147;Endeavour Gold Corp.&#148;, consolidated its share capital on the basis of four old
common shares for one new common share and increased its share capital to
100,000,000 common shares without par value. On September 13, 2004, the Company
changed its name to &#147;Endeavour Silver Corp.&#148;, transitioned from the <I>Company
Act</I> (British Columbia) to the <I>British Columbia Business Corporations
Act</I> (British Columbia) and increased its authorized share capital to
unlimited common shares without par value. </P>
<P align=justify>The Company&#146;s principal business office is located at: </P>
<P align=justify style="margin-left: 5%">Suite 301 - 700 West Pender Street <br>
Vancouver, British Columbia
<br>
Canada, V6C 1G8 </P>
<P align=justify>and its registered and records office is located at: </P>
<P align=justify style="margin-left: 5%">19<SUP>th</SUP> Floor, 885 West Georgia Street
<br>
Vancouver,
British Columbia <br>
Canada, V6C 3H4 </P>
<P align=justify><B>2.2 Subsidiaries </B></P>
<P align=justify>The Company conducts its business primarily in Mexico through
subsidiary companies. The following table lists the material subsidiaries,
jurisdiction of incorporation and % ownership held.</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>Name of Company</B> </TD>
    <TD align=center width="15%"><B>Incorporated</B> </TD>
    <TD align=center width="15%"><B>% held</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Endeavour Gold Corporation, S.A. de C.V. </TD>
    <TD width="15%" align=center>Mexico </TD>
  <TD width="15%" align=center>100 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Endeavour Capital S.A. de C.V. SOFOM ENR </TD>
    <TD align=center width="15%">Mexico </TD>
    <TD align=center width="15%">100 </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Minera Plata Adelante, S.A. de C.V. </TD>
    <TD width="15%" align=center>Mexico </TD>
  <TD width="15%" align=center>100 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Minera Santa Cruz Garibaldi S.A. de C.V. </TD>
    <TD align=center width="15%">Mexico </TD>
    <TD align=center width="15%">100 </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Refinadora Plata Guanacevi, S.A. de C.V. </TD>
    <TD width="15%" align=center>Mexico </TD>
  <TD width="15%" align=center>100 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Mina Bola&#241;itos S.A de C.V. </TD>
    <TD align=center width="15%">Mexico </TD>
    <TD align=center width="15%">100 </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp;Compania Minera del Cubo S.A. de C.V. </TD>
    <TD width="15%" align=center>Mexico </TD>
  <TD width="15%" align=center>100 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp;Minas Lupycal S.A. de C.V. </TD>
    <TD align=center width="15%">Mexico </TD>
    <TD align=center width="15%">100 </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp;Minera Plata Carina S.P.A. </TD>
    <TD width="15%" align=center>Chile </TD>
  <TD width="15%" align=center>100 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp;MXRT Holdings Inc. </TD>
    <TD align=center width="15%">Canada </TD>
    <TD align=center width="15%">100 </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp;Endeavour Zilver S.A.R.L. </TD>
    <TD width="15%" align=center>Luxembourg </TD>
  <TD width="15%" align=center>100 </TD>
  </TR></TABLE>
<P align=justify><B>ITEM 3: GENERAL DEVELOPMENT OF THE BUSINESS </B></P>
<P align=justify><B>3.1 Three Year
History </B></P>
<P align=justify><B><U>Overview</U></B><B> </B></P>
<P align=justify>The Company is a Canadian mineral company engaged in the
evaluation, acquisition, exploration, development and exploitation of precious
metal properties in Mexico and Chile.</P>
<P align=center>4 <B><I><br>
Endeavour Silver Corp.</I></B> </P>
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<P align="justify">
<B>Guanacevi Mines</B></P>
<P align="justify">
In May 2004, Endeavour signed formal option agreements to acquire up to a 100% interest in the producing Santa Cruz silver-gold mine, certain other mining concessions and the Guanacevi mineral processing plant (collectively, the &ldquo;Guanacevi
Mines Project&rdquo;) in Durango, Mexico.  The terms of the agreements gave Endeavour the option to acquire an initial 51% interest in these operating assets by paying a total of approximately US&#36;4 million to the vendors and incurring &#36;1
million in mine exploration and development within one year. This was completed on January 28, 2006.  The balance of the 49% interest was purchased through the payment of a further &#36;3 million by instalments. The purchase of the remaining 49% of
the mill facility was completed in July 2006 and the purchase of the remaining 49% of the mining assets was completed in January 2008. </P>
<P align="justify">
Under the option interest agreement, a scheduled January 28, 2007 payment of &#36;638,000 was made with 176,201 shares of the Company in lieu of cash.  Further to a negotiated early buy-out of the minority shareholders, the Company acquired the
remaining shares of Minera Santa Cruz y Garibaldi S.A. de C.V. (&ldquo;Minera Santa Cruz&rdquo;), which owned 49% of the Santa Cruz silver-gold mine in May 2007 by the issue of 1,350,000 shares of the Company with a fair market value of &#36;5.04
per share.</P>
<P align="justify">
The Company elected to accelerate the buy-out in order to streamline the mining operations and facilitate additional capital investments for the mine development program.</P>
<P align="justify">
<B>Bola&ntilde;itos Mines (formerly referred to as Guanajuato Mines) </B></P>
<P align="justify">
In February 2007, the Company<B> </B>acquired the right to purchase the exploitation contracts to the producing Unidad Bola&ntilde;itos silver (gold) mines located in the northern parts of the Guanajuato and La Luz silver districts in the state of
Guanajuato, Mexico from Minas de la Luz SA de CV ("MdlL") for &#36;3.4 million, comprised of &#36;2.4 million in cash and &#36;1.0 million in common shares of the Company. On April 30, 2007 the Company completed the acquisition by paying &#36;2.4
million in cash and issuing 224,215 common shares priced at &#36;4.46 per share. </P>
<P align="justify">
In April 2007 the Company entered into an agreement with two subsidiaries of Industrial Pe&ntilde;oles S.A. de C.V. (&ldquo;Pe&ntilde;oles&rdquo;) to purchase all of the Guanajuato property and plant assets for 800,000 common shares of the Company
and a share purchase warrant exercisable for an additional 250,000 common shares at CDN&#36;5.50 per share within a two year period. The acquisition was completed on May 30, 2007 and the Company has a 100% interest in the Bola&ntilde;itos Mines,
free and clear of any royalties. The share purchase warrant expired on May 30, 2009 unexercised.</P>
<P align="justify">
<B>El Cubo Mines</B></P>
<P align="justify">
On July 13, 2012, the Company completed the acquisition of MXRT Holdings Ltd (formerly Mexgold Resources Inc. (&ldquo;Mexgold&rdquo;)) and its three wholly owned subsidiaries: Compania Minera del Cubo, S.A. de C.V., Minas Lupycal S.A. de C.V
(formerly AuRico Gold GYC, S.A. de C.V.) and Metales Interamericanos, S.A. de C.V. from AuRico Gold Inc. (&ldquo;AuRico&rdquo;).</P>
<P align="justify">
As a result of the acquisition, the Company owns the El Cubo silver-gold mine located in Guanajuato, Mexico and the Guadalupe y Calvo silver-gold exploration project located in Chihuahua, Mexico.</P>
<P align="justify">
El Cubo is a producing silver-gold mine located in the southeast part of the historic Guanajuato mining district in central Mexico, only 10 kilometres (km) from Endeavour's operating Bola&ntilde;itos silver-gold mine in the northwest part of the
Guanajuato district. </P>
<P align="center">
5
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
The El Cubo property consists of 61 mineral concessions covering 8,144 hectares, including several historic and currently active mine adits, ramps and shafts. Approximately 38 individual veins have been identified on the El Cubo property.  Veins
typically strike northwest, dip 70 degrees southwest and average nearly 2 metres wide.</P>
<P align="justify">
El Cubo has been viewed as a low grade, high cost mining operation, similar to both the Guanacevi and Bola&ntilde;itos mines before they were acquired by Endeavour. Endeavour sees strong potential to turn El Cubo into a high grade, low cost, long
life underground mine because the new reserve grades for silver and gold at El Cubo are 78% and 51% higher respectively compared to the current production grades, and because of Endeavour&rsquo;s experience at discovering new high grade ore-bodies,
developing them on fast-tracks into production and turning around both production tonnes and ore grades at Guanacevi and Bola&ntilde;itos. </P>
<P align="justify">
Endeavour&rsquo;s new mine plan focused initially on maintaining the current tonnage throughput at El Cubo at 1,000-1,200 tonnes per day (tpd) while progressively increasing the production grades closer to the reserve grades by steadily reducing ore
dilution. A new operating site management team was hired in Q3, 2012 and several new initiatives, processes and procedures were implemented since acquisition to improve the long term viability of the operation.</P>
<P align="justify">
Guadalupe y Calvo is an advanced gold-silver exploration project located in the historic Guadalupe y Calvo mining district in Chihuahua State, Mexico, approximately 300 km southwest of the city of Chihuahua.  The acquisition of the Guadalupe y Calvo
project gives Endeavour 100% control of 9 mineral concessions covering 54,872 hectares.  Guadalupe y Calvo contains the historic Rosario mine with past production of 2 million oz gold and 28 million oz silver.</P>
<P align="justify">
Guadalupe y Calvo is a classic gold-silver epithermal district. Based on mineralogy and alteration, gold-silver mineralization is of the low-sulphidation epithermal, quartz-adularia type.  The system contains quartz veins, breccias and stockworks
hosting economically significant gold and silver mineralization.</P>
<P align="justify">
The project&rsquo;s main structural feature is the Rosario fault complex. This regional mineralized structure has been traced for more than 6 km and mineralized zones within this fault complex attain widths of up to 80 metres.  Historic underground
mining widths of high-grade gold-silver mineralization were up to 10 metres thick.</P>
<P align="justify">
See Item 4.4 for further details. </P>
<P align="justify">
<B><U>Three Year History</U></B><B> </B></P>
<P align="justify">
<B><I>2014 to Present <br>
</I></B>On February 25, 2013 the Company released updated NI 43-101 Reserve and Resource estimates as at December 31, 2013 for its active silver mining and exploration projects in Mexico, the Guanacevi Mines, the Bola&ntilde;itos Mines, the El Cubo Mines
and the San Sebastian Project. </P>
<P align="justify">
<B><I>2013 <br>
</I></B>Endeavour recorded its eighth consecutive year of growing sales revenue in 2013.  During 2013, increased production drove sales 33% higher to &#36;276.8 million however mine operating cash-flow fell 21% to &#36;90.5 million from the previous year
due to lower margins. Direct operating costs rose as a result of the increased production, while the Company incurred additional costs with employee lay-offs to improve the long term viability of its operations.</P>
<P align="center">
6
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
Endeavour reported its eighth consecutive year of growing silver and gold production for 2013, increasing silver production by 52% to 6,813,069 oz silver and gold production by 95% to 75,578 oz gold compared to 2012. The Company focused its efforts
on the improvement of the El Cubo mine it acquired in 2012. The Company successfully reduced the El Cubo workforce from 980 employees to 576 employees as of December 31, 2013 while improving plant throughput, ore grades and recoveries in 2013. The
Company returned the leased Las Torres facility to its owner, completely refurbished the El Cubo plant in seven months and drove 10.6 kilometres of underground development. Furthermore the Company continued to improve safety programs, site
governance and community initiatives.</P>
<P align="justify">
As noted below, Endeavour originally outlined 28 separate target areas in and around the existing mines at El Cubo with near-term potential to delineate new reserves and resources. In 2013, the Company drilled 18,450 metres in 47 holes to discover
new high-grade, gold-silver vein mineralization in the historic Villalpando, V-Asuncion and Dolores veins. Drilling at Dolores helped to extend and define the hanging-wall and footwall vein ore-bodies that are currently in production.  Drilling in
the Villalpando and V-Asuncion veins, discovered in late 2012 and fast-tracked to production last year, successfully extended this newly discovered mineralized zone over 900 m in strike length, still open for expansion. In 2014, exploration will
focus on five high priority brownfield targets west and southeast of the mine.  </P>
<P align="justify">
In 2013, the Company continued to emphasize its primary focus on safety. Safety and mine rescue training programs are held regularly at operations and the direct results are safer working environments. The Company reduced lost time accidents,
despite increased man-hours. capacity to facilitate the increased mine production that resulted from the discovery of the Daniela, Karina and Lana veins in 2011.</P>
<P align="justify">
In early 2013, the Company released an updated 43-101 Reserve and Resource estimate as at December 15, 2012 for its active silver mining and exploration projects in Mexico. Endeavour achieved its eighth consecutive year of combined reserve and
resource growth. The Company amended its credit facility with Scotiabank to provide $50 million capacity until July 2015 $25 million until July 2016. </P>
<P align="justify">
<B><I>2012  <br>
</I></B>Endeavour recorded its seventh consecutive year of growing sales revenue and mine operating cash-flow in 2012 (during fiscal 2005 no revenue was reported as the Company held only an option to purchase the Guanacevi project at that time). During
2012, increased production drove sales 63% higher to &#36;208.0 million and increased mine operating cash-flow 32% to &#36;114.4 million over the previous year. Direct operating costs rose as a result of a competitive labour market, decreasing ore
grades and the acquisition of the high cost El Cubo mine. However, 2012 was the Company&rsquo;s best financial performance yet, with EBITDA climbing to &#36;90.5 million and earnings per share of &#36;0.45.</P>
<P align="justify">
Endeavour reported its seventh consecutive year of growing silver and gold production for 2012, increasing silver production by 20% to 4,485,476 oz silver and gold production by 77% to 38,687 oz gold over the previous year. The Company successfully
completed the 2012 Bola&ntilde;itos plant expansion program on budget, increasing the plant capacity to facilitate the increased mine production that resulted from the discovery of the Daniela, Karina and Lana veins in 2011.</P>
<P align="justify">
In early 2012, the Company released an updated 43-101 Reserve and Resource estimate as at December 31, 2011 for its active silver mining and exploration projects in Mexico. Endeavour achieved its eighth consecutive year of combined reserve and
resource growth. New high grade silver-gold discoveries were made in both Guanacevi and Bola&ntilde;itos, thereby confirming once again the prolific exploration potential of these two historic mining districts.</P>
<P align="justify">
On July 13, 2012, the Company completed the acquisition of Mexgold, the indirect 100% owner of the El Cubo mine and the Guadelupe y Calvo exploration project.</P>
<P align="center">
7
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
El Cubo has been viewed as a low grade, high cost mining operation, similar to both the Guanacevi and Bola&ntilde;itos mines before they were acquired by Endeavour. Endeavour sees strong potential to turn El Cubo into a high grade, low cost, long
life underground mine because the new reserve grades for silver and gold at El Cubo are 78% and 51% higher respectively compared to the current production grades, and because of Endeavour&rsquo;s experience at discovering new high grade ore-bodies,
developing them a fast-track into production, and increasing production tonnes and ore grades at Guanacevi and Bola&ntilde;itos. Endeavour has outlined 28 separate target areas in and around the existing mines at El Cubo with near-term potential to
delineate new reserves and resources. Management believes the El Cubo mine property has good exploration potential for the discovery of both new mineralized veins as well as new ore-bodies within known veins. Endeavour plans more than 50,000 metres
of core drilling over the next 2 years to test several high priority exploration targets and identify new targets.</P>
<P align="justify">
In 2012, the Company continued to emphasize its primary focus on safety, as demonstrated by over 255,600 hours of personnel training. Safety and mine rescue training programs are held regularly at both operations and the direct results are safer
working environments. The Company reduced lost time accidents, despite increased man-hours.</P>
<P align="justify">
The Company used its strong financial position to acquire the El Cubo mine to improve the long term prospects of the Company. As a result, the Company entered into a &#36;75 million, 3 year credit facility with Scotiabank to ensure the Company has
access to sufficient funds to meet its 2013 development plan.</P>
<P align="justify">
<B><I>2011  </I></B></P>
<P align="justify">
Endeavour recorded its sixth consecutive year of growing sales revenue and mine operating cash-flow in 2011 (during fiscal 2005 no revenue was reported as the Company held onlyan option to purchase the Guanacevi project at that time).    During
2011, escalating prices and increased production drove sales 48% higher to &#36;128.0 million and increased mine operating cash-flow 92% to &#36;86.4 million over the previous year. Direct operating costs rose slightly as a result of a competitive
labour market, however the significant appreciation in silver and gold prices allowed the Company&rsquo;s operating margins to rise for the fourth straight year, culminating in the Company&rsquo;s best financial performance yet, with EBITDA climbing
to &#36;52.9 million and earnings per share of &#36;0.23. Management also elected to hold a substantial inventory balance accumulating &#36;36 million of silver and gold bullion at the end of the year.</P>
<P align="justify">
Endeavour reported its seventh consecutive year of growing silver and gold production for 2011, increasing silver production by 14% to 3,730,128 oz silver and gold production by 23% to 21,810 oz gold over the previous year. The Company successfully
completed the 2011 Bola&ntilde;itos plant expansion program on budget, increasing the plant capacity to facilitate the increased mine production that resulted from the discovery of the Lucero South zone in 2009.</P>
<P align="justify">
In early 2011, the Company released an updated 43-101 Reserve and Resource estimate as at December 31, 2010 for its active silver mining and exploration projects in Mexico. Endeavour achieved its seventh consecutive year of combined reserve and
resource growth in 2011.  New high grade silver-gold discoveries were made in both Guanacevi and Bola&ntilde;itos, thereby confirming the prolific exploration potential of these two historic mining districts. The discovery of the Daniela vein in the
Lucero South zone will significantly increase future production and allow the plant throughput to attain its designed capacity. </P>
<P align="justify">
In 2011, the Company continued to emphasize its primary focus on safety, as demonstrated by over 46,800 hours of personnel training. Safety and mine rescue training programs were held regularly at both operations and resulted in safer working
environments. The Company reduced lost time accidents, despite increased man-hours.</P>
<P align="center">
8
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
The Company&rsquo;s financial position continued to improve with the operating growth, higher margins and resource growth. In addition to organic growth the Company raised an additional &#36;19.9 million by issuing 6,658,328 common shares pursuant
to the exercise of options and warrants during the year.  The Company&rsquo;s continuous growth, improved position and outlook resulted in the Company graduating the listing of its common shares from the NYSE MKT (formerly known as the NYSE Amex,
&ldquo;NYSE MKT&rdquo;) to the NYSE as of March 14, 2011.</P>
<P align="justify">
<B>3.2 Significant Acquisitions </B></P>
<P align="justify">
No significant acquisitions for which disclosure is required under Part 8 of National Instrument 51-102 were completed by the Company during its most recently completed financial year. </P>
<P align="justify">
<B>ITEM 4: DESCRIPTION OF THE BUSINESS </B></P>
<P align="justify">
<B>4.1 General Description </B></P>
<P align="justify">
<B><I>The Business of the Company </I></B></P>
<P align="justify">
The Company&rsquo;s principal business activities are the evaluation, acquisition, exploration, development and exploitation of mineral properties. The Company produces silver-gold from its underground mines at Guanacevi, Bola&ntilde;itos and El
Cubo in Mexico.  The Company also has interests in certain exploration properties in Mexico and Chile. </P>
<P align="justify">
The Company&rsquo;s business is not materially affected by intangibles such as licences, patents and trademarks, nor is it significantly affected by seasonal changes. Other than as disclosed in this AIF, the Company is not aware of any aspect of its
business which may be affected in the current financial year by renegotiation or termination of contracts. <B> </B></P>
<P align="justify">
<B><I>Foreign Operations </I></B></P>
<P align="justify">
As the Company&rsquo;s producing mines and mineral exploration interests are principally located in Mexico, the Company&rsquo;s business is dependent on foreign operations.  As a developing economy, operating in Mexico has certain risks. See
&ldquo;Risk Factors &ndash; Foreign Operations&rdquo;. </P>
<P align="justify">
<B><I>Employees </I></B></P>
<P align="justify">
As at December 31, 2013, the Company had approximately 15 employees based in its Vancouver corporate office and approximately 1,529 full and part-time employees in Mexico. Additional consultants are also retained from time to time for specific
corporate activities, development and exploration programs.</P>
<P align="justify">
<B><I>Environmental Protection </I></B></P>
<P align="justify">
The Company&rsquo;s environmental permit requires that it reclaim certain land it disturbs during mining operations. Significant reclamation and closure activities include land rehabilitation, decommissioning of buildings and mine facilities,
ongoing care and maintenance and other costs.  Although the ultimate amount of the reclamation and rehabilitation costs to be incurred cannot be predicted with certainty, the total undiscounted amount of probability weighted estimated cash flows
required to settle the Company&rsquo;s estimated obligations is &#36;1.7 million for the Guanacevi mine operations, &#36;1.0 million for the Bola&ntilde;itos mine operations and &#36;3.6 million for the El Cubo mine operations. </P>
<P align="center">
9
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
<B><I>Community, Environmental and Corporate Safety Policies </I></B></P>
<P align="justify">
Endeavour is focused on the improvement of sustainability programs for all stakeholders and understands that such programs contribute to the long term benefit of the Company and society at large. Sustainability programs implemented by the Company
range from improving the Company&rsquo;s safety policies and practices; supporting health programs for the Company&rsquo;s employees and the local communities; enhancing environmental stewardship and reclamation; sponsoring educational scholarships
and job skills training programs; sponsoring community cultural events and infrastructure improvements; and supporting charitable causes.</P>
<P align="justify">
<B>4.2 Risk Factors </B></P>
<P align="justify">
The Company&rsquo;s ability to generate revenues and profits from its mineral properties, or any other mineral property it may acquire, is dependent upon a number of factors, including, without limitation, the following risk factors. </P>
<P align="justify">
<B><I>Precious and Base Metal Price Fluctuations </I></B> <br>
The profitability of the precious metal operations in which the Company has an interest will be significantly affected by changes in the market prices of precious metals. Prices for precious metals fluctuate on a daily basis, have historically been
subject to wide fluctuations and are affected by numerous factors beyond the control of the Company such as the level of interest rates, the rate of inflation, central bank transactions, world supply of the precious metals, foreign currency exchange
rates, international investments, monetary systems, speculative activities, international economic conditions and political developments. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may
result in the Company not receiving adequate returns on invested capital or the investments retaining their respective values. Declining market prices for these metals could materially adversely affect the Company&rsquo;s operations and
profitability.</P>
<P align="justify">
<B><I>Fluctuations in the price of consumed commodities </I></B> <br>
Prices and availability of commodities consumed or used in connection with exploration, development and mining, such as natural gas, diesel, oil, electricity, cyanide and other re-agents fluctuate and affect the costs of production at our
operations. These fluctuations can be unpredictable, can occur over short periods of time and may have a materially adverse impact on our operating costs or the timing and costs of various projects. Our general policy is not to hedge our exposure to
changes in prices of the commodities that we use in our business.</P>
<P align="justify">
<B><I>Foreign Exchange Rate Fluctuations </I></B> <br>
Operations in Mexico and Canada are subject to foreign currency exchange fluctuations. The Company raises its funds through equity issuances which are priced in Canadian dollars, and the majority of the exploration costs of the Company are
denominated in United States dollars and Mexican pesos. The Company may suffer losses due to adverse foreign currency fluctuations.</P>
<P align="justify">
<B><I>Competitive Conditions </I></B> <br>
Significant competition exists for natural resource acquisition opportunities. As a result of this competition, some of which is with large, well established mining companies with substantial capabilities and significant financial and technical
resources, the Company may be unable to either compete for or acquire rights to exploit additional attractive mining properties on terms it considers acceptable. Accordingly, there can be no assurance that the Company will be able to acquire any
interest in additional projects that would yield reserves or results for commercial mining operations.</P>
<P align="center">
10
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
<B><I>Operating Hazards and Risks </I></B> <br>
Mining operations generally involve a high degree of risk, which even a combination of experience, knowledge and careful evaluation may not be able to overcome. These risks include, but are not limited to, the following: environmental hazards,
industrial accidents, third party accidents, unusual or unexpected geological structures or formations, fires, power outages, labour disruptions, floods, explosions, cave-ins, land-slides, acts of God, periodic interruptions due to inclement or
hazardous weather conditions, earthquakes, war, rebellion, revolution, delays in transportation, inaccessibility to property, restrictions of courts and/or government authorities, other restrictive matters beyond the reasonable control of the
Company, and the inability to obtain suitable or adequate machinery, equipment or labour and other risks involved in the operation of mines.</P>
<P align="justify">
Operations in which the Company has a direct or indirect interest will be subject to all the hazards and risks normally incidental to exploration, development and production of precious and base metals, any of which could result in work stoppages,
delayed production and resultant losses, increased production costs, asset write downs, damage to or destruction of mines and other producing facilities, damage to life and property, environmental damage and possible legal liability for any or all
damages. The Company may become subject to liability for pollution, cave-ins or hazards against which it cannot insure or against which it may elect not to insure. Any compensation for such liabilities may have a material, adverse effect on the
Company&rsquo;s financial position.</P>
<P align="justify">
Our property, business interruption and liability insurance may not provide sufficient coverage for losses related to these or other hazards. Insurance against certain risks, including certain liabilities for environmental pollution, may not be
available to us or to other companies within the industry at reasonable terms or at all. In addition, our insurance coverage may not continue to be available at economically feasible premiums, or at all. Any such event could have a material adverse
effect on our business.</P>
<P align="justify">
<B><I>Mining Operations </I></B> <br>
The capital costs required by the Company&rsquo;s projects may be significantly higher than anticipated. Capital and operating costs, production and economic returns, and other estimates contained in the Company&rsquo;s current technical reports,
may differ significantly from those provided for in future studies and estimates and from management guidance, and there can be no assurance that the Company&rsquo;s actual capital and operating costs will not be higher than currently anticipated.
In addition, delays to construction and exploration schedules may negatively impact the net present value and internal rates of return of the Company&rsquo;s mineral properties as set forth in the applicable technical report. Similarly, there can be
no assurance that historical rates of production, grades of ore processed, rates of recoveries or mining cash costs will not experience fluctuations or differ significantly from current levels over the course of the mining operations conducted by
the Company.</P>
<P align="justify">
In addition, there can be no assurance that the Company will be able to continue to extend the production from its current operations through exploration and drilling programs.</P>
<P align="justify">
<B><I>Infrastructure </I></B> <br>
Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants, which affect capital and operating costs.
The lack of availability on acceptable terms or the delay in the availability of any one or more of these items could prevent or delay exploitation or development of the Company&rsquo;s projects. If adequate infrastructure is not available in a
timely manner, there can be no assurance that the exploitation or development of the Company&rsquo;s projects will be commenced or completed on a timely basis, if at all; the resulting operations will achieve the anticipated production volume, or
the construction costs and ongoing operating costs associated with the exploitation and/or development of the Company&rsquo;s advanced projects will not be higher than anticipated. In addition, unusual or infrequent weather phenomena, sabotage,
government or other interference in the maintenance or provision of such infrastructure could adversely affect the Company&rsquo;s operations and profitability. </P>
<P align="center">
11
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
<B><I>Exploration and Development </I></B> <br>
There is no assurance given by the Company that its exploration and development programs and properties will result in the discovery, development or production of a commercially viable ore body or yield new reserves to replace or expand current
reserves.</P>
<P align="justify">
The business of exploration for minerals and mining involves a high degree of risk. Few properties that are explored are ultimately developed into producing mines. At this time, other than the mineral reserves on the Company&rsquo;s Guanacevi Mines
Project, Bola&ntilde;itos Mines Project and El Cubo Mine, none of the Company&rsquo;s properties have any defined ore-bodies with proven reserves.</P>
<P align="justify">
The economics of developing silver, gold and other mineral properties are affected by many factors including capital and operating costs, variations of the tonnage and grade of ore mined, fluctuating mineral markets, and such other factors as
government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals and environmental protection. Depending on the prices of silver, gold or other minerals produced, the Company may
determine that it is impractical to commence or continue commercial production. Substantial expenditures are required to discover an ore-body, to establish reserves, to identify the appropriate metallurgical processes to extract metal from ore, and
to develop the mining and processing facilities and infrastructure. The marketability of any minerals acquired or discovered may be affected by numerous factors which are beyond the Company&rsquo;s control and which cannot be accurately foreseen or
predicted, such as market fluctuations, conditions for precious and base metals, the proximity and capacity of milling and smelting facilities, and such other factors as government regulations, including regulations relating to royalties, allowable
production, importing and exporting minerals and environmental protection. In order to commence exploitation of certain properties presently held under exploration concessions, it is necessary for the Company to apply for an exploitation concession.
There can be no guarantee that such a concession will be granted. Unsuccessful exploration or development programs could have a material adverse impact on the Company&rsquo;s operations and profitability.</P>
<P align="justify">
<B><I>Calculation of Reserves and Resources and Precious Metal Recoveries </I></B> <br>
There is a degree of uncertainty attributable to the calculation and estimation of reserves and resources and their corresponding metal grades to be mined and recovered. Until reserves or resources are actually mined and processed, the quantities of
mineralization and metal grades must be considered as estimates only. Any material change in the quantity of mineral reserves, mineral resources, grades and recoveries may affect the economic viability of the Company&rsquo;s properties.</P>
<P align="justify">
<B><I>Replacement of Reserves and Resources </I></B> </P>
<P align="justify">
The Guanacevi, Bola&ntilde;itos and El Cubo mines are the Company&rsquo;s current sources of production. Current life-of-mine plans provide for a defined production life for mining at the Company&rsquo;s mines. If the Company&rsquo;s mineral
reserves and resources are not replaced either by the development or discovery of additional reserves and/or extension of the life-of-mine at its current operating mines or through the acquisition or development of an additional producing mine, this
could have an adverse impact on the Company&rsquo;s future cash flows, earnings, financial performance and financial condition, including as a result of requirements to expend funds for reclamation and decommissioning.</P>
<P align="justify">
<B><I>Acquisition Strategy </I></B> <br>
As part of the Company&rsquo;s business strategy, it has sought and will continue to seek new mining and development opportunities in the mining industry. In pursuit of such opportunities, it may fail to select appropriate acquisition candidates,
negotiate appropriate acquisition terms, conduct sufficient due diligence to determine all related liabilities or to negotiate favourable financing terms. The Company may encounter difficulties in transitioning the business, including issues with
the integration of the acquired businesses or its personnel into the Company. The Company cannot assure that it can complete any acquisition or business arrangement that it pursues, or is pursuing, on favourable terms, or that any acquisitions or
business arrangements completed will ultimately benefit its business.</P>
<P align="center">
12
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
<B><I>Integration of New Acquisitions </I></B> <br>
The Company&rsquo;s success at completing any acquisitions will depend on a number of factors, including, but not limited to: identifying acquisitions which fit the Company&rsquo;s strategy; negotiating acceptable terms with the seller of the
business or property to be acquired; and obtaining approval from regulatory authorities in the jurisdictions of the business or property to be acquired.</P>
<P align="justify">
The positive effect on the Company&rsquo;s results arising from past and future acquisitions will depend on a variety of factors, including, but not limited to: assimilating the operations of an acquired business or property in a timely and
efficient manner including the existing work force, union arrangements and existing contracts; maintaining the Company&rsquo;s financial and strategic focus while integrating the acquired business or property; implementing uniform standards,
controls, procedures and policies at the acquired business, as appropriate; and to the extent that the Company makes an acquisition outside of markets in which it has previously operated, conducting and managing operations in a new operating
environment and under a new regulatory regime where it has no direct experience.</P>
<P align="justify">
Past and future business or property acquisitions could place increased pressure on the Company&rsquo;s cash flow if such acquisitions involve cash consideration or the assumption of obligations requiring cash payments. The integration of the
Company&rsquo;s existing operations with any acquired business will require significant expenditures of time, attention and funds. Achievement of the benefits expected from consolidation would require the Company to incur significant costs in
connection with, among other things, implementing financial and planning systems. The Company may not be able to integrate the operations of a recently acquired business or restructure the Company&rsquo;s previously existing business operations
without encountering difficulties and delays. In addition, this integration may require significant attention from the Company&rsquo;s management team, which may detract attention from the Company&rsquo;s day-to-day operations. Over the short-term,
difficulties associated with integration could have a material adverse effect on the Company&rsquo;s business, operating results, financial condition and the price of the Company&rsquo;s common shares. In addition, the acquisition of mineral
properties may subject the Company to unforeseen liabilities, including environmental liabilities.</P>
<P align="justify">
<B><I>Foreign Operations </I></B> <br>
The Company&rsquo;s operations are currently conducted through subsidiaries principally in Mexico and, as such, its operations are exposed to various levels of political, economic and other risks and uncertainties which could result in work
stoppages, blockades of the Company&rsquo;s mining operations and appropriation of assets. Some of the Company&rsquo;s operations are located in areas where Mexican drug cartels operate. These risks and uncertainties vary from region to region and
include, but are not limited to, terrorism; hostage taking; local drug gang activities; military repression; expropriation; extreme fluctuations in currency exchange rates; high rates of inflation; labour unrest; the risks of war or civil unrest;
renegotiation or nullification of existing concessions, licenses, permits and contracts; illegal mining; changes in taxation policies; restrictions on foreign exchange and repatriation; and changing political conditions, currency controls and
governmental regulations that favour or require the awarding of contracts to local contractors or require foreign contractors to employ citizens of, or purchase supplies from, a particular jurisdiction.</P>
<P align="justify">
Local opposition to mine development projects could arise in Mexico, and such opposition could be violent. There can be no assurance that such local opposition will not arise with respect to the Company&rsquo;s Mexican operations. If the Company
were to experience resistance or unrest in connection with its Mexican operations, it could have a material adverse effect on its operations and profitability. To the extent the Company acquires mineral properties in jurisdictions other than Mexico,
it may be subject to similar and additional risks with respect to its operations in those jurisdictions.</P>
<P align="center">
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<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
<B><I>Government Regulation </I></B> <br>
The Company&rsquo;s operations, exploration and development activities are subject to extensive foreign federal, state and local laws and regulations governing such matters as environmental protection, management and use of toxic substances and
explosives, management of natural resources, health, exploration and development of mines, production and post-closure reclamation, safety and labour, mining law reform, price controls import and export laws, taxation, maintenance of claims, tenure,
government royalties and expropriation of property. There is no assurance that future changes in such regulation, if any, will not adversely affect the Company&rsquo;s operations. The activities of the Company require licenses and permits from
various governmental authorities.</P>
<P align="justify">
The costs associated with compliance with these laws and regulations are substantial and possible future laws and regulations, changes to existing laws and regulations and more stringent enforcement of current laws and regulations by governmental
authorities, could cause additional expenses, capital expenditures, restrictions on or suspensions of the Company&rsquo;s operations and delays in the development of its properties. Moreover, these laws and regulations may allow governmental
authorities and private parties to bring lawsuits based upon damages to property and injury to persons resulting from the environmental, health and safety practices of the Company&rsquo;s past and current operations, or possibly even those actions
of parties from whom the Company acquired its mines or properties, and could lead to the imposition of substantial fines, penalties or other civil or criminal sanctions. The Company retains competent and well trained individuals and consultants in
jurisdictions in which it does business, however, even with the application of considerable skill the Company may inadvertently fail to comply with certain laws. Such events can lead to financial restatements, fines, penalties, and other material
negative impacts on the Company.</P>
<P align="justify"><i>Mexican Foreign Investment and Income Tax Laws</i><br>
On October 31, 2013, the Mexican Tax Reform package was approved by the Mexican Congress and it came into effect on January 1, 2014. This law applies on a prospective basis and is expected to affect the future earnings of the Company's operations in Mexico. The Company has taken the position that the 7.5% mining royalty is an income tax in accordance with IFRS for financial reporting purpose, as it is based on a measure of revenue less certain specified costs. On substantial enactment, a taxable temporary difference arises as property plant and equipment and exploration and evaluation assets have book basis but no tax basis for purposes of the royalty. The Company has recognized a deferred tax liability of $18.7 million as at December 31, 2013 in respect of this royalty. This deferred tax liability will be drawn down to $nil as a reduction to tax expense over the life of mines and related assets. </P>
<P align="justify">In December 2012, the Mexican government amended federal labour laws with respect to the use of service companies, subcontracting arrangements and the obligation to compensate employees with appropriate profit-sharing in Mexico. While the Company believes it is probable that these amended Labour laws will not result in any material obligation or additional profit-sharing entitlements for its Mexican employees, there can be no assurance that this will continue to be the case.</P>
<P align="justify">Any developments or changes in such legal, regulatory or governmental requirements as described above or otherwise are beyond the control of the Company and may adversely affect its business.</P>
<P align="justify">
<B><I>Mexican Tax Assessments </I></B> <br>
As disclosed under &ldquo;Legal Proceedings&rdquo; on page 60, a subsidiary of the Company in Mexico has received a tax assessment from Mexican fiscal authorities.</P>
<P align="justify">
While the Company is of the view that the tax assessment has no legal merit and is contesting it, there is no assurance that the Company will be successful or that the Company will not have to pay the full amount of the assessment plus interest and
penalties. In the event the Company is unsuccessful, this could negatively impact the Company&rsquo;s financial position and create difficulties for the Company in the future in dealing with Mexican fiscal authorities. </P>
<p align="center">14 <b><i><br>
  Endeavour Silver Corp.</i></b> </p>
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<P align="justify"><B><I>Obtaining and Renewing of Government Permits </I></B> <br>
  In the ordinary course of business, the Company is required to obtain and renew government permits for the operation and expansion of existing operations or for the development, construction and commencement of new operations. Obtaining or renewing
the necessary governmental permits is a complex and time-consuming process involving numerous jurisdictions and possibly involving public hearings and costly undertakings on the Company&rsquo;s part. The duration and success of the Company&rsquo;s
efforts to obtain and renew permits are contingent upon many variables not within its control including the interpretation of applicable requirements implemented by the permitting authority. The Company may not be able to obtain or renew permits
that are necessary to its operations, or the cost to obtain or renew permits may exceed what the Company believes it can recover from a given property once in production. Any unexpected delays or costs associated with the permitting process could
delay the development or impede the operation of a mine, which could adversely impact the Company&rsquo;s operations and profitability.</P>
<P align="justify">
<B><I>Environmental Factors </I></B> <br>
All phases of the Company&rsquo;s operations are subject to environmental regulation in the various jurisdictions in which it operates. Environmental legislation is evolving in a manner which will require stricter standards and enforcement,
increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that any
future changes in environmental regulation will not adversely affect the Company&rsquo;s operations. The costs of compliance with changes in government regulations have the potential to reduce the profitability of future operations. Environmental
hazards that may have been caused by previous or existing owners or operators may exist on the Company&rsquo;s mineral properties, but are unknown to the Company at present.</P>
<P align="justify">
<B><I>Title to Assets </I></B> <br>
Although the Company has or will receive title opinions for any properties in which it has a material interest, there is no guarantee that title to such properties will not be challenged or impugned. The Company has not conducted surveys of the
claims in which it holds direct or indirect interests and, therefore, the precise area and location of such claims may be in doubt. The Company&rsquo;s claims may be subject to prior unregistered agreements or transfers or native land claims and
title may be affected by unidentified or unknown defects. The Company has conducted as thorough an investigation as possible on the title of properties that it has acquired or will be acquiring to be certain that there are no other claims or
agreements that could affect its title to the concessions or claims. If title to the Company&rsquo;s properties is disputed it may result in the Company paying substantial costs to settle the dispute or clear title and could result in the loss of
the property, which events may affect the economic viability of the Company.</P>
<P align="justify">
<B><I>Employee Recruitment and Retention </I></B> <br>
Recruiting and retaining qualified personnel is critical to the Company&rsquo;s success. The Company is dependent on the services of key executives including the Company&rsquo;s President and Chief Executive Officer and other highly skilled and
experienced executives and personnel focused on managing the Company&rsquo;s interests. The number of persons skilled in acquisition, exploration, development and operation of mining properties are limited and competition for such persons is
intense. As the Company&rsquo;s business activity grows, the Company will require additional key financial, administrative and mining personnel as well as additional operations staff. We could experience increases in our recruiting and training
costs and decreases in our operating efficiency, productivity and profit margins. If we are not able to attract, hire and retain qualified personnel, the efficiency of our operations could be impaired, which could have an adverse impact on the
Company&rsquo;s future cash flows, earnings, financial performance and financial condition.</P>
<P align="justify">
<B><I>Potential Conflicts of Interest </I></B> <br>
The directors and officers of the Company may serve as directors and/or officers of other public and private companies, and may devote a portion of their time to manage other business interests. This may result in certain conflicts of interest. To
the extent that such other companies may participate in ventures in which the Company is also participating, such directors and officers of the Company may have a conflict of interest in negotiating and reaching an agreement with respect to the
extent of each company&rsquo;s participation. The laws of British Columbia, Canada, require the directors and officers to act honestly, in good faith, and in the best interests of the Company and its shareholders. However, in conflict of interest
situations, directors and officers of the Company may owe the same duty to another company and will need to balance the competing obligations and liabilities of their actions.</P>
<P align="center">
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<B><I><br>
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<P align="justify">
There is no assurance that the needs of the Company will receive priority in all cases. From time to time, several companies may participate together in the acquisition, exploration and development of natural resource properties, thereby allowing
these companies to: (i) participate in larger properties and programs; (ii) acquire an interest in a greater number of properties and programs; and (iii) reduce their financial exposure to any one property or program. A particular company may
assign, at its cost, all or a portion of its interests in a particular program to another affiliated company due to the financial position of the company making the assignment. In determining whether or not the Company will participate in a
particular program and the interest therein to be acquired by it, it is expected that the directors and officers of the Company will primarily consider the degree of risk to which the Company may be exposed and its financial position at that
time.</P>
<P align="justify">
<B><I>Third Party Reliance </I></B> <br>
The Company&rsquo;s rights to acquire interests in certain mineral properties have been granted by third parties who themselves may hold only an option to acquire such properties. As a result, the Company may have no direct contractual relationship
with the underlying property holder.</P>
<P align="justify">
<B><I>Absolute Assurance on Financial Statements </I></B> <br>
We prepare our financial reports in accordance with accounting policies and methods prescribed by International Financial Reporting Standards. In the preparation of financial reports, management may need to rely upon assumptions, make estimates or
use their best judgment in determining the financial condition or results of operations of the Company. Significant accounting details are described in more detail in the notes to our annual consolidated financial statements for the year ended
December 31, 2013. In order to have a reasonable level of assurance that financial transactions are properly authorized, assets are safeguarded against unauthorized or improper use and transactions are properly recorded and reported, we have
implemented and continue to analyze our internal control systems for financial reporting. Although we believe our financial reporting and financial statements are prepared with reasonable safeguards to ensure reliability, we cannot provide absolute
assurance in that regard.</P>
<P align="justify">
<B><I>General Economic Conditions </I></B> <br>
The unprecedented events in global financial markets during the last few years have had a profound effect on the global economy. Many industries, including the gold and silver mining industry, are affected by these market conditions. Some of the key
effects of the current financial market turmoil include contraction in credit markets resulting in a widening of credit risk, devaluations and high volatility in global equity, commodity, foreign exchange and precious metal markets, and a lack of
market liquidity. A continued or worsened slowdown in the financial markets or other economic conditions, including but not limited to, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels,
lack of available credit, the state of the financial markets, interest rates, and tax rates may adversely affect the Company&rsquo;s growth and profitability.</P>
<P align="justify">
Specifically:</P>
<ul>
  <li>

the global credit/liquidity crisis could affect the cost and availability of
financing and our overall liquidity;
  </li>
  <li>

the volatility of gold and silver prices affects our revenues, profits and cash
flow;
  </li>
  <li>

volatile energy prices, commodity and consumables prices and currency exchange
rates affect our production costs; and
  </li>
  <li>

the devaluation and volatility of global stock markets affects the valuation of
our equity securities.
  </li>
</ul>
<P align="justify">
These factors could have a material adverse effect on the Company&rsquo;s financial condition and financial performance.</P>
<P align="center">
16
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
<B><I>Substantial Volatility of Share Price </I></B> <br>
In recent years, the securities markets in the United States and Canada have experienced a high level of price and volume volatility, and the securities of many mineral exploration companies have experienced wide fluctuations in price which have not
necessarily been related to the operating performance, underlying asset values or prospects of such companies. The price of the Company&rsquo;s common shares is also likely to be significantly affected by short-term changes in mineral prices or in
the Company&rsquo;s financial condition or financial performance as reflected in its quarterly financial reports. Other factors unrelated to the Company&rsquo;s performance that may have an effect on the price of its common shares include the
following: the extent of analytical coverage available to investors concerning the Company&rsquo;s business may be limited if investment banks with research capabilities do not follow the Company&rsquo;s securities; lessening in trading volume and
general market interest in the Company&rsquo;s securities may affect an investor&rsquo;s ability to trade significant numbers of the Company&rsquo;s common shares; the size of the Company&rsquo;s public float may limit the ability of some
institutions to invest in the Company&rsquo;s securities; and a substantial decline in the price of the Company&rsquo;s common shares that persists for a significant period of time could cause the Company&rsquo;s securities to be delisted from the
Toronto Stock Exchange and New York Stock Exchange, further reducing market liquidity.</P>
<P align="justify">
<B><I>Differences in U.S. and Canadian reporting of reserves and resources </I></B> <br>
The Company&rsquo;s reserve and resource estimates are not directly comparable to those made in filings subject to SEC reporting and disclosure requirements as the Company generally reports reserves and resources in accordance with Canadian
practices. These practices are different from those used to report reserve and resource estimates in reports and other materials filed with the SEC. It is Canadian practice to report measured, indicated and inferred resources, which are not
permitted in disclosure filed with the SEC by United States issuers. In the United States, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced
or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. </P>
<P align="justify">Further, "inferred resources" have a great
  amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC permits issuers to report "resources" only
  as in-place tonnage and grade without reference to unit of metal measures.</P>
<P align="justify">
Accordingly, information concerning descriptions of mineralization, reserves and resources contained in this AIF, or in the documents incorporated herein by reference, may not be comparable to information made public by United States companies
subject to the reporting and disclosure requirements of the SEC.</P>
<P align="justify">
<B><I>Adequacy of internal control over financial reporting as per the requirements of the U.S. Sarbanes-Oxley Act </I></B> <br>
The Company documented and tested, during its most recent fiscal year, its internal control procedures in order to satisfy
the requirements of Section 404 of the U.S. Sarbanes-Oxley Act ("SOX"). SOX requires an annual assessment by management of the effectiveness of the Company&rsquo;s internal control over financial reporting and an attestation report by the
Company&rsquo;s independent auditor addressing this assessment. The Company may fail to achieve and maintain the adequacy of its internal control over financial reporting as such standards are modified, supplemented, or amended from time to time,
and the Company may not be able to ensure that it can conclude on an ongoing basis that it has effective internal control over financial reporting in accordance with Section 404 of SOX. The Company&rsquo;s failure to satisfy the requirements of
Section 404 of SOX on an ongoing, timely basis could result in the loss of investor confidence in the reliability of its financial statements, which in turn could harm the Company&rsquo;s business and negatively affect the trading price of its
common shares or market value of its other securities. In addition, any failure to implement required new or improved controls, or difficulties encountered in their implementation, could harm the Company&rsquo;s operating results or cause it to fail
to meet its reporting obligations. Future acquisitions of companies may provide the Company with challenges in implementing the required processes, procedures and controls in its acquired operations. Acquired companies may not have disclosure
controls and procedures or internal control over financial reporting that are as thorough or effective as those required by securities laws currently applicable to the Company.</P>
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<P align="justify">
No evaluation can provide complete assurance that the Company&rsquo;s internal control over financial reporting will detect or uncover all failures of persons within the Company to disclose material information required to be reported. The
effectiveness of the Company&rsquo;s control and procedures could also be limited by simple errors or faulty judgments. In addition, as the Company continues to expand, the challenges involved in implementing appropriate internal control over
financial reporting will increase and will require that the Company continue to improve its internal control over financial reporting. Although the Company intends to devote substantial time and incur substantial costs, as necessary, to ensure
ongoing compliance, the Company cannot be certain that it will be successful in complying with Section 404 of SOX.</P>
<P align="justify">
<B><I>Potential dilution of present and prospective shareholdings </I></B> <br>
In order to finance future operations and development efforts, the Company may raise funds through the issue of common shares or the issue of securities convertible into common shares. The Company cannot predict the size of future issues of common
shares or the issue of securities convertible into common shares or the effect, if any, that future issues and sales of the Company&rsquo;s common shares will have on the market price of its common shares. Any transaction involving the issue of
shares, or securities convertible into shares, could result in dilution, possibly substantial, to present and prospective holders of shares.</P>
<P align="justify">
<B><I>Lack of Dividends </I></B> <br>
No dividends on the Company&rsquo;s common shares have been paid to date. The Company currently plans to retain all future earnings and other cash resources, if any, for the future operation and development of its business. Payment of any future
dividends, if any, will be at the discretion of the Board of Directors after taking into account many factors, including the Company&rsquo;s operating results, financial condition, and current and anticipated cash needs.</P>
<P align="justify">
<B><I>Future Sales of Common Shares by Existing Shareholders </I></B> <br>
Sales of a large number of the Company&rsquo;s common shares in the public markets, or the potential for such sales, could decrease the trading price of the common shares and could impair the Company&rsquo;s ability to raise capital through future
sales of common shares.</P>
<P align="justify">
<B><I>Claims Under U.S. Securities Laws </I></B> <br>
The enforcement by investors of civil liabilities under the federal securities laws of the United States may be affected adversely by the fact that the Company is incorporated under the laws of British Columbia, Canada, that the independent
registered chartered accountants who have audited the Company&rsquo;s financial statements and some or all of the Company&rsquo;s directors and officers may be residents of Canada or elsewhere, and that all or a substantial portion of the
Company&rsquo;s assets and said persons are located outside the United States. As a result, it may be difficult for holders of the Company&rsquo;s common shares to effect service of process within the United States upon people who are not residents
of the United States or to realize in the United States upon judgments of courts of the United States predicated upon civil liabilities under the federal securities laws of the United States</P>
<P align="justify">
<B><I>Financial Instruments </I></B> <br>
From time to time, the Company may use certain financial instruments to manage the risks associated with changes in silver prices, interest rates and foreign currency exchange rates. The use of financial instruments involves certain inherent risks
including, among other things: (i) credit risk, the risk of default on amounts owing to the Company by the counterparties with which Company has entered into such transaction; (ii) market liquidity risk, the risk that the Company has entered into a
position that cannot be closed out quickly, either by liquidating such financial instrument or by establishing an offsetting position; (iii) unrealized mark-to-market risk, the risk that, in respect of certain financial instruments, an adverse
change in market prices for commodities, currencies or interest rates will result in the Company incurring an unrealized mark-to-market loss in respect of such derivative products.</P>
<P align="center">
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<B><I><br>
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<P align="justify">
<B><I>Financial Reporting Standards</I></B> </P>
<P align="justify">
The Company prepares its financial reports in accordance with IFRS applicable to publicly accountable enterprises effective January 1, 2011. In preparation of financial reports, management may need to rely upon assumptions, make estimates or use
their best judgment in determining the financial condition of the Company. Significant accounting policies are described in more detail in the Company&rsquo;s audited financial statements.  In order to have a reasonable level of assurance that
financial transactions are properly authorized, assets are safeguarded against unauthorized or improper use, transactions are properly recorded and reported and the Company has implemented and continues to analyze its internal control systems for
financial reporting. Although the Company believes its financial reporting and financial statements are prepared with reasonable safeguards to ensure reliability, the Company cannot provide absolute assurance. </P>
<P align="justify">
<B>4.3 Asset-Backed Securities Outstanding </B></P>
<P align="justify">
The Company has not issued any asset-backed securities. </P>
<P align="justify">
<B>4.4 Mineral Projects </B></P>
<P align="justify">
To satisfy the reporting requirements of National Instrument 51-102F2 with respect to the Company&rsquo;s mineral projects, the Company has opted, as permitted by the Instrument, to reproduce the summaries from the technical reports on the
respective material properties.</P>
<P align="justify">
<B><I><U>Guanacevi Mines Project, Durango State, Mexico</U></I></B></P>
<P align="justify">
The following summary of the Guanacevi Mines Project is extracted from a technical report titled &ldquo;<I>NI 43-101 Technical Report on the Resource and Reserve Estimates for the Guanacevi Project, Durango State, Mexico</I>&rdquo; prepared by
Michael Munroe SME-RM, an employee of the Company, with an effective date of December 31, 2013 and dated March 27, 2014.  The complete report can be viewed on SEDAR at www.sedar.com. The detailed disclosure contained in this technical report is
incorporated by reference into this AIF.</P>
<P align="justify">
<B>Summary </B></P>
<P align="justify">
The purpose of this Technical Report is to support Endeavour Silver Corp&rsquo;s (EDR) public disclosure related to the resource estimate for the Guanacev&iacute; Mines property. This Technical Report conforms to National Instrument 43-101 Standards
of Disclosure for Mineral Projects (NI 43-101) and as EDR is a producer issuer in accordance with section 5.3.2 of National Instrument (NI 43-101) regulations. The mineral resource estimates for this deposit were completed in-house by EDR personnel.
</P>
<P align="justify">
EDR is a mid-tier silver mining company engaged in the exploration, development, and production of mineral properties in Mexico. EDR is focused on growing its production and reserves and resources in Mexico. Since start-up in 2004, EDR has posted
nine consecutive years of growth of its silver mining operations. In addition to the Guanacev&iacute; Mines property, EDR owns and operates the El Cubo Mine, and the Bola&ntilde;itos Mine, both located near the city of Guanajuato in Guanajuato
State, Mexico. </P>
<P align="justify">
This report follows the format and guidelines of Form 43-101F1, Technical Report for National Instrument 43-101, Standards of Disclosure for Mineral Projects, and its Companion Policy NI 43-101 CP, as amended by the CSA and which came into force on
June 30,201 1. </P>
<P align="center">
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<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
This report has an effective date of December 31, 2013. The mineral resource and reserve estimates reported in this report comply with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards and definitions, as required under
Canadian National Instrument 43-101 (NI 43-101) regulations. </P>
<P align="justify">
The term Guanacev&iacute; Property, in this report, refers to the entire area covered by the mineral license, while the term Guanacev&iacute; Project refers to the area within the mineral license on which the current mining and exploration programs
are being conducted. </P>
<P align="justify">
This report includes technical information which requires subsequent calculations or estimates to derive sub-totals, totals and weighted averages. Such calculations or estimations inherently involve a degree of rounding and consequently introduce a
margin of error. The QP does not consider such errors to be material to the calculations presented here. </P>
<P align="justify">
The conclusions and recommendations in this report reflect the QP's best independent judgment in light of the information available to him at the time of writing. </P>
<P align="justify">
<B>Location and Property Description </B></P>
<P align="justify">
The Guanacev&iacute; Mines Project is located within the Municipality of Guanacev&iacute; in the State of Durango near its northern border with the state of Chihuahua. The town of Guanacev&iacute; is located 260km northwest of Durango. The road from
Durango to Guanacev&iacute; is paved and accessible year round.</P>
<P align="justify">
Durango has a modern airport with daily flights to and from Mexico City and at the time of this report flights to Houston, Texas. The Guanacev&iacute; Mines Project is located on the edge of the Sierra Madre, a series of rugged mountains with higher
points reaching 3,300 metres above sea level.</P>
<P align="justify">
The Guanacev&iacute; mining district covers an area measuring approximately 5 km northeast southwest by 10 km northwest-southeast and contains more than 50 silver/gold mines. Although only three of the mines are presently operating, there is
considerable mining experience available in the area. </P>
<P align="justify">
Water for the operations is supplied from dewatering of the mines and the Guanacev&iacute; processing plant recycles all water. </P>
<P align="justify">
Power to the Guanacev&iacute; Mines project is available from the regional grid (Comisi&oacute;n Federal de Electricidad).</P>
<P align="justify">
Telephone and internet communications are integrated into the national land-based telephone system and provides reliable service. </P>
<P align="justify">
The area has a rich tradition of mining and there is an ample supply of skilled personnel sufficient for both the underground mining operations and the surface facilities. </P>
<P align="justify">
<B>Ownership </B></P>
<P align="justify">
Endeavour Silver holds the Guanacev&iacute; Mines Project through its 100% owned Mexican subsidiary Endeavour Gold Corporation S.A. de C.V. (Endeavour Gold). Endeavour Gold holds the project through its two 100% owned subsidiaries Minera Plata
Adelante S.A. de C.V. (Minera Plata Adelante) and Refinadora Plata Guanacev&iacute; S.A. de C.V. (Refinadora Plata Guanacev&iacute;). At present, the Project is comprised of 51 mineral concessions. The mineral concessions are not all contiguous and
vary in size, for a total Property area of 4,096.1056 ha.  </P>
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<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
In June, 2011, Endeavour Silver acquired an option on the La Brisa and La Brisa 2 Properties (90 ha), located approximately 10 km southeast of Endeavour Silver&rsquo;s active Porvenir silver/gold mine in the Guanacev&iacute; district.</P>
<P align="justify">
The option agreement requires Endeavour Silver to make US &#36;220,000 in cash payments over a 3 year period. </P>
<P align="justify">
The La Brisa concession optioned in the southern part of the Guanacev&iacute; district is different from the La Brisa concession of the same name, acquired along with Porvenir Cuatro in 2010. </P>
<P align="justify">
In addition to the mineral rights, Endeavour Silver has agreements with various private ranch owners and local ejidos (El Hacho and San Pedro) that provide access for exploration and exploitation purposes. </P>
<P align="justify">
<B>History </B></P>
<P align="justify">
It is not known if the indigenous peoples or the Spanish colonists first began mining in the Guanacev&iacute; district but mining extends back to at least 1535 when the mines were first worked by the Spanish. By the start of the 18th century,
Guanacev&iacute; had become an important mining centre in the Nueva Vizcaya province of Nueva Espa&ntilde;a (New Spain), as reported by Alexander von Humboldt in his travels through Nueva Espa&ntilde;a. However, the Guanacev&iacute; mining district
is not as well known today. </P>
<P align="justify">
The Guanacev&iacute; mining district and the Guanacev&iacute; Mines Project area are riddled with mine openings and old workings, in a somewhat haphazard fashion near surface, representing the earliest efforts at extraction, and more systematic at
depth, which is indicative of later, better organized and engineered mining. Associated with these openings and workings is a number of ruins, which represent the mine buildings, chapels and residences of the inhabitants and indicate the wealth of
the mining district during its past. The vast bulk of the material which has been extracted from underground operations through the tunnels, shafts and winzes is scattered over the hillsides in waste dumps and beneath the foundations of the ruins
and modern buildings. Historically, individual veins or deposits had separate owners and, in the case of some of the larger veins or deposits, had several owners along the strike length which resulted in a surfeit of adits and shafts and very
inefficient operations. </P>
<P align="justify">
During the late sixteenth century silver production accounted for 80% of all exports from Nueva Espa&ntilde;a, although, by the mid-seventeenth century, silver production collapsed when mercury, necessary to the refining process, was diverted to the
silver mines of Potos&iacute; in present day Bolivia. Collapse of the seventeenth century mining led to widespread bankruptcy among the miners and hacienda owners; however, in the latter half of the seventeenth century silver mining began to recover
in Nueva Espa&ntilde;a. By the start of the 18th century, Guanacev&iacute; had become an important mining centre in the Nueva Vizcaya province. </P>
<P align="justify">
The peasant uprisings of 1810 to 1821 were disastrous to the Mexican mining industry with both the insurgents&rsquo; soldiers and royalist troops all but destroying the mining production in Mexico, and the Guanacev&iacute; mining district was not
spared during this period. </P>
<P align="justify">
The district has experienced several periods of bonanza-grade production, including the operation of a mint in 1844. The Guanacev&iacute; mining district, however, reached its greatest period of activity at the start of the 20th century, when five
processing plants were in operation and more than 15 mines were in production. </P>
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<P align="justify">
J.R. Southworth, in his 1905 volume entitled &ldquo;The Mines of Mexico&rdquo;, mentions that Guanacev&iacute; is a very rich district and &ldquo;that many of the largest capitalists of New York have enormous interests in its mines&rdquo;.
Southworth mentions that the Barrad&aacute;n, Hacienda Wilson, El Carmen, Nueva Australia and Hacienda Avila were all good mines and properties within the Guanacev&iacute; mining district. However, Southworth also mentioned that &ldquo;considering
the large number of once famous properties in Guanacev&iacute;, there are comparatively few now in operation. The cessation of development has been due to various causes, though usually not from lack of ore.&rdquo; </P>
<P align="justify">
The vast majority of production came prior to the 1910 Mexican Revolution with the Guanacev&iacute; mining district being known for its high silver grades. Previous reports noted that the official production records indicate that a total value of
500 million pesos, or approximately 500 million ounces of silver and silver equivalents, with a present day value of about US &#36;3.25 billion, had been extracted from this mining district. This makes the Guanacev&iacute; district one of the top
five silver mining districts in Mexico on the basis of past production. </P>
<P align="justify">
The extent of historical exploration on the property is relatively unknown. Prior to management by Endeavour Silver, production was coming from three mines without the benefit of any systematic exploration drilling, geological mapping or mine
planning. </P>
<P align="justify">
<B>Geology and Mineralization </B></P>
<P align="justify">
<B>Geology </B></P>
<P align="justify">
The rock types of the district can be grouped into three principal stratigraphic groups based on Consejo de Recursos Minerales stratigraphic studies. The Guanacev&iacute; conglomerate at the base overlain by the Lower Volcanic Unit which in turn is
overlain by the Upper Volcanic Unit. </P>
<P align="justify">
The Guanacev&iacute; conglomerate, the oldest unit in the district (Upper Jurassic or Lower Cretaceous), is a 450m thick polymictic basal conglomerate composed of angular to subangular fragments of quartz and metamorphic rocks set in a sandy to
clayey matrix within sericitic and siliceous cement.</P>
<P align="justify">
The Guanacev&iacute; conglomerate is overlain by the package of intermediate volcanics, the Lower Volcanics, a loosely-defined package of andesitic flows and volcaniclastic sediments correlated with Eocene volcanism. As observed in rocks that host
Porvenir and Santa Cruz mine workings, the andesite occurs as a pale green to nearly black volcanic flow. The sequence of rock types in the Lower Volcanics is a coarsening-upward series of volcaniclastic sediments capped by an andesite flow. </P>
<P align="justify">
Rhyolite is the Upper Volcanic Unit and caps the lower volcanic andesite. The thickness of the Upper Volcanic unit appears to exceed 300m. </P>
<P align="justify">
The Guanacev&iacute; mineral deposits occur as an epithermal low sulphidation, quartz-carbonate, fracture-filling vein hosted by a structure that trends approximately N45&deg;W and dips 55&deg; southwest. The fault and vein comprise a structural
system referred to locally as the Santa Cruz vein structure or Santa Cruz vein fault. The Santa Cruz vein itself has been traced for 5 km along the trend and averages approximately 3.0 m in width. High-grade mineralization in the system is not
continuous, but occurs in steeply northwest-raking shoots up to 200 m in strike length. A second vein is located sub-parallel and subjacent (located in the footwall) to the Santa Cruz vein but is less continuous. The footwall vein is economically
significant in the Porvenir Dos zone and in the northern portion of deep North Porvenir. </P>
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<P align="justify">
<B>Mineralization </B></P>
<P align="justify">
The Santa Cruz vein is a silver-rich structure with lesser amounts of gold, lead and zinc. Based on historic production, mineralization has averaged 500 grams per tonne (g/t) silver and 1 g/t gold over a 3 m true width. The minerals encountered are
argentite-acanthite with limited gold, galena, sphalerite, pyrite and manganese oxides. Gangue minerals noted are barite, rhodonite, rhodochrosite, calcite, fluorite and quartz. The mineralization down to Level 6 in the Santa Cruz mine is mainly
oxidized with a transition zone of oxides to sulphides occurring between Levels 6 to 8, although some sulphide ore was mined above Level 6. Mineralization exhibits evidence of episodic hydrothermal events which generated finely banded textures.
High-grade mineralization in the district is commonly associated with multiple phases of banding and brecciation. In the Porvenir Dos area and in the deeper portion of North Porvenir, a footwall-hosted vein is associated with the Santa Cruz vein
structure. In both areas, this footwall vein is either within Guanacev&iacute; Formation footwall rocks or is at the structural contact between the Guanacev&iacute; Formation and Lower Volcanic Sequence andesite. It is banded to brecciated quartz
plus carbonate and contains local scatterings (&lt; 1%) of sulphides (pyrite&gt;sphalerite &gt;galena&gt;chalcopyrite) and rare pods (&lt; 50 cm) of sulphides. </P>
<P align="justify">
<B>Exploration </B></P>
<P align="justify">
Since taking over in 2004 and to December 31, 2013, Endeavour Silver has completed 608 diamond drill holes totalling 169,242m and 22 reverse circulation drill holes totalling 2,977 m on the entire Guanacev&iacute; Mines Project. More than 46,555
samples have also been collected and submitted for assay.</P>
<P align="justify">
Of this total, approximately 125,843m of diamond drilling in 422 holes have been completed on the Santa Cruz vein structure. Holes were drilled from both surface and underground drill stations.</P>
<P align="justify">
<B>Underground Drilling </B></P>
<P align="justify">
Underground drilling in 2013 was limited to definition drilling within the Santa Cruz Mine. </P>
<P align="justify">
<B>Surface Drilling </B></P>
<P align="justify">
In 2013, Endeavour Silver spent US &#36;1,814,212 (including property holding costs) on exploration activities mainly in the Milache area. Twenty surface core holes were drilled for 10,437m and 1,928 samples were submitted for assay. </P>
<P align="justify">
<B>Other Activities </B></P>
<P align="justify">
During 2013, surface geological mapping and sampling was conducted by Endeavour Silver on the Guanacev&iacute; Property, focusing, from North to South, in the San Pedro (El Cambio-PP), Milache, El Rocio and Santa Cruz South. </P>
<P align="justify">
Regionally, a total of 17 Regional Exploration Targets were defined in a radius of approximately 70 km around the Guanacev&iacute; Mines Project, to review the potential of mineralization in the municipalities of Guanacev&iacute;, Tepehuanes, San
Bernardo and El Oro. </P>
<P align="center">
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<P align=justify><B>2014 Exploration Program </B></P>
<P align=justify>In 2014, in order to reinforce the operating areas, Endeavour
Silver plans to develop the surface diamond drilling program in the Santa Cruz
South Zone, and also to explore the zone between Porvenir North and Santa Cruz
with an underground drilling program. Also detailed mapping and sampling
activities are planned for the footwall of the Santa Cruz vein zone, between the
Pelayo and Rocio veins. Regionally, several new prospective targets near the
Guanacev&#237; District will continue to be investigated. </P>
<P align=justify>Table 0-1 summarizes the planned 2014 exploration budget for
the Guanacev&#237; Mines Project. </P>
<P align=center><B>Table 0-1 <br>
Guanacev&#237; Exploration Priority Targets &#150; 2014 </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: medium none #000000; " align=left
      rowSpan=2 bgcolor="#EEEEEE"><B>Project Area</B> </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " align=center width="26%"
    colSpan=2 bgcolor="#EEEEEE">&nbsp; &nbsp; &nbsp; &nbsp;<B>2014 Program</B> </TD>
    <TD style="border-bottom-color:#000000" align=center width="13%"
    rowSpan=2 bgcolor="#EEEEEE"><B>Budget</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=center width="13%"
    rowSpan=2 bgcolor="#EEEEEE"><B>Metres</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=center width="13%"
    rowSpan=2 bgcolor="#EEEEEE"><B>Samples</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=center
      width="61%" bgcolor="#EEEEEE">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:solid; border-top-width:1" align=center
      width="13%" bgcolor="#EEEEEE"><B>US $</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      colSpan=4><B>Surface Exploration Drilling</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Santa Cruz South
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">4,500 </TD>
    <TD align=center width="13%">1,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">709,920 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Guanacev&#237; Regional
      Exploration </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">&nbsp; </TD>
    <TD align=center width="13%">900 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">253,260 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Subtotal</B>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>4,500</B> </TD>
    <TD align=center width="13%"><B>2,400</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>963,180</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=4><B>Mine
      Operations Exploration Drilling</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Porvenir North </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">5,000 </TD>
    <TD align=center width="13%">1500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">1,100,000 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Subtotal</B>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>5,000</B> </TD>
    <TD align=center width="13%"><B>1,500</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>1,100,000</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total (mine
      +exploration division)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>9,500</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>3,900</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>2,063,180</B> </TD></TR></TABLE></DIV>
<P align=justify><B>2013 Mineral Resource Estimate </B></P>
<P align=justify><B>Mineral Resource Statement </B></P>
<P align=justify>The mineral resources for the Guanacev&#237; Mines Project as of
December 31, 2013 are summarized in Table 0-2. Resources are exclusive of the
mineral reserves. </P>
<P align=center><B>Table 0-2 <br>
Mineral Resource Estimate, Effective Date December 31, 2013
<br>
Michael Munroe, SME Registered Member </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgcolor="#EEEEEE"><B>Description</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Tonnes</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver</B> <B><br>
    (g/t)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Gold</B> <B><br>
    (g/t)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver</B> <B><br>
    (oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Gold</B> <B><br>
    (oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver Eq.</B> <B><br>
    (oz)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Measured </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">132,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">183 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">0.29 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">777,200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">1,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">855,200 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Indicated </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">1,701,200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">242 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">0.57 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">13,221,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">31,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">15,111,400 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total Measured and</B> <B>Indicated</B>      </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>1,833,200</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>238</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>0.55</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>13,998,600</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>32,800</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>15,966,600</B>  </TD>
  </TR>
  <TR>
    <TD colspan="7">&nbsp;       </TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total Inferred</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>1,155,100</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>253</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>0.46</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>9,384,700</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>17,100</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>10,410,700</B></TD>
  </TR></TABLE>
</DIV>
<P align=center>24 <B><I><br>
Endeavour Silver Corp.</I></B> </P>
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<P align="justify">
<B>Assumptions and Key Parameters </B></P>
<P align="justify">
Resources are diluted to a minimum mining width of 1.80m. Assumed metal prices are &#36;1420 per ounce for gold and &#36;24.20 per ounce for silver. Resource blocks above a cut-off of 100 g/t silver equivalent are considered for inclusion in
resources. Silver equivalent is calculated with a factor of 60:1 gold:silver. </P>
<P align="justify">
<B>Methodology </B></P>
<P align="justify">
Resources for the mining areas (Santa Cruz, Porvenir North and Porvenir Cuatro) of the Guanacev&iacute; Mines Project were estimated using both 2D polygonal and 3D modeling techniques, specifically inverse distance cubed (ID3). Blocks within the
developed mine were estimated using 2D polygonal methods rather than 3D models Areas defined by drilling were estimated using 3D models. </P>
<P align="justify">
Resources for the exploration areas (San Joaquin, La Blanc-Mi Ni&ntilde;a and Epsilon-Soto) have been carried forward from the December 15, 2013, estimates, as there has been no change since that time. Resources for the Milache Project were
estimated by Endeavour Silver using the 3D IDW modeling technique. </P>
<P align="justify">
<B>Classification </B></P>
<P align="justify">
Mineral resources were classified on the basis of the location of blocks relative to the data used to estimate the grade according to the following criteria. </P>
<P align="justify">
For resources based on chip sample data, Measured Resources are projected a maximum of 10m from sample data or halfway to adjacent data points, whichever is less.</P>
<P align="justify">
For polygonal based drillhole defined resources, (exploration holes), Measured Resources are based on drill intercepts spaced at between 10 and 25m. There are currently no Measured Resource blocks defined only by drilling at Guanacev&iacute; dude to
sample spacing </P>
<P align="justify">
Indicated Resources are projected a maximum of 35m from sample data or halfway to adjacent data points, including development, chip samples or drill hole intercepts, whichever is less. </P>
<P align="justify">
For polygonal based drillhole defined resources, (exploration holes), Indicated Resources are defined as the area based on a 25m radius around a drill hole.</P>
<P align="justify">
Inferred mineral resources are those blocks/areas where confidence in the estimate is insufficient to enable an evaluation of the economic viability worthy of public disclosure.</P>
<P align="justify">
Inferred Resources within operational areas are outlined and estimated based on the mine's interpretation and confidence in the historical sampling results. Inferred resources are based on drill intercepts spaced at between 35 and 70m depending on
the structural complexity and geological continuity. </P>
<P align="justify">
For polygonal based drillhole defined resources, (exploration holes), Inferred are defined as the area based on a 50m radius around a drill hole.</P>
<P align="center">
25
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align=justify><B>2013 Mineral Reserve Estimate </B></P>
<P align=justify><B>Mineral Reserve Statement </B></P>
<P align=justify>The mineral reserves for the Guanacev&#237; Mines project as of
December 31, 2013 are summarized in Table 0-3. </P>
<P align=center><B>Table 0-3 <br>
Mineral Reserve Estimate, Effective Date December 31, 2013,
<br>
Michael Munroe, SME Registered Member </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgcolor="#EEEEEE"><B>Description</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Tonnes</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver</B> <br>
      <B>(g/t)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Gold</B> <B><br>
    (g/t)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver</B> <B><br>
    (oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Gold</B> <B><br>
    (oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver Eq.</B> <br>
      <B>(oz)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Proven </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">327,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">281 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">0.51 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">2,961,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3,279,900 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Probable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">34,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">342 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">0.46 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">380,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">410,800 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total Proven and probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">362,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">287 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">0.51 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3,342,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3,690,700 </TD>
  </TR>
</TABLE>
</DIV>
<P align=justify><B>Mineral Reserve Parameters </B></P>
<P align=justify>Resource blocks are diluted to a minimum mining width of 1.8m.
Assumed metal prices are $1320 per ounce for gold and $22 per ounce for silver.
Resource blocks above a cut-off of 217 g/t silver equivalent are considered for
inclusion in resources. Dilution is applied at a constant 15% after being
diluted to the minimum mining width. Silver equivalent is calculated with a
factor of 60:1 gold:silver. Silver and gold recoveries are 74.7% and 82.1%
respectively. </P>
<P align=justify><B>Definitions and Classifications </B></P>
<P align=justify>Mineral reserves are derived from measured/indicated resources
after applying the economic parameters stated above. The Guanacev&#237; reserves have
been derived and classified according to the following criteria: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Proven mineral reserves are the economically mineable part of the Measured
  Resource where development work for mining and information on
  processing/metallurgy and other relevant factors demonstrate that economic
  extraction is achievable. For Guanacev&#237;, this applies to blocks located within
  approximately 10 m of existing development and for which Endeavour Silver has
  a mine plan in place.
  <br>
  <br>
  <LI>Probable mineral reserves are those Measured or Indicated mineral resource
  blocks which are considered economic and for which Endeavour Silver has a mine
  plan in place. For Guanacev&#237;, this is applicable to blocks located a maximum
  of 35 m either vertically or horizontally distant from development. </LI></UL>
<P align=justify><B>Development and Operations </B></P>
<P align=justify>Since January 1, 2007, Endeavour Silver has been in control of
the day-to-day mining operations at the Guanacev&#237; Mines Project. Endeavour
Silver assumed control of the mining operations from a local mining contractor
in order to allow for more flexibility in operations and to continue optimizing
the costs. </P>
<P align=justify>On December 31, 2013, the Guanacev&#237; Mines Project had a roster
of 446 employees. The mine operates on two 10-hour shifts, 7 days a week,
whereas the mill operates on a 24/7 schedule. </P>
<P align=center>26 <B><I><br>
Endeavour Silver Corp.</I></B> </P>
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<P align="justify">
A conventional cut and fill mining method is employed with the stopes generally 150m long and 20m high. Access to the stoping areas is provided by a series of primary and secondary ramps located in the footwall. The ramps have grades from minus 15%
to plus 12%, with plus or minus 12% as standard. The cross-sections are 4m by 4m for the primary ramps and 3.5m by 3.5m for the secondary ramps. </P>
<P align="justify">
In the lower parts of the mine, stope access is by 90 m long cross-cuts to the vein/stope. The cross-cuts are generally 3.0m by 3.5m in cross-section and are driven at plus 1% to intersect the stope (for water drainage). As the stope advances up-dip
on the vein, the back is taken down in these cross-cuts to maintain access until the cross-cut reaches a maximum inclination of plus 15%. </P>
<P align="justify">
For the year ending December 31, 2013, silver production was 2,772,227 oz and gold production was 6,784 oz. Plant throughput for 2013 was 435,922 tonnes at an average grade of 253 g/t silver and 0.60 g/t gold. In 2013, mill recoveries averaged 78.2%
for silver and 80.7 % for gold. </P>
<P align="justify">
The mill was originally built in 1970 by the Mexican government and designed to custom mill ores from various mines in the district. The mill has undergone a number of upgrades since 1970, and further upgrades since Endeavour Silver took over the
day-to-day operations. </P>
<P align="justify">
In 2013 the mill processed ore from the mines of Porvenir Cuatro, Porvenir Dos, Porvenir North, and Santa Cruz, as well as purchased (third party) ore. In 2011, the grinding circuit had an average capacity of 1,000 t/d. The metallurgical complex
continued to process the Guanajuato flotation concentrate in 2011, 2012, and during the first quarter of 2013. In 2013, the grinding circuit had an average capacity of 1,200 t/d. </P>
<P align="justify">
Endeavour Silver has no contracts or agreements for mining, smelting, refining, transportation, handling or sales, that are outside of normal or generally accepted practices within the mining industry. Endeavour Silver has a policy on not hedging or
forward selling any of its products. Endeavour Silver produces dor&eacute; silver-gold bars which it then ships for further refining at Penoles facility in Torreon. Then the refined metal is sold through Auramet on the London metal exchange. </P>
<P align="justify">
Endeavour Silver holds all necessary environmental and mine permits to conduct planned exploration, development and mining operations on the Guanacev&iacute; Mines Project. </P>
<P align="justify">
The cash operating cost of silver produced at the Guanacev&iacute; Mines project in fiscal year 2013 was &#36; 14.32 per oz, compared to &#36;12.25 in 2012. Cash operating cost per ounce of silver is calculated net of gold credits and royalties. On
a per tonne of ore processed basis, the cash operating costs in 2013 averaged US &#36; 110.93 per tonne, compared to US &#36;103.82 in 2012 and US &#36;100.35 in 2011. </P>
<P align="justify">
For 2014, Endeavour Silver is forecasting production of 2,617,747 ounces of silver and 7,702 ounces of gold from the Guanacev&iacute; Mines project. Plant throughput for 2014 is forecast at 443,300 t at an estimated average grade of 246 g/t silver
and 0.66 g/t gold. Recoveries are forecast to average 74.7 % and 82.1% for silver and gold, respectively. Plant throughput is based on production from the Porvenir North, Porvenir Cuatro and Santa Cruz mines. </P>
<P align="justify">
The property has substantial resource potential. Beyond 2014, Endeavour Silver believes that continued exploration and development will lead to the discovery of new resources. </P>
<P align="justify">
Endeavour Silver actively continues acquiring rights to new properties in the Guanacev&iacute; district. </P>
<P align="center">
27
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
<B>Conclusions and Recommendations </B></P>
<P align="justify">
<B>Conclusions </B></P>
<P align="justify">
The QP considers the Guanacev&iacute; resource and reserve estimates presented in this report follow the current CIM standards and definitions for estimating resources and reserves, as required under NI 43-101 &ldquo;Standards of Disclosure for
Mineral Projects.&rdquo; These resources and reserves form the basis for Endeavour Silver&rsquo;s ongoing mining operations at the Guanacev&iacute; Mines Project.</P>
<P align="justify">
The QP is unaware of any significant technical, legal, environmental or political considerations which would have a negative effect on the extraction and processing of the resources and reserves located at the Guanacev&iacute; Mines Project. Mineral
resources which have not been converted to mineral reserves, and do not demonstrate economic viability, shall remain mineral resources. </P>
<P align="justify">
The QP considers that the mineral concessions in the Guanacev&iacute; mining district controlled by Endeavour Silver are highly prospective both along strike and down dip of the existing known mineralization, and that further resources could be
converted into reserves with additional exploration and development especially in and around the Santa Cruz Mine. </P>
<P align="justify">
Endeavour&rsquo;s Regional Exploration unit has at their disposal modern exploration techniques that were not available to previous exploration and mining companies that worked the district. With many new discoveries in the area, some of which are
currently in production, Endeavour has shown that applying modern concepts and techniques greatly enhances the likelihood of success. </P>
<P align="justify">
Therefore, the QP is of the belief that with Endeavour&rsquo;s continued commitment to regional exploration within the district, the potential for the discovery of deposits of similar character and grade, as those that are currently in operation,
along with those past producers remains optimistic. </P>
<P align="justify">
<B>Recommendations </B></P>
<P align="justify">
Exploration in the Guanacev&iacute; District is ongoing. Endeavour&rsquo;s exploration programs have been successful over the past several years outlining several new resources of which the Milache resource is the most recent. The QP recommends that
exploration continue and that budgeted exploration plans discussed in Section 26.1 be executed. </P>
<P align="justify">
The QP recommends that modeling parameters and procedures be regularly reviewed to develop better estimation plans. </P>
<P align="justify">
Additionally, the QP recommends the following: </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
1) 	</TD>
	<TD>
<P align="justify">That future budgets include and take advantage of modern-day technology improve the quality of the underground samples used for resource evaluation.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
2) 	</TD>
	<TD>
<P align="justify">The continued development of an effective reconciliation plan for the Guanacev&iacute; Mines Project. Stope-by-stope reconciliations are difficult in mines where material from different stopes or even mines is regularly mixed.
However, reconciliation of ore mined and milled on a long-term basis to the resource model and the LOM can be useful tools. Reconciliation to production data can be used in the calibration of future resource models.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
3) 	</TD>
	<TD>
<P align="justify">That mine geology reactivate the collection of representative samples of the various types of wall rock dilution and ore types for bulk density determinations.</P>
	</TD>
</TR>
</TABLE>
<P align="center">
28
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
<B><I><U>Bola&ntilde;itos Mines Project (formerly the Guanajuato Mines Project), Guanajuato State, Mexico</U></I></B><B><I> </I></B> </P>
<P align="justify">
The following summary of the Bola&ntilde;itos Mines Project is extracted from the technical report titled &ldquo;NI 43-101 Technical Report on the Resource and Reserve Estimates for the Bola&ntilde;itos Mine Project (formerly the Guanajuato Mines
Project) Guanajuato State Mexico&rdquo; prepared by Michael Munroe SME-RM, an employee of the Company, with an effective date of December 31, 2013 and dated March 27, 2014. The complete report can be viewed on SEDAR at www.sedar.com. The detailed
disclosure contained in this technical report is incorporated by reference into this AIF.</P>
<P align="justify">
<B>Summary </B></P>
<P align="justify">
The purpose of this Technical Report is to support Endeavour Silver Corp&rsquo;s (EDR) public disclosure related to the resource estimate for the Bola&ntilde;itos Mines Project. This Technical Report conforms to National Instrument 43-101 Standards
of Disclosure for Mineral Projects (NI 43-101) and as EDR is a producer issuer in accordance with section 5.3.2 of National Instrument (NI 43-101) regulations. The mineral resource estimates for this deposit were completed in-house by EDR personnel.
</P>
<P align="justify">
EDR is a mid-tier silver mining company engaged in the exploration, development, and production of mineral properties in Mexico. EDR is focused on growing its production and reserves and resources in Mexico. Since start-up in 2004, EDR has posted
nine consecutive years of growth of its silver mining operations. In addition to the Bola&ntilde;itos Mines property, EDR owns and operates the El Cubo Mine, also located in Guanajuato, and the Guanacev&iacute; Mine located in the northwestern
Durango state, Mexico. </P>
<P align="justify">
This report follows the format and guidelines of Form 43-101F1, Technical Report for National Instrument 43-101, Standards of Disclosure for Mineral Projects, and its Companion Policy NI 43-101 CP, as amended by the CSA and which came into force on
June 30,201 1. </P>
<P align="justify">
This report has an effective date of December 31, 2013. The mineral resource and reserve estimates reported in this report comply with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards and definitions, as required under
Canadian National Instrument 43-101 (NI 43-101) regulations. </P>
<P align="justify">
The term Bola&ntilde;itos Property, in this report, refers to the entire area covered by the mineral license, while the term Bola&ntilde;itos Project refers to the area within the mineral license on which the current mining and exploration programs
are being conducted. </P>
<P align="justify">
This report includes technical information which requires subsequent calculations or estimates to derive sub-totals, totals and weighted averages. Such calculations or estimations inherently involve a degree of rounding and consequently introduce a
margin of error. The QP does not consider such errors to be material to the calculations presented here. </P>
<P align="justify">
<B>Location and Property Description </B></P>
<P align="justify">
The Bola&ntilde;itos Mine property is located in the state of Guanajuato about 280 km northwest of Mexico City. It consists of four operating mines in two areas. Cebada mine is located about 5 km north of the city of Guanajuato. The Bola&ntilde;itos
mine and the processing plant are situated approximately 5 km west of Cebada, the Lucero mine which is about one km to the southeast of Bola&ntilde;itos and the Asuncion mine, located 0.5 km west of Bola&ntilde;itos. Year-round access to all of the
mines is readily available over a network of paved and gravel roads. Endeavour Silver also owns the inactive Golondrinas mine which is 3.5 km to the southwest of Cebada. The Golondrinas mine has not operated since 2008. </P>
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The region is mountainous with a mild climate and sporadic, often violent thunderstorms in the summer months. These storms are the source of most of the precipitation for the area. The summer months are temperate, with comfortable daytime high
temperatures of between 22 and 30&deg;C. Winter temperatures are generally between 15 and 25&deg;C and can drop below freezing overnight. </P>
<P align="justify">
Grass, small trees and shrubs along with several varieties of cacti make up most of the vegetation on the steep hillsides. The area is mainly devoid of trees, although, trees are found near springs and streams. </P>
<P align="justify">
Water for the operations is supplied from dewatering of the mines and the Bola&ntilde;itos process plant is set up to recycle all water back into the process. </P>
<P align="justify">
Power to the Bola&ntilde;itos Mines project is available from the regional grid (Comisi&oacute;n Federal de Electricidad).</P>
<P align="justify">
Telephone and internet communications are integrated into the national land-based telephone system and provides reliable service. </P>
<P align="justify">
Most of the supplies and labour required for the exploration programs and mining operations are purchased in either the city of Guanajuato or Leon. </P>
<P align="justify">
The area has a rich tradition of mining and there is an ample supply of skilled personnel sufficient for both the underground mining operations and the surface facilities. </P>
<P align="justify">
<B>Ownership </B></P>
<P align="justify">
Endeavour Silver advises that it holds the Guanajuato Mines project through its 100% owned Mexican subsidiary Mina Bola&ntilde;itos S.A. de C.V. </P>
<P align="justify">
The Guanajuato Mines project consists of 22 properties which are not all contiguous and vary in size for a total of 2,500 hectares (ha). The project includes four operating silver (gold) mines (Bola&ntilde;itos, Lucero, Asunci&oacute;n and Cebada),
several past-producing silver (gold) mines, and the 1,600 t/d Bola&ntilde;itos processing plant.</P>
<P align="justify">
The annual 2014 concessions tax for the Bola&ntilde;itos Project is estimated to be approximately &#36;708,872 Mexican pesos (pesos), which is equal to about US &#36;54,530 at an Exchange rate of &#36;13.00 pesos to US &#36;1.00. </P>
<P align="justify">
All concessions are subject to a bi-annual fee (i.e., twice per year) and the filing of reports in May of each year covering the work accomplished on the property between January and December of the preceding year. It should be noted that as of
December 21, 2005 (by means of an amendment made on April 28, 2005 to the Mexican mining law), there is only one type of mineral concession in Mexico.</P>
<P align="justify">
In addition to the mineral rights, Endeavour Silver has agreements with various private ranch owners and a local ejido (Mesa Cuata) that provide surface access for exploration and exploitation purposes. </P>
<P align="justify">
<B>History </B></P>
<P align="justify">
The Guanajuato mining district is located at the southern end of what used to be the Chichimeca Empire which was colonized by Nu&ntilde;o de Guzman in 1540.</P>
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<P align="justify">
It is not known if the indigenous peoples or the Spanish colonists first began mining in the Guanajuato district but mining extends back to at least 1548 when the silver veins began to be exploited by the Spanish. Guanajuato was one of the premier
mining districts of Nueva Espa&ntilde;a (New Spain).</P>
<P align="justify">
Although the Spanish began mining as early as 1548 and worked the mines until 1700, it was not until after the latter date that they commenced to work them strongly, continuing to do so until 1810, when the War of Independence started. </P>
<P align="justify">
During the war, many of the mines were abandoned and either filled with water or caved in, and so they remained until 1824. In 1824, a number of English capitalists took the rehabilitation of the principal mines in hand and worked them for
approximately 10 years.</P>
<P align="justify">
However, during this period they sustained great losses that were principally due to the lack of railroads which necessitated the transportation of all heavy machinery to the mines on the backs of mules. In some cases, it took a couple of years to
transport the equipment from England to the mines in Mexico. </P>
<P align="justify">
Mining in Mexico became more prevalent again from the 1880s until the early 1900s, when many of the mining districts were in decline due to low prices. The Civil War in 1910 for the most part paralyzed mining in Mexico and in many districts it did
not recover until late in the 20th century.</P>
<P align="justify">
It is impossible to state with even approximate accuracy what the production of precious metals was in the early days. When the Spanish arrived in Mexico, there were no Aztec records and, although accurate records were kept up until 1810, smuggling
prevailed to such an extent, owing to the heavy tax on silver, as to render it impossible to arrive at exact figures. However, mining of the silver-gold veins has occurred for more than 450 years and is estimated to have produced more than 130
tonnes of gold and 30,000 tonnes of silver.</P>
<P align="justify">
In 1906, Percy Martin noted in his book on the mines of Guanajuato that the "mother vein (Veta Madre) has yielded the sum of one billion dollars as proven by the mint and government records. The Valenciana mine proved to be the greatest silver
producer, with workings down to 2,400 feet on the incline and producing over &#36;300 million dollars of silver or approximately 60 million British pounds". </P>
<P align="justify">
<B>Geology and Mineralization </B></P>
<P align="justify">
<B>Geology </B></P>
<P align="justify">
The mining district of Guanajuato is located on the southern and eastern flanks of the Sierra Madre Occidental geological province, a north-northwesterly trending linear volcanic belt of Tertiary age. It is approximately 1,200 km long and 200 to 300
km in width. The project area is located in the southern portion of the Sierra de Guanajuato, an anticlinal structure about 100 km long and 20 km wide. The Guanajuato district is located on the northeast side of this structure where the typical
primary bedding textures dip 10" to 20&deg; to the north- northeast.</P>
<P align="justify">
The stratigraphy of the Guanajuato mining district can be divided into a Mesozoic basement and overlying Cenozoic units. The lower Mesozoic lithological units are the Esperanza and La Luz Formations which are composed of rocks of marine origin,
weakly to moderately metamorphosed and intensely deformed by shortening. These rocks are unconformably overlain by the Tertiary Conglomerado Rojo de Guanajuato, and the Loseros, Bufa, Calderones, Cedros and Chich&iacute;ndaro Formations. The
Tertiary rocks consist of continental sediments and sedimentary rocks, which generally occupy lower topographical zones, and subaerial volcanic rocks, which are principally exposed in the ranges and higher plateaus. </P>
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<P align="justify">
The rocks of the Cenozoic cover have experienced only extensional deformation and in some places are gently tilted. Tertiary-aged rocks correspond to a period of tectonism accompanied by volcanism and intrusive magmatic activity.</P>
<P align="justify">
Randall et a1 (1994) proposed a caldera structure for the Guanajuato mining district, citing the presence of a megabreccia in the Calderones Formation and the distribution of the Oligocene volcanic formations described above. The hypothesis states
that the caldera collapse occurred in at least two stages and the collapse was a trap-door type. The presence of a peripheral three-quarter ring of rhyolite domes intruding along bounding faults, the location of the Oligocene volcanic formations
ponded within this ring, megabreccia and topographic rim, all contribute evidence to support this hypothesis. </P>
<P align="justify">
<B>Mineralization </B></P>
<P align="justify">
Subsequent normal faulting combined with hydrothermal activity around 27 Ma resulted in many of the silver-gold deposits found in the district. There are four principal orientations of normal faults: northwest, north-south, east-west and northeast,
but the economic mineralization is generally related to the north and northwesterly trending structures. Within the Guanajuato mining district, there are three major mineralized fault systems, the La Luz, Sierra and Vein Madre systems. Vein Madre is
a north-northwest trending fault system and the largest at 25 km long.</P>
<P align="justify">
Most of the production has been extracted from three principal vein systems on normal faults, the La Luz, Vein Madre and La Sierra. Economic concentrations of precious metals are present in isolated packets (known as bonanzas, or "spikes")
distributed vertically and laterally between non-mineralized segments of the veins. There is a vertical mineralogical zonation within these veins. The upper-levels are acanthite + adularia + pyrite + electrum + calcite + quartz and the lower-levels
are chalcopyrite + galena + sphalerite + adularia + quartz + acanthite. The Vein Madre has been the most productive vein and it is by far the most continuous, having been traced on the surface for approximately 20 km. The vein dips from 35" to 55'
to the southwest and it has measured displacements of around 1,200 m near the Las Torres mine and 1,700 m near the La Valenciana mine. Most of the other productive veins in the district strike parallel to the Vein Madre.</P>
<P align="justify">
In addition to the epithermal veins near Guanajuato, small deposits of stratabound massive sulphides have been reported in the Mesozoic volcano-sedimentary association (Los Mexicanos). Similarly, there is gold mineralization in the Comanja granite,
and in its contact aureole small tungsten deposits have been found. In the Tertiary volcanic rocks, principally in the topaz rhyolites, there are small tin prospects. </P>
<P align="justify">
<B>Exploration </B></P>
<P align="justify">
<B>Underground Drilling </B></P>
<P align="justify">
During 2013, Endeavour Silver completed 6,728 m of drilling in 47 underground diamond drill holes at the Bola&ntilde;itos Project. A total of 2,638 samples were collected and submitted for assays.</P>
<P align="justify">
<B>Surface Drilling </B></P>
<P align="justify">
During 2013, Endeavour Silver completed 15,337 m of drilling in 51 surface diamond drill holes at the Bola&ntilde;itos Project. A total of 4,379 samples were collected and submitted for assays.</P>
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<P align=justify><B>Other Activities </B></P>
<P align=justify>Endeavour Silver also conducted geological mapping, trenching,
soil geochemical and sampling programs in La Luz (San Antonio de los Tiros, La
Paz and Plateros), Belen (Ericka and Ana) and Bola&#241;itos South (San Cayetano and
Emma) areas. A total of 1,233 samples were collected and submitted for assays.
</P>
<P align=justify><B>2014 Exploration Program </B></P>
<P align=justify>In 2014, Endeavour Silver plans to continue with the follow-up
surface exploration programs in the La Luz sub-district, including La Luz, Deep
Daniela and Bola&#241;itos South areas. The primary long-term goal of these programs
is to expand reserves and resources in the Bola&#241;itos Project for future growth.
</P>
<P align=justify><B>2013 Mineral Resource Estimate </B></P>
<P align=justify><B>Mineral Resource Statement </B></P>
<P align=justify>The mineral resources for the Bola&#241;itos Project as of December
31, 2013 are summarized in Table 0-1. Resources are exclusive of mineral
reserves. </P>
<P align=center><B>Table 0-1 <br>
Mineral Resource Estimate, Effective Date December 31, 2013,
<br>
Michael Munroe, SME Registered Member </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgcolor="#EEEEEE"><B>Description</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Tonnes</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver</B> <B><br>
    (g/t)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Gold</B> <B><br>
    (g/t)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver</B> <B><br>
    (oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Gold</B> <B><br>
    (oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver Eq.</B> <B><br>
    (oz)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Measured </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">75,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">132 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">1.39 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">322,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">526,800 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Indicated </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">1,191,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">111 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">1.95 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4,263,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">74,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">8,745,300 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total Measured and</B> <B>Indicated</B>      </TD>
    <TD align=center width="11%"><B>1,267,700</B> </TD>
    <TD align=center width="11%"><B>112</B> </TD>
    <TD align=center width="11%"><B>1.92</B> </TD>
    <TD align=center width="11%"><B>4,586,100</B> </TD>
    <TD align=center width="11%"><B>78,100</B> </TD>
    <TD align=center width="11%"><B>9,272,100</B> </TD>
  </TR>
  <TR>
    <TD colspan="7">&nbsp;       </TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total Inferred</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2,145,150</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>140</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>1.62</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>9,642,200</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>111,720</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>16,345,400</B></TD>
  </TR></TABLE>
</DIV>
<P align=justify><B>Assumptions and Parameters </B></P>
<P align=justify>Resources are diluted to a minimum mining width of 2.0m.
Assumed metal prices are $1420 per ounce for gold and $24.20 per ounce for
silver. Resource blocks above a cut-off of 100 g/t silver equivalent are
considered for inclusion in resources. Silver equivalent is calculated with a
factor of 60:1 gold:silver. </P>
<P align=justify><B>Methodology </B></P>
<P align=justify>Resources for the Daniela, Fernanda, Karina, La Luz and Lana
veins were estimated using 3D modelling and ordinary kriging as the
interpolator. The database comprised underground chip channel samples and
diamond drill holes. </P>
<P align=justify>Resources for the La Luz-Refugio, La Joya, Plateros and La
Luz-San Bernabe veins were estimated using a 2D polygonal method and is based on
the use of a longitudinal section to estimate the mineral resources and
reserves. </P>
<P align=justify>Resources for the exploration areas (Fw Lana, Belen,
Golondrinas, San Francisco) have been carried forward from the December 15,
2012, estimates, as there has been no change since that time.</P>
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<P align=justify><B>2013 Mineral Reserve Estimate </B></P>
<P align=justify><B>Mineral Reserve Statement </B></P>
<P align=justify>The mineral reserves for the Bola&#241;itos Project as of December
31, 2013 are summarized in Table 0-2. </P>
<P align=center><B>Table 0-2 <br>
Mineral Reserve Estimate, Effective Date December 31, 2013,
<br>
Michael Munroe, SME Registered Member </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><B>Description</B> </TD>
    <TD align=center width="11%" bgcolor="#EEEEEE"><B>Tonnes</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver</B> <br>
      <B>(g/t)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Gold</B> <B><br>
    (g/t)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver</B> <br>
      <B>(oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Gold</B> <B><br>
    (oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver Eq.</B> <br>
      <B>(oz)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Proven </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">380,530 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">156 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">2.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">1,910,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">30,520 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3,740,300 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Probable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">98,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">134 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">2.17 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">424,200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">&nbsp;6,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">832,200 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total Proven and</B> <B>Probable</B> </TD>
    <TD align=center width="11%"><B>478,830</B> </TD>
    <TD align=center width="11%"><B>151</B> </TD>
    <TD align=center width="11%"><B>2.43</B> </TD>
    <TD align=center width="11%"><B>2,334,500</B> </TD>
    <TD align=center width="11%"><B>37,320</B> </TD>
    <TD align=center width="11%"><B>4,572,500</B>  </TD>
  </TR></TABLE>
</DIV>
<P align=justify><B>Mineral Reserve Parameters </B></P>
<P align=justify>The parameters used to convert mineral resources to mineral
reserves at the Bola&#241;itos project are as follow: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Cut-off grade - 155 g/t AgEq.
  <LI>Dilution &#150; 15% on Cut and fill, 25% on long hole.
  <LI>Minimum width &#150; 2.0m.
  <LI>Silver equivalent - 60:1 for silver to gold
  <LI>Gold price - US $1,320 per oz
  <LI>Silver price - US $22 per oz.
  <LI>Mining Recovery &#150; 95%
  <LI>Gold recovery (overall) &#150; 86.2%.
  <LI>Silver recovery (overall) &#150; 84.9%. </LI></UL>
<P align=justify><B>Definitions and Classifications </B></P>
<P align=justify>Mineral reserves are derived from measured and indicated
resources after applying the economic parameters stated Section above. The Bola&#241;itos project reserves have been
derived and classified according to the following criteria:</P>
<P align=justify>Proven mineral reserves are the economically mineable part
of the Measured resource where development work for mining and information
on processing / metallurgy and other relevant factors demonstrate that economic
extraction is achievable. For Bola&#241;itos Project, this applies to blocks located
within approximately 10m of existing development and for which Endeavour Silver
has a mine plan in place.</P>
<P align=justify>Probable mineral reserves are those Measured or Indicated
mineral resource blocks which are considered economic and for which Endeavour
Silver has a mine plan in place. For Bola&#241;itos Project, this is applicable to
blocks located a maximum of 35 m either vertically or horizontally distant from
development. </P>
<P align=center>34 <B><I><br>
Endeavour Silver Corp.</I></B> </P>
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<P align=justify><B>Development and Operations </B></P>
<P align=justify>The Bola&#241;itos Project consists of both current and former
producing mines, as well as a number exploration targets. Bola&#241;itos is an
operating Project which has continued to improve its operational parameters and
production output under Endeavour Silver's direction. Endeavour Silver has all
of the necessary mine and mill infrastructure to operate the Bola&#241;itos Project
efficiently and to all regulatory standards imposed on the Project by the
various government agencies.</P>
<P align=justify>As of December 31, 2013, the Bola&#241;itos Project had a roster
totalling 407 employees. The mine's operating schedule consists of three 8-hour
shifts 7 days a week. The miners are skilled and experienced in vein mining and,
according to Endeavour Silver, are currently not unionized. There is an
incentive system in place, rewarding personnel for safety and production.
Technical services and overall supervision are provided by Endeavour Silver
staff.</P>
<P align=justify>Traditionally a conventional bottom-up cut and fill mining
method was employed with waste rock brought in using diesel or electric loaders.
The rock used to backfill the stopes is either dropped down a bore hole from
surface or is generated from the waste development underground. Over the past
several years a transition to a modified longhole method has taken place.
Conventional cut and fill jackleg drilling has been replaced with longhole
drilling machines. The holes are typically 10-12m in length but vary from 6 to
16m depending on the stope. </P>
<P align=justify>Table 0-3 summarizes the production from the different mining
areas for 2013. </P>
<P align=center><B>Table 0-3 <br>
Summary of 2013 Production by Area for the Bola&#241;itos Project </B></P>
<DIV>
<div align="center">
  <center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="50%" border=1>

  <TR vAlign=bottom>
    <TD width="33%" rowspan="2" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid"><B>Mine</B> </TD>
    <TD width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid"
    ><B><U>Description</U></B></TD>
    <TD width="33%" rowspan="2" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid"
    ><B>Average</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid"
    ><strong>Month</strong></TD>
    </TR>
  <TR vAlign=top>
    <TD width="33%" rowSpan=5 align=left valign="middle">Cebada <BR></TD>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Silver (g/t) </TD>
    <TD width="33%" align=center valign="middle"><B>128</B> </TD></TR>
  <TR vAlign=top>
    <TD width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Gold
      (g/t) </TD>
    <TD width="33%" align=center valign="middle"><B>0.6</B> </TD></TR>
  <TR vAlign=top>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Silver (oz) </TD>
    <TD width="33%" align=center valign="middle"><B>16,201</B> </TD></TR>
  <TR vAlign=top>
    <TD width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Gold
      (oz) </TD>
    <TD width="33%" align=center valign="middle"><B>76</B> </TD></TR>
  <TR vAlign=top>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid"><B>Tonnes</B> </TD>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid"><B>3,704</B> </TD></TR>
  <TR vAlign=top>
    <TD width="33%" rowSpan=5 align=left valign="middle">Bola&#241;itos </TD>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Silver (g/t) </TD>
    <TD width="33%" align=center valign="middle"><B>120</B> </TD></TR>
  <TR vAlign=top>
    <TD width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Gold
      (g/t) </TD>
    <TD width="33%" align=center valign="middle"><B>1.41</B> </TD></TR>
  <TR vAlign=top>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Silver (oz) </TD>
    <TD width="33%" align=center valign="middle"><B>14,079</B> </TD></TR>
  <TR vAlign=top>
    <TD width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Gold
      (oz) </TD>
    <TD width="33%" align=center valign="middle"><B>162</B> </TD></TR>
  <TR vAlign=top>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid"><B>Tonnes</B> </TD>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid"><B>2,884</B> </TD></TR>
  <TR vAlign=top>
    <TD width="33%" rowSpan=5 align=left valign="middle">Lucero <BR>Ramp </TD>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Silver (g/t) </TD>
    <TD width="33%" align=center valign="middle"><B>150</B> </TD></TR>
  <TR vAlign=top>
    <TD width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Gold
      (g/t) </TD>
    <TD width="33%" align=center valign="middle"><B>2.09</B> </TD></TR>
  <TR vAlign=top>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Silver (oz) </TD>
    <TD width="33%" align=center valign="middle"><B>266,660</B> </TD></TR>
  <TR vAlign=top>
    <TD width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Gold
      (oz) </TD>
    <TD width="33%" align=center valign="middle"><B>3,735</B> </TD></TR>
  <TR vAlign=top>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid"><B>Tonnes</B> </TD>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid"><B>54,253</B> </TD></TR>
  <TR vAlign=top>
    <TD width="33%" rowSpan=5 align=left valign="middle">Asuncion </TD>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Silver (g/t) </TD>
    <TD width="33%" align=center valign="middle"><B>99</B> </TD></TR>
  <TR vAlign=top>
    <TD width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Gold
      (g/t) </TD>
    <TD width="33%" align=center valign="middle"><B>2.51</B> </TD></TR>
  <TR vAlign=top>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Silver (oz) </TD>
    <TD width="33%" align=center valign="middle"><B>12,767</B> </TD></TR>
  <TR vAlign=top>
    <TD width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid">Gold
      (oz) </TD>
    <TD width="33%" align=center valign="middle"><B>310</B> </TD></TR>
  <TR vAlign=top>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid"><B>Tonnes</B> </TD>
    <TD
      width="33%" align=center valign="middle" style="BORDER-BOTTOM: #000000 1px solid"><B>3,679</B> </TD></TR></TABLE>
  </center>
</div>
</DIV>
<P align=justify>In 2013, the Bola&#241;itos mine produced 710,708t of ore grading
149 g/t silver and 2.63 g/t gold from which 2,881,816 oz silver and 51,652 oz
gold were recovered. Silver and gold recoveries averaged 84.6% and 86.0%,
respectively. </P>
<P align=center>35 <B><I><br>
Endeavour Silver Corp.</I></B> </P>
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<P align="justify">
The plant processing rate is 1,600 t/d after it was expanded from 1,200 t/d in 2012 adding a 6&rsquo;x16&rsquo; vibration screen, four additional flotation cells 500 ft<SUP>3</SUP> each, six 1<SUP>st</SUP> cleaner cells 100 ft<SUP>3</SUP> each, six
2<SUP>nd</SUP> cleaner cells 50 ft<SUP>3</SUP> each, conveyor belts and a flocculent mixing system. </P>
<P align="justify">
Run-of-mine ore is hauled by 20 t dumper trucks and discharge on a grizzly with opening 11&rdquo;. Oversize rock (&gt;11&rsquo;) is broken by a backhoe hydraulic hammer. The undersize material falls in a feed bin and further crushed in a primary jaw
crusher of size 24&rdquo;x36&rdquo;. After the primary crusher the ore is held in two coarse ore bins each with a 450 t capacity. </P>
<P align="justify">
From the coarse ore bins the ore is conveyed to a 6&rsquo;x16&rsquo; vibratory screen with openings 3/8&rdquo;, the undersize product is conveyed to the fine ore bins. The oversize material is fed to a 4.25&rsquo; standard head Symons secondary cone
crusher where the ore size is crushed down to 2&rdquo;. The secondary crusher product is screened by a 5&rsquo;x10&rsquo; vibratory screen with openings 3/8&rdquo;. The screen undersize product is conveyed to fine ore bins and the oversize material
is crushed by a tertiary cone crusher. </P>
<P align="justify">
The fine crushed ore (approx. 80-85% of -3/8&rdquo;) is stored in two ore bins. The storage capacity of the first fine ore bin is 250 tonnes and of the second ore bin is 500 tonnes of ore. </P>
<P align="justify">
The grinding circuit consists of two ball mills: No. 1 is of size 9&rsquo;6&rdquo; x 14&rsquo; with a 600 HP motor, the No. 2 mill is of size 11&rsquo;x18&rsquo;7&rdquo; with a 1000 HP motor. The mills are fed independently from respective ore bins.
</P>
<P align="justify">
The grinding product is the cyclone overflow with 70-75% passing 74 microns and flows further to the flotation circuit. </P>
<P align="justify">
Each ball mill has a separate rougher and scavenger cell lines. The ball mill #1 line consists of four (4) flotation cells with capacity 500 ft<SUP>3</SUP> each. The ball mill #2 line consists of nine (9) flotation cells with capacity 300
ft<SUP>3</SUP> each. The rougher and scavenger concentrates from both lines are combined and fed to the column flotation cell. </P>
<P align="justify">
The flotation layout considers two cleaning stages though the 2<SUP>nd</SUP> cleaning stage was shut down in December 2013 since the concentrate grade obtained in the column cell was meeting the target silver grade between 7 and 9 kg/t. </P>
<P align="justify">
The final concentrate flows by gravity to a thickener, where it is thickened to 60% of solids, then it is pumped to a filter press where concentrate is dewatered down to 13-17% of moisture. The filtered concentrate is stored, then loaded on 35 t
trucks and shipped to concentrate traders. </P>
<P align="justify">
For 2014, Endeavour Silver is forecasting to produce 2.20 million ounces of silver and 36,279 ounces of gold from the Bola&ntilde;itos Project. Plant throughput for 2013 is forecast at 545,600 t at an estimated average grade of 147 g/t silver and
2.35 g/t gold. Recoveries are forecast to average 85.0% and 88.0% for silver and gold, respectively. Plant throughput is based on production from the Bola&ntilde;itos, Lucero Ramp and Asunci&oacute;n mines.</P>
<P align="justify">
The property has a substantial undeveloped resource potential. Beyond 2014, Endeavour Silver believes that continued exploration and development will lead to the discovery of new resources, and Endeavour Silver actively continues acquiring rights to
new properties in the Guanajuato district.</P>
<P align="justify">
The mine life, based on proven and probable reserves as of December 31, 2013, is less than three years at a projected production level of 1,600 t/d or 46,000 t/m for the first half of 2014 falling to 1,300 t/d or 38,000 t/m for the latter half of
2014.</P>
<P align="center">
36
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
Endeavour Silver has no contracts or agreements for mining, smelting, refining, transportation, handling or sales, that are outside of normal or generally accepted practices within the mining industry. Endeavour Silver has a policy on not hedging or
forward selling any of its products. </P>
<P align="justify">
In addition to its own workforce, Endeavour Silver has a number of contract mining companies working on its mine sites. </P>
<P align="justify">
The Bola&ntilde;itos plant monitors all effluents and the air quality on the site. Regular monitoring and laboratory testing are out-sourced to qualified contractors. Regular meetings are held with the local ejido and the President of the
Municipality of Guanajuato to discuss areas of mutual concern. </P>
<P align="justify">
The mill and mine recycle batteries, oils, greases, steel and aluminum. </P>
<P align="justify">
The mine and mill have safety induction meetings and tours with all new employees and hold regular weekly half-hour safety meetings with all employees and contractor employees. </P>
<P align="justify">
Endeavour Silver holds all necessary environmental and mine permits to conduct planned exploration, development and mining operations on the Bola&ntilde;itos Property. </P>
<P align="justify">
<B>Conclusions and Recommendations </B></P>
<P align="justify">
<B>Conclusions </B></P>
<P align="justify">
The QP considers the Bola&ntilde;itos resource and reserve estimates presented here to conform to the current CIM standards and definitions for estimating resources and reserves, as required under NI 43-101 &ldquo;Standards of Disclosure for Mineral
Projects.&rdquo; These resources and reserves form the basis for Endeavour Silver&rsquo;s ongoing mining operations at the Bola&ntilde;itos Mines Project.</P>
<P align="justify">
The QP is unaware of any significant technical, legal, environmental or political considerations which would have an adverse effect on the extraction and processing of the resources and reserves located at the Bola&ntilde;itos Mines Project. Mineral
resources which have not been converted to mineral reserves, and do not demonstrate economic viability, shall remain mineral resources. </P>
<P align="justify">
The QP considers that the mineral concessions in the Bola&ntilde;itos mining district controlled by Endeavour Silver continue to be highly prospective both along strike and down dip of the existing mineralization, and that further resources could be
converted into reserves with additional exploration and development especially on the La Luz structure currently being explored. </P>
<P align="justify">
Therefore, the QP is of the belief that with Endeavour&rsquo;s continued commitment to regional exploration within the district, the potential for the discovery of deposits of similar character and grade, as those that are currently in operation,
along with those past producers remains optimistic. </P>
<P align="justify">
<B>Recommendations </B></P>
<P align="justify">
Exploration in the Bola&ntilde;itos District is ongoing. Endeavour&rsquo;s exploration programs have been successful over the past several years outlining several new resources of which the Milache resource is the most recent. </P>
<P align="justify">
For 2014, the Regional Exploration will be focused on the evaluation of the Central part of the La Luz system, the roots of the Daniela vein and also the La Joya South and Siglo XX systems. </P>
<P align="center">
37
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
Detailed mapping and sampling activities will be conducted on the Bola&ntilde;itos South area (Margarita, San Antonio, Lourdes and La Cuesta). </P>
<P align="justify">
The QP has reviewed the proposal for further exploration on the Bola&ntilde;itos Mines Property and recommends that that the programs be carried out as planned. </P>
<P align="justify">
The QP also recommends the following: </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
1. 	</TD>
	<TD>
<P align="justify">Endeavour continues to define and enhance the geologic models used for resource modeling.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
2. 	</TD>
	<TD>
<P align="justify">That modelling parameters and procedures be regularly reviewed to develop better estimation plans.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
3. 	</TD>
	<TD>
<P align="justify">That Endeavour continues to develop an effective reconciliation plan for the Bola&ntilde;itos Mines Project. Stope-by-stope reconciliations are difficult in mines where material from different stopes or even mines is regularly
mixed. However, reconciliation of ore mined and milled on a long-term basis to the resource model and the LOM can be useful tools. Reconciliation to production data can be used in the calibration of future resource models.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
4. 	</TD>
	<TD>
<P align="justify">That mine geology reactivate the collection of representative samples of the various types of wall rock dilution and ore types for bulk density determinations especially as new veins are discovered and subsequently developed.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
5. 	</TD>
	<TD>
<P align="justify">Endeavour looks for appropriate standards for use in the Bola&ntilde;itos Lab and discontinue the use of standards with reproducibility problems.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
6. 	</TD>
	<TD>
<P align="justify">The continued use of SRMs that are certified for both gold and silver and discontinue the use of gold only SRM&rsquo;s.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
7. 	</TD>
	<TD>
<P align="justify">Geology send check assays to an independent lab for analysis.</P>
	</TD>
</TR>
</TABLE>
<P align="justify">
<B><I><U>El Cubo Mines Project, Guanajuato State, Mexico</U></I></B><B><I> </I></B> </P>
<P align="justify">
The following summary of the El Cubo Mines Project is extracted from the technical report titled &ldquo;NI 43-101 Technical Report on the Resource and Reserve Estimates for the El Cubo Mines Project, Guanajuato State Mexico&rdquo; prepared by
Michael Munroe SME-RM, an employee of the Company, with an effective date of December 31, 2013 and dated March 27, 2014. The complete report can be viewed on SEDAR at www.sedar.com. The detailed disclosure contained in this technical report is
incorporated by reference into this AIF.</P>
<P align="justify">
<B>Summary </B></P>
<P align="justify">
The purpose of this Technical Report is to support Endeavour Silver Corp&rsquo;s (EDR) public disclosure related to the resource estimate for the El Cubo Mines property. This Technical Report conforms to National Instrument 43-101 Standards of
Disclosure for Mineral Projects (NI 43-101) and as EDR is a producer issuer in accordance with section 5.3.2 of National Instrument (NI 43-101) regulations. The mineral resource estimates for this deposit were completed in-house by EDR personnel.
</P>
<P align="center">
38
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
EDR is a mid-tier silver mining company engaged in the exploration, development, and production of mineral properties in Mexico. EDR is focused on growing its production and reserves and resources in Mexico. Since start-up in 2004, EDR has posted
nine consecutive years of growth of its silver mining operations. In addition to the El Cubo Mines property, EDR owns and operates the Bola&ntilde;itos Mine, also located in Guanajuato, and the Guanacev&iacute; Mine located in the northwestern
Durango state, Mexico. </P>
<P align="justify">
This report follows the format and guidelines of Form 43-101F1, Technical Report for National Instrument 43-101, Standards of Disclosure for Mineral Projects, and its Companion Policy NI 43-101 CP, as amended by the CSA and which came into force on
June 30, 2011. </P>
<P align="justify">
This report has an effective date of December 31, 2013. The mineral resource and reserve estimates reported in this report comply with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards and definitions, as required under
Canadian National Instrument 43-101 (NI 43-101) regulations. </P>
<P align="justify">
The term El Cubo Property, in this report, refers to the entire area covered by the mineral license, while the term El Cubo Project refers to the area within the mineral license on which the current mining and exploration programs are being
conducted. </P>
<P align="justify">
This report includes technical information which requires subsequent calculations or estimates to derive sub-totals, totals and weighted averages. Such calculations or estimations inherently involve a degree of rounding and consequently introduce a
margin of error. The QP does not consider such errors to be material to the calculations presented here. </P>
<P align="justify">
The conclusions and recommendations in this report reflect the QP's best independent judgment in light of the information available to them at the time of writing. </P>
<P align="justify">
<B>Location and Property Description </B></P>
<P align="justify">
The El Cubo mine property is located in central Mexico in the Mexican state of Guanajuato. The property is near the village of El Cubo, approximately 10 km east of the City of Guanajuato, and about 280 km northwest of Mexico City.</P>
<P align="justify">
The region is mountainous with a mild climate that, except for seasonal rains, rarely impacts mining activities. Year-round access is available over a network of paved and unpaved roads.</P>
<P align="justify">
Power to El Cubo Mines project is available from the regional grid (Comisi&oacute;n Federal de Electricidad), and water for operations is obtained from the underground mines and from surface damming of intermittent streams. </P>
<P align="justify">
Telephone and internet communications are integrated into the national land-based telephone system and provide reliable service. </P>
<P align="justify">
Most of the supplies and labour required for the exploration programs and mining operations are purchased in either the city of Guanajuato or Leon. </P>
<P align="justify">
The area has a rich tradition of mining and there is an ample supply of skilled personnel sufficient for both the underground mining operations and the surface facilities. </P>
<P align="center">
39
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
<B>Ownership </B></P>
<P align="justify">
The El Cubo property consists of 61 mining concessions covering an area of approximately 8,144 ha, including several mine adits, ramps, shafts, and the new 1600 tpd El Tajo processing plant.</P>
<P align="justify">
Endeavour Silver&rsquo;s wholly owned Mexican subsidiary, Compa&ntilde;&iacute;a Minera del Cubo S.A de C.V (CMC), holds a 100% interest in the 61 mining concessions that make up the El Cubo property. Expiration dates associated with the El Cubo
mining concessions range from January 25, 2021, to November 26, 2061.</P>
<P align="justify">
The concessions are free of liens or encumbrances, except that:</P>
<P align="justify">
(i) one of the concessions (Unificaci&oacute;n Villalpando Norte covering 374.46 ha) is subject to a right of way agreement with Minera Las Torres (&ldquo;Las Torres&rdquo;), a subsidiary of Industrias Pe&ntilde;oles; and</P>
<P align="justify">
(ii) 4 of the concessions, R.F. 306, R.F. 307, 1925, and 4334, covering approximately 31 ha, are subject to a lease contract originating in 1941. </P>
<P align="justify">
The El Cubo concessions are subject to annual minimum investments and annual mining taxes. Endeavour has surface rights agreements that are sufficient to carry out proposed exploration and development activities. </P>
<P align="justify">
Endeavour currently holds all necessary environmental permits for exploration and for commercial mining activity on its concessions. </P>
<P align="justify">
<B>History </B></P>
<P align="justify">
Mining on the El Cubo property has occurred since the 17th century. The Sierra structure, which includes the El Cubo Mine and the adjacent Peregrina Mine (part of the Las Torres complex), accounts for much of the gold produced in the Guanajuato
district &ndash; on the order of 2,000,000 ounces of gold and 80,000,000 ounces of silver. Gold was originally mined from shallow pits near the San Eusebio vein, one of those on the El Cubo concessions which later produced significant amounts of
gold and silver. In the 19th and 20th centuries, mining at El Cubo focused on northwest striking veins known as the Villalpando, Dolores, La Loca, and La Fortuna, and production was divided between many operators. In the early 1900&rsquo;s, the
Tunel Aventurero de San Felipe (now El Cubo level 4) was started in order to connect the Pastora-Fortuna, Villalpando, and La Loca veins. At the time, bonanza grades and widths were encountered on the Villalpando vein. These shoots were up to 4 m
wide and assayed close to 1 kg of silver per tonne. The &lsquo;bonanza&rsquo; ores were mined through the 1940&rsquo;s, when much of the area was consolidated into a single company and claim block resembling the one on which CMC operates today. </P>
<P align="justify">
The Villalpando vein, located in the central portion of the modern day El Cubo claim block, was the main source of production through the 1970&rsquo;s. The main vein structure extended northwest to the El Cubo concession boundary with the Peregrina
Mine. The gold grades decreased as the vein was exploited at the deeper (8 - 12) levels. The Alto de Villalpando vein, which generally produced higher gold grade, was mined out. The La Poniente vein was discovered in the early 1970&rsquo;s, and high
grade gold and silver ore was mined until 1976, when the developed section was temporarily exhausted. </P>
<P align="center">
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<P align="justify">
The El Cubo Mine changed ownership in the 1970&rsquo;s, when the Palmers sold the mine to a private company owned by Messrs. Villagomez and Chommie. By 1979 there was little developed ore remaining above the 13th level on the Villalpando vein, and
production from other related veins was low grade and sporadic. The mill was fed largely from the Chuca Loca open pit and from dumps. The shortage of quality ore came to an end after 1980, when new high grade gold and silver mineralization was
discovered and developed along the San Nicolas vein. </P>
<P align="justify">
In 1995, production was expanded from 350 to 800 tonnes per day, and then to 1,400 tonnes per day in 2001. The mills saw a decrease in head grade after each expansion, likely due to the use of low grade material from old stope fill as supply for the
increased tonnage. Given the shortage of tonnage from active stopes, there was likely less emphasis on grade control.</P>
<P align="justify">
El Cubo was purchased by Mexgold Resources Inc. (Mexgold) from the previous owners in March 2004. The Las Torres mine and mill complex, owned by Industrias Pe&ntilde;oles, S.A. de C.V. (Pe&ntilde;oles) was leased by Mexgold in October of 2004. The
property had been a prolific producer for many years, especially the adjacent Peregrina Mine, which continues to complement the El Cubo Mine by facilitating access to the deeper ore at El Cubo. Mexgold became a wholly owned subsidiary of Gammon Lake
Resources Inc., in 2006, and. Gammon Gold Inc. changed its name to its current name, AuRico Gold Inc. on August 26, 2011. In April of 2012, Endeavour entered into an agreement with AuRico to acquire a 100% interest in El Cubo. The purchase was
completed on July 13, 2012. </P>
<P align="justify">
<B>Geology and Mineralization </B></P>
<P align="justify">
<B>Geology </B></P>
<P align="justify">
The El Cubo mine is located on the southeast flank of the Sierra Madre Occidental geological province in the southeastern portion of the Sierra de Guanajuato, an anticlinal structure about 100 km long and 20 km wide. The property is underlain by a
volcano-sedimentary sequence of Mesozoic to Cenozoic age volcanic, sedimentary, and intrusive rocks, some members of which host the veins exploited by the mine. The Cenozoic rocks may have been emplaced in a caldera setting with hydrothermal
alteration occurring at approximately 27 Ma (Buchanan, 1980). The Guanajuato mining district hosts three major mineralized fault systems, the La Luz, Veta Madre and Sierra systems. The El Cubo mine exploits veins of the Sierra fault system. </P>
<P align="justify">
The northwest striking and southwest dipping faults are the main structures containing the very important Villalpando, La Loca, Dolores and Pastora-Fortuna veins. These veins are generally steeply dipping with some northeast dipping sections.</P>
<P align="justify">
The east-west striking veins dip both north and south. The strike is commonly N85E&deg;-N75&deg;W and can be seen cutting off the northwest structures. Examples of the east-west veins are Alto de Villalpando, a splay of the Villalpando vein, and the
San Nicolas (north-dipping) and San Eusebio (south-dipping) veins. The latter two veins have relatively high gold content. </P>
<P align="justify">
Northeast-striking veins are transverse veins that tend to have a higher gold content than the other veins. These veins normally have a southerly dip. At El Cubo, La Reina, and Marmajas are examples of this series.</P>
<P align="justify">
The Capulin fault offsets the northwest-striking vein systems at the south end of the El Cubo mine, displacing the Dolores vein downward to the south. Recent drilling intersected mineralization in the south block and it is currently being exploited
by underground mining. </P>
<P align="center">
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<P align="justify">
Veins are the main targets for mining. Some weak stockworks that grade into disseminations are viable targets, especially if they are close enough to surface and can be mined from an open pit. An historic open cut exists on the Dolores vein in the
vicinity of the El Tajo mill. There are 41 veins within the El Cubo mine area that are included in the mineral resource estimate. These mineralized veins are known to occur from an elevation of 2650 m down to an elevation of 1825 m. The Villalpando
and the Dolores veins have been actively mined since the early stages of mining at El Cubo. </P>
<P align="justify">
<B>Mineralization </B></P>
<P align="justify">
Mineralized veins at El Cubo consist of the classic banded and brecciated epithermal variety. Silver occurs primarily in dark sulfide-rich bands within the veins, generally with little mineralization within the wall-rocks. The major metallic
minerals reported include pyrite, argentite, electrum and ruby silver, as well as some galena and sphalerite, generally deeper in the veins. Mineralization is generally associated with phyllic (sericite) alteration and silicification which form
haloes around the mineralizing structures.</P>
<P align="justify">
The vein textures are attributed to the brittle fracturing-healing cycle of the fault-hosted veins during and/or after faulting.</P>
<P align="justify">
Economic concentrations of precious metals are present in &ldquo;shoots&rdquo; distributed vertically and laterally between non-mineralized segments of the veins, and at important vein intersections.  The silver-rich veins, such as Villalpando,
contain quartz, adularia, pyrite, acanthite, naumannite and native gold.</P>
<P align="justify">
Native silver is widespread in small amounts. Much of the native silver is supergene. Silver sulfosalts (pyrargyrite and polybasite) are commonly found at depth. Gold-rich veins, such as San Nicolas, contain quartz, pyrite, minor chalcopyrite and
sphalerite, electrum, and aguilarite.</P>
<P align="justify">
A vertical mineralogical zonation occurs in the vein system. The upper levels are acanthite + adularia + pyrite + electrum + calcite + quartz and the lower-levels are chalcopyrite + galena + sphalerite + adularia + quartz + acanthite.</P>
<P align="justify">
The gold/silver ratio in the more gold-rich veins typically ranges from 1:15 to 1:30. The gold/silver ratio in the silver rich veins typically ranges from 1:60 to 1:150, and sometimes higher. The overall gold/silver ratio for the 41 veins included
in the resources and reserves is 1:64. The metal zoning appears to be related, at least in part, to elevation. Ranges for gold/silver ratios at El Cubo vary from 1:10 to 1:20 in upper mine levels, from 1:40 to 1:50 in middle mine levels; and 1:100
to 1:150 at depth. Veins are barren below an elevation of about 1,800 m. </P>
<P align="justify">
The alteration mineral assemblage in the El Cubo veins includes quartz (also, variety amethyst) and adularia with sericite more prevalent in the deeper reaches of the vein system. Chlorite is present laterally. Clay minerals are more common at
higher levels of the vein system.</P>
<P align="justify">
The Guanajuato mining district is characterized by classic, high grade silver-gold, epithermal vein deposits with low sulfidation mineralization and adularia-sericite alteration. The Guanajuato veins are typical of most epithermal silver-gold vein
deposits in Mexico with respect to the volcanic or sedimentary host rocks and the paragenesis and tenor of mineralization. </P>
<P align="center">
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<P align="justify">
<B>Exploration </B></P>
<P align="justify">
<B>Mine Exploration Drilling </B></P>
<P align="justify">
In 2013 underground and surface drilling were undertaken to determine the extent of additional mineralization in areas currently being mined. The principal targets were the Villalpando (Area II and IV) and Dolores (II) vein systems, with a number of
other structures also explored: The Tuberos vein (area III and IV); San Nicolas vein system (Areas II and IV); La Paz Vein (Area III) and the veta-995, vetas-178-143 and Del Ni&ntilde;o veins in Area I. </P>
<P align="justify">
The drilling is separated into contractor and in-house categories. </P>
<P align="justify">
The contractor underground and surface drilling was conducted using the drill contracting firm Landdrill International de Mexico S.A. de C.V. (Landdrill). Landdrill completed 69 holes totaling 10,381m of drilling. </P>
<P align="justify">
In-house drilling was conducted using two drill machines, which were repaired having previously been abandoned in the mine: A pneumatically powered CP-65 and an electrically powered Diamec-250. There were 25 holes in 1,293m of drilling completed by
the in-house drills.</P>
<P align="justify">
<B>Surface Drilling </B></P>
<P align="justify">
During 2103, Endeavour Silver completed a total of 18,449m of surface diamond drilling in 47 drill holes by Layne Drilling SA de CV at the El Cubo Mines Project. Endeavour collected and submitted for assay, 3,000 samples. </P>
<P align="justify">
<B>Other Activities </B></P>
<P align="justify">
During 2013, the exploration activities were focused on the completion of the interpretation of local targets such as the Villalpando Gap, detailed mapping and sampling in the Dolores North, Central La Loca, La Loca North and Asunci&oacute;n -
Villalpando (south of the Capulin Fault).</P>
<P align="justify">
Geological mapping and sampling was also conducted on regional targets including Cebolletas-Villalpando, South-Violeta (Villalpando vein) and the Cabrestantes-Nayal veins. During these activities a total of 4,968 rock/soil samples were collected and
sent for analysis. </P>
<P align="justify">
<B>2014 Exploration Program </B></P>
<P align="justify">
For 2014, the Regional Exploration activities will be mainly focused to evaluate the potential of the Villalpando and Asunci&oacute;n veins at the southern end of the El Cubo properties. The activities will commence in the Asunci&oacute;n area, in
order to close the grid (50 x 50) between sections 1500 through 2500 and to define the vertical limits of mineralization. Also, drilling activities are programmed for the Villalpando South, Monte San Nicolas and Cabrestantes-Nayal areas. For the
Exploration Mine area activities will be focused in the zones near to the current operations; mainly in the Villalpando, Dolores and La Loca areas. </P>
<P align="center">
43
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<P align=justify>Table 1-1 summarizes the planned 2014 exploration budget for
the El Cubo Mines Project. </P>
<P align=center><B>Table 0-1 <br>
2014 El Cubo Exploration Priority Targets </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: medium none #000000; " align=center bgcolor="#EEEEEE"><B>Project
      Area</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="26%"
    colSpan=2 bgcolor="#EEEEEE"><B>2014 Program</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%" bgcolor="#EEEEEE"><B>Budget</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="middle" bgcolor="#EEEEEE" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium">&nbsp;</TD>
    <TD
      width="13%" align=center valign="middle" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"><B>Metres</B> </TD>
    <TD
      width="13%" align=center valign="middle" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"><B>Samples</B> </TD>
    <TD
      width="13%" align=center valign="middle" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;<B>US $</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      colSpan=4><B>Surface Exploration Drilling</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Asunci&#243;n (1500 a
      2500) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">10,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">3,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">1,598,800 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Villalpando Sur
      (3000 a 3900) Violeta (3900 a 5400) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">3,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">1,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">483,520 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Monte San Nicolas
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">3,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">1,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">483,520 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cabrestantes-Nayal
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">5,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">1,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">901,040 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>El Cubo Regional
      Exploration </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="13%">1200
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">210,080 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Subtotal</B>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>22,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>8,500</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>3,676,960</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=4><B>Mine
      Operations Exploration Drilling</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mine Exploration
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">14,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="13%">4600
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">2,394,000 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Subtotal</B>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>14,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>4,600</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>2,394,000</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Total (mine +exploration division)</B> </TD>
    <TD align=center width="13%"><B>36,000</B> </TD>
    <TD align=center width="13%"><B>13,10</B><B>0</B> </TD>
    <TD align=center width="13%"><B>6,070,960</B> </TD></TR></TABLE></DIV>
<P align=justify><B>2013 Mineral Resource Estimate </B></P>
<P align=justify><B>Mineral Resource Statement </B></P>
<P align=justify>The mineral resources for the Bola&#241;itos Project as of December
31, 2013 are summarized in Table 1-2. Resources are exclusive of mineral
reserves. </P>
<P align=center><B>Table 0-2 <br>
Mineral Resource Estimate, Effective Date December 31, 2013
<br>
Michael Munroe, SME Registered Member </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center valign="middle" bgcolor="#EEEEEE"><B>Description</B>  </TD>
    <TD width="11%" align=center valign="middle" bgcolor="#EEEEEE"><B>Tonnes</B>  </TD>
    <TD
      width="11%" align=center valign="middle" bgcolor="#EEEEEE"><B>Silver</B> <br>
      <B>(g/t)</B> </TD>
    <TD
      width="11%" align=center valign="middle" bgcolor="#EEEEEE"><B>Gold</B><br>      <B>(g/t)</B> </TD>
    <TD
      width="11%" align=center valign="middle" bgcolor="#EEEEEE"><B>Silver</B> <br>      &nbsp;<B>(oz)</B> </TD>
    <TD
      width="11%" align=center valign="middle" bgcolor="#EEEEEE"><B>Gold</B><br>      <B>(oz)</B> </TD>
    <TD
      width="11%" align=center valign="middle" bgcolor="#EEEEEE"><B>Silver Eq
      .</B><br>
      &nbsp;<B>(oz)</B> </TD>
  </TR>

  <TR vAlign=top>
    <TD align=left>Measured </TD>
    <TD align=center
      width="11%">660,000 </TD>
    <TD align=center
      width="11%">158 </TD>
    <TD align=center
      width="11%">2.87 </TD>
    <TD align=center
      width="11%">3,358,000 </TD>
    <TD align=center
      width="11%">61,000 </TD>
    <TD align=center
      width="11%">7,006,000 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Indicated </TD>
    <TD align=center
      width="11%">1,571,000 </TD>
    <TD align=center
      width="11%">144 </TD>
    <TD align=center
      width="11%">2.06 </TD>
    <TD align=center
      width="11%">7,263,000 </TD>
    <TD align=center
      width="11%">104,000 </TD>
    <TD align=center
      width="11%">13,515,000 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Total Measured and</B> <B>Indicated</B>      </TD>
    <TD align=center width="11%"><B>2,231,000</B> </TD>
    <TD align=center width="11%"><B>148</B> </TD>
    <TD align=center width="11%"><B>2.30</B> </TD>
    <TD align=center width="11%"><B>10,621,000</B> </TD>
    <TD align=center width="11%"><B>165,000</B> </TD>
    <TD align=center width="11%"><B>20,521,000</B> </TD>
  </TR>
  <TR>
    <TD colspan="7">&nbsp;       </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left><B>Total Inferred</B> </TD>
    <TD align=center
      width="11%"><B>1,477,900</B> </TD>
    <TD align=center
      width="11%"><B>163</B> </TD>
    <TD align=center
      width="11%"><B>3.40</B> </TD>
    <TD align=center
      width="11%"><B>7,729,800</B> </TD>
    <TD align=center
      width="11%"><B>130,100</B> </TD>
    <TD align=center
      width="11%"><B>15,535,800</B></TD>
  </TR></TABLE>
</DIV>
<P align=justify><B>Assumptions and Parameters </B></P>
<P align=justify>Resources are undiluted. Assumed metal prices are $1420 per
ounce for gold and $24.20 per ounce for silver. Resource blocks above a cut-off
of 100 g/t silver equivalent are considered for inclusion in resources. Silver
equivalent is calculated with a factor of 60:1 gold:silver. </P>
<P align=center>44 <B><I><br>
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<P align=justify><B>Methodology </B></P>
<P align=justify>The mineral resource estimates presented in this report are estimated by polygonal methods using fixed-distance vertical projections from chip sample lines in the development drifts and stopes, and lateral projections from raises. The average grade of a sample line is the weighted average of the capped assays and the assay length. </P>
<P align=justify>The average of a length of vein in longitudinal section is the average of all of the samples in the vein along that length weighted by their widths. The area of a block is the length in section multiplied by the vertical (or lateral for raises) projection. The volume is obtained by multiplying the area by the average width of the vein as sampled. </P>
<P align=justify>Volume is converted to tonnage by multiplying the block volume by a global bulk tonnage factor of 2.5 tonnes/m3.</P>
<P align=justify><B>2013 Mineral Reserve Estimate </B></P>
<P align=justify><B>Mineral Reserve Statement </B></P>
<P align=justify>The mineral reserves for the Bola&#241;itos Project as of December
31, 2013 are summarized in Table 1-3. </P>
<P align=center><B>Table 0-3 <br>
Mineral Reserve Estimate, Effective Date December 31, 2013,
<br>
Michael Munroe, SME Registered Member </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgcolor="#EEEEEE"><B>Description</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%" bgcolor="#EEEEEE"><B>Tonnes</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver</B> <br>
      <B>(g/t)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Gold</B> <br>
      <B>(g/t)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%" bgcolor="#EEEEEE"><B>Silver</B> <B><br>
    (oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Gold</B> <br>
      <B>(oz)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%" bgcolor="#EEEEEE"><B>Silver Eq.</B> <B><br>
    (oz)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Proven </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">752,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">138 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">2.16 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">3,330,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">&nbsp;52,200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">6,462,300 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Probable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">615,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">131 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">2.23 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">2,595,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">&nbsp;44,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">11,160,200 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total Proven and</B> <B>Probable</B> </TD>
    <TD align=center width="11%"><B>1,367,900</B> </TD>
    <TD align=center width="11%"><B>135</B> </TD>
    <TD align=center width="11%"><B>2.19</B> </TD>
    <TD align=center width="11%"><B>5,926,000</B> </TD>
    <TD align=center width="11%"><B>96,300</B> </TD>
    <TD align=center width="11%"><B>17,622,500</B>  </TD>
  </TR></TABLE>
</DIV>
<P align=justify><B>Mineral Reserve Parameters </B></P>
<P align=justify>The parameters used to convert mineral resources to mineral
reserves at the El Cubo project are as follow: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Cut-off grade - 130 g/t AgEq.
  <LI>Dilution - 75% including being diluted to a minimum mining width.
  <LI>Minimum width &#150; 0.8m.
  <LI>Silver equivalent - 60:1 for silver to gold
  <LI>Gold price - US $1,320 per oz
  <LI>Silver price - US $22 per oz.
  <LI>Gold recovery (overall) &#150; 89.4%.
  <LI>Silver recovery (overall) &#150; 87.7%. </LI></UL>
<P align=justify><B>Definitions and Classifications </B></P>
<P align=justify>Mineral reserves are derived from measured and indicated
resources after applying the economic parameters stated  above.
The Bola&#241;itos project reserves have been derived and classified according to the
following criteria:</P>
<P align=justify>Proven mineral reserves are the economically mineable part of
the Measured resource where development work for mining and information on
processing / metallurgy and other relevant factors demonstrate that economic
extraction is achievable. For Bola&#241;itos Project, this applies to blocks located
within approximately 10m of existing development and for which Endeavour Silver
has a mine plan in place.</P>
<P align=justify>Probable mineral reserves are those Measured or Indicated
mineral resource blocks which are considered economic and for which Endeavour
Silver has a mine plan in place. For Bola&#241;itos Project, this is applicable to
blocks located a maximum of 35 m either vertically or horizontally distant from
development. </P>
<P align=center>45 <B><I><br>
Endeavour Silver Corp.</I></B> </P>
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<P align="justify">
<B>Development and Operations </B></P>
<P align="justify">
The El Cubo Mine is organized into four discrete physical areas, Areas 1 through 4, which have separate crews and infrastructure for access, stoping, ventilation, and ore haulage. The area separations are geographic, and by level. </P>
<P align="justify">
Conventional drill and blast methods are used to extract the ore at El Cubo, and access to the mining areas is provided by ramps, adits and shafts. Mine development headings are drilled by jumbo and by jackleg. </P>
<P align="justify">
The choice of equipment is generally guided by the anticipated vein widths, stoping method, and equipment availability. The stoping methods used at El Cubo in 2013 were 90% mechanized cut-and-fill and 10% longhole open-stoping. </P>
<P align="justify">
It is standard procedure throughout the mine to install systematic ground control. Ground control is carried out using a combination of split sets, mesh, w-straps, and cable bolts. The type of support varies according to the conditions encountered,
but split sets are most common and are complemented as needed with mesh and/or w-straps. </P>
<P align="justify">
Cable bolting is required during the preparation of stopes for longhole blasting. The cable bolts are installed by drilling holes in the hanging wall and fixing the bolts in place with cement pumped into the hole.</P>
<P align="justify">
The upper levels of the mine are dry. Water inflows are a factor in the lowest development levels in Area 4 where it is collected, pumped, and distributed as additional water for the needs of mine production. </P>
<P align="justify">
The lowest historic development level of the mine, Level 9 of the Villalpando vein, was flooded until the latter part of 2013. The water level at the end of 2013 was about 6m below the Level 9.</P>
<P align="justify">
After the strike ended in 2011, Blake (2011) provided a preliminary geotechnical study to AuRico to determine if ground deterioration had occurred and if so, what rehabilitation effort might be needed in order for mining to resume. The geotechnical
study concluded that in most cases, scaling and spot bolting would sufficiently mitigate deterioration, and rehabilitation work was carried out in three stopes according to recommendations. </P>
<P align="justify">
The ventilation system at El Cubo is a combination of natural and mechanical, but relies mostly on natural ventilation. Air flow enters through the various access ramps, shafts, raise bore holes, and old mine openings, and moves down to the lower
part of the mine, exhausting through a series of partially open old areas of the mine, raise bore holes, and conventional driven raises.</P>
<P align="justify">
As of December 31, 2013, the company had a total of 576 direct employees distributed in different departments There are 175 contract persons for underground development and ore transport from underground to surface and to the plant. </P>
<P align="justify">
<B>Conclusions and Recommendations </B></P>
<P align="justify">
<B>Conclusions </B></P>
<P align="justify">
The QP considers the El Cubo resource and reserve estimates presented in this report to follow the current CIM standards and definitions for estimating resources and reserves, as required under NI 43-101 &ldquo;Standards of Disclosure for Mineral
Projects.&rdquo; These resources and reserves form the basis for Endeavour Silver&rsquo;s ongoing mining operations at the El Cubo Mines Project. </P>
<P align="center">
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<P align="justify">
The QP is unaware of any significant technical, legal, environmental or political considerations which would have a negative effect on the extraction and processing of the resources and reserves located at the El Cubo Mines Project. Mineral
resources which have not been converted to mineral reserves, and do not demonstrate economic viability, shall remain mineral resources. </P>
<P align="justify">
The QP considers the mineral concessions controlled by Endeavour Silver in the El Cubo mining district to be highly prospective both along strike and down dip of the existing known mineralization, and that further resources could be converted into
reserves with additional exploration and development especially south of the Asunci&oacute;n-Villalpando area. </P>
<P align="justify">
The QP is of the belief that with Endeavour&rsquo;s continued commitment to regional exploration within the district, the potential for the discovery of deposits of similar character and grade, as those that are currently in operation remains
optimistic. </P>
<P align="justify">
<B>Recommendations </B></P>
<P align="justify">
Exploration in the El Cubo District is ongoing. Endeavour&rsquo;s exploration programs have been successful in the past outlining several new resources of which the resource in the Asunci&oacute;n-Villalpando area is the most recent. The QP
recommends that exploration continue and that budgeted exploration plans discussed in Section 26.1 be given final approval and executed. </P>
<P align="justify">
The QP recommends that Mine Exploration investigate using an up-to-date electronic logging system for future exploration programs. </P>
<P align="justify">
The QP recommends that an automatic data backup system be installed for both local and server data. A server failure in 2013 resulted in the loss of much of the data that would be useful for reconciliation purposes. </P>
<P align="justify">
The QP recommends that as newer data is collected and newer areas the mine opened, the mine should consider using more 3D modeling techniques. The mine should develop procedures and protocols for modeling resources including 3D geologic models. This
is a challenging task at present due to the analog nature of the majority of the data at El Cubo. </P>
<P align="justify">
<B><I><U>San Sebastian Project, Jalisco State, Mexico</U></I></B><B><I> </I></B> </P>
<P align="justify">
The following summary of the San Sebastian Project is extracted from the technical report titled &ldquo;NI 43-101 Technical Report on the Resource Estimates for the San Sebastian Project, Jalisco State, Mexico&rdquo; prepared by Michael Munroe
SME-RM, an employee of the Company, with an effective date of December 31, 2013 and dated March 27, 2014. The complete report can be viewed on SEDAR at www.sedar.com. The detailed disclosure contained in this technical report is incorporated by
reference into this AIF.</P>
<P align="justify">
<B>Summary </B></P>
<P align="justify">
<B>Introduction </B></P>
<P align="justify">
The purpose of this Technical Report is to support Endeavour Silver Corp&rsquo;s (Endeavour) public disclosure related to the resource estimate for the San Sebasti&aacute;n Project. This Technical Report conforms to National Instrument 43-101
Standards of Disclosure for Mineral Projects (NI 43-101) and as EDR is a producer issuer in accordance with section 5.3.2 of National Instrument (NI 43-101) regulations. The mineral resource estimates for this deposit were completed in-house by EDR
personnel. </P>
<P align="center">
47
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<P align="justify">
Endeavour is a mid-tier silver mining company engaged in the exploration, development, and production of mineral properties in Mexico. Endeavour is focused on growing its production and reserves and resources in Mexico. Since start-up in 2004, EDR
has posted nine consecutive years of growth of its silver mining operations. In addition to the San Sebasti&aacute;n property, Endeavour owns and operates the Guanacev&iacute; Mine located in the northwestern Durango state, and the Del Cubo the
Bola&ntilde;itos Mines, both located near the city of Guanajuato in Guanajuato State, Mexico. </P>
<P align="justify">
This report follows the format and guidelines of Form 43-101F1, Technical Report for National Instrument 43-101, Standards of Disclosure for Mineral Projects, and its Companion Policy NI 43-101 CP, as amended by the CSA and which came into force on
June 30, 2011. </P>
<P align="justify">
This report has an effective date of December 31, 2013. The mineral resource estimates reported in this report comply with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards and definitions, as required under Canadian
National Instrument 43-101 (NI 43-101) regulations. </P>
<P align="justify">
The term San Sebasti&aacute;n Property, in this report, refers to the entire area covered by the mineral license, while the term San Sebasti&aacute;n Project refers to the area within the mineral license on which the current mining and exploration
programs are being conducted. </P>
<P align="justify">
This report includes technical information which requires subsequent calculations or estimates to derive sub-totals, totals and weighted averages. Such calculations or estimations inherently involve a degree of rounding and consequently introduce a
margin of error. The QP does not consider such errors to be material to the calculations presented here. </P>
<P align="justify">
The conclusions and recommendations in this report reflect the QP's best independent judgment in light of the information available to him at the time of writing. </P>
<P align="justify">
<B>Location and Property Description </B></P>
<P align="justify">
San Sebasti&aacute;n del Oeste (San Sebasti&aacute;n) is an historic silver and gold mining district located in southwestern Jalisco State, approximately 155 km southwest of Guadalajara and 40 km northeast of Puerto Vallarta, accessible by paved and
gravel roads. One small, high grade, underground silver-gold mine, La Quiteria (130 tonnes per day), continues to operate in the district. The San Sebasti&aacute;n Properties being acquired by Endeavour Silver surround the La Quiteria mine and
represent a new, district-scale, silver-gold exploration opportunity for the company. </P>
<P align="justify">
<B>Ownership </B></P>
<P align="justify">
In February, 2010, Endeavour Silver acquired an option to purchase the San Sebasti&aacute;n silver-gold Properties in Jalisco State from Industrias Minera M&eacute;xico S.A. de C.V. (IMMSA), also known as Grupo Mexico, one of the largest mining
companies in Mexico. </P>
<P align="justify">
Endeavour Silver holds the San Sebasti&aacute;n Project through its 100% owned Mexican subsidiary, Endeavour Gold Corporation S.A. de C.V. (Endeavour Gold). Endeavour Gold holds the Project through its 100% owned subsidiary Minera Plata Adelante
S.A. de C.V. (Minera Plata). </P>
<P align="justify">
At present, the Project is comprised of 12 mineral concessions. The core group of 10 concessions totalling 3,388 hectares (ha) were owned by IMMSA. These concessions cover the main area of the known mining district. In 2013, Endeavour Silver
completed the acquisition of a 100% interest in the San Sebasti&aacute;n Properties from IMMSA. IMMSA will retain a 2% NSR royalty on mineral production from the properties.  </P>
<P align="center">
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<P align="justify">
In 2012, Endeavour Silver also filed and received title for 2 concessions (San Sebasti&aacute;n FR. 1 and FR. 2) totalling 2,078 ha. </P>
<P align="justify">
Additionally, in 2013, Endeavour Silver filed a total of 7 concessions (San Sebastian 12, San Sebastian 13, San Sebastian 14, San Sebastian 15, San Sebastian 16, San Sebastian 17 and San Sebastian 18) totaling 4,163 ha. Titling of these concessions
it&rsquo;s still pending. </P>
<P align="justify">
The annual 2014 concession tax for the San Sebasti&aacute;n Properties is estimated to be approximately 693,658 Mexican pesos (pesos), which is equal to about US &#36;53,360 at an exchange rate of 13.00 pesos to US &#36;1.00 dollar.</P>
<P align="justify">
<B>History </B></P>
<P align="justify">
Although the San Sebasti&aacute;n silver and gold mines were first discovered in 1542, and there were several periods of small-scale mining over the last 450 years, the only significant modern exploration in the district was carried out by IMMSA in
the late 1980&rsquo;s and early 1990&rsquo;s. </P>
<P align="justify">
According to Southworth in his 1905 volume on Mexican mining, &ldquo;<I>These veins have been mined for more than three centuries, and the production has been enormous. Many exceptionally rich bonanzas have been extracted, with the aggregate
production totals many millions.&rdquo;</I> However, while this has may have been the case, the data available appear to suggest that this mining district was a minor silver producer when compared to the more well-known districts which have been
among the world class producers. </P>
<P align="justify">
Ramirez, in his 1884 volume entitled &ldquo;<I>Noticia Hist&oacute;rica de la Riqueza Minera De Mexico Y de Su Actual Estado de Explotaci&oacute;n or Historical News of the Mineral Wealth of Mexico&rdquo; </I>does not appear to mention the<I>
</I>Sebasti&aacute;n del Oeste region as a major past or current producing district. Even the Consejo de Recursos Minerales 1992 Monograph for the State of Jalisco has no production records for the San Sebasti&aacute;n mining district and only
briefly mentions the district and some of the more well-known veins. </P>
<P align="justify">
As is the case with many mines in Mexico which were owned by individuals or corporations, the historical production records have not survived the revolutions, passing of the individual owners, closing of the mines, corporate failure, or government
seizure of assets. Therefore, the exact silver production is unknown. </P>
<P align="justify">
<B>Geology and Mineralization </B></P>
<P align="justify">
The San Sebasti&aacute;n Properties (5,466 ha) cover a classic, low sulphidation, epithermal vein system in four mineralized vein sub-districts named Los Reyes, Santiago de los Pinos, San Sebasti&aacute;n and Real de Oxtotipan. Each sub-district
consists of a cluster of quartz (calcite, barite) veins mineralized with sulphide minerals (pyrite, argentite, galena and sphalerite). Each vein cluster spans about a 3 km by 3 km in area. In total, more than 50 small mines were developed
historically on at least 20 separate veins.</P>
<P align="justify">
The San Sebasti&aacute;n veins tend to be large and can carry high grade silver-gold mineralized deposits. For example, the La Quiteria vein ranges up to 15 m thick, and the Santa Quiteria mine averages about 280 g/t silver and 0.5 g/t gold over a 3
m to 4 m width. This high grade mineralized zone appears to extend into the San Sebasti&aacute;n Properties both along strike and immediately down dip. </P>
<P align="center">
49
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<P align="justify">
<B>Exploration Program </B></P>
<P align="justify">
<B>2010 Exploration Program </B></P>
<P align="justify">
In 2010, Endeavour Silver commenced exploration activities on the San Sebasti&aacute;n Project. Initial work mainly included data compilation, field mapping and sampling. A total of US &#36;325,586 (including property holding costs) was spent on
exploration activities on the San Sebasti&aacute;n Project. </P>
<P align="justify">
<B>2011 Exploration Program </B></P>
<P align="justify">
In 2011, exploration activities continued on the San Sebasti&aacute;n Project and included geological mapping, rock chip sampling, topographic surveying and diamond drilling. </P>
<P align="justify">
A total of US &#36;2,249,443 (including property holding costs) was spent on exploration activities on the San Sebasti&aacute;n Project in 2011. </P>
<P align="justify">
<B>2012 Exploration Program </B></P>
<P align="justify">
In 2012, exploration activities continued on the San Sebasti&aacute;n Project, primarily involving surface diamond drilling. </P>
<P align="justify">
A total of US &#36;3,455,816 (including property holding costs) was spent on exploration activities on the San Sebasti&aacute;n Project in 2012, </P>
<P align="justify">
<B>2013 Exploration Program </B></P>
<P align="justify">
In 2013, exploration activities continued on the San Sebastian Project. Follow-up surface diamond drilling continued in the Terronera vein area. </P>
<P align="justify">
Also, geological mapping, trenching and sampling was conducted in the Terronera South and Quiteria West areas. </P>
<P align="justify">
A total of US &#36;3,944,570 (including property holding costs) was spent on exploration activities on the San Sebasti&aacute;n Project in 2013. </P>
<P align="justify">
<B>2014 Exploration Program </B></P>
<P align="justify">
The 2014 exploration program is planned to include 6,250 m of core in approximately 20 surface diamond drill holes to delineate resources on the Terronera vein. </P>
<P align="justify">
The field activities will include detailed mapping and trenching, mainly focused to the south and northern part of Terronera, and also the west part of Quiteria West vein. </P>
<P align="justify">
Endeavour Silver is budgeting to spend US &#36;1,546,650, mainly on diamond drilling. </P>
<P align="justify">
<B>2013 Mineral Resource Estimate </B></P>
<P align="justify">
The mineral resource discussed in this report was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on
Reserve Definitions and adopted by CIM Council on November 27, 2010. The effective date of this mineral resources estimate is December 31, 2013.  </P>
<P align="center">
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<P align=justify><B>Animas-Los Negros,El Tajo and Real Veins </B></P>
<P align=justify>The estimate was conducted using a polygonal/sectional method.
Grade capping (based on log-probability plots) was at 524 g/t and 2.38 g/t for
silver and gold, respectively. </P>
<P align=justify><B>Terronera Vein </B></P>
<P align=justify>A block model was developed for the Terronera vein which has
been tested by more than 55 drill holes. The block size used to match the
drilling density on a 50 m grid was 25 m along strike x 25 m down dip x the
width of the vein. Grade interpolation was achieved by using the inverse
distance cubed (ID<SUP>3</SUP>) technique. Grade capping (based on
log-probability plots) was at 2,070 g/t and 7.96 g/t for silver and gold,
respectively. </P>
<P align=justify><B>Cut-off Grade </B></P>
<P align=justify>The cut-off grade selected by Endeavour Silver for the resource
estimate is 100 g/t silver equivalent (AgEq), using a 60:1 ratio based on prices
of US $24.20/oz silver and US $1,420/oz gold, with no base metal credits
applied. </P>
<P align=justify>A summary of the resources at a cut-off grade of 100 g/t AgEq
is given in Table 0-4. </P>
<P align=center><B>Table 0-4 <br>
Summary of the San Sebastian Mineral Resources at a Cut-off
Grade of 100 g/t AgEq <br>
Effective Date December 31, 2013 </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center valign="middle" bgcolor="#EEEEEE"><B>Vein</B> </TD>
    <TD width="11%" align=center valign="middle" bgcolor="#EEEEEE"><B>Tonnes</B> </TD>
    <TD
      width="11%" align=center valign="middle" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"><B>Silver</B> <B><br>
    (g/t)</B> </TD>
    <TD
      width="11%" align=center valign="middle" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"><B>Gold</B> <B><br>
    (g/t)</B> </TD>
    <TD width="11%" align=center valign="middle" bgcolor="#EEEEEE"><B>Silver</B> <B>Eq</B>
      <B><br>
    (g/t)</B> </TD>
    <TD
      width="11%" align=center valign="middle" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"><B>Silver</B> <B><br>
    (oz)</B> </TD>
    <TD
      width="11%" align=center valign="middle" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"><B>Gold</B> <B><br>
    (oz)</B> </TD>
    <TD
      width="11%" align=center valign="middle" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"><B>Silver Eq</B> <B><br>
    (oz)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total Indicated</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2,476,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>229</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>1.08</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>294</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>18,216,200</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">&nbsp;<B>86,300</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>23,394,200</B> </TD>
  </TR>
  <TR>
    <TD colspan="8">&nbsp;        </TD>
    </TR>
  <TR>
    <TD><B>Total Inferred</B> </TD>
    <TD align=center width="11%"><B>2,376,000</B> </TD>
    <TD align=center width="11%"><B>175</B> </TD>
    <TD align=center width="11%"><B>1.66</B> </TD>
    <TD align=center width="11%"><B>275</B> </TD>
    <TD align=center width="11%"><B>13,390,600</B> </TD>
    <TD align=center width="11%"><B>126,800</B> </TD>
    <TD align=center width="11%"><B>20,998,600</B>  </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>Mineral resources which are not mineral reserves do not
      have demonstrated economic viability. The estimate of mineral resources
      may be materially affected by environmental, permitting, legal, title,
      taxation, sociopolitical, marketing, or other relevant issues.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>There has been insufficient exploration to define the
      inferred resources as an indicated or measured mineral resource. It is
      uncertain if further exploration will result in upgrading them to an
      indicated or measured mineral resource category.</P></TD></TR></TABLE>
<P align=justify><B>Conclusions and Recommendations </B></P>
<P align=justify><B>Conclusions </B></P>
<P align=justify>The QP considers the San Sebasti&#225;n resource estimates presented
here to conform to the current CIM standards and definitions for estimating
resources and reserves, as required under NI 43-101 &#147;Standards of Disclosure for
Mineral Projects.&#148; The estimation approach and methodology used is reasonable
and appropriate based on the data available. </P>
<P align=justify>The QP is unaware of any significant technical, legal,
environmental or political considerations which would have an adverse effect on
the resource estimate or the continued exploration of the San Sebasti&#225;n
Property. </P>
<P align=center>51 <B><I><br>
Endeavour Silver Corp.</I></B> </P>
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<P align="justify">
The QP considers that the mineral concessions in the San Sebasti&aacute;n mining district controlled by Endeavour Silver to be highly prospective both along strike and down dip of the existing mineralization. Given that many epithermal vein systems
of this type have vertical mineralized extents ranging from 500 m to 800 m, Endeavour Silver could reasonably expect to increase its mineral resource base as more exploration is conducted.</P>
<P align="justify">
Therefore, the QP believes that with Endeavour&rsquo;s continued commitment to exploration, there is a good likelihood of discovering additional resources at the San Sebasti&aacute;n Project.</P>
<P align="justify">
Despite the potential for additional resources, Endeavour has not determined whether its mineral resource contains any mineral reserves that are economically recoverable. There are presently no mineral reserves on the San Sebastian Property. </P>
<P align="justify">
<B>Recommendations </B></P>
<P align="justify">
Based on a review of the San Sebasti&aacute;n Project and the encouraging results thus far, the QP recommends the following. </P>
<P align="justify">
That Endeavour continues exploration activities on the San Sebasti&aacute;n property. The exploration budget approved for 2014 is discussed in Section 26.1. </P>
<P align="justify">
Endeavour continues to investigate and develop relationships with third parties holding prospective mining interests in and surrounding the San Sebasti&aacute;n Project area. </P>
<P align="justify">
Drilling programs should continue to focus on upgrading and expanding the resources. </P>
<P align="justify">
Where possible, limited underground development and core drilling and sampling should be conducted to complement surface exploration activities and the data should be incorporated into the 3D geological model. </P>
<P align="justify">
As more data is collected, the modelling parameters and procedures be regularly reviewed to develop better estimation plans. </P>
<P align="justify">
Endeavour continue to develop and regularly revise high quality geologic models as more drilling is completed to enhance resource modeling. </P>
<P align="justify">
Current QA/QC program should be maintained and regularly reviewed to develop better protocols. </P>
<P align="justify">
The QP recommends that the collection of representative samples of the various types of wall rock dilution and ore types for bulk density determinations be continued. </P>
<P align="justify">
Additional metallurgical testing should be conducted as more information is collected to establish the optimum recovery method(s) and grade-recovery relationship(s). </P>
<P align="justify">
As the resource base grows the need for basic engineering studies increases. Endeavour should initiate investigations into infrastructural requirements and as the project advances consider commissioning economic studies. </P>
<P align="center">
52
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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

<!--$$/page=--><A name=page_56></A>
<P align=justify><B>Budget for Further Work </B></P>
<P align=justify>In line with these recommendations, Endeavour Silver has
proposed an exploration budget of US $1,546,650 for the period January, 2014 to
December, 2014. Table 0-5 summarizes the planned 2014 surface exploration budget
for the San Sebasti&#225;n Project. Details can be found in Section <B>Error!
Reference source not found.</B>. </P>
<P align=center><B>Table 0-5 <br>
Summary of Total 2014 Budget for the San Sebasti&#225;n Project
Exploration Programs </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: medium none #000000; " align=left bgcolor="#EEEEEE"><B>Project
      Area</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="26%"
    colSpan=2 bgcolor="#EEEEEE"><B>2014 Program</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%" bgcolor="#EEEEEE"><B>Budget</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" align=left bgcolor="#EEEEEE">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="26%" bgcolor="#EEEEEE"><B>Metres</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%" bgcolor="#EEEEEE"><B>Samples</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%" bgcolor="#EEEEEE"><B>US $</B> </TD></TR>
  <TR vAlign=top>
    <TD colspan="4" align=left style="BORDER-BOTTOM: #000000 1px solid"><B>Surface
      Exploration Drilling</B>    </TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Terronera </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="26%">6,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">2,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">1,149,450 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>San Sebastian
      Regional Exploration </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="26%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">1,200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">&nbsp; &nbsp; &nbsp;397,200 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="26%"><B>6,250</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>3,200</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%"><B>1,546,650</B> </TD></TR></TABLE>
</DIV>
<P align=justify><B>ITEM 5: DIVIDENDS </B></P>
<P align=justify><B>5.1 Dividends </B></P>
<P align=justify>The Company has not declared any dividends during the past
three fiscal years ended December 31, 2013. Although there are no restrictions
preventing the Company from paying dividends, the Company has no present
intention of paying dividends on its common shares as it anticipates that all
available funds will be invested to finance further acquisition, exploration and
development of its mineral properties. </P>
<P align=justify><B>ITEM 6: DESCRIPTION OF CAPITAL STRUCTURE </B></P>
<P align=justify><B>6.1 General Description of Capital Structure </B></P>
<P align=justify>The Company&#146;s authorized share capital is comprised of an
unlimited number of common shares without par value. </P>
<P align=justify>The following table provides a summary concerning the Company&#146;s
share capital as of December 31, 2013: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="50%"><B>December 31, 2013</B> </TD></TR>
  <TR>
    <TD width="50%">&nbsp; </TD>
    <TD width="50%" align="center">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"><B>Authorized
      share capital</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="50%">Unlimited number of common shares without par value </TD></TR>
  <TR vAlign=top>
    <TD align=left width="50%"><B>Number of shares issued and</B> <B>outstanding</B> </TD>
    <TD align=center width="50%">99,784,409 common shares without par value  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
</TABLE>
</DIV>
<P align=justify>As at March 28, 2014, the Company has 101,255,314 common shares
issued and outstanding. </P>
<P align=justify>All common shares of the Company rank equally as to dividends,
voting rights and participation in assets and in all other respects. Each share
carries one vote per share at meetings of the shareholders of the Company. There
are no indentures or agreements limiting the payment of dividends and there are
no conversion rights, special liquidation rights, pre-emptive rights or
subscription rights attached to the common shares. The shares presently issued
are not subject to any calls or assessments. </P>
<P align=center>53 <B><I><br>
Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_57></A>
<P align=justify><B>6.2 Constraints </B></P>
<P align=justify>To the best of its knowledge, the Company is not aware of any
constraints imposed on the ownership of its securities to ensure that the
Company has a required level of Canadian ownership. </P>
<P align=justify><B>6.3 Ratings </B></P>
<P align=justify>To the best of its knowledge, the Company is not aware of any
ratings, including provisional ratings, from rating organizations for the
Company&#146;s securities that are outstanding and continue in effect. </P>
<P align=justify><B>ITEM 7: MARKET FOR SECURITIES
</B></P>
<P align=justify><B>7.1 Trading Price and Volume
</B></P>
<P align=justify>The Company&#146;s common shares are listed for trading on the
Toronto Stock Exchange (the &#147;TSX&#148;) under the symbol &#147;EDR&#148; and since March 14,
2011 on the New York Stock Exchange (&#147;NYSE&#148;) under the symbol &#147;EXK&#148;. Prior to
March 14, 2011, the Company&#146;s common shares were listed on the NYSE MKT. The
price ranges for the Company&#146;s common shares in Canadian dollars and volume
traded on the TSX for the most recently completed fiscal year ended December 31,
2013, the months of January and February 2014 and the period from March 1, 2014
to March 27, 2014 are set out below: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD>Date </TD>
    <TD align=center width="16%">Open    </TD>
    <TD align=center width="16%">High    </TD>
    <TD align=center width="16%">Low    </TD>
    <TD align=center width="16%">Close    </TD>
    <TD align=center width="16%">Volume Traded </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Mar-14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.95 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.29 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.56 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.77 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4,022,417 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Feb-14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.90 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.61 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.66 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.69 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4,595,848 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Jan-14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.99 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.25 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.86 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.85 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4,031,042 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Dec-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.99 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.01 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.34 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.84 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6,748,364 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Nov-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.29 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.47 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.86 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.03 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">2,130,309 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Oct-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.29 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.24 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.90 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.33 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3,145,892 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Sep-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.48 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.66 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.24 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.42 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4,412,181 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Aug-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.21 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.45 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.22 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4,473,820 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Jul-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.61 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.40 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.08 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.08 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3,377,456 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Jun-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.69 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.75 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.03 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.64 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">2,823,586 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">May-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.08 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.24 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.95 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.65 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">2,774,071 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Apr-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.33 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.45 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.44 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.26 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4,835,896 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Mar-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.76 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.15 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.33 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3,565,424 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Feb-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">7.01 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">7.11 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.75 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.06 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3,103,849 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Jan-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">8.11 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">8.23 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.83 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.84 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3,730,331 </TD>
  </TR>
</TABLE>
</DIV>
<P align=center>54 <B><I><br>
Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_58></A>
<P align=justify>The price ranges for the Company&#146;s common shares in US$ and
volume traded on the NYSE for the most recently completed fiscal year ended
December 31, 2013, the months of January and February 2014 and the period from
March 1, 2014 to March 27, 2014 are set out below: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD>Date </TD>
    <TD align=center width="16%">Open </TD>
    <TD align=center width="16%">High </TD>
    <TD align=center width="16%">Low </TD>
    <TD align=center width="16%">Close </TD>
    <TD align=center width="16%">Volume Traded </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Mar-14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.36 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.69 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.12 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.49 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">33,434,132 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Feb-14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.39 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.98 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.20 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.15 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">35,216,338 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Jan-14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.76 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.74 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.58 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.34 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">31,931,307 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Dec-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.75 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.77 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.12 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.63 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">26,676,823 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Nov-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.28 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.65 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.87 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">26,051,029 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Oct-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.17 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.04 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.76 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.18 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">33,338,582 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Sep-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.22 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.39 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.09 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">36,878,858 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Aug-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.03 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.93 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.98 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">45,358,756 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Jul-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.47 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.28 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">2.89 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.99 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">32,263,171 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Jun-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.54 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.62 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">2.88 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.43 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">20,733,623 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">May-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.02 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.19 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">3.72 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.45 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">23,693,866 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Apr-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.24 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.36 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">4.31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.21 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">34,646,985 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Mar-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.82 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.59 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.22 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">29,166,019 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Feb-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">7.01 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">7.12 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.67 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">5.77 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">23,743,381 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid">Jan-13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">8.15 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">8.35 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.85 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">6.87 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">23,674,673 </TD>
  </TR>
</TABLE>
</DIV>
<P align=justify><B>ITEM 8: ESCROWED SECURITIES </B></P>
<P align=justify><B>8.1 Escrowed Securities </B></P>
<P align=justify>As at December 31, 2013, there were no escrowed securities or
securities subject to contractual restriction on transfer. </P>
<P align=justify><B>ITEM 9: DIRECTORS AND OFFICERS </B></P>
<P align=justify><B>9.1 Name, Occupation and Security Holding </B></P>
<P align=justify>The following is a list of the current directors and executive
officers of the Company, their province/state and country of residence, their
current positions with the Company and their principal occupations during the
past five years: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD width="25%" align=left nowrap>
    <p align="center"><B>Name and</B> <B><br>
    Province/State and</B> <B><br>
    Country</B>
      <B><br>
    of Residence</B> </TD>
    <TD width="25%" align=left nowrap>
    <p align="center"><B>Principal Occupation</B> <B><br>
    for the</B>
      <B><br>
    Last Five Years</B> </TD>
    <TD width="25%" align=left nowrap>
    <p align="center"><B>Current Position with</B> <B>the <br>
    Company</B>
      <B>and</B> <B><br>
    Period of Service</B> </TD>
    <TD width="25%" align=center nowrap><B>Approximate number and</B> <B><br>
    percentage
      of voting</B> <B><br>
    securities owned, directly</B> <B><br>
    or indirectly or over
      which</B> <B><br>
    direction or control <br>
    is</B> <B>exercised </B><SUP>(2) (3)</SUP> </TD></TR>
  <TR>
    <TD width="25%" align="center">
    <p align="left"><B>Bradford J. Cooke</B> <br>
    British Columbia, Canada </TD>
    <TD width="25%" align="left">CEO and Director of Endeavour </TD>
    <TD width="25%" align="left">Director and Chief Executive Officer (since July 25, 2002)
    </TD>
    <TD width="25%">
    <p align="center">952,831<br>
    0.94% </TD></TR></TABLE></DIV>
<P align=center>55<br>
<B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD width="25%" align=center nowrap><B>Name and</B> <B><br>
    Province/State and</B> <B><br>
    Country</B>
      <B><br>
    of Residence</B> </TD>
    <TD width="25%" align=center nowrap><B>Principal Occupation</B> <B><br>
    for the</B>
      <B><br>
    Last Five Years</B> </TD>
    <TD width="25%" align=center nowrap><B>Current Position with</B> <B>the <br>
    Company</B>
      <B>and</B> <B><br>
    Period of Service</B> </TD>
    <TD width="25%" align=center nowrap><B>Approximate number and</B> <B><br>
    percentage
      of voting</B> <B><br>
    securities owned, directly</B> <B><br>
    or indirectly or over
      which</B> <B><br>
    direction or control is</B> <B><br>
    exercised </B><SUP>(2) (3)</SUP> </TD></TR>
  <TR>
    <TD width="25%" align="left" valign="top"><B>Godfrey J. Walton</B> <br>
    British Columbia, Canada </TD>
    <TD width="25%" align="left">Director, President and COO of Endeavour and President,
      G.J. Walton &amp; Associates Ltd. </TD>
    <TD width="25%" align="left">Director, President and Chief Operating Officer (since
      July 25, 2002) </TD>
    <TD width="25%" align="center">170,777 <br>
    0.17% </TD></TR>
  <TR>
    <TD width="25%" align="left" valign="top"><B>Ken Pickering</B><SUP>(1)</SUP> <br>
    British Columbia, Canada </TD>
    <TD width="25%" align="left" valign="top">Vice President, Major Projects BHP Billiton to Oct 2010:
      Independent Director of Pan Aust (ASX); TheMac Resources (TSXV); and Enaex
      (Chile). </TD>
    <TD width="25%" align="left" valign="top">Director (since August 20, 2012) </TD>
    <TD width="25%" align="center" valign="top">Nil </TD>
  </TR>
  <TR>
    <TD width="25%" align="left" valign="top"><B>Mario D. Szotlender </B><SUP>(1),(2),(3)</SUP>
    <br>
    Caracas, Venezuela
    </TD>
    <TD width="25%" align="left" valign="top">Independent Consultant and Director of several public
      mineral exploration and mining companies </TD>
    <TD width="25%" align="left" valign="top">Director (since July 25, 2002) </TD>
    <TD width="25%" align="center" valign="top">195,100 <br>
    0.19% </TD></TR>
  <TR>
    <TD width="25%" align="left" valign="top"><B>Geoffrey Handley </B><SUP>(1),(2),(3)</SUP>
    <br>
    Sydney, Australia </TD>
    <TD width="25%" align="left" valign="top">Independent Director of several public mineral exploration
      and mining companies </TD>
    <TD width="25%" align="left" valign="top">Chairman (since May 23, 2012) Director (since June 14,
      2006) </TD>
    <TD width="25%" align="center" valign="top">10,000 <br>
    0.01% </TD></TR>
  <TR>
    <TD width="25%" align="left" valign="top"><B>Rex McLennan </B><SUP>(2),(3)</SUP> <br>
    Alberta, Canada </TD>
    <TD width="25%" align="left" valign="top">Chief Financial Officer of Viterra Inc. until December
      2012 </TD>
    <TD width="25%" align="left" valign="top">Director (since June 14, 2007) </TD>
    <TD width="25%" align="center" valign="top">10,000 <br>
    0.01% </TD></TR>
  <TR>
    <TD width="25%" align="left" valign="top"><B>Ricardo Campoy </B><SUP>(1),(3)</SUP> <br>
    New York, USA </TD>
    <TD width="25%" align="left" valign="top">Managing director of Headwaters MB, Director of General
      Moly, White Tiger Gold Ltd. and Forsys Metals Corp </TD>
    <TD width="25%" align="left" valign="top">Director (since July 9, 2010) </TD>
    <TD width="25%" align="center" valign="top">4,000 <br>
    0.004% </TD></TR>
  <TR>
    <TD width="25%" align="left" valign="top"><B>Daniel Dickson</B> <br>
    British Columbia, Canada </TD>
    <TD width="25%" align="left" valign="top">CFO of Endeavour </TD>
    <TD width="25%" align="left" valign="top">Chief Financial Officer (since April 1, 2008) </TD>
    <TD width="25%" align="center" valign="top">Nil </TD>
  </TR></TABLE></DIV>
<P align=center>56 <B><I><br>
Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <tr>
    <TD width="25%" align=center nowrap><B>Name and</B> <B><br>
    Province/State and</B> <B><br>
    Country</B>
      <B><br>
    of Residence</B> </TD>
    <TD width="25%" align=center nowrap><B>Principal Occupation</B> <B><br>
    for the</B>
      <B><br>
    Last Five Years</B> </TD>
    <TD width="25%" align=center nowrap><B>Current Position with</B> <B>the <br>
    Company</B>
      <B>and</B> <B><br>
    Period of Service</B> </TD>
    <TD width="25%" align=center nowrap><B>Approximate number and</B> <B><br>
    percentage
      of voting</B> <B><br>
    securities owned, directly</B> <B><br>
    or indirectly or over
      which</B> <B><br>
    direction or control is</B> <B><br>
    exercised </B><SUP>(2) (3)</SUP> </TD>
  </tr>
  <TR>
    <TD width="25%"><B>Luis Castro</B> <br>
    Durango, Mexico </TD>
    <TD width="25%" align="left">VP of Exploration of Endeavour, prior Manager of
      Exploration of Endeavour </TD>
    <TD width="25%" align="left" valign="top">Vice President, Exploration (since November 12, 2012) </TD>
    <TD width="25%" align="center" valign="top">Nil </TD>
  </TR>
  <TR>
    <TD width="25%"><B>David Howe</B> <br>
    Leon, Mexico </TD>
    <TD width="25%" align="left">VP of Operations of Endeavour since November 2007 </TD>
    <TD width="25%" align="left" valign="top">Vice President Operations, Mexico (since November 1, 2007)    </TD>
    <TD width="25%" align="center" valign="top">20,000 <br>
    0.02% </TD></TR>
  <TR>
    <TD width="25%"><B>Terence Chandler</B> <br>
    British Columbia, Canada </TD>
    <TD width="25%" align="left">Consulting Geologist Terrenex Consulting, President
      Redcorp Ventures Limited </TD>
    <TD width="25%" align="left" valign="top">Vice President Corporate Development (since January 1,
      2013) </TD>
    <TD width="25%" align="center" valign="top">Nil </TD>
  </TR>
  <TR>
    <TD width="25%"><B>Bernard Poznanski</B> <br>
    British Columbia, Canada </TD>
    <TD width="25%" align="left">Lawyer, Koffman Kalef Business Lawyers </TD>
    <TD width="25%" align="left" valign="top">Corporate Secretary (since March 9, 2009) </TD>
    <TD width="25%" align="center" valign="top">Nil </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%">&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Member of Compensation Committee and Member</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Member of Corporate Governance and Nominating
      Committee</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Member of Audit Committee</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Refer to <U><FONT color=#0000ff>www.sedi.ca
      </FONT></U>for continuous disclosure of Directors &amp; Officers
      holdings.</P></TD></TR></TABLE>
<P align=justify><B><I>Directors' Terms of Office </I></B></P>
<P align=justify>Each director is elected to serve until the next annual general
meeting of shareholders or until his successor is elected or appointed, or
unless his office is earlier vacated under any of the relevant provisions of the
articles of the Company or the <I>Business Corporations Act</I> (British
Columbia). </P>
<P align=justify><B><I>Control of Securities</I></B></P>
<P align=justify>As at March 28, 2014 the directors and officers of the Company
as a group beneficially owned, directly or indirectly, or exercised control or
direction over an aggregate of 1,362,708 common shares of the Company,
representing approximately 1.35% of the issued and outstanding common shares of
the Company. </P>
<P align=justify><B>9.2 Cease Trade Orders, Bankruptcies, Penalties or Sanctions
</B></P>
<P align=justify>Other than as disclosed herein, no director or executive
officer of the Company is, as at the date of this AIF, or has been, within the
ten years preceding the date of this AIF, a director, chief executive officer or
chief financial officer of any company (including the Company) that </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%">&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>was subject to a cease trade or similar order or an order
      that denied the relevant company access to any exemption under securities
      legislation, that was in effect for a period of more than 30 consecutive
      days, when such order was issued while the person was acting in the
      capacity of a director, chief executive officer or chief financial officer
      of the relevant company, or</P></TD></TR></TABLE>
<P align=center>57 <B><I><br>
Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<BR><TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>&nbsp;
</TD>
	<TD width=5% valign=top>
(b) 	</TD>
	<TD>
<P align="justify">was subject to a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was issued
after such person ceased to be a director, chief executive officer or chief financial officer of the relevant company, and which resulted from an event that occurred while the person was acting in the capacity of a director, chief executive officer
or chief financial officer of the relevant company.</P>
	</TD>
</TR>
</TABLE>
<P align="justify">
Bernard Poznanski, the Corporate Secretary of the Company, was a director and Corporate Secretary of Energem Resources Inc. (&ldquo;Energem&rdquo;) when certain management cease trade orders were issued against the insiders of Energem. Mr. Poznanski
ceased to be a director and Corporate Secretary of Energem on May 1, 2006. Particulars of the orders are as follows: </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>&nbsp;
</TD>
	<TD width=5% valign=top>
(a) 	</TD>
	<TD>
<P align="justify">On March 7, 2006, the Executive Director of the British Columbia Securities Commission (the &ldquo;BCSC&rdquo;) issued a management cease trade order in connection with the late filing of Energem&rsquo;s 2005 comparative annual
financial statements, 2005 annual MD&amp;A and a 2005 Annual Information Form. The management cease trade order was revoked on May 31, 2006 after the relevant documents were filed; and</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>&nbsp;
</TD>
	<TD width=5% valign=top>
(b) 	</TD>
	<TD>
<P align="justify">On April 20, 2005, the Executive Director of the BCSC issued a management cease trade order in connection with the late filing of Energem&rsquo;s 2004 comparative annual financial statements, 2005 first interim period financial
statements and MD&amp;A for the 2005 first interim period. The management cease trade order was revoked on June 2, 2005 after the relevant documents were filed.</P>
	</TD>
</TR>
</TABLE>
<P align="justify">
Ricardo Campoy was a director of Century Mining Corporation (&ldquo;Century&rdquo;) when it was subject to cease trade orders or management cease trade orders in issued March 2008, April 2009 and May 2010. </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>&nbsp;
</TD>
	<TD width=5% valign=top>
(a) 	</TD>
	<TD>
<P align="justify">On March 14, 2008, Century received notice from the British Columbia Securities Commission that the British Columbia Securities Commission had invoked a cease trade order with respect to Century&rsquo;s shares as a result of
inadequacies in a NI 43-101 technical report filed by Century for the Lamaque Project and in Century&rsquo;s financial reports for the third quarter of 2007. On March 20, 2008 the British Columbia Securities Commission revoked the cease trade order
and imposed a management cease trade order, giving Century time to comply with the issues cited in the cease trade order. All of those issues were resolved upon the filing of Century&rsquo;s revised Lamaque Project NI 43-101 technical report, the
filing of a NI 43-101 technical report on the San Juan Project and the filing of Century&rsquo;s restated third quarter 2007 financial statements and related management&rsquo;s discussion &amp; analysis. The management cease trade order remained in
place until June 24, 2008, when Century filed its audited financial statements and management&rsquo;s discussion &amp; analysis for the year ended December 31, 2007.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>&nbsp;
</TD>
	<TD width=5% valign=top>
(b) 	</TD>
	<TD>
<P align="justify">On May 4, 2009, Century announced that the British Columbia Securities Commission had granted Century an extension for filing its annual financial statements and management&rsquo;s discussion and analysis for the year ended
December 31, 2008 in response to Century&rsquo;s request for a management cease trade order filed with the British Columbia Securities Commission on April 28, 2009. On May 22, 2009, Century filed its financial statements and management&rsquo;s
discussion and analysis for the year ended December 31, 2008. However, the management cease trade order remained in effect, with the consent of Century, until June 16, 2009.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>&nbsp;
</TD>
	<TD width=5% valign=top>
(c) 	</TD>
	<TD>
<P align="justify">On May 12, 2010, Century announced that the British Columbia Securities Commission had invoked a cease trade order with respect to Century&rsquo;s shares as a result of Century&rsquo;s failure to file its annual financial
statements and related management&rsquo;s discussion and analysis for the year ended December 31, 2009. Century subsequently filed its annual financial statements and related management&rsquo;s discussion and analysis for the year ended December 31,
2009, and the British Columbia Securities Commission revoked the cease trade order on May 17, 2010.</P>
	</TD>
</TR>
</TABLE>
<P align="center">
58
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
Mario Szotlender, a director of the Company, was a director of Focus Ventures Ltd. (&ldquo;Focus&rdquo;) that was the subject of a cease trade order for a period of more than 30 consecutive days from each of the British Columbia Securities
Commission and the Alberta Securities Commission. The cease trade orders were issued on April 28, 2004 as a result of Focus&rsquo; failure to file its annual financial statements within the prescribed deadline and, upon Focus&rsquo; filing of the
outstanding documents, such orders were revoked on June 2, 2004 and June 11, 2004, respectively. Also in the past 10 years, the United States Securities and Exchange Commission (&ldquo;SEC&rdquo;) revoked Focus&rsquo; registration under Section
12(g) of the United States Securities Exchange Act of 1934 for failure to keep its filings with the SEC up-to-date. Upon receipt of the SEC&rsquo;s notice of the proposed revocation, Focus filed a settlement agreement with the SEC consenting to the
revocation as the company was dormant. </P>
<P align="justify">
Geoffrey Handley was a director of Mirabela Nickel Limited (&ldquo;Mirabela&rdquo;) until January 11, 2014. On February 25, 2014, within a year of Mr. Handley ceasing to be a director, Mirabela announced that it had entered into a legally binding
plan support agreement (&ldquo;PSA&rdquo;) which establishes a framework for a proposed recapitalization of Mirabela, subject to certain terms and conditions, as well as the appointment of certain persons of KordaMentha, a restructuring firm, as
joint and several voluntary administrators under the Australian Corporations Act 2001. Mirabela also announced that, under the PSA, the proposed recapitalization will be effected through a recapitalization and restructuring plan to be implemented
through a deed of company arrangement in Australia and an extrajudicial reorganization proceeding to be filed by Mirabela Brazil before the competent Brazilian court. Trading in securities of Mirabela on the Australian Securities Exchange has been
suspended since October 2013. </P>
<P align="justify">
Terence Chandler, an officer of the Company, held the position of President, CEO and Director of Redcorp Ventures Ltd. (&ldquo;Redcorp&rdquo;) while Redcorp and its wholly-owned subsidiary Redfern Resources Ltd. (&ldquo;Redfern&rdquo;) were involved
in proceedings under the Companies&rsquo; Creditors Arrangement Act (Canada) (&ldquo;CCAA&rdquo;). On March 4, 2009, Redcorp filed for protection under the CCAA with the intention to re-finance its mining project and restructure its debt. After an
unsuccessful attempt to sell the mining property, the assets of Redcorp and Redfern were placed into receivership. By June 3, 2009, Mr. Chandler resigned as director and ceased to be an officer of Redcorp.  </P>
<P align="justify">
No director or executive officer of the Company or any shareholder holding a sufficient number of common shares of the Company to affect materially the control of the Company: </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>&nbsp;
</TD>
	<TD width=5% valign=top>
(a) 	</TD>
	<TD>
<P align="justify">is, as at the date of this AIF, or has been, within the ten years preceding the date of this AIF, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or
within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or
had a receiver, receiver manager or trustee appointed to hold its assets,</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>&nbsp;
</TD>
	<TD width=5% valign=top>
(b) 	</TD>
	<TD>
<P align="justify">has, within the ten years preceding the date of this AIF, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise
with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of that person,</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>&nbsp;
</TD>
	<TD width=5% valign=top>
(c) 	</TD>
	<TD>
<P align="justify">has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority, or</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>&nbsp;
</TD>
	<TD width=5% valign=top>
(d) 	</TD>
	<TD>
<P align="justify">has been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision regarding the Company.</P>
	</TD>
</TR>
</TABLE>
<P align="center">
59
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
<B>9.3 Conflicts of Interest </B></P>
<P align="justify">
The Company's directors and officers may serve as directors or officers of other companies or have significant shareholdings in other resource companies and, to the extent that such other companies may participate in ventures in which the Company
may participate, the directors of the Company may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. In the event that such a conflict of interest arises at a meeting of the Company's
directors, a director who has such a conflict will abstain from voting for or against the approval of such participation or such terms. From time to time several companies may participate in the acquisition, exploration and development of natural
resource properties thereby allowing for their participation in larger programs, permitting involvement in a greater number of programs and reducing financial exposure in respect of any one program.  It may also occur that a particular company will
assign all or a portion of its interest in a particular program to another of these companies due to the financial position of the company making the assignment. In accordance with the laws of British Columbia, the directors of the Company are
required to act honestly, in good faith and in the best interests of the Company. In determining whether or not the company will participate in a particular program and the interest therein to be acquired by it, the directors will primarily consider
the degree of risk to which the Company may be exposed and its financial position at the time. </P>
<P align="justify">
The directors and officers of the Company are aware of the existence of laws governing the accountability of directors and officers for corporate opportunity and requiring disclosure by the directors of conflicts of interest and the Company will
rely upon such laws in respect of any directors' and officers' conflicts of interest in or in respect of any breaches of duty by any of its directors and officers. All such conflicts will be disclosed by such directors or officers in accordance with
the <I>Business Corporations Act</I> (British Columbia) and they will govern themselves in respect thereof to the best of their ability in accordance with the obligations imposed upon them by law. </P>
<P align="justify">
To the best of its knowledge, the Company is not aware of any such conflicts of interest. </P>
<P align="justify">
<B>ITEM 10: PROMOTERS </B></P>
<P align="justify">
Since January 1, 2012 no person or company has acted as a promoter of the Company. </P>
<P align="justify">
<B>ITEM 11: LEGAL PROCEEDINGS </B></P>
<P align="justify">
<B>11.1 Legal Proceedings </B></P>
<P align="justify">
Other than discussed below, there are no legal proceedings in the Company&rsquo;s last fiscal year to which the Company is a party or to which any of its property is subject, and there are no such proceedings known to the Company to be contemplated.
</P>
<P align="justify">
Minera Santa Cruz y Garibaldi SA de CV, a subsidiary of Endeavour, received a MXN&#36;238 million (US&#36;18.3 million) assessment on October 12<SUP>th</SUP>, 2010 by Mexican fiscal authorities for failure to provide the appropriate support for
certain expense deductions in the 2006 tax return. During the audit process the Company retained a major 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 our tax advisors and legal counsel, it is the Company&rsquo;s view that the appropriate documentation and support for the expenses was provided and the tax assessment has no legal merit. 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 an estimated additional interest and penalties of &#36;40,000, for which the Company
has made a provision in the consolidated financial statements for the year ended December 31<SUP>st</SUP> 2010.  There has been no change in the accrual as at December 31, 2013, except for interest. On January 3<SUP>rd</SUP>, 2011, the Company filed
a nullity action with the Federal Court of Tax and Administrative Justice. The timing of the outcome of the legal proceedings has not been determined, but may take up to an additional 2 years.  </P>
<P align="center">
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<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
<B>11.2 Regulatory Actions </B></P>
<P align="justify">
During the year ended December 31, 2013, there were no penalties or sanctions imposed against the Company by a court relating to securities legislation or by a securities regulatory authority. During the year ended December 31, 2013, there were no
settlement agreements that the Company entered into before a court relating to securities legislation or with a securities regulatory authority. Except as described in item 11.1, there are no other penalties or sanctions imposed by a court or
regulatory body against the Company that would likely be considered important to a reasonable investor in making an investment decision.<B> </B></P>
<P align="justify">
<B>ITEM 12: INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS </B></P>
<P align="justify">
<B>12.1 Interest of Management and Others in Material Transactions </B></P>
<P align="justify">
None of the following persons or companies has had any material interest, direct or indirect in any transaction since January 1, 2011 that has materially affected or is reasonably expected to materially affect the Company: </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
(a) 	</TD>
	<TD>
<P align="justify">a director or executive officer of the Company;</P>	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
(b) 	</TD>
	<TD>
<P align="justify">a person or company that beneficially owns, or controls or directs, directly or indirectly more than 10% of any class or series of the outstanding voting securities of the Company; and</P>	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
(c) 	</TD>
	<TD>
<P align="justify">an associate or affiliate of any of the persons or companies referred to in the above paragraphs (a) or (b).</P>	</TD>
</TR>
</TABLE>
<P align="justify">
The Company&rsquo;s directors and officers may serve as directors or officers of other public resource companies or have significant shareholdings in other public resource companies and, to the extent that such other companies may participate in
ventures in which the Company may participate, the directors of the Company may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. The interests of these companies may differ from time to
time. See &ldquo;Risk Factors &ndash; Potential Conflicts of Interest&rdquo; and &ldquo;Conflict of Interest&rdquo; </P>
<P align="justify">
<B>ITEM 13: TRANSFER AGENT AND REGISTRAR </B></P>
<P align="justify">
<B>13.1 Transfer Agent and Registrar </B></P>
<P align="justify">
The transfer agent and registrar for the common shares of the Company is Computershare Investor Services Inc. at its principal offices in Vancouver, British Columbia and Toronto, Ontario.</P>
<P align="justify">
<B>ITEM 14: MATERIAL CONTRACTS </B></P>
<P align="justify">
<B>14.1 Material Contracts </B></P>
<P align="justify">
Other than noted below there are no contracts that are material to the Company that were entered into during the financial year ended December 31, 2013 or prior thereto but which are still in effect, other than contracts entered into in the ordinary
course of business of the Company. </P>
<UL style="text-align:justify;">
<LI>
Credit facility agreement made as of July 24, 2012 between Endeavour and The Bank of Nova Scotia (&ldquo;Scotiabank&rdquo;) for a &#36;75 million reducing revolving credit facility (&ldquo;the Facility&rdquo;). The credit limit available under the
Facility will reduce by US&#36;25 million on each of July 24, 2013 and July 24, 2014 and will mature on July 24, 2015. The Facility is for general corporate purposes and is principally secured by a pledge of Endeavour&rsquo;s equity interests in its
material operating subsidiaries, including Refinadora Plata Guanacevi S.A de C.V., Minas Bola&ntilde;itos S.A. de C.V. and Compania Minera del Cubo S.A. de C.V.</LI>
</UL>
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<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<UL style="text-align:justify;"><P align="justify">
The interest rate margin on the Facility ranges from 2.75% to 4.25% over LIBOR or 1.75% to 3.25% per annum over Scotiabank&rsquo;s Base Rate in Canada based on Endeavour&rsquo;s total indebtedness to EBITDA ratio, where EBITDA is adjusted for gains
or losses on derivative liabilities. Endeavour also agreed to pay a standby fee of between 0.6875% and 1.05% per annum on undrawn amounts under the Facility and an issuance fee for letters of credit issued on behalf of Endeavour of between 2.75% and
4.25% per annum calculated on the face amount of each letter of credit, based on Endeavour&rsquo;s total indebtedness 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, none of which are in breach.  As at December 31, 2013, Endeavour has drawn US&#36;33.0 million under the Facility. During the year ended December 31, 2013, the Company extended the
Facility until July 24, 2016, with a requirement to reduce the credit limit from &#36;50 million to &#36;25 million on July 24, 2015. </P></UL>
<P align="justify">
<B>ITEM 15: INTERESTS OF EXPERTS </B></P>
<P align="justify">
<B>15.1 Names of Experts </B></P>
<P align="justify">
KPMG LLP is the external auditor of the Company and reported on the fiscal 2013 audited financial statements of the Company filed on SEDAR. </P>
<P align="justify">
The Qualified Person who completed the reserves and resources estimate for the Guanacevi Project is Mike Munroe SME-RM, an employee of Endeavour. Mr. Munroe is the author of the report<I>&ldquo;NI 43-101 Technical Report on the Resource and Reserve
Estimates for the Guanacevi Mines Project, Durango State, Mexico</I>&rdquo; dated March 27, 2014 (effective date of December 31, 2013) filed on SEDAR. </P>
<P align="justify">
The Qualified Person who completed the reserves and resources for the Bola&ntilde;itos Mines Project is Mike Munroe SME-RM, an employee of Endeavour. Mr. Munroe is the author of the report <I>&ldquo;NI 43-101 Technical Report on the Resource and
Reserve Estimates for the Bola&ntilde;itos Mines Project, Guanajuato State, Mexico</I>&rdquo; dated March 27, 2014 (effective date of December 31, 2013) filed on SEDAR.</P>
<P align="justify">
The Qualified Person who completed the estimate of the reserves and resources for the El Cubo Mine is Mike Munroe SME-RM. Mr. Munroe is the author of the report <I>&ldquo;NI 43-101 Technical Report on the Resource and Reserve Estimate for the El
Cubo Mines Project , Guanajuato State, Mexico</I>&rdquo; dated March 27, 2014 (effective date of December 31, 2013 filed on SEDAR.</P>
<P align="justify">
The Qualified Person who completed the mineral resource estimate for the San Sebastian Project is Mike Munroe SME-RM, an employee of Endeavour.  Mr. Munroe is the author of the report <I>&ldquo;NI 43-101 Technical Report on the Resource Estimate for
the San Sebastian Project, Jalisco State, Mexico</I>&rdquo; dated March 27, 2014 (effective date of December 31, 2013) filed on SEDAR.</P>
<P align="justify">
<B>15.2 Interests of Experts </B></P>
<P align="justify">
KPMG LLP have confirmed that they are independent with respect to the Company within the meaning of the Rules of Professional Conduct of the Institute of Chartered Accountants of British Columbia. </P>
<P align="justify">
To the best of the Company&rsquo;s knowledge, the other experts named in Item 15.1 did not have any registered or beneficial interest, direct or indirect, in any securities or other property of the Company when the experts prepared their respective
reports or afterwards, nor will they receive any such interest. </P>
<P align="center">
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<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align="justify">
<B>ITEM 16: ADDITIONAL INFORMATION </B></P>

<P align="justify">
<B>16.1 Additional Information </B></P>
<P align="justify">
Additional information relating to the Company may be found on SEDAR at <U><FONT color="#0000ff">www.sedar.com</FONT></U>. Additional information, including directors&rsquo; and officers&rsquo; remuneration and indebtedness, principal holders of the
Company&rsquo;s securities and securities authorized for issuance under equity compensation plans, if applicable, is contained in the Company&rsquo;s Information Circular pertaining to its most recent Annual General Meeting of security holders held
on May 22, 2013.  Additional financial information is also provided in the Company&rsquo;s financial statements and management&rsquo;s discussion and analysis for its most recently completed financial year ended December 31, 2013.</P>
<P align="justify">
<B>16.2 Audit Committee </B></P>
<P align="justify">
<I>1. </I><I><U>The Audit Committee&rsquo;s Charter</U></I><I> </I></P>
<P align="justify">
 &nbsp;&nbsp;&nbsp;&nbsp;National Instrument 52-110 Audit Committees (&ldquo;NI 52-110) requires every issuer to disclose certain information concerning the constitution of its audit committee and its relationship with its independent auditor, as set forth below.</P>
<P align="justify">
<I>2. </I><I><U>Composition of the Audit Committee</U></I><I> </I></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;The Company&rsquo;s audit committee is comprised of four directors, as set forth below: </P>
<P align="center">
Geoff Handley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ricardo Campoy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mario D. Szotlender&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rex McLennan </P>
<P align="justify">
 &nbsp;&nbsp;&nbsp;&nbsp;As defined in NI 52-110, Geoff Handley, Mario Szotlender, Ricardo Campoy and Rex McLennan are &ldquo;independent&rdquo;. The Company therefore meets the requirement of NI 52-110 that all audit committee members be independent. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;All of the members of the audit committee are financially literate. </P>
<P align="justify">
<I>3. </I><I><U>Relevant Education and Experience</U></I><I> </I></P>
<P align="justify">
 <I>&nbsp;&nbsp;&nbsp;&nbsp;Geoff Handley</I> &ndash; Mr. Handley is a geologist with a Science Degree and over 30 years experience in the exploration and mining industry which included analyzing the financial statements of mining companies as an investment analyst and,
later, as the manager/executive responsible for corporate mergers and acquisition activities at Placer Dome Inc. </P>
<P align="justify">
<I>&nbsp;&nbsp;&nbsp;&nbsp;Ricardo Campoy</I> &ndash; Mr. Campoy has a Bachelor of Science in Mine Engineering from the Colorado School of Mines and a Master of International Management (Finance) from the American Graduate School of International Management. Mr. Campoy has
over 30 years experience as a mine engineer, investment banker and financial advisor for the resource industry, financial institutions and investment funds.</P>
<P align="justify">
 <I>&nbsp;&nbsp;&nbsp;&nbsp;Mario Szotlender</I> - Mr. Szotlender is a financier and businessman with a Bachelors degree in International Relations from Universidad Central de Venezuela, Caracas, Venezuela and 20 years experience financing and managing resource projects in
Central and South America.</P>
<P align="center">
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<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<P align=justify><I>&nbsp;&nbsp;&nbsp;&nbsp;Rex McLennan</I> - Mr. McLennan holds a Master of Business
Administration degree from McGill University and a Bachelor of Science degree
from the University of British Columbia. Mr. McLennan has an ICD.D designation
with the Institute of Corporate Directors. Mr. McLennan was most recently Chief
Financial Officers of Viterra Inc., a major global agricultural commodity
company, since February 2008, until Viterra was acquired by Glencore Plc in
December 2012. He has held increasingly responsible positions in the mining and
oil and gas sectors. From 1997 to 2005, he was the Executive Vice President and
Chief Financial Officer for Placer Dome Inc., and prior to this held the
position of Vice President and Treasurer with the same company. For more than
ten years, he held positions of increasing responsibility in business planning,
finance and treasury and was a Senior Advisor in the Treasurer&#146;s Department for
Imperial Oil, a publicly traded Canadian subsidiary of Exxon Corporation. </P>
<P align=justify><I>4. </I><I><U>Reliance on Certain Exemptions</U></I><I>
</I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;At no time since the commencement of the Company&#146;s most
recently completed financial year has the Company relied on the following
exemptions under NI 52-110: </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%">&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the exemption in section 2.4. <I>De Minimis Non-audit
      Services;,</I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the exemption in section 3.2 <I>Initial Public
      Offerings;</I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the exemption in section 3.3(2) <I>Controlled
      Companies;</I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the exemption in section 3.4 <I>Events Outside Control of
      Member;</I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the exemption in section 3.5 <I>Death, Disability or
      Resignation of Audit Committee Member;</I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>the exemption in section 3.6 <I>Temporary Exemption for
      Limited and Exceptional Circumstances;</I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>the exemption in section 3.8 <I>Acquisition of Financial
      Literacy;</I></P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>an exemption from NI 52-110, in whole or part, granted
      under Part 8, <I>Exemptions</I></P></TD></TR></TABLE>
<P align=justify><I>5. </I><I><U>Audit Committee Oversight</U></I><I> </I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;At no time since the commencement of the Company&#146;s most
recently completed financial year, has a recommendation of the Committee to
nominate or compensate an external auditor not been adopted by the Board or
Directors. </P>
<P align=justify><I>6. </I><I><U>Pre-Approval Policies and Procedures</U></I><I>
</I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;The audit committee has not adopted specific policies and
procedures for the engagement of non-audit services. Subject to the requirements
of NI 52-110, the engagement of non-audit services is considered by the
Company&#146;s Board of Directors and, where applicable, by the audit committee, on a
case-by-case basis. </P>
<P align=justify><I>7. </I><I><U>External Auditor Service Fees (By
Category)</U></I><I> </I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;Set forth below are details of certain service fees paid to the
Company&#146;s external auditor in each of the last two fiscal years for audit
services: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Financial Year
      End</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%"><B>Audit Fees</B><SUP>(1)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%"><B>Tax Fees</B><SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%"><B>All Other Fees</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>December 31, 2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">$712,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">$40,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="13%">Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>December 31, 2012
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">$587,504 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">$279,620 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="13%">Nil
    </TD></TR></TABLE></DIV>
<P align=justify>*All amounts are Canadian dollars </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%">&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The aggregate fees billed in each of the last two fiscal
      years for assurance and related services by the Company&#146;s external auditor
      that are reasonably related to the performance of the audit or review of
      the Company&#146;s financial statements.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The aggregate fees billed in each of the last two fiscal
      years for professional services rendered by the company&#146;s external auditor
      for tax compliance and tax advice.</P></TD></TR></TABLE>
<P align=center>64 <B><I><br>
Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


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<A name="page_68"></A>

<P align="center">
<B><U>SCHEDULE &ldquo;A&rdquo;</U> </B></P>
<P align="center">
<B>ENDEAVOUR SILVER CORP. (the "Company") </B></P>
<P align="center">
<B>Audit Committee Charter <br>
</B>(effective August 1, 2012)<B> </B></P>
<P align="justify">
This Audit Committee Charter has been approved by the Board of Directors (the &ldquo;Board&rdquo;) of Endeavour Silver Corp. (the &ldquo;Company&rdquo;) as of the date set out above. </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
1. 	</TD>
	<TD colspan=2>
<P align="justify"><B>Purpose Of Audit Committee</B></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
1.1 	</TD>
	<TD colspan=2>
<P align="justify">The purpose of the Audit Committee (the &ldquo;Committee&rdquo;) is to act as the representative of the Board in carrying out its oversight responsibilities relating to:</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD width=5% valign=top>
(a) 	</TD>
	<TD>
<P align="justify">The audit process;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD width=5% valign=top>
(b) 	</TD>
	<TD>
<P align="justify">The financial accounting and reporting process to shareholders and regulatory bodies; and</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD width=5% valign=top>
(c) 	</TD>
	<TD>
<P align="justify">The system of internal financial controls.</P>
	</TD>
</TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TR>
	<TD width=5% valign=top>
1.2 	</TD>
	<TD colspan=2>
<P align="justify">All reasonably necessary costs to allow the Committee to carry out its duties shall be paid for by the Company. Also, in carrying out the foregoing duties, the Committee shall have the right and the ability to retain any outside
legal, accounting or other expert advice or assistance to assist the Committee members in the proper completion of their duties, for and on behalf of the Company and at the Company&rsquo;s cost, without any requirement for further Board or
management approval of such expenditure.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
2. 	</TD>
	<TD colspan=2>
<P align="justify"><B>Composition</B></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD colspan=2>
<P align="justify">The Committee shall consist of a minimum of three Directors, all of whom are &ldquo;independent&rdquo; within the meaning of National Instrument 52-110 - Audit Committees in Canada, and as required by all applicable United States
securities laws and regulations and the policies of the New York Stock Exchange. The Committee shall be appointed annually by the Board immediately following the Annual General Meeting of the Company. Each member of the Committee shall be
financially literate, meaning that each member must be able to read and understand financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues
that can reasonably be expected to be raised by the Company&rsquo;s financial statements. One member of the Committee must have accounting and financial expertise, meaning that the member possesses financial or accounting credentials or has
experience in finance or accounting.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
3. 	</TD>
	<TD colspan=2>
<P align="justify"><B>Duties</B></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
3.1 	</TD>
	<TD colspan=2>
<P align="justify"><B>The Committee&rsquo;s duty is to monitor and oversee the operations of management and the external auditor. Management is responsible for establishing and following the Company&rsquo;s internal controls and financial reporting
processes and for compliance with applicable laws and policies. The external auditor is responsible for performing an independent audit of the Company&rsquo;s financial statements in accordance with generally accepted auditing standards, and for
issuing its report on the statements. The Committee should review and evaluate this Charter on an annual basis.</B></P>
	</TD>
</TR>
</TABLE>
<P align="center">
65
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<BR><TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
3.2 	</TD>
	<TD colspan=3>
<P align="justify">The specific duties of the Committee are as follows:</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD width=5% valign=top>
(a) 	</TD>
	<TD colspan=2>
<P align="justify">Management Oversight:</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(i) 	</TD>
	<TD>
<P align="justify">Review and evaluate the adequacy of the Company&rsquo;s processes for identifying, analyzing and managing financial risks, including foreign exchange and liquidity that may prevent the Company from achieving its objectives;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(ii) 	</TD>
	<TD>
<P align="justify">Review and evaluate the adequacy of the Company&rsquo;s processes over internal controls,;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(iii) 	</TD>
	<TD>
<P align="justify">Review and evaluate the adequacy of the Company&rsquo;s processes over the status and adequacy of internal information systems and security;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(iv) 	</TD>
	<TD>
<P align="justify">Meet with the external auditor at least once a year in the absence of management;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(v) 	</TD>
	<TD>
<P align="justify">Request the external auditor&rsquo;s assessment of the Company&rsquo;s financial and accounting personnel;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(vi) 	</TD>
	<TD>
<P align="justify">Review and approve the Company&rsquo;s hiring policies regarding partners, employees and former partners and employees of the present and former external auditor of the Company.</P>
	</TD>
</TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TR>
<TD width=5%></TD>	<TD width=5% valign=top>
(b) 	</TD>
	<TD colspan=2>
<P align="justify">External Auditor Oversight</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(i) 	</TD>
	<TD>
<P align="justify">Recommend to the Board the selection and, where applicable, the replacement of the external auditor to be appointed or nominated annually for shareholder approval;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(ii) 	</TD>
	<TD>
<P align="justify">Recommend to the Board the compensation to be paid to the external auditor;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(iii) 	</TD>
	<TD>
<P align="justify">Review and evaluate the external auditor&rsquo;s process for identifying and responding to key audit and internal control risks;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(iv) 	</TD>
	<TD>
<P align="justify">Review the scope and approach of the annual audit;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(v) 	</TD>
	<TD>
<P align="justify">Inform the external auditor of the Committee&rsquo;s expectations;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(vi) 	</TD>
	<TD>
<P align="justify">Review the independence of the external auditor on an annual basis;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(vii) 	</TD>
	<TD>
<P align="justify">Review with the external auditor both the acceptability and the quality of the Company&rsquo;s financial reporting standards;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(viii) 	</TD>
	<TD>
<P align="justify">Resolve any disagreements between management and the external auditor regarding financial reporting;</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD><TD width=5%></TD>	<TD width=5% valign=top>
(ix) 	</TD>
	<TD>
<P align="justify">Review and pre-approve all audit and audit-related services and the fees and other compensation related thereto, and any non-audit services, provided by the Company&rsquo;s external auditor. The authority to pre-approve non-audit
services may be delegated by the Committee to one or more independent members of the Committee, provided that such pre-approval must be presented to the Committee&rsquo;s first scheduled meeting following such pre-approval. Pre-approval of non-audit
services is satisfied if:</P>
	</TD>
</TR>
</TABLE>
<P align="center">
66
<B><I><br>
Endeavour Silver Corp.</I></B> </P>

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<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 width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%">A. </TD>
    <TD align=justify>the aggregate amount of all the non-audit
      services that were not pre-approved is reasonably expected to constitute
      no more than 5% of the total amount of fees paid by the Company and
      subsidiaries to the Company&#146;s external auditor during the fiscal year in
      which the services are provided; </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align="justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>B. </TD>
    <TD align=justify>the Company or a subsidiary did not recognize
  the services as non-audit services at the time of the engagement; and  </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align="justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>C. </TD>
    <TD align=justify>the services are promptly brought to the
      attention of the Committee and approved, prior to completion of the audit,
      by the Committee or by one or more of its members to whom authority to
      grant such approvals has been delegated by the Committee; and </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>(x) </TD>
    <TD align=justify colSpan=2>Confirm with the external auditor
      that the external auditor is ultimately accountable to the Board and the
      Committee, as representatives of the shareholders. </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align="justify">&nbsp; </TD>
    <TD align="justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>(c) </TD>
    <TD colspan="3" align=left>Financial Reporting Oversight </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align="justify">&nbsp; </TD>
    <TD align="justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>(i) </TD>
    <TD align=justify colSpan=2>Review with management and the
      external auditor the Company&#146;s annual and interim financial statements,
      management&#146;s discussion and analysis, any annual and interim earnings
      press releases and any reports or other financial information to be
      submitted to any governmental and/or regulatory body, or the public,
      including any certification, report, opinion, or review rendered by the
      external auditor, for the purpose of recommending their approval to the
      Board prior to their filing, issue or publication; </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align="justify">&nbsp; </TD>
    <TD align="justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>(ii) </TD>
    <TD align=justify colSpan=2>Ensure that adequate procedures are
      in place for the review of the Company&#146;s public disclosure of financial
      information extracted or derived from the Company&#146;s financial statements
      (other than the public disclosure referred to in (i) above), as well as
      review any financial information and earnings guidance provided to
      analysts and rating agencies, and periodically assess the adequacy of
      those procedures; and </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align="justify">&nbsp; </TD>
    <TD align="justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>(iii) </TD>
    <TD align=justify colSpan=2>Discuss with the external auditor the
      quality and the acceptability of the International Financial Reporting
      Standards applied by management. </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align="justify">&nbsp; </TD>
    <TD align="justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>(d) </TD>
    <TD colspan="3" align=left>&#147;Whistleblower&#148; Procedures </TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align="justify">&nbsp; </TD>
    <TD align="justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>(i) </TD>
    <TD align=justify colSpan=2>Establish procedures for the receipt,
      retention and treatment of complaints received by the Company regarding
      accounting, internal accounting controls, or auditing matters; and </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align="justify">&nbsp; </TD>
    <TD align="justify">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>(ii) </TD>
    <TD align=justify colSpan=2>Establish procedures for
      the confidential, anonymous submission by employees of the Company of
    concerns regarding questionable accounting or auditing matters. </TD></TR></TABLE>
<P align=center>67 <B><I><br>
Endeavour Silver Corp.</I></B> </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</HTML>
</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>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=right><B>Exhibit 99.2</B></P>
<P align=center><IMG
src="endl.gif"
border=0 width="464" height="71"></P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=center><B><FONT size=3>Consolidated Financial Statements
</FONT></B></P>
<P align=center><FONT size=3>Prepared by Management </FONT></P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT size=3>Year Ended December 31, 2013 and 2012
</FONT></B></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B><U>MANAGEMENT&#146;S RESPONSIBILITY FOR FINANCIAL
REPORTING</U></B><B> </B></P>
<P align=justify>The accompanying consolidated financial statements of Endeavour
Silver Corp. (&#147;the Company&#148;) have been prepared by management in accordance with
International Financial Reporting Standards (IFRS), and within the framework of
the significant accounting policies disclosed in the notes to these consolidated
financial statements. </P>
<P align=justify>Management, under the supervision and participation of the
Chief Executive Officer and the Chief Financial Officer, have a process in place
to evaluate disclosure controls and procedures and internal control over
financial reporting as required by Canadian and United States securities
regulations. We, as CEO and CFO, will certify our annual filings with Canadian
Securities Administrators and U.S. Securities and Exchange Commission, as
required in Canada by Multilateral Instrument 52-109 and in the United States as
required by the Securities Exchange Act of 1934, respectively. </P>
<P align=justify>The Board of Directors is responsible for ensuring that
management fulfills its responsibilities for financial reporting and is
ultimately responsible for reviewing and approving the consolidated financial
statements. The Board carries out its responsibility principally through its
Audit Committee, which is independent from management.</P>
<P align=justify>The Audit Committee of the Board of Directors meets with
management to review results of the consolidated financial statements and
related financial reporting matters prior to submitting the consolidated
financial statements to the Board of Directors for approval. The Audit Committee
reviews the consolidated financial statements and management discussion and
analysis; considers the report of the external auditor; assesses the adequacy of
internal controls, including management&#146;s assessment; examines the fees and
expenses for audit services; and recommends to the Board the independent
auditors for appointment by the shareholders. The independent auditors have full
and free access to the Audit Committee and meet with it to discuss the audit
work, financial reporting matters and our internal control over financial
reporting. The Audit Committee is appointed by the Board of Directors and all of
its members are independent directors.</P>
<P>&nbsp;</P>
<P>&nbsp;</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>March 6, 2014 </TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="10%"  >&nbsp;</TD>
    <TD width="45%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>/s/ Bradford
      Cooke</I> </TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"><I>/s/
      Dan Dickson</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Executive Officer </TD>
    <TD align=left width="10%"  >&nbsp;</TD>
    <TD align=left width="45%">Chief Financial Officer
</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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left 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>
<IMG src="kpmglogo.jpg" border=0 width="106" height="48">
<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="33%"><B>KPMG LLP </B></TD>
    <TD align=left
      width="33%">Telephone&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (604) 691-3000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="33%"><B>Chartered Accountants </B></TD>
    <TD align=left
      width="33%">Fax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (604) 691- 3031 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="33%">PO Box 10426 777 Dunsmuir Street </TD>
    <TD align=left
      width="33%">Internet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      www.kpmg.ca</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="33%">Vancouver BC V7Y 1K3 </TD>
    <TD align=left width="33%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="33%">Canada </TD>
    <TD align=left width="33%">&nbsp;</TD></TR></TABLE>
<P align=center><B><FONT size=5>INDEPENDENT AUDITORS&#146; REPORT
OF</FONT></B><BR><B><FONT size=5>REGISTERED PUBLIC ACCOUNTING FIRM
</FONT></B></P>
<P align=justify>To the Shareholders and Directors of Endeavour Silver Corp.
</P>
<P align=justify>We have audited the accompanying consolidated financial
statements of Endeavour Silver Corp., which comprise the consolidated statements
of financial position as at December 31, 2013 and December 31, 2012, the
consolidated statements of comprehensive income (loss), changes in equity and
cash flows for the years then ended, and notes, comprising a summary of
significant accounting policies and other explanatory information. </P>
<P align=justify><I>Management&#146;s Responsibility for the Consolidated Financial
Statements </I></P>
<P align=justify>Management is responsible for the preparation and fair
presentation of these consolidated financial statements in accordance with
International Financial Reporting Standards as issued by the International
Accounting Standards Board, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or
error. </P>
<P align=justify><I>Auditors&#146; Responsibility </I></P>
<P align=justify>Our responsibility is to express an opinion on these
consolidated financial statements based on our audits. We conducted our audits
in accordance with Canadian generally accepted auditing standards and the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free from material misstatement. </P>
<P align=justify>An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on our judgment, including the
assessment of the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error. In making those risk assessments, we
consider internal control relevant to the entity&#146;s preparation and fair
presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the consolidated financial statements. </P>
<P align=justify>We believe that the audit evidence we have obtained in our
audits is sufficient and appropriate to provide a basis for our audit opinion.
</P>
<P align=justify><I>Opinion </I></P>
<P align=justify>In our opinion, the consolidated financial statements present
fairly, in all material respects, the consolidated financial position of
Endeavour Silver Corp. as at December 31, 2013 and December 31, 2012, and its
consolidated financial performance and its consolidated cash flows for the years
then ended in accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board. </P>
<P align=justify>&nbsp;</P>
<P align=justify><B>//s// KPMG LLP </B></P>
<P align=justify>Chartered Accountants </P>
<P align=justify>March 6, 2014 <BR>Vancouver, Canada <BR></P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 3
      - </TD>
  </TR>
</TABLE><BR>
<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><FONT
size=3>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION </FONT></B><BR>(expressed
in thousands of US dollars) </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>&nbsp; </TD>
    <TD width="15%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31, </B></TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31, </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>&nbsp; </TD>
    <TD width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >Notes </TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013 </B></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </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 vAlign=bottom align=center width="15%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Current assets </B></TD>
    <TD vAlign=bottom align=center width="15%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&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="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD vAlign=bottom align=center width="15%"  bgColor=#e6efff>5    </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>&nbsp;35,004
      </B></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;18,617 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Investments </TD>
    <TD vAlign=bottom align=center width="15%" >6 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>1,463 </B></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="12%">8,520 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Accounts receivable </TD>
    <TD vAlign=bottom align=center width="15%"  bgColor=#e6efff>7    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>23,749
</B></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="12%" bgColor=#e6efff>20,526 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Inventories </TD>
    <TD vAlign=bottom align=center width="15%" >8 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>23,647 </B></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="12%">40,797 </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>&nbsp; &nbsp;Prepaid expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="15%"  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="12%" bgColor=#e6efff><B>3,341 </B></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="12%" bgColor=#e6efff>9,940 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total current assets </TD>
    <TD vAlign=bottom align=center width="15%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>87,204 </B></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="12%">98,400 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp;</TD>
    <TD vAlign=bottom align=center
    bgColor=#E6EFFF>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#E6EFFF>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#E6EFFF>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#E6EFFF>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#E6EFFF>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#E6EFFF>&nbsp;</TD>
    <TD vAlign=bottom align=left
    bgColor=#E6EFFF>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Non-current deposits </TD>
    <TD vAlign=bottom align=center width="15%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>1,186 </B></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="12%">1,451 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Mineral property, plant and equipment </TD>
    <TD width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" >10, 11 </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>278,533 </B></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">338,431 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Goodwill </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="15%">4, 11 </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="12%"><B>- </B></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="12%">39,245 </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" style="BORDER-BOTTOM: #000000 2px solid"><B>Total assets
      </B></TD>
    <TD
    width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" ><B>$</B></TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;366,923 </B></TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >$</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;477,527 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="15%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF"><B>LIABILITIES AND SHAREHOLDERS' EQUITY </B></TD>
    <TD width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Current liabilities </B></TD>
    <TD vAlign=bottom align=center width="15%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&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="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">&nbsp; &nbsp;Accounts payable and accrued liabilities </TD>
    <TD width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" ><B>$</B></TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>&nbsp;17,221 </B></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >$</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp;34,631 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Income taxes payable </TD>
    <TD vAlign=bottom align=center width="15%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>3,259 </B></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="12%">3,854 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">&nbsp; &nbsp;Derivative liabilities </TD>
    <TD width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" >15 </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>1,491 </B></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">- </TD>
    <TD width="2%" align=left vAlign=bottom 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" vAlign=bottom align=center
    width="15%">12 </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="12%"><B>33,000 </B></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="12%">9,000 </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">Total current liabilities </TD>
    <TD width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>54,971 </B></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">47,485 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="15%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Provision for reclamation and rehabilitation </TD>
    <TD width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" >13 </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>6,652 </B></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">6,496 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Derivative liabilities </TD>
    <TD vAlign=bottom align=center width="15%">15 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>- </B></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="12%">5,336 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Contingent liability </TD>
    <TD width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" >4 </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>99 </B></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">8,497 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred income tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="15%">21 </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="12%"><B>49,053 </B></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="12%">69,517 </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" style="BORDER-BOTTOM: #000000 2px solid"><B>Total
      liabilities </B></TD>
    <TD
    width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>110,775 </B></TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">137,331 </TD>
  <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="15%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF"><B>Shareholders' equity </B></TD>
    <TD width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Common shares, unlimited shares authorized,
      no par value, issued <BR>&nbsp;&nbsp; and outstanding 99,784,409 shares
      (Dec 31, 2012 - 99,541,522 shares) </TD>
    <TD vAlign=bottom align=center width="15%">Page 6 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>358,408
    </B></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="12%">357,296 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Contributed surplus </TD>
    <TD width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" >Page 6 </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>14,836 </B></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">12,828 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accumulated comprehensive income (loss) </TD>
    <TD vAlign=bottom align=center width="15%">Page 6 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(4,081</B></TD>
    <TD vAlign=bottom align=left width="2%">)</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(5,331</TD>
  <TD vAlign=bottom align=left width="2%">)  </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">Retained earnings
      (deficit) </TD>
    <TD
    width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>(113,015</B></TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >) </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">(24,597</TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Total shareholders' equity </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>256,148 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">340,196 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>Total
      liabilities and shareholders' equity </B></TD>
    <TD
    width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" ><B>$</B></TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;366,923 </B></TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >$</TD>
    <TD
    width="12%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;477,527 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="15%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Business acquisition (Note 4) </TD>
    <TD width="15%" align=center vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Commitments (Note 10) and Note 22(b)) </TD>
    <TD vAlign=bottom align=center width="15%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&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="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of the consolidated
financial statements. </P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 4
      - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
  <B><FONT size=3>CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME (LOSS) </FONT></B><BR>(expressed in thousands of US dollars, except for
shares and per share amounts) </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>&nbsp; </TD>
    <TD width="15%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Years 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 width="15%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>December 31, </B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>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 width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >Notes </TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013 </B></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </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>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;276,783 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;208,079 </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>158,582 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">91,800 </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>10 (a) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,328 </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>1,866 </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%" >14 (b) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>515 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">545 </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>53,569 </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>29,694 </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%"
    >8 </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>5,874 </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%">6,221    </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>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>219,868 </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>130,126 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=center >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>Mine operating earnings </TD>
    <TD width="15%" align=center >&nbsp;</TD>
    <TD width="1%" align=left >&nbsp;</TD>
    <TD width="12%" align=right><B>56,915 </B></TD>
    <TD width="2%" align=left >&nbsp;</TD>
    <TD width="1%" align=left >&nbsp;</TD>
    <TD width="12%" align=right>77,953 </TD>
    <TD width="2%" align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>Expenses: </TD>
    <TD width="15%" align=center>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Exploration </TD>
    <TD align=center width="15%" >16 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>13,168 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">11,185 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Impairment of
      non-current assets </TD>
    <TD width="15%" align=center>11 </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>95,815 </B></TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Impairment of goodwill </TD>
    <TD align=center width="15%" >11 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>39,245 </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 bgcolor="#E6EFFF">
    <TD align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp; &nbsp; &nbsp;General and administrative </TD>
    <TD width="15%" align=center style="BORDER-BOTTOM: #000000 1px solid">17 </TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>11,605 </B></TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid">13,136 </TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid">&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>159,833 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">24,321 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Operating earnings (loss) </TD>
    <TD align=center width="15%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(102,918</B></TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">53,632 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>&nbsp;</TD>
    <TD align=center >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Mark-to-market loss/(gain) on derivative liabilities </TD>
    <TD align=center width="15%" >15 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(3,750</B></TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,928</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>4 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(8,398</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>589 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Finance costs </TD>
    <TD align=center width="15%" >18 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>1,513 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">484 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=center  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left  bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left  bgColor=#E6EFFF>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Other income (expense): </TD>
    <TD align=center width="15%">&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; &nbsp; &nbsp;Foreign exchange </TD>
    <TD width="15%" align=center bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF"><B>(2,597</B></TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">3,447 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp;Investment and other income </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>(1,079</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%">2,152 </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 width="15%" align=center bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF"><B>(3,676</B></TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">5,599 </TD>
    <TD width="2%" align=left 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">Earnings (loss) before income taxes </TD>
    <TD width="15%" align=center bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF"><B>(95,959</B></TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">60,086 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Income tax 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;Current income tax expense </TD>
    <TD align=center width="15%" >21 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>13,970 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">15,834 </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;Deferred income tax expense
      (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
     bgColor=#e6efff>21 </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>(20,464</B></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="12%"
    bgColor=#e6efff>2,135 </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>&nbsp; </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>(6,494</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%">17,969 </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>Net earnings (loss) for the year </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>(89,465</B></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="12%"
    bgColor=#e6efff>42,117 </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 align=left bgColor=#e6efff>Other comprehensive income (loss), 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%"
    >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>1,250 </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%">(3,631</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 2px solid" align=left><B>Comprehensive
      income (loss) for the year </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>&nbsp;(88,215</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;38,486 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 1px solid" align=left>Basic earnings
      (loss) per share based on net earnings </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%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>&nbsp;(0.90</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;0.45 </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>Diluted earnings (loss) per share based on net earnings</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
     bgColor=#e6efff>14 (e) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;(0.90</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;0.42 </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 1px solid" align=left
      bgColor=#e6efff>Basic weighted average number of shares outstanding </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>99,720,704 </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>93,266,038 </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>Diluted weighted
      average number of shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    >14 (e) </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>99,720,704 </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%">95,728,031 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of the consolidated
financial statements. </P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 5
      - </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><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
  <B><FONT size=3>CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS&#146; EQUITY </FONT></B><BR>(expressed in thousands of U.S. dollars,
except share amounts) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; 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 width="9%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="6%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="6%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="6%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="6%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Accumulated </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="6%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="6%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&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 width="9%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="6%" align=center nowrap>other </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="9%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="6%" align=center nowrap>Number of </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="6%" align=center nowrap>Share </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="6%" align=center nowrap>Contributed </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="6%" align=center nowrap >comprehensive&nbsp;&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="6%" align=center nowrap>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 width="9%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >Note </TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="6%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">shares </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="6%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Capital </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="6%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Surplus </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="6%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">income (loss) </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="6%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Deficit </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="6%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Equity </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Balance at December 31, 2011
    </TD>
    <TD align=left width="9%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>87,378,748 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;259,396 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;8,819 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;(1,700</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>&nbsp;(66,725</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="6%" bgColor=#e6efff>199,790 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Exercise of options </TD>
    <TD align=left width="9%" >14 (b) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">307,800 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">1,787 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">(609</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">1,178 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Exercise of warrants </TD>
    <TD align=left width="9%"  bgColor=#e6efff>14 (d), 15 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>792,517 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>7,307 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>(29</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>7,278 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Share appreciation rights </TD>
    <TD align=left width="9%" >14 (c) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">24,929 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">66 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">(66</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Issued on acquisition of
      mineral properties, net </TD>
    <TD align=left width="9%"  bgColor=#e6efff>4 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>11,037,528 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>88,740 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>88,740 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Share based compensation </TD>
    <TD align=left width="9%" >14 (b) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">4,724 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">4,724 </TD>
    <TD 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 align=left width="9%"  bgColor=#e6efff>6 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>(3,789</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>(3,789</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Realized gain (loss) on available for sale
      assets </TD>
    <TD align=left width="9%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">158 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">158 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Expiry and forfeiture of
      options </TD>
    <TD align=left width="9%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>(11</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>11 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" 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
      >Earnings for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%">42,117
    </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="6%">42,117
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Balance at December 31, 2012
    </TD>
    <TD align=left width="9%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>99,541,522 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>357,296 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>12,828 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>(5,331</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>(24,597</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>340,196 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD align=left width="9%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Exercise of options </TD>
    <TD align=left width="9%"  bgColor=#e6efff>14 (b) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>139,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>730 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>(255</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>475 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Exercise of warrants </TD>
    <TD align=left width="9%" >14 (d), 15 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">37,399 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">148 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">148 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Share appreciation rights </TD>
    <TD align=left width="9%"  bgColor=#e6efff>14 (c) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>66,488 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>234 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>(234</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Share based compensation </TD>
    <TD align=left width="9%" >14 (b) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">3,544 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">3,544 </TD>
    <TD 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 align=left width="9%"  bgColor=#e6efff>6 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>4,341 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>4,341 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Realized gain (loss) on available for sale
      assets </TD>
    <TD align=left width="9%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">(3,091</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="6%">(3,091</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Expiry and forfeiture of
      options </TD>
    <TD align=left width="9%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>(1,047</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="6%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" bgColor=#e6efff>1,047 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="6%" 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
      >Earnings (loss) for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="6%">(89,465</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="6%">(89,465</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Balance at December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="9%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="6%"
    bgColor=#e6efff>99,784,409 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="6%"
    bgColor=#e6efff>&nbsp;358,408 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="6%"
    bgColor=#e6efff>&nbsp;14,836 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="6%"
    bgColor=#e6efff>&nbsp;(4,081</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="6%"
    bgColor=#e6efff>&nbsp;(113,015</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="6%"
    bgColor=#e6efff>256,148 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of the consolidated
financial statements </P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 6
      - </TD>
  </TR>
</TABLE><BR>
<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><FONT
size=3>CONSOLIDATED STATEMENTS OF CASH FLOWS </FONT></B><BR>(expressed in
thousands of U.S. dollars)</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>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="15%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Years 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=center width="15%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap ><STRONG>December
      31,</STRONG>&nbsp;&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>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=center width="15%"
    >Notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013 </B></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </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><B>Operating activities </B></TD>
    <TD align=center width="15%" >&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>Net earnings (loss) for the year </TD>
    <TD align=center width="15%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(89,465</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>) </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;42,117 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Items not affecting cash: </TD>
    <TD align=center width="15%" >&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;Share-based compensation </TD>
    <TD align=center width="15%"  bgColor=#e6efff>14 (b) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>3,544 </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>4,724 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Impairment of non-current assets </TD>
    <TD align=center width="15%" >11 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>95,815 </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 align=left bgColor=#e6efff>&nbsp; &nbsp;Impairment of goodwill </TD>
    <TD align=center width="15%"  bgColor=#e6efff>11 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>39,245 </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>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Depreciation and depletion </TD>
    <TD align=center width="15%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>53,898 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">29,952 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Deferred income tax provision    </TD>
    <TD align=center width="15%"  bgColor=#e6efff>21 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(20,464</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>2,135 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Unrealized foreign exchange loss (gain) </TD>
    <TD align=center width="15%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>682 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,208</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Mark-to-market loss (gain) on
      derivative liability </TD>
    <TD align=center width="15%"  bgColor=#e6efff>15 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(3,750</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>(1,928</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Mark-to-market loss (gain) on contingent
      liability </TD>
    <TD align=center width="15%" >4 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(8,398</B></TD>
    <TD align=left width="2%" ><B>) </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">589 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Finance costs </TD>
    <TD align=center width="15%"  bgColor=#e6efff>18 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,513 </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>484 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Write down of inventory to net
      realizable value </TD>
    <TD align=center width="15%" >8 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>5,874 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6,221 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Loss (gain) on marketable
      securities </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>3,091 </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>(158</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Net changes in
      non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    >19 </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>(5,041</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%">(6,907</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Cash from operating activities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>76,544 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>76,021 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px 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 align=left bgColor=#e6efff><B>Investing activites </B></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;Property, plant and equipment expenditures </TD>
    <TD align=center width="15%" >10 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(88,518</B></TD>
    <TD align=left width="2%" ><B>) </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(66,236</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Acquisition of Mexgold
      Resources Inc. </TD>
    <TD align=center width="15%"  bgColor=#e6efff>4 </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>(100,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Investment in short term investments </TD>
    <TD align=center width="15%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(130</B></TD>
    <TD align=left width="2%" ><B>) </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(28,267</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Proceeds from sale of short
      term investments </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>5,328 </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>50,373 </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;Investment in long term deposits </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>(65</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%">(190</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Cash used in investing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>(83,385</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff><B>) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(144,320</TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </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><B>Financing activities </B></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;Proceeds from revolving credit facility </TD>
    <TD align=center width="15%" >12 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>30,000 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Repayment of revolving credit
      facility </TD>
    <TD align=center width="15%"  bgColor=#e6efff>12 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(6,000</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>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Debt issuance costs </TD>
    <TD align=center width="15%" >12 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(144</B></TD>
    <TD align=left width="2%" ><B>) </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(732</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Interest paid </TD>
    <TD align=center width="15%"  bgColor=#e6efff>12 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(1,101</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>(381</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Common shares issued on exercise of options
      and warrants </TD>
    <TD align=center width="15%" >14 (b)(d) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>528 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,591 </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;Share issuance costs </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>- </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>(204</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Cash from
      financing activites </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>23,283 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">10,274 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" 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>Effect of exchange rate change on cash and cash equivalents    </TD>
    <TD align=center width="15%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(55</B></TD>
    <TD align=left width="2%" ><B>) </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,208 </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=center width="15%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>16,442 </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>(58,025</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash and cash
      equivalents, beginning of year </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>18,617 </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%">75,434 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Cash and cash equivalents, end of year </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>35,004 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;18,617 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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 align=left bgColor=#e6efff>Supplemental cash flow information </TD>
    <TD align=center width="15%"  bgColor=#e6efff>19 </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>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 7
      - </TD>
  </TR>
</TABLE>
<BR>
<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><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>Years ended
December 31, 2013 and 2012 <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 consolidated financial statements have been
      prepared in accordance with and using accounting policies in full
      compliance with International Financial Reporting Standards (&#147;IFRS&#148;)
      issued by the International Accounting Standards Board (&#147;IASB&#148;) and
      Interpretations of the International Financial Reporting Interpretations
      Committee (&#147;IFRIC&#148;), effective for the Company&#146;s reporting for the year
      ended December 31, 2013.</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 consolidated
      financial statements for issue on March 6, 2014.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD align=left width="5%"></TD>
    <TD align=left>
      <P align=justify>These consolidated 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. (formerly Mexgold Resources Inc.), 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 below have been applied
      consistently to all periods presented and by all subsidiaries in the
      group.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(a) </B></TD>
    <TD>
      <P align=justify><B>Currency Translation</B></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 width="5%"></TD>
    <TD>
      <P align=justify>The functional and reporting currency of the Company and
      its subsidiaries is the US dollar. Transactions in currencies other than
      an entity&#146;s functional currency are recorded at the rates of exchange
      prevailing on the transaction dates. Monetary assets and liabilities that
      are denominated in foreign currencies are translated at the rates
      prevailing at each reporting date. Non-monetary assets and liabilities
      denominated in foreign currencies that are measured at fair value are
      retranslated to the functional currency at the exchange rate at the date
      the fair value was determined. Non-monetary items that are measured in
      terms of historical costs in a foreign currency are not retranslated.
      Foreign currency translation differences are recognized in profit or loss,
      except for differences on the retranslation of non-monetary
      available-for-sale financial instruments which are recognized in other
      comprehensive income.</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%"><B>(b) </B></TD>
    <TD>
      <P align=justify><B>Use of estimates and judgements</B></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 width="5%"></TD>
    <TD>
      <P align=justify>The preparation of consolidated financial statements in
      conformity with IFRS requires management to make judgments, estimates and
      assumptions that affect the application of accounting policies, 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.
      Actual results could differ materially from those estimates.</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 width="5%"></TD>
    <TD>
      <P align=justify>Estimates and underlying assumptions are reviewed on an
      ongoing basis. Revisions to accounting estimates are recognized in the
      period in which the estimates are revised and in any future periods
      affected. Significant areas requiring the use of management judgment
      relate to the determination of mineralized reserves, plant and equipment
      lives, estimating the fair values of financial instruments and
      derivatives, 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></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Information about the use of management estimates that
      have the most significant effect on the amounts recognized in the
      consolidated financial statements is included in the following
    notes:</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="15%" >&nbsp;</TD>
    <TD align=left>Note 3(i) and Note 11 </TD>
    <TD align=left width="50%">Impairment </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>Note 4 </TD>
    <TD align=left width="50%">Business Acquisitions </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>Note 13 </TD>
    <TD align=left width="50%">Provision for Reclamation and Rehabilitation
  </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>Note 14 </TD>
    <TD align=left width="50%">Share Capital </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>Note 15 </TD>
    <TD align=left width="50%">Derivative Liabilities </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>Note 21 </TD>
    <TD align=left width="50%">Income Taxes </TD></TR></TABLE><BR>
    <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 5px double" align=left><B>Endeavour Silver
          Corp.</B> </TD>
        <TD style="BORDER-TOP: #000000 5px double" align=left 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><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Financial instruments</B></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 width="5%"></TD>
    <TD>
      <P align=justify>Financial assets and financial liabilities, including
      derivatives and contingent liabilities, are measured at fair value on
      initial recognition and recorded on the statement of financial position.
      Measurement in subsequent periods depends on whether the financial
      instrument has been classified as a financial asset at fair value through
      profit or loss, held for trading, available-for-sale, held-to-maturity or
      loans and receivables or as a financial liability at fair value through
      profit or loss or at amortized cost.</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 width="5%"></TD>
    <TD>
      <P align=justify>Financial assets and liabilities at fair value through
      profit or loss are measured at fair value with changes in fair value
      recognized in net earnings. Financial assets and financial liabilities
      classified as held-to -maturity, loans and receivables, or other financial
      liabilities are measured at amortized cost using the effective interest
      method. Available-for-sale financial assets are measured at fair value
      with unrealized gains and losses recognized in other comprehensive income.
      Derivative instruments, including embedded derivatives, are recorded on
      the statement of financial position at fair value. Changes in the fair
      value of derivative instruments are recognized in net earnings.</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 width="5%"></TD>
    <TD>
      <P align=justify>Realized gains and losses on short term metal derivative
      transactions are presented as investment and other income.</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%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Fair value of financial instruments</B></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 width="5%"></TD>
    <TD>
      <P align=justify>The fair values of the Company&#146;s cash and cash
      equivalents, receivables, accounts payable and accrued liabilities and the
      revolving credit facility approximate their carrying values due to their
      short terms to maturity. Investments, consisting of money market
      investments, marketable securities and notes are recorded at fair value
      with unrealized gains and losses at the reporting date recognized in
      comprehensive income unless unrealized losses are indicative of
      impairments in value, in which case they are recognized in net
      earnings.</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%"><B>(e)</B> </TD>
    <TD>
      <P align=justify><B>Cash and cash equivalents</B></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 width="5%"></TD>
    <TD>
      <P align=justify>Cash and cash equivalents consist of deposits in banks
      and highly liquid investments with an original maturity at the date of the
      purchase of no more than ninety days, or that are readily convertible into
      cash. Cash and cash equivalents are classified as loans and
      receivables.</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%"><B>(f)</B> </TD>
    <TD>
      <P align=justify><B>Marketable securities</B></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 width="5%"></TD>
    <TD>
      <P align=justify>Marketable securities include investments in shares of
      companies and other investments capable of reasonably prompt liquidation.
      Share investments are classified as available-for-sale and carried at fair
      value with unrealized gains and losses at the reporting date recognized in
      comprehensive income.</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%"><B>(g)</B> </TD>
    <TD>
      <P align=justify><B>Inventories</B></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 width="5%"></TD>
    <TD>
      <P align=justify>Product inventories are valued at the lower of average
      production cost and net realizable value. Work-in-process inventories,
      including ore stockpiles, are valued at the lower of average production
      cost and net realizable value, after an allowance for further processing
      costs. Finished goods inventory, characterized as dore bars or
      concentrate, is valued at the lower of average production cost and net
      realizable value. Materials and supplies are valued at the lower of cost
      and replacement cost. Similar inventories within the consolidated group
      are measured using the same method, and the reversal of previous
      write-downs to net realizable value is required when there is a subsequent
      increase in the value of inventories.</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%"><B>(h)</B> </TD>
    <TD>
      <P align=justify><B>Mineral properties, plant and equipment</B></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 width="5%"></TD>
    <TD>
      <P align=justify>Mineral properties, plant and equipment are stated at
      cost less accumulated depreciation and accumulated impairment losses. The
      cost of mineral properties, plant or equipment items consists of the
      purchase price, any costs directly attributable to bringing the asset to
      the location and condition necessary for its intended use and an initial
      estimate of the costs of dismantling and removing the item and restoring
      the site on which it is located. Mineral properties include direct costs
      of acquiring properties (including option payments) and costs incurred
      directly in the development of properties once the technical feasibility
      and commercial viability has been established.</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 width="5%"></TD>
    <TD>
      <P align=justify>Exploration and evaluation costs are those costs required
      to find a mineral property and determine commercial feasibility. These
      costs include costs to establish an initial mineral resource and determine
      whether inferred mineral resources can be upgraded to measured and
      indicated mineral resources and whether measured and indicated mineral
      resources can be converted to proven and probable reserves. Project costs
      related to exploration and evaluation activities are expensed as incurred
      until such time as the Company has defined mineral reserves. Thereafter,
      costs for the project are capitalized prospectively in mineral properties,
      plant and equipment. The Company also recognizes exploration and
      evaluation costs as assets when acquired as part of a business
      combination, or asset purchase, with these assets recognized at
    cost.</P></TD></TR></TABLE><BR>
    <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 5px double" align=left><B>Endeavour Silver
          Corp.</B> </TD>
        <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 9
          - </TD>
      </TR>
    </TABLE><BR>
<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><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Capitalized exploration and evaluation costs for a
      project are classified as such until the project demonstrates technical
      feasibility and commercial viability. Upon demonstrating technical
      feasibility and commercial viability, and subject to an impairment
      analysis, capitalized exploration and evaluation costs are transferred to
      capitalized development costs within mineral property, plant and
      equipment. Technical feasibility and commercial viability generally
      coincide with the establishment of proven and probable reserves; however,
      this determination may be impacted by management&#146;s assessment of certain
      modifying factors.</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 width="5%"></TD>
    <TD>
      <P align=justify>Where an item of plant and equipment comprises major
      components with different useful lives, the components are accounted for
      as separate items of plant and equipment and amortized separately over
      their useful lives.</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 width="5%"></TD>
    <TD>
      <P align=justify>Plant and equipment is recorded at cost and amortized
      using the straight-line method at rates varying from 10% to 30% annually.
      The accumulated costs of mineral properties that are developed to the
      stage of commercial production are amortized using the units of production
      method, based on proven and probable reserves (as defined by National
      Instrument 43-101).</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 width="5%"></TD>
    <TD>
      <P align=justify>The Company conducts an annual assessment of the residual
      balances, useful lives and depreciation methods being used for mineral
      properties, plant and equipment and any changes arising from the
      assessment are applied by the Company prospectively.</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%"><B>(i)</B> </TD>
    <TD>
      <P align=justify><B>Impairment of Long-Lived Assets</B></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s tangible assets are reviewed for
      indications of impairment at each financial statement date. If an
      indicator of impairment exists, the asset&#146;s recoverable amount is
      estimated. An impairment loss is recognized when the carrying amount of an
      asset, or its cash-generating unit, exceeds its recoverable amount. A
      cash-generating unit is the smallest identifiable group of assets that
      generates cash flows that are largely independent of the cash flows from
      other assets or groups of assets. Impairment losses are recognized in
      profit and loss for the period.</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 width="5%"></TD>
    <TD>
      <P align=justify>The recoverable amount is the greater of fair value less
      costs to sell and value in use. In assessing value in use, the estimated
      future cash flows are discounted to their present value using a pre-tax
      discount rate that reflects current market assessments of the time value
      of money and the risks specific to the asset. For an asset that does not
      generate largely independent cash inflows, the recoverable amount is
      determined for the cash-generating unit to which the asset
  belongs.</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 width="5%"></TD>
    <TD>
      <P align=justify>An impairment loss is reversed if there is an indication
      that there has been a change in the estimates used to determine the
      recoverable amount. An impairment loss is reversed only to the extent that
      the asset&#146;s carrying amount does not exceed the carrying amount that would
      have been determined, net of depreciation or amortization, if no
      impairment loss had been recognized.</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 width="5%"></TD>
    <TD>
      <P align=justify>Management periodically reviews the carrying value of its
      exploration and evaluation assets with internal and external mining
      related professionals. A decision to abandon, reduce or expand a specific
      project is based upon many factors including general and specific
      assessments of reserves, forecast future metal prices, forecast future
      costs of exploring, developing and operating a producing mine, expiration
      term and ongoing expense of maintaining leased mineral properties and the
      general likelihood that the Company will continue exploration. The Company
      does not set a pre- determined holding period for properties with unproven
      reserves. However, properties which have not demonstrated suitable mineral
      concentrations at the conclusion of each phase of an exploration program
      are re-evaluated to determine if future exploration is warranted and their
      carrying values are recoverable.</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 width="5%"></TD>
    <TD>
      <P align=justify>If any area of interest is abandoned or it is determined
      that its carrying value cannot be supported by future production or sale,
      the related costs are charged against operations in the period of
      abandonment or determination that the carrying value exceeds its fair
      value. The amounts recorded as mineral properties represent costs incurred
      to date and do not necessarily reflect present or future values.</P></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%"><B>(j)</B> </TD>
    <TD>
      <P align=justify><B>Reclamation and rehabilitation
  obligations</B></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company recognizes provisions for statutory,
      contractual, constructive or legal obligations associated with the
      decommissioning and reclamation of mineral property, plant and equipment,
      when those obligations result from the acquisition, construction,
      development or normal operation of the assets. A liability is recognized
      at the time environmental disturbance occurs and the resulting costs are
      capitalized to the corresponding asset. The provision for reclamation and
      rehabilitation obligations is estimated using expected cash flows based on
      engineering and environmental reports prepared by third-party industry
      specialists and is discounted at a pre-tax rate specific to the liability.
      The capitalized amount is amortized on the same basis as the related
      asset.</P></TD></TR></TABLE><BR>
      <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 5px double" align=left><B>Endeavour Silver
            Corp.</B> </TD>
          <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 10
            - </TD>
        </TR>
      </TABLE><BR>
<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><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In subsequent periods, the liability is adjusted for any
      changes in the amount or timing of the estimated future cash costs and for
      the accretion of discounted underlying future cash flows. The unwinding of
      the effect of discounting the provision is recorded as a finance cost in
      profit or loss for the period .</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%"><B>(k)</B> </TD>
    <TD>
      <P align=justify><B>Revenue recognition</B></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company recognizes revenue from the sale of bullion
      and concentrates upon delivery when it is probable that the economic
      benefits associated with the transaction will flow to the Company, the
      risks and rewards of ownership are transferred to the customer, and the
      revenue can reliably measured. Revenue from the sale of concentrates is
      based on prevailing market prices and estimated mineral content which is
      subject to adjustment upon final settlement based on metal prices, weights
      and assays. For each reporting period until final settlement, estimates of
      metal prices are used to record sales. Variations between the sales price
      recorded at the initial recognition date and the actual final sales price
      at the settlement date, caused by changes in the metal prices, results in
      an embedded derivative in the related trade accounts receivable balance.
      The embedded derivative is recorded at fair value each period until final
      settlement occurs, with changes in fair value classified as a component of
      revenue. Revenue is recorded in the consolidated statement of
      comprehensive income, gross of treatment and refining costs paid to
      counterparties under the terms of the sales agreements.</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%"><B>(l)</B> </TD>
    <TD>
      <P align=justify><B>Share-based payments</B></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company has a share option plan which is described in
      Note 14(b). The Company records all share-based compensation for options
      using the fair value method with graded vesting. Under the fair value
      method, share-based payments are measured at the fair value of the
      consideration received or the fair value of the equity instruments issued
      or liabilities incurred, whichever is more reliably measurable, and are
      charged over the vesting period. The amount recognized as an expense is
      adjusted to reflect the actual number of share options for which the
      related service and vesting conditions are met. The offset is credited to
      contributed surplus. Consideration received on the exercise of stock
      options is recorded as share capital and the related contributed surplus
      is transferred to share capital. For those options that expire or are
      forfeited after vesting, the amount previously recorded in contributed
      surplus is transferred to deficit.</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 width="5%"></TD>
    <TD>
      <P align=justify>Share-based payment expense relating to cash- settled
      awards, including deferred share units, are accrued over the vesting
      period of the units based on the quoted market value of the Company&#146;s
      common shares. As these awards will be settled in cash, the expense and
      liability are adjusted each reporting period for changes in the underlying
      share price.</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%"><B>(m)</B> </TD>
    <TD>
      <P align=justify><B>Income taxes</B></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company follows the asset and liability method of
      accounting for income taxes. Under this method, deferred tax assets and
      liabilities are recognized for the future tax consequences attributable to
      differences between the financial statement carrying amounts of existing
      assets and liabilities and their respective tax bases, and losses carried
      forward. Deferred tax assets and liabilities are measured using
      substantively enacted or enacted tax rates expected to apply to taxable
      income in the years in which those temporary differences are expected to
      be recovered or settled. The effect on deferred tax assets and liabilities
      of a change in tax rates is recognized in income in the period that
      includes the substantive enactment date. Deferred tax assets are
      recognized to the extent that recovery is considered probable.</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%"><B>(n)</B> </TD>
    <TD>
      <P align=justify><B>Earnings per share</B></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 width="5%"></TD>
    <TD>
      <P align=justify>Basic earnings per share is computed by dividing the
      earnings (loss) available to common shareholders by the weighted average
      number of shares outstanding during the period. For all periods presented,
      profit available to common shareholders equals the reported profit. The
      Company uses the treasury stock method for calculating diluted earnings
      per share. Under the treasury stock method, the weighted average number of
      common shares outstanding used for the calculation of diluted earnings per
      share assumes that the proceeds to be received on the exercise of dilutive
      share options and warrants are used to repurchase common shares at the
      average market price during the year.</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%"><B>(o)</B> </TD>
    <TD>
      <P align=justify><B>Business combinations</B></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 width="5%"></TD>
    <TD>
      <P align=justify>On a business combination, the acquisition method of
      accounting is used, whereby the purchase consideration is allocated to the
      identifiable assets, liabilities and contingent liabilities (identifiable
      net assets) on the basis of fair value at the date of acquisition. When
      the cost of acquisition exceeds the fair values attributable to the
      Company&#146;s share of identifiable net assets, the difference is treated as
      purchased goodwill. If the fair value attributable to the Company&#146;s share
      of the identifiable net assets exceeds the cost of acquisition, the
      difference is immediately recognized in the income statement. Incremental
      costs related to acquisitions are expensed as incurred.</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 width="5%"></TD>
    <TD>
      <P align=justify>Determination of the fair value of assets acquired and
      liabilities assumed and the resulting goodwill, if any, requires that
      management make estimates based on the information provided by the
      acquiree. Changes to the provisional values of assets acquired and
      liabilities assumed, deferred income taxes and resulting goodwill, if any,
      will be adjusted when the final measurements are determined (within one
      year of the acquisition date).</P></TD></TR></TABLE><BR>
      <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 5px double" align=left><B>Endeavour Silver
            Corp.</B> </TD>
          <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 11
            - </TD>
        </TR>
      </TABLE><BR>
<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><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>When purchase consideration is contingent on future
      events, the initial cost of the acquisition recorded includes an estimate
      of the fair value of the contingent amounts expected to be payable in the
      future. When the fair value of contingent consideration as at the date of
      acquisition is finalized, before the end of the twelve month measurement
      period, the adjustment is allocated to the identifiable assets acquired
      and liabilities assumed. Changes to the estimated fair value of contingent
      consideration subsequent to the acquisition date are recorded in the
      consolidated statement of comprehensive income.</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%"><B>(p)</B> </TD>
    <TD>
      <P align=justify><B>Goodwill</B></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 width="5%"></TD>
    <TD>
      <P align=justify>Goodwill is not amortized; however, it is tested annually
      for impairment. In addition, at each reporting period, if there is an
      indication that goodwill is impaired, it is tested for impairment at that
      time. Goodwill is allocated to the group of cash generating units (&#147;CGU&#148;)
      that comprise an operating segment as each CGU in a segment is expected to
      derive benefits from a business combination that results in the
      recognition of goodwill. A goodwill impairment is recognized for any
      excess of the carrying amount of the segment over its recoverable amount.
      Any goodwill impairment is recognized in the statement of income in the
      reporting period in which it occurs. Goodwill impairment charges can not
      be reversed in future periods.</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%"><B>(q)</B> </TD>
    <TD>
      <P align=justify><B>Changes in accounting standards</B></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company has adopted the following new standards,
      along with any consequential amendments, effective January 1, 2013. These
      changes were made in accordance with the applicable transitional
      provisions.</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 width="5%"></TD>
    <TD>
      <P align=justify>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 width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>IAS 1 Presentation of items of other comprehensive
      income (Amendment)</I></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 width="5%"></TD>
    <TD>
      <P align=justify>The amendments to IAS 1 introduced a grouping of items
      presented in other comprehensive income (&#147;OCI&#148;). Items that could be
      reclassified to profit or loss at a future point in time (e.g. net gain or
      loss on available-for- sale financial assets) shall be presented
      separately from items that will never be reclassified. This amendment had
      no impact on the Company&#146;s presentation as the components of OCI pertain
      only to net gains or losses on marketable securities classified as
      available-for-sale financial assets.</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 width="5%"></TD>
    <TD>
      <P align=justify><I>IFRS 10 Consolidated Financial
Statements</I></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 width="5%"></TD>
    <TD>
      <P align=justify>In May 2011, the IASB issued IFRS 10, <I>Consolidated
      Financial Statements</I>, to replace IAS 27, <I>Consolidated and Separate
      Financial Statements </I>and SIC 12, <I>Consolidation &#150; Special Purpose
      Entities</I>. The new consolidation standard changes the definition of
      control so that the same criteria apply to all entities, both operating
      and special purpose entities, to determine control. The revised definition
      focuses on the need to have both power and variable returns before control
      is present. The adoption of IFRS 10 did not result in any change in the
      consolidation status of any of the Company&#146;s subsidiaries or
    investees.</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 width="5%"></TD>
    <TD>
      <P align=justify><I>IFRS 11 Joint Arrangements</I></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 width="5%"></TD>
    <TD>
      <P align=justify>In May 2011, the IASB issued IFRS 11, <I>Joint
      Arrangements </I>, to replace IAS 31, <I>Interests in Joint Ventures</I>.
      The new standard defines two types of arrangements: Joint Operations and
      Joint Ventures. The focus of the standard is to reflect the rights and
      obligations of the parties involved in the joint arrangement, regardless
      of whether the joint arrangement operates through a separate legal entity.
      Joint arrangements that are classified as joint ventures are accounted for
      using the equity method of accounting. Joint arrangements that are
      classified as joint operations require the venturers to recognize the
      individual assets, liabilities, revenues and expenses to which they have
      legal rights or are responsible. The adoption of IFRS 11 did not result in
      any changes to the Company&#146;s consolidated financial statements.</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 width="5%"></TD>
    <TD>
      <P align=justify><I>IFRS 12 Disclosure of Interests in Other
      Entities</I></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 width="5%"></TD>
    <TD>
      <P align=justify>In May 2011, the IASB issued IFRS 12, <I>Disclosure of
      Interests in Other Entities, </I>to create a comprehensive disclosure
      standard to address the requirements for subsidiaries, joint arrangements
      and associates including the reporting entity&#146;s involvement with other
      entities. It also includes requirements for unconsolidated structured
      entities (i.e. special purpose entities). The Company adopted IFRS 12
      effective January 1, 2013. The adoption of IFRS 12 did not result in any
      changes to the Company&#146;s consolidated financial statements.</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 width="5%"></TD>
    <TD>
      <P align=justify><I>IFRS 13 Fair Value Measurement</I></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 width="5%"></TD>
    <TD>
      <P align=justify>In May 2011, the IASB issued IFRS 13, <I>Fair Value
      Measurement </I>as a single source of guidance for all fair value
      measurements required by IFRS to reduce the complexity and improve
      consistency across its application. The standard provides a definition of
      fair value and guidance on how to measure fair value as well as a
      requirement for enhanced disclosures. The Company adopted IFRS 13 on a
      prospective basis.</P></TD></TR></TABLE><BR>
      <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 5px double" align=left><B>Endeavour Silver
            Corp.</B> </TD>
          <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 12
            - </TD>
        </TR>
      </TABLE><BR>
<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><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<P style="MARGIN-LEFT: 10%" align=justify>IFRS 13 also requires specific
disclosures on fair values, some of which replace existing disclosure
requirements in other standards, including IFRS 7, <I>Financial Instruments:
Disclosures</I>. Some of these disclosures are specifically required by IAS 34
for financial instruments, thereby affecting the consolidated financial
statements. The Company has provided these disclosures in note 22. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The Company has not early adopted any
other standard, interpretation or amendment in the consolidated financial
statements that have been issued, but not yet effective. </P>
<P style="MARGIN-LEFT: 10%" align=justify>A number of new standards, amendments
to standards and interpretations, are not yet effective for the year ended
December 31, 2013, and have not been applied in preparing these consolidated
financial statements. The following pronouncements are those that the Company
considers most significant and are not intended to be a complete list of new
pronouncements that may affect the financial statements. </P>
<P style="MARGIN-LEFT: 10%" align=justify><I>IFRS 9 Financial Instruments
</I></P>
<P style="MARGIN-LEFT: 10%" 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. 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 style="MARGIN-LEFT: 10%" 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>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 13
      - </TD>
  </TR>
</TABLE><BR>
<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><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<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%">4. </TD>
    <TD>
      <P align=justify><B><U>BUSINESS ACQUISTION</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On July 13, 2012 (the &#147;acquisition date&#148;), the Company
      completed the acquisition of 100% of the issued and outstanding shares of
      Mexgold Resources Inc. (&#147;Mexgold&#148;) and its three wholly owned
      subsidiaries: Compania Minera del Cubo, S.A. de C.V., AuRico Gold GYC,
      S.A. de C.V. and Metales Interamericanos, S.A. de C.V. from AuRico Gold
      Inc. (&#147;AuRico&#148;).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As a result of the acquisition, the Company owns the El
      Cubo silver-gold mine located in Guanajuato, Mexico and the Guadalupe y
      Calvo silver-gold exploration project located in Chihuahua, Mexico. The
      results of Mexgold, which include its wholly-owned subsidiaries, were
      consolidated commencing on July 13, 2012. Total estimated consideration of
      $203,487 was determined as follows:</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 1px solid" align=left><B>Purchase Cost</B>
    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="12%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash paid </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;100,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Common shares issued<SUP>(1)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">88,944 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Contingent consideration<SUP>(2)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,908 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Estimated working
      capital adjustment<SUP>(3)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">6,635
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;203,487 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD colSpan=2>
      <P align=justify>There were 11,037,528 common shares issued with a fair
      value of $8.06 per share. The related share issuance costs of $204 are
      recognized against equity.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD colSpan=2>
      <P align=justify>AuRico will be entitled to receive up to an additional
      $50 million in cash payments from the Company upon the occurrence of
      certain events as follows:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">i) </TD>
    <TD>
      <P align=justify>$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 width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">ii) </TD>
    <TD>
      <P align=justify>$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 twelve 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 width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></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 twelve 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 width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></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 twelve consecutive months at any time during the three year
      period immediately following the acquisition
date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <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. The
      contingent consideration based on the performance of gold prices was
      valued using a Monte Carlo simulation resulting in a valuation of $7,908
      at the acquisition date. 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.</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 width="5%"></TD>
    <TD>
      <P align=justify>As at December 31, 2013, a decrease in the gold price and
      a movement in the gold forward curve resulted in a $8,398 mark-to-market
      gain (December 31, 2012 - $589 mark-to -market loss). The fair value of
      the contingent consideration as at December 31, 2013 was determined to be
      $99 (December 31, 2012 - $8,497).</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%">(3) </TD>
    <TD>
      <P align=justify>The purchase agreement with AuRico stipulated there would
      be an adjustment of the purchase price based on the working capital of the
      consolidated Mexgold entity as at the acquisition date. The purchase price
      was adjusted upward by the amount of the working capital at the
      acquisition date. During the year, the Company and the counterparty agreed
      on a final working capital adjustment, resulting in a $138 increase in the
      estimated purchase price and a corresponding change in the value of
      inventory acquired.</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 style="BORDER-TOP: #000000 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 14
      - </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><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<P style="MARGIN-LEFT: 5%" align=justify>The purchase price is allocated to the
underlying assets acquired and liabilities assumed, based upon their estimated
fair values at the date of acquisition. Final fair values were determined based
on independent appraisals, discounted cash flow models, and quoted market
prices, as deemed appropriate. The Company has incurred acquisition-related
costs totaling $789 in the form of advisory, legal and professional fees, which
were included in general and administrative costs in the statement of
comprehensive income for the year ended December 31, 2012. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The following sets forth the final
allocation of the purchase price to assets acquired and liabilities assumed,
based on estimates of fair values.</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-BOTTOM: #000000 2px solid" align=left><B>Summary of
      purchase price allocation:</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </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>Assets: </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>Cash and cash equivalents </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;843 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Receivables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,306 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Inventories </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Prepaid expenses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>228 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Plant and equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,161 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Mineral properties </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>197,536 </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>Goodwill </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%">39,245 </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></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Total assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">260,319 </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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Liabilities: </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>Accounts payable and accrued liabilities
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,521</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Provision for reclamation and rehabilitation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3,735</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>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=right width="12%"
    bgColor=#e6efff>(46,576</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></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total 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="12%"
    bgColor=#e6efff>(56,832</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></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net identifable assets acquired </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;203,487 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Included in the financial statements
are $14,779 in revenues and $10,939 in net loss for Mexgold for the period from
July 13, 2012 to December 31, 2012. Had the acquisition occurred on January 1,
2012 management estimates the Company&#146;s sales would have been $237,693 and
profit would have been $32,580 for the year ended December 31, 2012.</P>
<P style="MARGIN-LEFT: 5%" align=justify>In accordance with our accounting
policy, goodwill was tested for impairment at the end of the fourth quarter.
When there is an indicator of impairment of non-current assets within a cash
generating unit (&#147;CGU&#148;) containing goodwill, management tests the non-current
assets for impairment first and recognizes any impairment loss on the
non-current assets before testing the CGU containing the goodwill for
impairment. The recoverable amount of each CGU has been determined based on its
fair value less costs to sell, which has been determined to be greater than the
value in use model. See note 11 for the impairment assessment of non-current
assets and goodwill. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Under the terms of the acquired 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 December 31, 2013, there was a $1,000 letter of credit provided by the
Company as security to the owner of the Las Torres facility. </P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 15
      - </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><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B><U>CASH AND CASH EQUIVALENTS</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Cash and cash equivalents of the Company are comprised of
      bank balances and highly liquid investments that are readily convertible
      to cash with an original maturity of 90 days or less at the date of
      purchase.</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
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">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
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </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>Bank balances </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;35,004</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;18,617 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Short term
      deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">- </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
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;35,004</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;18,617 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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%">6. </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
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">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
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </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>Notes receivable: </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;Carrying value </TD>
    <TD align=left width="1%" ><B>$</B></TD>
    <TD align=right width="12%"><B>&nbsp;-</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;2,133 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Unrealized gain (loss) </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>1,837 </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;Unrealized
      foreign exchange gain (loss) </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%">357
    </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>&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>4,327 </TD>
    <TD 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 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>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>11,698 </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>(3,772</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(7,723</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>(309</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>218 </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 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=right
      width="12%"><B>1,463</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%">4,193
    </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 style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>&nbsp;1,463</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;8,520 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2012, the Company held
Canadian dollar denominated restructured Asset Backed Commercial Paper Notes
(the &#147;Notes&#148;) that were obtained in February 2009 from the restructuring of
Canadian Asset Backed Commercial Paper (&#147;ABCP&#148;). </P>
<table width="100%" border=0 cellpadding=0
cellspacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <tr valign=top>
    <td width="5%"  >&nbsp;</td>
    <td style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;</td>
    <td
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</td>
    <td
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</td>
    <td
    align=left nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</td>
    <td
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>
    <td
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</td>
    <td
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</td>
    <td
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><b>Dec 31, 2012</b> </td>
    <td style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Notes </td>
    <td width="20%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >Maturity Dates </td>
    <td width="20%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >Interest Rate </td>
    <td align=left nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</td>
    <td width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">Face
      Amount (CAD) </td>
    <td width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</td>
    <td align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</td>
    <td align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">Fair
      Value </td>
    <td style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td align=left bgcolor=#e6efff >MAV II Class A-1 </td>
    <td align=center  bgcolor=#e6efff>July 15, 2056 </td>
    <td align=center  bgcolor=#e6efff>BA - 0.5% </td>
    <td width="1%" align=left  bgcolor=#e6efff>$</td>
    <td align=right bgcolor=#e6efff>&nbsp;3,219 </td>
    <td align=left  bgcolor=#e6efff>&nbsp;</td>
    <td width="1%" align=left  bgcolor=#e6efff><b>$</b></td>
    <td align=right bgcolor=#e6efff><b>&nbsp;2,726</b> </td>
    <td align=left  bgcolor=#e6efff>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td align=left >MAV II Class A-2 </td>
    <td align=center >July 15, 2056 </td>
    <td align=center >BA - 0.5% </td>
    <td align=left >&nbsp;</td>
    <td align=right>1,093 </td>
    <td align=left >&nbsp;</td>
    <td align=left >&nbsp;</td>
    <td align=right><b>891</b> </td>
    <td align=left >&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td align=left bgcolor=#e6efff >MAV II Class B </td>
    <td align=center  bgcolor=#e6efff>July 15, 2056 </td>
    <td align=center  bgcolor=#e6efff>BA - 0.5% </td>
    <td align=left  bgcolor=#e6efff>&nbsp;</td>
    <td align=right bgcolor=#e6efff>198 </td>
    <td align=left  bgcolor=#e6efff>&nbsp;</td>
    <td align=left  bgcolor=#e6efff>&nbsp;</td>
    <td align=right bgcolor=#e6efff><b>155</b> </td>
    <td align=left  bgcolor=#e6efff>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td align=left >MAV II Class C </td>
    <td align=center >July 15, 2056 </td>
    <td align=center >BA + 20.0% </td>
    <td align=left >&nbsp;</td>
    <td align=right>140 </td>
    <td align=left >&nbsp;</td>
    <td align=left >&nbsp;</td>
    <td align=right><b>94</b> </td>
    <td align=left >&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left bgcolor=#e6efff
    >IA Tracking Class 15 </td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=center
     bgcolor=#e6efff>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=center
     bgcolor=#e6efff>BA - 0.5% </td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgcolor=#e6efff>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgcolor=#e6efff>464 </td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgcolor=#e6efff>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgcolor=#e6efff>&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=right
    bgcolor=#e6efff><b>461</b> </td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=left
     bgcolor=#e6efff>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 2px solid" align=left
      >&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 2px solid" align=center
    >&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 2px solid" align=center
    >&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 2px solid" align=left
    >$</td>
    <td style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;5,114 </td>
    <td style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 2px solid" align=left
    ><b>$</b></td>
    <td style="BORDER-BOTTOM: #000000 2px solid" align=right><b>&nbsp;4,327</b> </td>
    <td style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</td>
  </tr>
</table>
<P style="MARGIN-LEFT: 5%" align=justify>The Company classified the Notes as
Level 1 in the fair value hierarchy and as available-for-sale financial assets.
Management recorded the Notes at their estimated fair value with the change in
fair value and any related foreign exchange gains or losses, including tax
effect, recognized in other comprehensive income, unless such gains or losses
are declines in value that are concluded to be impairments, in which case the
declines were recognized in the statement of comprehensive income. There is no
tax effect recognized in other comprehensive income for the year end December
31, 2012. During 2007 and 2008, prior to an active market being established and
the restructuring of the ABCP, the Company recorded a total impairment charge to
operations of $2,700.</P>
<P style="MARGIN-LEFT: 5%" align=justify>In March 2013, the Company disposed of
the Notes for proceeds of $4,392. On disposition of the Notes, the Company
recognized a gain in investment and other income of $2,260 in net earnings for
the year, which represents the cumulative gain previously recognized in other
comprehensive income.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Marketable securities are classified as
Level 1 in the fair value hierarchy (see note 22) 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>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 16
      - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<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>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=center width="1%"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    ><STRONG>December 31</STRONG>&nbsp;&nbsp;</TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">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 width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">Note    </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>2013</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">2012    </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=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff></TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>10,263</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;- </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>12,717</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">17,711 </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>411</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>1,914 </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%">9 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>248</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">136 </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
      bgColor=#e6efff>Other receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>110</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>765 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&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=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>23,749</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;20,526 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 trade receivables consist of receivables from
      provisional silver and gold sales from the Bolanitos and El Cubo mines.
      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
      22).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </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
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">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
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </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>Warehouse inventory </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;10,522</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;9,273 </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>8,530</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">8,691 </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)(3)</SUP>
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,023</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>18,691 </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>3,572</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%">4,142
    </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 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;23,647</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;40,797 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company has stockpiled 128,604 tonnes of mined ore as
      of December 31, 2013 (December 31, 2012 &#150; 113,134 tonnes).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Company held 51,000 silver ounces and 198 gold ounces
      as of December 31, 2013 (December 31, 2012 &#150; 611,661 and 8,934,
      respectively). These ounces are carried at the lesser of cost and net
      realizable value; however, as at December 31, 2013, the quoted market
      value of the silver ounces is $995 (December 31, 2012 - $18,319) and the
      quoted market value of the gold ounces is $238 (December 31, 2012 -
      $14,804).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The finished goods and 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 (December 31, 2012 - $1,918) is comprised of cash costs and $430
      (December 31, 2012 - $958) relates to depreciation and depletion. The
      total write down for the year of $5,874 also includes previous write downs
      to net realizable value of $4,171 at quarter ends for work in process and
      finished goods inventory held by the El Cubo mine, which was subsequently
      sold in the fourth quarter. Of this amount, $2,852 is comprised of cash
      costs and $1,319 of depreciation and depletion. The carrying amount of
      this inventory, at net realizable value is $6,685 as at December 31, 2013
      . The total write down for the year of $5,874 also includes previous write
      downs to net realizable value of $1,039 at quarter ends for finished goods
      inventory held by the Guanacevi mine, which was subsequently sold in the
      fourth quarter. Of this amount, $769 is comprised of cash costs and $270
      of 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%">9. </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 related party companies, with directors and management
      in common, and from time to time will incur third party costs on behalf of
      the related parties on a full cost recovery basis. The Company has a $248
      net receivable related to administration costs and other items outstanding
      as of December 31, 2013 (December 31, 2012 &#150; $136).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>One of the related parties that the Company shares
      administrative services and office space with has been unable to meet its
      obligations. Therefore, the Company has provided an allowance totaling
      $181 at December 31, 2013 (December 31, 2012 -
$181).</P></TD></TR></TABLE><BR>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 17
      - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company was charged $129 for legal
services from a legal firm in which the Company&#146;s Corporate Secretary is a
partner (December 31, 2012 - $527). The Company has $8 payable related to legal
costs outstanding as at December 31, 2013 (December 31, 2012 - $10). </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Key management personnel </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The key management of the Company
comprises executive and non-executive directors, members of executive management
and the Company&#146;s corporate secretary. Compensation of key management personnel
was as follows: </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 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD width="12%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Dec 31, 2013</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">Dec 31, 2012 </TD>
  <TD style="BORDER-TOP: #000000 2px solid; 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 align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&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>Salaries and short-term employee benefits
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;4,233</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;3,309 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Non-executive directors' fees </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>180</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">280 </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>Share-based payments </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>3,337</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>4,012 </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 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>&nbsp;7,750</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;7,601 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 amount disclosed for share -based payments is the
      expense for the year calculated in accordance with IFRS 2, Share- based
      payments. The cost of a share-based payment award is spread over the
      vesting period of the award. Therefore, the compensation in the year
      comprises a portion of the current year awards and those of preceding
      years that vested within the current year.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The share-based payments includes the change in the non-
      executive directors cash settled deferred share units fair value over each
      reporting period and payments of deferred share units. During the year
      ended December 31, 2013, the Company granted 85,491 cash settled deferred
      share units with a market value of $337,045 at the date of grant. At
      December 31, 2013 the market value of the cash settled deferred share
      units is $306,780, with the change recognized in the profit and loss
      statement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; 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 width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Mineral    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Machinery &amp; </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Transport &amp; </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&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
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">property </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Plant    </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">equipment </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Building </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">office equipment </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">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 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>Balance at December 31, 2011 </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;90,365 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;37,431 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;26,634 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;2,812 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;3,560 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;160,802 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Additions </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>41,413 </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>10,862 </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>10,376 </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>1,194 </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>2,104 </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>65,949 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Acquisition of Mexgold </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">197,536 </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%">3,592 </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%">3,324 </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%">2,715 </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%">530 </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%">207,697 </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>Disposals </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>- </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>(167</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>(167</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </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>Balance at December 31, 2012 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>329,314 </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>51,885 </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>40,334 </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>6,721 </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>6,027 </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>434,281 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Additions </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">38,761 </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%">35,034 </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%">11,675 </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%">1,977 </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%">1,218 </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%">88,665 </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>Disposals </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>(16</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>- </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>(114</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>(130</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </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 2px solid" align=left
      bgColor=#e6efff><B>Balance at December 31, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;368,075</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;86,903</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;52,009</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;8,698</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;7,131</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;522,816</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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><B>Accumulated amortization and
      impairment</B> </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>Balance at December 31, 2011 </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;50,888 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;8,632 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;5,177 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;751 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;1,826 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;67,274 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Amortization </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>21,343 </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>2,827 </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>3,382 </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>263 </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>886 </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>28,701 </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>Disposals </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%">(125</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%">(125</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </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>Balance at December 31, 2012 </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">72,231 </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%">11,459 </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%">8,559 </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%">1,014 </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%">2,587 </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%">95,850 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Amortization </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>39,091 </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>5,964 </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>5,319 </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>703 </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>1,634 </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>52,711 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Impairment </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">81,743 </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%">14,072 </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%">- </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%">95,815 </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>Disposals </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>- </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>(93</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>(93</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </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 2px solid" align=left
      bgColor=#e6efff><B>Balance at December 31, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;193,065</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;31,495</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;13,878</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;1,717</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;4,128</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;244,283</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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><B>Net book value</B> </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>At December 31, 2012 </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;257,083 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;40,426 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;31,775 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;5,707 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;3,440 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="9%">&nbsp;338,431 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>At December 31, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;175,010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;55,408</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;38,131</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;6,981</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;3,003</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>&nbsp;278,533</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>As of December 31, 2013, the Company
had $940 committed for capital equipment purchases in 2014.</P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 18
      - </TD>
  </TR>
</TABLE><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><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Guanacevi, Mexico</B></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 width="5%"></TD>
    <TD>
      <P align=justify>In June 2005, the Company acquired nine silver mining
      properties in the Guanacevi district, Durango, Mexico, from Industrias
      Pe&#241;oles S.A. de C.V. (&#147;Pe&#241;oles&#148;). The Company is required to send all
      mineral production from these properties to the Pe&#241;oles smelter in
      Torreon, Mexico, for smelting and refining. Pe&#241;oles retains a 3% net
      proceeds royalty on future production after deduction of all shipping and
      smelting costs, including taxes and penalties, if any. In 2013, the
      Company paid $ 1,328 in royalties (2012 - $1,866).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Property concessions acquired by the Company in the
      Guanacevi District are maintained with nominal property tax payments to
      the Mexican government.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Bolanitos, Mexico</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>In 2007, the Company acquired the exploitation contracts
      and underlying assets to the Bolanitos silver-gold mines located in the
      northern parts of the Guanajuato and La Luz silver districts in the state
      of Guanajuato, Mexico.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>The Company holds various property concessions in the
      Guanajuato District that it maintains with nominal property tax payments
      to the Mexican government.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD align=left>
      <P align=justify><B>Cubo, Mexico</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>On July 13, 2012, the Company acquired the exploitation
      contracts and underlying assets to the Cubo silver-gold mine located in
      the northern parts of the Guanajuato and La Luz silver districts in the
      state of Guanajuato, Mexico (see note 4) .</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>The Company holds various property concessions in the
      Guanajuato District that it maintains with nominal property tax payments
      to the Mexican government.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD align=left>
      <P align=justify><B>Guadalupe Y Calvo, Mexico</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>On July 13, 2012, the Company acquired the Guadalupe Y
      Calvo exploration project in Chihuahua, Mexico (see note 4) .</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(e)</B> </TD>
    <TD align=left>
      <P align=justify><B>San Sebastian, Mexico</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In February 2010, the Company acquired the option to
      purchase a 100% interest in the San Sebastian properties, located in
      Jalisco, Mexico by paying a total of $2,750 over three years. As of
      December 31, 2013, the Company has paid $2,750 and acquired a 100%
      interest in the San Sebastian properties. The Company is required to pay a
      2% net smelter royalty (&#147;NSR&#148;) royalty on any production from the San
      Sebastian properties.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(f)</B> </TD>
    <TD>
      <P align=justify><B>El Inca, Chile</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In October 2012, the Company acquired the option to
      purchase a 75% interest in the El Inca properties, located in Chile, by
      paying a total of $2,000 over four years, of which the Company paid $250
      to date, and completing $5,000 on exploration expenditures over four
      years. The Company also must deliver a report of an estimate of resources
      and a pre-feasibility study report before the end 2016. The Company is
      required to pay a 3.5% NSR royalty, which may be reduced to a 2.5% NSR
      royalty by a payment of $1,000, on any production from the El Inca
      properties.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(g)</B> </TD>
    <TD>
      <P align=justify><B>Mineral property contingencies</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has also entered into other non-material
      option agreements on exploration properties in Mexico.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Management believes the Company has diligently
      investigated rights of ownership of all of the mineral properties to a
      level which is acceptable by prevailing industry standards with respect to
      the current stage of development of each property in which it has an
      interest and, to the best of its knowledge, all agreements relating to
      such ownership rights are in good standing. However, all properties may be
      subject to prior claims, agreements or transfers, and rights of ownership
      may be affected by undetected defects.</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 style="BORDER-TOP: #000000 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 19
      - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<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%">11. </TD>
    <TD>
      <P align=justify><B><U>IMPAIRMENT OF NON CURRENT ASSETS AND
      GOODWILL</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 recoverable amounts of the Company&#146;s CGUs, which
      include mining properties, plant and equipment and allocated goodwill, are
      determined on an annual basis and circumstances result in impairment
      indicators. As at December 31, 2013, the Company determined there were
      several indicators of potential impairment of its producing mineral
      properties which include the sustained decline in precious metal prices,
      the Mexican tax reform (see note 22) and a reduction of the Guanacevi
      estimated reserves and resources. The recoverable amounts are based on
      each CGUs future cash flows expected to be derived from the Company&#146;s
      mining properties and represents each CGUs value in use. The cash flows
      are determined based on the life-of-mine after tax cash flow forecast
      which incorporate management&#146;s best estimates of future metal prices,
      production based on current estimates of recoverable reserves and
      resources, exploration potential, future operating costs and
      non-expansionary capital expenditures.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At December 31, 2013 the Company tested the
      recoverability of its operating assets, resulting in a detailed review of
      the Guanacevi and El Cubo operations. The Company forecast future
      operating and capital costs, analysts&#146; consensus pricing for the first
      five years of its economic model and then used a long term silver price of
      $22 per ounce, a long term gold price of $1,300 per ounce and a risk
      adjusted project specific discount rate of 8% based on the CGUs weighted
      average cost of capital. Due to the sensitivity of the recoverable amounts
      to the various factors mentioned and specifically long term metal prices
      as well as unforeseen factors, any significant change in the key
      assumptions and inputs could result in additional impairment charges in
      future periods.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At December 31, 2013 the carrying value related to the
      Guanacevi CGU was $74,771 and net of associated deferred income tax
      liabilities of $15,394, was greater than its estimated recoverable amount
      of $23,113, calculated on a discounted cash flow basis. The Company
      considers use of its internal discounted cash flow economic models as a
      proxy for the calculation of value in use. Based on the above assessment,
      at December 31, 2013, the Company recorded an impairment charge related to
      the Guanacevi mine of $36,264, net of tax ($51,378 before tax).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At December 31, 2013 the carrying value related to the El
      Cubo CGU was $270,871, including goodwill of $39,245 and net of associated
      deferred income tax liabilities of $67,468 was greater than its estimated
      recoverable amount of $135,386, calculated on a discounted cash flow
      basis. The Company considers use of its internal discounted cash flow
      economic models as a proxy for the calculation of fair value in use. Based
      on the above assessment at December 31, 2013, the Company recorded an
      impairment charge related to the El Cubo CGU of $68,017, net of tax,
      comprised of goodwill $39,245 and non-current assets of $28,772 ($44,437
      before tax).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The impairment charge on mineral property plant and
      equipment for the year ended December 31, 2013 is $65,036 net of tax
      ($95,815 before tax) and has been recognized in the statement of
      Comprehensive Income (Loss) (December 31, 2012 &#150; nil). The impairment
      charge on goodwill for the year ended December 31, 2013 is $39,245 and has
      been recognized in the statement of comprehensive income (loss) (December
      31, 2012 &#150; nil).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company reviewed the Bolanitos CGU for impairment,
      which resulted in the estimated value in use being significantly greater
      than its carrying value.</P></TD></TR></TABLE><BR>
      <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 5px double" align=left><B>Endeavour Silver
            Corp.</B> </TD>
          <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 20
            - </TD>
        </TR>
      </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<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>REVOLVING CREDIT FACILITY</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On July 24, 2012, the Company entered into a $75 million
      revolving credit facility (&#147;the Facility&#148;) reducing over three years with
      Scotia Capital. The purpose of the Facility is for general corporate
      purposes and is principally secured by a pledge of the Company&#146;s equity
      interests in its material operating subsidiaries, including Refinadora
      Plata Guanacevi SA de CV, Minas Bolanitos SA de CV and Compania Minera del
      Cubo SA de CV. The interest rate margin on the Facility ranges from 2.75%
      to 4.25% over LIBOR based on the Company&#146;s net debt to EBITDA ratio, where
      EBITDA is adjusted for gains or losses on derivative liabilities. 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&#146;s net debt to
      EBITDA ratio. The Facility is subject to various qualitative and
      quantitative covenants, including debt to EBITDA leverage ratio, interest
      service coverage ratio and a tangible net worth calculation. The Company
      is in compliance with all such covenants as at December 31, 2013. At
      December 31, 2013, the Company had drawn $33,000 on this facility and has
      recognized $1,474 of interest expense (December 31, 2012 - $452) in
      financing costs. On July 24, 2013, as part of the facility agreement, the
      capacity of the Facility was reduced to $50 million. During the year ended
      December 31, 2013, the Company extended the Facility until July 24, 2016,
      with a requirement to reduce the credit limit from $50 million to $25
      million on July 24, 2015.</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 deferred commitment fees and legal costs
      of $937 which are being recognized over the life of the facility. For the
      year ended December 31, 2013, $254 of the deferred commitment fees and
      legal costs were amortized (December 31, 2012 - $71).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><B><U>PROVISON FOR RECLAMATION AND
      REHABILITATION</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 environmental permit requires that it
      reclaim certain land it disturbs during mining operations. Significant
      reclamation and closure activities include land rehabilitation,
      decommissioning of buildings and mine facilities, ongoing care and
      maintenance and other costs. Although the ultimate amount of the
      reclamation and rehabilitation costs to be incurred cannot be predicted
      with certainty, the total undiscounted amount of probability weighted
      estimated cash flows required to settle the Company&#146;s estimated
      obligations is $1,722 for the Guanacevi mine operations, $1,006 for the
      Bolanitos mine operations and $3,624 for the El Cubo mine
    operations.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The timing of cash flows has been estimated based on the
      mine lives using current reserves and the present value of the probability
      weighted future cash flows assumes a risk free rate specific to the
      liability of 0.34% for Guanacevi, 0. 14% for Bolanitos and 0.34% for El
      Cubo and an inflation rate of 1.83% for Guanacevi, 1.50% for Bolanitos and
      1 .83% for El Cubo.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Changes to the reclamation and rehabilitation provision
      balance during the year are as follows:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left
      bgColor=#e6efff>Balance at December 31, 2011 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff >&nbsp;2,729 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Changes during the period: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" 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;Liability incurred on
      acquisition of El Cubo </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >3,735 </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; &nbsp;Unwinding of discount
      for the year </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="17%"
    bgColor=#e6efff >32 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Balance at December 31, 2012 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >6,496 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Unwinding of discount for
      the year </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%" >39 </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; &nbsp;Change in liability due
      to change in assumptions </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="17%"
    bgColor=#e6efff >117 </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>Balance at
      December 31, 2013</B> </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="17%"
    ><B>&nbsp;6,652</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&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 vAlign=top width="5%">14. </TD>
    <TD colSpan=2>
      <P align=justify><B><U>SHARE CAPITAL</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify>The Company considers the items included in the
      consolidated statement of changes in 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, convertible debentures, asset
      acquisitions or return capital to shareholders. As at December 31, 2013,
      the Company is not subject to externally imposed capital
    requirements.</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 style="BORDER-TOP: #000000 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 21
      - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Purchase Options</B></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 width="5%"></TD>
    <TD>
      <P align=justify>Options to purchase common shares have been granted to
      directors, officers, employees and consultants pursuant to the current
      Company&#146;s 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 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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table summarizes the status of the
      Company&#146;s stock option plan and changes during the
year:</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="10%" >&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="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Year
      Ended</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD colspan="4" align=center nowrap 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="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>December 31, 2013</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">December 31, 2012 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>Weighted</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>Weighted </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>average</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>average </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>Number</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>exercise</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>Number </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>exercise </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>of Shares</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>price</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">of
      Shares </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">price </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&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>
    <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="10%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Outstanding, beginning of year </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>4,171,450</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>5.87</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,697,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>5.07 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Granted </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>2,022,500</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%"><B>$</B></TD>
    <TD align=right width="12%"><B>4.12</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,070,250 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">8.46 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&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>(259,000</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>3.56</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(346,800</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>3.67 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&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>(239,400</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%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>8.20</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(249,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">8.14    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Outstanding, end of year </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>5,695,550</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>5.26</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>4,171,450 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>5.87 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&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>
    <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="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Options exercisable at period-end </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>4,307,550</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>5.45</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>3,423,850 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>5.33 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify><SUP>(1)</SUP> There were 120,000
options with an exercise price of $3.67 that were cancelled in exchange for
66,488 share appreciation rights during the year ended December 31, 2013
(December 31, 2012 &#150; 39,000 options priced with a weighted average price of CAN
$3.05 were cancelled in exchange for 24,929 share appreciation rights).
Subsequent to year end, 200,000 options have been exercised. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The following tables summarize
information about stock options outstanding at December 31, 2013: </P>
<DIV align=right>
<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-TOP: #000000 2px solid" align=center>&nbsp; </TD>
    <TD colspan="3" align=center nowrap style="BORDER-TOP: #000000 2px solid">    <B>Expressed in Canadian dollars</B> </TD>
    <TD
width="5%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="15%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD width="15%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD colspan="3" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"> Options Outstanding  </TD>
    <TD width="5%" align=center nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;Options
      Exercisable </TD>
    </TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="15%" align=center nowrap>&nbsp; </TD>
    <TD width="15%" align=center nowrap>Weighted </TD>
    <TD width="15%" align=center nowrap>&nbsp; </TD>
    <TD width="5%" align=center nowrap>&nbsp;</TD>
    <TD width="15%" align=center nowrap>&nbsp; </TD>
    <TD width="15%" align=center nowrap>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="15%" align=center nowrap>Number </TD>
    <TD width="15%" align=center nowrap>Average </TD>
    <TD width="15%" align=center nowrap>Weighted </TD>
    <TD width="5%" align=center nowrap>&nbsp;</TD>
    <TD width="15%" align=center nowrap>Number </TD>
    <TD width="15%" align=center nowrap>Weighted </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>CAN $ </TD>
    <TD width="15%" align=center nowrap>Outstanding </TD>
    <TD width="15%" align=center nowrap>Remaining </TD>
    <TD width="15%" align=center nowrap>Average </TD>
    <TD width="5%" align=center nowrap>&nbsp;</TD>
    <TD width="15%" align=center nowrap>Exercisable </TD>
    <TD width="15%" align=center nowrap>Average </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Price </TD>
    <TD width="15%" align=center nowrap>as at </TD>
    <TD width="15%" align=center nowrap>Contractual Life </TD>
    <TD width="15%" align=center nowrap>Exercise </TD>
    <TD width="5%" align=center nowrap>&nbsp;</TD>
    <TD width="15%" align=center nowrap>as at </TD>
    <TD width="15%" align=center nowrap>Exercise </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>Intervals </TD>
    <TD width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Dec
      31, 2013 </TD>
    <TD
      width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">(Number of Years) </TD>
    <TD
      width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;Prices </TD>
    <TD width="5%" align=center nowrap>&nbsp;</TD>
    <TD width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Dec
      31, 2013 </TD>
    <TD
      width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&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>300,000 </TD>
    <TD align=center width="15%" bgColor=#e6efff>0.5 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$1.87 </TD>
    <TD align=center width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>300,000 </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%">3.5 </TD>
    <TD align=center width="15%">$2.01 </TD>
    <TD align=center 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>1,407,400 </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.2 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$3.53 </TD>
    <TD align=center width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>1,407,400 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$3.53 </TD></TR>
  <TR vAlign=top>
    <TD align=center>$4.00 - $4.99 </TD>
    <TD align=right width="15%">2,022,500 </TD>
    <TD align=center width="15%">4.4 </TD>
    <TD align=center width="15%">$4.12 </TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=right width="15%">809,000 </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 2px solid" align=right width="15%"
    bgColor=#e6efff>1,925,650 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#e6efff>2.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#e6efff>$8.31 </TD>
    <TD align=center width="5%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#e6efff>1,751,150 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#e6efff>$8.29 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">5,695,550 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">2.9    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$5.26 </TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">4,307,550 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$5.45 </TD></TR></TABLE>
</DIV>
<P style="MARGIN-LEFT: 10%" align=justify>During the year ended December 31,
2013, the Company recognized share based compensation expense of $3,544
(December 31, 2012 - $4,724) based on the fair value of the vested portion of
options granted in current and prior years. </P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 22
      - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<div style="margin-left:10%">The weighted average fair values of stock options granted and
the assumptions used to calculate compensation expense have been estimated using
the Black-Scholes Option Pricing Model with the following assumptions: </div>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="15%" align=center nowrap><B>Year Ended</B> </TD>
  <TD width="15%" align=center nowrap><B>Year Ended</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="15%" align=center nowrap><B>December 31, 2013</B> </TD>
  <TD width="15%" align=center nowrap><B>December 31, 2012</B> </TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD width="10%" align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">Weighted average fair value of options granted during the year </TD>
    <TD width="15%" align=center bgcolor="#E6EFFF"> $1.61 </TD>
    <TD width="15%" align=center bgcolor="#E6EFFF"> $4.41 </TD></TR>

  <TR vAlign=top>
    <TD width="10%" align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left>Risk-free interest rate </TD>
    <TD align=center width="15%">1.20% </TD>
    <TD align=center width="15%">1.28% </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD width="10%" align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">Expected dividend yield </TD>
    <TD width="15%" align=center bgcolor="#E6EFFF">0% </TD>
    <TD width="15%" align=center bgcolor="#E6EFFF">0% </TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left>Expected stock price volatility </TD>
    <TD align=center width="15%">57% </TD>
    <TD align=center width="15%">73% </TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD width="10%" align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">Expected option life in years </TD>
    <TD width="15%" align=center bgcolor="#E6EFFF">3.27 </TD>
    <TD width="15%" align=center bgcolor="#E6EFFF">3.81 &nbsp;&nbsp;&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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Option pricing models require the input of highly
      subjective assumptions. The expected life of the options considered such
      factors as the average length of time similar option grants in the past
      have remained outstanding prior to exercise, expiry or cancellation and
      the vesting period of options granted. Volatility was estimated based on
      average daily volatility based on historical share price observations over
      the expected term of the option grant. Changes in the subjective input
      assumptions can materially affect the estimated fair value of the options.
      The Company amortizes the fair value of stock options on a graded basis
      over the respective vesting period of each tranche of stock options
      awarded. As at December 31, 2013, the unvested share option expense not
      yet recognized was $1,130 (December 31, 2012 -$1,425) which is expected to
      be recognized over the next 17 months.</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%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Share Appreciation Rights Plan</B></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 width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s share appreciation rights plan allows a
      participant the right (the &#147;Right&#148;), when entitled to exercise an option,
      to terminate such option in whole or in part by notice in writing to the
      Company and in lieu of receiving common shares pursuant to the exercise of
      the option, and receive instead, at no cost to the participant, that
      number of common shares, disregarding fractions, which, when multiplied by
      the market price on the day immediately prior to the exercise of the Right
      have a total value equal to the product of that number of common shares
      subject to the option times the difference between the market price on the
      day immediately prior to the exercise of the Right and the option exercise
      price. During fiscal 2013, 120,000 options (2012 &#150; 39,000) were cancelled
      for the exchange of 66,488 share appreciation rights (2012 &#150;
    24,929).</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%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Warrants</B></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 width="5%"></TD>
    <TD>
      <P align=justify>The following table summarizes the status of the
      Company&#146;s share purchase warrants and changes during the years
      presented:</P></TD></TR></TABLE><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD align=center nowrap style="BORDER-TOP: #000000 1px solid">Exercise </TD>
    <TD
    width="14%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="13%" align=center nowrap style="BORDER-TOP: #000000 1px solid"
    >Oustanding at </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp; </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp; </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp; </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=center nowrap style="BORDER-TOP: #000000 1px solid">Oustanding at </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">Price </TD>
    <TD
      width="14%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">Expiry Dates </TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >December 31, 2012 </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >Issued </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >Exercised </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >Expired </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">December 31, 2013 </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="14%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%" >&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%" >&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%" >&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%" >&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="11%">&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="14%" bgColor=#e6efff>February 25, 2014 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" 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="9%" 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="9%" 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="9%" 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="11%" bgColor=#e6efff>475,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>$1.51 </TD>
    <TD align=left width="14%">February 25, 2014 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%" >25,292 </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="11%">25,292 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$1.90 </TD>
    <TD align=left width="14%" bgColor=#e6efff>February 26, 2014 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" 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="9%" 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="9%" 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="9%" 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="11%" bgColor=#e6efff>322,207 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center>$2.05 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      width="14%">February 26, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    >427,098 </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=right width="9%"
    >- </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=right width="9%"
    >(52,630</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    >- </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=right
      width="11%">374,468 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="14%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff >1,249,597 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="9%"
    bgColor=#e6efff >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff >- (52,630</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff >- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>1,196,967 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 10%" align=justify>The warrants with an expiry date of
February 26, 2014, consist of agent warrants issued for placing debentures and
warrants issued on conversion of debentures, and are 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 share price of the Company prior to
exercise. For the year ended December 31, 2013, 26,315 warrants (December 31,
2012 &#150; 117,039) were elected by the holders to be exercised &#147;cashless&#148; resulting
in 11,084 (December 31, 2012 &#150; 95,283) shares being issued. Subsequent to
December 31, 2013, all of the warrants were exercised. </P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 23
      - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD align=center nowrap style="BORDER-TOP: #000000 2px solid">Exercise </TD>
    <TD
    width="14%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
      width="11%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Oustanding at </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="11%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="11%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="11%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
      width="11%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Oustanding at </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Price </TD>
    <TD
      width="14%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Expiry Dates </TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">December 31, 2011 </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Issued </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Exercised </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Expired </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">December 31, 2012 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>CAN $ </TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$1.90 </TD>
    <TD align=center width="14%" bgColor=#e6efff>February 25, 2014 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>532,500 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>(57,500</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>475,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>$1.51 </TD>
    <TD align=center width="14%">February 25, 2014 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">25,292 </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>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </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>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">25,292 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$1.90 </TD>
    <TD align=center width="14%" bgColor=#e6efff>February 26, 2014 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>362,142 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>(39,935</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>322,207 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center>$2.05 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="14%">February 26, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%">1,143,936 </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=right width="11%">- </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=right
      width="11%">(716,838</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%">- </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=right
      width="11%">427,098 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>2,063,870 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="11%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>- (814,273</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>1,249,597 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(e)</B> </TD>
    <TD>
      <P style="MARGIN-LEFT: 5%" 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 width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Year
      ended</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
    width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</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 width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>Dec 31</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>Dec 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 width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Note    </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </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>Basic earnings (loss) </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>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(89,465</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;42,117 </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>15 </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>(1,928</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 2px solid" align=left>Diluted earnings
    </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%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>(89,465</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;40,189 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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 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=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>99,720,704</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">93,266,038 </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>-</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,479,233 </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>276,053 </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;Share
      purchase warrants with embedded derivative liabilities </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=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%"><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%">706,707 </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 2px solid" align=left
      bgColor=#e6efff>Diluted weighted average number of share outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>99,720,704</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>95,728,031 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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 1px solid" align=left
      bgColor=#e6efff>Diluted earnings (loss) per share </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(0.90</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;0.42 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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 style="BORDER-TOP: #000000 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 24
      - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<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%">15. </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 have an exercise price denominated in a currency
      which is different from the functional currency of the Company (US
      dollar), the warrants are treated as a financial liability. The Company&#146;s
      share purchase warrants are classified and accounted for as a financial
      liability at fair value with changes in fair value recognized in net
      earnings. The warrant derivative liability is classified as level 2 in the
      fair value hierarchy (see note 22). The Company uses the Black-Scholes
      Option Pricing Model to estimate the fair value of the Canadian dollar
      denominated warrants. Subsequent to year end, all of the warrants were
      exercised.</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, 2011 </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;13,130 </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 derivative liability </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(5,866</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>(1,928</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 December 31, 2012 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">5,336 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Exercise of derivative 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%">(3,750</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Balance at December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,491 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&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=left width="1%">&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Year
      Ended</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Year
      Ended</B> </TD>
  <TD style="BORDER-TOP: #000000 2px solid" 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
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Dec. 31, 2013</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Dec. 31, 2012</B> </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>Outstanding warrants </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>849,468 </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>902,098 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Weighted average fair value of warrants at year end </TD>
    <TD align=left width="1%"></TD>
    <TD align=center width="12%">$1.75 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%"></TD>
    <TD align=center width="12%">$5.92 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Risk-free interest rate </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>0.88% </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>1.12% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Expected dividend yield </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%">0% </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">0% </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Expected stock price volatility </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>45% </TD>
    <TD align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>46% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</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=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%">0.2
    </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%">1.2
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</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 term of the option grant.</P>
<P align=justify>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;
<B><U>EXPLORATION</U></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 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 nowrap style="BORDER-BOTTOM: #000000 2px solid">Year
      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 width="12%" align=center nowrap><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>December 31 </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
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>2013</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">2012    </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>Depreciation and depletion </TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;138</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;121 </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>150</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">298 </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>2,731</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>1,920 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Direct exploration
      expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>10,149</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">8,846    </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
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;13,168</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;11,185 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<BR>
    <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 5px double" align=left><B>Endeavour Silver
          Corp.</B> </TD>
        <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 25
          - </TD>
      </TR>
    </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<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%">17. </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 nowrap style="BORDER-BOTTOM: #000000 2px solid">Year
      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 width="12%" align=center nowrap><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>December 31 </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
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>2013</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">2012    </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>Depreciation and depletion </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;191</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;138 </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>2,879</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,881 </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>4,579</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>3,587 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Direct general and
      administrative expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>3,956</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">5,530    </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
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;11,605</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;13,136 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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%">18. </TD>
    <TD>
      <P align=justify><B><U>FINANCE COSTS</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 nowrap style="BORDER-BOTTOM: #000000 2px solid">Year
      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 width="12%" align=center nowrap><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>December 31 </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
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>2013</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">2012    </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>Accretion on provision for reclamation and
      rehabilitation </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;39</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;32 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Revolving credit
      facility finance costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>1,474</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">452    </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
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;1,513</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;484 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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%">19. </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-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Year Ended</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">Year
      Ended </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>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>December. 31 </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
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>2013</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">2012    </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>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>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;(3,111</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(25,387</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>9,487</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(13,525</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>6,599</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>6,167 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</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>(112</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(81</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>(17,309</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>25,547 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;
      &nbsp;Income taxes payable </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>(595</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">372
    </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
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;(5,041</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(6,907</TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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;Reclamation included in mineral property,
      plant and equipment </TD>
    <TD align=left width="1%" ><B>$</B></TD>
    <TD align=right width="12%"><B>&nbsp;117</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;3,735 </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 exercised
      options allocated to share capital </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>255</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>609 </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 shares issued under the share
      appreciation rights plan </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>234</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">66 </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 exercised agent
      warrants allocated to share capital </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>29 </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 equity issued on business
      acquisition </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%">88,944 </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="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 2px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Income taxes paid </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;15,516</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;18,305 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
    <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 5px double" align=left><B>Endeavour Silver
          Corp.</B> </TD>
        <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 26
          - </TD>
      </TR>
    </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<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%">20. </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 executive (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: 8pt; 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 1px 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="16"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">  <B>Dec 31, 2013</B>   </TD>
  <TD style="BORDER-TOP: #000000 2px solid; 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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Corporate</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Exploration</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Guanacevi</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Bolanitos</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>El
      Cubo</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </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 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>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 align=left bgColor=#e6efff>Mineral property, plant and equipment </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>4,321 </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>23,392 </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>58,399 </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>192,190 </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>278,533 </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>Goodwill </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%">- </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></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;10,952 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;4,840 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;49,529 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;89,124 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;212,478 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;366,923 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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>Accounts payable and accrued liabilities</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;4,931 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;365 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;4,219 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;2,713 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;4,993 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;17,221 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Income taxes payable </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%">- </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%">2,848 </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=right width="9%">3,259 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Derivative liabilities </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,491 </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>1,491 </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%">33,000 </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%">33,000 </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>1,846 </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>1,039 </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>3,767 </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>6,652 </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%">99 </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%">99 </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>172 </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>2,090 </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>20,372 </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>26,419 </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>49,053 </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 2px solid" align=left>Total liabilities    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;40,104 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;365 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;8,155 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;26,972 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;35,179 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;110,775 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD 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 nowrap style="BORDER-BOTTOM: #000000 2px solid">  <B>December 31, 2012</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
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Corporate</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Exploration</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Guanacevi</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Bolanitos</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>El
      Cubo</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><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 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>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;6,360 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;189 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;7,839 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;213 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;4,016 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;18,617 </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%">8,520 </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%">8,520 </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>901 </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>257 </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>5,806 </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>1,332 </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>12,230 </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>20,526 </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%">15,488 </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%">16,047 </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%">9,262 </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%">40,797 </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>1,372 </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>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>1,546 </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>1,871 </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>4,871 </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>9,940 </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%">661 </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%">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%">1,451 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Mineral property, plant and equipment </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>217 </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>1,952 </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>74,255 </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>49,504 </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>212,503 </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>338,431 </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 2px solid" align=left>Goodwill </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">39,245 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">39,245 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;18,031 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;2,734 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;105,516 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;69,110 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;282,136 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;477,527 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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>Accounts payable and accrued liabilities</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;13,497 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;1,409 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;4,942 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;4,947 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;9,836 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;34,631 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Income taxes payable </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">42 </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%">1,147 </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%">2,564 </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%">101 </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%">3,854 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Derivative liabilities </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>5,336 </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>5,336 </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%">9,000 </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%">9,000 </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>1,830 </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>918 </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>3,748 </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>6,496 </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%">8,497 </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%">8,497 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Deferred income tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(81</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>9,110 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>16,979 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>43,509 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>69,517 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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 2px solid" align=left>Total liabilities    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;36,291 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;1,409 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;17,029 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;25,408 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;57,194 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;137,331 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<BR>
    <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 5px double" align=left><B>Endeavour Silver
          Corp.</B> </TD>
        <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 27
          - </TD>
      </TR>
    </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; 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
      width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Corporate</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Exploration</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Guanacevi</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Bolanitos</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>El
      Cubo</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Total</B> </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-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px 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="16"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">  <B>Year ended Dec. 31, 2013</B>   </TD>
  <TD style="BORDER-TOP: #000000 2px solid; 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>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>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;64,910 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;72,288 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;28,028 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;165,226 </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 2px solid" align=left>Gold revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">9,418 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">77,152 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">24,987 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">111,557 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;74,328 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;149,440 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;53,015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;276,783 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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;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>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;7,733 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;6,651 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;9,882 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;24,266 </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;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%">2,454 </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%">1,941 </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%">2,052 </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%">6,447 </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;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>3,901 </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>4,961 </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>4,055 </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>12,917 </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;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%">172 </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%">172 </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%">171 </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%">515 </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;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>317 </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>2,495 </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>1,340 </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>4,152 </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%">14,577 </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%">16,220 </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%">17,500 </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%">48,297 </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;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;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%">16,687 </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%">19,197 </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%">11,125 </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%">47,009 </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;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>12,800 </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>21,727 </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>7,717 </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>42,244 </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;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%">3,235 </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%">3,208 </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%">4,897 </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%">11,340 </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;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>876 </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>6,743 </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>2,588 </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>10,207 </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%">33,598 </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%">50,875 </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%">26,327 </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%">110,800 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>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;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%">15,684 </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%">11,596 </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%">22,410 </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%">49,690 </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;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>245 </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>2,366 </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>1,268 </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>3,879 </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%">15,929 </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%">13,962 </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%">23,678 </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%">53,569 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>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>1,328 </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>1,328 </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 2px solid" align=left>Write down of
      inventory to NRV </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">1,039 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">4,835 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">5,874 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;66,471 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;81,057 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;72,340 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;219,868 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Impairment on non-current assets and goodwill </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%">51,379 </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%">83,681 </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%">135,060 </TD>
    <TD 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>Earnings (loss) before taxes </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(4,646</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(13,168</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(43,522</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">68,383 </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%">(103,006</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(95,959</TD>
    <TD vAlign=bottom align=left width="2%">) </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>2,802 </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=right width="9%" bgColor=#e6efff>616 </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>10,552 </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>13,970 </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 2px solid" align=left>&nbsp;Deferred
      income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">(57</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">(6,711</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">3,392 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">(17,088</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">(20,464</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>2,745 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(6,095</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>13,944 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(17,088</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(6,494</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Net earnings
      (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;(7,391</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;(13,168</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;(37,427</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;54,439 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;(85,918</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;(89,465</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px 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="16"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">  <B>Year ended Dec. 31, 2012</B>   </TD>
    <TD style="BORDER-TOP: #000000 2px solid; 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>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>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;90,977 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;50,375 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;7,862 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;149,214 </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 2px solid" align=left>Gold revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">14,063 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">37,885 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">6,917 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">58,865 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;105,040 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;88,260 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;14,779 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;208,079 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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;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>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;6,166 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;6,290 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;1,821 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;14,277 </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;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%">2,037 </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%">1,385 </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%">692 </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%">4,114 </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;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>3,344 </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>3,068 </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>576 </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>6,988 </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;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%">211 </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%">223 </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%">111 </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%">545 </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;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>1,173 </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>(1,143</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>1,550 </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>1,580 </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%">12,931 </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%">9,823 </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%">4,750 </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%">27,504 </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;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%">17,579 </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%">10,705 </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%">2,727 </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%">31,011 </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;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>9,970 </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>10,910 </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>2,594 </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>23,474 </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;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%">2,959 </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%">3,037 </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%">1,541 </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%">7,537 </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;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>4,573 </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>(4,663</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>2,909 </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>2,819 </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%">35,081 </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%">19,989 </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%">9,771 </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%">64,841 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>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;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%">12,725 </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%">8,866 </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%">7,636 </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%">29,227 </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;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>1,386 </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>1,306 </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>(2,225</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>467 </TD>
    <TD 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%">14,111 </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%">10,172 </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%">5,411 </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%">29,694 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>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>1,866 </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>1,866 </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>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%">6,221 </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%">6,221 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;63,989 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;39,984 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;26,153 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>&nbsp;130,126 </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>Earnings (loss) before taxes </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(6,682</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(11,185</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">41,051 </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%">48,276 </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%">(11,374</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">60,086 </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=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=right width="9%" bgColor=#e6efff>6,408 </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>9,332 </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>94 </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>15,834 </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 2px solid" align=left>&nbsp;Deferred
      income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">(2,684</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">7,902 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">(3,083</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">2,135 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>3,724 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>17,234 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(2,989</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>17,969 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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 2px solid" align=left>Net earnings
      (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;(6,682</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;(11,185</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;37,327 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;31,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;(8,385</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;42,117 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Exploration segment included $2,184
of costs incurred in Chile for the year ended December 31, 2013 (2012 -
$740).</P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 28
      - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<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%">21. </TD>
    <TD>
      <P align=justify><B><U>INCOME TAXES</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>Tax Assessments</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On February 18, 2013, the Mexican tax administration
      published temporary regulations on the tax amnesty program enacted in
      December 2012. Under the tax amnesty, available until May 31, 2013,
      taxpayers were able to settle tax liabilities for years 2006 and prior
      with forgiveness of up to 80% of the omitted tax and inflation adjustments
      and up to 100% of interest and penalties. Further, interest and penalties
      on qualified liabilities arising after 2007 will be eligible for a 100%
      forgiveness.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Refinadora Plata Guanacevi SA de CV, a subsidiary of the
      Company, received a MXN$63 million (US$4.8 million) assessment on May 7,
      2011 by Mexican fiscal authorities for failure to provide the appropriate
      support for certain expense deductions taken in the entity&#146;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 our tax advisors and legal counsel, it was the Company&#146;s view that it
      had provided the appropriate documentation and support for the expenses;
      however the Company estimated a potential tax exposure of $425, plus
      additional interest and penalties of $460, for which the Company made a
      provision in the consolidated financial statements for the year ended
      December 31, 2012. On May 30, 2013, under the tax amnesty program the
      Company paid $561 to settle the dispute. The settlement was recognized
      against the accrued liability with the difference recognized as a
      reduction of current income tax expense.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Metales Interamericanos S.A. de C.V., a subsidiary of the
      Company, acquired in the El Cubo transaction received a MXN$68 million
      (US$5.2 million) assessment on August 24, 2010 by Mexican fiscal
      authorities for failure to provide the appropriate support for certain
      expense deductions in the entity&#146;s 2006 tax return. Based on the advice of
      legal counsel, it was the Company&#146;s view that the tax assessment had no
      legal merit and an appeals process was initiated in 2010. On May 30, 2013,
      under the tax amnesty program the Company paid $682 to settle the dispute
      recognized in current income tax expense.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Minera Santa Cruz y Garibaldi SA de CV, a subsidiary of
      the Company, received a MXN$238 million (US$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&#146;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 our tax advisors and legal counsel, it is the Company&#146;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 $40, plus additional interest and penalties of
      $40, for which the Company has made a provision in the consolidated
      financial statements. The Company did not elect to use the tax amnesty
      program to settle this assessment and is continuing with the appeal
      process.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <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. On enactment of the Special Mining Duty, the Company recognized
      an $18.7 million deferred income tax expense for the year ended December
      31, 2013. The tax reform is expected to have a material impact on the
      Company&#146;s future earnings and cash flows.</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>Deferred Income Tax
Liability</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="10%"  >&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
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31,</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31, </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mexico operations
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&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="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Deferred income tax assets: </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="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Tax loss carryforwards </TD>
    <TD align=left width="1%" ><B>$</B></TD>
    <TD align=right width="12%"><B>&nbsp;19,458</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;9,556 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Provision for reclamation and
      rehabilitation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,515</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>1,614 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Other </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2,030</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,064 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Deferred income tax liabilities: </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="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(3,650</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(7,799</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Mineral properties, plant and
      equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(63,509</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>(70,961</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; &nbsp;Other
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>(4,897</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">(2,991</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Deferred income tax liabilities, net </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;(49,053</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(69,517</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>As at December 31, 2013, the Company
had available for deduction against future taxable income in Mexico non-capital
losses of approximately $68,486 (2012 &#150; $71,390). These losses, if unutilized,
expire between 2017 to 2022.</P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 29
      - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<P style="MARGIN-LEFT: 10%" align=justify>As at December 31, 2013, no deferred
tax assets are recognized on the following temporary differences as it is not
probable that sufficient future taxable profit will be available to realize such
assets: </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="10%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31,</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31, </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Canada operations
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&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="10%" >&nbsp;</TD>
    <TD align=left>Deferred income tax assets: </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="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Tax loss carryforwards </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;-</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,738 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Mineral properties, plant and equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>527</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">562 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Financing Costs </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>245</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>616 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; &nbsp;Other
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>1,878</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">1,286
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Unrecognized deferred income tax assets, net </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;2,650</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;4,202 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 width="10%"></TD>
    <TD>
      <P align=justify>As at December 31, 2013, the Company had available for
      deduction against future taxable income in Canada non- capital losses of
      approximately CAN $ Nil (2012 &#150; CAN $6,929).</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>When circumstances cause a change in management&#146;s
      judgment about the recoverability of deferred tax assets, the impact of
      the change will be reflected in current income.</P></TD></TR></TABLE>
<br>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>(c)</B></TD>
    <TD><P align=justify><B>Income Tax Expense</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="10%"  >&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
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31,</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31, </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&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
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&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="10%" >&nbsp;</TD>
    <TD align=left>Current income tax expense </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="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Current income tax expense in
      respect of current year </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;13,599</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;15,834 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Adjustments recognized in the current year in
      relation to prior years </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>371</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="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Deferred income tax expense </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="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;
      &nbsp;Deferred tax expense recognized in the current year </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>(20,464</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">2,135
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;(6,494</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;17,969 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The reconciliation of the income tax
provision computed at statutory tax rates to the reported income tax provision
is as follows: </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="10%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 1px solid"><B>December 31,</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 1px solid">December 31, </TD>
  <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&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
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&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="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Canadian statutory tax rates </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>25.75%</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>25.00% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&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="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income tax expense computed at Canadian
      statutory rates </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;(24,710</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;15,029 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Foreign tax rates different from statutory rate </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(8,906</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,928 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Change in tax rates </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>3,432</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>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Withholding taxes, net of tax credits </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>123</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">396 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Mark-to-market accounting </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(907</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>(1,009</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Stock-based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>908</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,186 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Foreign exchange </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>709</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>(2,106</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Inflationary adjustment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>1,070</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">264 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Other items </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,364</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>(1,100</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Impairment of goodwill </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>10,106</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="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Adjustments recognized in the current year
      in relation to prior years </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(1,182</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>(97</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Current year losses not recognized </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>5,115</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,284 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Special mining duty Mexican tax </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>18,682</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>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Recognition of
      previously unrecognized losses </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>(12,298</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%">(1,806</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;(6,494</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;17,969 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
    <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 5px double" align=left><B>Endeavour Silver
          Corp.</B> </TD>
        <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 30
          - </TD>
      </TR>
    </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<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>22.</B> </TD>
    <TD>
      <P align=justify><B><U>FINANCIAL
INSTRUMENTS</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>Financial Assets and
Liabilities</B></P></TD></TR></TABLE>
<P align=justify>As at December 31, 2013, the carrying and fair values of our
financial instruments by category are as follows: </P>
<DIV align=center>
<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=center></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Held for    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Loans
      and </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Available </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Financial </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Carrying    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Fair </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="9%" align=center nowrap>trading </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>receivables </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>for sale </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>liabilities </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>value </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>value </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$&nbsp; </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Financial assets: </TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash and cash equivalents </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%" >35,004&nbsp;&nbsp;</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%">35,004 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">35,004 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" 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="9%" 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="9%" 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="9%" 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="9%" 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="9%" bgColor=#e6efff>1,463 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Accounts
      receivable </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%"
    >23,749&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=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%">23,749
    </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%">23,749
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
     bgColor=#e6efff>58,753&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>1,463 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>60,216 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#e6efff>60,216 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Financial liabilities: </TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounts payable and accrued liabilities </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%">17,221 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">17,221 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">17,221 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revolving credit facility </TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>33,000 </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>33,000 </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>33,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Contingent liabilities </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">99 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">99 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">99 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Derivative liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" 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="9%" 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="9%" 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="9%" bgColor=#e6efff>1,491 </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>1,491 </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>1,491 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total financial
      liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%">- </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=right width="9%">- </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=right width="9%">- </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=right width="9%">51,811
    </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=right width="9%">51,811
    </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=right width="9%">51,811
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B>Fair value hierarchy </B></P>
<P align=justify>IFRS 7 establishes a three-tier fair value hierarchy, which
prioritizes the inputs used in measuring fair value. The fair values of
financial assets and financial liabilities at December 31, 2013 are: </P>
<DIV align=center>
<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 width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Total    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Level 1    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Level 2    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</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="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>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Financial assets: </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>
    <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>Investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,463 </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>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Trade receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>10,263 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>10,263 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total financial
      assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">11,726 </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=right
      width="12%">11,726 </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=right width="12%">- </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=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <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>
    <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>Financial liabilities: </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>
    <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>Contingent liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>99 </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=right width="12%" bgColor=#e6efff>99 </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 2px solid" align=left>Derivative
      liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">1,491
    </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=right width="12%">- </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=right width="12%">1,491
    </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=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,590 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,590 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><BR>
    <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 5px double" align=left><B>Endeavour Silver
          Corp.</B> </TD>
        <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 31
          - </TD>
      </TR>
    </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_32></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<P align=justify>The three levels of the fair value hierarchy established by
IFRS 13 are as follows: </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>Level 1: </TD>
    <TD align=left width="90%" >
      <P align=justify>Unadjusted quoted prices in active markets that are
      accessible at the measurement date for identical assets or liabilities.
      </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%" >
      <P align=justify>Marketable securities and notes receivable 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. As a result, these financial assets have been
      included in Level 1 of the fair value hierarchy. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%" >
      <P align=justify>The Company determines the fair value of the embedded
      derivative related to its Canadian dollar denominated common share
      purchase warrants based on the closing price that is a quoted market price
      obtained from the exchange that is the principal active market for the
      warrants for publicly traded warrants. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%" >
      <P align=justify>The Company determines the fair value of the embedded
      derivative related to its trade receivable based on the quoted closing
      price obtained from the silver and gold metal exchanges. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Level 2: </TD>
    <TD align=left width="90%" >
      <P align=justify>Inputs other than quoted prices included in Level 1 that
      are observable for the asset or liability, either directly or indirectly,
      for substantially the full contractual term. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%" >
      <P align=justify>For the non-publicly traded warrants, the Company uses
      Black-Scholes Option Pricing Model to determine the fair value, therefore
      this financial liability has been included in Level 2 of the fair value
      hierarchy. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="90%" >
      <P align=justify>The Company determines the fair value of the contingent
      liability related to the contingent consideration included in the terms of
      the acquisition of Mexgold (see note 4) using a Monte Carlo simulation
      approach. 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
      incorporating current gold prices and the gold forward curve, both
      observable data points. Assumptions used in the Monte Carlo simulations
      are observable market data and, therefore, the contingent consideration is
      classified in Level 2 of the fair value hierarchy. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Level 3: </TD>
    <TD align=left width="90%" >
      <P align=justify>Inputs for the financial asset or liability are not based
      on observable market data. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%" >
      <P align=justify>The Company has no financial assets or liabilities
      included in Level 3 of the fair value hierarchy.
</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>(b)</B> </TD>
    <TD>
      <P align=justify><B>Financial Instrument Risk Exposure and Risk
      Management</B></P></TD></TR></TABLE>
<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
exposures are managed is outlined 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>
<P align=justify>The carrying amount of financial assets represents the
Company&#146;s maximum credit exposure.</P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 32
      - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_33></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<P align=justify>Below is an aged analysis of the Company&#146;s receivables: </P>
<DIV align=center>
<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
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Carrying</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Gross</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Carrying </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Gross    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>amount</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>impairment</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">amount </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">impairment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>December 31, 2013</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">December 31, 2012 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <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>Less than 1 month </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;13,767</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;-</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;8,401 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>1 to 3 months </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>5,549</B> </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%">5,257 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>4 to 6 months </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>3,344</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><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>1,493 </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>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Over 6 months </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>1,089</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>776</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">6,151    </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=right width="12%">776    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total accounts receivable </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;23,749</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;776</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;21,302 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;776 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV>
<P align=justify>At December 31, 2013, 97% of the receivables that were
outstanding over one month are comprised of IVA and tax receivables in Mexico
(December 31, 2012 &#150; 98%).</P>
<P align=justify>At December 31, 2013, an impairment loss of $595 relates to IVA
receivable amounts from prior years and $181 relates to an allowance on related
party receivables from prior years (December 31, 2012 - $776).</P>
<P align=justify><U>Liquidity Risk</U> </P>
<P align=justify>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 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 borrowings under the Company&#146;s revolving
credit facility. The Company believes that these sources, operating cash flows
and its policies will be sufficient to cover the likely short term cash
requirements and commitments.</P>
<P align=justify>In the normal course of business, the Company enters into
contracts that give rise to future minimum payments. The following table
summarizes the remaining contractual maturities of the Company&#146;s financial
liabilities and operating and capital commitments at December 31, 2013: </P>
<DIV align=center>
<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=center
      >&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Less
      than </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-TOP: #000000 2px solid">1 to 3    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-TOP: #000000 2px solid">4 to 5    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Over 5    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center >&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="10%" align=center nowrap>1 year </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>years </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>years </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>years </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>Total </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" 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="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>
    <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>17,221 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Income taxes payable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">3,259 </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%">- </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%">3,259 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Revolving credit facility </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>33,000 </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>- </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>33,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Provision for reclamation and rehabilitation
    </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%">6,652 </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=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">6,652 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Capital expenditure
      commitments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>940 </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>- </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>940 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Minimum rental and lease payments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">266 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">539 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">157 </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%">962 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Acquisition contingent consideration </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>99 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>99 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total contractual obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">21,686 </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=right
      width="10%">40,290 </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=right width="10%">157
    </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=right width="10%">- </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=right
      width="10%">62,133 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><U>Market Risk</U> </P>
<P align=justify>Significant market related risks to which the Company is
exposed consist of foreign currency risk, interest rate risk, and commodity
price risk and equity price risk.</P>
<P align=justify><I>Foreign Currency Risk &#150; </I>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 U.S. dollar in relation to these
currencies will consequently have an impact on 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>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page -33
      - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<P align=justify>The U.S. dollar equivalents of financial assets and liabilities
denominated in currencies other than the US dollar as at December 31 are as
follows:</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>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>December 31, 2013</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31, 2012 </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Canadian Dollar</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Mexican Peso</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Canadian Dollar </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Mexican Peso </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 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>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Financial Assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;4,076</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;15,599</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;11,017 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;22,598 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Financial
      Liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>(3,290</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>(2,232</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">(7,480</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">(13,763</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net Financial Assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;786</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;13,367</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;3,537 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;8,835 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Of the financial assets listed above, $897 (2012 &#150; $914)
represents cash and cash equivalents held in Canadian dollars and $1,176 (2012 -
$1,638) represents cash held in Mexican Pesos. The remaining cash balance is
held in U.S. dollars. The money market investments and Notes receivable are
denominated in Canadian dollars.</P>
<P align=justify>As at December 31, 2013, with other variables unchanged, a 5%
strengthening of the US dollar against the Canadian dollar would decrease net
earnings by $37 due to these financial assets and liabilities.</P>
<P align=justify>As at December 31, 2013, with other variables unchanged, a 5%
strengthening of the US dollar against the Mexican peso would decrease net
earnings by $637 due to these financial assets and liabilities.<I> </I></P>
<P align=justify><I>Interest Rate Risk &#150;</I> 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 3.3%. As at December 31,
2013, with other variables unchanged, a 1% increase in the LIBOR rate would
result in additional interest expense of $330.</P>
<P align=justify><I>Commodity Price Risk &#150;</I> 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 due to
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 note 4 for more details).</P>
<P align=justify><I>Equity Price Risk &#150;</I> 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 net income. As at December 31, 2013,
with other variables unchanged, a 10% strengthening of the market price of the
Company&#146;s common shares would decrease net earnings by $301. </P>
<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 5px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 34
      - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_35></A>
<P align=justify><B><FONT size=4>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B><FONT
size=3>Notes to the Consolidated Financial Statements </FONT></B><BR>
  Years ended
  December 31, 2013 and 2012 <BR>
  (expressed in thousands of US dollars, unless
  otherwise stated) </P>
<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="15%"  >&nbsp;</TD>
    <TD align=left><B>HEAD OFFICE</B> </TD>
    <TD align=left width="60%" >Suite #301, 700 West Pender
      Street </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Vancouver, BC, Canada V6C 1G8
  </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%"
      >Telephone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;(604) 685-9775 </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%"
      >&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 width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%"
      >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 width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%"
      >Website:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.edrsilver.com</TD>
  </TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>DIRECTORS</B> </TD>
    <TD align=left width="60%" >Geoff Handley </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Ricardo Campoy </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Rex McLennan </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Kenneth Pickering </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Mario Szotlender </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Godfrey Walton </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>OFFICERS</B> </TD>
    <TD align=left width="60%" >Bradford Cooke ~ Chief Executive
      Officer </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Godfrey Walton ~ President and
      Chief Operating Officer </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Dan Dickson ~ Chief Financial
      Officer </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Dave Howe ~ Vice-President,
      Country Manager </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Luis Castro ~ Vice-President,
      Exploration </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Terrence Chandler ~
      Vice-President, Corporate Development </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Bernard Poznanski - Secretary
  </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>REGISTRAR AND</B> </TD>
    <TD align=left width="60%" >Computershare Trust Company of
      Canada </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>TRANSFER AGENT</B> </TD>
    <TD align=left width="60%" >3<SUP>rd </SUP>Floor - 510
      Burrard Street </TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="60%"  >Vancouver, BC, V6C
      3B9 </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>AUDITORS</B> </TD>
    <TD align=left width="60%" >KPMG LLP </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >777 Dunsmuir Street </TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="60%"  >Vancouver, BC, V7Y
      1K3 </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>SOLICITORS</B> </TD>
    <TD align=left width="60%" >Koffman Kalef LLP </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >19<SUP>th </SUP>Floor &#150; 885 West
      Georgia Street </TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="60%"  >Vancouver, BC, V6C
      3H4 </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>SHARES LISTED</B> </TD>
    <TD align=left width="60%" >Toronto Stock Exchange </TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="60%"  >Trading Symbol -
      EDR </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="60%"  >New York Stock
      Exchange </TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="60%"  >Trading Symbol &#150;
      EXK </TD></TR></TABLE><BR>
      <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 5px double" align=left><B>Endeavour Silver
            Corp.</B> </TD>
          <TD style="BORDER-TOP: #000000 5px double" align=left width="15%">Page - 35
            - </TD>
        </TR>
      </TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<P align=right><B>Exhibit 99.3</B></P>
<A name=page_1></A><img src="exhibit99x3x1.jpg" width="132" height="58"><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left><B>KPMG LLP </B></TD>
    <TD noWrap align=left width="33%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">Telephone (604) 691-3000 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><B>Chartered Accountants </B></TD>
    <TD noWrap align=left width="33%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">Fax (604) 691-3031 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>PO Box 10426 777 Dunsmuir Street </TD>
    <TD noWrap align=left width="33%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">Internet www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Vancouver BC V7Y 1K3 </TD>
    <TD noWrap align=left width="33%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Canada </TD>
    <TD noWrap align=left width="33%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">&nbsp;</TD></TR></TABLE>
<P align=center><B><FONT size=3>INDEPENDENT AUDITORS&#146; REPORT OF REGISTERED
</FONT><BR><FONT size=3>PUBLIC ACCOUNTING FIRM</FONT></B></P>
<P align=justify>To the Shareholders and Directors of Endeavour Silver Corp.
</P>
<P align=justify>We have audited the accompanying consolidated financial
statements of Endeavour Silver Corp., which comprise the consolidated statements
of financial position as at December 31, 2013 and December 31, 2012, the
consolidated statements of comprehensive income (loss), changes in equity and
cash flows for the years then ended, and notes, comprising a summary of
significant accounting policies and other explanatory information. </P>
<P align=justify><I>Management&#146;s Responsibility for the Consolidated Financial
Statements</I></P>
<P align=justify>Management is responsible for the preparation and fair
presentation of these consolidated financial statements in accordance with
International Financial Reporting Standards as issued by the International
Accounting Standards Board, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or
error. </P>
<P align=justify><I>Auditors&#146; Responsibility</I></P>
<P align=justify>Our responsibility is to express an opinion on these
consolidated financial statements based on our audits. We conducted our audits
in accordance with Canadian generally accepted auditing standards and the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free from material misstatement. </P>
<P align=justify>An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on our judgment, including the
assessment of the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error. In making those risk assessments, we
consider internal control relevant to the entity&#146;s preparation and fair
presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the consolidated financial statements. </P>
<P align=justify>We believe that the audit evidence we have obtained in our
audits is sufficient and appropriate to provide a basis for our audit opinion.
</P>
<P style="MARGIN-LEFT: 25%" align=left><i><font size="1">KPMG LLP is a Canadian limited liability
partnership and a member firm of the KPMG <BR>
network of independent member
firms affiliated with KPMG International Cooperative <BR>
(&#147;KPMG International&#148;),
a Swiss entity. <BR>
KPMG Canada provides services to KPMG LLP. </font></i> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A><img src="exhibit99x4x1.jpg" width="77" height="37"><BR>
<P align=right><I>Endeavour Silver Corp. <BR>Page 2</I></P>
<P align=justify><I>Opinion</I></P>
<P align=justify>In our opinion, the consolidated financial statements present
fairly, in all material respects, the consolidated financial position of
Endeavour Silver Corp. as at December 31, 2013 and December 31, 2012, and its
consolidated financial performance and its consolidated cash flows for the years
then ended in accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board. </P>
<P align=justify><I>Other Matter</I></P>
<P align=justify>We also have audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), Endeavour Silver
Corp.&#146;s internal control over financial reporting as of December 31, 2013, based
on the criteria established in Internal Control &#150; Integrated Framework (1992)
issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO), and our report dated March 28, 2014 expressed an unqualified opinion on
the effectiveness of Endeavour Silver Corp.&#146;s internal control over financial
reporting. </P>
<P align=justify><B>//s// KPMG LLP</B> </P>
<P align=justify>Chartered Accountants</P>
<P align=justify>March 28, 2014 <BR>Vancouver, Canada </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><img src="exhibit99x3x1.jpg" width="132" height="58"><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left><B>KPMG LLP </B></TD>
    <TD noWrap align=left width="33%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">Telephone (604) 691-3000 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><B>Chartered Accountants </B></TD>
    <TD noWrap align=left width="33%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">Fax (604) 691-3031 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>PO Box 10426 777 Dunsmuir Street </TD>
    <TD noWrap align=left width="33%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">Internet www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Vancouver BC V7Y 1K3 </TD>
    <TD noWrap align=left width="33%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Canada </TD>
    <TD noWrap align=left width="33%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">&nbsp;</TD></TR></TABLE>
<P align=center><B><FONT size=3>REPORT OF INDEPENDENT REGISTERED <BR>PUBLIC
ACCOUNTING FIRM</FONT></B><B> </B></P>
<P align=justify>To the Shareholders and Directors of Endeavour Silver Corp.
</P>
<P align=justify>We have audited Endeavour Silver Corp.&#146;s (the &#147;Company&#148;)
internal control over financial reporting as of December 31, 2013, based on
criteria established in Internal Control &#150; Integrated Framework (1992) issued by
the Committee of Sponsoring Organizations of the Treadway Commission (&#147;COSO&#148;).
The Company&#146;s management is responsible for maintaining effective internal
control over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting, included in the accompanying
&#147;Management&#146;s Report on Internal Controls over Financial Reporting&#148; included in
the accompanying Management&#146;s Discussion and Analysis. Our responsibility is to
express an opinion on the Company&#146;s internal control over financial reporting
based on our audit. </P>
<P align=justify>We conducted our audit in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether effective internal control over financial reporting was maintained in
all material respects. Our audit included obtaining an understanding of internal
control over financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk. Our audit also included performing
such other procedures as we considered necessary in the circumstances. We
believe that our audit provides a reasonable basis for our opinion. </P>
<P align=justify>A Company&#146;s internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A
Company&#146;s internal control over financial reporting includes those policies and
procedures that: (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the
assets of the Company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with
authorizations of management and directors of the Company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the Company&#146;s assets that could have a
material effect on the financial statements. </P>
<P align=justify>Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate. </P>
<P style="MARGIN-LEFT: 25%" align=justify><i><font size="1">KPMG LLP is a Canadian limited
liability partnership and a member firm of the KPMG <BR>
network of independent
member firms affiliated with KPMG International Cooperative <BR>
(&#147;KPMG
International&#148;), a Swiss entity. <BR>
KPMG Canada provides services to KPMG LLP.
</font></i></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><img src="exhibit99x4x1.jpg" width="77" height="37"><BR>
<P align=right><I>Endeavour Silver Corp. <BR>Page 2</I></P>
<P align=justify>In our opinion, the Company maintained, in all material
respects, effective internal control over financial reporting as of December 31,
2013, based on criteria established in Internal Control &#150; Integrated Framework
(1992) issued by the Committee of Sponsoring Organizations of the Treadway
Commission. </P>
<P align=justify>We also have audited, in accordance with Canadian generally
accepted auditing standards and the standards of the Public Company Accounting
Oversight Board (United States), the consolidated statements of financial
position of the Company as of December 31, 2013 and December 31, 2012, and the
related consolidated statements of comprehensive income (loss), changes in
equity and cash flows for the years then ended, and our report dated March 28,
2014 expressed an unqualified opinion on those consolidated financial
statements. </P>
<P align=justify><B>//s// KPMG LLP</B> </P>
<P align=justify>Chartered Accountants</P>
<P align=justify>March 28, 2014 <BR>Vancouver, Canada</P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<BR>
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=right><B>Exhibit 99.4</B></P>
<P align=center><IMG
src="endl.gif"
border=0 width="464" height="71"></P>
<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><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS
      </B></FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013
      </FONT></B></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<P align=justify>This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) should
be read in conjunction with the consolidated financial statements of Endeavour
Silver Corp. (&#147;Endeavour&#148; or &#147;the Company&#148;) for the year ended December 31, 2013
and 2012 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;). 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
March 5, 2014 and all-information contained is current as of March 5, 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>| Email: info@edrsilver.com
      </U></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center><U>www.edrsilver.com
  </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> <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><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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="80%" 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="34%" bgColor=#eeeeee>Financial Results </TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 16 </TD></TR>
  <TR vAlign=top>
    <TD align=left>History and Strategy </TD>
    <TD align=left width="15%" >Page 4 </TD>
    <TD align=left width="34%">Non IFRS Measures </TD>
    <TD align=left width="15%" >Page 20 </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="34%" bgColor=#eeeeee>Quarterly Results and Trends
</TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 26 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Guanacevi Operations </TD>
    <TD align=left width="15%" >Page 7 </TD>
    <TD align=left width="34%">Annual Outlook </TD>
    <TD align=left width="15%" >Page 31 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Bola&#241;itos Operations </TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 9 </TD>
    <TD align=left width="34%" bgColor=#eeeeee>Liquidity and Capital Resources
    </TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 32 </TD></TR>
  <TR vAlign=top>
    <TD align=left>El Cubo Operations </TD>
    <TD align=left width="15%" >Page 11 </TD>
    <TD align=left width="34%">Changes in Accounting Policies </TD>
    <TD align=left width="15%" >Page 40 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Exploration Results </TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 13 </TD>
    <TD align=left width="34%" bgColor=#eeeeee>Risks and Uncertainties </TD>
    <TD align=left width="15%" bgColor=#eeeeee >Page 43 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Reserves and Resources </TD>
    <TD align=left width="15%" >Page 14 </TD>
    <TD align=left width="34%">Controls and Procedures </TD>
    <TD align=left width="15%" >Page 51
</TD></TR></TABLE></DIV><BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><B><FONT color=#800000>2
</FONT></B></TD></TR></TABLE></DIV><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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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 colspan="3" align=center nowrap
      bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended Dec. 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="30%" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid" ><FONT color=#ffffff><B>2013 Highlights</B>
      </FONT></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended Dec. 31</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD align=center nowrap
      bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
    <TD width="30%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center nowrap
      bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;&nbsp;</FONT></TD>
    <TD width="11%" align=center nowrap
     bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="11%" align=center nowrap
     bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="30%" align=center nowrap
     bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff>&nbsp;<B>Production</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="11%" align=center nowrap
     bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="11%" align=center nowrap
     bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="11%" align=center nowrap
     bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>1,931,717 </TD>
    <TD vAlign=center align=center width="11%">1,235,026 </TD>
    <TD vAlign=center align=center width="11%">56% </TD>
    <TD vAlign=center align=center width="30%" >Silver ounces
      produced </TD>
    <TD vAlign=center align=center width="11%">6,813,069 </TD>
    <TD vAlign=center align=center width="11%">4,485,476 </TD>
    <TD vAlign=center align=center width="11%">52% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>17,686 </TD>
    <TD vAlign=center align=center width="11%">12,917 </TD>
    <TD vAlign=center align=center width="11%">37% </TD>
    <TD vAlign=center align=center width="30%" >Gold ounces
      produced </TD>
    <TD vAlign=center align=center width="11%">75,578 </TD>
    <TD vAlign=center align=center width="11%">38,687 </TD>
    <TD vAlign=center align=center width="11%">95% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>1,855,108 </TD>
    <TD vAlign=center align=center width="11%">1,222,705 </TD>
    <TD vAlign=center align=center width="11%">52% </TD>
    <TD vAlign=center align=center width="30%" >Payable silver
      ounces produced </TD>
    <TD vAlign=center align=center width="11%">6,593,805 </TD>
    <TD vAlign=center align=center width="11%">4,440,619 </TD>
    <TD vAlign=center align=center width="11%">48% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>16,612 </TD>
    <TD vAlign=center align=center width="11%">12,800 </TD>
    <TD vAlign=center align=center width="11%">30% </TD>
    <TD vAlign=center align=center width="30%" >Payable gold
      ounces produced </TD>
    <TD vAlign=center align=center width="11%">72,562 </TD>
    <TD vAlign=center align=center width="11%">38,311 </TD>
    <TD vAlign=center align=center width="11%">89% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>2,992,877 </TD>
    <TD vAlign=center align=center width="11%">2,010,046 </TD>
    <TD vAlign=center align=center width="11%">49% </TD>
    <TD vAlign=center align=center width="30%" >Silver equivalent
      ounces produced<SUP>(1)</SUP> </TD>
    <TD vAlign=center align=center width="11%">11,347,749 </TD>
    <TD vAlign=center align=center width="11%">6,806,696 </TD>
    <TD vAlign=center align=center width="11%">67% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>7.46 </TD>
    <TD vAlign=center align=center width="11%">12.25 </TD>
    <TD vAlign=center align=center width="11%">-39% </TD>
    <TD vAlign=center align=center width="30%" >Cash costs per
      silver ounce<SUP>(2)(3)</SUP> </TD>
    <TD vAlign=center align=center width="11%">7.92 </TD>
    <TD vAlign=center align=center width="11%">7.33 </TD>
    <TD vAlign=center align=center width="11%">8% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>14.59 </TD>
    <TD vAlign=center align=center width="11%">18.88 </TD>
    <TD vAlign=center align=center width="11%">-23% </TD>
    <TD vAlign=center align=center width="30%" >Total production
      costs per ounce<SUP>(2)(4)</SUP> </TD>
    <TD vAlign=center align=center width="11%">15.69 </TD>
    <TD vAlign=center align=center width="11%">13.80 </TD>
    <TD vAlign=center align=center width="11%">14% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>14.24 </TD>
    <TD vAlign=center align=center width="11%">28.06 </TD>
    <TD vAlign=center align=center width="11%">-49% </TD>
    <TD vAlign=center align=center width="30%" >All-in sustaining
      costs per ounce<SUP>(2)(5)</SUP> </TD>
    <TD vAlign=center align=center width="11%">18.31 </TD>
    <TD vAlign=center align=center width="11%">23.06 </TD>
    <TD vAlign=center align=center width="11%">-21% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>379,480 </TD>
    <TD vAlign=center align=center width="11%">362,779 </TD>
    <TD vAlign=center align=center width="11%">5% </TD>
    <TD vAlign=center align=center width="30%" >Processed tonnes    </TD>
    <TD vAlign=center align=center width="11%">1,148,894 </TD>
    <TD vAlign=center align=center width="11%">1,065,689 </TD>
    <TD vAlign=center align=center width="11%">8% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>90.72 </TD>
    <TD vAlign=center align=center width="11%">90.39 </TD>
    <TD vAlign=center align=center width="11%">0% </TD>
    <TD vAlign=center align=center width="30%" >Direct production
      costs per tonne<SUP>(2)(6)</SUP> </TD>
    <TD vAlign=center align=center width="11%">97.00 </TD>
    <TD vAlign=center align=center width="11%">92.74 </TD>
    <TD vAlign=center align=center width="11%">5% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>11.45 </TD>
    <TD vAlign=center align=center width="11%">18.82 </TD>
    <TD vAlign=center align=center width="11%">-39% </TD>
    <TD vAlign=center align=center width="30%" >Silver co-product
      cash costs <SUP>(7)</SUP> </TD>
    <TD vAlign=center align=center width="11%">13.19 </TD>
    <TD vAlign=center align=center width="11%">14.87 </TD>
    <TD vAlign=center align=center width="11%">-11% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center
      align=center>695.47 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">987.70 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">-30% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="30%" >Gold co-product cash costs <SUP>(7)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">785.01 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">807.67 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">-3% </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    bgColor=#800000><FONT color=#ffffff>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%"  bgColor=#800000><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%"  bgColor=#800000><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="30%"  bgColor=#800000><FONT
      color=#ffffff>&nbsp;<STRONG>Financial</STRONG>&nbsp;&nbsp;&nbsp;
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%"  bgColor=#800000><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%"  bgColor=#800000><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%"  bgColor=#800000><FONT
    color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>67.9 </TD>
    <TD vAlign=center align=center width="11%">66.7 </TD>
    <TD vAlign=center align=center width="11%">2% </TD>
    <TD vAlign=center align=center width="30%" >Revenue ($
      millions) </TD>
    <TD vAlign=center align=center width="11%">276.8 </TD>
    <TD vAlign=center align=center width="11%">208.1 </TD>
    <TD vAlign=center align=center width="11%">33% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>2,155,326 </TD>
    <TD vAlign=center align=center width="11%">1,345,832 </TD>
    <TD vAlign=center align=center width="11%">60% </TD>
    <TD vAlign=center align=center width="30%" >Silver ounces
      sold </TD>
    <TD vAlign=center align=center width="11%">7,151,963 </TD>
    <TD vAlign=center align=center width="11%">4,815,073 </TD>
    <TD vAlign=center align=center width="11%">49% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>18,960 </TD>
    <TD vAlign=center align=center width="11%">13,037 </TD>
    <TD vAlign=center align=center width="11%">45% </TD>
    <TD vAlign=center align=center width="30%" >Gold ounces sold    </TD>
    <TD vAlign=center align=center width="11%">81,119 </TD>
    <TD vAlign=center align=center width="11%">35,167 </TD>
    <TD vAlign=center align=center width="11%">131% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>20.52 </TD>
    <TD vAlign=center align=center width="11%">32.87 </TD>
    <TD vAlign=center align=center width="11%">-38% </TD>
    <TD vAlign=center align=center width="30%" >Realized silver
      price per ounce </TD>
    <TD vAlign=center align=center width="11%">23.10 </TD>
    <TD vAlign=center align=center width="11%">30.99 </TD>
    <TD vAlign=center align=center width="11%">-25% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>1,246 </TD>
    <TD vAlign=center align=center width="11%">1,725 </TD>
    <TD vAlign=center align=center width="11%">-28% </TD>
    <TD vAlign=center align=center width="30%" >Realized gold
      price per ounce </TD>
    <TD vAlign=center align=center width="11%">1,375 </TD>
    <TD vAlign=center align=center width="11%">1,674 </TD>
    <TD vAlign=center align=center width="11%">-18% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>(115.8) </TD>
    <TD vAlign=center align=center width="11%">14.8 </TD>
    <TD vAlign=center align=center width="11%">-881% </TD>
    <TD vAlign=center align=center width="30%" >Net earnings
      (loss) ($ millions) </TD>
    <TD vAlign=center align=center width="11%">(89.5) </TD>
    <TD vAlign=center align=center width="11%">42.1 </TD>
    <TD vAlign=center align=center width="11%">-312% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>(12.1) </TD>
    <TD vAlign=center align=center width="11%">12.9 </TD>
    <TD vAlign=center align=center width="11%">-194% </TD>
    <TD vAlign=center align=center width="30%" >Adjusted net
      earnings <SUP>(8) </SUP>($ millions) </TD>
    <TD vAlign=center align=center width="11%">11.1 </TD>
    <TD vAlign=center align=center width="11%">40.2 </TD>
    <TD vAlign=center align=center width="11%">-72% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>9.9 </TD>
    <TD vAlign=center align=center width="11%">17.9 </TD>
    <TD vAlign=center align=center width="11%">-45% </TD>
    <TD vAlign=center align=center width="30%" >Mine operating
      earnings ($ millions) </TD>
    <TD vAlign=center align=center width="11%">56.9 </TD>
    <TD vAlign=center align=center width="11%">78.0 </TD>
    <TD vAlign=center align=center width="11%">-27% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>26.4 </TD>
    <TD vAlign=center align=center width="11%">34.8 </TD>
    <TD vAlign=center align=center width="11%">-24% </TD>
    <TD vAlign=center align=center width="30%" >Mine operating
      cash flow<SUP>(9) </SUP>($ millions) </TD>
    <TD vAlign=center align=center width="11%">116.9 </TD>
    <TD vAlign=center align=center width="11%">114.4 </TD>
    <TD vAlign=center align=center width="11%">2% </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center>18.0 </TD>
    <TD vAlign=center align=center width="11%" >20.4 </TD>
    <TD vAlign=center align=center width="11%" >-12% </TD>
    <TD vAlign=center align=center width="30%" >Operating cash
      flow before working capital changes <SUP>(10)</SUP> </TD>
    <TD vAlign=center align=center width="11%" >81.6 </TD>
    <TD vAlign=center align=center width="11%" >82.9 </TD>
    <TD vAlign=center align=center width="11%" >-2% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>23.0 </TD>
    <TD vAlign=center align=center width="11%">28.2 </TD>
    <TD vAlign=center align=center width="11%">-18% </TD>
    <TD vAlign=center align=center width="30%" >Earnings before
      ITDA <SUP>(11)</SUP> </TD>
    <TD vAlign=center align=center width="11%">100.0 </TD>
    <TD vAlign=center align=center width="11%">90.5 </TD>
    <TD vAlign=center align=center width="11%">10% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center
      align=center>32.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">50.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">-37% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="30%" >Working capital ($ millions) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">32.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">50.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">-37% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    bgColor=#800000><FONT color=#ffffff><B>Shareholders</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="30%" bgColor=#800000 ><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%" bgColor=#800000><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>(1.16) </TD>
    <TD vAlign=center align=center width="11%">0.15 </TD>
    <TD vAlign=center align=center width="11%">-100% </TD>
    <TD vAlign=center align=center width="30%" >Earnings (loss)
      per share &#150; basic </TD>
    <TD vAlign=center align=center width="11%">(0.90) </TD>
    <TD vAlign=center align=center width="11%">0.45 </TD>
    <TD vAlign=center align=center width="11%">-300% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>(0.12) </TD>
    <TD vAlign=center align=center width="11%">0.13 </TD>
    <TD vAlign=center align=center width="11%">-193% </TD>
    <TD vAlign=center align=center width="30%" >Adjusted earnings
      per share &#150; basic<SUP>(8)</SUP> </TD>
    <TD vAlign=center align=center width="11%">0.11 </TD>
    <TD vAlign=center align=center width="11%">0.43 </TD>
    <TD vAlign=center align=center width="11%">-74% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center>0.18 </TD>
    <TD vAlign=center align=center width="11%">0.20 </TD>
    <TD vAlign=center align=center width="11%">-12% </TD>
    <TD vAlign=center align=center width="30%">Operating cash flow before
      working capital changes per share <SUP>(10)</SUP> </TD>
    <TD vAlign=center align=center width="11%">0.82 </TD>
    <TD vAlign=center align=center width="11%">0.89 </TD>
    <TD vAlign=center align=center width="11%">-8% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center
      align=center>99,720,704 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">99,539,282 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">0% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="30%" >Weighted average shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">99,770,293 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">93,266,038 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="11%">7% </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 20.</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 22.</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 22.</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.</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 22.</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
  25.</P></TD></TR></TABLE><BR>
  <BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">3 </font></b></TD>
      </TR>
    </TABLE>
</DIV>
<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>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&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%">(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 20.</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
      21.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(10) </TD>
    <TD>
      <P align=justify>See Reconciliation to IFRS on page 21 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 22</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, the Company is focused on improving the
mining methods, increasing brown-fields exploration, while completely
refurbishing the existing infrastructure to maximize the potential of El Cubo.
</P>
<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>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">4 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>REVIEW OF OPERATING RESULTS </B><BR><B>Consolidated
Production Results for the Three Months and Years Ended December 31, 2013 and
2012</B> <BR></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 colspan="3" align=center nowrap
      bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended Dec. 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="30%" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid" ><FONT color=#ffffff><B>CONSOLIDATED</B>
      </FONT></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended Dec. 31</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD align=center nowrap
      bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
    <TD width="30%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=center>379,480 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=center
      width="11%">362,779 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=center width="11%">5%    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=center width="30%"
    >Ore tonnes processed </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=center
      width="11%">1,537,984 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=center
      width="11%">1,065,689 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=center width="11%">44%    </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>181 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>151 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>20% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average silver
      grade (gpt) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>168 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>179 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-6% </TD></TR>
  <TR vAlign=top>
    <TD align=center>87.3 </TD>
    <TD align=center width="11%">70.1 </TD>
    <TD align=center width="11%">25% </TD>
    <TD align=center width="30%" >Silver recovery (%) </TD>
    <TD align=center width="11%">81.6 </TD>
    <TD align=center width="11%">73.2 </TD>
    <TD align=center width="11%">11% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1,931,717 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1,235,026 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>56% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>6,813,069 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>4,485,476 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>52% </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,855,108 </TD>
    <TD align=center width="11%">1,222,705 </TD>
    <TD align=center width="11%">52% </TD>
    <TD align=center width="30%" >Payable silver ounces produced    </TD>
    <TD align=center width="11%">6,593,805 </TD>
    <TD align=center width="11%">4,440,619 </TD>
    <TD align=center width="11%">48% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1.78 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.55 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>15% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average gold
      grade (gpt) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.78 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.48 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>21% </TD></TR>
  <TR vAlign=top>
    <TD align=center>82.1 </TD>
    <TD align=center width="11%">71.17 </TD>
    <TD align=center width="11%">15% </TD>
    <TD align=center width="30%" >Gold recovery (%) </TD>
    <TD align=center width="11%">85.6 </TD>
    <TD align=center width="11%">76.5 </TD>
    <TD align=center width="11%">12% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>17,686 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>12,917 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>37% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total gold
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>75,578 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>38,687 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>95% </TD></TR>
  <TR vAlign=top>
    <TD align=center>16,612 </TD>
    <TD align=center width="11%">12,800 </TD>
    <TD align=center width="11%">30% </TD>
    <TD align=center width="30%" >Payable gold ounces produced</TD>
    <TD align=center width="11%">72,562 </TD>
    <TD align=center width="11%">38,311 </TD>
    <TD align=center width="11%">89% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>2,992,877 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,010,046 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>49% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Silver
      equivalent ounces produced<SUP>(1)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>11,347,749 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>6,806,696 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>67% </TD></TR>
  <TR vAlign=top>
    <TD align=center>7.46 </TD>
    <TD align=center width="11%">12.25 </TD>
    <TD align=center width="11%">-39% </TD>
    <TD align=center width="30%" >Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="11%">7.92 </TD>
    <TD align=center width="11%">7.33 </TD>
    <TD align=center width="11%">8% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>14.59 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>18.88 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-23% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total
      production costs per ounce<SUP>(2)(4)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>15.69 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>13.80 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>14% </TD></TR>
  <TR vAlign=top>
    <TD align=center>14.24 </TD>
    <TD align=center width="11%">28.06 </TD>
    <TD align=center width="11%">-49% </TD>
    <TD align=center width="30%" >All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="11%">18.31 </TD>
    <TD align=center width="11%">23.06 </TD>
    <TD align=center width="11%">-21% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>90.72 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>90.39 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>0% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Direct
      production costs per tonne<SUP>(2)(6)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>97.00 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>92.74 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>5% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$11.45 </TD>
    <TD align=center width="11%">$18.82 </TD>
    <TD align=center width="11%">-39% </TD>
    <TD align=center width="30%" >Silver co-product cash costs
      <SUP>(7)</SUP> </TD>
    <TD align=center width="11%">$13.19 </TD>
    <TD align=center width="11%">$14.87 </TD>
    <TD align=center width="11%">-11% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>$695.47 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>$987.70 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>-30% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="30%"
    bgColor=#eeeeee >Gold co-product cash costs <SUP>(7)</SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>$785.01 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>$807.67 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>-3% </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-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 20.</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 22.</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 22.</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.</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 22.</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
  25.</P></TD></TR></TABLE><BR>
  <BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">5 </font></b></TD>
      </TR>
    </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=center>
<IMG
src="exhibit99-2x6x1.jpg"
border=0 width="674" height="411"></P>
<P align=justify><B>Three months ended December 31, 2013 (compared to the three
months ended December 31, 2012) <BR></B>Consolidated silver production during
Q4, 2013 was 1,931,717 oz, an increase of 56% compared to 1,235,026 oz in Q4,
2012, and gold production was 17,686 oz, an increase of 37% compared to 12,917
oz in Q4, 2012. Plant throughput was 379,480 tonnes at average grades of 181 gpt
silver and 1.78 gpt gold compared to 362,779 tonnes grading 151 gpt silver and
1.55 gpt gold. Metal production was significantly higher due to higher tonnage
throughput at Guanacevi and El Cubo, higher silver grades and recoveries at all
three mines, higher gold grades at Bolanitos and El Cubo and higher gold
recoveries at Guanacevi and El Cubo. The higher gold grade was due to the
increasing significance of the Bola&#241;itos and El Cubo operations, which have
higher gold grades compared to Guanacev&#237;. The higher silver grades were a
function of geological variation of the ore bodies at Guanacevi and the
improvement of the El Cubo operation in Q4, 2013.</P>
<P align=justify>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. 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>Year ended December 31, 2013 (compared to the year ended
December 31, 2012) <BR></B>Consolidated silver production during 2013 was
6,813,069 oz, an increase of 52% compared to 4,485,476 oz in 2012, and gold
production was 75,578 oz, an increase of 95% compared to 38,687 oz in 2012.
Plant throughput was 1,537,984 tonnes at average grades of 168 gpt silver and
1.78 gpt gold compared to 1,065,689 tonnes grading 179 gpt silver and 1.48 gpt
gold. Metal production was significantly higher due to the expansion of the
Bola&#241;itos mine, the processing of the extra Bola&#241;itos mine production at the El
Cubo facilities, and an entire year of improved operations from the El Cubo mine
which was acquired in Q3, 2012. Tonnage throughput, silver grades and silver and
gold recoveries were higher at all three mines and gold grades improved at
Bolanitos and El Cubo but fell at Guanacevi. The higher grades were due to the
increasing significance of the Bola&#241;itos and El Cubo operations, which have
higher gold grades compared to Guanacev&#237;. The higher silver grades were a
function of geological variation of the ore bodies at Guanacevi and the improved
El Cubo operations in 2013. </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">6 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>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. 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>Consolidated Operating Costs <BR></I></B><B>Three months
ended December 31, 2013 (compared to the three months ended December 31, 2012)
<BR></B>Per tonne costs remained relatively consistent year over year as wage
pressures, use of contractors and higher refining costs were offset by achieving
additional economies of scale with the higher output. Cash costs per ounce net
of by-product credits, which is a non-IFRS measure and a standard of the Silver
Institute, fell 39% to $7.46 per ounce of payable silver compared to $12.25 per
ounce in the same period in 2012. The higher grades and recoveries along with
improved performance of the El Cubo operations drove cash costs down which was
partially offset by the reduced by-product credit because of the lower gold
price. All-in sustaining costs fell as mine development and exploration
expenditures were curtailed and spread over higher silver production.</P>
<P align=justify><B>Year ended December 31, 2013 (compared to the year ended
December 31, 2012) <BR></B>Per tonne costs increased 5% due to wage pressures,
significant restructuring costs, additional use of contractors and higher
refining costs offset by achieving additional economies of scale with the higher
output. Cash costs per ounce net of by-product credits, which is a non-IFRS
measure and a standard of the Silver Institute, rose 8% to $7.92 per ounce of
payable silver compared to $7.33 per ounce in 2012. The lower by-product credit
because of the lower gold price was the primary contributor to the higher costs,
offset by higher consolidated grades and recoveries. All-in sustaining costs
fell 21% as mine development and exploration expenditures were curtailed and
spread over higher silver production. </P>
<P align=justify><B>Guanacev&#237; Operations </B></P>
<P align=justify><B><I>Production Results for the Three Month and Years Ended
December 31, 2013 and 2012 </I></B></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 colspan="3" align=center nowrap
      bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended Dec. 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="30%" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid" ><FONT color=#ffffff><B>GUANACEV&#165;</B>
    </FONT></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31</B>
    </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD align=center nowrap
      bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
    <TD width="30%" align=left nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>121,008 </TD>
    <TD align=center width="11%">110,763 </TD>
    <TD align=center width="11%">9% </TD>
    <TD align=center width="30%" >Ore tonnes processed </TD>
    <TD align=center width="11%">435,922 </TD>
    <TD align=center width="11%">418,277 </TD>
    <TD align=center width="11%">4% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>272 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>215 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>26% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average silver
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>253 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>249 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2% </TD></TR>
  <TR vAlign=top>
    <TD align=center>81.5 </TD>
    <TD align=center width="11%">67.7 </TD>
    <TD align=center width="11%">20% </TD>
    <TD align=center width="30%" >Silver recovery (%) </TD>
    <TD align=center width="11%">78.0 </TD>
    <TD align=center width="11%">74.6 </TD>
    <TD align=center width="11%">5% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>861,495 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>518,207 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>66% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,772,227 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,512,943 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>10% </TD></TR>
  <TR vAlign=top>
    <TD align=center>852,880 </TD>
    <TD align=center width="11%">513,025 </TD>
    <TD align=center width="11%">66% </TD>
    <TD align=center width="30%" >Payable silver ounces produced    </TD>
    <TD align=center width="11%">2,744,505 </TD>
    <TD align=center width="11%">2,487,813 </TD>
    <TD align=center width="11%">10% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>0.69 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>0.69 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-1% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average gold
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>0.60 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>0.76 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-21% </TD></TR>
  <TR vAlign=top>
    <TD align=center>85.2 </TD>
    <TD align=center width="11%">44.3 </TD>
    <TD align=center width="11%">92% </TD>
    <TD align=center width="30%" >Gold recovery (%) </TD>
    <TD align=center width="11%">80.5 </TD>
    <TD align=center width="11%">76.1 </TD>
    <TD align=center width="11%">6% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>2,275 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1,088 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>109% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total gold
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>6,784 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>7,874 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-14% </TD></TR>
  <TR vAlign=top>
    <TD align=center>2,244 </TD>
    <TD align=center width="11%">1,077 </TD>
    <TD align=center width="11%">108% </TD>
    <TD align=center width="30%" >Payable gold ounces produced</TD>
    <TD align=center width="11%">6,708 </TD>
    <TD align=center width="11%">7,795 </TD>
    <TD align=center width="11%">-14% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>997,995 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>583,487 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>71% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Silver
      equivalent ounces produced<SUP>(1)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>3,179,267 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,985,383 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>6% </TD></TR>
  <TR vAlign=top>
    <TD align=center>13.09 </TD>
    <TD align=center width="11%">18.20 </TD>
    <TD align=center width="11%">-28% </TD>
    <TD align=center width="30%" >Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="11%">14.32 </TD>
    <TD align=center width="11%">12.25 </TD>
    <TD align=center width="11%">17% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>18.51 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>23.89 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-22% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total
      production costs per ounce<SUP>(2)(4)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>20.10 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>17.45 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>15% </TD></TR>
  <TR vAlign=top>
    <TD align=center>17.43 </TD>
    <TD align=center width="11%">31.51 </TD>
    <TD align=center width="11%">-45% </TD>
    <TD align=center width="30%" >All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="11%">22.55 </TD>
    <TD align=center width="11%">23.99 </TD>
    <TD align=center width="11%">-6% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>114.55 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>99.70 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>15% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Direct
      production costs per tonne<SUP>(2)(6)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>110.93 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>103.83 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>7% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$13.87 </TD>
    <TD align=center width="11%">$19.20 </TD>
    <TD align=center width="11%">-28% </TD>
    <TD align=center width="30%" >Silver co-product cash costs
      <SUP>(7)</SUP> </TD>
    <TD align=center width="11%">$15.22 </TD>
    <TD align=center width="11%">$14.77 </TD>
    <TD align=center width="11%">3% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>$841.96 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>$1,007.35 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>-16% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="30%"
    bgColor=#eeeeee >Gold co-product cash costs <SUP>(7)</SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>$906.25 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>$801.62 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>13% </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-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 20.</P></TD></TR></TABLE><BR>
      <BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">7 </font></b></TD>
          </TR>
        </TABLE>
</DIV>
    <BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&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%">(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 22.</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 22.</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</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 22.</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
  25.</P></TD></TR></TABLE>
<P align=justify>The acquisition of Endeavour&#146;s first silver mine, at Guanacev&#237;
in 2004, continues to reap rewards for all stakeholders. The mine has since
produced more than 15 million ounces of silver and 38,000 ounces of gold,
revitalized the local community, and helped establish Endeavour&#146;s successful
business model. 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 December 31, 2013 (compared to the three
months ended December 31, 2012) <BR></B>Silver production at the Guanacev&#237; mine
during Q4, 2013 was 861,495 oz, an increase of 66% compared to 518,207 oz in Q4,
2012, and gold production was 2,275 oz, an increase of 109% compared to 1,088 oz
in Q4, 2012. Plant throughput was 121,008 tonnes at average grades of 272 gpt
silver and 0.69 gpt gold compared to 110,763 tonnes grading 215 gpt silver and
0.69 gpt gold. Silver production increased due to higher silver grades and
recoveries, while higher gold recoveries contributed to higher gold production.
Q4, 2012 included adjustments to appropriately allocate processed ounces on
behalf of the Bola&#241;itos mine resulting in lower reported recoveries. The change
in grades and recoveries were a function of geological variation of the ore
bodies in Q4, 2013, with the higher grade Porvenir Cuatro mine contributing a
higher tonnage resulting in improved throughput grades.</P>
<P align=justify><B>Year ended December 31, 2013 (compared to the year ended
December 31, 2012) <BR></B>Silver production at the Guanacev&#237; mine during 2013
was 2,772,227 oz, an increase of 10% compared to 2,512,943 oz in 2012, and gold
production was 6,784 oz, a decrease of 14% compared to 7,874 oz in 2012. Plant
throughput was 435,922 tonnes at average grades of 253 gpt silver and 0.60 gpt
gold in 2013 compared to 418,277 tonnes grading 249 gpt silver and 0.76 gpt gold
in 2012. Metal production varied due to ore grades fluctuations, with better
recoveries in 2013. The lower gold grades were attributable to the lower grade
ores being mined at depth at North Porvenir, and increased tonnage in the lower
grade Santa Cruz ore-body.</P>
<P align=justify><B><I>Guanacev&#237; Operating Costs </I></B></P>
<P align=justify><B>Three months ended December 31, 2013 (compared to the three
months ended December 31, 2012) <BR></B>Wage increases and mining to greater
depths have driven the rise in costs per tonne 15% compared to Q4, 2012.
However, cash costs per ounce net of by-product credits, which is a non-IFRS
measure and a standard of the Silver Institute, fell 28% to $13.09 per ounce of
payable silver compared to $18.20 in 2012. Improved grades and recoveries offset
the higher costs per tonne. Decreased mine development and exploration
expenditures reduced the all-in sustaining costs compared to prior year.</P>
<P align=justify><B>Year ended December 31, 2013 (compared to the year ended
December 31, 2012) <BR></B>Wage increases and mining to greater depths have
driven the rise in costs per tonne of 7% compared to 2012. Cash costs per ounce
net of by-product credits, which is a non-IFRS measure and a standard of the
Silver Institute, increased 17% to $14.32 per ounce of payable silver compared
due to lower gold grades and gold prices. Reduced mine development and
exploration expenditures year over year resulted in a 6% lower all-in sustaining
costs per silver ounce.</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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">8 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<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>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>Bola&#241;itos Operations </B></P>
<P align=justify><B><I>Production Results for the Three Months and Years Ended
December 31, 2013 and 2012 </I></B></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 colspan="3" align=center nowrap
      bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended Dec. 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="30%" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid" ><FONT color=#ffffff><B>BOLA&#209;ITOS</B>
    </FONT></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31</B>
    </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD align=center nowrap
      bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
    <TD width="30%" align=left nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>159,294 </TD>
    <TD align=center width="11%">161,841 </TD>
    <TD align=center width="11%">-2% </TD>
    <TD align=center width="30%" >Ore tonnes processed </TD>
    <TD align=center width="11%">710,708 </TD>
    <TD align=center width="11%">476,687 </TD>
    <TD align=center width="11%">49% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>152 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>140 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>9% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average silver
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>149 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>148 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1% </TD></TR>
  <TR vAlign=top>
    <TD align=center>89.5 </TD>
    <TD align=center width="11%">71.3 </TD>
    <TD align=center width="11%">26% </TD>
    <TD align=center width="30%" >Silver recovery (%) </TD>
    <TD align=center width="11%">84.6 </TD>
    <TD align=center width="11%">73.4 </TD>
    <TD align=center width="11%">15% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>698,098 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>518,674 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>35% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,881,816 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1,668,128 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>73% </TD></TR>
  <TR vAlign=top>
    <TD align=center>660,113 </TD>
    <TD align=center width="11%">513,487 </TD>
    <TD align=center width="11%">29% </TD>
    <TD align=center width="30%" >Payable silver ounces produced    </TD>
    <TD align=center width="11%">2,742,499 </TD>
    <TD align=center width="11%">1,651,446 </TD>
    <TD align=center width="11%">66% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>2.61 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2.20 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>19% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average gold
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2.63 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2.19 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>20% </TD></TR>
  <TR vAlign=top>
    <TD align=center>75.8 </TD>
    <TD align=center width="11%">75.8 </TD>
    <TD align=center width="11%">0% </TD>
    <TD align=center width="30%" >Gold recovery (%) </TD>
    <TD align=center width="11%">85.6 </TD>
    <TD align=center width="11%">77.0 </TD>
    <TD align=center width="11%">11% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>10,142 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>8,660 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>17% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total gold
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>51,652 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>25,920 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>99% </TD></TR>
  <TR vAlign=top>
    <TD align=center>9,611 </TD>
    <TD align=center width="11%">8,586 </TD>
    <TD align=center width="11%">12% </TD>
    <TD align=center width="30%" >Payable gold ounces produced</TD>
    <TD align=center width="11%">49,572 </TD>
    <TD align=center width="11%">25,673 </TD>
    <TD align=center width="11%">93% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1,306,618 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1,038,274 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>26% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Silver
      equivalent ounces produced<SUP>(1)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>5,980,936 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>3,223,328 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>86% </TD></TR>
  <TR vAlign=top>
    <TD align=center>0.60 </TD>
    <TD align=center width="11%">(3.73) </TD>
    <TD align=center width="11%">116% </TD>
    <TD align=center width="30%" >Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="11%">(2.87) </TD>
    <TD align=center width="11%">(5.20) </TD>
    <TD align=center width="11%">45% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>4.35 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.59 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-174% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total
      production costs per ounce<SUP>(2)(4)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.30 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>0.31 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-319% </TD></TR>
  <TR vAlign=top>
    <TD align=center>7.68 </TD>
    <TD align=center width="11%">11.67 </TD>
    <TD align=center width="11%">-34% </TD>
    <TD align=center width="30%" >All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="11%">7.39 </TD>
    <TD align=center width="11%">12.10 </TD>
    <TD align=center width="11%">-39% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>72.78 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>75.66 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-4% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Direct
      production costs per tonne<SUP>(2)(6)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>79.47 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>74.25 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>7% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$8.82 </TD>
    <TD align=center width="11%">$12.58 </TD>
    <TD align=center width="11%">-30% </TD>
    <TD align=center width="30%" >Silver co-product cash costs
      <SUP>(7)</SUP> </TD>
    <TD align=center width="11%">$9.48 </TD>
    <TD align=center width="11%">$11.51 </TD>
    <TD align=center width="11%">-18% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      bgColor=#eeeeee>$535.80 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>$660.34 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>-19% </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="30%"
    bgColor=#eeeeee >Gold co-product cash costs <SUP>(7)</SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>$564.43 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>$624.72 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="11%"
    bgColor=#eeeeee>-10% </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 20.</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 22.</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 22.</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</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 22.</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
  25.</P></TD></TR></TABLE>
<P align=justify>Endeavour's second mine acquisition, at Bola&#241;itos in 2007,
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 fell to 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 <BR></I></B><B>Three months
ended December 31, 2013 (compared to the three months ended December 31, 2012)
<BR></B>Silver production at the Bola&#241;itos mine was 698,098 ounces during Q4,
2013, an increase of 35% compared to 518,674 oz in Q4, 2012, and gold production
was 10,142 oz, an increase of 17% compared to 8,660 oz in Q4, 2012. Plant
throughput in Q4, 2013 was 159,294 tonnes at average grades of 152 gpt silver
and 2.61 gpt gold, compared to 161,841 tonnes grading 140 gpt silver and 2.20
gpt gold in Q4, 2012. </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">9 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Metal production was up due to higher grades and recoveries.
The Bola&#241;itos mine averaged 1,731 tonnes per day (tpd), well above the mine plan
due to increased contract mining and more long-hole mining. The Bola&#241;itos plant
operated at its 1,600 tpd capacity, and the extra mine tonnage was processed at
the leased Las Torres facility near El Cubo until July 22, 2013. Subsequent to
July 22, 2013, the mine production in excess of Bola&#241;itos&#146; plant capacity was
processed at the newly refurbished El Cubo plant.</P>
<P align=justify>Ore grades were significantly higher than both the prior year
and the 2013 mine plan, as mining accessed better ore grades than the planned
reserve grades, specifically in the Daniela vein. Mine grades are expected to
remain above reserve grades for the foreseeable future. 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. 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>Year ended December 31, 2013 (compared to the year ended
December 31, 2012) <BR></B>Silver production at the Bola&#241;itos mine was 2,881,816
ounces in 2013, an increase of 73% compared to 1,668,128 oz, and gold production
was 51,652 oz, an increase of 99% compared to 25,920 oz in 2012. Plant
throughput in 2013 was 710,708 tonnes at average grades of 149 gpt silver and
2.63 gpt gold, compared to 476,687 tonnes grading 148 gpt silver and 2.19 gpt
gold in 2012. Metal production was up due to higher throughput, recoveries and
gold grade. In 2012, the Bola&#241;itos plant capacity was expanded from 1,000 tpd to
1,600 tpd, and the mine was expanded to the plant capacity by Q4, 2012. In 2013,
the Bola&#241;itos plant operated at its 1,600 tpd capacity, and the extra tonnes
were processed at the leased Las Torres facility near the El Cubo operations.
The leased Las Torres facility was scheduled to be returned in May; however the
counterparty requested a later return date allowing continued access until July
22, 2013. This additional access allowed Bola&#241;itos production to significantly
exceed plan. Subsequent to July 22, 2013, mine production in excess of the
Bola&#241;itos&#146; plant capacity was processed at the newly refurbished El Cubo
plant.</P>
<P align=justify>Ore grades were also significantly higher than both the prior
year and the 2013 mine plan, as mining accessed better ore grades than the
planned reserve grades, specifically in the Daniela vein. Mine grades are
expected to remain above reserve grades in the foreseeable future. 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. 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 <BR></I></B><B>Three months
ended December 31, 2013 (compared to the three months ended December 31, 2012)
<BR></B>Per tonne costs remained relatively consistent year over year as wage
pressures, use of contractors and higher refining costs were offset by achieving
additional economies of scale with the higher output. Cash costs per ounce net
of by-product credits, which is a non-IFRS measure and a standard of the Silver
Institute, rose 116% to $0.60 per ounce of payable silver compared to negative
$3.73 per ounce in the same period in 2012. The lower by-product credit because
of the lower gold price was the primary contributor to the higher cash costs,
offset by higher grades and recoveries. All-in sustaining costs fell as mine
development and exploration expenditures were curtailed and spread over higher
silver production. </P>
<P align=justify><B>Year ended December 31, 2013 (compared to the year ended
December 31, 2012) <BR></B>Per tonne costs remained relatively consistent year
over year as wage pressures, use of contractors and higher refining costs were
offset by achieving additional economies of scale with the higher output. Cash
costs per ounce net of by-product credits, which is a non-IFRS measure and a
standard of the Silver Institute, rose 45% to negative $2.87 per ounce of
payable silver compared to negative $5.20 in the same period in 2012. The lower
byproduct credit because of the lower gold price was the primary contributor to
the higher cash costs, offset by higher grades and recoveries. All-in sustaining
costs fell as mine development and exploration expenditures were curtailed and
spread over higher silver production. </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">10 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>El Cubo Operations </B></P>
<P align=justify><B><I>Production Results for the Three Months and Years Ended
December 31, 2013 and 2012 </I></B></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 colspan="3" align=center nowrap
      bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended Dec. 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="30%" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid" ><FONT color=#ffffff><B>EL CUBO</B>
</FONT></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31</B>
    </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD align=center nowrap
      bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
    <TD width="30%" align=left nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid" ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="11%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% Change</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>99,178 </TD>
    <TD align=center width="11%">90,175 </TD>
    <TD align=center width="11%">10% </TD>
    <TD align=center width="30%" >Ore tonnes processed </TD>
    <TD align=center width="11%">391,354 </TD>
    <TD align=center width="11%">170,725 </TD>
    <TD align=center width="11%">129% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>118 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>96 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>23% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average silver
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>107 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>94 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>14% </TD></TR>
  <TR vAlign=top>
    <TD align=center>99.1 </TD>
    <TD align=center width="11%">71.2 </TD>
    <TD align=center width="11%">39% </TD>
    <TD align=center width="30%" >Silver recovery (%) </TD>
    <TD align=center width="11%">85.0 </TD>
    <TD align=center width="11%">58.9 </TD>
    <TD align=center width="11%">44% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>372,124 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>198,145 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>88% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1,159,026 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>304,405 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>281% </TD></TR>
  <TR vAlign=top>
    <TD align=center>342,115 </TD>
    <TD align=center width="11%">196,193 </TD>
    <TD align=center width="11%">74% </TD>
    <TD align=center width="30%" >Payable silver ounces produced    </TD>
    <TD align=center width="11%">1,106,801 </TD>
    <TD align=center width="11%">301,360 </TD>
    <TD align=center width="11%">267% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>1.77 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.42 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>25% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Average gold
      grade (g/t) </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.57 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>1.42 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>11% </TD></TR>
  <TR vAlign=top>
    <TD align=center>93.2 </TD>
    <TD align=center width="11%">77.0 </TD>
    <TD align=center width="11%">21% </TD>
    <TD align=center width="30%" >Gold recovery (%) </TD>
    <TD align=center width="11%">93.2 </TD>
    <TD align=center width="11%">62.8 </TD>
    <TD align=center width="11%">48% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>5,269 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>3,169 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>66% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total gold
      ounces produced </TD>
    <TD align=center width="11%" bgColor=#eeeeee>17,142 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>4,893 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>250% </TD></TR>
  <TR vAlign=top>
    <TD align=center>4,757 </TD>
    <TD align=center width="11%">3,137 </TD>
    <TD align=center width="11%">52% </TD>
    <TD align=center width="30%" >Payable gold ounces produced</TD>
    <TD align=center width="11%">16,282 </TD>
    <TD align=center width="11%">4,843 </TD>
    <TD align=center width="11%">236% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>688,264 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>388,285 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>77% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Silver
      equivalent ounces produced<SUP>(1)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>2,187,546 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>597,985 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>266% </TD></TR>
  <TR vAlign=top>
    <TD align=center>6.65 </TD>
    <TD align=center width="11%">38.52 </TD>
    <TD align=center width="11%">-83% </TD>
    <TD align=center width="30%" >Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="11%">18.77 </TD>
    <TD align=center width="11%">35.27 </TD>
    <TD align=center width="11%">-47% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>24.58 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>51.04 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-52% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Total
      production costs per ounce<SUP>(2)(4)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>40.43 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>57.50 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-30% </TD></TR>
  <TR vAlign=top>
    <TD align=center>18.95 </TD>
    <TD align=center width="11%">61.93 </TD>
    <TD align=center width="11%">-69% </TD>
    <TD align=center width="30%" >All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="11%">34.84 </TD>
    <TD align=center width="11%">75.53 </TD>
    <TD align=center width="11%">-54% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>90.44 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>105.30 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-14% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Direct
      production costs per tonne<SUP>(2)(6)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>113.31 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>117.17 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-3% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$12.96 </TD>
    <TD align=center width="11%">$34.89 </TD>
    <TD align=center width="11%">-63% </TD>
    <TD align=center width="30%" >Silver co-product cash costs
      <SUP>(7)</SUP> </TD>
    <TD align=center width="11%">$20.35 </TD>
    <TD align=center width="11%">$32.76 </TD>
    <TD align=center width="11%">-38% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>$787.02 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>$1,830.76 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>-57% </TD>
    <TD align=center width="30%" bgColor=#eeeeee >Gold co-product
      cash costs <SUP>(7)</SUP> </TD>
    <TD align=center width="11%" bgColor=#eeeeee>$1,211.19 </TD>
    <TD align=center width="11%" bgColor=#eeeeee>$1,866.99 </TD>
  <TD align=center width="11%" bgColor=#eeeeee>-35%</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 20.</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 22.</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 22.</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.</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 22.</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
  25.</P></TD></TR></TABLE>
<P align=justify>The acquisition of Endeavour&#146;s third mine, the El Cubo mine in
July 2012, 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 includes 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 substantially completed in Q2 2013 on time and within budget. </P>
<DIV align=center>
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style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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    <TR vAlign=top>
      <TD align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">11 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
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noShade SIZE=5>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>El Cubo Production Results </I></B></P>
<P align=justify>Endeavour's new mine plan is focused on maintaining the current
tonnage throughput at El Cubo of approximately 1,100-1,200 tpd 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 to
reduce lost time accidents 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 December 31, 2013 (compared to the three
months ended December 31, 2012) </B></P>
<P align=justify>Silver production at the El Cubo mine was 372,124 oz in Q4,
2013, an increase of 88% compared to 198,145 oz in Q4, 2012 and gold production
was 5,269 oz in Q4, 2013, an increase of 66% compared to 3,169 oz in Q4, 2012.
Plant throughput in Q4, 2013 was 99,178 tonnes at average grades of 118 gpt
silver and 1.77 gpt gold, compared to 90,175 tonnes grading 96 gpt silver and
1.42 gpt gold in Q4, 2012. The rise year over year was due to the successful
implementation of Endeavour&#146;s turn around initiatives. In Q3, 2013, metal
production jumped as management turned its focus from the re-construction of the
site infrastructure to the optimization of the operations, which continued in
Q4, 2013. The Company continues to focus on ensuring that safe, sustainable
mining methods will become part of the culture which will lead to improved
operating efficiencies. Silver and gold recoveries were both anomalously higher
quarter over quarter with additional material flushed from the leach circuit in
Q4, 2013 and solely selling a concentrate in Q4 2013. Selling concentrate as
opposed to producing dor&#233; at the El Cubo plant will increase recoveries going
forward. Selling concentrate results in higher payable metal production and
higher refining charges, resulting in a net financial benefit. Management
expects recoveries to return to be approximately 90% going forward.</P>
<P align=justify><B>Year ended December 31, 2013 (compared to the year ended
December 31, 2012) </B></P>
<P align=justify>Silver production at the El Cubo mine was 1,159,026 oz in 2013,
an increase of 281% compared to 304,405 oz in 2012 and gold production was
17,142 oz in 2013, an increase of 250% compared to 4,893 oz in 2012. Plant
throughput in 2013 was 391,354 tonnes at average grades of 107 gpt silver and
1.57 gpt gold and was 170,725 tonnes grading 94 gpt silver and 1.42 gpt gold in
2012 (not comparable because 2012 production started in July 2012,
post-acquisition). The rise year over year was due to owning the assets for the
entire fiscal year along with the successful implementation of Endeavour&#146;s turn
around initiatives. The Company continues to focus on ensuring that safe,
sustainable mining methods will become part of the culture which over time leads
to improved operating efficiencies. Metal grades and recoveries have both
trended higher since acquisition. Selling concentrate as opposed to producing
dor&#233; at the El Cubo plant will increase recoveries going forward. Selling
concentrate results in higher payable metal production and higher refining
charges, resulting in a net financial benefit. Management expects recoveries to
return to be approximately 90% going forward.</P>
<P align=justify><B><I>El Cubo Operating Costs <BR></I></B><B>Three months ended
December 31, 2013 (compared to the three months ended December 31, 2012)
<BR></B>Per tonne costs fell 15% quarter over quarter as reorganization plans
have taken effect. The Company significantly cut head count in Q2 and Q3 2013,
while increasing 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 $6.65 per ounce of payable silver compared to $38.52 in the same
period in 2012. The lower cost per tonne, improved grades and recoveries
significantly improved the cash costs on a by-product basis offset by the lower
gold price. All-in sustaining costs fell as mine development and exploration
expenditures were allocated to significantly higher production. The Company
continues to invest in mine development and exploration at El Cubo in order to
improve the long term viability of the operation. </P>
<DIV align=center>
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    <TR vAlign=top>
      <TD align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">12 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
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noShade SIZE=5>
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>Year ended December 31, 2013 (compared to the year ended
December 31, 2012) <BR></B>Per tonne costs remained relatively consistent year
over year. Significant severance costs, training and safety initiatives spending
and costs related to the implementation of new processes and procedures were
offset by the additional production. Cash costs per ounce net of by-product
credits, which is a non-IFRS measure and a standard of the Silver Institute,
fell to $18.77 per ounce of payable silver compared to $35.27. Improved grades
and recoveries significantly improved the cash costs on a by-product basis.
All-in sustaining costs fell as mine development and exploration expenditures
were allocated to higher production. The Company continues to invest in mine
development and exploration at El Cubo in order to improve the long term
viability of the operation.</P>
<P align=justify><B>Exploration Results </B></P>
<P align=justify>In January 2013, Endeavour commenced an aggressive $16.3
million surface exploration drill program to test multiple exploration targets
at its three mining districts and five district scale exploration properties. A
total of 78,500 metres of surface drilling was planned to test approximately 24
exploration targets. During Q2, 2013, the sharp drop in precious metal prices
prompted management to reduce the size of the remaining 2013 exploration program
by 25%. Endeavour ended up drilling 178 holes totaling 62,000 metres in 2013 for
total expenditures of $12.8 million. </P>
<P align=justify>At Bola&#241;itos, the Company drilled 15,337 metres in 51 holes to
discover high-grade, gold-silver vein mineralization in the historic La Luz,
LL-Asuncion and Plateros veins. Each of the three new mineralized zones is about
200 m long by 100 m deep. The La Luz and Asuncion mineralized zones appear to
lie along strike from each other about 900 m apart, suggesting that significant
exploration potential remains to be tested in between them. Both mineralized
zones are readily accessible for mining from nearby historic workings and
underground development is now underway to provide access to these two areas via
the operating Asuncion shaft. In 2014, Bola&#241;itos exploration will focus on
drilling five high priority brownfields targets northwest and southeast of the
mine.</P>
<P align=justify>At Guanacev&#237;, the Company drilled 9,910 metres in 19 holes
testing the Milache property six kilometres northwest of the plant to more fully
delineate the high-grade, silver-gold mineralization over a 300 metre by 300
metre area discovered in the Santa Cruz vein. Management is currently evaluating
alternatives for underground development at Milache to commence in 2014 so that
production can commence in 2015. In 2014, Guanacev&#237; exploration will focus on
drilling a high priority brownfields target southeast of the mine. </P>
<P align=justify>At El Cubo, the Company drilled 18,450 metres in 47 holes to
discover new high-grade, gold-silver vein mineralization in the historic
Villalpando, V-Asuncion and Dolores veins. Drilling at Dolores helped to extend
and define the hanging-wall and footwall vein ore-bodies that are currently in
production. Drilling in the Villalpando and V-Asuncion veins, discovered in late
2012 and fast-tracked to production last year, successfully extended this newly
discovered mineralized zone over 900 m in strike length, still open for
expansion. In 2014, exploration will focus on five high-priority brownfield
targets northwest and southeast of the mine.</P>
<P align=justify>At San Sebasti&#225;n, the Company released an initial mineral
resource estimate for the San Sebasti&#225;n property that included an indicated
resource totaling 1,835,000 tonnes with grades of 193 gpt silver and 1.17 gpt
gold containing 11.4 million oz silver and 69,300 oz gold, and an inferred
resource totaling 3,095,000 tonnes with grades of 196 gpt silver and 1.39 gpt
gold containing 19.5 million oz silver and 138,100 oz gold. During 2013, the
Company drilled 8,574 m in 30 holes at San Sebasti&#225;n to infill and extend the
recently discovered, thick, high-grade silver-gold mineralization in the
Terronera vein over a 900 m long by 300 m deep portion of the four kilometre
long Terronera vein, which is still open for expansion<B>. </B>In 2014,
exploration will focus on drilling two high priority target areas to extend the
high-grade silver-gold mineralization along strike to the northwest and
southeast of the current resource area in the Terronera vein. </P>
<P align=justify>At the Panuco-Laberinto property in Durango State, Mexico,
drilling intersected geologically interesting but sub-economic results. The
Panuco property is sandwiched between the La Preciosa property of Orko Silver to
the southeast and the San Lucas property of Oremex Silver to the northwest,
which was optioned in 2012. The Panuco property has exploration potential both
for bulk tonnage, open pit and high-grade, underground silver-gold deposits. The
Company is currently assessing the remaining exploration potential of this area.
</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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">13 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
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noShade SIZE=5>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>At the El Inca-San Julian properties in northern Chile, surface
mapping and target identification were completed and drilling commenced in 2013.
The El Inca-San Julian properties have exploration potential for both bulk
tonnage, open pit silver-lead-zinc mines like San Cristobal, high-grade,
underground silver-gold mines like El Penon (south of El Inca in Chile) and open
pit, porphyry copper mines like Chuquicamata. The drilling confirmed the
geological potential for a bulk tonnage target, but did no intersect economic
mineralization during the first phase of drilling. The Company is currently
assessing the remaining exploration potential of this area.</P>
<P align=justify><B>Reserves and Resources <BR></B>The updated NI 43-101 reserve
and resource estimates to December 31, 2013 include the Guanacevi Mine in
Durango state, the Bola&#241;itos Mine in Guanajuato state, the El Cubo Mines in
Guanajuato state, the Parral project in Chihuahua state, the Arroyo Seco project
in the Michoacan state, the Guadelupe y Calvo project in Chihuahua state and the
San Sebasti&#225;n project in Jalisco State. </P>
<P align=justify>The Company completed an updated internal estimate of the
reserves and resources as of December 31, 2013 for the Guanacevi, Bola&#241;itos, the
El Cubo Mines and the San Sebasti&#225;n project. The Qualified Person for reporting
for the four updated estimates is Mike Munroe, MSc, SME Registered Member
4151306RM, an employee of the Company. The Guanacevi, Bola&#241;itos, El Cubo and San
Sebasti&#225;n technical reports will be filed on or before March 31, 2014.</P>
<P align=justify>The Company previously retained Micon, to audit the resources
to December 15, 2012 for the Guadelupe y Calvo project. The Qualified Persons
for reporting for this project are Charley Z. Murahwi, M.Sc., P.Geo, FAusIMM and
Alan J. San Martin MAusIMM(CP). </P>
<P align=justify>The Company retained Micon, to audit the updated resources to
December 31, 2010, based on the then current metal prices for the Parral Project
(El Cometa Property). The Qualified Persons for reporting the Parral resources
are William J. Lewis, B.Sc., P.Geo, Charley Z. Murahwi, M.Sc., P.Geo, FAusIMM
and Dibya Kanti Mukhopadhyay, M.Sc., MAusIMM., who are Micon employees. </P>
<P align=justify>The Qualified Persons for reporting the Arroyo Seco resources
as of December 31, 2010 are David St Clair Dunn, P.Geo, who is a geological
consultant and Barry Devlin, P.Geo who was the Company&#146;s Vice President of
Exploration at the time of the report&#146;s preparation.</P>
<P align=justify>The reserve and resource statements for the Guanacevi,
Bola&#241;itos, El Cubo, Parral, Guadalupe y Calvo, San Sebasti&#225;n and Arroyo Seco
Projects were classified using the definitions and guidelines of the Canadian
Institute of Mining, Metallurgy and Petroleum CIM standards on Mineral Resources
and Reserves (CIM Standards) and the guidelines of NI 43-101.</P>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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    <TR vAlign=top>
      <TD align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">14 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
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noShade SIZE=5>
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD colspan="6" align=center nowrap
      bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Silver-Gold Reserves &amp;
      Resources (as of December 31, 2013)</B>&nbsp; </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff><B>Reserves</B> </FONT></TD>
    <TD width="14%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Tonnes</B> </FONT></TD>
    <TD width="14%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Ag g/t</B> </FONT></TD>
    <TD width="14%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Au g/t</B> </FONT></TD>
    <TD width="14%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Ag oz</B> </FONT></TD>
    <TD width="14%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Au oz</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Guanacevi </TD>
    <TD align=right width="14%">327,800 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;281 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp;0.51 </TD>
    <TD align=right width="14%">2,961,900 </TD>
    <TD align=right width="14%">5,300 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Bolanitos </TD>
    <TD align=right width="14%" bgColor=#eeeeee>380,530 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;156 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp;
      &nbsp;2.50 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>1,910,300 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>30,500 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >El
      Cubo </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">752,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;138 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp;2.16 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">3,330,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">52,200 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Total Proven </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>1,460,830 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;175 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;1.87 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>8,202,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>88,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Guanacevi </TD>
    <TD align=right width="14%">34,600 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;342 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp;0.46 </TD>
    <TD align=right width="14%">380,800 </TD>
    <TD align=right width="14%">500 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Bolanitos </TD>
    <TD align=right width="14%" bgColor=#eeeeee>98,300 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;134 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp;
      &nbsp;2.17 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>424,200 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>6,800 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >El
      Cubo </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">615,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;131 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp;2.23 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">2,595,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">44,100 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Total Probable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>748,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;141 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;2.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>3,400,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>51,400 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Total Proven &amp; Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%"><B>2,209,130</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>163</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp;<B>1.96</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%"><B>11,603,200</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%"><B>139,400</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%"
      bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%"
      bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%"
      bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%"
      bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="14%"
      bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#800000
    ><FONT color=#ffffff><B>Resources</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800000><FONT color=#ffffff><B>Tonnes</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800000><FONT color=#ffffff><B>Ag g/t</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800000><FONT color=#ffffff><B>Au g/t</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800000><FONT color=#ffffff><B>Ag oz</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="14%"
    bgColor=#800000><FONT color=#ffffff><B>Au oz</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Guanacevi </TD>
    <TD align=right width="14%" bgColor=#eeeeee>132,000 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;163 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp;
      &nbsp;0.29 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>11,603,200 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>139,400 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Bolanitos </TD>
    <TD align=right width="14%">75,900 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;132 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp;1.39 </TD>
    <TD align=right width="14%">322,800 </TD>
    <TD align=right width="14%">3,400 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >El Cubo </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>660,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;158 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;2.87 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>3,357,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>60,800 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Total Measured </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">868,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;183 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp;2.35 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">777,200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">203,600 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Guanacevi </TD>
    <TD align=right width="14%" bgColor=#eeeeee>1,701,200 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;242 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp;
      &nbsp;0.57 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>13,221,400 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>31,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Bolanitos </TD>
    <TD align=right width="14%">1,191,800 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;111 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp;1.95 </TD>
    <TD align=right width="14%">4,263,300 </TD>
    <TD align=right width="14%">74,700 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >El Cubo </TD>
    <TD align=right width="14%" bgColor=#eeeeee>1,570,500 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;144 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp;
      &nbsp;2.06 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>7,263,100 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>104,200 </TD></TR>
  <TR vAlign=top>
    <TD align=left >San Sebastian </TD>
    <TD align=right width="14%">2,476,000 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;229 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp;1.08 </TD>
    <TD align=right width="14%">18,216,200 </TD>
    <TD align=right width="14%">86,300 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Guadalupe y calvo </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>1,861,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;119 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;2.38 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>7,147,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>142,500 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Total Indicated </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">8,800,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;177 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp;1.55 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">50,111,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">439,200 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#eeeeee
    ><B>Total Measured &amp; Indicated</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    bgColor=#eeeeee><B>9,668,500</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>176</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;<B>1.62</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    bgColor=#eeeeee><B>54,569,100</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    bgColor=#eeeeee><B>504,700</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD align=right width="14%">&nbsp; </TD>
    <TD align=right width="14%">&nbsp; </TD>
    <TD align=right width="14%">&nbsp; </TD>
    <TD align=right width="14%">&nbsp; </TD>
    <TD align=right width="14%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Guanacevi </TD>
    <TD align=right width="14%" bgColor=#eeeeee>1,155,100 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;253 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp;
      &nbsp;0.46 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>9,384,300 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>17,100 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Bolanitos </TD>
    <TD align=right width="14%">2,145,150 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;140 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp;1.62 </TD>
    <TD align=right width="14%">9,642,100 </TD>
    <TD align=right width="14%">111,720 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >El Cubo </TD>
    <TD align=right width="14%" bgColor=#eeeeee>1,477,900 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;163 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp;
      &nbsp;3.40 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>7,729,500 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>130,100 </TD></TR>
  <TR vAlign=top>
    <TD align=left >San Sebastian </TD>
    <TD align=right width="14%">2,376,000 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;175 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp;1.66 </TD>
    <TD align=right width="14%">13,390,600 </TD>
    <TD align=right width="14%">126,800 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Guadalupe y calvo </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>154,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;94 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;2.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>464,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>10,600 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Total Inferred</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%"><B>7,308,150</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>173</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp;<B>1.69</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%"><B>40,611,100</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%"><B>396,320</B> </TD></TR></TABLE>
</DIV><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD colspan="6" align=center nowrap bgColor=#800000 style="BORDER-TOP: #000000 2px solid"
    ><FONT color=#ffffff>&nbsp;<B>Silver-Lead-Zinc Reserves &amp;
      Resources (as of September 30, 2013)</B>&nbsp; </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD align=center nowrap bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff><B>Resources</B> </FONT></TD>
    <TD width="14%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Tonnes</B> </FONT></TD>
    <TD width="14%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Ag g/t</B> </FONT></TD>
    <TD width="14%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Au g/t</B> </FONT></TD>
    <TD width="14%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;<B>Ag oz</B> </FONT></TD>
    <TD width="14%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Au oz</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Guanacevi </TD>
    <TD align=right width="14%">655,000 </TD>
    <TD align=right width="14%">166 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp;0.21 </TD>
    <TD align=right width="14%">&nbsp;3,495,700 </TD>
    <TD align=right width="14%">4,400 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Parral </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>1,631,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>49 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;0.90 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp;2,589,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>47,200 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Total Indicated</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%"><B>2,286,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%"><B>83</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp;<B>0.70</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%">&nbsp;<B>6,085,600</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%"><B>51,600</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Guanacevi </TD>
    <TD align=right width="14%" bgColor=#eeeeee>646,000 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>129 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp;
      &nbsp;0.15 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>&nbsp;2,687,300 </TD>
    <TD align=right width="14%" bgColor=#eeeeee>3,100 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Bolanitos </TD>
    <TD align=right width="14%">1,303,000 </TD>
    <TD align=right width="14%">63 </TD>
    <TD align=right width="14%">&nbsp; &nbsp; &nbsp; &nbsp;0.88 </TD>
    <TD align=right width="14%">&nbsp;2,658,900 </TD>
    <TD align=right width="14%">36,900 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >El Cubo </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>738,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>220 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;0.07 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>&nbsp;5,220,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#eeeeee>1,700 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Total Inferred</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%"><B>2,687,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%"><B>122</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%">&nbsp; &nbsp; &nbsp; &nbsp;<B>0.48</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%"><B>10,566,200</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%"><B>41,700</B> </TD></TR></TABLE>
</DIV><BR>
<BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">15 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Key</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%">1. </TD>
    <TD>
      <P align=justify>Reserve cut-off at Guanacevi is 217 g/t Silver
      equivalents</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Reserve cut-off at Bola&#241;itos is 155 g/t Silver
      equivalents</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Reserve cut off at El Cubo is 130 g/t Silver
      equivalents</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Mining width is 1.8 metres at Guanacevi</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Mining width of 2.0 metres at Bola&#241;itos</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Mining width of 0.8 metres at El Cubo</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>At Guanacevi dilution is 15% after it has been diluted to
      a minimum mining width if required</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>At Bola&#241;itos dilution is 15% on cut and fill and 25% on
      long-hole mining methods after it has been diluted to a minimum width if
      required</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>At El Cubo, inclusive of dilution to minimum mining width
      is 75%.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify>Resource cut-off for operations are 100 g/t Ag
      equivalent</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify>Reserve and Resource Silver equivalent is 60:1 for Silver
      to Gold</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify>Resource cut off for the San Sebasti&#225;n property is 100
      g/t Ag equivalent</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify>Resource cut off for the Guadalupe y Calvo property is
      100 g/t Ag equivalent</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify>At the Parral project a cut-off using NSR of $40 is used
      with the prices listed below</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify>The cut-off used for Arroyo Seco was 100 g/t
  Ag</P></TD></TR></TABLE>
<P align=justify><B>Net Smelter Return (NSR) Cut-off Parameters for the Parral
Project </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left nowrap><B>Description</B> </TD>
    <TD width="25%" align=left nowrap><B>Parameter</B> </TD>
    <TD width="25%" align=left nowrap><B>Description</B> </TD>
    <TD width="25%" align=right nowrap><B>Parameter</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Gold Price </TD>
    <TD align=left width="25%"><I>US $1,000/oz</I> </TD>
    <TD align=left width="25%">Gold Recovery (Overall) </TD>
    <TD align=right width="25%"><I>75%</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver Price </TD>
    <TD align=left width="25%"><I>US $16/oz</I> </TD>
    <TD align=left width="25%">Silver Recovery (Overall) </TD>
    <TD align=right width="25%"><I>71%</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lead Price </TD>
    <TD align=left width="25%"><I>US $0.65/lb</I> </TD>
    <TD align=left width="25%">Lead Recovery (Overall) </TD>
    <TD align=right width="25%"><I>80%</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Zinc Price </TD>
    <TD align=left width="25%"><I>US $0.65/lb</I> </TD>
    <TD align=left width="25%">Zinc Recovery (Overall) </TD>
    <TD align=right width="25%"><I>74%</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Smelter Terms </TD>
    <TD align=left width="25%"><I>Generic Contract</I> </TD>
    <TD align=left width="25%">&nbsp; </TD>
  <TD align=left width="25%">&nbsp; </TD></TR></TABLE></DIV>
<P align=justify><B>Consolidated Financial Results </B></P>
<P align=justify><B>Three months ended December 31, 2013 (compared to the three
months ended December 31, 2012) </B></P>
<P align=justify>For the three-month period ended December 31, 2013, the
Company&#146;s mine operating earnings were $9.9 million (Q4, 2012: $17.9 million) on
sales of $67.9 million (Q4, 2012: $66.7 million) with cost of sales of $58.0
million (Q4, 2012: $48.8 million). </P>
<P align=justify>The operating loss in Q4, 2013 was $129.6 million (Q4,
2012:operating earnings of $10.5 million) after exploration costs of $2.1
million (Q4, 2012: $3.8 million), general and administrative costs of $2.2
million (Q4, 2012: $3.6 million) and an impairment of non-current assets and
goodwill of $135.1 million (Q4, 2012: nil) </P>
<P align=justify>The loss before taxes in Q4, 2013 was $133.8 million (Q4, 2012:
earnings before taxes of $17.3 million) after mark-to-market gain on derivative
liabilities (see adjusted earnings comment on page 20) of $0.6 million (Q4,
2012: $1.7 million), a foreign exchange loss of $0.4 million (Q4, 2012: gain of
$0.5 million), a mark-to-market gain on contingent liabilities of $0.6 million
(Q4, 2012: $4.4 million), investment and other loss of $4.7 million (Q4, 2012:
income of $0.3 million) and finance costs of $0.4 million (Q4, 2012: $0.3
million). As at December 31, 2013, the Company determined there were several
indicators of potential impairment of its producing mineral properties which
include the sustained decline in precious metal prices, the Mexican tax reform
(see page 30) and a reduction of the Guanacevi estimated reserves and resources.
The total impairment charge for the year ended December 31, 2013 is $104.3
million net of tax ($135.1 million before tax) (see page 19). The Company
realized a net loss for the period of $115.8 million (Q4, 2012: net income of
$19.8 million) after an income tax recovery of $18.1 million (Q4, 2012: recovery
of $2.5 million). </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">16 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_17"></A>

<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
Sales of &#36;67.9 million in Q4, 2013 represent a 2% increase over the &#36;66.7 million for the same period in 2012. There was a 60% increase in silver ounces sold offset by a 38% decrease in the realized silver price resulting in flat silver
sales, and there was a 45% increase in gold ounces sold with a 28% decrease in realized gold prices resulting in 5% increase in gold sales. During the period, the Company sold 2,155,326 oz silver and 18,960 oz gold, for realized prices of &#36;20.52
and &#36;1,246 per oz respectively, compared to sales of 1,345,832 oz silver and 13,037 oz gold, for realized prices of &#36;32.87 and &#36;1,725 per oz respectively, in the same period of 2012. The realized prices of silver and gold during the
period were within 2% of the average silver spot price during the period of &#36;20.82 and the average gold spot price during the period of &#36;1,275, 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 depleted its finished goods to 51,000 oz silver and 198 oz gold at December 31, 2013 compared to 385,126 oz silver and 2,473 oz gold at September 30, 2013.  The cost allocated to these finished goods was &#36;1.0 million, compared to
&#36;10.2 million at September 30, 2013. </P>
<P align="justify">
Cost of sales for Q4, 2013 was &#36;58.0 million, an increase of 19% over the cost of sales of &#36;48.8 million for the same period of 2012. The 19% increase was a result of a number of factors. The 19% increase was a result of the Company selling
38% more silver ounces, a 50% increase in amortization and depletion due to a higher depletion cost base, and various additional cost pressures at its operations, including labour. </P>
<P align="justify">
Exploration expenses decreased in Q4, 2013 to &#36;2.1 million from &#36;3.8 million in the same period of 2012 based on both the timing of the exploration activities and the reduction of exploration activities in the current year. During Q2, 2013,
the sharp drop in precious metal prices prompted management to reduce the size of the 2013 exploration program by 25%. General and administrative expenses decreased to &#36;2.5 million for the period as compared to &#36;3.6 million in the same
period of 2012 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 are classified and accounted for as a financial liability at fair value with adjustments recognized through net earnings because these warrants have 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 gain on derivative liabilities (see adjusted earnings comment on page 20) of &#36;0.6 million compared to &#36;1.9 million gain
in the same period in 2012. The gain in the current period was a reflection of the Company&rsquo;s share price decreasing from CAN&#36;4.42 at September 30, 2013 to CAN&#36;3.84 at December 31, 2013. </P>
<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 decrease in the gold price and movement in the
forward curve resulted in a &#36;0.6 million mark-to-market gain during Q4, 2013 while the same period in 2012 had a mark-to-market loss on the contingent liability of &#36;4.4 million. </P>
<P align="justify">
The Company experienced a foreign exchange loss of &#36;0.4 million during the period compared to a gain of &#36;0.5 million for the same period of 2012. The &#36;0.4 million gain was primarily due to the weakening of the Mexican peso against the US
dollar during the period, which resulted in lower valuations on the Mexican peso cash and receivable amounts and the Mexican peso denominated inventory amounts. </P>
<P align="justify">
There was an income tax recovery of &#36;18.1 million during the period compared to &#36;2.5 million recovery for the same period of 2012. 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. On enactment of the Special Mining Duty, the Company recognized an &#36;18.7 million deferred income tax expense offset by the recognition of loss carry forwards that would be
available with the removal of the flat tax regime for the year ended December 31, 2013. Furthermore, a result of the impairment of non-current assets the Company recognized &#36;30.8 million deferred income tax recovery during the period.</P>

<BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">17 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">




<A name="page_18"></A>

<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<B>Year ended December 31, 2013 (compared to the year ended December 31, 2012) </B></P>
<P align="justify">
For the year ended December 31, 2013, the Company&rsquo;s mine operating earnings were &#36;56.9 million (2012: &#36;78.0 million) on sales of &#36;276.8 million (2012: &#36;208.1 million) with cost of sales of &#36;219.9 million (2012: &#36;130.1
million). </P>
<P align="justify">
Operating loss was &#36;102.9 million (2012: operating income of &#36;53.6 million) after exploration costs of &#36;13.2 million (2012: &#36;11.2 million), general and administrative costs of &#36;11.6 million (2012: &#36;13.1 million) and an
impairment of non-current assets and goodwill of &#36;135.1 million (Q4, 2012: nil) </P>
<P align="justify">
The loss before taxes was &#36;96.0 million (2012: earnings before taxes of &#36;60.1 million) after mark-to-market gain on derivative liabilities (see adjusted earnings comment on page 20) of &#36;3.8 million (2012: &#36;1.9 million), a foreign
exchange expense of &#36;2.6 million (2012: gain of &#36;3.5 million), a mark-to-market gain on contingent liabilities of &#36;8.4 million (2012: mark-to-market loss of &#36;0.6 million), investment and other loss of &#36;1.1 million (2012: income
of &#36;2.1 million) and finance costs of &#36;1.5 million (2012: &#36;0.5 million). As at December 31, 2013, the Company determined there were several indicators of potential impairment of its producing mineral properties which include the
sustained decline in precious metal prices, the Mexican tax reform (see page XX) and a reduction of the Guanacevi estimated reserves and resources. The total impairment charge for the year ended December 31, 2013 is &#36;104.3 million net of tax
(&#36;135.1 million before tax) (see page 19). The Company realized a net loss for the period of &#36;89.5 million (2012: net earnings of &#36;42.1 million) after an income tax recovery of &#36;6.5 million (2012: provision of &#36;18.0 million).
</P>
<P align="justify">
Sales of &#36;276.8 million for the year represented a 33% increase over the &#36;208.1 million for 2012. There was a 49% increase in silver ounces sold offset by a 25% decrease in the realized silver price resulting in a 11% increase in silver
sales, and there was a 131% increase in gold ounces sold with 18% decrease in realized gold prices resulting in a 89% increase in gold sales. During the year, the Company sold 7,151,963 oz silver and 81,119 oz gold, for realized prices of &#36;23.10
and &#36;1,375 per oz respectively, compared to sales of 4,815,073 oz silver and 35,167 oz gold, for realized prices of &#36;23.10 and &#36;1,674 per oz respectively, in 2012. The realized prices of silver and gold during the year were within 3% of
the 2013 average silver spot price of &#36;23.79 and average gold spot price of &#36;1,411, with differences due to the timing of sales and the mark-to-market for the concentrate sales that are pending finalization. </P>
<P align="justify">
The Company accumulated 51,000 oz silver and 198 oz gold finished goods at December 31, 2013 compared to 611,661 oz silver and 8,934 oz gold at December 31, 2012. The cost allocated to these finished goods is &#36;1.0 million compared to &#36;18.7
million, net of a &#36;1.5 million write-down of the El Cubo finished goods, at December 31, 2012.</P>
<P align="justify">
Cost of sales for the year was &#36;219.9 million, an increase of 69% over the cost of sales of &#36;130.1 million for 2012. The 69% increase in the cost of sales was due to a number of factors. The Company sold 49% more silver ounces and
experienced an 80% increase in amortization and depletion as the Company had higher accumulated cost bases. In addition, the Company experienced additional labour cost pressures at its operations, including severance costs during the year.
Furthermore, the Company acquired the El Cubo mine in Q3, 2012, a high cost operation which had been operating at a loss in the early part of the year, resulting in a reduced gross margin on a consolidated basis. During the year the Company took
inventory write downs to net realizable value (&ldquo;NRV&rdquo;) of &#36;4.9 million at the El Cubo mine and &#36;1.0 million at the Guanacev&iacute; mine. The write down for El Cubo was comprised of write downs of both finished goods and work in
process inventories, while the write down for Guanacev&iacute; was comprised of finished goods at the end of reporting quarters.</P>
<P align="justify">
Exploration expenses in 2013 increased to &#36;13.2 million from &#36;11.2 million in 2012 based on the timing of the exploration activities, the addition of exploration activities at the El Cubo mine and a more aggressive exploration program in
early 2013. General and administrative expenses decreased to &#36;11.6 million in 2013 compared to &#36;13.1 million in 2012 primarily due to slightly decreased corporate development costs, legal and insurance fees and human resource costs. </P>
<P align="justify">
A significant number of the Company&rsquo;s share purchase warrants are classified and accounted for as a financial liability at fair value with adjustments recognized through net earnings because these warrants have an exercise price denominated in
a currency which is different from the functional currency of the Company. During the year, there was a mark-to-market gain on derivative liabilities (see adjusted earnings comment on page 16) of &#36;3.8 million, while the same period in 2012 had a
mark-to-market gain on derivative liabilities of &#36;1.9 million. The gain was a reflection of the Company&rsquo;s share price decreasing from CAN&#36;7.84 at December 31, 2012 to CAN&#36;3.84 at December 31, 2013. </P>

<BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">18 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_19></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The mark-to-market gain 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). A decrease in the
gold price and movement in the forward curve resulted in an $8.4 million
mark-to-market gain during 2013, while 2012 had a mark-to-market loss on the
contingent liability of $0.6 million. </P>
<P align=justify>The Company experienced a foreign exchange loss of $2.6 million
during the year compared to a gain of $3.5 million for 2012. The $2.6 million
loss was primarily due to the weakening of the Mexican peso against the US
dollar during the period, which resulted in lower valuations on the Mexican peso
cash and receivable amounts. </P>
<P align=justify>There was an income tax recovery of $6.5 million in 2013
compared to an income tax expense of $18.0 million in 2012. 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. On enactment of the Special Mining Duty, the Company
recognized an $18.7 million deferred income tax expense offset by the
recognition of loss carry forwards that would be available with the removal of
the flat tax regime for the year ended December 31, 2013. Furthermore, a result
of the impairment of non-current assets the Company recognized $30.8 million
deferred income tax recovery during the period. </P>
<P align=justify><B>Impairment charge <BR></B>The recoverable amounts of the
Company&#146;s cash generating units (&#147;CGU&#148;), which include mining properties, plant
and equipment and allocated goodwill, are determined on an annual basis and
circumstances result in impairment indicators. As at December 31, 2013, the
Company determined there were several indicators of potential impairment of its
producing mineral properties which include the sustained decline in precious
metal prices, the Mexican tax reform (see page 30) and a reduction of the
Guanacevi estimated reserves and resources. The recoverable amounts are based on
each CGUs future cash flows expected to be derived from the Company&#146;s mining
properties and represents each CGUs fair value in use. The cash flows are
determined based on the life-of-mine after tax cash flow forecast which
incorporate management&#146;s best estimates of future metal prices, production based
on current estimates of recoverable reserves and resources, exploration
potential, future operating costs and non-expansionary capital expenditures.
</P>
<P align=justify>At December 31, 2013 the Company tested the recoverability of
its operating assets, resulting in a detailed review of the Guanacevi and El
Cubo operations. The Company forecast future operating and capital costs,
analysts&#146; consensus pricing for the first five years of its economic model and
then used a long term silver price of $22 per ounce, a long term gold price of
$1,300 per ounce and a risk adjusted project specific discount rate of 8% based
on the CGUs weighted average cost of capital. Due to the sensitivity of the
recoverable amounts to the various factors mentioned and specifically long term
metal prices as well as unforeseen factors, any significant change in the key
assumptions and inputs could result in additional impairment charges in future
periods.</P>
<P align=justify>At December 31, 2013 the carrying value related to the
Guanacevi CGU was $74.8 million and net of associated deferred income tax
liabilities of $15.4 million, was greater than its estimated recoverable amount
of $23.1 million, calculated on a discounted cash flow basis. The Company
considers use of its internal discounted cash flow economic models as a proxy
for the calculation of fair value in use. Based on the above assessment, at
December 31, 2013, the Company recorded an impairment charge related to the
Guanacevi mine of $36.3 million, net of tax ($51.4 million before tax).</P>
<P align=justify>At December 31, 2013 the carrying value related to the El Cubo
mine was $270.9 million, including goodwill of $39.2 million and net of
associated deferred income tax liabilities of $67.5 million was greater than its
estimated recoverable amount of $135.4 million, calculated on a discounted cash
flow basis. The Company considers use of its internal discounted cash flow
economic models as a proxy for the calculation of fair value in use. Based on
the above assessment at December 31, 2013, the Company recorded an impairment
charge related to the El Cubo mine of $68.0 million, net of tax, comprised of
goodwill $39.2 million and non-current assets of $28.8 million ($44.4 million
before tax).</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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">19 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The impairment charge on mineral property plant and equipment
for the year ended December 31, 2013 is $65.0 million net of tax ($95.8 million
before tax) and has been recognized in the statement of Comprehensive Income
(Loss) (December 31, 2012 &#150; nil). The impairment charge on goodwill for the year
ended December 31, 2013 is $39.2 million and has been recognized in the
statement of Comprehensive Income (Loss) (December 31, 2012 &#150; nil).</P>
<P align=justify>The Company reviewed the Bolanitos CGU for impairment, which
resulted in the estimated value in use being significantly greater than its
carrying value.</P>
<P align=justify><B>Selected Annual Information </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>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year ended December 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 width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2011</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Revenue </TD>
    <TD align=center width="15%">$276,783 </TD>
    <TD align=center width="15%">$208,079 </TD>
    <TD align=center width="15%">$127,997 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Net earnings (Loss) </TD>
    <TD align=center width="15%" bgColor=#eeeeee>(89,465) </TD>
    <TD align=center width="15%" bgColor=#eeeeee>42,117 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>18,755 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Basic earnings per share </TD>
    <TD align=center width="15%">(0.90) </TD>
    <TD align=center width="15%">0.45 </TD>
    <TD align=center width="15%">0.22 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Diluted earnings per share </TD>
    <TD align=center width="15%" bgColor=#eeeeee>(0.90) </TD>
    <TD align=center width="15%" bgColor=#eeeeee>0.42 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>0.22 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dividends per share </TD>
    <TD align=center width="15%">- </TD>
    <TD align=center width="15%">- </TD>
    <TD align=center width="15%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total assets </TD>
    <TD align=center width="15%" bgColor=#eeeeee>366,923 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>477,527 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>249,021 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total long-term
      liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">55,804 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">89,846 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">36,665 </TD></TR></TABLE>
<P align=justify><B>NON-IFRS MEASURES <BR></B>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
as whole without one-time charges to appropriately compare to past performance
and provided to investors as a measure of the Company&#146;s operating performance.
</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="2" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three months ended Dec. 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year ended Dec. 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 width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Net earnings (loss) for the period </TD>
    <TD align=center width="15%">($115,758) </TD>
    <TD align=center width="15%">$14,821 </TD>
    <TD align=center width="15%">($89,465) </TD>
    <TD align=center width="15%">$42,117 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Impairment of non-current assets, net of
      tax </TD>
    <TD align=center width="15%" bgColor=#eeeeee>104,283 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>- </TD>
    <TD align=center width="15%" bgColor=#eeeeee>104,283 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Mark-to-market
      loss/(gain) on derivative liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">(591) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">(1,881) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">(3,750) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">(1,928) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Adjusted net earnings (loss) </TD>
    <TD align=center width="15%" bgColor=#eeeeee>($12,066) </TD>
    <TD align=center width="15%" bgColor=#eeeeee>$12,940 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>$11,068 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>$40,189 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Basic weighted average share outstanding </TD>
    <TD align=center width="15%">99,720,704 </TD>
    <TD align=center width="15%">99,539,282 </TD>
    <TD align=center width="15%">99,770,293 </TD>
    <TD align=center width="15%">93,266,038 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Adjusted net earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>($0.12) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>$0.13 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>$0.11 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>$0.43 </TD></TR></TABLE>
</DIV>
<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>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">20 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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="2" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three months ended Dec. 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year ended Dec. 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 width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Mine operating earnings operating earnings </TD>
    <TD align=center width="15%">$9,861 </TD>
    <TD align=center width="15%">$17,919 </TD>
    <TD align=center width="15%">$56,915 </TD>
    <TD align=center width="15%">$77,953 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Share-based compensation </TD>
    <TD align=center width="15%" bgColor=#eeeeee>107 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>124 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>515 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>545 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Amortization and depletion </TD>
    <TD align=center width="15%">15,780 </TD>
    <TD align=center width="15%">10,517 </TD>
    <TD align=center width="15%">53,569 </TD>
    <TD align=center width="15%">29,694 </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>664 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>6,221 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>5,874 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>6,221 </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%">$26,412 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$34,781 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$116,873 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$114,413 </TD></TR></TABLE>
</DIV>
<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>
<DIV>
  <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 nowrap bgcolor=#800000 style="BORDER-TOP: #000000 2px solid"><font
      color=#ffffff><b>Expressed in thousands US dollars</b> </font></td>
      <td colspan="2" align=center nowrap
    bgcolor=#800000 style="BORDER-TOP: #000000 2px solid"><font color=#ffffff><b>Three months ended Dec. 31</b> </font><font color=#ffffff>&nbsp;</font></td>
      <td colspan="2" align=center nowrap
    bgcolor=#800000 style="BORDER-TOP: #000000 2px solid"><font color=#ffffff>&nbsp;<b>Year ended Dec. 31</b> </font><font color=#ffffff>&nbsp;</font></td>
    </tr>
    <tr valign=top>
      <td align=left nowrap
      bgcolor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><font color=#ffffff>&nbsp; </font></td>
      <td width="15%" align=center nowrap
    bgcolor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><font color=#ffffff><b>2013</b> </font></td>
      <td width="15%" align=center nowrap
    bgcolor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><font color=#ffffff><b>2012</b> </font></td>
      <td width="15%" align=center nowrap
    bgcolor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><font color=#ffffff><b>2013</b> </font></td>
      <td width="15%" align=center nowrap
    bgcolor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><font color=#ffffff><b>2012</b> </font></td>
    </tr>
    <tr valign=top>
      <td align=left>Cash from operating activities </td>
      <td align=center width="15%">$25,298 </td>
      <td align=center width="15%">$19,688 </td>
      <td align=center width="15%">$76,544 </td>
      <td align=center width="15%">$76,021 </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>7,348 </td>
      <td style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgcolor=#eeeeee>(663) </td>
      <td style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgcolor=#eeeeee>(5,041) </td>
      <td style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgcolor=#eeeeee>(6,907) </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%">$17,950 </td>
      <td style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$20,351 </td>
      <td style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$81,585 </td>
      <td style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$82,928 </td>
    </tr>
  </table>
</DIV>
<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>
<DIV>
<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 nowrap bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three months ended Dec. 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year ended Dec. 31</B> </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD align=left nowrap
      bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Operating cash flow before working capital adjustments </TD>
    <TD align=center width="15%">$17,950 </TD>
    <TD align=center width="15%">$20,351 </TD>
    <TD align=center width="15%">$81,585 </TD>
    <TD align=center width="15%">$82,928 </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>99,720,704 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>99,539,282 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>99,770,293 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>93,266,038 </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%">$0.20 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$0.82 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$0.89 </TD></TR></TABLE>
</DIV>
<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>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">21 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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="2" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three months ended Dec. 31</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year ended Dec. 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 width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="15%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Net earnings (loss) for the period </TD>
    <TD align=center width="15%">($115,758) </TD>
    <TD align=center width="15%">$14,821 </TD>
    <TD align=center width="15%">($89,465) </TD>
    <TD align=center width="15%">$42,117 </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>15,780 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>10,517 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>53,569 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>29,694 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Amortization and depletion &#150; exploration </TD>
    <TD align=center width="15%">37 </TD>
    <TD align=center width="15%">30 </TD>
    <TD align=center width="15%">138 </TD>
    <TD align=center width="15%">121 </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>57 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>52 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>191 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>138 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Finance costs </TD>
    <TD align=center width="15%">422 </TD>
    <TD align=center width="15%">293 </TD>
    <TD align=center width="15%">1,513 </TD>
    <TD align=center width="15%">484 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Current income tax expense </TD>
    <TD align=center width="15%" bgColor=#eeeeee>5,042 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>5,931 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>13,970 </TD>
    <TD align=center width="15%" bgColor=#eeeeee>15,834 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Deferred income tax expense (recovery) </TD>
    <TD align=center width="15%">(23,100) </TD>
    <TD align=center width="15%">(3,460) </TD>
    <TD align=center width="15%">(20,464) </TD>
    <TD align=center width="15%">2,135 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Impairment of non-current assets and goodwill </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>140,541 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>140,541 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#eeeeee>- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Earnings before
      interest, taxes and amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$23,021 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$28,184 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$99,993 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$90,523 </TD></TR></TABLE>
</DIV>
<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 nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31,
      2013</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31,
      2012</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 width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD width="9%" align=center nowrap
     bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Direct production costs </TD>
    <TD align=center width="9%">$17,627 </TD>
    <TD align=center width="9%">$12,183 </TD>
    <TD align=center width="9%">$11,401 </TD>
    <TD align=center width="9%">$41,211 </TD>
    <TD align=center width="9%">$12,839 </TD>
    <TD align=center width="9%">$9,986 </TD>
    <TD align=center width="9%">$11,989 </TD>
    <TD align=center width="9%">$34,814 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Royalties </TD>
    <TD align=center width="9%" bgColor=#eeeeee>235 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>235 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>469 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>469 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Opening finished goods </TD>
    <TD align=center width="9%">(4,651) </TD>
    <TD align=center width="9%">(589) </TD>
    <TD align=center width="9%">(2,057) </TD>
    <TD align=center width="9%">(7,297) </TD>
    <TD align=center width="9%">(3,891) </TD>
    <TD align=center width="9%">(8,183) </TD>
    <TD align=center width="9%">(3,971) </TD>
    <TD align=center width="9%">(16,045) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >NRV cost adjustment </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(434) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(434) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD></TR>
  <TR vAlign=top>
    <TD align=left >Closing finished goods </TD>
    <TD align=center width="9%">650 </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">60 </TD>
    <TD align=center width="9%">710 </TD>
    <TD align=center width="9%">1,626 </TD>
    <TD align=center width="9%">10,442 </TD>
    <TD align=center width="9%">4,696 </TD>
    <TD align=center width="9%">16,764 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Direct production costs </TD>
    <TD align=center width="9%" bgColor=#eeeeee>13,861 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>11,594 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>8,970 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>34,425 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>11,043 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>12,245 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>12,714 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>36,002 </TD></TR>
  <TR vAlign=top>
    <TD align=left >By-product gold sales </TD>
    <TD align=center width="9%">(3,628) </TD>
    <TD align=center width="9%">(11,887) </TD>
    <TD align=center width="9%">(8,117) </TD>
    <TD align=center width="9%">(23,632) </TD>
    <TD align=center width="9%">(2,922) </TD>
    <TD align=center width="9%">(14,442) </TD>
    <TD align=center width="9%">(5,125) </TD>
    <TD align=center width="9%">(22,489) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Opening gold inventory fair
      market value </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,025 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>689 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,565 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>3,279 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,669 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>13,070 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,527 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>16,266 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Closing gold inventory fair market value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">(94)    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">(144)    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">(238)    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">(455)    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">(12,789) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">(1,560) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">(14,804) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#eeeeee
    >Cash costs net of by-product </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>11,164 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>396 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>2,274 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>13,834 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>9,335 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>(1,916) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>7,556 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>14,975 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Amortization and depletion </TD>
    <TD align=center width="9%">5,917 </TD>
    <TD align=center width="9%">2,603 </TD>
    <TD align=center width="9%">7,230 </TD>
    <TD align=center width="9%">15,750 </TD>
    <TD align=center width="9%">4,170 </TD>
    <TD align=center width="9%">1,796 </TD>
    <TD align=center width="9%">4,552 </TD>
    <TD align=center width="9%">10,518 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Stock-based compensation </TD>
    <TD align=center width="9%" bgColor=#eeeeee>35 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>35 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>35 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>105 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>7 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>6 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>111 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>124 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Opening finished goods depletion </TD>
    <TD align=center width="9%">(1,545) </TD>
    <TD align=center width="9%">(162) </TD>
    <TD align=center width="9%">(1,222) </TD>
    <TD align=center width="9%">(2,929) </TD>
    <TD align=center width="9%">(1,700) </TD>
    <TD align=center width="9%">(1,771) </TD>
    <TD align=center width="9%">(3,381) </TD>
    <TD align=center width="9%">(6,852) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >NRV cost adjustment </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Closing finished goods depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">220    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">92</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">312    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">444    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">2,699    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">1,176    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">4,319    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#eeeeee
    >Total production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$15,791 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$2,872 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$8,409 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$27,072 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$12,256 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$814 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$10,014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$23,084 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Throughput tonnes </TD>
    <TD align=center width="9%" bgColor=#eeeeee>121,008 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>159,294 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>99,178 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>379,480 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>110,763 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>161,841 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>90,175 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>362,779 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Payable silver ounces </TD>
    <TD align=center width="9%">852,880 </TD>
    <TD align=center width="9%">660,113 </TD>
    <TD align=center width="9%">342,115 </TD>
    <TD align=center width="9%">1,855,108 </TD>
    <TD align=center width="9%">513,025 </TD>
    <TD align=center width="9%">513,487 </TD>
    <TD align=center width="9%">196,193 </TD>
    <TD align=center width="9%">1,222,705 </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 >Cash costs per ounce </TD>
    <TD align=center width="9%">$13.09 </TD>
    <TD align=center width="9%">$0.60 </TD>
    <TD align=center width="9%">$6.65 </TD>
    <TD align=center width="9%">$7.46 </TD>
    <TD align=center width="9%">$18.20 </TD>
    <TD align=center width="9%">($3.73) </TD>
    <TD align=center width="9%">$38.52 </TD>
    <TD align=center width="9%">$12.25 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Total production costs per oz    </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$18.51 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$4.35 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$24.58 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$14.59 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$23.89 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$1.59 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$51.04 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$18.88 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Direct production costs per tonne </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">$114.55 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">$72.78 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">$90.44 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">$90.72 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">$99.70 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">$75.66 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">$105.30 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">$90.39 </TD></TR></TABLE>
</DIV><BR>
<BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">22 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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 nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31, 2013</B>
      </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Year Ended December 31, 2012</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 width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG>&nbsp;&nbsp;</FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Direct production costs </TD>
    <TD align=center width="9%">$48,003 </TD>
    <TD align=center width="9%">$66,923 </TD>
    <TD align=center width="9%">$43,657 </TD>
    <TD align=center width="9%">$158,583 </TD>
    <TD align=center width="9%">$47,802 </TD>
    <TD align=center width="9%">$29,588 </TD>
    <TD align=center width="9%">$14,410 </TD>
    <TD align=center width="9%">$91,800 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Royalties </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,328 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,328 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,866 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,866 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Opening finished goods </TD>
    <TD align=center width="9%">(1,626) </TD>
    <TD align=center width="9%">(10,442) </TD>
    <TD align=center width="9%">(2,305) </TD>
    <TD align=center width="9%">(14,373) </TD>
    <TD align=center width="9%">(7,865) </TD>
    <TD align=center width="9%">(4,636) </TD>
    <TD align=center width="9%">- </TD>
    <TD align=center width="9%">(12,501) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>NRV cost adjustment </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,934 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,934 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Closing finished
      goods </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">650    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">60</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">710    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">1,626    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">10,442 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">4,696    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">16,764 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Direct production costs </TD>
    <TD align=center width="9%" bgColor=#eeeeee>48,355 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>56,481 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>44,346 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>149,182 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>43,429 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>35,394 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>19,106 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>97,929 </TD></TR>
  <TR vAlign=top>
    <TD align=left>By-product gold sales </TD>
    <TD align=center width="9%">(9,419) </TD>
    <TD align=center width="9%">(77,152) </TD>
    <TD align=center width="9%">(24,987) </TD>
    <TD align=center width="9%">(111,558) </TD>
    <TD align=center width="9%">(14,064) </TD>
    <TD align=center width="9%">(37,884) </TD>
    <TD align=center width="9%">(6,917) </TD>
    <TD align=center width="9%">(58,865) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Opening gold inventory fair market value</TD>
    <TD align=center width="9%" bgColor=#eeeeee>455 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>12,789 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,560 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>14,804 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,577 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>6,701 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>NA </TD>
    <TD align=center width="9%" bgColor=#eeeeee>8,278 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Closing gold
      inventory fair market value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">(94)    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">(144)    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">(238)    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">(455)    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">(12,789) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">(1,560) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">(14,804) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Cash costs net of by-product </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>39,297 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>(7,882) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>20,775 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>52,190 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>30,487 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>(8,578) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>10,629 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>32,538 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Amortization and depletion </TD>
    <TD align=center width="9%">15,929 </TD>
    <TD align=center width="9%">13,962 </TD>
    <TD align=center width="9%">23,648 </TD>
    <TD align=center width="9%">53,539 </TD>
    <TD align=center width="9%">14,112 </TD>
    <TD align=center width="9%">10,172 </TD>
    <TD align=center width="9%">5,411 </TD>
    <TD align=center width="9%">29,695 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Stock-based compensation </TD>
    <TD align=center width="9%" bgColor=#eeeeee>172 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>172 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>171 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>515 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>211 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>223 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>111 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>545 </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%">1,237 </TD>
    <TD align=center width="9%">1,237 </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 depletion </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(444) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(2,698) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(1,176) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(4,318) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(1,830) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(4,005) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>- </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(5,835) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Closing finished
      goods depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">220    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">92</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">312    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">444    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">2,699    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">1,176    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%">4,319    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Total production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$55,174 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$3,554 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$44,747 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$103,475 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$43,424 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$511 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$17,327 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$61,262 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Throughput tonnes </TD>
    <TD align=center width="9%" bgColor=#eeeeee>435,922 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>710,708 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>391,354 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,537,984 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>418,277 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>476,687 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>170,725 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,065,689 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable silver ounces </TD>
    <TD align=center width="9%">2,744,505 </TD>
    <TD align=center width="9%">2,742,499 </TD>
    <TD align=center width="9%">1,106,801 </TD>
    <TD align=center width="9%">6,593,805 </TD>
    <TD align=center width="9%">2,487,813 </TD>
    <TD align=center width="9%">1,651,446 </TD>
    <TD align=center width="9%">301,360 </TD>
    <TD align=center width="9%">4,440,619 </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>Cash costs per ounce </TD>
    <TD align=center width="9%">$14.32 </TD>
    <TD align=center width="9%">($2.87) </TD>
    <TD align=center width="9%">$18.77 </TD>
    <TD align=center width="9%">$7.92 </TD>
    <TD align=center width="9%">$12.25 </TD>
    <TD align=center width="9%">($5.20) </TD>
    <TD align=center width="9%">$35.27 </TD>
    <TD align=center width="9%">$7.33 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total production costs per oz </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$20.10 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$1.30 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$40.43 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$15.69 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$17.45 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$0.31 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$57.50 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$13.80 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Direct production
      costs per tonne </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$110.93 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$79.47 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$113.31 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$97.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$103.83 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$74.25 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$117.17 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$92.74 </TD></TR></TABLE>
</DIV>
<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>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">23 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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 nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31,
      2013</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31,
      2012</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 width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD width="9%" align=center nowrap
     bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG>&nbsp;&nbsp;</FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD width="9%" align=center nowrap
     bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG>&nbsp;&nbsp;</FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Cash costs </TD>
    <TD align=center width="9%">$11,164 </TD>
    <TD align=center width="9%">$396 </TD>
    <TD align=center width="9%">$2,274 </TD>
    <TD align=center width="9%">$13,834 </TD>
    <TD align=center width="9%">$9,335 </TD>
    <TD align=center width="9%">($1,916) </TD>
    <TD align=center width="9%">$7,556 </TD>
    <TD align=center width="9%">$14,975 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Operations stock based compensation </TD>
    <TD align=center width="9%" bgColor=#eeeeee>35 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>35 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>35 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>105 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>7 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>6 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>111 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>124 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Corporate general and administrative </TD>
    <TD align=center width="9%">732 </TD>
    <TD align=center width="9%">567 </TD>
    <TD align=center width="9%">294 </TD>
    <TD align=center width="9%">1,593 </TD>
    <TD align=center width="9%">1,110 </TD>
    <TD align=center width="9%">1,111 </TD>
    <TD align=center width="9%">425 </TD>
    <TD align=center width="9%">2,646 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Corporate stock based compensation </TD>
    <TD align=center width="9%" bgColor=#eeeeee>264 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>204 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>106 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>574 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>367 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>367 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>140 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>874 </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%">4 </TD>
    <TD align=center width="9%">9 </TD>
    <TD align=center width="9%">5 </TD>
    <TD align=center width="9%">2 </TD>
    <TD align=center width="9%">6 </TD>
    <TD align=center width="9%">13 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Mine site expensed exploration </TD>
    <TD align=center width="9%" bgColor=#eeeeee>149 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>423 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>940 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,512 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>666 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,631 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>102 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,399 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Capital
      expenditures sustaining </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">2,514    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">3,441    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">2,831    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">8,786    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">4,674    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">4,789    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="9%">3,811    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%">13,274 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>All In Sustaining Costs </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$14,862 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$5,067 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$6,484 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$26,413 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$16,164 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$5,990 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$12,151 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$34,305 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Growth exploration </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">159 </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="9%">989 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Growth capital expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>3,385 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>4,975 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>All In Costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$29,957 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$40,269 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Throughput tonnes </TD>
    <TD align=center width="9%" bgColor=#eeeeee>121,008 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>159,294 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>99,178 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>379,480 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>110,763 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>161,841 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>90,175 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>362,779 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable silver ounces </TD>
    <TD align=center width="9%">852,880 </TD>
    <TD align=center width="9%">660,113 </TD>
    <TD align=center width="9%">342,115 </TD>
    <TD align=center width="9%">1,855,108 </TD>
    <TD align=center width="9%">513,025 </TD>
    <TD align=center width="9%">513,487 </TD>
    <TD align=center width="9%">196,193 </TD>
    <TD align=center width="9%">1,222,705 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Sustaining cost per ounce </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$17.43 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$7.68 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$18.95 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$14.24 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$31.51 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$11.67 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$61.93 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$28.06 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>All In costs per
      ounce </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$16.15 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">$32.93 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#800000><FONT color=#ffffff><B>Expressed in
      thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center nowrap bgColor=#800000><FONT color=#ffffff><B>Year
      Ended December 31, 2013</B> </FONT><FONT
      color=#ffffff>&nbsp;</FONT><FONT
      color=#ffffff>&nbsp;</FONT><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center nowrap bgColor=#800000><FONT color=#ffffff><B>Year
      Ended December 31, 2012</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 width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD width="9%" align=center nowrap
     bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG>&nbsp;&nbsp;</FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi </B></FONT></TD>
    <TD width="9%" align=center nowrap
     bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><STRONG>Bolanitos</STRONG>&nbsp;&nbsp;</FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Cash costs </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$39,297 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($7,882) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$20,775 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$52,190 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$30,487 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($8,578) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$10,629 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$32,538 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Operations stock based compensation </TD>
    <TD align=center width="9%">172 </TD>
    <TD align=center width="9%">172 </TD>
    <TD align=center width="9%">171 </TD>
    <TD align=center width="9%">515 </TD>
    <TD align=center width="9%">211 </TD>
    <TD align=center width="9%">223 </TD>
    <TD align=center width="9%">111 </TD>
    <TD align=center width="9%">545 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Corporate general and administrative </TD>
    <TD align=center width="9%" bgColor=#eeeeee>3,552 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,887 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,165 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>7,604 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>5,108 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>3,391 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>619 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>9,117 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Corporate stock based compensation </TD>
    <TD align=center width="9%">1,198 </TD>
    <TD align=center width="9%">1,197 </TD>
    <TD align=center width="9%">483 </TD>
    <TD align=center width="9%">2,879 </TD>
    <TD align=center width="9%">2,174 </TD>
    <TD align=center width="9%">1,443 </TD>
    <TD align=center width="9%">263 </TD>
    <TD align=center width="9%">3,881 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Reclamation - amortization/accretion </TD>
    <TD align=center width="9%" bgColor=#eeeeee>16 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>4 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>19 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>39 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>15 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>5 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>12 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>32 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mine site expensed exploration </TD>
    <TD align=center width="9%">1,779 </TD>
    <TD align=center width="9%">2,505 </TD>
    <TD align=center width="9%">2,222 </TD>
    <TD align=center width="9%">6,506 </TD>
    <TD align=center width="9%">2,346 </TD>
    <TD align=center width="9%">1,761 </TD>
    <TD align=center width="9%">730 </TD>
    <TD align=center width="9%">4,837 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Capital expenditures sustaining </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>15,866 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>21,397 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>13,727 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>50,990 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>19,330 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>21,732 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>10,397 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>51,459 </TD></TR>
  <TR vAlign=top>
    <TD align=left>All In Sustaining Costs </TD>
    <TD align=center width="9%">$61,881 </TD>
    <TD align=center width="9%">$20,280 </TD>
    <TD align=center width="9%">$38,562 </TD>
    <TD align=center width="9%">$120,723 </TD>
    <TD align=center width="9%">$59,671 </TD>
    <TD align=center width="9%">$19,977 </TD>
    <TD align=center width="9%">$22,761 </TD>
    <TD align=center width="9%">$102,409 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Growth exploration </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>4,404 </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>6,227 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Growth capital
      expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">27,946 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="9%">14,777 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>All In Costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$153,073 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$123,413 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Throughput tonnes </TD>
    <TD align=center width="9%">435,922 </TD>
    <TD align=center width="9%">710,708 </TD>
    <TD align=center width="9%">391,354 </TD>
    <TD align=center width="9%">1,537,984 </TD>
    <TD align=center width="9%">418,277 </TD>
    <TD align=center width="9%">476,687 </TD>
    <TD align=center width="9%">170,725 </TD>
    <TD align=center width="9%">1,065,689 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Payable silver ounces </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,744,505 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,742,499 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,106,801 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>6,593,805 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,487,813 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,651,446 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>301,360 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>4,440,619 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Sustaining cost per ounce </TD>
    <TD align=center width="9%">$22.55 </TD>
    <TD align=center width="9%">$7.39 </TD>
    <TD align=center width="9%">$34.84 </TD>
    <TD align=center width="9%">$18.31 </TD>
    <TD align=center width="9%">$23.99 </TD>
    <TD align=center width="9%">$12.10 </TD>
    <TD align=center width="9%">$75.53 </TD>
    <TD align=center width="9%">$23.06 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>All In costs per ounce </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$23.21 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$27.79 </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 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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">24 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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 nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31,
      2013</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended December 31,
      2012</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 width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Direct production costs </TD>
    <TD align=center width="10%">$17,627 </TD>
    <TD align=center width="10%">$12,183 </TD>
    <TD align=center width="10%">$11,401 </TD>
    <TD align=center width="10%">$41,211 </TD>
    <TD align=center width="10%">$12,839 </TD>
    <TD align=center width="10%">$9,986 </TD>
    <TD align=center width="10%">$11,989 </TD>
    <TD align=center width="10%">$34,814 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Royalties </TD>
    <TD align=center width="10%" bgColor=#eeeeee>235 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>235 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>469 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>469 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Opening finished goods </TD>
    <TD align=center width="10%">(4,651) </TD>
    <TD align=center width="10%">(589) </TD>
    <TD align=center width="10%">(2,057) </TD>
    <TD align=center width="10%">(7,297) </TD>
    <TD align=center width="10%">(3,891) </TD>
    <TD align=center width="10%">(8,183) </TD>
    <TD align=center width="10%">(3,971) </TD>
    <TD align=center width="10%">(16,045) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >NRV cost adjustment </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(434) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(434) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">650    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">-</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">60    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">710    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">1,626 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">10,442 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">4,696 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">16,764 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Direct production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>13,861 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>11,594 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>8,970 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>34,425 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>11,043 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>12,245 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>12,714 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>36,002 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Silver production </TD>
    <TD align=center width="10%" bgColor=#eeeeee>861,495 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>698,098 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>372,124 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,931,717 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>518,207 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>518,674 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>198,145 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,235,026 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Average realized silver price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">20.52 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">20.52 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">20.52 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">20.52 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">32.87 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">32.87 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">32.87 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">32.87 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Silver value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>17,677,877 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>14,324,971 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>7,635,984 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>39,638,833 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>17,033,464 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>17,048,814 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>6,513,026 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>40,595,305 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Gold production </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2,275 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>10,142 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>5,269 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>17,686 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,088 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>8,660 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>3,169 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>12,917 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Average realized gold price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">1,246 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">1,246 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">1,246 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">1,246 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">1,725 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">1,725 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">1,725 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">1,725 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Gold value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>2,834,650 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>12,636,932 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>6,565,174 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>22,036,756 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>1,876,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>14,938,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>5,466,525 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>22,281,825 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Total metal value </TD>
    <TD align=center width="10%" bgColor=#eeeeee>20,512,527 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>26,961,903 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>14,201,158 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>61,675,589 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>18,910,264 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>31,987,314 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>11,979,551 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>62,877,130 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Pro-rated silver costs </TD>
    <TD align=center width="10%">86% </TD>
    <TD align=center width="10%">53% </TD>
    <TD align=center width="10%">54% </TD>
    <TD align=center width="10%">64% </TD>
    <TD align=center width="10%">90% </TD>
    <TD align=center width="10%">53% </TD>
    <TD align=center width="10%">54% </TD>
    <TD align=center width="10%">65% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Pro-rated gold costs </TD>
    <TD align=center width="10%" bgColor=#eeeeee>14% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>47% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>46% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>36% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>10% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>47% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>46% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>35% </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Silver co-product cash costs    </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$13.87 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$8.82 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$12.96 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$11.45 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$19.20 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$12.58 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$34.89 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$18.82 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >Gold
      co-product cash costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">$842    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">$536    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">$787    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">$695    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$1,007 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">$660    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$1,831 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">$988    </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#800000 ><FONT
      color=#ffffff><B>Expressed in thousands US dollars</B> </FONT></TD>
    <TD colspan="4" align=center nowrap bgColor=#800000><FONT color=#ffffff>&nbsp;
      </FONT><FONT color=#ffffff><B>Year
      Ended December 31, 2013</B> </FONT><FONT
      color=#ffffff>&nbsp;</FONT><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center nowrap bgColor=#800000><FONT color=#ffffff><B>Year
      Ended December 31, 2012</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 width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Guanacevi</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Bolanitos</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>El Cubo</B> </FONT></TD>
    <TD width="10%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Total</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Direct production costs </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$48,003 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$66,923 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$43,657 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$158,583 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$47,802 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$29,588 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$14,410 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$91,800 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Royalties </TD>
    <TD align=center width="10%">1,328 </TD>
    <TD align=center width="10%">- </TD>
    <TD align=center width="10%">- </TD>
    <TD align=center width="10%">1,328 </TD>
    <TD align=center width="10%">1,866 </TD>
    <TD align=center width="10%">- </TD>
    <TD align=center width="10%">- </TD>
    <TD align=center width="10%">1,866 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Opening finished goods </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(1,626) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(10,442) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(2,305) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(14,373) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(7,865) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(4,636) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(12,501) </TD></TR>
  <TR vAlign=top>
    <TD align=left >NRV cost adjustment </TD>
    <TD align=center width="10%">- </TD>
    <TD align=center width="10%">- </TD>
    <TD align=center width="10%">2,934 </TD>
    <TD align=center width="10%">2,934 </TD>
    <TD align=center width="10%">- </TD>
    <TD align=center width="10%">- </TD>
    <TD align=center width="10%">- </TD>
    <TD align=center width="10%">- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>650 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>60 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>710 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>1,626 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>10,442 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>4,696 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>16,764 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Direct production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">48,355 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">56,481 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">44,346 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">149,182 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">43,429 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">35,394 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">19,106 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">97,929 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Silver production </TD>
    <TD align=center width="10%">2,772,227 </TD>
    <TD align=center width="10%">2,881,816 </TD>
    <TD align=center width="10%">1,159,026 </TD>
    <TD align=center width="10%">6,813,069 </TD>
    <TD align=center width="10%">2,512,943 </TD>
    <TD align=center width="10%">1,668,128 </TD>
    <TD align=center width="10%">304,405 </TD>
    <TD align=center width="10%">4,485,476 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Average realized silver price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>23.10 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>23.10 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>23.10 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>23.10 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>30.31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>30.31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>28.72 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>30.26 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Silver value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">64,038,444 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">66,569,950 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">26,773,501 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">157,381,894 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">76,167,302 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">50,560,960 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">8,742,512 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">135,730,504 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gold production </TD>
    <TD align=center width="10%">6,784 </TD>
    <TD align=center width="10%">51,652 </TD>
    <TD align=center width="10%">17,142 </TD>
    <TD align=center width="10%">75,578 </TD>
    <TD align=center width="10%">7,874 </TD>
    <TD align=center width="10%">25,920 </TD>
    <TD align=center width="10%">4,893 </TD>
    <TD align=center width="10%">38,687 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#eeeeee
    >Average realized gold price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>1,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>1,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>1,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>1,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>1,645 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>1,645 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>1,637 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>1,644 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >Gold
      value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">9,328,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">71,021,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">23,570,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">103,919,750 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">12,952,730 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">42,638,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">8,009,841 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">63,601,428 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Total metal value </TD>
    <TD align=center width="10%">73,366,444 </TD>
    <TD align=center width="10%">137,591,450 </TD>
    <TD align=center width="10%">50,343,751 </TD>
    <TD align=center width="10%">261,301,644 </TD>
    <TD align=center width="10%">89,120,032 </TD>
    <TD align=center width="10%">93,199,360 </TD>
    <TD align=center width="10%">16,752,353 </TD>
    <TD align=center width="10%">199,331,932 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Pro-rated silver costs </TD>
    <TD align=center width="10%" bgColor=#eeeeee>87% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>48% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>53% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>60% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>85% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>54% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>52% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>68% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Pro-rated gold costs </TD>
    <TD align=center width="10%">13% </TD>
    <TD align=center width="10%">52% </TD>
    <TD align=center width="10%">47% </TD>
    <TD align=center width="10%">40% </TD>
    <TD align=center width="10%">15% </TD>
    <TD align=center width="10%">46% </TD>
    <TD align=center width="10%">48% </TD>
    <TD align=center width="10%">32% </TD></TR>
  <TR>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Silver co-product cash costs </TD>
    <TD align=center width="10%">$15.22 </TD>
    <TD align=center width="10%">$9.48 </TD>
    <TD align=center width="10%">$20.35 </TD>
    <TD align=center width="10%">$13.19 </TD>
    <TD align=center width="10%">$14.77 </TD>
    <TD align=center width="10%">$11.51 </TD>
    <TD align=center width="10%">$32.76 </TD>
    <TD align=center width="10%">$14.87 </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="10%"
    bgColor=#eeeeee>$906 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$564 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$1,211 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$785 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$802 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$625 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$1,867 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$808 </TD></TR></TABLE>
</DIV><BR>
<BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">25 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>SUMMARY OF 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: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    align=left bgColor=#800000 ><FONT color=#ffffff>&nbsp;
    </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="9%"
    align=center nowrap bgColor=#800000 style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;
    </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="9%"
    align=center nowrap bgColor=#800000 style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;
    </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#800000 ><FONT color=#ffffff><B>Quarterly
      Results</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q4</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q3</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q2</B> </FONT></TD>
    <TD width="9%"
    align=center nowrap bgColor=#800000
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q1</B>
      </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q4</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q3</B> </FONT></TD>
    <TD width="9%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q2</B> </FONT></TD>
    <TD width="9%"
    align=center nowrap bgColor=#800000
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q1</B>
      </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left
      >Revenue </TD>
    <TD align=center width="9%">$67,857 </TD>
    <TD align=center width="9%">$67,803 </TD>
    <TD align=center width="9%">$71,250 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="9%">$69,873 </TD>
    <TD align=center width="9%">$66,719 </TD>
    <TD align=center width="9%">$51,880 </TD>
    <TD align=center width="9%">$40,434 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="9%">$49,046 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#eeeeee
    >Direct cost </TD>
    <TD align=center width="9%" bgColor=#eeeeee>41,210 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>35,739 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>44,746 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>36,887 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>34,814 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>24,485 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>15,890 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>16,611 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#ffffff >Royalties </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>235 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>287 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>356 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#ffffff>450 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>469 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>454 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>482 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#ffffff>461 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#eeeeee
    >Mine operating cash flow </TD>
    <TD align=center width="9%" bgColor=#eeeeee>26,412 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>31,777 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>26,148 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>32,536 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>31,436 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>26,941 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>24,062 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>31,974 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#ffffff
    >Share-based compensation </TD>
    <TD align=center width="9%" bgColor=#ffffff>107 </TD>
    <TD align=center width="9%" bgColor=#ffffff>131 </TD>
    <TD align=center width="9%" bgColor=#ffffff>202 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>75 </TD>
    <TD align=center width="9%" bgColor=#ffffff>124 </TD>
    <TD align=center width="9%" bgColor=#ffffff>146 </TD>
    <TD align=center width="9%" bgColor=#ffffff>216 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>59 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#eeeeee
    >Amortization and depletion </TD>
    <TD align=center width="9%" bgColor=#eeeeee>15,780 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>12,566 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>13,149 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>12,074 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>10,517 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>6,353 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>4,328 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>8,496 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#ffffff >Write down on inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>664 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>(2,668) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>6,383 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#ffffff>1,495 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>2,876 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>3,345 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#ffffff>- </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee >Mine operating earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$9,861 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$21,748 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$6,414 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>$18,892 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$17,919 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$17,097 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$19,518 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>$23,419 </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=center width="9%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=center width="9%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=center width="9%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=center width="9%"  bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=center width="9%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=center width="9%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=center width="9%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 0px solid"
    align=center width="9%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#eeeeee
    >Net earnings (loss) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($115,758) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$12,297 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($361) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$14,357 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$14,821 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$16 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$7,505 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$19,775 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#ffffff
    >Impairment charge, net of tax </TD>
    <TD align=center width="9%" bgColor=#ffffff>104,283 </TD>
    <TD align=center width="9%" bgColor=#ffffff>- </TD>
    <TD align=center width="9%" bgColor=#ffffff>- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>- </TD>
    <TD align=center width="9%" bgColor=#ffffff>- </TD>
    <TD align=center width="9%" bgColor=#ffffff>- </TD>
    <TD align=center width="9%" bgColor=#ffffff>- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>- </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee >(Gain) Loss on derivative
      liability </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>(591) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>679 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>(2,386) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>(1,452) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>(1,881) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,728 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>1,632 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>(143) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#ffffff
    >Adjusted earnings (loss) </TD>
    <TD align=center width="9%" bgColor=#ffffff>($12,066) </TD>
    <TD align=center width="9%" bgColor=#ffffff>$12,976 </TD>
    <TD align=center width="9%" bgColor=#ffffff>($2,747) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>$12,905 </TD>
    <TD align=center width="9%" bgColor=#ffffff>$12,940 </TD>
    <TD align=center width="9%" bgColor=#ffffff>$1,744 </TD>
    <TD align=center width="9%" bgColor=#ffffff>$5,873 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>$19,632 </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 2px solid" 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 style="BORDER-RIGHT: #000000 2px solid" 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 style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#ffffff
    >Basic earnings (loss) per share </TD>
    <TD align=center width="9%" bgColor=#ffffff>($1.16) </TD>
    <TD align=center width="9%" bgColor=#ffffff>$0.12 </TD>
    <TD align=center width="9%" bgColor=#ffffff>$0.00 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>$0.14 </TD>
    <TD align=center width="9%" bgColor=#ffffff>$0.15 </TD>
    <TD align=center width="9%" bgColor=#ffffff>$0.00 </TD>
    <TD align=center width="9%" bgColor=#ffffff>$0.09 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>$0.23 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#eeeeee
    >Diluted earnings (loss) per share </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($1.17) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$0.12 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$0.00 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$0.13 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$0.13 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$0.00 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$0.06 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$0.22 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#ffffff
    >Adjusted earnings (loss) per share </TD>
    <TD align=center width="9%" bgColor=#ffffff>($0.35) </TD>
    <TD align=center width="9%" bgColor=#ffffff>$0.13 </TD>
    <TD align=center width="9%" bgColor=#ffffff>($0.03) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>$0.13 </TD>
    <TD align=center width="9%" bgColor=#ffffff>$0.13 </TD>
    <TD align=center width="9%" bgColor=#ffffff>$0.02 </TD>
    <TD align=center width="9%" bgColor=#ffffff>$0.06 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>$0.22 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee >Weighted shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>99,720,704 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>99,741,010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>99,710,933 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>99,660,016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>99,539,282 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>97,666,618 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>87,999,495 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>87,728,391 </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 2px solid" bgColor=#ffffff
      >&nbsp; </TD>
    <TD align=center width="9%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=center width="9%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#eeeeee
    >Net earnings (loss) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($115,758) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$12,297 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>($361) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$14,357 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$14,821 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$16 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>$7,505 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$19,775 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#ffffff
    >Amortization and depletion </TD>
    <TD align=center width="9%" bgColor=#ffffff>15,875 </TD>
    <TD align=center width="9%" bgColor=#ffffff>12,648 </TD>
    <TD align=center width="9%" bgColor=#ffffff>13,228 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>12,148 </TD>
    <TD align=center width="9%" bgColor=#ffffff>10,599 </TD>
    <TD align=center width="9%" bgColor=#ffffff>6,426 </TD>
    <TD align=center width="9%" bgColor=#ffffff>4,386 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>8,541 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#eeeeee
    >Finance costs </TD>
    <TD align=center width="9%" bgColor=#eeeeee>422 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>313 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>531 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>247 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>293 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>181 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>5 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>5 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#ffffff
    >Current income tax </TD>
    <TD align=center width="9%" bgColor=#ffffff>5,042 </TD>
    <TD align=center width="9%" bgColor=#ffffff>2,729 </TD>
    <TD align=center width="9%" bgColor=#ffffff>4,363 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>1,836 </TD>
    <TD align=center width="9%" bgColor=#ffffff>5,932 </TD>
    <TD align=center width="9%" bgColor=#ffffff>3,419 </TD>
    <TD align=center width="9%" bgColor=#ffffff>1,713 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>4,769 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=left bgColor=#eeeeee
    >Deferred income tax </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(23,100) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>1,341 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(1,158) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>2,453 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>(3,460) </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,185 </TD>
    <TD align=center width="9%" bgColor=#eeeeee>2,788 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>623 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#ffffff >Impairment charges </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>135,060 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#ffffff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#ffffff>- </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee >EBITDA </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$17,541 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$29,328 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$16,603 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>$31,041 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$28,185 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$12,227 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="9%"
    bgColor=#eeeeee>$16,397 </TD>
  <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="9%" bgColor=#eeeeee>$33,713</TD></TR></TABLE>
</DIV><BR>
<BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">26 </font></b></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>
<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><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>The following table presents selected production
information for each of the most recent eight quarters: </I></B></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
    align=left bgcolor="#800000"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><font color="#FFFFFF"><B>Highlights </B></font></TD>
    <TD width="10%" align=center nowrap bgcolor="#800000" style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD colspan="2" align=center nowrap bgcolor="#800000" style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF"><B>2013
      </B></font><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center nowrap bgcolor="#800000" style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="10%" align=center nowrap bgcolor="#800000" style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD colspan="2" align=center nowrap bgcolor="#800000" style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF"><B>2012
      </B></font><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center nowrap bgcolor="#800000" style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#800000"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
      width="10%" align=center nowrap bgcolor="#800000" style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF"><B>Q4 </B></font></TD>
    <TD
      width="10%" align=center nowrap bgcolor="#800000" style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF"><B>Q3 </B></font></TD>
    <TD
      width="10%" align=center nowrap bgcolor="#800000" style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF"><B>Q2 </B></font></TD>
    <TD width="10%"
    align=center nowrap bgcolor="#800000"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF"><B>Q1 </B></font></TD>
    <TD
      width="10%" align=center nowrap bgcolor="#800000" style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF"><B>Q4 </B></font></TD>
    <TD
      width="10%" align=center nowrap bgcolor="#800000" style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF"><B>Q3 </B></font></TD>
    <TD
      width="10%" align=center nowrap bgcolor="#800000" style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF"><B>Q2 </B></font></TD>
    <TD width="10%"
    align=center nowrap bgcolor="#800000"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF"><B>Q1 </B></font></TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Processed tonnes </B></TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">379,480 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">389,090 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">393,070 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">376,344 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">362,779 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">306,164 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">202,987 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">193,759 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </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 align=center width="10%">100,208 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">98,963 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </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 align=center width="10%">102,779 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">94,796 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </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 align=center width="10%">NA </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Silver ounces </B></TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,931,717 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,855,846 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,535,873 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1,489,746 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,235,026 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,137,933 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,040,026 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1,072,491 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </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 align=center width="10%">669,754 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">726,697 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </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 align=center width="10%">370,272 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">345,794 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </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 align=center width="10%">NA </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Silver grade </B></TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">181 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">171 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">165 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">154    </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">151 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">161 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">208 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">229    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD align=center width="10%">271.7 </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 align=center width="10%">269 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">292    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </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 align=center width="10%">149 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">163    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </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 align=center width="10%">NA </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Silver recovery </B></TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">87.3 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">86.7 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">73.6 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">79.9    </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">70.1 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">71.8 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">76.5 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">75.2    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </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 align=center width="10%">77.4 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">78.2    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD 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 align=center width="10%">75.2 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">69.5    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </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 align=center width="10%">NA </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Gold ounces </B></TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">17,686 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">22,947 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">19,914 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">15,032 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">12,917 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">11,754 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">7,695 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">6,321    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </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 align=center width="10%">2,499 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">1,620    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </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 align=center width="10%">5,196 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">4,701    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </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 align=center width="10%">NA </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Gold grade </B></TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.78 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.89 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.96 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1.51    </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.55 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.49 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.47 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1.33    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </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 align=center width="10%">0.87 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">0.6    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </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 align=center width="10%">2.05 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">2.1    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </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 align=center width="10%">NA </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Gold recovery </B></TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">82.1 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">96.9 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">80.4 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">82.3    </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">71.7 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">80.1 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">80.3 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">76.2    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </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 align=center width="10%">89.2 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">85.3    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </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 align=center width="10%">76.6 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">73.6    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </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 align=center width="10%">NA </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Cash costs per oz </B></TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$7.46 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$5.14 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$10.53 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$10.04 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$12.25 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$4.70 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$5.46 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$6.26    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </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 align=center width="10%">$8.64 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$12.38 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </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 align=center width="10%">($0.31) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">($6.63) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </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 align=center width="10%">NA </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" 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 bgcolor="#EEEEEE">$14.59 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$13.17 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$18.18 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$18.24 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$20.84 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$13.18 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$9.98 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$12.27 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </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 align=center width="10%">$13.01 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$17.73 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </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 align=center width="10%">$4.50 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$0.10    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </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 align=center width="10%">NA </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">NA  </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Costs per tonne </B></TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$90.72 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$104.06 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$96.45 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$99.63 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$92.86 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$97.04 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$86.32 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$92.44 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </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 align=center width="10%">$100.81 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$113.69 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </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 align=center width="10%">$72.18 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$70.26 </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-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-BOTTOM: #000000 2px solid" align=center width="10%">NA    </TD>
  <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">NA </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%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>Total Production Cost per
ounce</P></TD></TR></TABLE>
<BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">27 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>KEY ECONOMIC TRENDS </I></B></P>
<P align=justify><B><I>Metal Price Trends </I></B></P>
<P align=center>
<IMG src="exhibit99-2x28x1.jpg" border=0 width="650" height="362"></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 Q4, 2013, the
average price of silver was $20.82 per ounce, with silver trading between a
range of $19.05 and $22.74 per ounce based on the London Fix silver price. This
compares to an average of $32.61 per ounce during Q4, 2012, with a low of $29.75
and a high of $34.96 per ounce. During Q4, 2013, the Company realized an average
price of $20.52 per ounce compared with $32.87 for the corresponding period in
2012.</P>
<P align=justify>During Q4, 2013, the average price of gold was $1,275 per
ounce, with gold trading between a range of $1,195 and $1,361 per ounce based on
the London Fix PM gold price. This compares to an average of $1,718 per ounce
during Q4, 2012, with a low of $1,650 and a high of $1,792 per ounce. During Q4,
2013, the Company realized an average price of $1,246 per ounce compared with
$1,725 for the corresponding period in 2012. </P>
<P align=justify>During 2013, the average price of silver was $23.79 per ounce,
with silver trading between a range of $19.05 and $32.23 per ounce based on the
London Fix silver price. This compares to an average of $31.15 per ounce during
2012, with a low of $26.67 and a high of $37.23 per ounce. During 2013, the
Company realized an average price of $23.10 per ounce compared with $30.99 for
the corresponding period in 2012. </P>
<P align=justify>During 2013, the average price of gold was $1,411 per ounce,
with gold trading between a range of $1,192 and $1,694 per ounce based on the
London Fix PM gold price. This compares to an average of $1,669 per ounce during
2012, with a low of $1,540 and a high of $1,792 per ounce. During 2013, the
Company realized an average price of $1,375 per ounce compared with $1,674 for
the corresponding period in 2012. </P>
<P align=justify>The major influences on the precious metals prices during 2013
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. A sustained period at current metal prices will have a significant
impact on the Company&#146;s financial position, performance and liquidity, as well
as on the carrying value of the Company&#146;s cash generating units. See impairment
of non-current assets on page 19). </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">28 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>Currency Fluctuations <BR></I></B>The Company&#146;s
operations are located in Mexico and therefore a significant portion of
operating costs and capital expenditures are denominated 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
US dollar strengthens, these currencies weaken, and as the US dollar weakens,
these foreign currencies strengthen.</P>
<P align=justify>During Q2, 2013, the Mexican peso reversed its appreciation
trend and depreciated relative to the US dollar. During Q4, 2013, the average
foreign exchange rate was $13.01 Mexican Pesos per U.S. dollar, with the peso
trading between a range of $13.22 and $12.79. This compares to an average of
$12.94 during Q4, 2012, with a range of $13.25 and $12.72 Mexican peso per US
dollar.</P>
<P align=justify>During 2013, the average foreign exchange rate was $12.75
Mexican Pesos per U.S. dollar, with the peso trading between a range of $13.37
and $11.97. This compares to an average of $13.15 during 2012, with a range of
$14.41 and $12.60 Mexican peso per US dollar.<B><I> </I></B></P>
<P align=center>
<IMG src="exhibit99-2x29x1.jpg" border=0 width="650" height="319"></P>
<P align=justify>During Q4, 2013, the Canadian dollar continued to depreciate
relative to the US dollar. During Q4, 2013, the average foreign exchange rate
was $1.0495 Canadian dollar per U.S. dollar, with the Canadian dollar trading
between a range of $1.0643 and $1.0328. This compares to an average of $0.9911
during Q4, 2012, between a range of $0.9785 and $1.0011 US dollar per Canadian
dollar.</P>
<P align=justify>During 2013, the Canadian dollar continued to depreciate
relative to the US dollar. During 2013, the average foreign exchange rate was
$1.0303 Canadian dollar per U.S. dollar, with the Canadian dollar trading
between a range of $1.0643 and $0.9856. This compares to an average of par
during 2012, with a range of $0.9740 and $1.0339 US dollar per Canadian
dollar.</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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">29 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=center>
<IMG src="exhibit99-2x30x1.jpg" border=0 width="652" height="334"></P>
<P align=justify><B><I>Cost Trends </I></B></P>
<P align=center>
<IMG src="exhibit99-2x30x2.jpg" border=0 width="642" height="321"></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. The tax reform is
expected to have a material impact on the Company&#146;s future earnings and cash
flows. </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">30 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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=left width="1%"
    >&nbsp;</TD>
    <TD
      width="16%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Ag Prod. (M oz)</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="16%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Au Prod. (K oz)</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="16%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Ag Eq. Prod. (K oz)</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="16%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Tonnes/Day (tpd)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Guanacev&#237; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>2.6-2.7 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>7.0-8.0 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>3.0-3.2 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="16%" bgColor=#e6efff>1,200-1,300 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Bola&#241;itos </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">2.2-2.4 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">36.0-38.0 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">4.4-4.7 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="16%">1,450-1,600 </TD>
    <TD align=left width="2%" >&nbsp;</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=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="16%"
    bgColor=#e6efff>1.7-1.8 </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="16%"
    bgColor=#e6efff>22.0-23.0 </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="16%"
    bgColor=#e6efff>3.0-3.1 </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="16%"
    bgColor=#e6efff>1,200-1,550 </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
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="16%">6.5-6.9 </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="16%">65.0-69.0 </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="16%">10.4-11.0 </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="16%">3,850-4,450 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</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 2013, 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>Bola&#241;itos and El Cubo are both producing silver-gold
concentrate for sale under one year contracts to smelters because their
attractive terms offer lower costs and higher profit margins compared to
producing dor&#233; bars from the El Cubo leach plant at the current low metal
prices. </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 are estimated
to be in the $95 per tonne driving the expectation that the consolidated
byproduct cash costs of silver production (net of gold credits) to be in the
$9-$10 range in 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.</P>
<P align=justify>All-in by-product sustaining costs of production (including
sustaining capex, exploration and G&amp;A costs) are forecasted to be
approximately $19 per oz of silver produced. </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 2013, Endeavour plans 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. </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">31 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_32"></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<B>LIQUIDITY AND CAPITAL RESOURCES </B></P>
<P align="justify">
Cash and cash equivalents have increased from &#36;18.6 million at December 31, 2012 to &#36;35.0 million at December 31, 2013. The Company had working capital of &#36;32.2 million at December 31, 2013 (December 31, 2012 - &#36;50.9 million). The
&#36;18.7 million decrease in working capital is primarily a result of an increase in the revolving credit facility of &#36;24.0 million, which was used towards expenditures on property, plant and equipment offset by contributions from
operations.</P>
<P align="justify">
Operating activities provided cash of &#36;76.5 million during 2013 compared to providing &#36;76.0 million during the same in 2012. The significant non-cash adjustments to net earnings were for the impairment of non-current assets and goodwill
totaling &#36;135.1 million, amortization and depletion of &#36;53.9 million, share-based compensation of &#36;3.5 million, a loss on the sale of marketable securities of &#36;3.1 million, a deferred income tax recovery of &#36;20.5 million, a
mark-to-market gain on contingent liabilities of &#36;8.4 million, a mark-to-market gain on derivative liabilities of &#36;3.7 million, the write down of inventory to net realizable value of &#36;5.9 million, finance costs of &#36;1.5 million and a
change in non-cash working capital of &#36;5.0 million. The change in non-cash working capital was primarily due to an increase in accounts receivable due to third party sales of the Bola&ntilde;itos and El Cubo concentrate and a reduction in
accounts payable and income tax payable, offset by a reduction in inventories and prepaid expenses.</P>
<P align="justify">
Investing activities during the period used &#36;83.4 million as compared to &#36;144.3 million in the same period of 2012, with &#36;100 million in cash used towards the purchase of Mexgold in 2012.  Investments in property, plant and equipment
totaling &#36;88.6 million compared to &#36;66.2 million, primarily due to increased development and plant expansion expenditures at El Cubo.  There was also &#36;5.2 million in net receipts from short term investments compared to net receipts in
short term investments of &#36;22.1 million in 2012. </P>
<P align="justify">
The Company invested a total of &#36;88.6 million in property, plant and equipment during 2013.  &#36;15.9 million was invested at Guanacev&iacute;, with &#36;10.3 million spent on mine development, &#36;2.7 million spent on the tailings and
refining facilities and &#36;2.9 million on mine equipment. Guanacev&iacute; mine development included 5.4 kilometres of underground development, and the refining facilities expenditures included &#36;0.7 million on new agitator and &#36;1.7 million
on the tailing dam expansion. </P>
<P align="justify">
During 2013 the Company invested &#36;21.4 million at Bola&ntilde;itos. The Company spent &#36;12.3 million on 7.6 kilometres of underground development, including two ventilation raises and infill drilling. The 7.6 kilometres was within 96% of the
original plan, while incurring &#36;2.8 million less than the original plan. The Company spent &#36;3.8 million on plant projects completing the 2012 expansion, expansion of the tailings dam and spent &#36;5.3 million on mine equipment to help
facilitate the significant increase in mine output. In total the Company invested &#36;21.4 million at Bola&ntilde;itos in 2013. </P>
<P align="justify">
During 2013 the Company invested &#36;48.5 million at El Cubo. The plant re-build was complete, with &#36;28.6 million spent. The Company spent &#36;13.8 million on 10.6 kilometres of underground development, 14% more development than planned for 6%
higher than budget. An additional &#36;6.0 million was spent on equipment and surrounding infrastructure to improve operating efficiencies.</P>
<P align="justify">
The Company spent &#36;2.4 million on exploration property costs, including &#36;2.0 million on the final San Sebasti&aacute;n property payment. An additional &#36;0.3 million was invested office equipment and software for the exploration and
corporate offices.</P>
<P align="justify">
As at December 31, 2013, the Company held no short-term investments and &#36;1.5 million in available for sale investments consisting of marketable securities. </P>
<P align="justify">
Financing activities during 2013 generated &#36;23.3 million, compared to &#36;10.3 million during 2012. During 2013 the Company drew &#36;24.0 million in net proceeds from its revolving line of credit, incurring &#36;1.1 million of interest and
&#36;0.5 million was realized from the exercise of stock options. During 2012 the Company drew &#36;9.0 million in proceeds from its revolving line of credit, incurring &#36;0.4 million of interest, issuance costs of &#36;0.7 million and &#36;2.4
million was realized from the exercise of stock options and warrants.  </P>

<BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">32 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_33></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>As at December 31, 2013, the Company&#146;s issued share capital was
$358.4 million, representing 99,784,409 common shares, compared to $357.3
million, representing 99,541,522 common shares, at December 31, 2012. All of the
199,488 common shares issued during the period were issued upon stock option or
warrant exercises. </P>
<P align=justify>As at December 31, 2013, the Company had options outstanding to
purchase 5,695,550 common shares with a weighted average exercise price of CAN
$5.26 and had share purchase warrants outstanding to purchase 1,196,967 common
shares with a weighted average exercise price of CAN $1.94. Subsequent to
December 31, 2013 all of the warrants were exercised. </P>
<P align=justify>On July 24, 2012, the Company entered into a $75 million
revolving credit facility (&#147;the Facility&#148;) reducing over three years with Scotia
Capital. The purpose of the Facility is for general corporate purposes and is
principally secured by a pledge of the Company&#146;s equity interests in its
material operating subsidiaries, including Refinadora Plata Guanacev&#237; S.A de
C.V., Minas Bola&#241;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&#146;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&#146;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
December 31, 2013. As part of the credit agreement the capacity of the credit
facility was reduced to $50.0 million on July 24, 2013. As of December 31, 2013,
the Company had drawn $33.0 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 $50 million to $25 million July 24,
2015. </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. On enactment of the
Special Mining Duty, the Company recognized an $18.7 million deferred income tax
expense for the year ended December 31, 2013. The tax reform is expected to have
a material impact on the Company&#146;s future earnings and cash flows.</P>
<P align=justify><B><I>Contingencies <BR></I></B>On February 18, 2013, the
Mexican tax administration published temporary regulations on the tax amnesty
program enacted in December 2012. Under the tax amnesty, available until May 31,
2013, taxpayers were able to settle tax liabilities for years 2006 and prior
with forgiveness of up to 80% of the omitted tax and inflation adjustments and
up to 100% of interest and penalties. Further, interest and penalties on
qualified liabilities arising after 2007 will be eligible for a 100% forgiveness
of penalties and interest. </P>
<P align=justify>Refinadora Plata Guanacev&#237; SA de CV, a subsidiary of the
Company, received a MXN$63 million (US$4.8 million) assessment on May 7, 2011 by
Mexican fiscal authorities for failure to provide the appropriate support for
certain expense deductions taken in the entity&#146;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 was the Company&#146;s view that it provided the appropriate
documentation and support for the expenses however, the Company estimated a
potential tax exposure of $425,000, plus additional interest and penalties of
$460,000. On May 30, 2013, under the tax amnesty program the Company paid
$561,000 to settle the dispute.</P>
<P align=justify>Metales Interamericanos S.A. de C.V., a subsidiary of
Endeavour, acquired in the El Cubo transaction received a MXN$68 million (US$5.2
million) assessment on August 24, 2010 by Mexican fiscal authorities for failure
to provide the appropriate support for certain expense deductions in the 2006
tax return. Based on the advice of legal counsel, it was the Company&#146;s view the
tax assessment has no legal merit and an appeals process was initiated in 2010.
On May 30, 2013, under the tax amnesty program the Company paid
$682,000 to settle the dispute. </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">33 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_34"></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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 did not elect to use the tax amnesty and will continue the appeal process. </P>
<P align="justify">
<B><I>Capital Requirements </I></B></P>
<P align="justify">
At the beginning of 2013 the Company planned to invest &#36;44.9 million at El Cubo, &#36;21.4 million at Bola&ntilde;itos and &#36;19.5 million at Guanacev&iacute; for a total of &#36;85.8 million on capital projects in 2013, all which were
anticipated to be covered by the Company&rsquo;s 2013 cash flow and credit facility. During Q2, 2013, the precious metal prices dropped significantly, prompting management to defer &#36;16.3 million in capital expenditures across the three
operations. The capital deferrals did not impact forecasted production in 2013 and as management assessed the market conditions re-instituted additional mine development in Q4, 2013.</P>
<P align="justify">
The original &#36;44.8 million capital budget at El Cubo was primarily for rebuilding the El Cubo plant, mine development and to purchase new underground mining equipment. The revised capital plan includes halting the construction of new
administrative buildings and modifying other buildings to accommodate administration, delaying certain equipment purchases and reducing mine exploration for a total cost reduction of &#36;4.0 million. As of December 31, 2013, the plant re-build was
complete, with &#36;28.6 million spent. The Company spent &#36;13.8 million on 10.6 kilometres of underground development, 14% more development than planned for 6% higher than budget. An additional &#36;6.0 million was spent on equipment and
surrounding infrastructure for operations. In total the Company invested &#36;48.5 million at El Cubo in 2013. In 2014, the Company has budgeted US&#36;20.9 million. The capital program includes &#36;13.3 million for underground development and
exploration, &#36;2.3 million for additional mobile equipment and &#36;5.3 for various infrastructure projects.</P>
<P align="justify">
The original &#36;21.4 million capital budget at Bola&ntilde;itos was for the continued mine development of the veins discovered in 2011 and 2012. The increased production also requires an additional investment in the tailings dam, totaling &#36;4.2
million. The revised capital plan decelerates mine development and mine exploration by &#36;3.5 million and defers equipment purchases by &#36;2.7 million.  During 2013, the Company had spent &#36;12.3 million on 7.6 kilometres of underground
development, including two ventilation raises and infill drilling. The 7.6 kilometres was within 96% of the original plan, while incurring &#36;2.8 million less than the original plan. The Company spent &#36;3.8 million on plant projects completing
the 2012 expansion, expansion of the tailings dam and spent &#36;5.3 million on mine equipment to help facilitate the significant increase in mine output. In total the Company invested &#36;21.4 million at Bola&ntilde;itos in 2013. In 2014, the
Company has budgeted US&#36;9.9 million for Bola&ntilde;itos capital program. The capital program includes &#36;8.2 million for underground development and exploration and &#36;1.7 for various infrastructure projects. </P>
<P align="justify">
The original &#36;19.5 million capital budget at Guanacev&iacute; included &#36;12.2 million for underground development, while &#36;2.4 million will be spent on the tailings dam to ensure there is sufficient capacity into the future. The remaining
investment was for various equipment purchases and upgrades.  The revised capital plan decelerates mine development and mine exploration by &#36;5.6 million. In 2013, 5.4 kilometres of underground development was completed costing &#36;10.3 million,
primarily due to infrastructure costs for pumping water from the Santa Cruz ore zone. The 5.4 kilometres was within 60% of the original plan, while incurring 85% of the original plan costs. Demobilization of contractors and higher underground
infrastructure costs results in higher costs spent than the revised plan. Additionally the mine spent &#36;2.7 million related to the plant and tailings and &#36;2.9 million on various mine equipment. In 2014, the Company has budgeted US&#36;11.7
million for Guanacev&iacute; capital program. The capital program includes &#36;9.3 million for underground development and exploration and &#36;1.4 for various infrastructure projects. </P>

<BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">34 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_35></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>C<B><I>ontractual Obligations </I></B></P>
<P align=justify>The Company had the following contractual obligations at
December 31, 2013: </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 colspan="15" align=left style="BORDER-BOTTOM: #000000 1px solid">Payments due by
      period (in thousands of dollars)    </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>&nbsp; &nbsp;
      &nbsp; &nbsp;Contractual Obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Total </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="14%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >Less than 1 year </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">1 &#150;
      3 years </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">3 &#150;
      5 years </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="14%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >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>$</TD>
    <TD align=right width="11%" bgColor=#e6efff>&nbsp;940 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="14%" bgColor=#e6efff >&nbsp;940 </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="14%" 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%">962 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%" >266 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">539 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">157 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="14%" >- </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>6,652 </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 >- </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>6,652 </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="14%"
    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;8,554 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    >&nbsp;1,206 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="11%">&nbsp;7,191 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="11%">&nbsp;157 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    >&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., Caza Gold 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 $248,000 receivable related to administration costs outstanding
as at December 31, 2013 (December 31, 2012 &#150; $136,000). Subsequent to year end
Mr. Cooke resigned from the Caza Gold Corp. board of directors.</P>
<P align=justify>During the year ended December 31, 2013, the Company was
charged $129,000 (December 31, 2012 - $527,000) for legal services by Koffman
Kalef LLP, a firm in which the Company&#146;s Corporate Secretary is a partner. As of
December 31, 2013, the Company had a payable outstanding of $8,000 relating to
these legal services (December 31, 2012 - $10,000).</P>
<P align=justify><B><I>Financial Assets and Liabilities </I></B></P>
<P align=justify>As at December 31, 2013, the carrying and fair values of
Endeavour&#146;s financial instruments by category were as follows: </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-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 nowrap style="BORDER-BOTTOM: #000000 2px solid">As
      at December 31, 2013 </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">As
      at December 31, 2012 </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 width="12%" align=center nowrap>Carrying </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>Estimated Fair </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>Carrying </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>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 width="12%" align=center nowrap>value </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>value </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>value </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>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 width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$&nbsp;</TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</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="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>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Financial assets: </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>
    <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>Cash and cash equivalents </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">35,004 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">35,004 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">18,617 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">18,617 </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="12%" 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="12%" 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="12%" bgColor=#e6efff>8,520 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,520 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Trade receivables </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">10,263 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">10,263 </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>
    <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 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="12%"
    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="12%"
    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="12%"
    bgColor=#e6efff>20,526 </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>20,526 </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 2px solid" align=left>Total financial
      assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">60,216 </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=right
      width="12%">60,216 </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=right
      width="12%">47,663 </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=right
      width="12%">47,663 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <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>
    <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>Financial liabilities: </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>
    <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>Accounts payable and accrued liabilities</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" 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="12%" bgColor=#e6efff>38,485 </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>38,485 </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="12%">33,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">33,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">9,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">9,000 </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="12%" 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="12%" 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="12%" bgColor=#e6efff>8,497 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,497 </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="12%">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="12%">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="12%">5,336    </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%">5,336    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>51,811 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>51,811 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>61,318 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>61,318 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<BR>
<BR>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">35 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_36></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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 width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Total    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Level 1    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Level 2    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">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 2px solid" align=left>As at December 31,
      2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <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>Financial assets: </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>
    <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>Available for sale securities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,463 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,295 </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>
    <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 style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Trade 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="12%"
    bgColor=#e6efff>10,263 </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>10,263 </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>- </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>- </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 2px solid" align=left>Total financial
      assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">11,726 </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=right
      width="12%">12,558 </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=right width="12%">- </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=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <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>
    <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>Financial liabilities: </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>
    <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>Contingent liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" 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="12%" 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="12%" 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>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="12%">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="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">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="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,590 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,590 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" 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>
<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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">36 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_37></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<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 December 31, 2013,
the fair value of the contingent consideration was estimated to be $99,000
(December 31, 2012 - $8,497,000). </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 December 31, 2013, 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>Derivative liability </I></B></P>
<P align=justify>Equity offerings were completed in previous periods whereby
warrants were issued with exercise prices denominated in Canadian dollars. As
the warrants have an exercise price denominated in a currency which is different
from the functional currency of the Company (US dollar), the warrants are
treated as a financial liability. The Company&#146;s share purchase warrants are
classified and accounted for as a financial liability at fair value with changes
in fair value recognized in net earnings. The warrant derivative liability is
classified as Level 2 in the fair value hierarchy. 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 at December 31,
2013 were exercised subsequent to year end. </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">37 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_38></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&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 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#800000><FONT color=#ffffff><B>Expressed in thousands
      US dollars</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%"  bgColor=#800000>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="12%" bgColor=#800000><FONT color=#ffffff>&nbsp;
    </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"  bgColor=#800000>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Balance at December 31, 2011 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">13,130 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Exercise of financial liability </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#eeeeee>(5,866</TD>
    <TD align=left width="2%"  bgColor=#eeeeee>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Mark to market
      loss (gain) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">(1,928</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Balance at December 31, 2012 </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>5,336 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exercise of financial liability </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(95</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Mark to market loss (gain) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>(3,750</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Balance at
      December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">1,491
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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 style="BORDER-TOP: #000000 1px solid" align=left bgColor=#800000><FONT
      color=#ffffff><B>Assumptions used for Black-Scholes estimate for warrant
      derivative liability</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
     bgColor=#800000><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD colspan="4" align=center nowrap
    bgColor=#800000 style="BORDER-TOP: #000000 1px solid"><FONT color=#ffffff><B>Year ended Dec. 31</B> </FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="2%"
     bgColor=#800000><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=left width="1%"
     bgColor=#800000><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="12%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2013</B> </FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="1%" align=center nowrap
     bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="12%" align=center nowrap
    bgColor=#800000 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2012</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#800000><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Outstanding warrants </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">849,468 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">902,098 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Weighted average fair value of warrants at
      period end </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&nbsp;1.75 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>5.92 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Risk-free interest rate </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.88% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1.12% </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Expected dividend yield </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#eeeeee>0% </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#eeeeee>0% </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Expected stock price volatility </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">45% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">46% </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Expected warrant life in years </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>0.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>1.2 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD></TR></TABLE>
<P 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 term
of the warrant grant </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>
<P align=justify><U>Liquidity Risk</U> </P>
<P align=justify>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> </P>
<P align=justify>The significant market risk exposures to which the Company is
exposed are foreign currency risk, interest rate risk, and commodity price
risk.</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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">38 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
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noShade SIZE=5>



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<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><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<I>Foreign Currency Risk</I> &ndash; The Company&rsquo;s operations in Mexico and Canada make it subject to foreign currency fluctuations.  Certain of the Company&rsquo;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&rsquo;s assets and the amount of shareholders&rsquo;
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> &ndash; In respect of financial assets, the Company&rsquo;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 &#36;330,000. </P>
<P align="justify">
<I>Commodity Price Risk</I> &ndash; Gold and silver prices have historically fluctuated significantly and are affected by numerous factors outside of the Company&rsquo;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 &#36;1900.00 could significantly affect the Company&rsquo;s future earnings (see Contingent Liability on page 37) </P>
<P align="justify">
<I>Equity Price Risk</I> &ndash; Fair values in the Company&rsquo;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&rsquo;s common shares may have a material effect on the fair value of the Company&rsquo;s warrants and on net income. </P>
<P align="justify">
<B><I>Outstanding Share Data </I></B></P>
<P align="justify">
As of March 5, 2014, the Company had the following securities issued and outstanding: </P>
<UL style="text-align:justify;">
<LI>
101,140,314 common shares</LI>
<LI>
5,495,550 stock options with a weighted average exercise price of CAN&#36;5.35 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&rsquo; equity as capital. The Company&rsquo;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>

<BR>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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    <TR vAlign=top>
      <TD align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">39 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_40></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>CHANGES IN ACCOUNTING POLICIES &amp; 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 1, 2013. These changes were made
in accordance with the applicable transitional provisions. </P>
<P align=justify>Several other new standards and amendments came into effect on
January 1, 2013; 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. </P>
<P align=justify>The nature and impact of each new standard and amendment
applicable to the Company are described below: </P>
<P align=justify><I>IAS 1</I> <I>Presentation of Items of Other Comprehensive
Income (Amendment) <BR></I>The amendments to IAS 1 introduce a grouping of items
presented in other comprehensive income (OCI). Items that could be reclassified
to profit or loss at a future point in time (e.g. net gain or loss on
available-for-sale financial assets) shall be presented separately from items
that will never be reclassified. This amendment has no impact on the Company&#146;s
presentation as the components of OCI pertain only to net gains or losses on
marketable securities classified as available-for-sale financial assets. </P>
<P align=justify><I>IFRS 10 Consolidated Financial Statements <BR></I>In May
2011, the IASB issued IFRS 10 Consolidated Financial Statements to replace IAS
27 Consolidated and Separate Financial Statements and SIC 12 Consolidation &#150;
Special Purpose Entities. The new consolidation standard changes the definition
of control so that the same criteria apply to all entities, both operating and
special purpose entities, to determine control. The revised definition focuses
on the need to have both power and variable returns before control is present.
The adoption of IFRS 10 did not result in any change in the consolidation status
of any of the Company&#146;s subsidiaries or investees. </P>
<P align=justify><I>IFRS 11 Joint Arrangements <BR></I>In May 2011, the IASB
issued IFRS 11 Joint Arrangements to replace IAS 31, Interests in Joint
Ventures. The new standard defines two types of arrangements: Joint Operations
and Joint Ventures. The focus of the standard is to reflect the rights and
obligations of the parties involved in the joint arrangement, regardless of
whether the joint arrangement operates through a separate legal entity. Joint
arrangements that are classified as joint ventures are accounted for using the
equity method of accounting. Joint arrangements that are classified as joint
operations require the venturers to recognize the individual assets,
liabilities, revenues and expenses to which they have legal rights or are
responsible. The adoption of IFRS 11 did not result in any changes to the
Company&#146;s condensed consolidated interim financial statements. </P>
<P align=justify><I>IFRS 12 Disclosure of Interests in Other Entities <BR></I>In
May 2011, the IASB issued IFRS 12 Disclosure of Interests in Other Entities to
create a comprehensive disclosure standard to address the requirements for
subsidiaries, joint arrangements and associates including the reporting entity&#146;s
involvement with other entities. It also includes the requirements for
unconsolidated structured entities (i.e. special purpose entities). Endeavour
has adopted IFRS 12 effective January 1, 2013. The adoption of IFRS 12 did not
result in any changes to the Company&#146;s consolidated financial statements. </P>
<P align=justify><I>IFRS 13 Fair Value Measurement <BR></I>In May 2011, the IASB
issued IFRS 13 Fair Value Measurement as a single source of guidance for all
fair value measurements required by IFRS to reduce the complexity and improve
consistency across its application. The standard provides a definition of fair
value and guidance on how to measure fair value as well as a requirement for
enhanced disclosures. Endeavour has adopted IFRS 13 on a prospective basis. </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">40 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_41></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>IFRS 13 also requires specific disclosures on fair values, some
of which replace existing disclosure requirements in other standards, including
IFRS 7 <I>Financial Instruments: Disclosures</I>. Some of these disclosures are
specifically required by IAS 34 for financial instruments, thereby affecting the
condensed consolidated interim financial statements. </P>
<P align=justify><B><I>Recently released IFRS accounting standards </I></B></P>
<P align=justify><I>Changes in Accounting Standards <BR></I>A number of new
standards, amendments to standards and interpretations, are not yet effective
for the year ending December 31, 2013, and have not been applied in preparing
these consolidated financial statements. The following pronouncements are those
that the Company considers most significant and are not intended to be a
complete list of new pronouncements that may affect the financial statements.
</P>
<P align=justify><I>IFRS 9 Financial Instruments <BR></I>In November 2009, the
IASB issued IFRS 9 Financial Instruments as the first step in its project to
replace IAS 39 Financial Instruments: Recognition and Measurement. 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 Financial
Instruments: Disclosures, including added disclosures about investments in
equity instruments measured at fair value in OCI, and guidance on the
measurement of financial liabilities and de-recognition 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, 2018.
Endeavour is currently assessing the impact of adopting IFRS 9 on Endeavour&#146;s
consolidated financial statements, including the applicability of early
adoption. </P>
<P align=justify><B><I>Critical Accounting Estimates <BR></I></B>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><I>Mineralized Reserves and Impairment of Long Lived Assets
<BR></I>Management periodically reviews the carrying value of its mineral
properties with internal and external mining related professionals. A decision
to abandon, reduce or expand a specific project is based upon many factors
including general and specific assessments of reserves, anticipated future
prices, anticipated future costs of exploring, developing and operating a
producing mine, expiration term and ongoing expense of maintaining leased
mineral properties and the period for properties with unproven reserves.
However, properties which have not demonstrated suitable mineral concentrations
at the conclusion of each phase of an exploration program are re-evaluated to
determine if future exploration is warranted and their carrying values are
appropriate. </P>
<P align=justify>The recoverable amounts of the Company&#146;s CGUs, which include
mining properties, plant and equipment and allocated goodwill, are determined on
an annual basis and circumstances result in impairment indicators. As at
December 31, 2013, the Company determined there were several indicators of
potential impairment of its producing mineral properties which include the
sustained decline in precious metal prices, the Mexican tax reform (see page 30)
and a reduction of the estimated reserves and resources. The recoverable amounts
are based on each CGUs future cash flows expected to be derived from the
Company&#146;s mining properties and represents each CGUs fair value in use. The cash
flows are determined based on the life-of-mine after tax cash flow forecast
which incorporate management&#146;s best estimates of future metal prices, production
based on current estimates of recoverable reserves and resources, exploration
potential, future operating costs and non-expansionary capital expenditures.
</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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">41 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_42></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>If an area of interest is abandoned or it is determined that
its carrying value cannot be supported by future production or sale, the related
costs are charged against operations in the period of abandonment or
determination that the carrying value exceeds its fair value. The amounts
recorded as mineral properties represent costs incurred to date and do not
necessarily reflect present or future values. </P>
<P align=justify><I>Provision for Reclamation and Rehabilitation
<BR></I>Reclamation and closure costs have been estimated based on the Company&#146;s
interpretation of current regulatory requirements, however changes in regulatory
requirements and new information may result in revisions to estimates. The
Company recognized the present value of liabilities for reclamation and closure
costs in the period in which they are incurred. These obligations are measured
initially at fair value and the resulting costs capitalized to the carrying
value of the related asset. In subsequent periods, the liability is adjusted for
any changes in the amount or timing and for the accretion of discounted
underlying future cash flows. The capitalized asset retirement cost is amortized
to operations over the life of the asset. </P>
<P align=justify><I>Deferred Income Taxes <BR></I>The Company follows the asset
and liability method of accounting for income taxes. Under this method, future
tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases, and losses
carried forward. Future tax assets and liabilities are measured using
substantively enacted or enacted tax rates expected to apply to taxable income
in the years in which those temporary differences are expected to be recovered
or settled. The effect on future tax assets and liabilities of a change in tax
rates is recognized in income in the period that includes the substantive
enactment date. Future tax assets are recognized to the extent that they are
considered more likely than not to be realized. </P>
<P align=justify>The future income tax provision also incorporates management&#146;s
estimates regarding the utilization of tax loss carry forwards, which are
dependent on future operating performance and transactions. </P>
<P align=justify><I>Share-based Compensation <BR></I>The Company has a share
option plan and records all share-based compensation for options using the fair
value method. The fair value of each option award is estimated on the date of
the grant using the Black-Scholes option pricing model, with expected volatility
based on historical volatility of Endeavour&#146;s stock. The Company uses historical
data to estimate the term of the option and the risk free rate for the expected
term of the option is based on the Government of Canada yield curve in effect at
the time of the grant.</P>
<P align=justify><I>Warrant Derivative Liability <BR></I>Equity offerings were
completed in previous periods whereby warrants were issued with exercise prices
denominated in Canadian dollars. As the warrants have an exercise price
denominated in a currency which is different to the functional currency of the
Company (US dollar), the warrants are treated as a financial liability. The
Company&#146;s share purchase warrants are classified and accounted for as a
financial liability at fair value with adjustments recognized through net
earnings. The publicly traded warrants and warrants with similar characteristics
were valued using the quoted market price as of exercise or at period end. For
the non-publicly traded warrants, the Company uses Black-Scholes option pricing
model to determine the fair value of the Canadian dollar denominated warrants.
</P>
<P align=justify><I>Business Combinations <BR></I>On the acquisition of a
business, the acquisition method of accounting is used, whereby the purchase
consideration is allocated to the identifiable assets, liabilities and
contingent liabilities (identifiable net assets) on the basis of fair value at
the date of acquisition. When the cost of acquisition exceeds the fair values
attributable to the Company&#146;s share of identifiable net assets, the difference
is treated as purchased goodwill, which is not amortized but is reviewed for
impairment annually or more frequently where there is an indication of
impairment. If the fair value attributable to the Company&#146;s share of the
identifiable net assets exceeds the cost of acquisition, the difference is
immediately recognized in the income statement. Incremental costs related to
acquisitions are expensed as incurred. </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">42 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_43></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Determination of the fair value of assets acquired and
liabilities assumed and the resulting goodwill, if any, requires that management
make estimates based on the information provided by the acquiree. Changes to the
provisional values of assets acquired and liabilities assumed, deferred income
taxes and resulting goodwill, if any, will be adjusted when the final
measurements are determined (within one year of acquisition date). </P>
<P align=justify>When purchase consideration is contingent on future events, the
initial cost of the acquisition recorded includes an estimate of the fair value
of the contingent amounts expected to be payable in the future. When the fair
value of contingent consideration as at the date of acquisition is finalized,
before the end of the 12 month measurement period, the adjustment is allocated
to the identifiable assets acquired and liabilities assumed. Changes to the
estimated fair value of contingent consideration subsequent to the acquisition
date are recorded in the consolidated statement of comprehensive income. </P>
<P align=justify><B>RISKS AND UNCERTAINTIES <BR></B><B><I>Precious and Base
Metal Price Fluctuations <BR></I></B>The profitability of the precious metals
operations in which the Company has an interest will be significantly affected
by changes in the market prices of precious metals. Prices for precious metals
fluctuate on a daily basis, have historically been subject to wide fluctuations
and are affected by numerous factors beyond the control of the Company such as
the level of interest rates, the rate of inflation, central bank transactions,
world supply of the precious metals, foreign currency exchange rates,
international investments, monetary systems, speculative activities,
international economic conditions and political developments. The exact effect
of these factors cannot be accurately predicted, but the combination of these
factors may result in the Company not receiving adequate returns on invested
capital or the investments retaining their respective values. Declining market
prices for these metals could materially adversely affect the Company&#146;s
operations and profitability.</P>
<P align=justify><B><I>Fluctuations in the price of consumed commodities
<BR></I></B>Prices and availability of commodities consumed or used in
connection with exploration, development and mining, such as natural gas,
diesel, oil, electricity, cyanide and other re-agents fluctuate affecting the
costs of production at our operations. These fluctuations can be unpredictable,
can occur over short periods of time and may have a materially adverse impact on
our operating costs or the timing and costs of various projects. Our general
policy is not to hedge our exposure to changes in prices of the commodities that
we use in our business.</P>
<P align=justify><B><I>Foreign Exchange Rate Fluctuations <BR></I></B>Operations
in Mexico and Canada are subject to foreign currency exchange fluctuations. The
Company raises its funds through equity issuances which are priced in Canadian
dollars, and the majority of the exploration costs of the Company are
denominated in United States dollars and Mexican pesos. The Company may suffer
losses due to adverse foreign currency fluctuations.</P>
<P align=justify><B><I>Competitive Conditions <BR></I></B>Significant
competition exists for natural resource acquisition opportunities. As a result
of this competition, some of which is with large, well established mining
companies with substantial capabilities and significant financial and technical
resources, the Company may be unable to either compete for or acquire rights to
exploit additional attractive mining properties on terms it considers
acceptable. Accordingly, there can be no assurance that the Company will be able
to acquire any interest in additional projects that would yield reserves or
results for commercial mining operations.</P>
<P align=justify><B><I>Operating Hazards and Risks <BR></I></B>Mining operations
generally involve a high degree of risk, which even a combination of experience,
knowledge and careful evaluation may not be able to overcome. These risks
include, but are not limited to, the following: environmental hazards,
industrial accidents, third party accidents, unusual or unexpected geological
structures or formations, fires, power outages, labour disruptions, floods,
explosions, cave-ins, land-slides, acts of God, periodic interruptions due to
inclement or hazardous weather conditions, earthquakes, war, rebellion,
revolution, delays in transportation, inaccessibility to property, restrictions
of courts and/or government authorities, other restrictive matters beyond the
reasonable control of the Company, and the inability to obtain suitable or
adequate machinery, equipment or labour and other risks involved in the
operation of mines. </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">43 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_44></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=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Operations in which the Company has a direct or indirect
interest will be subject to all the hazards and risks normally incidental to
exploration, development and production of precious and base metals, any of
which could result in work stoppages, delayed production and resultant losses,
increased production costs, asset write downs, damage to or destruction of mines
and other producing facilities, damage to life and property, environmental
damage and possible legal liability for any or all damages. The Company may
become subject to liability for pollution, cave-ins or hazards against which it
cannot insure or against which it may elect not to insure. Any compensation for
such liabilities may have a material, adverse effect on the Company&#146;s financial
position.</P>
<P align=justify>Our property, business interruption and liability insurance may
not provide sufficient coverage for losses related to these or other hazards.
Insurance against certain risks, including certain liabilities for environmental
pollution, may not be available to us or to other companies within the industry
at reasonable terms or at all. In addition, our insurance coverage may not
continue to be available at economically feasible premiums, or at all. Any such
event could have a material adverse effect on our business.</P>
<P align=justify><B><I>Mining Operations <BR></I></B>The capital costs required
by the Company&#146;s projects may be significantly higher than anticipated. Capital
and operating costs, production and economic returns, and other estimates
contained in the Company&#146;s current technical reports, may differ significantly
from those provided for in future studies and estimates and from management
guidance, and there can be no assurance that the Company&#146;s actual capital and
operating costs will not be higher than currently anticipated. In addition,
delays to construction and exploration schedules may negatively impact the net
present value and internal rates of return of the Company&#146;s mineral properties
as set forth in the applicable technical report. Similarly, there can be no
assurance that historical rates of production, grades of ore processed, rates of
recoveries or mining cash costs will not experience fluctuations or differ
significantly from current levels over the course of the mining operations
conducted by the Company.</P>
<P align=justify>In addition, there can be no assurance that the Company will be
able to continue to extend the production from its current operations through
exploration and drilling programs.</P>
<P align=justify><B><I>Infrastructure <BR></I></B>Mining, processing,
development and exploration activities depend, to one degree or another, on
adequate infrastructure. Reliable roads, bridges, power sources and water supply
are important determinants, which affect capital and operating costs. The lack
of availability on acceptable terms or the delay in the availability of any one
or more of these items could prevent or delay exploitation or development of the
Company&#146;s projects. If adequate infrastructure is not available in a timely
manner, there can be no assurance that the exploitation or development of the
Company&#146;s projects will be commenced or completed on a timely basis, if at all;
the resulting operations will achieve the anticipated production volume, or the
construction costs and ongoing operating costs associated with the exploitation
and/or development of the Company&#146;s advanced projects will not be higher than
anticipated. In addition, unusual or infrequent weather phenomena, sabotage,
government or other interference in the maintenance or provision of such
infrastructure could adversely affect the Company&#146;s operations and
profitability.</P>
<P align=justify><B><I>Exploration and Development <BR></I></B>There is no
assurance given by the Company that its exploration and development programs and
properties will result in the discovery, development or production of a
commercially viable ore body or yield new reserves to replace or expand current
reserves.</P>
<P align=justify>The business of exploration for minerals and mining involves a
high degree of risk. Few properties that are explored are ultimately developed
into producing mines. At this time, apart from the mineral reserves on the
Company&#146;s Guanacevi Mines, Bola&#241;itos Mines and El Cubo Mines none of the
Company&#146;s properties have any defined ore-bodies with proven reserves.</P>
<DIV align=center>
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    </TR>
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    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The economics of developing silver, gold and other mineral
properties are affected by many factors including capital and operating costs,
variations of the tonnage and grade of ore mined, fluctuating mineral markets,
and such other factors as government regulations, including regulations relating
to royalties, allowable production, importing and exporting of minerals and
environmental protection. Depending on the prices of silver, gold or other
minerals produced, the Company may determine that it is impractical to commence
or continue commercial production. Substantial expenditures are required to
discover an ore-body, to establish reserves, to identify the appropriate
metallurgical processes to extract metal from ore, and to develop the mining and
processing facilities and infrastructure. The marketability of any minerals
acquired or discovered may be affected by numerous factors which are beyond the
Company&#146;s control and which cannot be accurately foreseen or predicted, such as
market fluctuations, conditions for precious and base metals, the proximity and
capacity of milling and smelting facilities, and such other factors as
government regulations, including regulations relating to royalties, allowable
production, importing and exporting minerals and environmental protection. In
order to commence exploitation of certain properties presently held under
exploration concessions, it is necessary for the Company to apply for an
exploitation concession. There can be no guarantee that such a concession will
be granted. Unsuccessful exploration or development programs could have a
material adverse impact on the Company&#146;s operations and profitability.</P>
<P align=justify><B><I>Calculation of Reserves and Resources and Precious Metal
Recoveries <BR></I></B>There is a degree of uncertainty attributable to the
calculation and estimation of reserves and resources and their corresponding
metal grades to be mined and recovered. Until reserves or resources are actually
mined and processed, the quantities of mineralization and metal grades must be
considered as estimates only. Any material change in the quantity of mineral
reserves, mineral resources, grades and recoveries may affect the economic
viability of the Company&#146;s properties.</P>
<P align=justify><B><I>Replacement of Reserves and Resources <BR></I></B>The
Guanacevi, Bola&#241;itos and El Cubo mines are the Company&#146;s current sources of
production. Current life-of-mine plans provide for a defined production life for
mining at the Company&#146;s mines. If the Company&#146;s mineral reserves and resources
are not replaced either by the development or discovery of additional reserves
and/or extension of the life-of-mine at its current operating mines or through
the acquisition or development of an additional producing mine, this could have
an adverse impact on the Company&#146;s future cash flows, earnings, financial
performance and financial condition, including as a result of requirements to
expend funds for reclamation and decommissioning.</P>
<P align=justify><B><I>Acquisition Strategy <BR></I></B>As part of the Company&#146;s
business strategy, it has sought and will continue to seek new mining and
development opportunities in the mining industry. In pursuit of such
opportunities, it may fail to select appropriate acquisition candidates,
negotiate appropriate acquisition terms, conduct sufficient due diligence to
determine all related liabilities or to negotiate favourable financing terms.
The Company may encounter difficulties in transitioning the business, including
issues with the integration of the acquired businesses or its personnel into the
Company. The Company cannot assure that it can complete any acquisition or
business arrangement that it pursues, or is pursuing, on favourable terms, or
that any acquisitions or business arrangements completed will ultimately benefit
its business.</P>
<P align=justify><B><I>Integration of New Acquisitions <BR></I></B>The Company&#146;s
success at completing any acquisitions will depend on a number of factors,
including, but not limited to: identifying acquisitions which fit the Company&#146;s
strategy; negotiating acceptable terms with the seller of the business or
property to be acquired; and obtaining approval from regulatory authorities in
the jurisdictions of the business or property to be acquired.</P>
<P align=justify>The positive effect on the Company&#146;s results arising from past
and future acquisitions will depend on a variety of factors, including, but not
limited to: assimilating the operations of an acquired business or property in a
timely and efficient manner including the existing work force, union
arrangements and existing contracts; maintaining the Company&#146;s financial and
strategic focus while integrating the acquired business or property;
implementing uniform standards, controls, procedures and policies at the
acquired business, as appropriate; and to the extent that the Company makes an
acquisition outside of markets in which it has previously operated, conducting
and managing operations in a new operating environment and under a new
regulatory regime where it has no direct experience.</P>
<DIV align=center>
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    </TR>
  </TABLE>
</DIV>
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  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Past and future business or property acquisitions could place
increased pressure on the Company&#146;s cash flow if such acquisitions involve cash
consideration or the assumption of obligations requiring cash payments. The
integration of the Company&#146;s existing operations with any acquired business will
require significant expenditures of time, attention and funds. Achievement of
the benefits expected from consolidation would require the Company to incur
significant costs in connection with, among other things, implementing financial
and planning systems.</P>
<P align=justify>The Company may not be able to integrate the operations of a
recently acquired business or restructure the Company&#146;s previously existing
business operations without encountering difficulties and delays. In addition,
this integration may require significant attention from the Company&#146;s management
team, which may detract attention from the Company&#146;s day-to-day operations. Over
the short-term, difficulties associated with integration could have a material
adverse effect on the Company&#146;s business, operating results, financial condition
and the price of the Company&#146;s common shares. In addition, the acquisition of
mineral properties may subject the Company to unforeseen liabilities, including
environmental liabilities.</P>
<P align=justify><B><I>Foreign Operations <BR></I></B>The Company&#146;s operations
are currently conducted through subsidiaries principally in Mexico and, as such,
its operations are exposed to various levels of political, economic and other
risks and uncertainties which could result in work stoppages, blockades of the
Company&#146;s mining operations and appropriation of assets. Some of the Company&#146;s
operations are located in areas where Mexican drug cartels operate. These risks
and uncertainties vary from region to region and include, but are not limited
to, terrorism; hostage taking; local drug gang activities; military repression;
expropriation; extreme fluctuations in currency exchange rates; high rates of
inflation; labour unrest; the risks of war or civil unrest; renegotiation or
nullification of existing concessions, licenses, permits and contracts; illegal
mining; changes in taxation policies; restrictions on foreign exchange and
repatriation; and changing political conditions, currency controls and
governmental regulations that favour or require the awarding of contracts to
local contractors or require foreign contractors to employ citizens of, or
purchase supplies from, a particular jurisdiction.</P>
<P align=justify>Local opposition to mine development projects could arise in
Mexico, and such opposition could be violent. There can be no assurance that
such local opposition will not arise with respect to the Company&#146;s Mexican
operations. If the Company were to experience resistance or unrest in connection
with its Mexican operations, it could have a material adverse effect on its
operations and profitability.</P>
<P align=justify>To the extent the Company acquires mineral properties in
jurisdictions other than Mexico; it may be subject to similar and additional
risks with respect to its operations in those jurisdictions.</P>
<P align=justify><B><I>Government Regulation <BR></I></B>The Company&#146;s
operations, exploration and development activities are subject to extensive
foreign federal, state and local laws and regulations governing such matters as
environmental protection, management and use of toxic substances and explosives,
management of natural resources, health, exploration and development of mines,
production and post-closure reclamation, safety and labour, mining law reform,
price controls import and export laws, taxation, maintenance of claims, tenure,
government royalties and expropriation of property. There is no assurance that
future changes in such regulation, if any, will not adversely affect the
Company&#146;s operations. The activities of the Company require licenses and permits
from various governmental authorities.</P>
<P align=justify>The costs associated with compliance with these laws and
regulations are substantial and possible future laws and regulations, changes to
existing laws and regulations and more stringent enforcement of current laws and
regulations by governmental authorities, could cause additional expenses,
capital expenditures, restrictions on or suspensions of the Company&#146;s operations
and delays in the development of its properties. Moreover, these laws and
regulations may allow governmental authorities and private parties to bring
lawsuits based upon damages to property and injury to persons resulting from the
environmental, health and safety practices of the Company&#146;s past and current
operations, or possibly even those actions of parties from whom the Company
acquired its mines or properties, and could lead to the imposition of
substantial fines, penalties or other civil or criminal sanctions. The Company
retains competent and well trained individuals and consultants in jurisdictions
in which it does business, however, even with the application of considerable
skill the Company may inadvertently fail to comply with certain laws. Such
events can lead to financial restatements, fines, penalties, and other material
negative impacts on the Company.</P>
<DIV align=center>
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    </TR>
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</DIV>
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  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>Mexican Tax Assessments <BR></I></B>As disclosed under
&#147;Contingencies&#148;, one subsidiary of the Company in Mexico has received a tax
assessment from Mexican fiscal authorities. While the Company is of the view
that the tax assessment has no legal merit and is contesting it, there is no
assurance that the Company will be successful or that the Company will not have
to pay the full amount of the assessment plus interest and penalties. In the
event the Company is unsuccessful, this could negatively impact the Company&#146;s
financial position and create difficulties for the Company in the future in
dealing with Mexican fiscal authorities. As a result of a detailed review of the
Company&#146;s financial information and delivery of appropriate requested documents
to the Mexican fiscal authorities, the Company has estimated that there is no
material potential tax exposure arising under the assessment. </P>
<P align=justify><B><I>Obtaining and Renewing of Government Permits
<BR></I></B>In the ordinary course of business, the Company is required to
obtain and renew government permits for the operation and expansion of existing
operations or for the development, construction and commencement of new
operations. Obtaining or renewing the necessary governmental permits is a
complex and time-consuming process involving numerous jurisdictions and possibly
involving public hearings and costly undertakings on the Company&#146;s part. The
duration and success of the Company&#146;s efforts to obtain and renew permits are
contingent upon many variables not within its control including the
interpretation of applicable requirements implemented by the permitting
authority. The Company may not be able to obtain or renew permits that are
necessary to its operations, or the cost to obtain or renew permits may exceed
what the Company believes it can recover from a given property once in
production. Any unexpected delays or costs associated with the permitting
process could delay the development or impede the operation of a mine, which
could adversely impact the Company&#146;s operations and profitability.</P>
<P align=justify><B><I>Environmental Factors <BR></I></B>All phases of the
Company&#146;s operations are subject to environmental regulation in the various
jurisdictions in which it operates. Environmental legislation is evolving in a
manner which will require stricter standards and enforcement, increased fines
and penalties for non-compliance, more stringent environmental assessments of
proposed projects and a heightened degree of responsibility for companies and
their officers, directors and employees. There is no assurance that any future
changes in environmental regulation will not adversely affect the Company&#146;s
operations. The costs of compliance with changes in government regulations have
the potential to reduce the profitability of future operations. Environmental
hazards that may have been caused by previous or existing owners or operators
may exist on the Company&#146;s mineral properties, but are unknown to the Company at
present.</P>
<P align=justify><B><I>Title to Assets <BR></I></B>Although the Company has or
will receive title opinions for any properties in which it has a material
interest, there is no guarantee that title to such properties will not be
challenged or impugned. The Company has not conducted surveys of the claims in
which it holds direct or indirect interests and, therefore, the precise area and
location of such claims may be in doubt. The Company&#146;s claims may be subject to
prior unregistered agreements or transfers or native land claims and title may
be affected by unidentified or unknown defects. The Company has conducted as
thorough an investigation as possible on the title of properties that it has
acquired or will be acquiring to be certain that there are no other claims or
agreements that could affect its title to the concessions or claims. If title to
the Company&#146;s properties is disputed it may result in the Company paying
substantial costs to settle the dispute or clear title and could result in the
loss of the property, which events may affect the economic viability of the
Company.</P>
<P align=justify><B><I>Employee Recruitment and Retention <BR></I></B>Recruiting
and retaining qualified personnel is critical to the Company&#146;s success. The
Company is dependent on the services of key executives including the Company&#146;s
President and Chief Executive Officer and other highly skilled and experienced
executives and personnel focused on managing the Company&#146;s interests. The number
of persons skilled in acquisition, exploration, development and operation of
mining properties are limited and competition for such persons is intense. As
the Company&#146;s business activity grows, the Company will require additional key
financial, administrative and mining personnel as well as additional operations
staff. We could experience increases in our recruiting and training costs and
decreases in our operating efficiency, productivity and profit margins. If we
are not able to attract, hire and retain qualified personnel, the efficiency of
our operations could be impaired, which could have an adverse impact on the
Company&#146;s future cash flows, earnings, financial performance and financial
condition.</P>
<DIV align=center>
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      <TD align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">47 </font></b></TD>
    </TR>
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</DIV>
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  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>Potential Conflicts of Interest <BR></I></B>The directors
and officers of the Company may serve as directors and/or officers of other
public and private companies, and may devote a portion of their time to manage
other business interests. This may result in certain conflicts of interest. To
the extent that such other companies may participate in ventures in which the
Company is also participating, such directors and officers of the Company may
have a conflict of interest in negotiating and reaching an agreement with
respect to the extent of each company&#146;s participation. The laws of British
Columbia, Canada, require the directors and officers to act honestly, in good
faith, and in the best interests of the Company and its shareholders. However,
in conflict of interest situations, directors and officers of the Company may
owe the same duty to another company and will need to balance the competing
obligations and liabilities of their actions.</P>
<P align=justify>There is no assurance that the needs of the Company will
receive priority in all cases. From time to time, several companies may
participate together in the acquisition, exploration and development of natural
resource properties, thereby allowing these companies to: (i) participate in
larger properties and programs; (ii) acquire an interest in a greater number of
properties and programs; and (iii) reduce their financial exposure to any one
property or program. A particular company may assign, at its cost, all or a
portion of its interests in a particular program to another affiliated company
due to the financial position of the company making the assignment. In
determining whether or not the Company will participate in a particular program
and the interest therein to be acquired by it, it is expected that the directors
and officers of the Company will primarily consider the degree of risk to which
the Company may be exposed and its financial position at that time.</P>
<P align=justify><B><I>Third Party Reliance <BR></I></B>The Company&#146;s rights to
acquire interests in certain mineral properties have been granted by third
parties who themselves may hold only an option to acquire such properties. As a
result, the Company may have no direct contractual relationship with the
underlying property holder.</P>
<P align=justify><B><I>Absolute Assurance on Financial Statements <BR></I></B>We
prepare our financial reports in accordance with accounting policies and methods
prescribed by International Financial Reporting Standards. In the preparation of
financial reports, management may need to rely upon assumptions, make estimates
or use their best judgment in determining the financial condition of the
Company. Significant accounting policies and practices are described in more
detail in the notes to our annual consolidated financial statements for the year
ended December 31, 2013. In order to have a reasonable level of assurance that
financial transactions are properly authorized, assets are safeguarded against
unauthorized or improper use and transactions are properly recorded and
reported, we have implemented and continue to analyze our internal control
systems for financial reporting. Although we believe our financial reporting and
financial statements are prepared with reasonable safeguards to ensure
reliability, we cannot provide absolute assurance in that regard.
</P>
<P align=justify><B><I>General Economic Conditions <BR></I></B>The unprecedented
events in global financial markets during the last few years have had a profound
effect on the global economy. Many industries, including the gold and silver
mining industry, are affected by these market conditions. Some of the key
effects of the current financial market turmoil include contraction in credit
markets resulting in a widening of credit risk, devaluations and high volatility
in global equity, commodity, foreign exchange and precious metal markets, and a
lack of market liquidity. A continued or worsened slowdown in the financial
markets or other economic conditions, including but not limited to, consumer
spending, employment rates, business conditions, inflation, fuel and energy
costs, consumer debt levels, lack of available credit, the state of the
financial markets, interest rates, and tax rates may adversely affect the
Company&#146;s growth and profitability.</P>
<P align=justify>Specifically:<BR>&#149;the global credit/liquidity crisis could
affect the cost and availability of financing and our overall liquidity;<BR>&#149;the
volatility of gold and silver prices affects our revenues, profits and cash
flow; <BR>&#149;volatile energy prices, commodity and consumables prices and currency
exchange rates affect our production costs; <BR>&#149;the devaluation and volatility
of global stock markets affects the valuation of our equity securities.<BR></P>
<P align=justify>These factors could have a material adverse effect on the
Company&#146;s financial condition and financial performance.</P>
<DIV align=center>
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    </TR>
  </TABLE>
</DIV>
<BR>
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  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>Substantial Volatility of Share Price <BR></I></B>In
recent years, the securities markets in the United States and Canada have
experienced a high level of price and volume volatility, and the securities of
many mineral exploration companies have experienced wide fluctuations in price
which have not necessarily been related to the operating performance, underlying
asset values or prospects of such companies. The price of the Company&#146;s common
shares is also likely to be significantly affected by short-term changes in
mineral prices or in the Company&#146;s financial condition or financial performance
as reflected in its quarterly financial reports. Other factors unrelated to the
Company&#146;s performance that may have an effect on the price of its common shares
include the following: the extent of analytical coverage available to investors
concerning the Company&#146;s business may be limited if investment banks with
research capabilities do not follow the Company&#146;s securities; lessening in
trading volume and general market interest in the Company&#146;s securities may
affect an investor&#146;s ability to trade significant numbers of the Company&#146;s
common shares; the size of the Company&#146;s public float may limit the ability of
some institutions to invest in the Company&#146;s securities; and a substantial
decline in the price of the Company&#146;s common shares that persists for a
significant period of time could cause the Company&#146;s securities to be delisted
from the Toronto Stock Exchange and New York Stock Exchange, further reducing
market liquidity.</P>
<P align=justify><B><I>Differences in U.S. and Canadian reporting of reserves
and resources <BR></I></B>The Company&#146;s reserve and resource estimates are not
directly comparable to those made in filings subject to SEC reporting and
disclosure requirements as the Company generally reports reserves and resources
in accordance with Canadian practices. These practices are different from those
used to report reserve and resource estimates in reports and other materials
filed with the SEC. It is Canadian practice to report measured, indicated and
inferred resources, which are not permitted in disclosure filed with the SEC by
United States issuers. In the United States, mineralization may not be
classified as a "reserve" unless the determination has been made that the
mineralization could be economically and legally produced or extracted at the
time the reserve determination is made. United States investors are cautioned
not to assume that all or any part of measured or indicated resources will ever
be converted into reserves.</P>
<P align=justify>Further, "inferred resources" have a great amount of
uncertainty as to their existence and as to whether they can be mined legally or
economically. Disclosure of "contained ounces" is permitted disclosure under
Canadian regulations; however, the SEC permits issuers to report "resources"
only as in-place tonnage and grade without reference to unit of metal
measures.</P>
<P align=justify>Accordingly, information concerning descriptions of
mineralization, reserves and resources contained in this MD&amp;A, or in the
documents incorporated herein by reference, may not be comparable to information
made public by United States companies subject to the reporting and disclosure
requirements of the SEC.</P>
<P align=justify><B><I>Adequacy of internal control over financial reporting as
per the requirements of the U.S. Sarbanes-Oxley Act <BR></I></B>The Company
documented and tested, during its most recent fiscal year, its internal control
procedures in order to satisfy the requirements of Section 404 of the U.S.
Sarbanes-Oxley Act ("SOX"). SOX requires an annual assessment by management of
the effectiveness of the Company&#146;s internal control over financial reporting and
an attestation report by the Company&#146;s independent auditor addressing this
assessment. The Company may fail to achieve and maintain the adequacy of its
internal control over financial reporting as such standards are modified,
supplemented, or amended from time to time, and the Company may not be able to
ensure that it can conclude on an ongoing basis that it has effective internal
control over financial reporting in accordance with Section 404 of SOX. The
Company&#146;s failure to satisfy the requirements of Section 404 of SOX on an
ongoing, timely basis could result in the loss of investor confidence in the
reliability of its financial statements, which in turn could harm the Company&#146;s
business and negatively affect the trading price of its common shares or market
value of its other securities.</P>
<P align=justify>In addition, any failure to implement required new or improved
controls, or difficulties encountered in their implementation, could harm the
Company&#146;s operating results or cause it to fail to meet its reporting
obligations. Future acquisitions of companies may provide the Company with
challenges in implementing the required processes, procedures and controls in
its acquired operations. Acquired companies may not have disclosure controls and
procedures or internal control over financial reporting that are as thorough or
effective as those required by securities laws currently applicable to the
Company.</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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">49 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
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noShade SIZE=5>
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<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><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>No evaluation can provide complete assurance that the Company&#146;s
internal control over financial reporting will detect or uncover all failures of
persons within the Company to disclose material information required to be
reported. The effectiveness of the Company&#146;s control and procedures could also
be limited by simple errors or faulty judgments. In addition, as the Company
continues to expand, the challenges involved in implementing appropriate
internal control over financial reporting will increase and will require that
the Company continue to improve its internal control over financial reporting.
Although the Company intends to devote substantial time and incur substantial
costs, as necessary, to ensure ongoing compliance, the Company cannot be certain
that it will be successful in complying with Section 404 of SOX.</P>
<P align=justify><B><I>Potential dilution of present and prospective
shareholdings <BR></I></B>In order to finance future operations and development
efforts, the Company may raise funds through the issue of common shares or the
issue of securities convertible into common shares. The Company cannot predict
the size of future issues of common shares or the issue of securities
convertible into common shares or the effect, if any, that future issues and
sales of the Company&#146;s common shares will have on the market price of its common
shares. Any transaction involving the issue of shares, or securities convertible
into shares, could result in dilution, possibly substantial, to present and
prospective holders of shares.</P>
<P align=justify><B><I>Lack of Dividends <BR></I></B>No dividends on the
Company&#146;s common shares have been paid to date. The Company currently plans to
retain all future earnings and other cash resources, if any, for the future
operation and development of its business. Payment of any future dividends, if
any, will be at the discretion of the Board of Directors after taking into
account many factors, including the Company&#146;s operating results, financial
condition, and current and anticipated cash needs.</P>
<P align=justify><B><I>Future Sales of Common Shares by Existing Shareholders
<BR></I></B>Sales of a large number of the Company&#146;s common shares in the public
markets, or the potential for such sales, could decrease the trading price of
the common shares and could impair the Company&#146;s ability to raise capital
through future sales of common shares.</P>
<P align=justify><B><I>Claims Under U.S. Securities Laws <BR></I></B>The
enforcement by investors of civil liabilities under the federal securities laws
of the United States may be affected adversely by the fact that the Company is
incorporated under the laws of British Columbia, Canada, that the independent
registered chartered accountants who have audited the Company&#146;s financial
statements and some or all of the Company&#146;s directors and officers may be
residents of Canada or elsewhere, and that all or a substantial portion of the
Company&#146;s assets and said persons are located outside the United States. As a
result, it may be difficult for holders of the Company&#146;s common shares to effect
service of process within the United States upon people who are not residents of
the United States or to realize in the United States upon judgments of courts of
the United States predicated upon civil liabilities under the federal securities
laws of the United States</P>
<P align=justify>From time to time, the Company may use certain financial
instruments to manage the risks associated with changes in silver prices,
interest rates and foreign currency exchange rates. The use of financial
instruments involves certain inherent risks including, among other things: (i)
credit risk, the risk of default on amounts owing to the Company by the
counterparties with which Company has entered into such transaction; (ii) market
liquidity risk, the risk that the Company has entered into a position that
cannot be closed out quickly, either by liquidating such financial instrument or
by establishing an offsetting position; (iii) unrealized mark-to-market risk,
the risk that, in respect of certain financial instruments, an adverse change in
market prices for commodities, currencies or interest rates will result in the
Company incurring an unrealized mark-to-market loss in respect of such
derivative products.</P>
<P align=justify><B><I>Financial Instruments <BR></I></B>From time to time, the
Company may use certain financial instruments to manage the risks associated
with changes in silver prices, interest rates and foreign currency exchange
rates. The use of financial instruments involves certain inherent risks
including, among other things: (i) credit risk, the risk of default on amounts
owing to the Company by the counterparties with which Company has entered into
such transaction; (ii) market liquidity risk, the risk that the Company has
entered into a position that cannot be closed out quickly, either by liquidating
such financial instrument or by establishing an offsetting position; (iii)
unrealized mark-to-market risk, the risk that, in respect of certain financial
instruments, an adverse change in market prices for commodities, currencies or
interest rates will result in the Company incurring an unrealized mark-to-market
loss in respect of such derivative products. </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">50 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
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<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><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B><I>Financial Reporting Standards</I></B> <BR>The Company
prepares its financial reports in accordance with IFRS applicable to publicly
accountable enterprises effective January 1, 2011. In preparation of financial
reports, management may need to rely upon assumptions, make estimates or use
their best judgment in determining the financial condition of the Company.
Significant accounting policies are described in more detail in the Company&#146;s
audited financial statements. In order to have a reasonable level of assurance
that financial transactions are properly authorized, assets are safeguarded
against unauthorized or improper use, transactions are properly recorded and
reported and the Company has implemented and continues to analyze its internal
control systems for financial reporting. Although the Company believes its
financial reporting and financial statements are prepared with reasonable
safeguards to ensure reliability, the Company cannot provide absolute assurance.
</P>
<P align=justify><B>CONTROLS AND PROCEDURES </B></P>
<P align=justify>The Company&#146;s officers and management are responsible for
establishing and maintaining disclosure controls and procedures for the Company.
Disclosure controls and procedures are designed to provide reasonable assurance
that material information required to be disclosed by the Company under
securities legislation is recorded, processed, summarized and reported within
the applicable time periods and to ensure that required information is gathered
and communicated to the Company&#146;s management, including the Chief Executive
Officer (CEO) and Chief Financial Officer (CFO) as is appropriate to permit
timely decisions regarding public disclosure. There are inherent limitations to
the effectiveness of any system of disclosure controls and procedures.
Accordingly, even effective disclosure controls and procedures can only provide
reasonable assurance of achieving their control objectives. </P>
<P align=justify>At the end of the period covered by this MD&amp;A management,
including the CEO and CFO, conducted an evaluation of the effectiveness of the
Company&#146;s disclosure controls and procedures pursuant to National Instrument
52-109 &#147;Certification of Disclosure in Issuers Annual and Interim Filings&#148; (&#147;NI
52-109&#148;) and Rule 13a -15(b) of the U.S. Securities Exchange Act of 1934, as
amended (the &#147;U.S. Exchange Act&#148;). Based upon that evaluation, the Company&#146;s
Chief Executive Officer and Chief Financial Officer have concluded that as of
the end of the period covered by this MD&amp;A the Company&#146;s disclosure controls
and procedures were effective to give reasonable assurance that the information
required to be disclosed by the Company in reports that it files or submits is
(i) recorded, processed, summarized and reported, within the time periods
specified under applicable securities legislation in Canada and in the U.S.
Securities and Exchange Commission&#146;s rules and forms, and (ii) accumulated and
communicated to management, including its principal executive and principal
financial officers, or persons performing similar functions, as appropriate to
allow timely decisions regarding required disclosure. </P>
<P align=justify><B>Management&#146;s Report on Internal Controls over Financial
Reporting </B></P>
<P align=justify>Management is responsible for establishing and maintaining
adequate internal control over financial reporting (as defined in NI 52-109 and
in Rules 13a-15(b) of the U.S. Exchange Act). A company&#146;s internal control over
financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with applicable
generally accepted accounting principles.</P>
<P align=justify>A company&#146;s internal control over financial reporting includes
those policies and procedures that (i) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company&#146;s assets that could have a
material effect on the financial statements. It should be noted that a control
system, no matter how well conceived or operated, can only provide reasonable
assurance, not absolute assurance, that the objectives of the control system are
met. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with policies and procedures may
deteriorate. </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 align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">51 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
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noShade SIZE=5>
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013 </FONT></B></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Management, including our Chief Executive Officer and Chief
Financial Officer, assessed the effectiveness of our internal control over
financial reporting as of December 31, 2013. In making this assessment,
management used the criteria set forth in the Internal Control Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). Based on its assessment, management has concluded that, as of
December 31, 2013, the Company&#146;s internal control over financial reporting is
effective. Also, management determined that there were no material weaknesses in
the Company&#146;s internal control over financial reporting as at December 31, 2013.
</P>
<P align=justify><B>Changes in Internal Control over Financial Reporting
<BR></B>There have been no changes that occurred during the period covered by
this report that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting. </P>
<DIV align=center>
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    <TR vAlign=top>
      <TD align=center TABLE style="BORDER-TOP: #000000 1px solid"><b><font color="#800000">52 </font></b></TD>
    </TR>
  </TABLE>
</DIV>
<BR>
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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
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   <TITLE>Endeavour Silver Corp.: Exhibit 99.5 - Filed by newsfilecorp.com</TITLE>
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<P align=right><B>Exhibit 99.5 </B></P>
<P align=center><B>CERTIFICATION</B> </P>
<P align=justify>I, Bradford Cooke, certify that:</P>
<P align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 40-F of Endeavour
Silver Corp.;</P>
<P align=justify>2.&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
report;</P>
<P align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
issuer as of, and for, the periods presented in this report;</P>
<P align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The issuer&#146;s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-5(f) for the issuer and have:</P>
<P align=justify style="text-indent: 5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the issuer, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</P>
<P align=justify style="text-indent: 5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or
caused such internal control over financial reporting 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 generally accepted accounting principles;</P>
<P align=justify style="text-indent: 5%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the issuer&#146;s disclosure
controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and</P>
<P align=justify style="text-indent: 5%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the issuer&#146;s
internal control over financial reporting that occurred during the period
covered by the annual report that has materially affected, or is reasonably
likely to materially affect, the issuer&#146;s internal control over financial
reporting; and</P>
<P align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The issuer&#146;s other certifying officer(s) and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the issuer&#146;s auditors and the audit committee of the
issuer&#146;s board of directors (or persons performing the equivalent
functions):</P>
<P align=justify style="text-indent: 5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the issuer&#146;s ability to record, process,
summarize and report financial information; and</P>
<P align=justify style="text-indent: 5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves
management or other employees who have a significant role in the issuer&#146;s
internal control over financial reporting.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>Date: March 31, 2014 </TD>
    <TD noWrap align=left width="50%">By: <u>/s/ Bradford Cooke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </u> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">Chief Executive Officer </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">(Principal Executive Officer)
  </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
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<P align=right><B>Exhibit 99.6</B></P>
<P align=center><B>CERTIFICATION</B></P>
<P align=justify>I, Dan Dickson, certify that:</P>
<P align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 40-F of Endeavour
Silver Corp.;</P>
<P align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
report;</P>
<P align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
issuer as of, and for, the periods presented in this report;</P>
<P align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The issuer&#146;s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-5(f) for the issuer and have:</P>
<P align=justify style="text-indent: 5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the issuer, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</P>
<P align=justify style="text-indent: 5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or
caused such internal control over financial reporting 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 generally accepted accounting principles;</P>
<P align=justify style="text-indent: 5%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the issuer&#146;s disclosure
controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and</P>
<P align=justify style="text-indent: 5%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the issuer&#146;s
internal control over financial reporting that occurred during the period
covered by the annual report that has materially affected, or is reasonably
likely to materially affect, the issuer&#146;s internal control over financial
reporting; and</P>
<P align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The issuer&#146;s other certifying officer(s) and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the issuer&#146;s auditors and the audit committee of the
issuer&#146;s board of directors (or persons performing the equivalent
functions):</P>
<P align=justify style="text-indent: 5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the issuer&#146;s ability to record, process,
summarize and report financial information; and</P>
<P align=justify style="text-indent: 5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves
management or other employees who have a significant role in the issuer&#146;s
internal control over financial reporting.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>Date: March 31, 2014 </TD>
    <TD noWrap align=left width="50%">By: <u>/s/ Dan Dickson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </u> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">Dan Dickson </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">(Principal Financial and Accounting
      Officer) </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>exhibit99-7.htm
<DESCRIPTION>EXHIBIT 99.7
<TEXT>
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<P align=right><B>Exhibit 99.7</B></P>
<P align=center>CERTIFICATION PURSUANT TO <br>
18 U.S.C. &#167;1350, <br>
AS ADOPTED PURSUANT
TO<BR>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</P>
<P align=justify>In connection with the annual report of Endeavour Silver Corp.
(the &#147;Company&#148;) on Form 40-F for the period ended December 31, 2013 as filed
with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;),
I, Bradford Cooke, Chief Executive Officer of the Company, certify, pursuant to
18 U.S.C. &#167;1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in this Report fairly presents,
in all material respects, the financial condition and results of operations of
the Company. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>March 31, 2014 </TD>
    <TD noWrap align=left width="50%"><u>/s/ Bradford Cooke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </u> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="50%">Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="50%">Chief Executive Officer </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="50%">(Principal Executive Officer)
  </TD></TR></TABLE>
<P align=justify>A signed original of this written statement required by Section
906 has been provided to Endeavour Silver Corp. and will be retained by
Endeavour Silver Corp. and furnished to the Securities and Exchange Commission
or its staff upon request.<B> </B></P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>9
<FILENAME>exhibit99-8.htm
<DESCRIPTION>EXHIBIT 99.8
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.8 - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.8</B></P>
<P align=center>CERTIFICATION PURSUANT TO <BR>18 U.S.C. &#167;1350, <BR>AS ADOPTED
PURSUANT TO<BR>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</P>
<P align=justify>In connection with the annual report of Endeavour Silver Corp.
(the &#147;Company&#148;) on Form 40-F for the period ended December 31, 2013 as filed
with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;),
I, Dan Dickson, Chief Financial Officer of the Company, certify, pursuant to 18
U.S.C. &#167;1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(1) The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>
<P align=justify style="text-indent: 5%; margin-left: 5%">(2) The information contained in this Report fairly presents,
in all material respects, the financial condition and results of operations of
the Company. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>March 31, 2014 </TD>
    <TD noWrap align=left width="50%"><u>/s/ Dan Dickson&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;
    </u> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="50%">Dan Dickson </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="50%">Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="50%">(Principal Financial and Accounting
      Officer) </TD></TR></TABLE>
<P align=justify>A signed original of this written statement required by Section
906 has been provided to Endeavour Silver Corp. and will be retained by
Endeavour Silver Corp. and furnished to the Securities and Exchange Commission
or its staff upon request. </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>10
<FILENAME>exhibit99-9.htm
<DESCRIPTION>EXHIBIT 99.9
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.9 - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 99.9</B></P>
<P align=center><B>CONSENT of AUTHOR</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 noWrap align=left>TO: </TD>
    <TD noWrap align=left width="95%">British Columbia Securities Commission
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="95%">Saskatchewan Financial Services
      Commission&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">New Brunswick Securities Commission
  </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Prince Edward Island Securities Office
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Securities Commission of Newfoundland
      and Labrador </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">U.S. Securities and Exchange Commission
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">TSX Toronto Stock Exchange
</TD></TR></TABLE>
<P align=justify>Dears Sirs/Mesdames:</P>
<P align=justify>I, Mike Munroe, SME-RM., do hereby consent to the public filing
of the technical report titled <I>&#147;NI 43-101 Technical Report Resource and
Reserve Estimates for the Guanacev&#237; Mines Project, Durango State, Mexico&#148;</I>
effective December 31, 2013 and dated March 27, 2014 (the "Technical Report")
prepared for Endeavour Silver Corp. and to extracts from or a summary of, the
technical report contained in the Annual Information Form dated March 28, 2014,
the Annual Report on Form 40-F dated March 28, 2014, the Management Discussion
&amp; Analysis dated March 5, 2014 and the news release dated February 24, 2014
of Endeavour Silver Corp. (collectively the Disclosure Documents&#148;). </P>
<P align=justify>I confirm that I have read the Disclosure Documents of
Endeavour Silver Corp and that they fairly and accurately represent the
information in the technical report. </P>
<P align=justify>Dated this 27<SUP>th</SUP> day of March, 2014</P>
<P align=justify><I>&#147;Michael J. Munroe&#148; {signed and
sealed}<BR></I>____________________<BR>Michael Munroe, SME-RM</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center><B>CONSENT of AUTHOR</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 noWrap align=left >TO: </TD>
    <TD noWrap align=left width="95%">British Columbia Securities Commission
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=center >&nbsp;</TD>
    <TD align=left width="95%" >Saskatchewan Financial Services
      Commission&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">New Brunswick Securities Commission
  </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Prince Edward Island Securities Office
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Securities Commission of Newfoundland
      and Labrador </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">U.S. Securities and Exchange Commission
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">TSX Toronto Stock Exchange
</TD></TR></TABLE>
<P align=justify>Dears Sirs/Mesdames:</P>
<P align=justify>I, Michael Munroe, SME-RM., do hereby consent to the public
filing of the technical report titled <I>&#147;NI 43-101 Technical Report Resource
and Reserve Estimates for the Bola&#241;itos Mines Project, Guanajuato State,
Mexico&#148;</I> effective December 31, 2013 and dated March 27, 2014 (the "Technical
Report") prepared for Endeavour Silver Corp. and to extracts from or a summary
of, the technical report contained in the Annual Information Form dated March
28, 2014, the Annual Report on Form 40-F dated March 28, 2014, the Management
Discussion &amp; Analysis dated March 5, 2014 and the news release dated
February 24, 2014 of Endeavour Silver Corp. (collectively the Disclosure
Documents&#148;). </P>
<P align=justify>I confirm that I have read the Disclosure Documents of
Endeavour Silver Corp and that they fairly and accurately represent the
information in the technical report. </P>
<P align=justify>Dated this 27<SUP>th</SUP> day of March, 2014</P>
<P align=justify><I>&#147;Michael J. Munroe&#148; {signed and
sealed}<BR></I>____________________<BR>Michael Munroe, SME-RM</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=center><B>CONSENT of AUTHOR</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 noWrap align=left >TO: </TD>
    <TD noWrap align=left width="95%">British Columbia Securities Commission
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=center ></TD>
    <TD align=left width="95%" >Saskatchewan Financial Services
      Commission&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">New Brunswick Securities Commission
  </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Prince Edward Island Securities Office
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">Securities Commission of Newfoundland
      and Labrador </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">U.S. Securities and Exchange Commission
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="95%">TSX Toronto Stock Exchange
</TD></TR></TABLE>
<P align=justify>Dears Sirs/Mesdames:</P>
<P align=justify>I, Michael Munroe, SME-RM., do hereby consent to the public
filing of the technical report titled <I>&#147;NI 43-101 Technical Report Resource
and Reserve Estimates for the El Cubo Mines Project, Guanajuato State,
Mexico&#148;</I> effective December 31, 2013 and dated March 27, 2014 (the "Technical
Report") prepared for Endeavour Silver Corp. and to extracts from or a summary
of, the technical report contained in the Annual Information Form dated March
28, 2014, the Annual Report on Form 40-F dated March 28, 2014, the Management
Discussion &amp; Analysis dated March 5, 2014 and the news release dated
February 24, 2014 of Endeavour Silver Corp. (collectively the Disclosure
Documents&#148;). </P>
<P align=justify>I confirm that I have read the Disclosure Documents of
Endeavour Silver Corp and that they fairly and accurately represent the
information in the technical report. </P>
<P align=justify>Dated this 27<SUP>th</SUP> day of March, 2014</P>
<P align=justify><I>&#147;Michael J. Munroe&#148; {signed and
sealed}<BR></I>____________________<BR>Michael Munroe, SME-RM</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=center><B>CONSENT of AUTHOR</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 noWrap align=left>TO: </TD>
    <TD noWrap align=left width="95%">British Columbia Securities Commission
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=left width="95%">Saskatchewan Financial Services
      Commission&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">New Brunswick Securities Commission
  </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Prince Edward Island Securities Office
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">Securities Commission of Newfoundland
      and Labrador </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">U.S. Securities and Exchange Commission
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%">TSX Toronto Stock Exchange
</TD></TR></TABLE>
<P align=justify>Dears Sirs/Mesdames:</P>
<P align=justify>I, Michael Munroe, SME-RM., do hereby consent to the public
filing of the technical report titled <I>&#147;NI 43-101 Technical Report Resource
Estimates for the San Sebastian Project, Jalisco State, Mexico&#148;</I> effective
December 31, 2013 and dated March 27, 2014 (the "Technical Report") prepared for
Endeavour Silver Corp. and to extracts from or a summary of, the technical
report contained in the Annual Information Form dated March 28, 2014, the Annual
Report on Form 40-F dated March 28, 2014, the Management Discussion &amp;
Analysis dated March 5, 2014 and the news release dated February 24, 2014 of
Endeavour Silver Corp. (collectively the Disclosure Documents&#148;). </P>
<P align=justify>I confirm that I have read the Disclosure Documents of
Endeavour Silver Corp and that they fairly and accurately represent the
information in the technical report. </P>
<P align=justify>Dated this 27<SUP>th</SUP> day of March, 2014</P>
<P align=justify><I>&#147;Michael J. Munroe&#148; {signed and
sealed}<BR></I>____________________<BR>Michael Munroe, SME-RM</P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>11
<FILENAME>exhibit99-10.htm
<DESCRIPTION>EXHIBIT 99.10
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.10 - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=-->
<P align=right><B>Exhibit 99.10</B></P>
<p><A name=page_1></A><img src="exhibit99x3x1.jpg" width="132" height="58"><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="27%" align=left noWrap>&nbsp;</TD>
    <TD width="32%" align=left noWrap><B>KPMG LLP</B> </TD>
    <TD noWrap align=left width="8%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">Telephone (604) 691-3000 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp;</TD>
    <TD noWrap align=left><B>Chartered Accountants</B> </TD>
    <TD noWrap align=left width="8%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">Fax (604) 691-3031 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp;</TD>
    <TD noWrap align=left>PO Box 10426 777 Dunsmuir Street </TD>
    <TD noWrap align=left width="8%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">Internet www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp;</TD>
    <TD noWrap align=left>Vancouver BC V7Y 1K3 </TD>
    <TD noWrap align=left width="8%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp;</TD>
    <TD noWrap align=left>Canada </TD>
    <TD noWrap align=left width="8%" >&nbsp;</TD>
    <TD noWrap align=left width="33%">&nbsp;</TD></TR></TABLE>
<P align=center><B><font size="3">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</font></B></P>
<P align=justify>To the Board of Directors of Endeavour Silver Corp. </P>
<P align=justify>We consent to the use of our reports, each dated March 28,
2014, with respect to the consolidated financial statements of Endeavour Silver
Corp. which comprise the consolidated statements of financial position as at
December 31, 2013 and December 31, 2012, the consolidated statements of
comprehensive income (loss), changes in equity and cash flows for the years then
ended, and notes, comprising a summary of significant accounting policies and
other explanatory information, and on the effectiveness of internal control over
financial reporting as of December 31, 2013, which appear in this annual report
on Form 40-F. </P>
<P align=justify><B>//s// KPMG LLP</B> </P>
<P align=justify>Chartered Accountants</P>
<P align=justify>March 28, 2014 <br>
Vancouver, Canada</P>
<P align=justify style="margin-left: 30%"><I><font size="1">KPMG LLP is a Canadian limited liability partnership and
a member firm of the KPMG <br>
network of independent member firms affiliated with
KPMG International Cooperative <br>
(&#147;KPMG International&#148;), a Swiss
entity.<br>
KPMG Canada provides services to KPMG LLP.</font></I></P>
<HR align=center width="100%" color=black noShade SIZE=5>

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<TYPE>GRAPHIC
<SEQUENCE>12
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