<SEC-DOCUMENT>0001062993-15-001172.txt : 20150305
<SEC-HEADER>0001062993-15-001172.hdr.sgml : 20150305
<ACCEPTANCE-DATETIME>20150305133321
ACCESSION NUMBER:		0001062993-15-001172
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20150305
DATE AS OF CHANGE:		20150305

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:		15676749

	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>
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   <TITLE>Endeavour Silver Corp.: Form 40-F - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
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<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT><BR>Washington, D.C. 20549
</B></P>
<P align=center><B><FONT size=5>FORM 40-F </FONT></B></P>
<P align=center><B>[&nbsp;&nbsp; ] REGISTRATION STATEMENT PURSUANT TO SECTION 12
OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=center><B>OR </B></P>
<P align=center><B>[X] ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=center><B>For the fiscal year ended <U>December 31, 2014 </U></B></P>
<P align=center><B>Commission file number: <U>001-33153 </U></B></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; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B><U>British Columbia </U></B></TD>
    <TD align=center width="33%"><B><U>1040 </U></B></TD>
    <TD align=center width="33%"><B><U>N/A </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(Province or other jurisdiction of incorporation or
      organization) </TD>
    <TD align=center width="33%">(Primary Standard Industrial </TD>
    <TD align=center width="33%">(I.R.S. Employer Identification No.) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="33%">Classification Code) </TD>
    <TD align=left width="33%">&nbsp; </TD></TR></TABLE>
<P align=center><B>#301-700 West Pender Street <BR>Vancouver, British Columbia,
Canada V6C 1G8 <BR><U>(604) 685-9775 </U><BR></B>(Address and Telephone Number
of Registrant&#146;s Principal Executive Offices) </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=center><B>DL Services Inc. </B></TD>
    <TD align=center width="50%">Copies to: </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Columbia Center, 701 Fifth Avenue, Suite 1600 </B></TD>
    <TD align=center width="50%"><B>Jason K. Brenkert </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Seattle, Washington 98104 </B></TD>
    <TD align=center width="50%"><B>Dorsey &amp; Whitney LLP </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B><U>(206) 903-5448 </U></B></TD>
    <TD align=center width="50%"><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 align=center width="50%"><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 align=center width="50%"><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; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><U>Title of Each Class: </U></TD>
    <TD align=center width="50%"><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 align=center width="50%"><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>None </B></P>
<P align=justify>Securities for which there is a reporting obligation pursuant
to Section 15(d) of the Act: <B>None </B></P>
<P align=justify>For annual reports, indicate by check mark the information
filed with this form: </P>
<P align=center>[X] Annual Information
Form&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[X] 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, 2014, <B>101,976,901 </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; ]
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>
<P align=justify>
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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 currency markets (particularly the
  Mexican peso, Canadian dollar and United States dollar);
  <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>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 changes in governmental regulations, tax and labour laws
  and obtaining necessary licenses and permits;
  <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 relating to inadequate insurance or inability to obtain insurance;
  <LI>risks related to our ability to successfully integrate acquisitions;
  <LI>uncertainty in our ability to obtain necessary financing;
  <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>risks related to many of our primary properties being located in Mexico,
  including political, economic, and regulatory instability; and
  <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>
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<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&#146;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&#146;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 (&#147;SEC Industry Guide 7&#148;) 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>
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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, 2014, based upon the noon
exchange rate as quoted by the Bank of Canada, was Cdn.$1.00 = US.$0.8620. </P>
<P align=center><B>ANNUAL INFORMATION FORM </B></P>
<P align=justify>The Company&#146;s AIF for the fiscal year ended December 31, 2014
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 audited consolidated financial statements of the Company
for the years ended December 31, 2014 and 2013, including the report of the
independent auditor with respect thereto, are filed as <U>Exhibit 99.2</U> to
this annual report on Form 40-F and are incorporated by reference herein.</P>
<P align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P align=justify>The Company&#146;s management&#146;s discussion and analysis for the
fiscal year ended December 31, 2014 (&#147;MD&amp;A&#148;) is filed as <U>Exhibit 99.4</U>
to this annual report on Form 40-F and is incorporated by reference herein.<B>
</B></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, 2014, an evaluation was carried out under the  supervision of, and with the participation of, the Company&rsquo;s management,  including its Chief Executive Officer (CEO) and Chief Financial Officer (CFO),  of the effectiveness of the design and operation of the Company&rsquo;s disclosure  controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based upon that evaluation, the Company&rsquo;s CEO  and CFO have concluded that the Company&rsquo;s disclosure controls and procedures  were not 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&rsquo;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 because of the material  weakness in our internal controls over financial reporting that is described  below in &ldquo;Management&rsquo;s Report on Internal Control over Financial Reporting&rdquo;. </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>
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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&rsquo;s internal  control over financial reporting as of December 31, 2014. 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).  The  Company is transitioning to the 2013 COSO framework in 2015 as the internal  audit function completed its training regarding the updated framework. Management  expects the change to have no material impact to reporting over the  effectiveness of internal controls. Based on  this assessment, management concluded that, as of December 31, 2014, the  Company's internal control over financial reporting is not effective based on  those criteria as a material weakness was identified, as outlined below </P>
<p align="justify">A  material weakness is a deficiency, or a combination of deficiencies, in  internal control such that there is a reasonable possibility that a material  misstatement of the company&rsquo;s annual or interim financial statements will not  be prevented or detected on a timely basis.&nbsp; As a result of its  assessment, management identified a material weakness relating to ineffective  management review of the recording of the impairment of long-lived assets and  related financial statement disclosures, specifically related to the circular  impact on deferred income taxes.&nbsp;</p>
<p align="justify">The  material weakness resulted in material misstatements related to the  understatement of impairment expense, overstatement of mineral properties,  plant and equipment, and the related disclosures in the annual consolidated  financial statements as at and for the year ended December 31, 2014. These misstatements were corrected before the Company&rsquo;s issued the consolidated  financial statements.</p>
<p align="justify"><i>Remediation  Plan</i><br>
Because  of the inherent complexities in valuing long-lived assets, the Company will  enhance its internal control system by consulting with a professional valuation  company with experience and knowledge assessing the financial impact if there are  any future impairments.</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, 2014. 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, 2014. 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><br>
  KPMG&#146;s attestation report on the Company&#146;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><br>
  There have been  no changes that occurred during the Company&rsquo;s fiscal year ended December 31,  2014 that have materially affected, or are reasonably likely to materially  affect, the Company&rsquo;s internal control over financial reporting. As noted  above, subsequent to the fiscal year end, the Company implemented a change in  its internal control systems to address a material weakness identified in  management&rsquo;s assessment of the effectiveness of 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&#146;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&#146;s CEO cannot be
present during the Committee&#146;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&#146;s Compensation
Committee Charter is available on the Company&#146;s website at www.edrsilver.com.</P>
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<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=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 vAlign=top align=center 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 align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center 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 align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center 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 vAlign=top align=center 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 align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center 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 align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center 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 align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center 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><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<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 and 303A.07 of the NYSE Listed Company
Manual. The Company&#146;s Audit Committee is comprised of: </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 align=left> <B>&#149;</B> </TD>
    <TD align=left width="90%">Rex McLennan (Chair) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left> <B>&#149;</B> </TD>
    <TD align=left width="90%">Mario Szotlender </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left> <B>&#149;</B> </TD>
    <TD align=left width="90%">Ricardo Campoy </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left> <B>&#149;</B> </TD>
    <TD align=left width="90%">Geoffrey Handley </TD></TR></TABLE>
<P align=justify>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=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), has financial management expertise
(pursuant to section 303A.07 of the NYSE Listed Company Manual) 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 align=left>&nbsp; </TD>
    <TD align=center width="15%">2014 </TD>
    <TD align=center width="15%">2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>Audit Fees (1)</I> </TD>
    <TD align=right width="15%">$587,800 </TD>
    <TD align=right width="15%">$712,700 </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>Tax Fees (2)</I> </TD>
    <TD align=right width="15%">$0 </TD>
    <TD align=right width="15%">$40,700 </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>All other fees (3)</I> </TD>
    <TD align=right width="15%">$0 </TD>
    <TD align=right width="15%">$0 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Total*</B> </TD>
    <TD align=right width="15%"><B>$587,800</B> </TD>
    <TD align=right width="15%"><B>$753,400</B> </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><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<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, 2014 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=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, 2014, 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, 2014 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-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>Contractual Obligations </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="8%">Total </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="8%">Less than 1 year </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="8%">1 &#150; 3 years </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="8%">3 &#150; 5 years </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="8%">More than 5 years </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="8%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts Payable </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;17,408 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;17,408 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Income Tax Payable </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,181 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,181 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Operating Lease </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>640 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>248 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>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="8%" 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="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Capital Commitments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">41 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">41 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Revolving Credit Facility </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>29,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" bgColor=#e6efff>29,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Other Long-Term Liabilities<SUP>(1)</SUP> </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="8%">6,496 </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="8%">- </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="8%">- </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="8%">2,847 </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="8%">3,649 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;61,766 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;25,878 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;29,392 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;2,847 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;3,649 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom 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 vAlign=top align=center width="5%">(1) </TD>
    <TD>
      <P align=justify>The $6.5 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, 2014 concerning any
equity security subject to a blackout period under Rule 101 of Regulation BTR.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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 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&#146;s website at www.edrsilver.com.
Information contained on the Company&#146;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, 2014, the Company
had no mines in the United States subject to regulation by MSHA under the Mine
Act. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<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; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B><U>Exhibit</U></B> </TD>
    <TD align=left width="90%"><B><U>Description</U></B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><B>Annual Information</B> </TD></TR>
  <TR>
    <TD align=left  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit99-1.htm">99.1.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit99-1.htm">Annual
      Information Form of the Company for the year ended December 31, 2014
    </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit99-2.htm">99.2.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><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></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >&nbsp; </TD>
    <TD align=left width="90%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A
      href="exhibit99-2.htm">Consolidated
      Statements of Financial Position as of December 31, 2014 and 2013
  </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ></TD>
    <TD align=left width="90%"
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="exhibit99-2.htm">Consolidated
      Statements of Comprehensive Income (Loss) for the year ended December 31,
      2014 and December 31, 2013 </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ></TD>
    <TD align=left width="90%"
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="exhibit99-2.htm">Consolidated
      Statement of Changes in Equity for the years ended December 31, 2014 and
      December 31, 2013 </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ></TD>
    <TD align=left width="90%"
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A
      href="exhibit99-2.htm">Consolidated
      Statements of Cash Flow for the years ended December 31, 2014 and December
      31, 2013 </A></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<A
      href="exhibit99-2.htm">Notes
      to Consolidated Financial Statements </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit99-3.htm">99.3.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><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></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit99-4.htm">99.4.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit99-4.htm">Management&#146;s
      Discussion and Analysis </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><B>Certifications</B> </TD></TR>
  <TR>
    <TD align=left  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit99-5.htm">99.5.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit99-5.htm">Certificate
      of Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit99-6.htm">99.6.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit99-6.htm">Certificate
      of Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit99-7.htm">99.7.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><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></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit99-8.htm">99.8.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><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></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><B>Consents</B> </TD>
    <TD align=left width="90%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit99-9.htm">99.9.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit99-9.htm">Consents
      of Michael Munroe, SME-RM </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="exhibit99-10.htm">99.10
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee><A
      href="exhibit99-10.htm">Consent
      of KPMG LLP </A></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center><B>SIGNATURES</B> </P>
<P align=justify style="text-indent:5%">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>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left colSpan=2><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>By:</TD>
    <TD align=left width="90%" ><U>/s/ Bradford
    Cooke</U>&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD align=left >Title: </TD>
    <TD align=left width="90%">Chief Executive Officer
</TD></TR></TABLE></DIV>
<P align=justify>Date: March 4, 2015 </P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<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><B><FONT size=5>ANNUAL INFORMATION FORM </FONT></B></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;<B>(&#147;AIF&#148;) </B></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;<B>of </B></TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=5>ENDEAVOUR SILVER CORP. </FONT></B></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>(the &#147;Company&#148; or &#147;Endeavour&#148;) </B></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Suite #301 - 700 West Pender Street </TD></TR>
  <TR vAlign=top>
    <TD align=center>Vancouver, British Columbia, Canada, V6C 1G8 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Phone: (604) 685-9775 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Fax: (604) 685-9744 </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Dated: </B><B>March 4, 2015
</B></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><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=left  bgColor=#eeeeee colSpan=2><B>ITEM</B> <B>1:</B> </TD>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp;
      &nbsp;<B>PRELIMINARY NOTES</B> </TD>
    <TD width="5%" align=right bgColor=#eeeeee><B>1</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left >&nbsp;</TD>
    <TD width="5%" align=left>1.1 </TD>
    <TD align=left>Incorporation of Documents by Reference </TD>
    <TD align=right>1 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>1.2 </TD>
    <TD align=left bgColor=#eeeeee>Date of Information </TD>
    <TD align=right bgColor=#eeeeee>1 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>1.3 </TD>
    <TD align=left>Forward-Looking Statements </TD>
    <TD align=right>1 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>1.4 </TD>
    <TD align=left bgColor=#eeeeee>Currency and Exchange Rates </TD>
    <TD align=right bgColor=#eeeeee>3 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>1.5 </TD>
    <TD align=left>Classification of Mineral Reserves and
      Resources </TD>
    <TD align=right>3 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee></TD>
    <TD align=left bgColor=#eeeeee>1.6 </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>3 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  colSpan=2><B>ITEM</B> <B>2:</B> </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;<B>CORPORATE STRUCTURE</B> </TD>
    <TD align=right><B>4</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>2.1 </TD>
    <TD align=left bgColor=#eeeeee>Name, Address and Incorporation </TD>
    <TD align=right bgColor=#eeeeee>4 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>2.2 </TD>
    <TD align=left>Subsidiaries </TD>
    <TD align=right>4 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee colSpan=2><B>ITEM</B> <B>3:</B> </TD>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp;<B>GENERAL
      DEVELOPMENT OF THE BUSINESS</B> </TD>
    <TD align=right bgColor=#eeeeee><B>4</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>3.1 </TD>
    <TD align=left>Three Year History </TD>
    <TD align=right>4 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>3.2 </TD>
    <TD align=left bgColor=#eeeeee>Significant Acquisitions </TD>
    <TD align=right bgColor=#eeeeee>9 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  colSpan=2><B>ITEM</B> <B>4:</B> </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;<B>DESCRIPTION OF THE
      BUSINESS</B> </TD>
    <TD align=right><B>9</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>4.1 </TD>
    <TD align=left bgColor=#eeeeee>General Description </TD>
    <TD align=right bgColor=#eeeeee>9 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>4.2 </TD>
    <TD align=left>Risk Factors </TD>
    <TD align=right>10 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>4.3 </TD>
    <TD align=left bgColor=#eeeeee>Asset-Backed Securities
      Outstanding </TD>
    <TD align=right bgColor=#eeeeee>19 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>4.4 </TD>
    <TD align=left>Mineral Projects </TD>
    <TD align=right>19 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee colSpan=2><B>ITEM</B> <B>5:</B> </TD>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp;
      &nbsp;<B>DIVIDENDS</B> </TD>
    <TD align=right bgColor=#eeeeee><B>54</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>5.1 </TD>
    <TD align=left>Dividends </TD>
    <TD align=right>54 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee colSpan=2><B>ITEM</B> <B>6:</B> </TD>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp;
      &nbsp;<B>DESCRIPTION OF CAPITAL STRUCTURE</B> </TD>
    <TD align=right bgColor=#eeeeee><B>54</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>6.1 </TD>
    <TD align=left>General Description of Capital Structure </TD>
    <TD align=right>54 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>6.2 </TD>
    <TD align=left bgColor=#eeeeee>Constraints </TD>
    <TD align=right bgColor=#eeeeee>54 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>6.3 </TD>
    <TD align=left>Ratings </TD>
    <TD align=right>54 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee colSpan=2><B>ITEM</B> <B>7:</B> </TD>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp;<B>MARKET
      FOR SECURITIES</B> </TD>
    <TD align=right bgColor=#eeeeee><B>54</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>7.1 </TD>
    <TD align=left>Trading Price and Volume </TD>
    <TD align=right>54 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee colSpan=2><B>ITEM</B> <B>8:</B> </TD>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp;<B>ESCROWED
      SECURITIES</B> </TD>
    <TD align=right bgColor=#eeeeee><B>56</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>8.1 </TD>
    <TD align=left>Escrowed Securities </TD>
    <TD align=right>56 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee colSpan=2><B>ITEM</B> <B>9:</B> </TD>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp;
      &nbsp;<B>DIRECTORS AND OFFICERS</B> </TD>
    <TD align=right bgColor=#eeeeee><B>56</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>9.1 </TD>
    <TD align=left>Name, Occupation and Security Holding </TD>
    <TD align=right>56 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>9.2 </TD>
    <TD align=left bgColor=#eeeeee>Cease Trade Orders,
      Bankruptcies, Penalties or Sanctions </TD>
    <TD align=right bgColor=#eeeeee>58 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>9.3 </TD>
    <TD align=left>Conflicts of Interest </TD>
    <TD align=right>60 </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=right  bgColor=#eeeeee colSpan=2><P align=justify><B>ITEM</B> <B>10:</B> </P></TD>
    <TD align=left  bgColor=#eeeeee><P align=justify><B>&nbsp; &nbsp;
    &nbsp;PROMOTERS</B> </P></TD>
    <TD width="5%" align=right bgColor=#eeeeee ><B>61</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  colSpan=2><P align=justify><B>ITEM</B> <B>11:</B> </P></TD>
    <TD align=left ><P align=justify><B>&nbsp; &nbsp;
    &nbsp;LEGAL PROCEEDINGS</B> </P></TD>
    <TD align=right ><B>61</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=right  bgColor=#eeeeee ><P align=justify>&nbsp;</P></TD>
    <TD width="5%" align=right bgColor=#eeeeee><P align=justify>11.1 </P></TD>
    <TD align=left  bgColor=#eeeeee><P align=justify>Legal Proceedings </P></TD>
    <TD align=right bgColor=#eeeeee >61 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  ><P align=justify>&nbsp;</P></TD>
    <TD align=right><P align=justify>11.2 </P></TD>
    <TD align=left ><P align=justify>Regulatory Actions </P></TD>
    <TD align=right >61 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  bgColor=#eeeeee colSpan=2><P align=justify><B>ITEM</B> <B>12:</B> </P></TD>
    <TD align=left  bgColor=#eeeeee><P align=justify><B>&nbsp; &nbsp;
    &nbsp;INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL</B> <STRONG>TRANSACTIONS</STRONG> </P></TD>
    <TD align=right bgColor=#eeeeee ><B>61</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  ><P align=justify>&nbsp;</P></TD>
    <TD align=right><P align=justify>12.1 </P></TD>
    <TD align=left ><P align=justify>Interest of Management and Others in Material
    Transactions </P></TD>
    <TD align=right >61 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  bgColor=#eeeeee colSpan=2><P align=justify><B>ITEM</B> <B>13:</B> </P></TD>
    <TD align=left  bgColor=#eeeeee><P align=justify><B>&nbsp; &nbsp;
    &nbsp;TRANSFER AGENT AND REGISTRAR</B> </P></TD>
    <TD align=right bgColor=#eeeeee ><B>62</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  ><P align=justify>&nbsp;</P></TD>
    <TD align=right><P align=justify>13.1 </P></TD>
    <TD align=left ><P align=justify>Transfer Agent and Registrar </P></TD>
    <TD align=right >62 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  bgColor=#eeeeee colSpan=2><P align=justify><B>ITEM</B> <B>14:</B> </P></TD>
    <TD align=left  bgColor=#eeeeee><P align=justify><B>&nbsp; &nbsp;
    &nbsp;MATERIAL CONTRACTS</B> </P></TD>
    <TD align=right bgColor=#eeeeee ><B>62</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  ><P align=justify>&nbsp;</P></TD>
    <TD align=right><P align=justify>14.1 </P></TD>
    <TD align=left ><P align=justify>Material Contracts </P></TD>
    <TD align=right >62 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  bgColor=#eeeeee colSpan=2><P align=justify><B>ITEM</B> <B>15:</B> </P></TD>
    <TD align=left  bgColor=#eeeeee><P align=justify><B>&nbsp; &nbsp;
    &nbsp;INTERESTS OF EXPERTS</B> </P></TD>
    <TD align=right bgColor=#eeeeee ><B>63</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  ><P align=justify>&nbsp;</P></TD>
    <TD align=right><P align=justify>15.1 </P></TD>
    <TD align=left ><P align=justify>Names of Experts </P></TD>
    <TD align=right >63 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  bgColor=#eeeeee ><P align=justify>&nbsp;</P></TD>
    <TD align=right bgColor=#eeeeee><P align=justify>15.2 </P></TD>
    <TD align=left  bgColor=#eeeeee><P align=justify>Interests of Experts </P></TD>
    <TD align=right bgColor=#eeeeee >63 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  colSpan=2><P align=justify><B>ITEM</B> <B>16:</B> </P></TD>
    <TD align=left ><P align=justify><B>&nbsp; &nbsp;
    &nbsp;ADDITIONAL INFORMATION</B> </P></TD>
    <TD align=right ><B>63</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  bgColor=#eeeeee ><P align=justify>&nbsp;</P></TD>
    <TD align=right bgColor=#eeeeee><P align=justify>16.1 </P></TD>
    <TD align=left  bgColor=#eeeeee><P align=justify>Additional Information </P></TD>
    <TD align=right bgColor=#eeeeee >63 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right  ><P align=justify>&nbsp;</P></TD>
    <TD align=right><P align=justify>16.2 </P></TD>
    <TD align=left ><P align=justify>Audit Committee </P></TD>
    <TD align=right >64 </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ITEM 1:</B> </TD>
    <TD align=left width="90%"><B>PRELIMINARY NOTES</B>
</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>1.1</B> </TD>
    <TD>
      <P align=justify><B>Incorporation of Documents by
  Reference</B></P></TD></TR></TABLE>
<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 vAlign=center noWrap align=center rowSpan=4><U>Type of Document</U>
</TD>
    <TD vAlign=center noWrap align=center width="15%" rowSpan=4><U>Effective
      Date /</U> <BR><U>Period Ended</U> </TD>
    <TD vAlign=center noWrap align=center width="15%" rowSpan=4><U>Date Filed
      /</U> <BR><U>Posted</U> </TD>
    <TD vAlign=center noWrap align=center width="34%" rowSpan=4><U>Document
      name which may be viewed at the</U> <BR><U>SEDAR website at
      </U><B><U>www.sedar.com</U></B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left rowSpan=6>NI 43-101 Technical Report on
      <BR>the Resource and Reserve <BR>Estimates for the Guanacevi <BR>Mines
      Project, Durango State, <BR>Mexico </TD>
    <TD vAlign=center align=left width="15%" rowSpan=6>December 31, 2013 </TD>
    <TD vAlign=center align=left width="15%" rowSpan=6>March 5, 2015 </TD>
    <TD vAlign=center align=left width="34%" rowSpan=6>Technical Report (NI
      43-101) &#150; English <BR>Qualification Certificate(s) and Consent(s) </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left rowSpan=6>NI 43-101 Technical Report on
      <BR>the Resource and Reserve <BR>Estimates for the Bola&#241;itos <BR>Mines
      Project Guanajuato <BR>State, Mexico </TD>
    <TD vAlign=center align=left width="15%" rowSpan=6>October 31, 2014 </TD>
    <TD vAlign=center align=left width="15%" rowSpan=6>March 5, 2015 </TD>
    <TD vAlign=center align=left width="34%" rowSpan=6>Technical Report (NI
      43-101) &#150; English <BR>Qualification Certificate(s) and Consent(s) </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left rowSpan=6>NI 43-101 Technical Report on
      <BR>the Resource and Reserve <BR>Estimates for the El Cubo <BR>Mines
      Project, Guanajuato <BR>State, Mexico </TD>
    <TD vAlign=center align=left width="15%" rowSpan=6>October 31, 2014 </TD>
    <TD vAlign=center align=left width="15%" rowSpan=6>March 5, 2015 </TD>
    <TD vAlign=center align=left width="34%" rowSpan=6>Technical Report (NI
      43-101) &#150; English <BR>Qualification Certificate(s) and Consent(s) </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left rowSpan=4>NI 43-101 Technical Report on
      <BR>the Resource Estimates for the <BR>San Sebastian Project, Jalisco
      <BR>State, Mexico </TD>
    <TD vAlign=center align=left width="15%" rowSpan=4>December 31, 2013 </TD>
    <TD vAlign=center align=left width="15%" rowSpan=4>March 28, 2014 </TD>
    <TD vAlign=center align=left width="34%" rowSpan=4>Technical Report (NI
      43-101) &#150; English <BR>Qualification Certificate(s) and Consent(s) </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></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>
<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>1.2</B> </TD>
    <TD>
      <P align=justify><B>Date of Information</B></P></TD></TR></TABLE>
<P align=justify>All information in this AIF is as of December 31, 2014 unless
otherwise indicated. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.3</B> </TD>
    <TD>
      <P align=justify><B>Forward-Looking Statements</B></P></TD></TR></TABLE>
<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. 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=center>1 <BR><B><I>Endeavour Silver Corp.</I></B><B><I> </I></B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<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>risks related to fluctuations in the currency markets (particularly the
  Mexican peso, Canadian dollar and United States dollar);
  <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>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 changes in governmental regulations, tax and labour laws
  and obtaining necessary licenses and permits;
  <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 relating to inadequate insurance or inability to obtain insurance;
  <LI>risks related to our ability to successfully integrate acquisitions;
  <LI>uncertainty in our ability to obtain necessary financing;
  <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>risks related to many of our primary properties being located in Mexico,
  including political, economic, and regulatory instability; and
  <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&#146;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&#146;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 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A><BR>
<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>1.4</B> </TD>
    <TD>
      <P align=justify><B>Currency and Exchange
Rates</B></P></TD></TR></TABLE>
<P align=justify>All dollar amounts in this AIF are expressed in U.S. dollars
unless otherwise indicated. References to &#147;Cdn.$&#148; are to Canadian dollars. On
March 4, 2015, the noon exchange rate for the United States dollar in terms of
Canadian dollars, as quoted by the Bank of Canada, was U.S.$1.00 = Cdn.$1.244
(Cdn.$1.00 = U.S.$0.8039). On December 31, 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.$1.00 = Cdn.$1.1601 (Cdn.$1.00 = U.S.$0.8620) . </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.5</B> </TD>
    <TD>
      <P align=justify><B>Classification of Mineral Reserves and
      Resources</B></P></TD></TR></TABLE>
<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, as the CIM Definition Standards on Mineral Resources and Mineral
Reserves adopted by the CIM Council, as amended. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.6</B> </TD>
    <TD>
      <P align=justify><B>Cautionary Note to U.S. Investors concerning Estimates
      of Measured, Indicated and Inferred Resources</B></P></TD></TR></TABLE>
<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 &#147;mineral reserve&#148;, &#147;proven mineral
reserve&#148; and &#147;probable mineral reserve&#148; are Canadian mining terms as defined in
accordance with the Canadian Securities Administrators&#146; 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 as the 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 United States Securities Act of 1933, as amended. 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 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. </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 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>ITEM 2:</B> </TD>
    <TD align=left width="90%"><B>CORPORATE STRUCTURE</B>
</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>2.1</B> </TD>
    <TD>
      <P align=justify><B>Name, Address and
Incorporation</B></P></TD></TR></TABLE>
<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>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 style="MARGIN-LEFT: 5%" align=justify>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 style="MARGIN-LEFT: 5%" align=justify>19<SUP>th</SUP> Floor, 885 West Georgia
Street <BR>Vancouver, British Columbia <BR>Canada, V6C 3H4 </P>
<TABLE
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  <TR>
    <TD vAlign=top width="5%"><B>2.2</B> </TD>
    <TD>
      <P align=justify><B>Subsidiaries</B></P></TD></TR></TABLE>
<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 vAlign=bottom noWrap align=left><B>Name of Company</B> </TD>
    <TD vAlign=bottom noWrap align=center width="15%"><B>Incorporated</B> </TD>
    <TD vAlign=bottom noWrap align=center width="15%"><B>% held</B> </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="15%">&nbsp; </TD>
    <TD vAlign=bottom width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Endeavour Gold Corporation, S.A.
      de C.V. </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff>Mexico </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff>100 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endeavour
      Capital S.A. de C.V. SOFOM ENR </TD>
    <TD vAlign=bottom align=center width="15%">Mexico </TD>
    <TD vAlign=bottom align=center width="15%">100 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minera
      Plata Adelante, S.A. de C.V. </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff>Mexico </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff>100 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minera
      Santa Cruz Garibaldi S.A. de C.V. </TD>
    <TD vAlign=bottom align=center width="15%">Mexico </TD>
    <TD vAlign=bottom align=center width="15%">100 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refinadora
      Plata Guanacevi, S.A. de C.V. </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff>Mexico </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff>100 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mina
      Bola&#241;itos S.A de C.V. </TD>
    <TD vAlign=bottom align=center width="15%">Mexico </TD>
    <TD vAlign=bottom align=center width="15%">100 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&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 vAlign=bottom align=center width="15%" bgColor=#e6efff>Mexico </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff>100 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;&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 vAlign=bottom align=center width="15%">Mexico </TD>
    <TD vAlign=bottom align=center width="15%">100 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&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 vAlign=bottom align=center width="15%" bgColor=#e6efff>Chile </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff>100 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MXRT
      Holdings Inc. </TD>
    <TD vAlign=bottom align=center width="15%">Canada </TD>
    <TD vAlign=bottom align=center width="15%">100 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&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 vAlign=bottom align=center width="15%" bgColor=#e6efff>Luxembourg </TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff>100
  </TD></TR></TABLE><BR>
<TABLE
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  <TR vAlign=top>
    <TD align=left ><B>ITEM 3:</B> </TD>
    <TD align=left width="90%"><B>GENERAL DEVELOPMENT OF THE BUSINESS</B>
  </TD></TR></TABLE><BR>
<TABLE
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  <TR>
    <TD vAlign=top width="5%"><B>3.1</B> </TD>
    <TD>
      <P align=justify><B>Three Year History</B></P></TD></TR></TABLE>
<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 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_8></A>
<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 &#147;Guanacevi Mines Project&#148;) 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 $4 million to the
vendors and incurring $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 $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 $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. (&#147;Minera Santa Cruz&#148;), 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 $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&#241;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&#241;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 $3.4 million, comprised of $2.4 million in cash and $1.0 million in
common shares of the Company. On April 30, 2007 the Company completed the
acquisition by paying $2.4 million in cash and issuing 224,215 common shares
priced at $4.46 per share. </P>
<P align=justify>In April 2007 the Company entered into an agreement with two
subsidiaries of Industrial Pe&#241;oles S.A. de C.V. (&#147;Pe&#241;oles&#148;) 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.$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&#241;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. (&#147;Mexgold&#148;)) 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. (&#147;AuRico&#148;).</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&#241;itos silver-gold mine in
the northwest part of the Guanajuato district. </P>
<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=center>5 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<P align=justify><B>San Sebastian Project </B></P>
<P align=justify>San Sebasti&#225;n del Oeste is an historic silver and gold mining
district in southwestern Jalisco state, approximately 155 kilometres southwest
of Guadalajara. One small high-grade underground silver and gold mine, Santa
Quit&#233;ria, is currently operating in the district, producing 100 tonnes of ore
per day. Our San Sebasti&#225;n property surrounds the Santa Quit&#233;ria mine and
represents a new district-scale silver-andgold exploration and mining
opportunity for Endeavour. </P>
<P align=justify>The San Sebasti&#225;n property displays a classic low-sulphidation
epithermal vein system with four mineralized subdistricts, each consisting of a
cluster of quartz veins (calcite, barite) bearing sulphide minerals (pyrite,
argentite, galena, and sphalerite). Historically, more than 50 small mines have
been developed within at least 20 veins. Although the San Sebasti&#225;n silver mines
were first discovered in 1542 and there have been several periods of small-scale
mining over the last 450 years, little modern exploration was ever carried out
in the district. </P>
<P align=justify>Endeavour identified substantial potential for additional
high-grade mineralized zones within the several dozen kilometres of known veins
on the San Sebasti&#225;n properties. In 2010, the Company signed an option to
purchase a 100% interest in the San Sebastian properties by paying a total of
$2.7 million over three years and paying a 2% NSR royalty on any future
production. The high-grade discovery in the Terronera vein confirmed our
opinion. Endeavour published an initial resource in 2014. The vast majority of
San Sebasti&#225;n veins have never been drilled as of December 31, 2014.<B> </B></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>2015 to Present </I></B></P>
<P align=justify>On March 5, 2015 the Company released updated NI 43-101 Reserve
and Resource estimates as at October 31, 2014 for its active silver mining and
exploration projects in Mexico, the Guanacevi Mines, the Bola&#241;itos Mines and the
El Cubo Mines. </P>
<P align=justify><B><I>2014 </I></B></P>
<P align=justify>Endeavour delivered new company records of annual silver
production from our mining operations in 2014, led by record performance of the
Guanacev&#237; mine. The Company beat the high end of its silver production guidance
by 5%, although gold production fell short of guidance by 3%. Consolidated
silver production during 2014 was 7,212,074 ounces (oz), an increase of 6%
compared to 6,813,069 oz in 2013, and gold production was 62,895 oz, a decrease
of 17% compared to 75,578 oz in 2013. Plant throughput was 1,404,406 tonnes at
average grades of 185 grams per tonne (gpt) silver and 1.62 gpt gold compared to
1,537,984 tonnes grading 168 gpt silver and 1.78 gpt gold in 2013. Silver
production increased due to higher grades and recoveries, partially offset by
the lower throughput. Gold production was lower due to lower grades and
throughput. In 2013, additional ore was mined at Bola&#241;itos and processed at the
El Cubo plant. The El Cubo mine output was forecasted to rise throughout 2014 in
order to fill the El Cubo plant to its 1,550 tpd capacity. </P>
<P align=justify>The Company continued to focus its efforts on the improvement
of the El Cubo mine it acquired in 2012. Cost per tonne fell 13% to $98.92 as
cost cutting initiatives took effect and now appear to be sustainable. The
Company completed 28,000 metres of exploration drilling in 69 holes, including
the expansion and delineation of V-Asuncion ore body.</P>
<P align=justify>In 2014, the Company continues 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. </P>
<P align=justify>In early 2014, the Company released an updated NI 43-101
Reserve and Resource estimate as at December 31, 2013 for its active silver
mining and exploration projects in Mexico.</P>
<P align=center>6 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<P align=justify><B><I>2013 </I></B></P>
<P align=justify>Endeavour recorded its eighth consecutive year of growing sales
revenue in 2013. During 2013, increased production drove sales 33% higher to
$276.8 million however mine operating cash-flow fell 21% to $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=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=center>7 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<P align=justify>In early 2013, the Company released an updated NI 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 and $25 million until July 2016. </P>
<P align=justify><B><I>2012 </I></B></P>
<P align=justify>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 $208.0 million and increased mine operating cash-flow 32% to
$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&#146;s best financial
performance yet, with EBITDA climbing to $90.5 million and earnings per share of
$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&#241;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&#241;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=justify>El Cubo has been viewed as a low grade, high cost mining
operation, similar to both the Guanacevi and Bola&#241;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&#146;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&#241;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=center>8 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<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 $75 million, 3 year credit facility with Scotiabank to
ensure the Company has access to sufficient funds to meet its 2013 development
plan.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR>
    <TD vAlign=top width="5%"><B>3.2</B> </TD>
    <TD>
      <P align=justify><B>Significant Acquisitions</B></P></TD></TR></TABLE>
<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>
<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>ITEM 4:</B> </TD>
    <TD align=left width="90%"><B>DESCRIPTION OF THE BUSINESS</B>
  </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>4.1</B> </TD>
    <TD>
      <P align=justify><B>General Description</B></P></TD></TR></TABLE>
<P align=justify><B><I>The Business of the Company </I></B></P>
<P align=justify>The Company&#146;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&#241;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&#146;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&#146;s producing mines and mineral exploration
interests are principally located in Mexico, the Company&#146;s business is dependent
on foreign operations. As a developing economy, operating in Mexico has certain
risks. See &#147;Risk Factors &#150; Foreign Operations&#148;. </P>
<P align=justify><B><I>Employees </I></B></P>
<P align=justify>As at December 31, 2014, the Company had approximately 14
employees based in its Vancouver corporate office and approximately 1,647 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&#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 $1.9 million for the Guanacevi mine operations, $1.1 million for
the Bola&#241;itos mine operations and $4.2 million for the El Cubo mine operations.
</P>
<P align=center>9 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
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<A name=page_13></A><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&#146;s safety
policies and practices; supporting health programs for the Company&#146;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>
<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>4.2</B> </TD>
    <TD>
      <P align=justify><B>Risk Factors</B></P></TD></TR></TABLE>
<P align=justify>The Company&#146;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></P>
<P align=justify>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&#146;s operations and profitability.</P>
<P align=justify><B><I>Fluctuations in the price of consumed commodities
</I></B></P>
<P align=justify>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></P>
<P align=justify>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></P>
<P align=justify>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 </I></B></P>
<P align=justify>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=center>10 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
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<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 </I></B></P>
<P align=justify>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 </I></B></P>
<P align=justify>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=center>11 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
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<P align=justify><B><I>Exploration and Development </I></B></P>
<P align=justify>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&#146;s Guanacevi Mines Project, Bola&#241;itos Mines Project and El Cubo Mine,
none of the Company&#146;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.</P>
<P align=justify>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 </I></B></P>
<P align=justify>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 </I></B></P>
<P align=justify>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 </I></B></P>
<P align=justify>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=center>12 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
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<P align=justify><B><I>Integration of New Acquisitions </I></B></P>
<P align=justify>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>
<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. 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 </I></B></P>
<P align=justify>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. 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>13 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
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<P align=justify><B><I>Government Regulation </I></B></P>
<P align=justify>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>
<P align=justify><B><I>Mexican Foreign Investment and Income Tax Laws
</I></B></P>
<P align=justify>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&#146;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></P>
<P align=justify>As disclosed under &#147;Legal Proceedings&#148; on page 61, 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&#146;s financial position and
create difficulties for the Company in the future in dealing with Mexican fiscal
authorities. </P>
<P align=center>14 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
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<P align=justify><B><I>Obtaining and Renewing of Government Permits </I></B></P>
<P align=justify>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 </I></B></P>
<P align=justify>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 </I></B></P>
<P align=justify>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 </I></B></P>
<P align=justify>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>
<P align=justify><B><I>Potential Conflicts of Interest </I></B></P>
<P align=justify>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.</P>
<P align=center>15 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
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<P align=justify>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.</P>
<P align=justify>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></P>
<P align=justify>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 </I></B></P>
<P align=justify>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, 2014. 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></P>
<P align=justify>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:</P>
<P align=justify><B>&#149;</B> the volatility of gold and silver prices affects our
revenues, profits and cash flow;</P>
<P align=justify><B>&#149;</B> volatile energy prices, commodity and consumables prices and
currency exchange rates affect our production costs; and </P>
<P align=justify><B>&#149;</B> the devaluation and
  volatility of global stock markets affects the valuation of our equity
  securities.</P>
<P align=justify>These factors could have a material adverse effect on the
Company&#146;s financial condition and financial performance. </P>
<P align=center>16 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
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<P align=justify><B><I>Substantial Volatility of Share Price </I></B></P>
<P align=justify>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 </I></B></P>
<P align=justify>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 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></P>
<P align=justify>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. 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>
<P align=center>17 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
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<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 </I></B> </P>
<P align="justify">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 </I></B> </P>
<P align="justify">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 </I></B> </P>
<P align="justify">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 </I></B> </P>
<P align="justify">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"><B><I>Financial Instruments </I></B> </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="center">18 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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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&#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>
<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>
<B>4.3</B> 	</TD>
	<TD>
<P align="justify"><B>Asset-Backed Securities Outstanding</B></P>
	</TD>
</TR>
</TABLE>
<P align="justify">
The Company has not issued any asset-backed securities. </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>
<B>4.4</B> 	</TD>
	<TD>
<P align="justify"><B>Mineral Projects</B></P>
	</TD>
</TR>
</TABLE>
<P align="justify">
To satisfy the reporting requirements of National Instrument 51-102F2 with respect to the Company&#146;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 &#147;<I>NI 43-101 Technical Report on the Resource and Reserve Estimates for the Guanacevi Project, Durango State, Mexico</I>&#148; prepared by Michael
Munroe SME-RM, a qualified person (&#147;QP&#148;) who is an employee of the Company, with an effective date of October 31, 2014 and dated February 25, 2015. The complete report can be viewed on SEDAR at www.sedar.com. The technical report is
incorporated by reference in its entirety 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&#146;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
ten 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, 2011. </P>
<P align="justify">
This report has an effective date of October 31, 2014. 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="center">
19 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<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, biweekly nonstop 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 4,171.5546 ha. </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="center">
20 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<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&#146; 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>
<P align="justify">
J.R. Southworth, in his 1905 volume entitled &#147;The Mines of Mexico&#148;, mentions that Guanacev&iacute; is a very rich district and &#147;that many of the largest capitalists of New York have enormous interests in its mines&#148;. 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 &#147;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.&#148; </P>
<P align="center">
21 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<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 sub angular 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>
<P align="center">
22 <br>
<B><I>Endeavour Silver Corp.</I></B> </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 October 31, 2014, Endeavour Silver has completed 652 diamond drillholes totalling 181,567m and 22 reverse circulation drillholes totalling 2,977 m on the entire Guanacev&iacute; Mines Project. More than 50,921
samples have also been collected and submitted for assay.</P>
<P align="justify">
Of this total, approximately 138,168m of diamond drilling in 466 holes have been completed on the Santa Cruz vein structure. Holes were drilled from both surface and underground drill stations. </P>
<P align="justify">
In 2014, Endeavour Silver spent US &#36;2,101,307 (including property holding costs) on exploration activities, mainly in the Santa Cruz South and North Porvenir areas. </P>
<P align="justify">
<B>Underground Drilling </B></P>
<P align="justify">
Underground drilling in 2014 was limited to definition drilling between the Porvenir and the Santa Cruz Mines. Twenty one underground holes with 3,422.75 m were drilled and 1,644 samples collected and sent for assays. </P>
<P align="justify">
<B>Surface Drilling </B></P>
<P align="justify">
In 2014, surface drilling was conducted on the Santa Cruz South area. A total of 23 core holes were drilled in 8,901.90 m with 2,722 samples collected and submitted for assay. </P>
<P align="justify">
<B>Other Activities </B></P>
<P align="justify">
During 2014, surface geological mapping and sampling was conducted by Endeavour Silver on the Guanacev&iacute; Property, focusing on the Rocio-Pelayo, Porvenir Cuatro, Ampl. El Aguaje and Santa Cruz South areas. A total of 655 rock samples were
collected and sent for analysis to ALS. </P>
<P align="center">
23 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<P align=justify><B>2015 Exploration Program </B></P>
<P align=justify>In 2015, to continue reinforcing the operating areas, Endeavour
Silver plans to develop both surface and underground drilling in the Santa Cruz
and Santa Cruz South areas. Also detailed mapping and sampling activities are
planned for hanging wall of Santa Cruz vein zone and footwall of Santa Cruz vein
in the Porvenir Cuatro area, also regional exploration will continue near the
Guanacev&#237; District. </P>
<P align=justify>Table 1-1 summarizes the planned 2015 exploration budget for
the Guanacev&#237; Mines Project. </P>
<P align=center><B>Table 1-1 <BR></B><B>Guanacev&#237; Exploration Priority Targets &#150;
2015 </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="90%" border=0>

  <TR vAlign=top>
    <TD width="5%" rowSpan=3  >&nbsp;</TD>
    <TD rowSpan=3 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Project Area</B> </TD>
    <TD width="34%" colSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>2015
      Program</B> </TD>
    <TD width="17%" align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Budget</B> </TD></TR>
  <TR vAlign=top>
    <TD width="17%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Metres</B> </TD>
    <TD width="17%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Samples</B> </TD>
    <TD width="17%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>US $</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=4><B>Surface Exploration Drilling</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Santa Cruz South </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="17%">4,000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="17%">1,200 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="17%">793,600 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Subtotal</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="17%"><B>4,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="17%"><B>1,200</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="17%"><B>793,600</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=4><B>Mine Operations Exploration Drilling</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Mine Exploration </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="17%">3,000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="17%">1000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="17%">673,600 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Subtotal</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="17%"><B>3,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="17%"><B>1,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="17%"><B>673,600</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid">&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="17%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="17%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="17%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left><B>Total (mine +exploration division)</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="17%"><B>7,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="17%"><B>2,200</B> </TD>
<TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="17%"><B>1,467,200</B> </TD></TR></TABLE></DIV>
<P align=justify><B>2014 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
October 31, 2014 are summarized in Table 1-2. Resources are exclusive of the
mineral reserves. </P>
<P align=center><B>Table 1-2 <BR></B><B>Mineral Resource Estimate, Effective
Date October 31, 2014 <BR>Michael Munroe, SME Registered Member </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" rowSpan=3  >&nbsp;</TD>
    <TD rowSpan=3 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><BR><B>Description</B> <BR></TD>
    <TD width="11%" rowSpan=3 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><BR><B>Tonnes</B> <BR></TD>
    <TD width="11%" rowSpan=3 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><BR><B>(g/t)</B> </TD>
    <TD width="11%" rowSpan=3 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B> <BR><BR><B>(g/t)</B>
    </TD>
    <TD width="11%" rowSpan=3 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><BR><B>(oz)</B> </TD>
    <TD width="11%" rowSpan=3 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B> <BR><BR><B>(oz)</B>
    </TD>
    <TD width="11%" rowSpan=3 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver Eq.</B>
    <BR><BR><B>(oz)</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Measured </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">53,300 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">192 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">0.28 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">329,400 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">500 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">362,500 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Indicated </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">1,149,300 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">317 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">0.85 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">11,719,400 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">31,300 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">13,893,200 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Total Measured and Indicated</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%"><B>1,202,600</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>312</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>0.83</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%"><B>12,048,800</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%"><B>31,900</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%"><B>14,281,800</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left><B>Total Inferred</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>1,792,900</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>281</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>0.61</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>16,225,800</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>34,900</B> </TD>
<TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>18,454,900</B> </TD></TR></TABLE></DIV>
<P align=justify><B>Assumptions and Key Parameters </B></P>
<P align=justify>Resources are diluted to a minimum mining width of 1.40m.
Assumed metal prices are $1540 per ounce for gold and $22.00 per ounce for
silver. Measured and Indicated Resources are calculated using a cut-off of 188
g/t silver equivalent. Resource blocks below 188 g/t but above a cut-off of 100
g/t silver equivalent are considered for inclusion in inferred resources. Silver
equivalent is calculated with a factor of 70:1, gold grams to silver grams. </P>
<P align=center>24 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<P align="justify">
<B>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 Blanca-Mi Ni&ntilde;a and Epsilon-Soto) have been carried forward from the December 31, 2013, estimates, as there has been no change since that time. Resources for the Milache Project were
estimated by Endeavour Silver using 3D modeling with the kriging interpolator. Resources for the newly discovered Santa Cruz South area was estimated using 2D polygonal method. </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 drillhole 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 drillhole.</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 drillhole.</P>
<P align="center">
25 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<P align=justify><B>2014 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
October 31, 2014 are summarized in Table 0-3. </P>
<P align=center><B>Table 0-3 <BR></B><B>Mineral Reserve Estimate, Effective Date
October 31, 2014, <BR>Michael Munroe, SME Registered Member </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" rowSpan=2  >&nbsp;</TD>
    <TD rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Description</B> </TD>
    <TD width="12%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Tonnes</B> </TD>
    <TD width="12%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="12%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="12%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><B>(oz)</B> </TD>
    <TD width="12%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B>
      <BR><B>(oz)</B> </TD>
    <TD width="12%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver Eq.</B>
    <BR><B>(oz)</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Proven </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%">311,000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="12%">322 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="12%">0.59 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%">3,221,500 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%">5,900 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%">3,635,900 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Probable </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%">268,700 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="12%">274 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="12%">0.65 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%">2,370,600 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%">5,600 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="12%">2,763,200 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left><B>Total Proven and Probable</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="12%"><B>579,700</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="12%"><B>300</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="12%"><B>0.62</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="12%"><B>5,592,200</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="12%"><B>11,500</B> </TD>
<TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="12%"><B>6,397,200</B> </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 1.4m.
Assumed metal prices are $1260 per ounce for gold and $18 per ounce for silver.
Resource blocks above a cut-off of 230 g/t silver equivalent are considered for
inclusion in reserves. Dilution is generally applied at a constant 20% after
being diluted to the minimum mining width. Silver equivalent is calculated with
a factor of 70:1, gold grams to silver grams. Silver and gold recoveries are
84.0% and 86.3% 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>As of November 30, 2014, the Guanacev&#237; Mines project had a
roster of 536 employees and an additional 102 contractors. 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 <BR><B><I>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, 2014, silver production was 3,587,639 oz and gold production was 7,641 oz. Plant throughput to December 31<SUP>st</SUP> 2014 was 423,251 tonnes at an average grade of 314 g/t silver and 0.65 g/t gold. In 2014, mill
recoveries averaged 84.0% for silver and 86.4% 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 2014 the mill processed ore from the mines of Porvenir Cuatro, 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. In 2014, the grinding circuit had an
average capacity of 1,300 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 Pe&ntilde;oles 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 as of December 31, 2014 was &#36; 9.73 per oz, compared to &#36;14.32 for the fiscal year 2013. 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 2014 averaged US &#36; 104.07 per tonne, compared to US &#36;110.93 in 2013 and US &#36;103.82 in 2012. </P>
<P align="justify">
For 2015, Endeavour Silver is forecasting production of 3,241,474 ounces of silver and 6,566 ounces of gold from the Guanacev&iacute; Mines project. Plant throughput for 2015 is forecast at 443,300 t at an estimated average grade of 275 g/t silver
and 0.54 g/t gold. Recoveries are forecast to average 82.7 % and 85.3% 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 2015, 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 <br>
<B><I>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 &#147;Standards of Disclosure for
Mineral Projects.&#148; These resources and reserves form the basis for Endeavour Silver&#146;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&#146;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&#146;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&#146;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 <br>
<B><I>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 &#147;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&#148; prepared by Michael Munroe SME-RM, a QP who is an employee of the Company, with an effective date of October 31, 2014 and dated February 25, 2015. The complete report can be viewed on SEDAR at www.sedar.com.
The technical report is incorporated by reference in its entirety 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&#146;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
ten 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, 2011. </P>
<P align="justify">
This report has an effective date of October 31, 2014. 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. The Cebada mine, which is not currently in operation, 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>
<P align="center">
29 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<P align="justify">
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 as much water as possible</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 25 properties which are not all contiguous and vary in size for a total of 2,533 hectares (ha). The project includes three operating silver (gold) mines (Bola&ntilde;itos, Lucero, La Luz (Asunci&oacute;n)),
several past-producing silver (gold) mines, and the 1,600 t/d Bola&ntilde;itos processing plant.</P>
<P align="justify">
The annual 2015 concessions tax for the Bola&ntilde;itos Project is estimated to be approximately &#36;665,374 Mexican pesos (pesos), which is equal to about US &#36;49,287 at an Exchange rate of &#36;13.50 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 that provide surface access for exploration and exploitation purposes. </P>
<P align="center">
30 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<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>
<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&deg; 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>
<P align="center">31 <br>
<B><I>Endeavour Silver Corp.</I></B> </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 al (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 2014, Endeavour Silver did not conduct any underground exploration drilling at the Bola&ntilde;itos Project. </P>
<P align="center">
32 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<P align=justify><B>Surface Drilling </B></P>
<P align=justify>During 2014, Endeavour Silver completed 28,167 m of drilling in
87 surface diamond drill holes at the Bola&#241;itos Project. A total of 7,949
samples were collected and submitted for assays.</P>
<P align=justify><B>Other Activities </B></P>
<P align=justify>Endeavour Silver also conducted geological mapping and sampling
programs in Bola&#241;itos South (San Antonio, Lourdes, Margaritas, La Cuesta, and
Laura). A total of 685 samples were collected and submitted for assays. </P>
<P align=justify><B>2015 Exploration Program </B></P>
<P align=justify>In 2015, Endeavour Silver plans to continue with the follow-up
surface exploration programs at the Bola&#241;itos North 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>2014 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 October
31, 2014 are summarized in Table 1-1. Resources are exclusive of mineral
reserves. </P>
<P align=center><B>Table 1-1 <BR></B><B>Mineral Resource Estimate, Effective
Date October 31, 2014, <BR>Michael Munroe, SME Registered Member </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" rowSpan=2  >&nbsp;</TD>
    <TD rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px double"><B>Description</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"><B>Tonnes</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"><B>Silver</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"><B>Gold</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"><B>Silver</B>
      <BR><B>(oz)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"><B>Gold</B>
      <BR><B>(oz)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"><B>Silver Eq.</B>
    <BR><B>(oz)</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px double"
    align=left>Measured </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=right width="11%">66,300 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=center width="11%">128 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=center width="11%">1.59 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=right width="11%">271,500 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=right width="11%">3,300 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=right width="11%">508,500 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px double"
    align=left>Indicated </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=right width="11%">1,045,300 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=center width="11%">112 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=center width="11%">1.97 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=right width="11%">3,765,700 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=right width="11%">66,300 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=right width="11%">8,409,500 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px double"
    align=left><B>Total Measured and Indicated</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=right width="11%"><B>1,111,600</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=center width="11%"><B>113</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=center width="11%"><B>1.95</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=right width="11%"><B>4,037,200</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=right width="11%"><B>69,600</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 1px double"
    align=right width="11%"><B>8,918,000</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px double"
    colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left><B>Total Inferred</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>1,936,700</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>138</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>1.45</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>8,576,100</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>90,400</B> </TD>
<TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px double; BORDER-LEFT: #000000 1px double; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>14,903,600</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 0.8m.
Assumed metal prices are $1540 per ounce for gold and $22.00 per ounce for
silver. Measured and Indicated Resource blocks above a cut-off of 151g/t silver
equivalent are considered for inclusion in resources. Inferred Resources above a
cut-off of 100g/t silver equivalent are included. Silver equivalent is
calculated with a factor of 70:1 gold grams to silver grams.</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=center>33 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_37></A>
<P align=justify>Resources for the La Luz-Refugio 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 (Plateros, La Luz, San
Bernabe, Fw Lana, Belen, Golondrinas, and San Francisco) have been carried
forward from the December 31, 2013, estimates, as there has been no change since
that time.</P>
<P align=justify><B>2014 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 October
31, 2014 are summarized in Table 10-2. </P>
<P align=center><B>Table 10-2 <BR></B><B>Mineral Reserve Estimate, Effective
Date October 31, 2014, <BR>Michael Munroe, SME Registered Member </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" rowSpan=2  >&nbsp;</TD>
    <TD rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Description</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Tonnes</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><B>(oz)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B>
      <BR><B>(oz)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver Eq.</B>
    <BR><B>(oz)</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Proven </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">333,800 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">142 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">2.13 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">1,521,100 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">22,800 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">2,889,100 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Probable </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">360,500 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">118 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">3 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">1,374,500 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">31,700 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">3,276,500 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left><B>Total Proven and Probable</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>694,300</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>130</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>2.44</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=left width="11%"><B>2,895,600</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>54,500</B> </TD>
<TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>6,165,600</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: 184 g/t AgEq.
  <LI>Dilution: 18% (Cut and fill), 25% (longhole), 30% (La Luz).
  <LI>Minimum width: 0.8m (Stopes), 2.5m (Development).
  <LI>Silver equivalent: 70:1, gold grams to silver grams.
  <LI>Gold price: US $1,260 per oz.
  <LI>Silver price: US $18 per oz.
  <LI>Mining Recovery: 95%.
  <LI>Gold recovery (overall): 89.7%.
  <LI>Silver recovery (overall): 86.8%. </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=center>34 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_38></A>
<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=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 October 31, 2014, 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
are 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 10-3 summarizes the production at Bola&#241;itos for 2014.
</P>
<P align=center><B>Table 10-3 <BR></B><B>Summary of 2014 Production for the
Bola&#241;itos Project </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=center
    vAlign=center bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid" ><B>Month</B> </TD>
    <TD width="13%" align=center
    vAlign=center bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Tonnes</B> </TD>
    <TD width="13%" align=center
    vAlign=center bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Ag (g/t)</B> </TD>
    <TD width="13%" align=center
    vAlign=center bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Au (g/t)</B> </TD>
    <TD width="13%" align=center
    vAlign=center bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>AgEq (g/t)</B> </TD>
    <TD width="13%" align=center
    vAlign=center bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Ag (oz)</B> </TD>
    <TD width="13%" align=center
    vAlign=center bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Au (oz)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >January </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">47,925 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">151 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">3.21 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">344 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">200,662 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">4,448 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >February </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">44,019 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">141 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2.48 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">290 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">172,852 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">3,149 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >March </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">50,468 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">139 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2.47 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">287 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">199,337 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">3,043 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >April </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">46,661 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">136 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2.19 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">267 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">177,778 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2,960 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >May </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">48,936 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">159 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2.50 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">309 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">216,394 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">3,514 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >June </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">46,773 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">162 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2.73 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">326 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">229,726 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">3,506 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >July </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">47,029 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">154 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2.26 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">290 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">204,075 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">3,116 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >August </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">44,988 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">153 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2.27 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">289 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">191,782 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2,978 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >September </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">45,666 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">140 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2.07 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">264 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">192,302 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2,494 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >October </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">49,415 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">142 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">1.89 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">255 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">186,267 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2,627 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >November </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">48,140 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">151 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2.03 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">273 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">194,212 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2,763 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >December </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">47,853 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">152 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2.18 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">283 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">230,792 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2,510 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left ><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="13%"><B>567,873</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="13%"><B>148</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="13%"><B>2.36</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="13%"><B>290</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="13%"><B>2,396,179</B> </TD>
<TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="13%"><B>37,108</B> </TD></TR></TABLE></DIV>
<P align=justify>In 2014, the Bola&#241;itos mine produced 567,873t of ore grading
148 g/t silver and 2.36 g/t gold from which 2,396,179 oz silver and 37,108 oz
gold were recovered. Silver and gold recoveries averaged 88.5% and 86.2%,
respectively. </P>
<P align=center>35 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_39></A>
<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&#146;x16&#146; 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 tonne dumper trucks and discharge on a grizzly with opening 11&#148;. Oversize rock (&gt;11&#146;) 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&#148;x36&#148;. 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&#146;x16&#146; vibratory screen with openings 3/8&#148;, the undersize product is conveyed to the fine ore bins. The oversize material is fed to a 4.25&#146; standard head Symons secondary cone
crusher where the ore size is crushed down to 2&#148;. The secondary crusher product is screened by a 5&#146;x10&#146; vibratory screen with openings 3/8&#148;. 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&#148;) 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&#146;6&#148; x 14&#146; with a 600 HP motor, the No. 2 mill is of size 11&#146;x18&#146;7&#148; 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 2015, Endeavour Silver is forecasting to produce 1.28 million ounces of silver and 23,228 ounces of gold from the Bola&ntilde;itos Project. Plant throughput for 2015 is forecast at 409,600 t at an estimated average grade of 121 g/t silver and
2.13 g/t gold. Recoveries are forecast to average 80.1% and 82.7% 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 Bola&ntilde;itos property has undeveloped resource potential. Beyond 2014, Endeavour Silver believes that continued exploration and development may 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 October 31, 2014, is less than two years at a projected production level of 1,600 t/d or 46,000 t/m for the first half of 2015 falling to 1,300 t/d or 38,000 t/m for the latter half of
2015.</P>
<P align="center">
36 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_40></A>
<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 &#147;Standards of Disclosure for Mineral
Projects.&#148; These resources and reserves form the basis for Endeavour Silver&#146;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 provide prospective targets both along strike and down dip of existing mineralization, and that further resources could
be converted into reserves with additional exploration and development especially on the southern La Luz structure currently being explored. </P>
<P align="justify">
Therefore, the QP is of the belief that with Endeavour&#146;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 positive. </P>
<P align="justify">
<B>Recommendations </B></P>
<P align="justify">
Exploration in the Bola&ntilde;itos District is ongoing. Endeavour&#146;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 2015, the Regional Exploration will be focused on the evaluation of different veins of the Bola&ntilde;itos South area. </P>
<P align="justify">
Detailed mapping and sampling activities will be conducted on the Bola&ntilde;itos North and South areas. </P>
<P align="center">37 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<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 different 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&#146;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 &#147;NI 43-101 Technical Report on the Resource and Reserve Estimates for the El Cubo Mines Project, Guanajuato State Mexico&#148; prepared by Michael
Munroe SME-RM, a QP who is an employee of the Company, with an effective date of October 31, 2014 and dated February 25, 2015. The complete report can be viewed on SEDAR at www.sedar.com. The technical report is incorporated by reference in its
entirety 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&#146;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, this report is 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 through to 2014,
EDR posted ten 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 northwestern
Durango State, Mexico. </P>
<P align="center">
38 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<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 October 31, 2014. 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 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 historic 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="justify">
<B>Ownership </B></P>
<P align="justify">
The El Cubo property consists of 57 mining concessions covering an area of approximately 8,141 ha, including several mine adits, ramps, shafts, and the new 1600 tpd El Tajo processing plant.</P>
<P align="justify">
Endeavour Silver&#146;s wholly owned Mexican subsidiary, Compa&ntilde;&iacute;a Minera del Cubo S.A de C.V (CMC), holds a 100% interest in the 57 mining concessions that make up the El Cubo property. Expiration dates associated with the El Cubo
mining concessions range from January 25, 2021, to February 2, 2060. </P>
<P align="center">
39 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<P align=justify>Since August 8, 2012, the concessions 240037 (RF. 306), 240038
(R.F. 307), 1925, and 4334 were added to Unificaci&#243;n Villalpando Sur (original
title 229104 and substituted by 240917) Claim. </P>
<P align=justify>The concessions are free of liens or encumbrances, except that,
four of the concessions, R.F. 306, R.F. 307, 1925, and 4334, covering
approximately 30 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 &#150; 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&#146;s, the T&#250;nel 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 &#145;bonanza&#146; ores were mined through the 1940&#146;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&#146;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&#146;s, and high grade gold and silver ore was mined
until 1976, when the developed section was temporarily exhausted. </P>
<P align=justify>The El Cubo Mine changed ownership in the 1970&#146;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=center>40 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<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="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="center">
41 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<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 &#147;shoots&#148; 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="justify">
<B>Exploration </B></P>
<P align="justify">
<B>Mine Exploration Drilling </B></P>
<P align="justify">
In 2014, underground drilling was conducted with the objective to determine the extent of additional mineralization in areas currently being mined. The main targets were Villalpando (Area I, II and IV), Dolores (Area II), San Eusebio (Area II) and
San Nicolas (Area IV) areas. </P>
<P align="justify">
Drilling was conducted with both contractor and in-house machines. </P>
<P align="justify">
The drill contracting firm was Versa Perforaciones S.A. de C.V. (Versa). From mid-May 2014, to mid-November 2014, Versa completed a total of 31 holes in 7,196 m of drilling. </P>
<P align="center">
42 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<P align=justify>During the first Half, 2014, Endeavour Silver conducted
in-house drilling using two drill machines (a pneumatically powered CP-65 and an
electrically powered Diamec-250); also at mid-June it was acquired a bigger
drill rig (VERSA Kmb.4) from Corebeil capable of drill 300 m in NQ size. There
were 27 holes with 3,696.80 m of drilling completed by the in-house drills. </P>
<P align=justify><B>Surface Drilling </B></P>
<P align=justify>During 2014, Endeavour Silver completed a total of 27,971.65 m
of surface diamond drilling in 69 drill holes by Layne Drilling SA de CV at the
El Cubo Mines Project. Drilling activities were focused on the definition of the
mineralized Villalpando body at the Asunci&#243;n area; also drilling was conducted
on the Villalpando South area. Endeavour collected and submitted for assay,
5,967 samples. </P>
<P align=justify><B>Other Activities </B></P>
<P align=justify>During 2014, the field exploration activities were mainly
focused at the Cubo North area (Monte San Nicolas, San Amado, La Fragua and
Villalpando North); also activities were conducted on the Cubo Central
(Reyna-Panal-Soledad &amp; Alicia) and Cubo South (Villalpando South area). </P>
<P align=justify>Detailed geological mapping, trenching, soil geochemical grid
and sampling was conducted with the objective to define targets of interest with
potential of mineralization for development of possible future drilling
programs. </P>
<P align=justify>During these activities a total of 5,545 rock/soil samples were
collected and sent for analysis. </P>
<P align=justify><B>2015 Exploration Program </B></P>
<P align=justify>For 2015, the Regional Exploration activities will be focused
to test the drilling targets defined on 2014 (Villalpando South,
Nayal-Cabrestantes and Cubo North), with a total of 5,000 m of drilling
programmed. Also, field activities will continue at the East part of the Cubo
North area, in order to improve the drilling exploration targets. </P>
<P align=justify>The Exploration Mine area activities will be focused in the
Central Cubo, over the Villalpando, Reyna and Alicia veins areas </P>
<P align=justify>Table 1-1 summarizes the planned 2015 exploration budget for
the El Cubo Mines Project. </P>
<P align=center><B>Table 1-1 <BR></B><B>2015 El Cubo Exploration Priority
Targets </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=2 width="90%" border=1>

  <TR vAlign=top>
    <TD rowSpan=2 align=center vAlign=center noWrap bgcolor="#eeeeee"><B>Project Area</B> </TD>
    <TD width="26%" colSpan=2 align=center vAlign=center noWrap bgcolor="#eeeeee">&nbsp; &nbsp;
      &nbsp; &nbsp;<B>2015 Program</B> </TD>
    <TD width="13%" rowSpan=2 align=center vAlign=center noWrap bgcolor="#eeeeee"><B>Budget</B>
    <BR><B>US $</B> </TD></TR>
  <TR vAlign=top>
    <TD width="13%" align=center vAlign=center noWrap bgcolor="#eeeeee"><B>Metres</B> </TD>
    <TD width="13%" align=center vAlign=center noWrap bgcolor="#eeeeee"><B>Samples</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=4><B>Surface Exploration Drilling</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cabestrantes - Nayal </TD>
    <TD align=center width="13%">2,500 </TD>
    <TD align=center width="13%">700 </TD>
    <TD align=center width="13%">555,600 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cubo Norte </TD>
    <TD align=center width="13%">2,500 </TD>
    <TD align=center width="13%">700 </TD>
    <TD align=center width="13%">541,200 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Subtotal</B> </TD>
    <TD align=center width="13%"><B>5,000</B> </TD>
    <TD align=center width="13%"><B>1,400</B> </TD>
    <TD align=center width="13%"><B>1,096,800</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=4><B>Mine Operations Exploration Drilling</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mine Exploration </TD>
    <TD align=center width="13%">2,000 </TD>
    <TD align=center width="13%">700 </TD>
    <TD align=center width="13%">506,200 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Subtotal</B> </TD>
    <TD align=center width="13%"><B>2,000</B> </TD>
    <TD align=center width="13%"><B>700</B> </TD>
    <TD align=center width="13%"><B>506,200</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Total (mine +exploration division)</B> </TD>
    <TD align=center width="13%"><B>7,000</B> </TD>
    <TD align=center width="13%"><B>2,100</B> </TD>
<TD align=center width="13%"><B>1,603,000</B> </TD></TR></TABLE></DIV>
<P align=center>43 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
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<P align=justify><B>2014 Mineral Resource Estimate </B></P>
<P align=justify><B>Mineral Resource Statement </B></P>
<P align=justify>The mineral resources for the El Cubo Project as of October 31,
2014 are summarized in Table 1-1. Resources are exclusive of mineral reserves.
</P>
<P align=center><B>Table 2-2 <BR></B><B>Mineral Resource Estimate, Effective
Date October 31, 2014 Michael Munroe, SME Registered Member </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" rowSpan=2  >&nbsp;</TD>
    <TD rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Description</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Tonnes</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><B>(oz)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B>
      <BR><B>(oz)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver Eq.</B>
    <BR><B>(oz)</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Measured </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">738,000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">172 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">2.74 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">4,064,000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">&nbsp;65,000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">8,616,000 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Indicated </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">1,748,000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">172 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">2.42 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">9,658,000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">136,000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">19,167,000 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Total Measured and Indicated</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%"><B>2,486,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>172</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>2.51</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%"><B>13,722,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%"><B>201,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%"><B>27,783,000</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left><B>Total Inferred</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>1,783,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>134</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>1.83</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>7,680,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>105,000</B> </TD>
<TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>15,017,000</B> </TD></TR></TABLE></DIV>
<P align=justify><B>Assumptions and Parameters </B></P>
<P align=justify>Resources are undiluted. Assumed metal prices are $1,540 per
ounce for gold and $22 per ounce for silver. Measured and Indicated Resource
blocks above a cut-off of 179 g/t silver equivalent are considered for inclusion
in resources. Inferred Resources above a cut-off of 100 g/t silver equivalent
are included. Silver equivalent is calculated with a factor of 70:1, gold grams
to silver grams. </P>
<P align=justify><B>Methodology </B></P>
<P align=justify>The mineral resource estimates presented in this report are
estimated by both polygonal methods and 3D block modeling methods for the most
recent exploration drilling. Polygonal methods use 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. 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/m<SUP>3</SUP>. </P>
<P align=justify>The 3D block modeling method uses geological 3D wireframes
based on geological interpretation and the kriging interpolator to estimate
grade. Thickness and tonnage are derived from the wireframe models. </P>
<P align=center>44 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_48></A>
<P align=justify><B>2014 Mineral Reserve Estimate </B></P>
<P align=justify><B>Mineral Reserve Statement </B></P>
<P align=justify>The mineral reserves for the El Cubo Project as of October 31,
2014 are summarized in Table 10-2. </P>
<P align=center><B>Table 1-3 <BR></B><B>Mineral Reserve Estimate, Effective Date
October 31, 2014 <BR>Michael Munroe, SME Registered Member </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" rowSpan=2  >&nbsp;</TD>
    <TD rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Description</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Tonnes</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><B>(oz)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B>
      <BR><B>(oz)</B> </TD>
    <TD width="11%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver Eq.</B>
    <BR><B>(oz)</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Proven </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">346,600 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">144 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">1.94 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">1,615,400 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">21,600 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">3,129,400 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Probable </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">446,900 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">132 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%">1.79 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">1,893,100 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">25,700 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="11%">3,689,800 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left><B>Total Proven and Probable</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>793,500</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>137</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>1.86</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>3,508,500</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>47,300</B> </TD>
<TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=right width="11%"><B>6,819,200</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: 218 g/t AgEq.
  <LI>Dilution: 40%.
  <LI>Minimum width: 0.8m.
  <LI>Silver equivalent: 70:1, gold grams to silver grams.
  <LI>Gold price: US $1,260 per oz.
  <LI>Silver price: US $18 per oz.
  <LI>Gold recovery (overall): 89.4%.
  <LI>Silver recovery (overall): 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 El Cubo
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 El Cubo 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 El Cubo Project, this is applicable to
blocks located a maximum of 35 m either vertically or horizontally distant from
development. </P>
<P align=center>45 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_49></A>
<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 2014 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 mine has been gradually dewatered and new development is pursuing mineral in the lower levels. </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 October 31, 2014, 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="center">
46 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_50></A>
<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 &#147;Standards of Disclosure for Mineral
Projects.&#148; These resources and reserves form the basis for Endeavour Silver&#146;s ongoing mining operations at the El Cubo 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 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&#146;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&#146;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 &#147;NI 43-101 Technical Report on the Resource Estimates for the San Sebastian Project, Jalisco State, Mexico&#148; 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 technical report is incorporated by reference in its entirety into this AIF.</P>
<P align="center">
47 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<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&#146;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="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="center">
48 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<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="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&#146;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&#146;s and early 1990&#146;s. </P>
<P align="justify">
According to Southworth in his 1905 volume on Mexican mining, &#147;<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.&#148;</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 &#147;<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&#148; </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="center">
49 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<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="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="center">
50 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<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=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 1-4. </P>
<P align=center><B>Table 1-4 <BR></B><B>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; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" rowSpan=6  >&nbsp;</TD>
    <TD rowSpan=6 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Vein</B> </TD>
    <TD width="11%" rowSpan=6 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Tonnes</B> </TD>
    <TD width="11%" rowSpan=6 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="11%" rowSpan=6 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="11%" rowSpan=6 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><B>Eq</B> <BR><B>(g/t)</B> </TD>
    <TD width="11%" rowSpan=6 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><B>(oz)</B> </TD>
    <TD width="11%" rowSpan=6 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B>
      <BR><B>(oz)</B> </TD>
    <TD width="11%" rowSpan=6 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver Eq</B>
    <BR><B>(oz)</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Total Indicated</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>2,476,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>229</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>1.08</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>294</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>18,216,200</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="11%">&nbsp;<B>86,300</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>23,394,200</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left><B>Total Inferred</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>2,376,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>175</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>1.66</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>275</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>13,390,600</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>126,800</B> </TD>
<TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    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 width="5%"  >&nbsp;</TD>
    <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 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>
      <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=center>51 <BR><B><I>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 San Sebasti&aacute;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&aacute;n Property. </P>
<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&#146;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="center">
52 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<A name=page_56></A>
<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=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 1-5 summarizes the planned 2014 surface exploration budget
for the San Sebasti&#225;n Project. </P>
<P align=center><B>Table 1-5 <BR></B><B>Summary of Total 2014 Budget for the San
Sebasti&#225;n Project Exploration Programs </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="10%" rowSpan=2 >&nbsp;</TD>
    <TD rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Project Area</B> </TD>
    <TD width="26%" colSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>2014
      Program</B> </TD>
    <TD width="13%" rowSpan=2 align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Budget</B>
  <BR><B>US $</B> </TD></TR>
  <TR vAlign=top>
    <TD width="13%" align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Metres</B> </TD>
  <TD width="13%" align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Samples</B> </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left colSpan=4><B>Surface Exploration Drilling</B> </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>Terronera </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">6,250 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">2,000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">1,149,450 </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left>San Sebastian Regional Exploration </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="13%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="13%">1,200 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="13%">&nbsp; &nbsp; &nbsp;397,200 </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="13%"><B>6,250</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="13%"><B>3,200</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="13%"><B>1,546,650</B> </TD></TR></TABLE><BR>
<P align=justify><B>UPDATED INFORMATION </B></P>
<P align=justify>In 2014, At San Sebasti&#225;n, the Company drilled 15,098 m in 49
holes to upgrade much of the previous inferred resource to the indicated
category. The main mineralized zone in the Terronera vein now measures about
1,400 m long by 350 m vertical by up to 15 m thick. The MIA government mine
development permit was received in November 2014 and the updated resource
estimate was released in January 2015. As of October 31, 2014 Infill drilling
will continue with one drill rig until additional drill permits are received.
Management is now working on the individual change of soil use permits, initial
mine plan, project engineering, economic evaluation and financing alternatives
so that a production decision can be made. </P>
<P align=center><B>Summary of the San Sebastian Mineral Resources at a Cut-off
Grade of 150 g/t AgEq <BR>Effective Date October 31, 2014</B> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"><B>Vein</B> </TD>
    <TD width="11%" align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Tonnes</B> </TD>
    <TD width="11%" align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="11%" align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B> <BR><B>(g/t)</B>
    </TD>
    <TD width="11%" align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B> <BR><B>Eq</B>
      <BR><B>(g/t)</B> </TD>
    <TD width="11%" align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver</B>
      <BR><B>(oz)</B> </TD>
    <TD width="11%" align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Gold</B> <BR><B>(oz)</B>
    </TD>
    <TD width="11%" align=center
    vAlign=center noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Silver Eq</B>
    <BR><B>(oz)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Total Indicated</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>3,091,400</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>221</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>1.70</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>340</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>21,931,100</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>169,200</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="11%"><B>33,778,600</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"><B>Total
      Inferred</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>1,176,700</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>189</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>1.44</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>290</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>7,165,200</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>126,800</B> </TD>
<TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="11%"><B>10,967,800</B> </TD></TR></TABLE></DIV>
<P align=center>53 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_57></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>ITEM 5:</B> </TD>
<TD align=left width="90%"><B>DIVIDENDS</B> </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>5.1</B> </TD>
    <TD>
      <P align=justify><B>Dividends</B></P></TD></TR></TABLE>
<P align=justify>The Company has not declared any dividends during the past
three fiscal years ended December 31, 2014. 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>
<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>ITEM 6:</B> </TD>
    <TD align=left width="90%"><B>DESCRIPTION OF CAPITAL STRUCTURE</B>
  </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>6.1</B> </TD>
    <TD>
      <P align=justify><B>General Description of Capital
  Structure</B></P></TD></TR></TABLE>
<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, 2014: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD
    align=left bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid" >&nbsp; </TD>
  <TD width="60%"
    align=center bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2014</B> </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    width="60%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left ><B>Authorized share capital</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="60%">Unlimited number of common shares without par value
    </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left ><B>Number of shares issued and</B>
      <B>outstanding</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="60%">101,976,901 common shares without par value </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=left width="60%" >&nbsp;</TD></TR></TABLE>
<P align=justify>As at March 4, 2015, the Company has 101,976,901 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>
<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>6.2</B> </TD>
    <TD>
      <P align=justify><B>Constraints</B></P></TD></TR></TABLE>
<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>
<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>6.3</B> </TD>
    <TD>
      <P align=justify><B>Ratings</B></P></TD></TR></TABLE>
<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>
<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>ITEM 7:</B> </TD>
    <TD align=left width="90%"><B>MARKET FOR SECURITIES</B>
</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>7.1</B> </TD>
    <TD>
      <P align=justify><B>Trading Price and Volume</B></P></TD></TR></TABLE>
<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. </P>
<P align=center>54 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_58></A>
<P align=justify>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, 2014 and the months of January and February 2015 are set out
below:<B> </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="90%" border=0>

  <TR vAlign=top>
    <TD rowSpan=2 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"><BR>Date </TD>
    <TD width="16%" rowSpan=2 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"><BR>Open </TD>
    <TD width="16%" rowSpan=2 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"><BR>High </TD>
    <TD width="16%" rowSpan=2 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"><BR>Low </TD>
    <TD width="16%" rowSpan=2 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"><BR>Close </TD>
    <TD width="16%" rowSpan=2 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double">Volume <BR>Traded </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Feb-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.41 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.55 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.76 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.97 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3,509,061 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Jan-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.50 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.83 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.43 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.49 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5,682,301 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Dec-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.05 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.22 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.13 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.54 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5,351,383 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Nov-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.46 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.62 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.75 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.00 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4,739,301 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Oct-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.96 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.28 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.44 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4,518,764 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Sep-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.97 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.98 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.86 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.90 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2,467,080 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Aug-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">6.52 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">7.06 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.72 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">6.06 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3,549,000 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Jul-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.73 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">6.69 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.58 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">6.44 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5,196,543 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Jun-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.12 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">6.00 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.10 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.83 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2,758,276 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>May-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.96 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.38 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.98 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1,791,695 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Apr-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.77 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.18 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.32 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.01 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2,463,505 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Mar-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.95 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">6.29 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.56 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.77 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4,331,421 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Feb-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.90 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">6.61 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.66 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.69 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4,595,848 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=center>Jan-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">3.99 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">5.25 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">3.86 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">4.85 </TD>
<TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">4,031,042 </TD>
  </TR></TABLE></DIV>
<P align=justify>The price ranges for the Company&#146;s common shares in United
States dollars and volume traded on the NYSE for the most recently completed
fiscal year ended December 31, 2014 and the months of January and February 2015
are set out below: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="90%" border=0>

  <TR vAlign=top>
    <TD rowSpan=2 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"><BR>Date </TD>
    <TD width="16%" rowSpan=2 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"><BR>Open </TD>
    <TD width="16%" rowSpan=2 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"><BR>High </TD>
    <TD width="16%" rowSpan=2 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"><BR>Low </TD>
    <TD width="16%" rowSpan=2 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"><BR>Close </TD>
    <TD width="16%" rowSpan=2 align=center
    noWrap bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double">Volume <BR>Traded </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Feb-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.70 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.82 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.18 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.36 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">19,953,035 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Jan-15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.11 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.17 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.07 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.74 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">36,929,146 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Dec-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.71 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.96 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">1.83 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.16 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">51,504,474 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Nov-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.04 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.20 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.42 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.61 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">33,998,529 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Oct-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.40 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.58 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">2.90 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.04 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">31,923,327 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Sep-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.45 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.48 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.35 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.37 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">23,254,296 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Aug-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.96 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">6.44 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.21 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.57 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">27,559,371 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Jul-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.50 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">6.28 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.22 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.89 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">36,462,383 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Jun-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.78 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.60 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.75 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.46 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">27,623,303 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>May-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.51 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.91 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.66 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.81 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">18,974,181 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Apr-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.32 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.73 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">3.91 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.57 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">23,064,699 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Mar-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.36 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.69 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.12 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.31 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">34,881,990 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center>Feb-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.39 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.98 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">4.20 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">5.15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="16%">35,216,338 </TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=center>Jan-14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">3.76 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">4.74 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">3.58 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">4.34 </TD>
<TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"
    align=center width="16%">31,931,307 </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>
<A name=page_59></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ITEM 8:</B> </TD>
    <TD align=left width="90%"><B>ESCROWED SECURITIES</B>
</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>8.1</B> </TD>
    <TD>
      <P align=justify><B>Escrowed Securities</B></P></TD></TR></TABLE>
<P align=justify>To the Company&#146;s knowledge, as at December 31, 2014, there were
no escrowed securities or securities subject to contractual restriction on
transfer. </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>ITEM 9:</B> </TD>
    <TD align=left width="90%"><B>DIRECTORS AND OFFICERS</B>
</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>9.1</B> </TD>
    <TD>
      <P align=justify><B>Name, Occupation and Security
  Holding</B></P></TD></TR></TABLE>
<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 rowSpan=7 align=center valign="middle" bgcolor="#eeeeee"><B>Name and</B> <BR>
      <B>Province/State and</B>
      <BR><B>Country</B> <BR><B>of Residence</B> </TD>
    <TD width="25%" rowSpan=7 align=center valign="middle" bgcolor="#eeeeee"><B>Principal Occupation</B>
      <BR>
      <B>for the</B> <BR><B>Last Five Years</B> </TD>
    <TD width="25%" rowSpan=7 align=center valign="middle" bgcolor="#eeeeee"><B>Current Position with</B>
      <BR>
      <B>the Company</B> <BR><B>and</B> <BR><B>Period of Service</B> </TD>
    <TD width="25%" rowSpan=7 align=center valign="middle" bgcolor="#eeeeee"><B>Approximate number and</B>
      <BR>
      <B>percentage of voting</B> <BR><B>securities owned, directly</B>
      <BR><B>or indirectly or over which</B> <BR><B>direction or control is</B>
    <BR><B>exercised </B><SUP>(2) </SUP>(3) </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4><B>Bradford J. Cooke</B> <BR>British Columbia,
      Canada </TD>
    <TD align=left width="25%" rowSpan=4>CEO and Director of <BR>Endeavour </TD>
    <TD align=left width="25%" rowSpan=4>Director and Chief <BR>Executive
      Officer <BR>(since July 25, 2002) </TD>
    <TD align=center width="25%" rowSpan=4>1,102,831 <BR><BR>1.08% </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=6><B>Godfrey J. Walton</B> <BR>British Columbia,
      Canada </TD>
    <TD align=left width="25%" rowSpan=6>Director, President <BR>and COO of
      <BR>Endeavour and <BR>President, G.J. Walton <BR>&amp; Associates Ltd. </TD>
    <TD align=left width="25%" rowSpan=6>Director, President and <BR>Chief
      Operating Officer <BR>(since July 25, 2002) </TD>
    <TD align=center width="25%" rowSpan=6>75,847 <BR><BR>0.07% </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=12><B>Ken Pickering</B><SUP>(1)</SUP> <BR>British
      Columbia, Canada </TD>
    <TD align=left width="25%" rowSpan=12>Vice President, Major <BR>Projects
      BHP Billiton <BR>to Oct 2010: <BR>Independent Director <BR>of Pan Aust
      (ASX); <BR>TheMac Resources <BR>(TSXV); Northern <BR>Dynasty Minerals
      <BR>Ltd.(TSX) and Enaex <BR>(Chile). </TD>
    <TD align=left width="25%" rowSpan=12>Director <BR>(since August 20, 2012)
    </TD>
    <TD align=center width="25%" rowSpan=12>5,000 <br>
    <BR>0.005% </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=6><B>Mario D. Szotlender </B><SUP>(1),(2),(3)</SUP>
      <BR>Caracas, Venezuela </TD>
    <TD align=left width="25%" rowSpan=6>Independent <BR>Consultant and
      <BR>Director of several <BR>public mineral <BR>exploration and <BR>mining
      companies </TD>
    <TD align=left width="25%" rowSpan=6>Director <BR>(since July 25, 2002)
</TD>
    <TD align=center width="25%" rowSpan=6>225,100 <BR><BR>0.22% </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
<TR vAlign=top></TR></TABLE></DIV>
<P align=center>56 <BR><B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_60></A><BR>
<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 rowSpan=7 align=left bgcolor="#eeeeee"><B>Name and </B><BR><B>Province/State and
      </B><BR><B>Country </B><BR><B>of Residence </B></TD>
    <TD width="25%" rowSpan=7 align=left bgcolor="#eeeeee"><B>Principal Occupation
      </B><BR><B>for the </B><BR><B>Last Five Years </B></TD>
    <TD width="25%" rowSpan=7 align=left bgcolor="#eeeeee"><B>Current Position with
      </B><BR><B>the Company </B><BR><B>and </B><BR><B>Period of Service </B></TD>
    <TD width="25%" rowSpan=7 align=center bgcolor="#eeeeee"><B>Approximate number and
      </B><BR><B>percentage of voting </B><BR><B>securities owned, directly
      </B><BR><B>or indirectly or over which </B><BR><B>direction or control is
    </B><BR><B>exercised </B><SUP>(2) </SUP><SUP>(3) </SUP></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=6><B>Geoffrey Handley </B><SUP>(1),(2),(3)
      </SUP><BR>Sydney, Australia </TD>
    <TD align=left width="25%" rowSpan=6>Independent Director of <BR>several
      public mineral <BR>exploration and mining <BR>companies </TD>
    <TD align=left width="25%" rowSpan=6>Chairman <BR>(since May 23, 2012)
      <BR>Director <BR>(since June 14, 2006) </TD>
    <TD align=center width="25%" rowSpan=6>10,000 <BR><BR>0.01% </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=6><B>Rex McLennan </B><SUP>(2),(3)
      </SUP><BR>Alberta, Canada </TD>
    <TD align=left width="25%" rowSpan=6>Independent Director, <BR>Chief
      Financial Officer <BR>of Viterra Inc. until <BR>December 2012 </TD>
    <TD align=left width="25%" rowSpan=6>Director <BR>(since June 14, 2007)
</TD>
    <TD align=center width="25%" rowSpan=6>10,000 <BR><BR>0.01% </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=6><B>Ricardo Campoy </B><SUP>(1),(3) </SUP><BR>New
      York, USA </TD>
    <TD align=left width="25%" rowSpan=6>Independent Director, <BR>Managing
      director of <BR>Headwaters MB, <BR>Director of General <BR>Moly </TD>
    <TD align=left width="25%" rowSpan=6>Director <BR>(since July 9, 2010) </TD>
    <TD align=center width="25%" rowSpan=6>4,000 <BR><BR>0.004% </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4><B>Daniel Dickson </B><BR>British Columbia,
      Canada </TD>
    <TD align=left width="25%" rowSpan=4>CFO of Endeavour </TD>
    <TD align=left width="25%" rowSpan=4>Chief Financial Officer <BR>(since
      April 1, 2008) </TD>
    <TD align=center width="25%" rowSpan=4>Nil </TD></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=5><B>Luis Castro </B><BR>Durango, Mexico </TD>
    <TD align=left width="25%" rowSpan=5>VP of Exploration of <BR>Endeavour,
      prior <BR>Manager of Exploration <BR>of Endeavour </TD>
    <TD align=left width="25%" rowSpan=5>Vice President, <BR>Exploration
      (since <BR>November 12, 2012) </TD>
    <TD align=center width="25%" rowSpan=5>Nil </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4><B>David Howe </B><BR>Leon, Mexico </TD>
    <TD align=left width="25%" rowSpan=4>VP of Operations of <BR>Endeavour
      since <BR>November 2007 </TD>
    <TD align=left width="25%" rowSpan=4>Vice President <BR>Operations, Mexico
      (since <BR>November 1, 2007) </TD>
    <TD align=center width="25%" rowSpan=4>20,000 <BR><BR>0.02% </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=9><B>Terence Chandler </B><BR>British Columbia,
      Canada </TD>
    <TD align=left width="25%" rowSpan=9>VP of Corporate <BR>Development of
      <BR>Endeavour Silver since <BR>January 2013. <BR>Consulting Geologist
      <BR>Terrenex Consulting, <BR>President Redcorp <BR>Ventures Limited </TD>
    <TD align=left width="25%" rowSpan=9>Vice President Corporate
      <BR>Development (since <BR>January 1, 2013) </TD>
    <TD align=center width="25%" rowSpan=9>Nil </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3><B>Bernard Poznanski </B><BR>British Columbia,
      Canada </TD>
    <TD align=left width="25%" rowSpan=3>Lawyer, Koffman <BR>Kalef Business
      <BR>Lawyers </TD>
    <TD align=left width="25%" rowSpan=3>Corporate Secretary <BR>(since March
      9, 2009) </TD>
    <TD align=center width="25%" rowSpan=3>Nil </TD></TR>
  <TR vAlign=top></TR>
<TR vAlign=top></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>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 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 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 width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Refer to <U>www.sedi.ca </U>for continuous disclosure of
      Directors &amp; Officers holdings.</P></TD></TR></TABLE>
<P align=center>57 <BR><B><I>Endeavour Silver Corp. </I></B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_61></A>
<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 4, 2015 the directors and officers of the Company as a group beneficially owned, directly or indirectly, or exercised control or direction over an aggregate of 1,453,578 common shares of the Company, representing approximately 1.43% of
the issued and outstanding common shares 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>
<B>9.2</B> 	</TD>
	<TD>
<P align="justify"><B>Cease Trade Orders, Bankruptcies, Penalties or Sanctions</B></P>
	</TD>
</TR>
</TABLE>
<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 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 colspan=2>
<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>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD><TD width="5%">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR>
  <TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(b) 	</TD>
	<TD colspan=2>
<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. (&#147;Energem&#148;) 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 &#147;BCSC&#148;) issued a management cease trade order in connection with the late filing of Energem&#146;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&#146;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="center">
58 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_62></A>
<P align="justify">
Ricardo Campoy was a director of Century Mining Corporation (&#147;Century&#148;) 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&#146;s shares as a result of
inadequacies in a NI 43-101 technical report filed by Century for the Lamaque Project and in Century&#146;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&#146;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&#146;s restated third quarter 2007 financial statements and related management&#146;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&#146;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&#146;s discussion and analysis for the year ended
December 31, 2008 in response to Century&#146;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&#146;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&#146;s shares as a result of Century&#146;s failure to file its annual financial statements
and related management&#146;s discussion and analysis for the year ended December 31, 2009. Century subsequently filed its annual financial statements and related management&#146;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="justify">
Mario Szotlender, a director of the Company, was a director of Focus Ventures Ltd. (&#147;Focus&#148;) 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&#146; failure to file its annual financial statements within the prescribed deadline and, upon Focus&#146; 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 (&#147;SEC&#148;) revoked Focus&#146; 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&#146;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 (&#147;Mirabela&#148;) 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 (&#147;PSA&#148;) 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 was suspended from
October 7, 2013 to June 30, 2014.</P>
<P align="center">
59 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_63></A>
<P align="justify">
Terence Chandler, an officer of the Company, held the position of President, CEO and Director of Redcorp Ventures Ltd. (&#147;Redcorp&#148;) while Redcorp and its wholly-owned subsidiary Redfern Resources Ltd. (&#147;Redfern&#148;) were involved in
proceedings under the Companies&#146; Creditors Arrangement Act (Canada) (&#147;CCAA&#148;). 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>
<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>
<B>9.3</B> 	</TD>
	<TD>
<P align="justify"><B>Conflicts of Interest</B></P>
	</TD>
</TR>
</TABLE>
<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="center">
60 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_64></A>
<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>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
	<TD align=left>
<B>ITEM 10:</B>
	</TD>
	<TD width=90% align=left>
<B>PROMOTERS</B>
	</TD>
</TR>
</TABLE>
<P align="justify">
Since January 1, 2013 no person or company has acted as a promoter of the Company. </P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
	<TD align=left>
<B>ITEM 11:</B>
	</TD>
	<TD width=90% align=left>
<B>LEGAL PROCEEDINGS</B>
	</TD>
</TR>
</TABLE>
<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>
<B>11.1</B> 	</TD>
	<TD>
<P align="justify"><B>Legal Proceedings</B></P>
	</TD>
</TR>
</TABLE>
<P align="justify">
Other than discussed below, there are no legal proceedings in the Company&#146;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 (U.S.&#36;16.1 million) assessment on October 12, 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&#146;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, 2010.  There has been no change in the accrual as at December 31, 2013, except for interest. On January 3, 2011, the Company filed a nullity action with the Federal
Court of Tax and Administrative Justice. The Company expects a resolution of this matter in 2015. </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>
<B>11.2</B> 	</TD>
	<TD>
<P align="justify"><B>Regulatory Actions</B></P>
	</TD>
</TR>
</TABLE>
<P align="justify">
During the year ended December 31, 2014, 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, 2014, 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>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
	<TD align=left>
<B>ITEM 12:</B>
	</TD>
	<TD width=90% align=left>
<B>INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS</B>
	</TD>
</TR>
</TABLE>
<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>
<B>12.1</B> 	</TD>
	<TD>
<P align="justify"><B>Interest of Management and Others in Material Transactions</B></P>
	</TD>
</TR>
</TABLE>
<P align="justify">
None of the following persons or companies has had any material interest, direct or indirect in any transaction since January 1, 2012 that has materially affected or is reasonably expected to materially affect the Company: </P>
<P align="center">61 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_65></A>
<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>
(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&#146;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 &#147;Risk Factors &#150; Potential Conflicts of Interest&#148; and &#147;Conflict of Interest&#148; </P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
	<TD align=left>
<B>ITEM 13:</B>
	</TD>
	<TD width=90% align=left>
<B>TRANSFER AGENT AND REGISTRAR</B>
	</TD>
</TR>
</TABLE>
<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>
<B>13.1</B> 	</TD>
	<TD>
<P align="justify"><B>Transfer Agent and Registrar</B></P>
	</TD>
</TR>
</TABLE>
<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>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
	<TD align=left>
<B>ITEM 14:</B>
	</TD>
	<TD width=90% align=left>
<B>MATERIAL CONTRACTS</B>
	</TD>
</TR>
</TABLE>
<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>
<B>14.1</B> 	</TD>
	<TD>
<P align="justify"><B>Material Contracts</B></P>
	</TD>
</TR>
</TABLE>
<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, 2014 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 (&#147;Scotiabank&#148;) for a &#36;75 million reducing revolving credit facility (&#147;the Facility&#148;), reduced to &#36;50 million July 24, 2013.
The credit limit available under the Facility will reduce by &#36;25 million July 24, 2015 and will mature on July 24, 2016. The Facility is for general corporate purposes and is principally secured by a pledge of Endeavour&#146;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.<br>
<BR>
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&#146;s Base Rate in Canada based on Endeavour&#146;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&#146;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. As of December 31, 2014 the tangible net worth covenant was in breach. Subsequent to year end, the Facility was amended requiring the Tangible Net Worth of the Company (as defined
in the Facility) to be greater than 85% of &#147;Equity&#148; (as defined by the Facility) on December 31, 2014, plus 50% of subsequent quarterly earnings. As at December 31, 2014, Endeavour has drawn &#36;29.0 million under the Facility.</LI>
</UL>
<P align="center">
62 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_66></A>
<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
	<TD align=left>
<B>ITEM 15:</B>
	</TD>
	<TD width=90% align=left>
<B>INTERESTS OF EXPERTS</B>
	</TD>
</TR>
</TABLE>
<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>
<B>15.1</B> 	</TD>
	<TD>
<P align="justify"><B>Names of Experts</B></P>
	</TD>
</TR>
</TABLE>
<P align="justify">
KPMG LLP is the external auditor of the Company and reported on the fiscal 2014 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>&#147;NI 43-101 Technical Report on the Resource and Reserve
Estimates for the Guanacevi Mines Project, Durango State, Mexico</I>&#148; dated February 25, 2015 (effective date of October 31, 2014) 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>&#147;NI 43-101 Technical Report on the Resource and
Reserve Estimates for the Bola&ntilde;itos Mines Project, Guanajuato State, Mexico</I>&#148; dated February 25, 2015 (effective date of October 31, 2014) 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>&#147;NI 43-101 Technical Report on the Resource and Reserve Estimate for the El Cubo
Mines Project , Guanajuato State, Mexico</I>&#148; dated February 25, 2015 (effective date of October 31, 2014 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>&#147;NI 43-101 Technical Report on the Resource Estimates for
the San Sebastian Project, Jalisco State, Mexico</I>&#148; dated March 27, 2014 (effective date of December 31, 2013) filed on SEDAR.</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>
<B>15.2</B> 	</TD>
	<TD>
<P align="justify"><B>Interests of Experts</B></P>
	</TD>
</TR>
</TABLE>
<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&#146;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>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
	<TD align=left>
<B>ITEM 16:</B>
	</TD>
	<TD width=90% align=left>
<B>ADDITIONAL INFORMATION</B>
	</TD>
</TR>
</TABLE>
<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>
<B>16.1</B> 	</TD>
	<TD>
<P align="justify"><B>Additional Information</B></P>
	</TD>
</TR>
</TABLE>
<P align="justify">
Additional information relating to the Company may be found on SEDAR at <U>www.sedar.com</U>. Additional information, including directors&#146; and officers&#146; remuneration and indebtedness, principal holders of the Company&#146;s securities and
securities authorized for issuance under equity compensation plans, if applicable, is contained in the Company&#146;s Information Circular pertaining to its most recent Annual General Meeting of security holders held on May 8, 2014.  Additional
financial information is also provided in the Company&#146;s financial statements and management&#146;s discussion and analysis for its most recently completed financial year ended December 31, 2014.</P>
<P align="center">
63 <br>
<B><I>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>
<B>16.2</B> 	</TD>
	<TD>
<P align="justify"><B>Audit Committee</B></P>
	</TD>
</TR>
</TABLE>
<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>
<I>1.</I> 	</TD>
	<TD>
<P align="justify"><I><U>The Audit Committee&#146;s Charter</U></I></P>
	</TD>
</TR>
</TABLE>
<P align="justify">
National Instrument 52-110 Audit Committees (&#147;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>
<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>
<I>2.</I> 	</TD>
	<TD>
<P align="justify"><I><U>Composition of the Audit Committee</U></I></P>
	</TD>
</TR>
</TABLE>
<P align="justify" style="text-indent:5%">
The Company&#146;s audit committee is comprised of four directors, as set forth below: </P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
	<TD align=left>
Geoff Handley
	</TD>
	<TD width=25% align=left>
Ricardo Campoy
	</TD>
	<TD width=25% align=left>
Mario D. Szotlender
	</TD>
	<TD width=25% align=left>
Rex McLennan
	</TD>
</TR>
</TABLE>
<P align="justify">
As defined in NI 52-110, Geoff Handley, Mario Szotlender, Ricardo Campoy and Rex McLennan are &#147;independent&#148;.  The Company therefore meets the requirement of NI 52-110 that all audit committee members be independent. </P>
<P align="justify" style="text-indent:5%">
All of the members of the audit committee are financially literate. </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>
<I>3.</I> 	</TD>
	<TD>
<P align="justify"><I><U>Relevant Education and Experience</U></I></P>
	</TD>
</TR>
</TABLE>
<P align="justify" style="text-indent:5%">
 <I>Geoff Handley</I> &#150; 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" style="text-indent:5%">
&nbsp;<I>Ricardo Campoy</I> &#150; 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" style="text-indent:5%">
 <I>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="justify" style="text-indent:5%">
 <I>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="center">
64 <br>
<B><I>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 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><I>4.</I> </TD>
    <TD>
      <P align=justify><I><U>Reliance on Certain
  Exemptions</U></I></P></TD></TR></TABLE>
<P align=justify>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 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 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 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 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 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 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 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 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>
<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%"><I>5.</I> </TD>
    <TD>
      <P align=justify><I><U>Audit Committee
Oversight</U></I></P></TD></TR></TABLE>
<P align=justify>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>
<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%"><I>6.</I> </TD>
    <TD>
      <P align=justify><I><U>Pre-Approval Policies and
  Procedures</U></I></P></TD></TR></TABLE>
<P align=justify>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>
<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%"><I>7.</I> </TD>
    <TD>
      <P align=justify><I><U>External Auditor Service Fees (By
      Category)</U></I></P></TD></TR></TABLE>
<P align=justify>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; "
cellSpacing=0 cellPadding=2 width="90%" border=0>

  <TR vAlign=top>
    <TD
    align=left bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Financial Year End</B> </TD>
    <TD width="25%"
    align=center bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Audit Fees</B><SUP>(1)</SUP> </TD>
    <TD width="25%"
    align=center bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Tax Fees</B><SUP>(2)</SUP> </TD>
    <TD width="25%"
    align=center bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>All Other Fees</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>December 31, 2014 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%">Cdn.$587,800 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%">Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>December 31, 2013 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%">Cdn.$712,700 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%">Cdn.$40,700 </TD>
<TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%">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%">(1) </TD>
    <TD>
      <P align=justify>Relates to fees 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>Relates to fees for professional services rendered by the
      Company&#146;s external auditor for tax compliance and tax
  advice.</P></TD></TR></TABLE>
<P align="center">
65 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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<P align="center">
<B><U>SCHEDULE &#147;A&#148;</U></B><B> </B></P>
<P align="center">
<B>ENDEAVOUR SILVER CORP. (the "Company") </B></P>
<P align="center">
<B>Audit Committee Charter </B><br>
(effective August 1, 2012)<B> </B></P>
<P align="justify">
This Audit Committee Charter has been approved by the Board of Directors (the &#147;Board&#148;) of Endeavour Silver Corp. (the &#147;Company&#148;) 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>
<P align="justify"><B>Purpose Of Audit Committee</B></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
1.1 	</TD>
	<TD>
<P align="justify">The purpose of the Audit Committee (the &#147;Committee&#148;) is to act as the representative of the Board in carrying out its oversight responsibilities relating to:</P>
	</TD>
</TR>
</TABLE>
<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>
(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% valign=top>&nbsp;</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% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(c) 	</TD>
	<TD>
<P align="justify">The system of internal financial controls.</P>
	</TD>
</TR>
</TABLE>
<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>
1.2 	</TD>
	<TD>
<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&#146;s cost, without any requirement for further Board or management
approval of such expenditure.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
2. 	</TD>
	<TD>
<P align="justify"><B>Composition</B></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Committee shall consist of a minimum of three Directors, all of whom are &#147;independent&#148; 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&#146;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></TR><TR>
	<TD width=5% valign=top>
3. 	</TD>
	<TD>
<P align="justify"><B>Duties</B></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
3.1 	</TD>
	<TD>
<P align="justify">The Committee&#146;s duty is to monitor and oversee the operations of management and the external auditor. Management is responsible for establishing and following the Company&#146;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&#146;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.</P>
	</TD>
</TR>
</TABLE>
<P align="center">
66 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<A name=page_70></A><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>
<P align="justify">The specific duties of the Committee are as follows:</P>
	</TD>
</TR>
</TABLE>
<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>
(a) 	</TD>
	<TD>
<P align="justify">Management Oversight:</P>
	</TD>
</TR>
</TABLE>
<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>&nbsp;</TD>
	<TD width=5% valign=top>
(i) 	</TD>
	<TD>
<P align="justify">Review and evaluate the adequacy of the Company&#146;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% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(ii) 	</TD>
	<TD>
<P align="justify">Review and evaluate the adequacy of the Company&#146;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% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(iii) 	</TD>
	<TD>
<P align="justify">Review and evaluate the adequacy of the Company&#146;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% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</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% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(v) 	</TD>
	<TD>
<P align="justify">Request the external auditor&#146;s assessment of the Company&#146;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% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(vi) 	</TD>
	<TD>
<P align="justify">Review and approve the Company&#146;s hiring policies regarding partners, employees and former partners and employees of the present and former external auditor of the Company.</P>
	</TD>
</TR>
</TABLE>
<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">External Auditor Oversight</P>
	</TD>
</TR>
</TABLE>
<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>&nbsp;</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% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</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% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(iii) 	</TD>
	<TD>
<P align="justify">Review and evaluate the external auditor&#146;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% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</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% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(v) 	</TD>
	<TD>
<P align="justify">Inform the external auditor of the Committee&#146;s expectations;</P>
	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</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% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</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&#146;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% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</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% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</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&#146;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&#146;s first scheduled meeting following such pre-approval. Pre-approval of non-audit
services is satisfied if:</P>
	</TD>
</TR>
</TABLE>
<P align="center">
67 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<A name=page_70></A><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>&nbsp;</TD>
  <TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
A. 	</TD>
	<TD>
<P 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;</P>
	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
B. 	</TD>
	<TD>
<P align="justify">the Company or a subsidiary did not recognize the services as non-audit services at the time of the engagement; and</P>
	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
C. 	</TD>
	<TD>
<P 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</P>
	</TD>
</TR>
</TABLE>
<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>&nbsp;</TD>
	<TD width=5% valign=top>
(x) 	</TD>
	<TD>
<P align="justify">Confirm with the external auditor that the external auditor is ultimately accountable to the Board and the Committee, as representatives of the shareholders.</P>
	</TD>
</TR>
</TABLE>
<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>
(c) 	</TD>
	<TD>
<P align="justify">Financial Reporting Oversight</P>
	</TD>
</TR>
</TABLE>
<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>&nbsp;</TD>
	<TD width=5% valign=top>
(i) 	</TD>
	<TD>
<P align="justify">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;</P>
	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(ii) 	</TD>
	<TD>
<P align="justify">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</P>
	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(iii) 	</TD>
	<TD>
<P align="justify">Discuss with the external auditor the quality and the acceptability of the International Financial Reporting Standards applied by management.</P>
	</TD>
</TR>
</TABLE>
<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>
(d) 	</TD>
	<TD>
<P align="justify">&#147;Whistleblower&#148; Procedures</P>
	</TD>
</TR>
</TABLE>
<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>&nbsp;</TD>
	<TD width=5% valign=top>
(i) 	</TD>
	<TD>
<P align="justify">Establish procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls, or auditing matters; and</P>
	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(ii) 	</TD>
	<TD>
<P align="justify">Establish procedures for the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters.</P>
	</TD>
</TR>
</TABLE>
<P align="center">
68 <br>
<B><I>Endeavour Silver Corp.</I></B> </P>
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</BODY>

</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.: Form 40-F - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><IMG
src="endl.gif"
border=0 width="464" height="71"></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=center><B>Consolidated Financial Statements</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Prepared by Management </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Years Ended December 31, 2014 and 2013</B>
  </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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 the 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 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 align=justify>March 4, 2015 </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 ><I>/s/ Bradford Cooke</I> </TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD align=left width="45%"><I>/s/ Dan Dickson</I> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD align=left width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</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></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><A name=page_3></A>
<P align=left><IMG
src="kpmglogo.jpg" border=0 width="106" height="48"></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=left ><B>KPMG LLP</B> </TD>
    <TD align=left width="10%">Telephone </TD>
    <TD align=left width="15%" >(604) 691-3000 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Chartered Accountants</B> </TD>
    <TD align=left width="10%">Fax </TD>
    <TD align=left width="15%" >(604) 691-3031 </TD></TR>
  <TR vAlign=top>
    <TD align=left >PO Box 10426 777 Dunsmuir Street </TD>
    <TD align=left width="10%">Internet </TD>
    <TD align=left width="15%" >www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD align=left >Vancouver BC V7Y 1K3 </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="15%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Canada </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="15%" >&nbsp; </TD></TR></TABLE></DIV>
<P align=center><B>INDEPENDENT AUDITORS&#146; REPORT OF REGISTERED <BR>PUBLIC
ACCOUNTING FIRM </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, 2014 and December 31, 2013, the
consolidated statements of comprehensive loss, changes in shareholders&#146; 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>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify>KPMG LLP is a Canadian limited liability partnership and
      a member firm of the KPMG network of independent member firms affiliated
      with KPMG International Cooperative (&#147;KPMG International&#148;), a Swiss
      entity. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>KPMG Canada provides services to KPMG LLP.
  </P></TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
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<P align=left><IMG src="exhibit99-2x4x1.jpg" border=0 width="54" height="31"></P>
<P align=right><I>Endeavour Silver Corp. <BR></I><I>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, 2014 and December 31, 2013, 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, 2014, 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 5, 2015 expressed an adverse opinion on
the effectiveness of Endeavour Silver Corp.&#146;s internal control over financial
reporting. </P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left><B>//s// KPMG LLP</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Chartered Accountants </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>March 4, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vancouver, Canada </TD></TR></TABLE><BR>

<div align="center">
  <center>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify>KPMG LLP is a Canadian limited liability partnership and
      a member firm of the KPMG network of independent member firms affiliated
      with KPMG International Cooperative (&#147;KPMG International&#148;), a Swiss
      entity. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>KPMG Canada provides services to KPMG LLP.
  </P></TD></TR></TABLE></center>
</div>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
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<P align=left><IMG src="kpmglogo.jpg" border=0 width="106" height="48"></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=left ><B>KPMG LLP</B> </TD>
    <TD align=left width="10%">Telephone </TD>
    <TD align=left width="15%" >(604) 691-3000 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Chartered Accountants</B> </TD>
    <TD align=left width="10%">Fax </TD>
    <TD align=left width="15%" >(604) 691-3031 </TD></TR>
  <TR vAlign=top>
    <TD align=left >PO Box 10426 777 Dunsmuir Street </TD>
    <TD align=left width="10%">Internet </TD>
    <TD align=left width="15%" >www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD align=left >Vancouver BC V7Y 1K3 </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="15%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Canada </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="15%" >&nbsp; </TD></TR></TABLE></DIV>
<P align=center><B>REPORT OF INDEPENDENT REGISTERED </B><BR><B>PUBLIC ACCOUNTING
FIRM</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.&rsquo;s internal control over financial reporting  as of December 31, 2014, based on criteria established in Internal Control  &ndash; Integrated Framework (1992) issued by the Committee of Sponsoring  Organizations of the Treadway Commission (&ldquo;COSO&rdquo;). Endeavour Silver Corp.&rsquo;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 report titled &ldquo;Management&rsquo;s Report on  Internal Controls over Financial Reporting&rdquo;. Our responsibility is to express an opinion on  the Company&rsquo;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>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify>KPMG LLP is a Canadian limited liability partnership and
      a member firm of the KPMG network of independent member firms affiliated
      with KPMG International Cooperative (&#147;KPMG International&#148;), a Swiss
      entity. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>KPMG Canada provides services to KPMG LLP.
  </P></TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><A name=page_6></A>
<P align=left>
<IMG
src="exhibit99-2x4x1.jpg"
border=0 width="54" height="31"></P>
<P align=right><I>Endeavour Silver Corp. <BR></I><I>Page 2 </I></P>
<p align="justify">A material weakness  is a deficiency, or a combination of deficiencies, in internal control over  financial reporting, such that there is a reasonable possibility that a  material misstatement of the company&rsquo;s annual or interim financial statements  will not be prevented or detected on a timely basis. A material weakness  related to Endeavour Silver Corp.&rsquo;s ineffective management review of the  recording of the impairment of long-lived assets and related financial  statement disclosures, specifically related to the circular impact on deferred  income taxes, has been identified and included in management&rsquo;s assessment.</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 Endeavour Silver Corp. as of  December 31, 2014 and 2013, and the related consolidated statements of  comprehensive loss, shareholders&rsquo; equity, and cash flows for the years then  ended. This material weakness was considered in determining the nature, timing,  and extent of audit tests applied in our audit of the December 31, 2014  consolidated financial statements, and this report does not affect our report  dated March 4, 2015, which expressed an unqualified opinion on those  consolidated financial statements.</p>
<p align="justify">In our opinion,  because of the effect of the aforementioned material weakness on the  achievement of the objectives of the control criteria, Endeavour Silver Corp.  has not maintained effective internal control over financial reporting as of  December 31, 2014, based on criteria established in Internal Control &ndash;  Integrated Framework (1992) issued by the Committee of Sponsoring Organizations  of the Treadway Commission (COSO).</p>
<p align="justify">We do not express an  opinion or any other form of assurance on management&rsquo;s statements referring to  corrective actions taken after December 31, 2014, relative to the  aforementioned material weakness in 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 align=left><B>//s// KPMG LLP</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chartered Accountants </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>March 4, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vancouver, Canada </TD></TR></TABLE><BR>

<div align="center">
  <center>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify>KPMG LLP is a Canadian limited liability partnership and
      a member firm of the KPMG network of independent member firms affiliated
      with KPMG International Cooperative (&#147;KPMG International&#148;), a Swiss
      entity. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>KPMG Canada provides services to KPMG LLP.
  </P></TD></TR></TABLE></center>
</div>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars)
</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" vAlign=bottom noWrap
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%"><B>December 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">Notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>ASSETS</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=center vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Current assets</B> </TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom>&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=left vAlign=bottom>&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=left vAlign=bottom>&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgColor=#E6EFFF>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Cash and cash
      equivalents </TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgColor=#E6EFFF>4 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#E6EFFF><B>$</B></TD>
    <TD width="10%" align=right vAlign=bottom
      bgColor=#E6EFFF><B>&nbsp;31,045</B> </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#E6EFFF>$</TD>
    <TD width="10%" align=right vAlign=bottom bgColor=#E6EFFF>&nbsp;35,004 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Investments </TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom>5 </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom><B>786</B> </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom>1,463 </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgColor=#E6EFFF>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Accounts
      receivable </TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgColor=#E6EFFF>6 </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="10%" align=right vAlign=bottom bgColor=#E6EFFF><B>19,715</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="10%" align=right vAlign=bottom bgColor=#E6EFFF>23,749 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Inventories </TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom>7 </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom><B>21,604</B> </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom>23,647 </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Prepaid expenses </TD>
    <TD
    width="1%" align=left vAlign=bottom bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=center vAlign=bottom bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=left vAlign=bottom bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right vAlign=bottom bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid"><B>2,656</B> </TD>
    <TD
    width="2%" align=left vAlign=bottom bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right vAlign=bottom bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid">3,341 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">Total current assets </TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom>&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom><B>75,806</B> </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom>87,204 </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=center vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=right vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=right vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">Non-current deposits </TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom>&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom><B>1,048</B> </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom>1,186 </TD>
    <TD width="2%" align=left vAlign=bottom>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">Deferred income tax asset </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="10%" align=center 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="10%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>6,253</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="10%" align=right vAlign=bottom bgcolor="#E6EFFF">- </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">
    <p style="text-indent: -15pt; margin-left: 15pt">Mineral properties, plant and equipment </TD>
    <TD
    width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">9,10 </TD>
    <TD
    width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid"><B>182,730</B> </TD>
    <TD
    width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">278,533 </TD>
    <TD
    width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Total assets</B> </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </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"><B>$</B></TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;265,837</B> </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;366,923 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD width="1%" vAlign=bottom>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom>&nbsp; </TD>
    <TD width="2%" vAlign=bottom>&nbsp;</TD>
    <TD width="1%" vAlign=bottom>&nbsp;</TD>
    <TD width="10%" vAlign=bottom>&nbsp; </TD>
    <TD width="2%" vAlign=bottom>&nbsp;</TD>
    <TD width="1%" vAlign=bottom>&nbsp;</TD>
    <TD width="10%" vAlign=bottom>&nbsp; </TD>
    <TD width="2%" vAlign=bottom>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt"><B>LIABILITIES AND SHAREHOLDERS' EQUITY</B>    </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="10%" align=center 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="10%" 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="10%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=center>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Current liabilities</B></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%"><B>&nbsp;17,408</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;17,221 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Income taxes
      payable </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" bgColor=#e6efff><B>8,181</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="10%" bgColor=#e6efff>3,259 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Derivative liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">14 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><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="10%">1,491 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Revolving credit facility </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=center
    width="10%" bgColor=#e6efff>11 </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="10%" bgColor=#e6efff><B>29,000</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="10%" bgColor=#e6efff>33,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total current liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%"><B>54,589</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="10%">54,971 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Provision for reclamation and rehabilitation    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">12 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>6,496</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="10%">6,652 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Contingent liability </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>15 </TD>
    <TD vAlign=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="10%" bgColor=#e6efff><B>-</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="10%" bgColor=#e6efff>99 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Deferred income tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">21 </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="10%"><B>12,479</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="10%">49,053 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Total liabilities</B> </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=center
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>73,564</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="10%" bgColor=#e6efff>110,775 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Shareholders' equity</B>    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Common shares, unlimited shares authorized,
      no par value, issued <BR>&nbsp; and outstanding 101,976,901 shares (Dec
      31, 2013 - 99,784,409 shares) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">Page 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="10%"><B>367,853</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="10%">358,408 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Contributed surplus </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>Page 9 </TD>
    <TD vAlign=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="10%" bgColor=#e6efff><B>8,430</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="10%" bgColor=#e6efff>14,836 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Accumulated comprehensive income (loss) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">Page 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="10%"><B>(4,758</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(4,081</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Retained earnings (deficit) </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=center
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>(179,252</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </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="10%" bgColor=#e6efff>(113,015</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Total shareholders' equity</B> </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=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>192,273</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="10%">256,148 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Total liabilities and shareholders' equity</B> </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=center
    width="10%" 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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;265,837</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;366,923 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV>
<P align=justify>Commitments (Notes 9and Note 12(b)) </P>
<P align=justify>The accompanying notes are an integral part of the consolidated
financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
      (LOSS)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, except for shares
      and per share amounts) </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" vAlign=bottom noWrap
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="23%" colSpan=4><B>Years Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><STRONG>December
      31,</STRONG>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">December 31, </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">Notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B></B></TD>
    <TD vAlign=bottom align=center width="10%" 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;<STRONG>$</STRONG></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>196,928</B>    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;276,783</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Cost of sales: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%"><B>125,309</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="10%">158,582 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Royalties </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>9 (a) </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="10%" bgColor=#e6efff><B>1,146</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="10%" bgColor=#e6efff>1,328 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Share-based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">13 (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="10%"><B>537</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="10%">515 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" bgColor=#e6efff><B>54,312</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="10%" bgColor=#e6efff>53,569 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Write down of
      inventory to net realizable value </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=center
    width="10%">7 </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="10%"><B>1,255</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="10%">5,874 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" bgColor=#e6efff><B>182,559</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="10%" bgColor=#e6efff>219,868 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Mine operating earnings </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%"><B>14,369</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="10%">56,915 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom 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=left 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=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Expenses: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Exploration </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#E6EFFF">16 </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="10%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>12,548</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="10%" align=right vAlign=bottom bgcolor="#E6EFFF">13,168 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;
      &nbsp;General and administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">17 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>9,692</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="10%">11,605 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Impairment of
      non-current assets </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#E6EFFF">10 </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="10%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>83,000</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="10%" align=right vAlign=bottom bgcolor="#E6EFFF">95,815 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;
      &nbsp;Impairment of goodwill </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">10 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><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="10%">39,245 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Write off of exploration property</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">9 (f)(g) </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>631</B> </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%"><B>105,871</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="10%">159,833 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">Operating earnings (loss) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="10%" align=center 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="10%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>(91,502</B></TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF"><B>)</B> </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom bgcolor="#E6EFFF">(102,918</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF">) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=center>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgColor=#E6EFFF>
    <p style="text-indent: -15pt; margin-left: 15pt">Mark-to-market loss/(gain) on
      derivative liabilities </TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgColor=#E6EFFF>14 </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="10%" align=right vAlign=bottom bgColor=#E6EFFF><B>1,434</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="10%" align=right vAlign=bottom bgColor=#E6EFFF>(3,750</TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#E6EFFF>) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Mark-to-market loss/(gain) on contingent
      liability </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">15 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(99</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(8,398</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgColor=#E6EFFF>
    <p style="text-indent: -15pt; margin-left: 15pt">Finance costs </TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgColor=#E6EFFF>18 </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="10%" align=right vAlign=bottom bgColor=#E6EFFF><B>1,382</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="10%" align=right vAlign=bottom bgColor=#E6EFFF>1,513 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#E6EFFF>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=center>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">Other income (expense): </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="10%" align=center 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="10%" 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="10%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;
      &nbsp;Foreign exchange </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%"><B>(1,709</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(2,597</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Investment and other </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=center vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>(546</B></TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="10%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">(1,079</TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%"><B>(2,255</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(3,676</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR>
    <TD vAlign=bottom bgcolor="#E6EFFF">
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD width="1%" vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="10%" vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="1%" vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="10%" vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Earnings (loss) before income
      taxes </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%"><B>(96,474</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(95,959</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=center vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
    <TD align=left vAlign=bottom bgcolor="#E6EFFF">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Income tax expense (recovery): </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;
      &nbsp;Current income tax expense </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>21 </TD>
    <TD vAlign=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="10%" bgColor=#e6efff><B>20,886</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="10%" bgColor=#e6efff>13,970 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Deferred income tax expense
      (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">21 </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="10%"><B>(42,827</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </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="10%">(20,464</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&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=center
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>(21,941</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </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="10%" bgColor=#e6efff>(6,494</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Net
      earnings (loss) for the year </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=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>(74,533</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </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="10%">(89,465</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Other comprehensive income (loss), net of tax    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp; &nbsp;Net change in fair value of
      available for sale investments </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=center
    width="10%" bgColor=#e6efff>5 </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="10%" bgColor=#e6efff><B>(677</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </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="10%" bgColor=#e6efff>1,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Comprehensive income (loss) for the year</B> </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=center
    width="10%" 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>&nbsp;<STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>(75,210</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(88,215</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Basic and diluted earnings (loss) per share based on net
      earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;<STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>(0.74</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(0.90</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Basic and diluted weighted average number of shares
      outstanding </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=center
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>101,314,393</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="10%" bgColor=#e6efff>99,720,704 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV>
<P align=justify>The accompanying notes are an integral part of the consolidated
financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><A name=page_9></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS&#146;
      EQUITY</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of U.S. dollars, except share
      amounts) </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" vAlign=bottom noWrap
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="9%">Accumulated </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">other </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">Number of </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">Share </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">Contributed&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">comprehensive&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="9%">Total </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="9%">Note </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="9%">shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="9%">Capital </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="9%">Surplus </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="9%">income (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="9%">Deficit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="9%">Equity </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Balance at December 31, 2012
    </TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>99,541,522 </TD>
    <TD vAlign=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>357,296 </TD>
    <TD vAlign=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>12,828 </TD>
    <TD vAlign=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>(5,331</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>(24,597</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>340,196 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center 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>
    <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 vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Exercise of options </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#e6efff>13(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="9%" bgColor=#e6efff>139,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>730 </TD>
    <TD vAlign=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>(255</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="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>475 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Exercise of warrants </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%">13 (d), 14 </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%">37,399 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">148 </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=right width="9%">148 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Share appreciation rights </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#e6efff>13 (c)</TD>
    <TD vAlign=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>66,488 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>234 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(234</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="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>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Share based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%">13 (b)</TD>
    <TD vAlign=bottom align=left width="2%"></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=right width="9%">3,544 </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=right width="9%">3,544 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Unrealized gain (loss) on
      available for sale assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#e6efff>5 </TD>
    <TD vAlign=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=right width="9%" bgColor=#e6efff>4,341 </TD>
    <TD vAlign=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>4,341 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Realized gain (loss) on available for sale
      assets </TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center 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=right width="9%">(3,091</TD>
    <TD vAlign=bottom align=left width="2%">) </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%">(3,091</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Expiry and forfeiture of
      options </TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=center 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=right width="9%" bgColor=#e6efff>(1,047</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="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>1,047 </TD>
    <TD vAlign=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></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Earnings (loss) for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%">(89,465</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%">(89,465</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Balance at December 31, 2013
    </TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>99,784,409 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;358,408 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;14,836 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;(4,081</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>&nbsp;(113,015</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>256,148$ </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center 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>
    <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 vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Exercise of options </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#e6efff>13 (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="9%" bgColor=#e6efff>951,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>3,954 </TD>
    <TD vAlign=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>(1,462</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="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>2,492 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Exercise of warrants </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%">13 (d), 14 </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%">1,155,905 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">5,126 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(248</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="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=right width="9%">4,878 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Issued on acquisition of
      mineral properties, net </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#e6efff>9 (d) </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>85,587 </TD>
    <TD vAlign=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>365 </TD>
    <TD vAlign=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=right width="9%" bgColor=#e6efff>365 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Share based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%">13 (b)</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=right width="9%">3,600 </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=right width="9%">3,600 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Unrealized gain (loss) on
      available for sale assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#e6efff>5 </TD>
    <TD vAlign=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=right width="9%" bgColor=#e6efff>(677</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="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>(677</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Expiry and forfeiture of options </TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center 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=right width="9%">(8,296</TD>
    <TD vAlign=bottom align=left width="2%">) </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%">8,296 </TD>
    <TD 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></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Earnings (loss) for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>(74,533</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>(74,533</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Balance at December 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    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%">101,976,901 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;367,853 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;8,430 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;(4,758</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%">&nbsp;(179,252</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%">192,273$ </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><A name=page_10></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of U.S. dollars)
</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" vAlign=bottom noWrap
      align=center>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="23%" colSpan=4><B>Years Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><STRONG>December
      31,</STRONG>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">December 31, </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">Notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Operating activities</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Net earnings (loss) for the year </TD>
    <TD vAlign=bottom align=left width="1%"><B></B></TD>
    <TD vAlign=bottom align=center width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;<STRONG>$</STRONG></TD>
    <TD vAlign=bottom align=right width="10%"><B>(74,533</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;(89,465</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Items not affecting cash: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Share-based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">13(b)&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>3,600</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="10%">3,544 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Impairment of
      non-current assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>10 </TD>
    <TD vAlign=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="10%" bgColor=#e6efff><B>83,000</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="10%" bgColor=#e6efff>95,815 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Impairment of goodwill </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">10 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><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="10%">39,245 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Depreciation and
      depletion </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" bgColor=#e6efff><B>54,659</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="10%" bgColor=#e6efff>53,898 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Deferred income tax provision
      (recovery) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">21 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(42,827</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(20,464</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Unrealized
      foreign exchange loss (gain) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" bgColor=#e6efff><B>(72</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>682 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Mark-to-market loss (gain) on
      derivative liability </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">14 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>1,434</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="10%">(3,750</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Mark-to-market
      loss (gain) on contingent liability </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>15 </TD>
    <TD vAlign=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="10%" bgColor=#e6efff><B>(99</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(8,398</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Finance costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">18 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>1,240</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="10%">1,513 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Allowance for
      IVA receivable </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>6 </TD>
    <TD vAlign=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="10%" bgColor=#e6efff><B>1,002</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="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;Write down of inventory
      to net realizable value </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">7 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>1,255</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="10%">5,874 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;Write off
      of exploration property </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>9 (f)(g)</TD>
    <TD vAlign=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="10%" bgColor=#e6efff><B>631</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="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Loss (gain) on marketable
      securities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%"><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="10%">3,091 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Net changes in non-cash working capital </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=center
    width="10%" bgColor=#e6efff>19 </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="10%" bgColor=#e6efff><B>9,473</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="10%" bgColor=#e6efff>(5,041</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Cash
      from (used in) operating activities </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=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>38,763</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="10%">76,544 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Investing activites</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Property, plant
      and equipment expenditures </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>9 </TD>
    <TD vAlign=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="10%"
bgColor=#e6efff><B>(41,748</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(88,518</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Investment in short term
      investments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%"><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="10%">(130</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Proceeds from
      sale of short term investments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" bgColor=#e6efff><B>-</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="10%" bgColor=#e6efff>5,328 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Investment in long term deposits </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=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>(82</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </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="10%">(65</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Cash used in investing activities </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=center
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>(41,830</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </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="10%" bgColor=#e6efff>(83,385</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Financing activities</B>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Proceeds from revolving credit
      facility </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">11 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>2,000</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="10%">30,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Repayment of
      revolving credit facility </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>11 </TD>
    <TD vAlign=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="10%" bgColor=#e6efff><B>(6,000</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(6,000</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Debt issuance costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">11 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><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="10%">(144</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Interest paid
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>11 </TD>
    <TD vAlign=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="10%" bgColor=#e6efff><B>(981</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(1,101</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Exercise of options and warrants
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">13(b)(d)</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>4,447</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="10%">528 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Share issuance costs </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=center
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>(10</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </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="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Cash
      from (used in) financing activites </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=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>(544</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </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="10%">23,283 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Effect of exchange rate change on cash and
      cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%"><B>(348</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(55</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Increase (decrease) in cash
      and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" bgColor=#e6efff><B>(3,611</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>16,442 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Cash
      and cash equivalents, beginning of year </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=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%"><B>35,004</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="10%">18,617 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Cash and cash equivalents, end of year</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=center
    width="10%" 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>&nbsp;<STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>31,045</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;35,004 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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>

  <TR vAlign=top>
    <TD align=left >Supplemental cash flow information </TD>
    <TD align=left width="34%">&nbsp;19 </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>The accompanying notes are an integral part of
      these consolidated financial statements. </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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B><U>CORPORATE
INFORMATION</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" 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>
<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%">2. </TD>
    <TD>
      <P align=justify><B><U>BASIS OF
PRESENTATION</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" 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;) as 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 period for the year ended December 31,
2014.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Board of Directors approved the
consolidated financial statements for issue on March 4, 2015. </P>
<P style="MARGIN-LEFT: 5%" 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., Compania Minera del 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>
<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><B><U>SIGNIFICANT ACCOUNTING
  POLICIES</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The accounting policies below have been
applied consistently to all periods presented and by all subsidiaries in the
group. </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%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Currency Translation</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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>
<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>Use of estimates and
judgements</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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>
<P style="MARGIN-LEFT: 10%" 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 useful
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>
<P style="MARGIN-LEFT: 10%" 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>
<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 align=center>Note 10 </TD>
    <TD align=left width="80%">Impairment </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=center>Note 12 </TD>
    <TD align=left width="80%">Provision for Reclamation and Rehabilitation
  </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=center>Note 13 </TD>
    <TD align=left width="80%">Share Capital </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=center>Note 14 </TD>
    <TD align=left width="80%">Derivative Liabilities </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=center>Note 15 </TD>
    <TD align=left width="80%">Contingent Liability </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=center>Note 21 </TD>
    <TD align=left width="80%">Income Taxes </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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=left width="15%">Page - 11
      - </TD></TR></TABLE><BR>
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  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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>(c)</B> </TD>
    <TD>
      <P align=justify><B>Financial instruments</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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>
<P style="MARGIN-LEFT: 10%" 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>
<P style="MARGIN-LEFT: 10%" align=justify>Realized gains and losses on short
term metal derivative transactions are presented as investment and other
income.</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%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Fair value of financial
  instruments</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The carrying values of the Company&#146;s
cash and cash equivalents, receivables, accounts payable and accrued liabilities
and income taxes payable approximate their fair values due to their short terms
to maturity. The carrying value of the revolving credit facility approximates
its fair value due to the existence of floating market-based interest rates.
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>
<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 align=justify><B>Cash and cash equivalents</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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>
<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>(f)</B> </TD>
    <TD>
      <P align=justify><B>Marketable securities</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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 other comprehensive income. </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%"><B>(g)</B> </TD>
    <TD>
      <P align=justify><B>Inventories</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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>
<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>(h)</B> </TD>
    <TD>
      <P align=justify><B>Mineral properties, plant and
  equipment</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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>
<P style="MARGIN-LEFT: 10%" 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>
<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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=left width="15%">Page -12
      - </TD></TR></TABLE><BR>
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<TABLE
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  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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 mineral property
costs within mineral properties, 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>
<P style="MARGIN-LEFT: 10%" 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>
<P style="MARGIN-LEFT: 10%" 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>
<P style="MARGIN-LEFT: 10%" 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>
<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>(i)</B> </TD>
    <TD>
      <P align=justify><B>Impairment of Long-Lived
Assets</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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>
<P style="MARGIN-LEFT: 10%" 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>
<P style="MARGIN-LEFT: 10%" 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>
<P style="MARGIN-LEFT: 10%" 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 predetermined 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>
<P style="MARGIN-LEFT: 10%" 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>
<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>(j)</B> </TD>
    <TD>
      <P align=justify><B>Reclamation and rehabilitation
  obligations</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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>
<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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=left width="15%">Page - 13
      - </TD></TR></TABLE><BR>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>In subsequent periods, the liability
is adjusted for any changes in the amount or timing of the estimated future cash
costs, changes in the discount or inflation rates 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>
<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>(k)</B> </TD>
    <TD>
      <P align=justify><B>Revenue recognition</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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 be 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 market 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>
<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>(l)</B> </TD>
    <TD>
      <P align=justify><B>Share-based payments</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Company has a share option plan
which is described in Note 13(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>
<P style="MARGIN-LEFT: 10%" align=justify>Share-based payment expense relating
to cash-settled awards, including deferred share units, is 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>
<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>(m)</B> </TD>
    <TD>
      <P align=justify><B>Income taxes</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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 tax 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 their recovery
is considered probable based on their term to expiry and estimates of future
taxable income.</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%"><B>(n)</B> </TD>
    <TD>
      <P align=justify><B>Earnings per share</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Basic earnings per share is computed
by dividing the earnings (loss) available to common shareholders by the weighted
average number of shares<B> </B>outstanding during the period. For all periods
presented, loss available to common shareholders equals the reported loss. 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>
<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>(o)</B> </TD>
    <TD>
      <P align=justify><B>Business combinations</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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>
<P style="MARGIN-LEFT: 10%" align=justify>Determination of the fair value of
assets acquired and liabilities assumed and 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>
<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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=left width="15%">Page - 14
      - </TD></TR></TABLE><BR>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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 and 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>
<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>(p)</B> </TD>
    <TD>
      <P align=justify><B>Goodwill</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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 net earnings (loss) in the reporting period in
which it occurs. Goodwill impairment charges cannot be reversed in future
periods. </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%"><B>(q)</B> </TD>
    <TD>
      <P align=justify><B>Changes in accounting standards and new accounting
      standards</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Company has adopted the following
new standards, along with any consequential amendments, effective January 1,
2014. These changes were made in accordance with the applicable transitional
provisions. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The nature and impact of each new
standard and amendment applicable to the Company are described below: </P>
<P style="MARGIN-LEFT: 10%" align=justify><I>IFRIC 21 Levies </I></P>
<P style="MARGIN-LEFT: 10%" align=justify>In May 2013, the IASB issued IFRIC 21,
<I>Levies, </I>which provides guidance on accounting for levies in accordance
with the requirements of IAS 37, <I>Provisions, Contingent Liabilities and
Contingent Assets</I>. The interpretation defines a levy as an outflow from an
entity imposed by a government in accordance with legislation. It also notes
that levies do not arise from executor contracts or other contractual
arrangements. The interpretation also confirms that an entity recognizes a
liability for a levy only when the triggering event specified in the legislation
occurs. IFRIC 21 was applied retrospectively with no material impact on the
consolidated financial statements. </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, 2014, 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 effect 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>. On July 24, 2014
the IASB issued the complete IFRS 9. IFRS 9 retains but simplifies the mixed
measurement model and establishes two primary measurement categories for
financial assets: amortized cost and fair value. The basis of classification
depends on an entity&#146;s business model and the contractual cash flows of the
financial asset.</P>
<P style="MARGIN-LEFT: 10%" align=justify>Classification is made at the time the
financial asset is initially recognized, namely when the entity becomes a party
to the contractual provisions of the instrument. </P>
<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
other comprehensive income, and guidance on the measurement of financial
liabilities and de-recognition of financial instruments. The mandatory effective
date of IFRS 9 is for annual periods beginning on or after January 1, 2018 with
early adoption permitted, and must be applied retrospectively with some
exemptions permitted. The Company is currently assessing the impact of adopting
IFRS 9 on its consolidated financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
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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><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>IFRS 15, <I>Revenue from Contracts
with Customers</I> </P>
<P style="MARGIN-LEFT: 10%" align=justify>On May 28, 2014, the IASB issued IFRS
15. The new standard is effective for annual periods beginning on or after
January 1, 2017 with early adoption permitted. IFRS 15 will replace IAS 11
<I>Construction Contracts</I>, IAS 18 <I>Revenue</I>, IFRIC 13 <I>Customer
Loyalty Programmes</I>, IFRIC 15 <I>Agreements for the Construction of Real
Estate</I>, IFRIC 18 <I>Transfer of Assets from Customers</I> and SIC 31
<I>Revenue</I> &#150; <I>Barter Transactions Involving Advertising Services</I>. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The standard contains a single model
that applies to contracts with customers and two approaches to recognizing
revenue: at a point in time or over time. The model features a contract-based
five-step analysis of transactions to determine whether, how much and when
revenue is recognized. New estimates and judgmental thresholds have also been
introduced, which may affect the amount and/or timing of revenue recognized.
</P>
<P style="MARGIN-LEFT: 10%" align=justify>The Company intends to adopt IFRS 15
in its consolidated financial statements for the annual period beginning on
January 1, 2017. The extent of the impact of adoption of the standard has not
yet been determined. </P>
<P style="MARGIN-LEFT: 10%" align=justify>Amendments to IAS 1, <I>Presentation
of Financial Statements </I></P>
<P style="MARGIN-LEFT: 10%" align=justify>On December 18, 2014, the IASB issued
amendments to IAS 1 as part of its major initiative to improve presentation and
disclosure in financial reports. The amendments are effective for annual periods
beginning on or after January 1, 2016 with early adoption permitted. The Company
intends to adopt these amendments in its financial statements for the annual
period beginning on January 1, 2016. The extent of the impact of adoption of the
amendments has not yet been determined. </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%">4. </TD>
    <TD>
      <P align=justify><B><U>CASH AND CASH
EQUIVALENTS</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" 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>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>December 31</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">December 31 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Bank balances </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;31,045</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;35,004 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;31,045</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;35,004 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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%">5. </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 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>December 31</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">December 31 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Investment in marketable
      securities, at cost </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>5,544</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>5,544 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Unrealized gain (loss) on marketable
      securities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(4,029</B></TD>
    <TD vAlign=bottom align=left width="2%" ><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(3,772</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Unrealized foreign exchange gain (loss) </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>(729</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff><B>)</B> </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>(309</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>&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>786</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%">1,463 </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>Marketable securities are classified as
Level 1 in the fair value hierarchy (see note 22(a)) and as available-for-sale
financial assets. The fair values 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>
<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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
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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><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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>ACCOUNTS
RECEIVABLE</U></B></P></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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><STRONG>December 31</STRONG>&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">December 31 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">Note </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Trade receivables
      <SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B></B></TD>
    <TD vAlign=bottom align=center width="10%" 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;<STRONG>$</STRONG></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>7,394</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;10,263 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>IVA receivables <SUP>(2)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&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="10%"><B>11,369</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="10%">12,717 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Income taxes recoverable </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%" 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="10%" bgColor=#e6efff><B>529</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="10%" bgColor=#e6efff>411 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Due from related parties </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">8 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>180</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="10%">248 </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" vAlign=bottom align=left
    bgColor=#e6efff>Other receivables </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=center
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>243</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="10%" bgColor=#e6efff>110 </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" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">&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;<STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>19,715</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">&nbsp;23,749 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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 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(a)).</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%">(2) </TD>
    <TD>
      <P align=justify>The IVA receivables include an allowance of $1,002 on
      historical balances.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B><U>INVENTORIES</U></B></P></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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>December 31</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">December 31 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Warehouse inventory </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;9,147</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;10,522 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Stockpile inventory <SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>4,113</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%">8,530 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Work in process inventory
      <SUP>(3)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>1,380</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>3,572 </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" vAlign=bottom
      align=left>Finished goods inventory <SUP>(2)(3)</SUP> </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>6,964</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%">1,023 </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" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;21,604</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;23,647 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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%">(1) </TD>
    <TD>
      <P align=justify>The Company has stockpiled 75,103 tonnes of mined ore as
      of December 31, 2014 (December 31, 2013 &#150; 128,604 tonnes).</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%">(2) </TD>
    <TD>
      <P align=justify>The Company held 507,081 silver ounces and 2,378 gold
      ounces as of December 31, 2014 (December 31, 2013 &#150; 51,000 and 198,
      respectively); these ounces are carried at the lesser of cost and net
      realizable value. As at December 31, 2014, the quoted market value of the
      silver ounces was $8,098 (December 31, 2013 - $995) and the quoted market
      value of the gold ounces was $2,852 (December 31, 2013 - $238).</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 finished goods inventory balances at December 31,
      2014 includes a write down to net realizable value of $363 for finished
      goods inventory held by the El Cubo mine. Of this amount, $217 is
      comprised of cash costs and $146 relates to depreciation and depletion.
      The total write down for the year of $1,255 also includes previous write
      downs to net realizable value of $892 at quarter ends for finished goods
      inventory held by the El Cubo mine, which was subsequently sold in the
      third and fourth quarters. Of this amount, $582 is comprised of cash costs
      and $310 of depreciation and depletion. The carrying amount of this
      inventory, at net realizable value is $1,740 as at December 31,
    2014.</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 work in process inventory balance at December 31,
      2013 includes a write down to net realizable value of $664 for work in
      process inventory held by the El Cubo mine. Of this amount, $234 is
      comprised of cash costs and $430 relates to depreciation and depletion.
      The total write down for 2013 of $5,874 also includes 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 was $6,685 as at December 31,
      2013. The total write down for 2013 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>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
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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><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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><B><U>RELATED PARTY
TRANSACTIONS</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company shares common
administrative services and office space with a related party company, with a
director in common, and from time to time will incur third party costs on behalf
of the related parties on a full cost recovery basis. The Company has a $180 net
receivable related to administration costs and other items outstanding as of
December 31, 2014 (December 31, 2013 &#150; $248). </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company was charged $150 for legal
services from a legal firm in which the Company&#146;s Corporate Secretary is a
partner (December 31, 2013 - $129). The Company has $3 payable related to legal
costs outstanding as at December 31, 2014 (December 31, 2013 - $8). </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: 2px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: 2px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: 2px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=center width="12%"><B>Dec 31, 2014</B> </TD>
    <TD style="BORDER-TOP: 2px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: 2px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: 2px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=center width="12%">Dec 31, 2013 </TD>
    <TD style="BORDER-TOP: 2px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Salaries and short-term
      employee benefits </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;2,868</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;4,233 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Non-executive directors' fees </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>215</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%">180 </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" vAlign=bottom align=left
    bgColor=#e6efff>Share-based payments </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>3,167</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>3,337 </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" vAlign=bottom
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;6,250</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;7,750 </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 amount disclosed for share-based
payments is the expense for the year calculated in accordance with IFRS 2,
Share-based payments. The fair value of a share-based payment award is
recognized as an expense over the vesting period of the award. Therefore, the
compensation expense in the current year comprises a portion of current year
awards and those of preceding years that vested within the current year. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The share-based payments include the
change in fair value of non-executive directors&#146; cash settled deferred share
units over each reporting period and payments of deferred share units. During
the year ended December 31, 2014, the Company granted 82,689 cash settled
deferred share units with a market value of $342 at the date of grant (December
31, 2013 &#150;85,491 cash settled deferred share units with a market value of $337).
At December 31, 2014, the market value of cash settled deferred share units was
$367 (December 31, 2013 &#150; $307), with the change in fair value recognized in the
net earnings (loss).</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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><A name=page_19></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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>MINERAL PROPERTY, PLANT AND
  EQUIPMENT</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Mineral property, plant and equipment
comprise:</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 vAlign=bottom noWrap width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">Mineral </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">Machinery &amp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">Transport &amp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">property </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">Plant </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">Building </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">office equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Balance at December 31, 2012 </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;329,314 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;51,885 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;40,334 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;6,721 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;6,027 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;434,281 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Additions </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>38,761 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>35,034 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>11,675 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>1,977 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>1,218 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>88,665 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Disposals </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(16</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(114</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(130</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Balance at December 31, 2013 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">368,075 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">86,903 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">52,009 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,698 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,131 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">522,816 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Additions </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>31,469 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>4,086 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>4,125 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,273 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>781 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>41,734 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Write offs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(631</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(631</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>(70</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="8%" bgColor=#e6efff>(70</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Balance at December 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;398,913</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;90,989</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;56,134</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;9,971</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;7,842</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;563,849</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff colSpan=3><B>Accumulated
      amortization and impairment</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=left width="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Balance at December 31, 2012 </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;72,231 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;11,459 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;8,559 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;1,014 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;2,587 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;95,850 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Amortization </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>52,711 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Impairment </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">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="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">95,815 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>(93</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance at December 31, 2013
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>193,065 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>31,495 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>13,878 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>1,717 </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="8%" bgColor=#e6efff>4,128 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>244,283 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Amortization </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">39,885 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,893 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,820 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">769 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,539 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">53,906 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Impairment </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>83,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>83,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      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="8%">- </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="8%">- </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="8%">- </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="8%">- </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="8%">(70</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="8%">(70</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left><B>Balance at December 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;315,950</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;37,388</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%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;19,698</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;2,486</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%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;5,597</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;381,119</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left><B>Net book value</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&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="8%">&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="8%">&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="8%">&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="8%">&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="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>At December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;175,010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;55,408 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;38,131 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;6,981 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;3,003 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;278,533 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left><B>At December 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;82,963</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;53,601</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%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;36,436</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;7,485</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%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;2,245</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;182,730</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>As of December 31, 2014, the Company
had $41 committed for capital equipment purchases in 2015.</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%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Guanacevi, Mexico</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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 2014, the Company paid $82 in royalties on these
properties (2013 - $1,328).</P>
<P style="MARGIN-LEFT: 10%" align=justify>Property concessions acquired by the
Company in the Guanacevi District are maintained with nominal property tax
payments to the Mexican government.</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%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Bolanitos, Mexico</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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>
<P style="MARGIN-LEFT: 10%" align=justify>The Company holds various property
concessions in the Guanajuato District that it maintains with nominal property
tax payments to the Mexican government.<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 style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=left width="15%">Page - 19
      - </TD></TR></TABLE><BR>
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<TABLE
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  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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>(c)</B> </TD>
    <TD>
      <P align=justify><B>Cubo, Mexico</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>On July 13, 2012, the Company acquired
the exploitation contracts and underlying assets relating 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. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The Company holds various property
concessions in the Guanajuato District that it maintains with nominal property
tax payments to the Mexican government.<B> </B></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%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Guadalupe Y Calvo, Mexico</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>On July 13, 2012, the Company acquired
the Guadalupe Y Calvo exploration project in Chihuahua, Mexico.</P>
<P style="MARGIN-LEFT: 10%" align=justify>In August 2014 the Company acquired
the La Bufa exploration property, which is adjacent to the Company&#146;s Guadalupe y
Calvo exploration property in Chihuahua, Mexico for 85,587 common shares and a
$19 cash advance. Total consideration paid amounted to $417, which has been
capitalized to mineral properties. The property is subject to a 2% net smelter
return (&#147;NSR&#148;) royalty on mineral production. </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%"><B>(e)</B> </TD>
    <TD>
      <P align=justify><B>San Sebastian, Mexico</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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, 2014, the Company has paid $2,750 and acquired a 100% interest in the San
Sebastian properties. The Company is required to pay a 2% NSR royalty on any
production from the San Sebastian properties. </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%"><B>(f)</B> </TD>
    <TD>
      <P align=justify><B>Panuco, Mexico</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>In August 2011, the Company acquired
the option to acquire a 51% interest in the Panuco exploration property, located
in Durango, Mexico by paying a total of $145 over the first year of the
agreement and completing $4,000 on exploration expenditures over four years. In
August 2014, the Company decided to terminate the option agreement and wrote off
$381 of deferred acquisition and land holding costs associated with this
property. </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%"><B>(g)</B> </TD>
    <TD>
      <P align=justify><B>El Inca, Chile</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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. In November 2014, the
Company decided to terminate the option agreement and wrote off $250 of deferred
acquisition and land holding costs associated with this property </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%"><B>(h)</B> </TD>
    <TD>
      <P align=justify><B>Mineral property
contingencies</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Company has also entered into
other non-material option agreements on exploration properties in Mexico. </P>
<P style="MARGIN-LEFT: 10%" 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>
<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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=left width="15%">Page - 20
      - </TD></TR></TABLE><BR>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B><U>IMPAIRMENT OF NON CURRENT ASSETS AND
      GOODWILL</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" 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, including the sustained decline in precious metal prices, the
Mexican tax reform effective January 1, 2014 (see note 21) and a reduction of
the Guanacevi estimated reserves and resources. At December 31, 2014 the
continued commodity price decline led the Company to re-assess the recoverable
amounts of its CGUs. 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 incorporates 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 style="MARGIN-LEFT: 5%" align=justify>At December 31, 2013 the Company tested
the recoverability of its operating assets, which resulted in a detailed review
of the Guanacevi and El Cubo operations. The Company estimated future operating
and capital costs, factored in 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 style="MARGIN-LEFT: 5%" 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>
<P style="MARGIN-LEFT: 5%" 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 of
$39,245 and non-current assets of $28,772 ($44,437 before tax).</P>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2014 the Company tested
the recoverability of its operating assets, resulting in a detailed review of
the all its operations. The Company estimated future operating and capital
costs, factored in analysts&#146; consensus pricing for the first three years of its
economic model (Silver: 2015 - $18.31/oz, 2016 - $18.72/oz, 2017 - $19.51/oz;
Gold: 2015 - $1,253/oz, 2016 - $1,270/oz, 2017 - $1,271/oz) and then used a long
term silver price of $19.59 per ounce and a long term gold price of $1,270 per
ounce and a risk adjusted project specific discount rate of 9.0% -9.5% 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 style="MARGIN-LEFT: 5%" align=justify>At December 31, 2014 the carrying value
related to the El Cubo CGU was $191,565 and net of associated deferred income
tax liabilities of $52,836 was greater than its estimated recoverable amount of
$89,000, 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,
2014, the Company recorded an impairment charge related to the El Cubo CGU of
$55,858, net of tax ($83,000 before tax).</P>
<P style="MARGIN-LEFT: 5%" align=justify>In 2014, The Company reviewed the
Guancevi CGU for value in use, which resulted in no significant change after the
impairment charge in 2013. The Guanacevi carrying value was adjusted to value in
use in 2013; any modest decrease in one key assumption in isolation causes the
estimated recoverable amount to be less than or equal to the net carrying value
of $24.1 million. </P>
<P style="MARGIN-LEFT: 5%" align=justify>For the Bolanitos CGU, the Company
performed sensitivity analysis on all key assumptions that assumed a negative
10% change for each individual assumption while holding other assumptions
constant. Under such scenarios, the carrying value of the Company&#146;s carrying
value associated with Bolanitos may exceed recoverable amount for the purpose of
the impairment test. A decrease in the precious metal prices of 6% or an
increase in operating costs of 8% in isolation cause the estimated recoverable
amount to be equal to the net carrying value of $35.4 million.</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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=left width="15%">Page - 21
      - </TD></TR></TABLE><BR>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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%">11. </TD>
    <TD>
      <P align=justify><B><U>REVOLVING CREDIT
FACILITY</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" 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. At December 31, 2014, the Company had drawn $29,000 on the Facility
and has recognized $1,343 of interest expense (December 31, 2012 - $1,474) 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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="23%">Facility Financial </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>Facility Financial Covenants </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="23%">Requirements </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="10%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Leverage Ratio </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="23%" bgColor=#e6efff><U>&lt;</U>
      3.00:1 </TD>
    <TD vAlign=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="10%" bgColor=#e6efff><B>0.64</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="10%" bgColor=#e6efff>&nbsp;0.35 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Interest Service Coverage Ratio </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="23%"><U>&gt;</U> 4.00:1 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>40</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="10%">77 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Tangible Net Worth </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=center
    width="23%" bgColor=#e6efff>&gt; 216,000 </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="10%" bgColor=#e6efff><B>197,031</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="10%" bgColor=#e6efff>260,229 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>As of December 31, 2014 the Company
breached the &#147;Tangible Net Worth&#148; covenant under the Facility which requires
Tangible Net Worth of the Company (as defined in the Facility) to be greater
than 80% of &#147;Equity&#148; (as defined by the Facility) on June 30, 2012 plus 50% of
subsequent quarterly earnings. Subsequent to year end, the Facility was amended
requiring the Tangible Net Worth of the Company (as defined in the Facility) to
be greater than 85% of &#147;Equity&#148; (as defined by the Facility) on December 31,
2014, plus 50% of subsequent quarterly earnings. The Company was in compliance
with all financial covenants under the Facility as at December 31, 2013. </P>
<P style="MARGIN-LEFT: 5%" 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, 2014, $221 of the deferred commitment
fees and legal costs were amortized (December 31, 2013 - $254).</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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
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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><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><B><U>PROVISON FOR RECLAMATION AND
      REHABILITATION</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" 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 $1,920 for the Guanacevi mine
operations, $1,125 for the Bolanitos mine operations and $4,249 for the El Cubo
mine operations. </P>
<P style="MARGIN-LEFT: 5%" 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 1.11% for Guanacevi, 1.11% for Bolanitos and 1.98% for El
Cubo and an inflation rate of 1.75% for Guanacevi, 1.75% for Bolanitos and 1.94%
for El Cubo.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Changes to the reclamation and
rehabilitation provision balance during the year are as follows: </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 vAlign=bottom width="5%" bgColor=#ffffff
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Balance at December 31, 2012 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;6,496 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" bgColor=#ffffff >&nbsp;</TD>
    <TD vAlign=bottom>&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 vAlign=bottom width="5%" bgColor=#ffffff >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Unwinding of discount for the year </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>39 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp; &nbsp; &nbsp;Change in liability due to change in
      assumptions </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%">117 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance at December 31, 2013
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6,652 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" bgColor=#ffffff >&nbsp;</TD>
    <TD vAlign=bottom>&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 vAlign=bottom width="5%" bgColor=#ffffff >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;
      &nbsp;Unwinding of discount for the year </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>39 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp; &nbsp; &nbsp;Change in liability due to change in
      assumptions </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%">(195</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff><B>Balance at December 31, 2014</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="12%" bgColor=#e6efff><B>&nbsp;6,496</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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 vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><B><U>SHARE CAPITAL</U></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Management of Capital</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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, 2014, the Company is not subject to
externally imposed capital requirements. </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%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Purchase Options</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Options to purchase common shares have
been granted to directors, officers, employees and consultants pursuant to the
Company&#146;s current stock option plan approved by the Company&#146;s shareholders in
fiscal 2009 and ratified in 2012, at exercise prices determined by reference to
the market value 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>
<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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
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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><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The following table summarizes the
status of the Company&#146;s stock option plan and changes during the year:</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 width="10%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left><B>Expressed in Canadian dollars</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="23%" colSpan=4><B>Year
      Ended</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="23%" colSpan=4>Year Ended </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="23%" colSpan=4><B>December 31, 2014</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="23%" colSpan=4>December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>Weighted</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">Weighted </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>average</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">average </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>Number</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>exercise</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">Number </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">exercise </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>of Shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>price</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">of Shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Outstanding, beginning of
      year </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>5,695,550</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff><B>5.26</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,171,450 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>5.87 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Granted </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>1,925,000</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=center width="10%"><B>4.67</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,022,500 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=center width="10%">4.12 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Exercised
      <SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"
    bgColor=#e6efff><B>(951,000</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff><B>2.90</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(259,000</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#e6efff>3.56 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Cancelled </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>(1,822,600</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=center width="10%"><B>8.19</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(239,400</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=center width="10%">8.20 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=left
    bgColor=#e6efff>Outstanding, end of year </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>4,846,950</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=center
    width="10%" bgColor=#e6efff><B>4.38</B> </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=right
    width="10%" bgColor=#e6efff>5,695,550 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=center
    width="10%" bgColor=#e6efff>5.26 </TD>
    <TD style="BORDER-BOTTOM: 2px solid #000000; " vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Options exercisable at year end </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="10%" bgColor=#e6efff><B>3,299,450</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#e6efff><B>4.32</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>4,307,550 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#e6efff>5.45 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 10%" align=justify><SUP>(1)</SUP> There were nil options
cancelled in exchange for share appreciation rights during the year ended
December 31, 2014 (December 31, 2013 &#150; 120,000 options priced with a weighted
average price of CAN $3.67 were cancelled in exchange for 66,488 share
appreciation rights).</P>
<P style="MARGIN-LEFT: 10%" align=justify>The following tables summarize
information about stock options outstanding at December 31, 2014: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="10%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="77%" colSpan=13><B>Expressed in Canadian dollars</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="45%" colSpan=7>Options Outstanding </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="29%" colSpan=4>Options Exercisable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Weighted </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Number </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Average </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Weighted </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Number </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Weighted </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>CAN $ </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Outstanding </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Remaining </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Average </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Exercisable </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Average </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>Price </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">as at </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Contractual Life </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Exercise </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">as at </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="13%">Exercise </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>Intervals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="13%">Dec 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="13%">(Number of Years) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="13%">Prices </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="13%">Dec 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="13%">Prices </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="13%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="13%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="13%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="13%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="13%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center bgColor=#e6efff>$3.00 - $3.99 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bgColor=#e6efff>886,600 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%" bgColor=#e6efff>0.4 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=center width="13%" bgColor=#e6efff>3.67 </TD>
    <TD vAlign=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="13%" bgColor=#e6efff>886,600 </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=center width="13%" bgColor=#e6efff>3.67 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center>$4.00 - $4.99 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%">3,812,300 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="13%">3.9 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=center width="13%">4.40 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%">2,264,800 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=center width="13%">4.30 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center bgColor=#e6efff>$8.00 - $8.99 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="13%" bgColor=#e6efff>148,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="13%" bgColor=#e6efff>1.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="13%" bgColor=#e6efff>8.34 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="13%" bgColor=#e6efff>148,050 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="13%" bgColor=#e6efff>8.34 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="13%">4,846,950 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="13%">3.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="13%">4.38 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="13%">3,299,450 </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=center
    width="13%">4.32 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 10%" align=justify>During the year ended December 31,
2014, the Company recognized share based compensation expense of $3,600
(December 31, 2013 - $3,544) based on the fair value of the vested portion of
options granted in current and prior years. </P>
<P style="MARGIN-LEFT: 10%" align=justify>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: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="10%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>Year Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>Year Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="10%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>December 31, 2014</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="12%"><B>December 31, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Weighted average fair value
      of </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;options granted during the year
    </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=center width="12%">1.93 </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">$</TD>
    <TD vAlign=bottom align=center width="12%">1.61 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Risk-free interest rate </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1.31% </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>1.20% </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Expected dividend yield </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">0% </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">0% </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Expected stock price
      volatility </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>59% </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" bgColor=#e6efff>57% </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom
      align=left>Expected option life in years </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom align=center
    width="12%">3.84 </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom align=center
    width="12%">3.27 </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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, 2014, the
unvested share option expense not yet recognized was $1,205 (December 31, 2013 -
$1,130) which is expected to be recognized over the next 17 months. </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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><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=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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>(c)</B> </TD>
    <TD>
      <P align=justify><B>Share Appreciation Rights
Plan</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" 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
2014, nil options (2013 &#150; 120,000) were cancelled for the exchange of share
appreciation rights (2013 &#150; 66,488).</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%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Warrants</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The following table summarizes the
status of the Company&#146;s share purchase warrants and changes during the years
presented: </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 vAlign=bottom noWrap width="10%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>Exercise </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">Oustanding at </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">Oustanding at </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center>Price </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="10%">Expiry Dates </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="10%">December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="10%">Issued </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="10%">Exercised </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="10%">Expired </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="10%">December 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center>CAN $ </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&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="10%">&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="10%">&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="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center bgColor=#e6efff>$1.90 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>February 25,
      2014 </TD>
    <TD vAlign=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="10%" bgColor=#e6efff>475,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" 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="10%" bgColor=#e6efff>(475,000</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="10%" 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="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center>$1.51 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">February 25, 2014 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">25,292 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(25,292</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center bgColor=#e6efff>$1.90 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>February 26,
      2014 </TD>
    <TD vAlign=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="10%" bgColor=#e6efff>322,207 </TD>
    <TD vAlign=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="10%" 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="10%" bgColor=#e6efff>(322,207</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="10%" 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="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=center>$2.05 </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="10%">February 26, 2014 </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="10%">374,468 </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="10%">- </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="10%">(374,468</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="10%">- </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="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    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=left
    width="10%" 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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,196,967 </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="10%" 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="10%" bgColor=#e6efff>(1,196,967</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="10%" 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="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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, consisted of agent warrants issued for placing debentures and
warrants issued on conversion of debentures, and were eligible to be exercised
&#147;cashless&#148; in which event no payment of the exercise price was required and the
holder received 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, 2014, 85,525 warrants (December 31,
2013 &#150; 26,315) were elected by the holders to be exercised &#147;cashless&#148; resulting
in 44,463 (December 31, 2013 &#150; 11,084) shares being issued.</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 vAlign=bottom noWrap align=center width="10%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>Exercise </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="11%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">Oustanding at </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">Oustanding at </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center>Price </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="11%">Expiry Dates </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="10%">December 31, 2012 </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="10%">Issued </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="10%">Exercised </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="10%">Expired </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="10%">December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center>CAN $ </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&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="10%">&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="10%">&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="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center bgColor=#e6efff>$1.90 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>February 25,
      2014 </TD>
    <TD vAlign=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="10%" bgColor=#e6efff>475,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" 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="10%" 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="10%" 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="10%" bgColor=#e6efff>475,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center>$1.51 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">February 25, 2014 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">25,292 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">25,292 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD vAlign=bottom align=center bgColor=#e6efff>$1.90 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>February 26,
      2014 </TD>
    <TD vAlign=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="10%" bgColor=#e6efff>322,207 </TD>
    <TD vAlign=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="10%" 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="10%" 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="10%" 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="10%" bgColor=#e6efff>322,207 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=center>$2.05 </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="11%">February 26, 2014 </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="10%">427,098 </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="10%">- </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="10%">(52,630</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="10%">- </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="10%">374,468 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    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=left
    width="11%" 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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,249,597 </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=left
    width="10%" 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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- (52,630</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="10%" 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="10%" bgColor=#e6efff>1,196,967 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><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=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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%">14. </TD>
    <TD>
      <P align=justify><B><U>DERIVATIVE
LIABILITIES</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>Warrants </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Equity offerings were completed in
previous periods whereby warrants were issued with exercise prices denominated
in Canadian dollars. As the warrants had an exercise price denominated in a
currency which is different from the functional currency of the Company (US
dollar), the warrants were 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(a)). The Company uses the Black-Scholes Option Pricing Model to estimate
the fair value of the Canadian dollar denominated warrants.</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 width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Balance at December 31, 2012 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;5,336 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Exercise of warrants </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(95</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Mark to market loss (gain) </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>(3,750</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Balance at December 31, 2013 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,491 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Exercise of warrants </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(2,925</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>Mark
      to market loss (gain) </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%">1,434 </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" vAlign=bottom align=left
    bgColor=#e6efff>Balance at December 31, 2014 </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="12%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<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>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>Year Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>Year Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="12%"><B>Dec. 31, 2014</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="12%"><B>Dec. 31, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Outstanding warrants </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" 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="12%" bgColor=#e6efff>849,468 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Weighted average fair value of warrants at
      year end </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">1.75 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Risk-free interest rate </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" 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="12%" bgColor=#e6efff>0.88% </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Expected dividend yield </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <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%">0% </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Expected stock price
      volatility </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" 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="12%" bgColor=#e6efff>45% </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: 1px solid #000000; " vAlign=bottom
      align=left>Expected warrant life in years </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom align=right
    width="12%">0.2 </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; " vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE></DIV>
<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>
<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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><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=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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%">15. </TD>
    <TD>
      <P align=justify><B><U>CONTINGENT
LIABILITY</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" 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;) 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>
<P style="MARGIN-LEFT: 5%" 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 total estimated consideration of $203,487 included a contingent
consideration based on the gold price.</P>
<P style="MARGIN-LEFT: 5%" align=justify>AuRico will be entitled to receive up
to an additional $30 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%">a) </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 until July 13,
    2015;</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>$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 until July 13, 2015;
      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%">c) </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 until July 13,
    2015.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>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>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the contingent
consideration as at December 31, 2014 was determined to be $nil (December 31,
2013 - $99). For the year ended December 31, 2014, the current gold drift rate
and amortization of the contingency period resulted in a $99 mark-to-market gain
(December 31, 2013 - $8,398). </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>
<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%">16. </TD>
    <TD>
      <P align=justify><B><U>EXPLORATION</U></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: 0px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: 0px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 0px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=center width="27%" colSpan=4>Year ended </TD>
    <TD style="BORDER-TOP: 0px solid #000000; BORDER-BOTTOM: 1px solid #000000; "
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>December 31</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">December 31 </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Depreciation and depletion
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>&nbsp;125</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;138 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Share-based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>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%">150 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Salaries, wages and benefits
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>1,910</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>2,731 </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" vAlign=bottom
      align=left>Direct exploration expenditures </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>10,254</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%">10,149 </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" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;12,548</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;13,168 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><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=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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%">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 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="27%" colSpan=4>Year ended </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>December 31</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">December 31 </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Depreciation and depletion
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>&nbsp;222</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;191 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Share-based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>2,804</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%">2,879 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Salaries, wages and benefits
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>2,987</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>4,579 </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" vAlign=bottom
      align=left>Direct general and administrative expenditures </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>3,679</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%">3,956 </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" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;9,692</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;11,605 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">18. </TD>
    <TD>
      <P align=justify><B><U>FINANCE COSTS</U></B></P></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 width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="27%" colSpan=4>Year ended </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>December 31</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">December 31 </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accretion on provision for
      reclamation and rehabilitation </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>&nbsp;39</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;39 </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" vAlign=bottom
      align=left>Revolving credit facility finance costs </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>1,343</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%">1,474 </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" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;1,382</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;1,513 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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 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>
<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="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="12%"><B>Year Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="12%">Year Ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>December 31</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%">December. 31 </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&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 width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Net changes in non-cash
      working capital </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 width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Accounts receivable </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;2,964</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;(3,111</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Inventories </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>647</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>9,487 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Prepaid expenses </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>685</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%">6,599 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Due from related
      parties </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>68</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>(112</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>187</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%">(17,309</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Income taxes payable </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>4,922</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>(595</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;9,473</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">&nbsp;(5,041</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" 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="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Non-cash financing and investing activities:
    </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 width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Reclamation
      included in mineral property, plant and equipment </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
    bgColor=#e6efff><B>&nbsp;(195</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;117 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Fair value of exercised options
      allocated to share capital </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>1,462</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%">255 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Fair value of
      shares issued under the share appreciation rights plan </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>-</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>234 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Fair value of exercised agent
      warrants allocated to share capital </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>248</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%">- </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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Fair value of equity issued on property
      acquisition </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>373</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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&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 width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Other cash disbursements: </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 width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;Income taxes paid </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;13,798</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">&nbsp;15,516 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom 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>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><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=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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%">20. </TD>
    <TD>
      <P align=justify><B><U>SEGMENT DISCLOSURES</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s operating segments are
based on internal management reports that are reviewed by the Company&#146;s
executives (the chief operating decision makers) in assessing performance. The
Company has three operating mining segments, Guanacevi, Bolanitos and El Cubo,
which are located in Mexico as well as Exploration and Corporate segments. The
Exploration segment consists of projects in the exploration and evaluation
phases in Mexico and Chile. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="65%" colSpan=17><B>December 31,
      2014</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Corporate</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Exploration</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Guanacevi</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Bolanitos</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>El Cubo</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;9,932 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;195 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;14,316 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;6,100 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;502 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;31,045 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Investments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">786 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">786 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Accounts receivables </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>378 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>391 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>1,914 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>4,004 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>13,028 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>19,715 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Inventories </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">10,802 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,652 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,150 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">21,604 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Prepaid expenses </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>1,505 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>622 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>378 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>68 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>83 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>2,656 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Non-current deposits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">193 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">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="8%">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="8%">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="8%">1,048 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Deferred income tax asset </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>178 </TD>
    <TD vAlign=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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>6,075 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>6,253 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Mineral property, plant and equipment </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="8%">269 </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="8%">4,237 </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="8%">29,212 </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="8%">40,448 </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="8%">108,564 </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="8%">182,730 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;13,241 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;5,501 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;57,204 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;56,415 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;133,476 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;265,837 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,610 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;1,683 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;2,959 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;2,552 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;5,604 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;17,408 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Income taxes payable </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">306 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,321 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,502 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">52 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,181 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Revolving credit facility </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>29,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>29,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Provision for reclamation and rehabilitation
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,831 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,016 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,649 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,496 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">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="8%" 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="8%" 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="8%" bgColor=#e6efff>5,798 </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="8%" bgColor=#e6efff>6,681 </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="8%" 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="8%" bgColor=#e6efff>12,479 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;33,916 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;1,683 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;11,909 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;16,751 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;9,305 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;73,564 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV><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 width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="63%" colSpan=16><B>December 31,
      2013</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Corporate</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Exploration</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Guanacevi</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Bolanitos</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>El Cubo</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;6,991 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" 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>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;9,696 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" 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>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,294 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Investments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,463 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Accounts receivables </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Inventories </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">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="8%">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="8%">23,647 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Prepaid expenses </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Non-current deposits </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">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="8%">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="8%">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="8%">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="8%">1,186 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Deferred income tax asset </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>- </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" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Mineral property, plant and equipment </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="8%">231 </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="8%">4,321 </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="8%">23,392 </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="8%">58,399 </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="8%">192,190 </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="8%">278,533 </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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;10,952 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" 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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;49,529 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" 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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;212,478 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" 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 vAlign=bottom>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,931 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" 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>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,219 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" 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>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;4,993 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Income taxes payable </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">&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="8%">3,259 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Derivative liabilities </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Revolving credit facility </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">33,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Provision for reclamation and
      rehabilitation </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Contingent liability </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;40,104 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;8,155 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;35,179 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;110,775 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><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=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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 noWrap width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Corporate</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Exploration</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Guanacevi</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Bolanitos</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="8%"><B>El Cubo</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="8%"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="63%" colSpan=16><B>Year ended December 31, 2014</B>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Silver revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;59,898 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;41,950 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;20,839 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;122,687 </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" vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Gold
      revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </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="8%">- </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="8%">8,336 </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="8%">44,513 </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="8%">21,392 </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="8%">74,241 </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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" 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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;68,234 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;86,463 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;42,231 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;196,928 </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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Salaries, wages and benefits: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&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="8%">&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="8%">&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="8%">&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="8%">&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="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;mining
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;7,442 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;5,820 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;9,407 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;22,669 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,507 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,160 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">1,864 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,531 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;
      &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" bgColor=#e6efff>3,837 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>4,002 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>3,596 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>11,435 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;stock based compensation
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">179 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">179 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">179 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&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="8%" 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="8%" 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="8%" bgColor=#e6efff>(1,046</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="8%" bgColor=#e6efff>144 </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="8%" bgColor=#e6efff>(430</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="8%" bgColor=#e6efff>(1,332</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total salaries, wages and benefits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">12,919 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">11,305 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">14,616 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">38,840 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Direct costs: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">12,947 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">14,931 </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="8%">12,284 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">40,162 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;
      &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" bgColor=#e6efff>12,759 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>17,593 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>9,499 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>39,851 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,957 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,405 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,797 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">9,159 </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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&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="8%" 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="8%" 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="8%" bgColor=#e6efff>(2,071</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="8%" bgColor=#e6efff>620 </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="8%" bgColor=#e6efff>(715</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="8%" bgColor=#e6efff>(2,166</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">26,592 </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="8%">35,549 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">24,865 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">87,006 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Depreciation and depletion:
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;depreciation and
      depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,749 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">27,047 </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="8%">21,766 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">54,562 </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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&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="8%" 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="8%" 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="8%" bgColor=#e6efff>(249</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="8%" bgColor=#e6efff>218 </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="8%" bgColor=#e6efff>(219</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="8%" bgColor=#e6efff>(250</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,500 </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="8%">27,265 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">21,547 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">54,312 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Royalties </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" bgColor=#e6efff>425 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>521 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>200 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>1,146 </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" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">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="8%">- </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="8%">- </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="8%">- </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="8%">- </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="8%">1,255 </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="8%">1,255 </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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" 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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;45,436 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;74,640 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;62,483 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;182,559 </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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Impairment on non-current assets </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">83,000 </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="8%">83,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Earnings (loss) before taxes
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(14,664</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="8%" bgColor=#e6efff>(13,179</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="8%" bgColor=#e6efff>22,798 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>11,823 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>(103,252</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="8%" bgColor=#e6efff>(96,474</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Current income tax expense </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">524 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">7,938 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">12,323 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">20,886 </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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(349</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="8%" 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="8%" bgColor=#e6efff>3,707 </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="8%" bgColor=#e6efff>(13,691</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="8%" bgColor=#e6efff>(32,494</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="8%" bgColor=#e6efff>(42,827</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">175 </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="8%">- </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="8%">11,645 </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="8%">(1,368</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="8%">(32,393</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="8%">(21,941</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Net earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(14,839</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(13,179</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;11,153 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;13,191 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(70,859</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(74,533</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE></DIV><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 noWrap width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=center width="63%" colSpan=16><B>Year ended
      December 31, 2013</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Silver revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;64,910 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" 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>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;28,028 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" 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 1px solid" vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Gold
      revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">- </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="8%">- </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="8%">9,418 </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="8%">77,152 </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="8%">24,987 </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="8%">111,557 </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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" 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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;74,328 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;149,440 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;53,015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;276,783 </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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Salaries, wages and benefits: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&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="8%">&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="8%">&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="8%">&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="8%">&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="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;mining
</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;7,733 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" 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>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;9,882 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">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="8%">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="8%">6,447 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;
      &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;stock based compensation
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">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="8%">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="8%">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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total salaries, wages and benefits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">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="8%">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="8%">48,297 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Direct costs: </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;mining </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">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="8%">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="8%">47,009 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp;
      &nbsp;processing </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">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="8%">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="8%">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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">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="8%">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="8%">110,800 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Depreciation and depletion:
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp; &nbsp; &nbsp;depreciation and
      depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">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="8%">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="8%">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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total depreciation and depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">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="8%">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="8%">53,569 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Royalties </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">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="8%">- </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="8%">- </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="8%">1,039 </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="8%">- </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="8%">4,835 </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="8%">5,874 </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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" 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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;66,471 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;81,057 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;72,340 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;219,868 </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 vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Impairment on non-current assets and goodwill
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">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="8%">135,060 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Earnings (loss) before taxes
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(4,646</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="8%" bgColor=#e6efff>(13,168</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="8%" bgColor=#e6efff>(43,522</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="8%" bgColor=#e6efff>68,383 </TD>
    <TD vAlign=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="8%" bgColor=#e6efff>(103,006</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="8%" bgColor=#e6efff>(95,959</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Current income tax expense </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,802 </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="8%">&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="8%">616 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">10,552 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">13,970 </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" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">&nbsp;Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(57</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=left
    width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(6,711</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="8%" bgColor=#e6efff>3,392 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>(17,088</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="8%" bgColor=#e6efff>(20,464</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Total income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">2,745 </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="8%">- </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="8%">(6,095</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="8%">13,944 </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="8%">(17,088</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="8%">(6,494</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Net earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(7,391</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(13,168</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(37,427</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;54,439 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(85,918</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(89,465</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The Exploration segment included $566
of costs incurred in Chile for the year ended December 31, 2014 (2013 -
$2,184).</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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><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=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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%">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></TABLE>
<P style="MARGIN-LEFT: 5%" 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 100% forgiveness. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Minera Santa Cruz y Garibaldi SA de CV,
a subsidiary of the Company, received a MXN$238 million (US$16.1 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 had
provided the appropriate documentation and support for the expenses and that 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 provided in 2013 to settle this assessment and is
continuing with the appeal process. Resolution of this process is expected in
2015.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Refinadora Plata Guanacevi SA de CV, a
subsidiary of the Company, received a MXN$63 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 the 2013 current income tax expense. There was no such items in
2014.</P>
<P style="MARGIN-LEFT: 5%" 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 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 the 2013 current income
tax expense. There was no such items in 2014. </P>
<P style="MARGIN-LEFT: 5%" align=justify>In December 2013, the Mexican President
passed tax reform legislation that became 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. In 2014, the
Company incurred a current income tax expense of $4,552 and a deferred income
tax recovery of $6,419 related to the Special Mining Duty. The Company
recognized a $970 royalty expense related to the 0.5% Environmental Tax in Cost
of Sales. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Deferred Income Tax</B></P></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 noWrap width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="12%"><B>December 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>Mexico operations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Deferred income tax assets:
    </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 width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Tax loss carryforwards </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;28,911</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;19,458 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Provision for
      reclamation and rehabilitation </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>1,964</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>1,515 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Other </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>3,673</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%">2,030 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Deferred income tax
      liabilities: </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 width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Inventories </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(3,415</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(3,650</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Mineral
      properties, plant and equipment </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
bgColor=#e6efff><B>(35,197</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(63,509</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>&nbsp; &nbsp;Other </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>(2,340</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </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%">(4,897</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Deferred income tax liabilities, net </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(6,404</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(49,053</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
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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><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 20143, the Company
had available for deduction against future taxable income in Mexico non-capital
losses of approximately $107,114 (2013 &#150; $68,486). These losses, if unutilized,
expire between 2017 to 2023.</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 width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="12%"><B>December 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>Canada operations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Deferred income tax assets:
    </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 width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Tax loss carryforwards </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Mineral
      properties, plant and equipment </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>29</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>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Financing costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>52</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%">- </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" vAlign=bottom align=left
    bgColor=#e6efff>&nbsp; &nbsp;Other </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>97</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>- </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" vAlign=bottom
      align=left>Recognized deferred income tax assets, net </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%"><B>&nbsp;178</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2014, the Company
had no non-capital losses in Canada (2013 &#150; CAN $Nil) and capital losses of $6.5
million (2013 &#150; 13.8 million).</P>
<P style="MARGIN-LEFT: 5%" 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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Income Tax Expense</B></P></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 width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="12%"><B>December 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #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 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Current income tax expense
      (recovery) </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 width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Current income tax expense in
      respect of current year </TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"><B>&nbsp;15,884</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;13,599 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Special mining
      duty </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>4,552</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>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Adjustments recognized in the
      current year in relation to prior years </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>450</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%">371 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Deferred income tax expense
      (recovery) </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 width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Deferred tax expense recognized
      in the current year </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(34,543</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(33,907</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;Special mining
      duty </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(6,419</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>13,443 </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" vAlign=bottom
      align=left>&nbsp; &nbsp;Adjustments recognized in the current year in
      relation to prior years </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>(1,865</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </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%">- </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" vAlign=bottom align=left
    bgColor=#e6efff>Total income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(21,941</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(6,494</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The reconciliation of the income tax
provision computed at statutory tax rates to the reported income tax provision
is as follows: </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 width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%"><B>December 31,</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="12%">2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Canadian statutory tax rates
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>26.00%</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>25.75% </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Income tax expense computed
      at Canadian statutory rates </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff><B>&nbsp;(25,083</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;(24,710</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Foreign tax rates different from statutory
      rate </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(9,880</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(3,667</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Change in tax rates </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>-</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>3,432 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Withholding taxes, net of tax credits </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>910</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%">123 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Mark-to-market accounting </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>335</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>(907</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Stock-based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>907</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%">908 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Foreign exchange </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>9,506</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>709 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Inflationary adjustment </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>1,497</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%">1,070 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Other items </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>3,196</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>1,364 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Impairment of goodwill </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%">10,106 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Adjustments recognized in the
      current year in relation to prior years </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(430</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(1,182</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Current year losses not recognized </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>338</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%">5,115 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Special mining duty Mexican
      tax </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(1,867</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>13,443 </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" vAlign=bottom
      align=left>Recognition of previously unrecognized losses </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>(1,370</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </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%">(12,298</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;(21,941</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(6,494</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px 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>
<!--$$/page=--><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=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </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>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 width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Financial Assets and
Liabilities</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2014, the carrying
and fair values of the Company&#146;s financial instruments by category are as
follows: </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 width="5%" bgColor=#ffffff >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap
    align=center></TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="7%">Held for </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="7%">Loans and </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="7%">Available </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="7%">Financial </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="7%">Carrying </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="7%">Fair </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center></TD>
    <TD vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%">trading&nbsp;&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%">receivables </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%">for sale </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%">liabilities </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%">value </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="7%">value </TD>
    <TD vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%">$&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="7%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp;</TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><U>Financial assets:</U> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left>Cash and cash equivalents - </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">-</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">31,045 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">31,045 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">31,045 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Investments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" 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="7%" bgColor=#e6efff>786 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>786 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%" bgColor=#e6efff>786 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Accounts receivable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">19,715 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">19,715 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">19,715 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total financial assets </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="7%" 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="7%" bgColor=#e6efff>50,760 </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="7%" bgColor=#e6efff>786 </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="7%" 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="7%" bgColor=#e6efff>51,546 </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="7%" bgColor=#e6efff>51,546 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp;</TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><U>Financial liabilities:</U>
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=bottom align=left>Accounts payable and accrued liabilities </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">-</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="7%"></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">17,408 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">17,408 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="7%">17,408 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Revolving credit facility </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>-</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%" bgColor=#e6efff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>29,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>29,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%" bgColor=#e6efff>29,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total financial liabilities </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="7%">-</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="7%"></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="7%">- </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="7%">46,408 </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%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">46,408 </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%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="7%">46,408 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify><B>Fair value hierarchy </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>IFRS 13, Fair Value Measurement,
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, 2014 are: </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 vAlign=bottom width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%" bgColor=#ffffff>Total </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%" bgColor=#ffffff>Level 1 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%" bgColor=#ffffff>Level 2 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="10%" bgColor=#ffffff>Level 3 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff><U>Financial assets:</U> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" 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="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Investments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">786 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">786 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#e6efff>Trade receivables </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="10%" bgColor=#e6efff>7,394 </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="10%" bgColor=#e6efff>7,394 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total financial assets </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="10%">8,180 </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="10%">8,180 </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="10%">- </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="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" 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="10%" 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="10%" 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="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left><U>Financial liabilities:</U> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&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="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Contingent liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" 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="10%" 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="10%" 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="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Revolving credit facility </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="10%">29,000 </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="10%">- </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="10%">29,000 </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="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Total financial liabilities </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="10%" bgColor=#e6efff>29,000 </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="10%" 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="10%" bgColor=#e6efff>29,000 </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="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom 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>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=left width="15%">Page - 33
      - </TD></TR></TABLE><BR>
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noShade SIZE=5>
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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><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The three levels of the fair value
hierarchy established by IFRS 13 are as follows: </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Level 1:</B> Unadjusted quoted
prices in active markets that are accessible at the measurement date for
identical assets or liabilities. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Marketable securities 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>
<P style="MARGIN-LEFT: 5%" align=justify>The Company determines the fair value
of the embedded derivative related to its trade receivables based on the quoted
closing price obtained from the silver and gold metal exchanges.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Level 2:</B> 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>
<P style="MARGIN-LEFT: 5%" 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 15) 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>
<P style="MARGIN-LEFT: 5%" align=justify><B>Level 3:</B> Inputs for the
financial asset or liability are not based on observable market data.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has no financial assets or
liabilities included in Level 3 of the fair value hierarchy. </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%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Financial Instrument Risk Exposure and Risk
      Management</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" 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
manner in which such exposures are managed is outlined as follows: </P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Credit Risk</U> </P>
<P style="MARGIN-LEFT: 5%" 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 and gold, which are
refundable from the Mexican government. Trade receivables are generated on the
sale of concentrate inventory to reputable metal traders. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The carrying amount of financial assets
represents the Company&#146;s maximum credit exposure.</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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=left width="15%">Page - 34
      - </TD></TR></TABLE><BR>
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noShade SIZE=5>
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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><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Below is an aged analysis of the
Company&#146;s receivables: </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 width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Carrying</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%"><B>Gross</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">Carrying </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="10%">Gross </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>amount</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%"><B>impairment</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">amount </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="10%">impairment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="23%" colSpan=4><B>December 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="23%" colSpan=4>December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Less than 1 month </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%"
      bgColor=#e6efff><B>&nbsp;8,251</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>&nbsp;-</B>
    </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;13,767 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" 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 vAlign=bottom align=left>1 to 3 months </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%"><B>4,529</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="10%"><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="10%">5,549 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>4 to 6 months </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><B>1,222</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="10%" bgColor=#e6efff><B>-</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="10%" 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="10%" bgColor=#e6efff>- </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" vAlign=bottom align=left>Over
      6 months </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="10%"><B>5,713</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="10%"><B>1,778</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="10%">1,089 </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="10%">776 </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" vAlign=bottom align=left
    bgColor=#e6efff>Total accounts receivable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;19,715</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>1,778</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;23,749 </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="10%" bgColor=#e6efff>&nbsp;776 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2014, 81% of the
receivables that were outstanding greater than one month are comprised of IVA
and tax receivables in Mexico (December 31, 2013 &#150; 97%) and 16% of the
receivables outstanding are pending finalizations of concentrate sales.</P>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2014, an impairment
loss of $1,597 relates to IVA receivable claims from prior years and $181
relates to an allowance on related party receivables from prior years (December
31, 2013 - $776).</P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Liquidity Risk</U> </P>
<P style="MARGIN-LEFT: 5%" 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 style="MARGIN-LEFT: 5%" 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,
2014: </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" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">Less than </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">1 to 3 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">4 to 5 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">Over 5 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="8%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">1 year </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">years </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">years </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">years </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="8%">Total </TD>
    <TD vAlign=bottom noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="8%">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>17,408 </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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>17,408 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Income taxes payable </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,181 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">8,181 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Revolving credit facility </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>29,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>29,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Provision for reclamation and rehabilitation
    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,847 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,649 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">6,496 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Capital expenditure
      commitments </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>41 </TD>
    <TD vAlign=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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>41 </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" vAlign=bottom
      align=left>Minimum rental and lease payments </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="8%">248 </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="8%">392 </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="8%">- </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="8%">- </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="8%">640 </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" vAlign=bottom align=left
    bgColor=#e6efff>Total contractual obligations </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="8%" bgColor=#e6efff>54,878 </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="8%" bgColor=#e6efff>392 </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="8%" bgColor=#e6efff>2,847 </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="8%" bgColor=#e6efff>3,649 </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="8%" bgColor=#e6efff>61,766 </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><U>Market Risk</U> </P>
<P style="MARGIN-LEFT: 5%" align=justify>Significant market related risks to
which the Company is exposed consist of foreign currency risk, interest rate
risk, commodity price risk and equity price risk.</P>
<P style="MARGIN-LEFT: 5%" 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>
<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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=left width="15%">Page - 35
      - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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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><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" 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 vAlign=bottom noWrap width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="23%" colSpan=4><B>December 31, 2014</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=center
    width="23%" colSpan=4>December 31, 2013 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Canadian Dollar</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%"><B>Mexican Peso</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%">Canadian Dollar </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap
    align=center width="10%">Mexican Peso </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Financial assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%"
      bgColor=#e6efff><B>&nbsp;2,029</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="10%"
      bgColor=#e6efff><B>&nbsp;16,036</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;4,076 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;15,599 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Financial liabilities </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="10%"><B>(1,525</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </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="10%"><B>(17,267</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </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="10%">(3,290</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="10%">(2,232</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#e6efff>Net financial assets/liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;504</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><B>&nbsp;(1,231</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;786 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;13,367 </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>Of the financial assets listed above,
$282 (2013 &#150; $897) represents cash and cash equivalents held in Canadian dollars
and $2,614 (2013 - $1,176) represents cash held in Mexican Pesos. The remaining
cash balance is held in U.S. dollars.</P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2014, with other
variables unchanged, a 5% strengthening of the US dollar against the Canadian
dollar would decrease net earnings by $24 due to these financial assets and
liabilities.</P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2014, with other
variables unchanged, a 5% strengthening of the US dollar against the Mexican
peso would increase net earnings by $59 due to these financial assets and
liabilities.<I> </I></P>
<P style="MARGIN-LEFT: 5%" 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 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 3.2% . As at December 31,
2014, with other variables unchanged, a 1% increase in the LIBOR rate would
result in additional interest expense of $290.</P>
<P style="MARGIN-LEFT: 5%" 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. Revenue from the sale of concentrates is based on
prevailing market prices which is subject to adjustment upon final settlement.
For each reporting period until final settlement, estimates of metal prices are
used to record sales. At December 31, 2014 there are 355,880 ounces of silver
and 4,900 ounces of gold which do not have a final settlement price and the
estimated revenues have been recognized at current market prices. As at December
31, 2014, with other variables unchanged, a 10% decrease in the market value of
silver and gold would result in a reduction of revenue of $1.2 million.</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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=left width="15%">Page - 36
      - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><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=left><B>ENDEAVOUR SILVER CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Notes to the Consolidated Financial Statements</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>Years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, unless otherwise
      stated) </TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD align=left><B>HEAD OFFICE</B> </TD>
    <TD align=left width="50%" colSpan=2>Suite #301, 700 West Pender Street
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%" colSpan=2>Vancouver, BC, Canada V6C 1G8 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="17%">Telephone: </TD>
    <TD align=left width="33%">(604) 685-9775 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="33%">1-877-685-9775 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="17%">Facsimile: </TD>
    <TD align=left width="33%">(604) 685-9744 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="17%">Website: </TD>
    <TD align=left width="33%">www.edrsilver.com
</TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD align=left><B>DIRECTORS</B> </TD>
    <TD align=left width="50%">Geoff Handley </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Ricardo Campoy </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Rex McLennan </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Kenneth Pickering </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Mario Szotlender </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Godfrey Walton </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 align=left><B>OFFICERS</B> </TD>
    <TD align=left width="50%">Bradford Cooke ~ Chief Executive Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Godfrey Walton ~ President and Chief Operating
      Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Dan Dickson ~ Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Dave Howe ~ Vice-President, Country Manager
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Luis Castro ~ Vice-President, Exploration
</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Terrence Chandler ~ Vice-President, Corporate
      Development </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Bernard Poznanski - Secretary </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 align=left rowSpan=2><B>REGISTRAR AND</B> <BR><B>TRANSFER AGENT</B>
</TD>
    <TD align=left width="50%">Computershare Trust Company of Canada </TD></TR>
  <TR vAlign=top>
    <TD align=left width="50%">3<SUP>rd </SUP>Floor - 510 Burrard Street
</TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=left width="50%">Vancouver, BC, V6C 3B9&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>AUDITORS</B> </TD>
    <TD align=left width="50%">KPMG LLP </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">777 Dunsmuir Street </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=left width="50%">Vancouver, BC, V7Y 1K3&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>SOLICITORS</B> </TD>
    <TD align=left width="50%">Koffman Kalef LLP </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">19<SUP>th </SUP>Floor &#150; 885 West Georgia Street
    </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD align=left width="50%">Vancouver, BC, V6C 3H4&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>SHARES LISTED</B> </TD>
    <TD align=left width="50%">Toronto Stock Exchange </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="50%">Trading Symbol - EDR&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="50%">New York Stock Exchange&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="50%">Trading Symbol &#150;
EXK&nbsp;&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>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=left width="15%">Page - 37
      - </TD></TR></TABLE><BR>
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<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>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A><IMG src="exhibit99-3x1x1.jpg" border=0>
<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 rowSpan=5>&nbsp;</TD>
    <TD align=left width="30%"><B>KPMG LLP </B></TD>
    <TD align=left width="10%">Telephone </TD>
    <TD align=left width="30%">(604) 691-3000 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%"><B>Chartered Accountants </B></TD>
    <TD align=left width="10%">Fax </TD>
    <TD align=left width="30%">(604) 691- 3031 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%">PO Box 10426 777 Dunsmuir Street </TD>
    <TD align=left width="10%">Internet </TD>
    <TD align=left width="30%">www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%">Vancouver BC V7Y 1K3 </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left width="30%">Canada </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR></TABLE>
<P align=center><B><FONT size=4>INDEPENDENT AUDITORS&#146; REPORT OF REGISTERED
PUBLIC <BR>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, 2014 and December 31, 2013, the
consolidated statements of comprehensive loss, changes in shareholders&#146; 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.<B> </B></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<B>
</B>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>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left><FONT size=1>KPMG LLP is a Canadian limited liability
      partnership and a member firm of the KPMG </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=1>network of independent member firms affiliated
      with KPMG International Cooperative </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=1>(&#147;KPMG International&#148;), a Swiss entity. KPMG
      Canada provides services to KPMG LLP.
</FONT></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A><IMG src="exhibit99-3x4x1.jpg" border=0><BR>
<P align=right><I>Endeavour Silver Corp. <BR></I><I>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, 2014 and December 31, 2013, 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.<B> </B></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, 2014, 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 4, 2015 expressed an adverse 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 4, 2015 <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="exhibit99-3x1x1.jpg" border=0><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="30%"><B>KPMG LLP </B></TD>
    <TD align=left width="10%" >Telephone </TD>
    <TD align=left width="30%">(604) 691-3000 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%"><B>Chartered Accountants </B></TD>
    <TD align=left width="10%" >Fax </TD>
    <TD align=left width="30%">(604) 691- 3031 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%">PO Box 10426 777 Dunsmuir Street </TD>
    <TD align=left width="10%" >Internet </TD>
    <TD align=left width="30%">www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%">Vancouver BC V7Y 1K3 </TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%">Canada </TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR></TABLE>
<P align=center><B><FONT size=4>REPORT OF INDEPENDENT REGISTERED P<BR>UBLIC
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 internal control over
financial reporting as of December 31, 2014, based on criteria established in
Internal Control &#150; Integrated Framework (1992) issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO). Endeavour Silver
Corp.&#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 report titled
&#147;Management&#146;s Report on Internal Controls over Financial Reporting&#148;. 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>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left><FONT size=1>KPMG LLP is a Canadian limited liability
      partnership and a member firm of the KPMG </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=1>network of independent member firms affiliated
      with KPMG International Cooperative </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=1>(&#147;KPMG International&#148;), a Swiss entity. KPMG
      Canada provides services to KPMG LLP.
</FONT></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><IMG
src="exhibit99-3x4x1.jpg" border=0> <BR>
<P align=right><I>Endeavour Silver Corp. <BR></I><I>Page 2 </I></P>
<P align=justify>A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the company&#146;s annual or
interim financial statements will not be prevented or detected on a timely
basis. A material weakness related to Endeavour Silver Corp.&#146;s ineffective
management review of the recording of the impairment of long-lived assets and
related financial statement disclosures, specifically related to the circular
impact on deferred income taxes, has been identified and included in
management&#146;s assessment. </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 Endeavour Silver Corp. as of December 31, 2014 and 2013, and the
related consolidated statements of comprehensive loss, shareholders&#146; equity, and
cash flows for the years then ended. This material weakness was considered in
determining the nature, timing, and extent of audit tests applied in our audit
of the December 31, 2014 consolidated financial statements, and this report does
not affect our report dated March 4, 2015, which expressed an unqualified
opinion on those consolidated financial statements. </P>
<P align=justify>In our opinion, because of the effect of the aforementioned
material weakness on the achievement of the objectives of the control criteria,
Endeavour Silver Corp. has not maintained effective internal control over
financial reporting as of December 31, 2014, based on criteria established in
Internal Control &#150; Integrated Framework (1992) issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO). </P>
<P align=justify>We do not express an opinion or any other form of assurance on
management&#146;s statements referring to corrective actions taken after December 31,
2014, relative to the aforementioned material weakness in 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 4, 2015 <BR>Vancouver, Canada </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</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;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><IMG
src="endl.gif"
border=0 width="464" height="71"></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=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>FOR THE YEAR ENDED DECEMBER 31, 2014</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, 2014
and 2013 and the related notes contained therein, which are prepared in
accordance with International Financial Reporting Standards (&#147;IFRS&#148;) as issued
by the International Accounting Standards Board (&#147;IASB&#148;). We use certain
non-IFRS financial measures in this MD&amp;A. For a description of each of the
non-IFRS measures used in this MD&amp;A, please see the discussion under
&#147;Non-IFRS Measures&#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 U S
dollars unless otherwise indicated. This MD&amp;A is dated as of March 4, 2015
and all information contained is current as of March 4, 2015 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>
<!--$$/page=--><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><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>FOR THE YEAR ENDED DECEMBER 31, 2014</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B><I>Forward-LookingStatements</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 2015, 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>
<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 align=left bgColor=#eeeeee>Operating Highlights </TD>
    <TD align=left width="20%" bgColor=#eeeeee >Page 3 </TD>
    <TD align=left width="32%" bgColor=#eeeeee>Consolidated Financial Results
    </TD>
    <TD align=left width="20%" bgColor=#eeeeee >Page 16 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>History and Strategy </TD>
    <TD align=left width="20%" >Page 4 </TD>
    <TD align=left width="32%">Non IFRS Measures </TD>
    <TD align=left width="20%" >Page 20 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>Consolidated Operations </TD>
    <TD align=left width="20%" bgColor=#eeeeee >Page 5 </TD>
    <TD align=left width="32%" bgColor=#eeeeee>Quarterly Results and Trends
</TD>
    <TD align=left width="20%" bgColor=#eeeeee >Page 27 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Guanacev&#237; Operations </TD>
    <TD align=left width="20%" >Page 7 </TD>
    <TD align=left width="32%">Annual Outlook </TD>
    <TD align=left width="20%" >Page 31 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>Bola&#241;itos Operations </TD>
    <TD align=left width="20%" bgColor=#eeeeee >Page 9 </TD>
    <TD align=left width="32%" bgColor=#eeeeee>Liquidity and Capital Resources
    </TD>
    <TD align=left width="20%" bgColor=#eeeeee >Page 32 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>El Cubo Operations </TD>
    <TD align=left width="20%" >Page 11 </TD>
    <TD align=left width="32%">Changes in Accounting Policies </TD>
    <TD align=left width="20%" >Page 38 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>Exploration Results </TD>
    <TD align=left width="20%" bgColor=#eeeeee >Page 13 </TD>
    <TD align=left width="32%" bgColor=#eeeeee>Risks and Uncertainties </TD>
    <TD align=left width="20%" bgColor=#eeeeee >Page 41 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Reserves and Resources </TD>
    <TD align=left width="20%" >Page 14 </TD>
    <TD align=left width="32%">Controls and Procedures </TD>
    <TD align=left width="20%" >Page 49 </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>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>
<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="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Three Months Ended December 31 </B></font></TD>
    <TD
      width="35%" rowspan="2" align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF" size="4"><B>2014 Highlights </B></font><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="30%"
    colSpan=3 align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Year Ended December
      31 </B></font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014
      </B></font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013 </B></font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>% Change </B></font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014 </B></font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013 </B></font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>% Change </B></font></TD>
  </TR>
  <TR vAlign=bottom>
    <TD
      colSpan=7 align=center bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Production</B></font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>2,009,172 </TD>
    <TD align=center width="10%">1,931,717 </TD>
    <TD align=center width="10%">4% </TD>
    <TD align=center width="35%">Silver ounces produced </TD>
    <TD align=center width="10%">7,212,074 </TD>
    <TD align=center width="10%">6,813,069 </TD>
    <TD align=center width="10%">6% </TD></TR>
  <TR vAlign=top>
    <TD align=center>15,127 </TD>
    <TD align=center width="10%">17,686 </TD>
    <TD align=center width="10%">(14%) </TD>
    <TD align=center width="35%">Gold ounces produced </TD>
    <TD align=center width="10%">62,895 </TD>
    <TD align=center width="10%">75,578 </TD>
    <TD align=center width="10%">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,950,037 </TD>
    <TD align=center width="10%">1,855,108 </TD>
    <TD align=center width="10%">5% </TD>
    <TD align=center width="35%">Payable silver ounces produced </TD>
    <TD align=center width="10%">6,996,916 </TD>
    <TD align=center width="10%">6,593,805 </TD>
    <TD align=center width="10%">6% </TD></TR>
  <TR vAlign=top>
    <TD align=center>14,557 </TD>
    <TD align=center width="10%">16,612 </TD>
    <TD align=center width="10%">(12%) </TD>
    <TD align=center width="35%">Payable gold ounces produced </TD>
    <TD align=center width="10%">60,518 </TD>
    <TD align=center width="10%">72,562 </TD>
    <TD align=center width="10%">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>3,068,062 </TD>
    <TD align=center width="10%">2,992,877 </TD>
    <TD align=center width="10%">3% </TD>
    <TD align=center width="35%">Silver equivalent ounces produced<SUP>(1)
      </SUP></TD>
    <TD align=center width="10%">11,614,724 </TD>
    <TD align=center width="10%">11,347,749 </TD>
    <TD align=center width="10%">2% </TD></TR>
  <TR vAlign=top>
    <TD align=center>8.33 </TD>
    <TD align=center width="10%">7.46 </TD>
    <TD align=center width="10%">12% </TD>
    <TD align=center width="35%">Cash costs per silver ounce<SUP>(2)(3)
    </SUP></TD>
    <TD align=center width="10%">8.31 </TD>
    <TD align=center width="10%">7.92 </TD>
    <TD align=center width="10%">5% </TD></TR>
  <TR vAlign=top>
    <TD align=center>14.36 </TD>
    <TD align=center width="10%">14.59 </TD>
    <TD align=center width="10%">(2%) </TD>
    <TD align=center width="35%">Total production costs per ounce<SUP>(2)(4)
      </SUP></TD>
    <TD align=center width="10%">16.37 </TD>
    <TD align=center width="10%">15.69 </TD>
    <TD align=center width="10%">4% </TD></TR>
  <TR vAlign=top>
    <TD align=center>15.37 </TD>
    <TD align=center width="10%">14.24 </TD>
    <TD align=center width="10%">8% </TD>
    <TD align=center width="35%">All-in sustaining costs per ounce<SUP>(2)(5)
      </SUP></TD>
    <TD align=center width="10%">16.79 </TD>
    <TD align=center width="10%">18.31 </TD>
    <TD align=center width="10%">(8%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>374,212 </TD>
    <TD align=center width="10%">379,480 </TD>
    <TD align=center width="10%">(1%) </TD>
    <TD align=center width="35%">Processed tonnes </TD>
    <TD align=center width="10%">1,404,406 </TD>
    <TD align=center width="10%">1,537,984 </TD>
    <TD align=center width="10%">(9%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>89.63 </TD>
    <TD align=center width="10%">90.72 </TD>
    <TD align=center width="10%">(1%) </TD>
    <TD align=center width="35%">Direct production costs per tonne<SUP>(2)(6)
      </SUP></TD>
    <TD align=center width="10%">96.11 </TD>
    <TD align=center width="10%">97.00 </TD>
    <TD align=center width="10%">(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>10.76 </TD>
    <TD align=center width="10%">11.45 </TD>
    <TD align=center width="10%">(6%) </TD>
    <TD align=center width="35%">Silver co-product cash costs <SUP>(7)
    </SUP></TD>
    <TD align=center width="10%">11.76 </TD>
    <TD align=center width="10%">13.19 </TD>
    <TD align=center width="10%">(11%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>788 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">695    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">13%    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="35%">Gold
      co-product cash costs <SUP>(7) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">798    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">785    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">2%    </TD></TR>
  <TR vAlign=bottom>
    <TD
      colSpan=7 align=center bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Financial</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=center>48.6 </TD>
    <TD align=center width="10%">67.9 </TD>
    <TD align=center width="10%">(28%) </TD>
    <TD align=center width="35%">Revenue ($ millions) </TD>
    <TD align=center width="10%">196.9 </TD>
    <TD align=center width="10%">276.8 </TD>
    <TD align=center width="10%">(29%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>2,000,253 </TD>
    <TD align=center width="10%">2,155,326 </TD>
    <TD align=center width="10%">(7%) </TD>
    <TD align=center width="35%">Silver ounces sold </TD>
    <TD align=center width="10%">6,539,686 </TD>
    <TD align=center width="10%">7,151,963 </TD>
    <TD align=center width="10%">(9%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>13,635 </TD>
    <TD align=center width="10%">18,960 </TD>
    <TD align=center width="10%">(28%) </TD>
    <TD align=center width="35%">Gold ounces sold </TD>
    <TD align=center width="10%">58,323 </TD>
    <TD align=center width="10%">81,119 </TD>
    <TD align=center width="10%">(28%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>16.23 </TD>
    <TD align=center width="10%">20.52 </TD>
    <TD align=center width="10%">(21%) </TD>
    <TD align=center width="35%">Realized silver price per ounce </TD>
    <TD align=center width="10%">18.76 </TD>
    <TD align=center width="10%">23.10 </TD>
    <TD align=center width="10%">(19%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>1,189 </TD>
    <TD align=center width="10%">1,246 </TD>
    <TD align=center width="10%">(5%) </TD>
    <TD align=center width="35%">Realized gold price per ounce </TD>
    <TD align=center width="10%">1,273 </TD>
    <TD align=center width="10%">1,375 </TD>
    <TD align=center width="10%">(7%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>(66.9) </TD>
    <TD align=center width="10%">(115.8) </TD>
    <TD align=center width="10%">(42%) </TD>
    <TD align=center width="35%">Net earnings (loss) ($ millions) </TD>
    <TD align=center width="10%">(74.5) </TD>
    <TD align=center width="10%">(89.5) </TD>
    <TD align=center width="10%">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>(11.0) </TD>
    <TD align=center width="10%">(12.1) </TD>
    <TD align=center width="10%">(9%) </TD>
    <TD align=center width="35%">Adjusted net earnings <SUP>(8) </SUP>($
      millions) </TD>
    <TD align=center width="10%">(17.2) </TD>
    <TD align=center width="10%">11.1 </TD>
    <TD align=center width="10%">(256%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>2.3 </TD>
    <TD align=center width="10%">9.9 </TD>
    <TD align=center width="10%">(77%) </TD>
    <TD align=center width="35%">Mine operating earnings ($ millions) </TD>
    <TD align=center width="10%">14.4 </TD>
    <TD align=center width="10%">56.9 </TD>
    <TD align=center width="10%">(75%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>13.9 </TD>
    <TD align=center width="10%">26.4 </TD>
    <TD align=center width="10%">(47%) </TD>
    <TD align=center width="35%">Mine operating cash flow<SUP>(9) </SUP>($
      millions) </TD>
    <TD align=center width="10%">70.5 </TD>
    <TD align=center width="10%">116.9 </TD>
    <TD align=center width="10%">(40%) </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>(5.3) </TD>
    <TD align=center width="10%">18.0 </TD>
    <TD align=center width="10%">(130%) </TD>
    <TD align=center width="35%">Operating cash flow before working capital
      changes <SUP>(10) </SUP></TD>
    <TD align=center width="10%">29.3 </TD>
    <TD align=center width="10%">81.6 </TD>
    <TD align=center width="10%">(64%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>7.7 </TD>
    <TD align=center width="10%">17.5 </TD>
    <TD align=center width="10%">(56%) </TD>
    <TD align=center width="35%">Earnings before ITDA <SUP>(11) </SUP></TD>
    <TD align=center width="10%">42.6 </TD>
    <TD align=center width="10%">94.5 </TD>
    <TD align=center width="10%">(55%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>21.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">32.2    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">(34%) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="35%">Working capital ($ millions) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">21.2    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">32.2    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">(34%) </TD></TR>
  <TR vAlign=bottom>
    <TD
      colSpan=7 align=center bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Shareholders</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=center>(0.67) </TD>
    <TD align=center width="10%">(1.16) </TD>
    <TD align=center width="10%">42% </TD>
    <TD align=center width="35%">Earnings (loss) per share &#150; basic </TD>
    <TD align=center width="10%">(0.74) </TD>
    <TD align=center width="10%">(0.90) </TD>
    <TD align=center width="10%">18% </TD></TR>
  <TR vAlign=top>
    <TD align=center>(0.11) </TD>
    <TD align=center width="10%">(0.12) </TD>
    <TD align=center width="10%">(8%)</TD>
    <TD align=center width="35%">Adjusted earnings per share &#150; basic<SUP>(8)
      </SUP></TD>
    <TD align=center width="10%">(0.17) </TD>
    <TD align=center width="10%">0.11 </TD>
    <TD align=center width="10%">(253%) </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>(0.05) </TD>
    <TD align=center width="10%">0.18 </TD>
    <TD align=center width="10%">(129%) </TD>
    <TD align=center width="35%">Operating cash flow before working capital
      changes per share<SUP>(10)</SUP> </TD>
    <TD align=center width="10%">0.29 </TD>
    <TD align=center width="10%">0.82 </TD>
    <TD align=center width="10%">(65%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center>101,881,133 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">99,720,704 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">2%    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="35%">Weighted average shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">101,314,393 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">99,770,293 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">2%    </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>2013 Silver equivalents are calculated using a 60:1 ratio
      and 2014 Silver equivalents are calculated using a 70:1 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 23.</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 23.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 24.</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 24.</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>3</FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page 25</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Adjusted earnings are calculated by adding back the
      mark-to-market impact of derivative equities held as a liability on the
      Company&#146;s balance sheet and impairment charges net of tax. See
      Reconciliation to IFRS on page 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>The above 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 under-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 was 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 had 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 (tpd). After acquisition, Endeavour initiated a two year
operational turn-around program aimed at increasing throughput, grade and
productivity in order to reduce operating costs and return the operation to
profitability. Endeavour also completed a capital reconstruction program of the
plant and surface infrastructure, and invested in accelerated mine exploration
and development to unfold the full potential of El Cubo. </P>
<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>
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<P align=justify>The Company has historically funded its exploration and
development activities through equity financings and convertible debentures.
Equity financings also facilitated the acquisition and development of the
Guanacev&#237; and Bola&#241;itos mines projects. However, since 2004, the Company has
been able to finance more and more of its acquisition, exploration, development
and operating activities from production cash flows. In 2012 the Company
obtained a credit facility to help support its acquisition, exploration and
capital investment programs. The Company may choose to engage in equity, debt,
convertible debt or other financings, on an as-needed basis, in order to
facilitate its growth. </P>
<P align=justify><B>REVIEW OF OPERATING RESULTS </B></P>
<P align=justify><B>Consolidated Production Results for the Three Months and
Years Ended December 31, 2014 and 2013 </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="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Three Months Ended December 31</B> </font></TD>
    <TD
      width="35%" align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>CONSOLIDATED</B> </font></TD>
    <TD width="33%"
    colSpan=3 align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Year Ended December
      31</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>% Change</B> </font></TD>
    <TD
      width="35%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>% Change</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">374,212 </TD>
    <TD width="11%" align=center valign="bottom">379,480 </TD>
    <TD width="11%" align=center valign="bottom">(1%) </TD>
    <TD width="35%" align=center valign="bottom">Ore tonnes processed </TD>
    <TD width="11%" align=center valign="bottom">1,404,406 </TD>
    <TD width="11%" align=center valign="bottom">1,537,984 </TD>
    <TD width="11%" align=center valign="bottom">(9%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">191 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">181 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">6% </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Average silver grade (gpt) </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">185 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">168 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">10% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">87.3 </TD>
    <TD width="11%" align=center valign="bottom">87.3 </TD>
    <TD width="11%" align=center valign="bottom">0% </TD>
    <TD width="35%" align=center valign="bottom">Silver recovery (%) </TD>
    <TD width="11%" align=center valign="bottom">86.2 </TD>
    <TD width="11%" align=center valign="bottom">81.6 </TD>
    <TD width="11%" align=center valign="bottom">6% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">2,009,172 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">1,931,717 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">4% </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Total silver ounces produced </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">7,212,074 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">6,813,069 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">6% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">1,950,037 </TD>
    <TD width="11%" align=center valign="bottom">1,855,108 </TD>
    <TD width="11%" align=center valign="bottom">5% </TD>
    <TD width="35%" align=center valign="bottom">Payable silver ounces
      produced </TD>
    <TD width="11%" align=center valign="bottom">6,996,916 </TD>
    <TD width="11%" align=center valign="bottom">6,593,805 </TD>
    <TD width="11%" align=center valign="bottom">6% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">1.49 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">1.78 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(16%) </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Average gold grade (gpt) </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">1.62 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">1.78 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(9%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">84.4 </TD>
    <TD width="11%" align=center valign="bottom">82.1 </TD>
    <TD width="11%" align=center valign="bottom">3% </TD>
    <TD width="35%" align=center valign="bottom">Gold recovery (%) </TD>
    <TD width="11%" align=center valign="bottom">86.1 </TD>
    <TD width="11%" align=center valign="bottom">85.6 </TD>
    <TD width="11%" align=center valign="bottom">1% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">15,127 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">17,686 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(14%) </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Total gold ounces produced </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">62,895 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">75,578 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">14,557 </TD>
    <TD width="11%" align=center valign="bottom">16,612 </TD>
    <TD width="11%" align=center valign="bottom">(12%) </TD>
    <TD width="35%" align=center valign="bottom">Payable gold ounces produced    </TD>
    <TD width="11%" align=center valign="bottom">60,518 </TD>
    <TD width="11%" align=center valign="bottom">72,562 </TD>
    <TD width="11%" align=center valign="bottom">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">3,068,062 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">2,992,877 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">3% </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Silver equivalent ounces
      produced<SUP>(1)</SUP> </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">11,614,724 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">11,347,749 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">2% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">8.33 </TD>
    <TD width="11%" align=center valign="bottom">7.46 </TD>
    <TD width="11%" align=center valign="bottom">12% </TD>
    <TD width="35%" align=center valign="bottom">Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD width="11%" align=center valign="bottom">8.31 </TD>
    <TD width="11%" align=center valign="bottom">7.92 </TD>
    <TD width="11%" align=center valign="bottom">5% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">14.36 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">14.59 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(2%) </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Total production costs per
      ounce<SUP>(2)(4)</SUP> </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">16.37 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">15.69 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">4% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">15.37 </TD>
    <TD width="11%" align=center valign="bottom">14.24 </TD>
    <TD width="11%" align=center valign="bottom">8% </TD>
    <TD width="35%" align=center valign="bottom">All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD width="11%" align=center valign="bottom">16.79 </TD>
    <TD width="11%" align=center valign="bottom">18.31 </TD>
    <TD width="11%" align=center valign="bottom">(8%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">89.63 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">90.72 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(1%) </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Direct production costs per
      tonne<SUP>(2)(6)</SUP> </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">96.11 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">97.00 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">10.76 </TD>
    <TD width="11%" align=center valign="bottom">11.45 </TD>
    <TD width="11%" align=center valign="bottom">(6%) </TD>
    <TD width="35%" align=center valign="bottom">Silver co-product cash costs
      <SUP>(7)</SUP> </TD>
    <TD width="11%" align=center valign="bottom">11.76 </TD>
    <TD width="11%" align=center valign="bottom">13.19 </TD>
    <TD width="11%" align=center valign="bottom">(11%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">788.23 </TD>
    <TD
      width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">695.47 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">13%    </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">Gold
      co-product cash costs <SUP>(7)</SUP> </TD>
    <TD
      width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">797.88 </TD>
    <TD
      width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">785.01 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">2%    </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>2013 Silver equivalents are calculated using a 60:1 ratio
      and 2014 Silver equivalents are calculated using a 70:1 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 23.</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 23.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>All-in sustaining costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 24.</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 24.</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>
<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>
<!--$$/page=--><A name=page_6></A>
<P align=justify><B><I>Consolidated Production </I></B></P>
<P align=center><IMG src="exhibit99-4x6x1.jpg" border=0> </P>
<P align=justify><B>Three months ended December 31, 2014 (compared to the three
months ended December 31, 2013) </B><br>
Consolidated silver production during Q4, 2014 was 2,009,172
ounces, an increase of 4% compared to 1,931,717 oz in Q4, 2013, and gold
production was 15,127 oz, a decrease of 14% compared to 17,686 oz in Q4, 2013.
Plant throughput was 374,212 tonnes at average grades of 191 grams per tonne
(gpt) silver and 1.49 gpt gold compared to 379,480 tonnes grading 181 gpt silver
and 1.78 gpt gold in Q4, 2013. Silver production improved due to higher silver
grades, while gold production fell due to lower grades.</P>
<P align=justify><B>Year ended December 31, 2014 (compared to the year ended
December 31, 2013) </B><br>
Consolidated silver production during 2014 was 7,212,074
ounces, an increase of 6% compared to 6,813,069 oz in 2013, and gold production
was 62,895 oz, a decrease of 17% compared to 75,578 oz in 2013. Plant throughput
was 1,404,406 tonnes at average grades of 185 grams per tonne (gpt) silver and
1.62 gpt gold compared to 1,537,984 tonnes grading 168 gpt silver and 1.78 gpt
gold in 2013. Silver production increased due to higher grades and recoveries,
partially offset by the lower throughput. Gold production was lower due to lower
grades and throughput. In 2013, additional ore was mined at Bola&#241;itos and
processed at the El Cubo plant. The El Cubo mine output was forecast to rise
throughout 2014 in order to fill the El Cubo plant to its 1,550 tpd
capacity.</P>
<P align=justify><B><I>Consolidated Operating Costs </I></B></P>
<P align=justify><B>Three months ended December 31, 2014 (compared to the three
months ended December 31, 2013) </B><br>
Lower gold grades and implementation of the Mexican mining tax
reform resulted in rising cash costs per ounce net of by-product credits, a
non-IFRS measure and a standard of the Silver Institute, which increased 12% to
$8.33 per ounce of payable silver compared to $7.46 in Q4, 2013. Similarly the
lower gold grades and additional exploration expenditures resulted in
all-in-sustaining costs per ounce, also a non-IFRS measure, increasing 8% to
$15.37 compared to Q4, 2013. </P>
<P align=justify><B>Year ended December 31, 2014 (compared to the year ended
December 31, 2013) </B><br>
Cost cutting initiatives that commenced in Q2, 2013 have been
offset by lower throughput and the implementation of the new Mexican mining tax
reform. The higher silver grades and improved recoveries were offset by lower
gold grades and the additional Mexican mining taxes resulting in slightly higher
cash costs per ounce net of by-product, a non-IFRS measure and a standard of the
Silver Institute, which increased 5% to $8.31 per ounce of payable silver
compared to $7.92 in 2013. All-in-sustaining costs per ounce, also a non-IFRS
measure, fell 8% to $16.79 due to lower mine development expenditures compared
to $18.31 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>
<!--$$/page=--><A name=page_7></A>
<P align=justify><B>Guanacev&#237; Operations </B></P>
<P align=justify><B><I>Production Results for the Three Months and Years Ended
December 31, 2014 and 2013 </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="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Three Months Ended Dec. 31</B> </font></TD>
    <TD
      width="35%" align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>GUANACEV&#205;</B> </font></TD>
    <TD width="33%"
    colSpan=3 align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Year Ended Dec. 31</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>% Change</B> </font></TD>
    <TD
      width="35%" align=left noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>% Change</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">102,375 </TD>
    <TD width="11%" align=center valign="bottom">121,008 </TD>
    <TD width="11%" align=center valign="bottom">(15%) </TD>
    <TD width="35%" align=center valign="bottom">Ore tonnes processed </TD>
    <TD width="11%" align=center valign="bottom">423,251 </TD>
    <TD width="11%" align=center valign="bottom">435,922 </TD>
    <TD width="11%" align=center valign="bottom">(3%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">358 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">272 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">32% </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Average silver grade (g/t) </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">314 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">253 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">24% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">87.0 </TD>
    <TD width="11%" align=center valign="bottom">81.5 </TD>
    <TD width="11%" align=center valign="bottom">7% </TD>
    <TD width="35%" align=center valign="bottom">Silver recovery (%) </TD>
    <TD width="11%" align=center valign="bottom">84.0 </TD>
    <TD width="11%" align=center valign="bottom">78.0 </TD>
    <TD width="11%" align=center valign="bottom">8% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">1,024,762 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">861,495 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">19% </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Total silver ounces produced </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">3,587,639 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">2,772,227 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">29% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">1,014,514 </TD>
    <TD width="11%" align=center valign="bottom">852,880 </TD>
    <TD width="11%" align=center valign="bottom">19% </TD>
    <TD width="35%" align=center valign="bottom">Payable silver ounces
      produced </TD>
    <TD width="11%" align=center valign="bottom">3,551,763 </TD>
    <TD width="11%" align=center valign="bottom">2,744,505 </TD>
    <TD width="11%" align=center valign="bottom">29% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">0.70 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">0.69 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">1% </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Average gold grade (g/t) </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">0.65 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">0.6 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">8% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">90.1 </TD>
    <TD width="11%" align=center valign="bottom">85.2 </TD>
    <TD width="11%" align=center valign="bottom">6% </TD>
    <TD width="35%" align=center valign="bottom">Gold recovery (%) </TD>
    <TD width="11%" align=center valign="bottom">86.3 </TD>
    <TD width="11%" align=center valign="bottom">80.5 </TD>
    <TD width="11%" align=center valign="bottom">7% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">2,085 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">2,275 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(8%) </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Total gold ounces produced </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">7,641 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">6,784 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">13% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">2,063 </TD>
    <TD width="11%" align=center valign="bottom">2,244 </TD>
    <TD width="11%" align=center valign="bottom">(8%) </TD>
    <TD width="35%" align=center valign="bottom">Payable gold ounces produced    </TD>
    <TD width="11%" align=center valign="bottom">7,564 </TD>
    <TD width="11%" align=center valign="bottom">6,708 </TD>
    <TD width="11%" align=center valign="bottom">13% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">1,170,712 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">997,995 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">17% </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Silver equivalent ounces
      produced<SUP>(1)</SUP> </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">4,122,509 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">3,179,267 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">30% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">7.28 </TD>
    <TD width="11%" align=center valign="bottom">13.09 </TD>
    <TD width="11%" align=center valign="bottom">(44%) </TD>
    <TD width="35%" align=center valign="bottom">Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD width="11%" align=center valign="bottom">9.73 </TD>
    <TD width="11%" align=center valign="bottom">14.32 </TD>
    <TD width="11%" align=center valign="bottom">(32%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">8.77 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">18.51 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(53%) </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Total production costs per
      ounce<SUP>(2)(4)</SUP> </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">11.44 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">20.10 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(43%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">11.89 </TD>
    <TD width="11%" align=center valign="bottom">17.43 </TD>
    <TD width="11%" align=center valign="bottom">(32%) </TD>
    <TD width="35%" align=center valign="bottom">All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD width="11%" align=center valign="bottom">14.51 </TD>
    <TD width="11%" align=center valign="bottom">22.55 </TD>
    <TD width="11%" align=center valign="bottom">(36%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">96.91 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">114.55 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(15%) </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Direct production costs per
      tonne<SUP>(2)(6)</SUP> </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">104.06 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">110.93 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(6%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">8.43 </TD>
    <TD width="11%" align=center valign="bottom">13.87 </TD>
    <TD width="11%" align=center valign="bottom">(39%) </TD>
    <TD width="35%" align=center valign="bottom">Silver co-product cash costs
      <SUP>(7)</SUP> </TD>
    <TD width="11%" align=center valign="bottom">10.73 </TD>
    <TD width="11%" align=center valign="bottom">15.22 </TD>
    <TD width="11%" align=center valign="bottom">(30%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">617 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">842    </TD>
    <TD
      width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">(27%) </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">Gold
      co-product cash costs <SUP>(7)</SUP> </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">728    </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">906    </TD>
    <TD
      width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">(20%) </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>2013 Silver equivalents are calculated using a 60:1 ratio
      and 2014 Silver equivalents are calculated using a 70:1 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-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 23.</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 23.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 24.</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 24.</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 benefit all stakeholders. The mine has since produced more
than 22 million ounces of silver and 52,000 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 tpd of old tailings in 2004, Guanacev&#237; is now producing 1,200 tonnes of
high-grade ore per day. The Company has discovered 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. Guanacev&#237;
provides steady employment for more than 500 people and engages over 100
contractors. </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>7</FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=justify><B><I>Guanacev&#237; Production Results </I></B></P>
<P align=justify><B>Three months ended December 31, 2014 (compared to the three
months ended December 31, 2013) </B><br>
Silver production at the Guanacev&#237; mine during Q4, 2014 was
1,024,762 oz, an increase of 19% compared to 861,495 oz in Q4, 2013, and gold
production was 2,085 oz, a decrease of 8% compared to 2,275 oz in Q4, 2013.
Plant throughput was 102,375 tonnes at average grades of 358 gpt silver and 0.70
gpt gold compared to 121,008 tonnes grading 272 gpt silver and 0.69 gpt gold in
Q4, 2013. Higher silver and gold grades due to variations within and between the
different ore bodies, combined with higher precious metal recoveries, resulted
in higher silver and gold production.</P>
<P align=justify><B>Year ended December 31, 2014 (compared to the year ended
December 31, 2013) </B><br>
Silver production at the Guanacev&#237; mine during 2014 was
3,587,639 oz, an increase of 29% compared to 2,772,227 oz in 2013, and gold
production was 7,641 oz, an increase of 29% compared to 6,784 oz in 2013. Plant
throughput was 423,251 tonnes at average grades of 314 gpt silver and 0.65 gpt
gold compared to 435,922 tonnes grading 253 gpt silver and 0.60 gpt gold in
2013. Metal production increased due to mining of the higher grade material and
achieving higher recoveries, partially offset by lower throughput. The higher
grades were a result of variations within the different ore bodies, while
management made adjustments to the leach process in late 2013 improving the 2014
recoveries.</P>
<P align=justify><B><I>Guanacev&#237; Operating Costs </I></B></P>
<P align=justify><B>Three months ended December 31, 2014 (compared to the three
months ended December 31, 2013) </B><br>
The higher silver grades and improved silver recoveries
improved cash costs per ounce net of by-product credits, a non-IFRS measure and
a standard of the Silver Institute, which fell 44% to $7.28 per ounce of payable
silver compared to $13.09 in Q4, 2013. All-in-sustaining costs per ounce, also a
non-IFRS measure, fell 32% to $11.89 due to higher production and less mine
development expenditures compared to $17.43 in Q4, 2013. Exploration and mine
development is a function of the maturity of the individual mines at the
Guanacev&#237; operation and can fluctuate quarter to quarter, declining in the
mature mines but increasing when new mines are developed.</P>
<P align=justify><B>Year ended December 31, 2014 (compared to the year ended
December 31, 2013) </B><br>
The lower cost per tonne, significantly higher metal grades and
improved recoveries significantly improved cash costs per ounce net of
by-product credits, a non-IFRS measure and a standard of the Silver Institute,
which fell 32% to $9.73 per ounce of payable silver compared to $14.32 in 2013.
All-in-sustaining costs per ounce, also a non-IFRS measure, fell 36% to $14.51
due to higher production, and lower exploration and mine development
expenditures compared to $22.55 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>8</FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<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, 2014 and 2013 </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="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Three Months Ended Dec. 31</B> </font></TD>
    <TD
      width="35%" align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>BOLA&#209;ITOS</B> </font></TD>
    <TD width="33%"
    colSpan=3 align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Year Ended Dec. 31</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>% Change</B> </font></TD>
    <TD
      width="35%" align=left noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>% Change</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#FFFFFF>145,408 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>159,294 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>(9%) </TD>
    <TD align=center width="35%" bgColor=#FFFFFF>Ore tonnes processed </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>567,873 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>710,708 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>(20%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgcolor="#EEEEEE">148 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">152 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">(3%) </TD>
    <TD width="35%" align=center bgcolor="#EEEEEE">Average silver grade (g/t) </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">148 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">149 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>88.3 </TD>
    <TD align=center width="11%">89.5 </TD>
    <TD align=center width="11%">(1%) </TD>
    <TD align=center width="35%">Silver recovery (%) </TD>
    <TD align=center width="11%">88.7 </TD>
    <TD align=center width="11%">84.6 </TD>
    <TD align=center width="11%">5% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgcolor="#EEEEEE">611,271 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">698,098 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">(12%) </TD>
    <TD width="35%" align=center bgcolor="#EEEEEE">Total silver ounces produced </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">2,396,179 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">2,881,816 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>580,644 </TD>
    <TD align=center width="11%">660,113 </TD>
    <TD align=center width="11%">(12%) </TD>
    <TD align=center width="35%">Payable silver ounces
      produced </TD>
    <TD align=center width="11%">2,276,278 </TD>
    <TD align=center width="11%">2,742,499 </TD>
    <TD align=center width="11%">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgcolor="#EEEEEE">2.03 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">2.61 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">(22%) </TD>
    <TD width="35%" align=center bgcolor="#EEEEEE">Average gold grade (g/t) </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">2.36 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">2.63 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">(10%) </TD></TR>
  <TR vAlign=top>
    <TD align=center>83.2 </TD>
    <TD align=center width="11%">75.8 </TD>
    <TD align=center width="11%">10% </TD>
    <TD align=center width="35%">Gold recovery (%) </TD>
    <TD align=center width="11%">86.1 </TD>
    <TD align=center width="11%">85.6 </TD>
    <TD align=center width="11%">1% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgcolor="#EEEEEE">7,900 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">10,142 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">(22%) </TD>
    <TD width="35%" align=center bgcolor="#EEEEEE">Total gold ounces produced </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">37,108 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">51,652 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">(28%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#FFFFFF>7,571 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>9,611 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>(21%) </TD>
    <TD align=center width="35%" bgColor=#FFFFFF>Payable gold ounces produced    </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>35,531 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>49,572 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>(28%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgcolor="#EEEEEE">1,164,271 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">1,306,618 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">(11%) </TD>
    <TD width="35%" align=center bgcolor="#EEEEEE">Silver equivalent ounces
      produced<SUP>(1)</SUP> </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">4,993,739 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">5,980,936 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#FFFFFF>5.64 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>0.60 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>839% </TD>
    <TD align=center width="35%" bgColor=#FFFFFF>Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>1.94 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>(2.87) </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>168% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgcolor="#EEEEEE">12.74 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">4.35 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">193% </TD>
    <TD width="35%" align=center bgcolor="#EEEEEE">Total production costs per
      ounce<SUP>(2)(4)</SUP> </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">14.05 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">1.30 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">984% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#FFFFFF>9.44 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>7.68 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>23% </TD>
    <TD align=center width="35%" bgColor=#FFFFFF>All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>8.70 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>7.39 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>18% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgcolor="#EEEEEE">83.58 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">72.78 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">15% </TD>
    <TD width="35%" align=center bgcolor="#EEEEEE">Direct production costs per
      tonne<SUP>(2)(6)</SUP> </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">87.44 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">79.47 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE">10% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#FFFFFF>10.21 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>8.82 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>16% </TD>
    <TD align=center width="35%" bgColor=#FFFFFF>Silver co-product cash costs
      <SUP>(7)</SUP> </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>10.10 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>9.48 </TD>
    <TD align=center width="11%" bgColor=#FFFFFF>7% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">748 </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">536    </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">40%    </TD>
    <TD width="35%" align=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">Gold
      co-product cash costs <SUP>(7)</SUP> </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">686    </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">564    </TD>
    <TD width="11%" align=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">21%    </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>2013 Silver equivalents are calculated using a 60:1 ratio
      and 2014 Silver equivalents are calculated using a 70:1 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 23.</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 23.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 24.</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 24.</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 acquisition, was the Bola&#241;itos mine in 2007,
which encompasses three operating silver-gold mines and a floatation plant,
located 10 kilometres from the city of Guanajuato in the state of Guanajuato.
Following the acquisition, the cash costs of production were as high as $32 per
ounce and the operation was struggling to produce 300,000 ounces of silver per
year. Following the execution of management&#146;s business strategy, the cash costs
of production became negative due to economies of scale and the rising gold
credits as production grew. Bola&#241;itos&#146; processing plant was expanded in phases
from 500 tpd in 2007 to 1,600 tpd in 2012. In 2013 additional mine output was
processed at the El Cubo facilities allowing production to exceed plant
capacity, whereas in 2014, production reverted to the 1600 tpd Bola&#241;itos plant
capacity. Since acquisition, the Bola&#241;itos operation has produced over 10
million ounces of silver and over 93,000 ounces of gold.</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>
<!--$$/page=--><A name=page_10></A>
<P align=justify><B><I>Bola&#241;itos Production Results </I></B></P>
<P align=justify><B>Three months ended December 31, 2014 (compared to the three
months ended December 31, 2013) </B><br>
Silver production at the Bola&#241;itos mine was 611,271 ounces
during Q4, 2014, a decrease of 12% compared to 698,098 ounces in Q4, 2013, and
gold production was 7,900 oz, a decrease of 22% compared to 10,142 oz in Q4,
2013. Plant throughput in Q4, 2014 was 145,408 tonnes at average grades of 148
gpt silver and 2.03 gpt gold, compared to 159,294 tonnes grading 152 gpt silver
and 2.61 gpt gold in Q4, 2013. Metal production was down due to lower throughput
and lower grades offset by better gold recoveries. In the same period of 2013,
the Bola&#241;itos plant operated at its 1,600 tpd capacity, and extra mine tonnage
was processed at the El Cubo plant. In Q4, 2013, Bola&#241;itos ceased the excess
mine output to use as feed for the El Cubo plant, as the El Cubo mine output
rose in 2014 to fill its plant to capacity by year end. </P>
<P align=justify><B>Year ended December 31, 2014 (compared to the year ended
December 31, 2013) </B><br>
Silver production at the Bola&#241;itos mine was 2,396,179 ounces
during 2014, a decrease of 17% compared to 2,881,816 oz in 2013, and gold
production was 37,108 oz, a decrease of 28% compared to 51,652 oz in 2013. Plant
throughput in 2014 was 567,873 tonnes at average grades of 148 gpt silver and
2.36 gpt gold, compared to 710,708 tonnes grading 149 gpt silver and 2.63 gpt
gold in 2013. Metal production was down due to lower throughput and lower gold
grades, offset by higher silver recoveries. In the same period in 2013, the
Bola&#241;itos plant operated at its 1,600 tpd capacity, and extra mine tonnage was
processed at the El Cubo plant.In Q4, 2013, Bola&#241;itos ceased the excess mine
output to use as feed for the El Cubo plant, as the El Cubo mine output rose in
2014 to fill its plant to capacity by year end. </P>
<P align=justify>Ore grades at Bola&#241;itos, especially gold in the Daniela vein,
have been significantly higher than the reserve grades, however, in 2014 gold
grades started declining toward reserve grades. </P>
<P align=justify><B><I>Bola&#241;itos Operating Costs </I></B></P>
<P align=justify><B>Three months ended December 31, 2014 (compared to the three
months ended December 31, 2013) </B><br>
In Q4, 2014, per tonne costs have rose due to lower throughput
and the inclusion of the new Mexican mining taxes. In addition to higher cost
per tonne, lower gold credits drove cash costs per ounce net of by-product
credits, which is a non-IFRS measure and a standard of the Silver Institute to
$5.64 per ounce of payable silver compared to $0.60 per ounce in the same period
in 2013. The higher costs per tonne, lower gold production and lower gold value
were the primary contributors to the higher cash costs. Similarly all-in
sustaining costs (non-IFRS measure) rose for the same reasons offset by
decreased mine development and exploration expenditures in Q4, 2014 compared to
Q4, 2013.</P>
<P align=justify><B>Year ended December 31, 2014 (compared to the year ended
December 31, 2013) </B><br>
In 2014, per tonne costs have risen due to lower throughput and
the inclusion of the new Mexican mining taxes. As a result and in addition to
lower gold credits, cash costs per ounce net of by-product credits, which is a
non-IFRS measure and a standard of the Silver Institute rose to $1.94 per ounce
of payable silver compared to negative $2.87 per ounce in 2013. Similarly,
all-in sustaining costs rose, however reduced mine development reduced the
comparative increase from 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>10</FONT></B></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<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, 2014 and 2013 </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="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Three Months Ended December 31</B> </font></TD>
    <TD
      width="35%" align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>EL CUBO</B> </font></TD>
    <TD width="33%"
    colSpan=3 align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Year Ended December 31</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>% Change</B> </font></TD>
    <TD
      width="35%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD
      width="11%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>% Change</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">126,429 </TD>
    <TD width="11%" align=center valign="bottom">99,178 </TD>
    <TD width="11%" align=center valign="bottom">27% </TD>
    <TD width="35%" align=center valign="bottom">Ore tonnes processed </TD>
    <TD width="11%" align=center valign="bottom">413,282 </TD>
    <TD width="11%" align=center valign="bottom">391,354 </TD>
    <TD width="11%" align=center valign="bottom">6% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">106 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">118 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(10%) </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Average silver grade (g/t) </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">105 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">107 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(2%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">86.6 </TD>
    <TD width="11%" align=center valign="bottom">99.1 </TD>
    <TD width="11%" align=center valign="bottom">(13%) </TD>
    <TD width="35%" align=center valign="bottom">Silver recovery (%) </TD>
    <TD width="11%" align=center valign="bottom">88.0 </TD>
    <TD width="11%" align=center valign="bottom">86.1 </TD>
    <TD width="11%" align=center valign="bottom">2% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">373,139 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">372,124 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">0% </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Total silver ounces produced </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">1,228,256 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">1,159,026 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">6% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">354,879 </TD>
    <TD width="11%" align=center valign="bottom">342,115 </TD>
    <TD width="11%" align=center valign="bottom">4% </TD>
    <TD width="35%" align=center valign="bottom">Payable silver ounces
      produced </TD>
    <TD width="11%" align=center valign="bottom">1,168,875 </TD>
    <TD width="11%" align=center valign="bottom">1,106,801 </TD>
    <TD width="11%" align=center valign="bottom">6% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">1.51 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">1.77 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(15%) </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Average gold grade (g/t) </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">1.59 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">1.57 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">1% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">83.8 </TD>
    <TD width="11%" align=center valign="bottom">93.2 </TD>
    <TD width="11%" align=center valign="bottom">(10%) </TD>
    <TD width="35%" align=center valign="bottom">Gold recovery (%) </TD>
    <TD width="11%" align=center valign="bottom">85.9 </TD>
    <TD width="11%" align=center valign="bottom">86.8 </TD>
    <TD width="11%" align=center valign="bottom">(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">5,142 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">5,269 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(2%) </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Total gold ounces produced </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">18,146 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">17,142 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">6% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">4,923 </TD>
    <TD width="11%" align=center valign="bottom">4,757 </TD>
    <TD width="11%" align=center valign="bottom">3% </TD>
    <TD width="35%" align=center valign="bottom">Payable gold ounces produced    </TD>
    <TD width="11%" align=center valign="bottom">17,423 </TD>
    <TD width="11%" align=center valign="bottom">16,282 </TD>
    <TD width="11%" align=center valign="bottom">7% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">733,079 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">688,264 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">7% </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Silver equivalent ounces
      produced<SUP>(1)</SUP> </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">2,498,476 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">2,187,546 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">14% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">15.73 </TD>
    <TD width="11%" align=center valign="bottom">6.65 </TD>
    <TD width="11%" align=center valign="bottom">137% </TD>
    <TD width="35%" align=center valign="bottom">Cash costs per silver
      ounce<SUP>(2)(3)</SUP> </TD>
    <TD width="11%" align=center valign="bottom">16.40 </TD>
    <TD width="11%" align=center valign="bottom">18.77 </TD>
    <TD width="11%" align=center valign="bottom">(13%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">33.02 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">24.58 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">34% </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Total production costs per
      ounce<SUP>(2)(4)</SUP> </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">35.90 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">40.43 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(11%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">35.04 </TD>
    <TD width="11%" align=center valign="bottom">18.95 </TD>
    <TD width="11%" align=center valign="bottom">85% </TD>
    <TD width="35%" align=center valign="bottom">All in sustaining cost per
      ounce <SUP>(2)(5)</SUP> </TD>
    <TD width="11%" align=center valign="bottom">39.49 </TD>
    <TD width="11%" align=center valign="bottom">34.84 </TD>
    <TD width="11%" align=center valign="bottom">13% </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE">90.70 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">90.44 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">0% </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE">Direct production costs per
      tonne<SUP>(2)(6)</SUP> </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">99.89 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">113.31 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE">(12%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom">15.29 </TD>
    <TD width="11%" align=center valign="bottom">12.96 </TD>
    <TD width="11%" align=center valign="bottom">18% </TD>
    <TD width="35%" align=center valign="bottom">Silver co-product cash costs
      <SUP>(7)</SUP> </TD>
    <TD width="11%" align=center valign="bottom">16.78 </TD>
    <TD width="11%" align=center valign="bottom">20.35 </TD>
    <TD width="11%" align=center valign="bottom">(18%) </TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">1120 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">787    </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">42%    </TD>
    <TD width="35%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">Gold
      co-product cash costs <SUP>(7)</SUP> </TD>
    <TD
      width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">1,139 </TD>
    <TD
      width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">1,211 </TD>
    <TD width="11%" align=center valign="bottom" bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 2px solid">(6%)    </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>2013 Silver equivalents are calculated using a 60:1 ratio
      and 2014 Silver equivalents are calculated using a 70:1 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 23.</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 23.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 24.</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 24.</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&#146;s third mine, El Cubo, was acquired in July 2012. El
Cubo was a good fit with Endeavour's business strategy of buying and
rejuvenating struggling old mines in historic mining districts. However, unlike
Guanacev&#237; and Bola&#241;itos, which had low throughputs and no reserves, El Cubo
offered the potential to quickly become a core asset for Endeavour, by already
having throughput of 1,100 tpd output and a reasonable reserve/resource mine
life. Located in the southeastern part of the historic Guanajuato mining
district, the producing El Cubo silver and gold mine is only 15 kilometres from
Endeavour&#146;s Bola&#241;itos project, and included many mine adits, ramps, and shafts,
as well as a 400 tpd leach plant. It also held a lease (until July 2013) on the
adjacent Las Torres mine and 1,800 tpd 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. The plant and surface
infrastructure program was completed in Q2 2013 on time and within budget. </P>
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<P align=justify><B><I>El Cubo Production Results </I></B></P>
<P align=justify>Endeavour's 2014 mine plan focused on increasing throughput at
El Cubo to 1,500 tpd by year end and increasing production grades by opening up
new higher grade areas and reducing ore dilution. The Company has reorganized
the mine operations team, improved supervision and operating efficiencies,
improved safety policies, programs and training and created a mine rescue team
for a safer environment. The Company has also acquired new mining equipment<B>,
</B>accelerated mine development and commenced underground drilling.</P>
<P align=justify><B>Three months ended December 31, 2014 (compared to the three
months ended December 31, 2013) </B><br>
Silver production at the El Cubo mine was 373,139 ounce in Q4,
2014, consistent with 372,124 oz in Q4, 2013 and gold production was 5,142 oz in
Q4, 2014, a decrease of 2% compared to 5,269 oz in Q4, 2013. Plant throughput in
Q4, 2014 was 126,429 tonnes at average grades of 106 gpt silver and 1.51 gpt
gold, compared to 99,178 tonnes grading 118 gpt silver and 1.77 gpt gold in Q4,
2013. Management focused on increasing mine development to gain better access to
the V-Asunci&#243;n discovery in order to facilitate the increased mine output up to
plant capacity. Higher precious metal production was due to higher plant
thoughput, particularly in December when the plant throughput averaged 1,504
tpd.</P>
<P align=justify><B>Year ended December 31, 2014 (compared to the year ended
December 31, 2013) </B><br>
Silver production at the El Cubo mine was 1,228,256 ounce in
2014, an increase of 6% compared to 1,159,026 oz in 2013 and gold production was
18,146 oz in 2014, an increase of 6% compared to 17,142 oz in 2013. Plant
throughput in 2014 was 413,282 tonnes at average grades of 105 gpt silver and
1.59 gpt gold, compared to 391,354 tonnes grading 107 gpt silver and 1.57 gpt
gold in 2013. Management focused on increasing mine development to gain better
access to the V-Asunci&#243;n area of the Villapando vein system in order to
facilitate the increased mine output up to plant capacity. Silver and gold
production was flat year-on-year as higher throughput was offset by lower grades
and recoveries. </P>
<P align=justify><B><I>El Cubo Operating Costs </I></B></P>
<P align=justify><B>Three months ended December 31, 2014 (compared to the three
months ended December 31, 2013) </B><br>
In Q4, 2014, cash costs per ounce net of by-product credits,
which is a non-IFRS measure and a standard of the Silver Institute, rose to
$15.73 per ounce of payable silver compared to $6.65 in the same period in 2013
as lower grade material was mined and lower gold price were realized. All-in
sustaining costs increased by 85% to $35.04 compared to Q4, 2013 due to
increased mine development and exploration expenditures. The Company continues
to invest in the future sustainability of the project. During Q4, 2014, El Cubo
spent $4.6 million on three kilometres of mine development primarily to gain
better access to the V-Asunci&#243;n discovery. </P>
<P align=justify><B>Year ended December 31, 2014 (compared to the year ended
December 31, 2013) </B><br>
In 2014, per tonne costs fell 12% compared to the prior year as
the Company&#146;s operational turn-around strategies took effect, although 2013
included significant labour termination costs. The Company significantly reduced
its work force in Q2 and Q3 2013, while maintaining production levels. Cash
costs per ounce net of by-product credits, which is a non-IFRS measure and a
standard of the Silver Institute, fell to $16.40 per ounce of payable silver
compared to $18.77 in 2013. The lower cost per tonne improved the cash costs on
a by-product basis. All-in sustaining costs (non-IFRS measure) increased by 13%
to $39.49 in 2014 as the Company continues to invest in accelerated mine
development to increase mine output. In 2014, El Cubo spent $15.6 million on
eleven kilometres of mine development primarily to gain better access to the
V-Asunci&#243;n discovery.</P>
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<P align=justify><B>Exploration Results </B></P>
<P align=justify>In 2014, Endeavour set a $10.3 million budget for exploration
with the provision to spend more based on free cash flow and positive drill
results quarter by quarter. Due to the exploration successes the Company
approved an additional $1.0 million mid-year to increase work at all three
operations. A total of 54,000 metres of drilling in about 120 holes were planned
to test multiple exploration targets in addition to the underground mine
exploration drilling. Endeavour completed 80,000 meters of drilling while
spending $12.2 million. The exploration team effort to reduce costs and boost
productivity allowed 141% of planned drilling.</P>
<P align=justify>The Company is focused on brownfields exploration around the
three operating mines in 2014 in order to replenish reserves and grow resources
and mine-lives, as well as greenfields exploration to expand and permit the
emerging new high grade silver-gold discovery in the Terronera vein on the San
Sebasti&#225;n property in Jalisco State.</P>
<P align=justify>At Guanacev&#237;, the Company drilled 8,892 m in 23 holes and
discovered two new mineralized zones, one off the main access ramp in Porvenir
Central, and the other south of the Santa Cruz mine. The new Santa Cruz Sur zone
measures about 200 m long by 250 m vertical by up to 10 m thick and management
plans to seek government permitting to commence mine development this year so
production can commence next year. </P>
<P align=justify>At Bola&#241;itos, the Company drilled 28,165 m in 87 holes to test
five high priority brownfield targets northwest and southeast of the mine at La
Luz Norte, La Luz-Asunci&#243;n, Deep Daniela, La Joya Sur and Siglo XX. High grade,
silver-gold mineralization in the Asuncion area of the La Luz vein system
(LL-Asunci&#243;n) was expanded into three discrete zones over an 800 metre length by
250 m vertical by up to 5 m thick, still open to some extent at depth. A new
mine ramp commenced in October 2014 in order to access and develop L-Asuncion
for production in second half of 2015. </P>
<P align=justify>At El Cubo, the Company drilled 27,932 m in 69 holes to test
five high priority brownfield targets northwest and southeast of the mine at
Villapando-Asunci&#243;n, Villapando Sur, San Nicolas, Cabrestantes and El Nayal.
High grade, silver-gold mineralization in the Asuncion area of the Villalpando
vein system (V-Asuncion) was expanded to 1,200 m long by 450 vertical m by up to
14 m thick, still open at depth and to the southeast. Accelerated mine
development of the V-Asuncion zone helped facilitate the expanded mine output in
Q4, 2014 to fill the plant to capacity by year-end. </P>
<P align=justify>At San Sebasti&#225;n, the Company drilled 15,098 m in 49 holes to
upgrade much of the previous inferred resource to the indicated category. The
main mineralized zone in the Terronera vein now measures about 1,400 m long by
350 m vertical by up to 15 m thick. The MIA government mine development permit
was received in November 2014 and the updated resource estimate was released in
January 2015. Infill drilling will continue with one drill rig until additional
drill permits are received. Management is now working on the individual change
of soil use permits, initial mine plan, project engineering, economic evaluation
and financing alternatives so that a production decision can be made. </P>
<P align=justify>Endeavour replaced its proven and probable silver reserves in
2014, notwithstanding the shorter estimation period (10 months vs 12 months) and
lower metal price assumptions ($18 per ounce (oz) silver vs $22 per oz) compared
to 2013. Measured and indicated resources increased in 2014 due to the Company's
brownfields exploration programs which upgraded inferred resources primarily at
El Cubo and San Sebasti&#225;n. Inferred resources remained constant for silver and
lower for gold year-on-year. </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Silver Proven and Probable Reserves increased 3% to 12.0 million ounces
  <LI>Gold Proven and Probable Reserves decreased 19% to 113,300 ounces
  <LI>Silver Equivalent Proven and Probable Reserves totaled 19.9 million ounces
  (70:1 silver:gold ratio)
  <LI>Silver Measured and Indicated Resources increased 8% to 65.0 million
  ounces
  <LI>Gold Measured and Indicated Resources increased 20% to 665,700 ounces
  <LI>Silver Equivalent Measured and Indicated Resources totaled 111.6 million
  ounces
  <LI>Silver Inferred Resources decreased 1% to 50.7 million ounces
  <LI>Gold Inferred Resources decreased 23% to 336,900 ounces
  <LI>Silver Equivalent Inferred Resources totaled 74.2 million ounces </LI></UL>
<DIV align=center>
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<P align=justify><B>Reserves and Resources </B><br>
  The updated NI 43-101 reserve and resource estimates to October
31, 2014 summarized in the table below include the Guanacev&#237; 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 October 31, 2014 for the Guanacev&#237;, 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. Each of the updated Guanacevi, Bola&#241;itos,
El Cubo and San Sebasti&#225;n technical reports will be filed on or before March 15,
2015.</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 Guanacev&#237;,
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>
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<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="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Silver-Gold Reserves &amp; Resources (as of October 31,
      2014)</B>&nbsp; </font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Reserves</B> </font></TD>
    <TD
      width="13%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Tonnes</B> </font></TD>
    <TD
      width="13%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Ag g/t</B> </font></TD>
    <TD
      width="13%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Au g/t</B> </font></TD>
    <TD
      width="13%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;<B>Ag oz</B> </font></TD>
    <TD
      width="13%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Au oz</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Guanacevi </TD>
    <TD align=right width="13%">311,000 </TD>
    <TD align=right width="13%">322 </TD>
    <TD align=right width="13%">0.59 </TD>
    <TD align=right width="13%">&nbsp;3,221,600 </TD>
    <TD align=right width="13%">5,900 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE">Bolanitos </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">333,800 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">142 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">2.13 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp;1,521,100 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">22,800 </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="13%">346,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">145 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">1.94 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">&nbsp;1,615,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">21,600 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">Total Proven </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">991,400 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">199    </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">1.58    </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;6,358,100 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">50,300 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Guanacevi </TD>
    <TD align=right width="13%">268,700 </TD>
    <TD align=right width="13%">274 </TD>
    <TD align=right width="13%">0.65 </TD>
    <TD align=right width="13%">&nbsp;2,370,700 </TD>
    <TD align=right width="13%">5,600 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE">Bolanitos </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">360,500 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">119 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">2.73 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp;1,374,500 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">31,700 </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="13%">446,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">132 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">1.79 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">&nbsp;1,893,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">25,700 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">Total Probable </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">1,076,100 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">163    </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">1.82    </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;5,638,300 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">63,000 </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="13%"><B>2,067,500</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>180</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>1.70</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>11,996,400</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>113,300</B> </TD></TR></TABLE>
</DIV><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 align=left
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Resources</B> </font></TD>
    <TD width="13%" align=center
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Tonnes</B> </font></TD>
    <TD width="13%" align=center
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Ag g/t</B> </font></TD>
    <TD width="13%" align=center
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Au g/t</B> </font></TD>
    <TD width="13%" align=center
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Ag oz</B> </font></TD>
    <TD width="13%" align=center
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Au oz</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Guanacevi </TD>
    <TD align=right width="13%">53,300 </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;192    </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp;
      &nbsp;0.28 </TD>
    <TD align=right width="13%">329,400 </TD>
    <TD align=right width="13%">500 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE">Bolanitos </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">66,300 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp; &nbsp; &nbsp; &nbsp;127 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp; &nbsp; &nbsp; &nbsp;1.59 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">271,500 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">3,300 </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="13%">737,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;171 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;2.74 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">4,063,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">65,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">Total Measured </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">857,300 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp; &nbsp; &nbsp;169 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp; &nbsp; &nbsp;2.50 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">4,664,600 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">68,800 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Guanacevi </TD>
    <TD align=right width="13%">1,149,300 </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;317    </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp;
      &nbsp;0.85 </TD>
    <TD align=right width="13%">11,719,700 </TD>
    <TD align=right width="13%">31,400 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE">Bolanitos </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">1,045,300 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp; &nbsp; &nbsp; &nbsp;112 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp; &nbsp; &nbsp; &nbsp;1.97 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">3,765,700 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">66,300 </TD></TR>
  <TR vAlign=top>
    <TD align=left>El Cubo </TD>
    <TD align=right width="13%">1,747,700 </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;172    </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp;
      &nbsp;2.42 </TD>
    <TD align=right width="13%">9,658,200 </TD>
    <TD align=right width="13%">135,900 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE">San Sebastian </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">3,091,400 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp; &nbsp; &nbsp; &nbsp;221 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp; &nbsp; &nbsp; &nbsp;1.70 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">21,931,100 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">169,200 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Guadalupe y calvo </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">1,861,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;119 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;2.38 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">7,147,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">142,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">Total Indicated</TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">8,894,700 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp; &nbsp; &nbsp;190 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp; &nbsp; &nbsp;1.91 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">54,222,000 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">545,300 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Total Measured &amp; Indicated</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>9,752,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;<B>188</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;<B>1.96</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>58,886,600</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>614,100</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE">Guanacevi </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">1,792,900 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp; &nbsp; &nbsp; &nbsp;281 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp; &nbsp; &nbsp; &nbsp;0.61 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">16,226,200 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">35,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bolanitos </TD>
    <TD align=right width="13%">1,936,700 </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;138    </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp;
      &nbsp;1.45 </TD>
    <TD align=right width="13%">8,576,100 </TD>
    <TD align=right width="13%">90,400 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE">El Cubo </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">1,782,900 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp; &nbsp; &nbsp; &nbsp;134 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp; &nbsp; &nbsp; &nbsp;1.83 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">7,680,200 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">104,900 </TD></TR>
  <TR vAlign=top>
    <TD align=left>San Sebastian </TD>
    <TD align=right width="13%">1,176,700 </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;189    </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp;
      &nbsp;1.44 </TD>
    <TD align=right width="13%">7,165,200 </TD>
    <TD align=right width="13%">54,300 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">Guadalupe y calvo    </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">154,000 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;94 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp; &nbsp; &nbsp;2.14 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">464,600 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">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="13%"><B>6,843,200</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;<B>182</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;<B>1.34</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>40,112,300</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>295,200</B> </TD></TR></TABLE>
</DIV><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 bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;<B>Silver-Lead-Zinc Reserves &amp; Resources (as of
      October 31, 2014)</B>&nbsp; </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Resources</B> </font></TD>
    <TD
      width="13%" align=center bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Tonnes</B> </font></TD>
    <TD
      width="13%" align=center bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Ag g/t</B> </font></TD>
    <TD
      width="13%" align=center bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Au g/t</B> </font></TD>
    <TD
      width="13%" align=center bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;<B>Ag oz</B> </font></TD>
    <TD
      width="13%" align=center bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Au oz</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Noche Buena </TD>
    <TD align=right width="13%">655,000 </TD>
    <TD align=right width="13%">166 </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp;
      &nbsp;0.21 </TD>
    <TD align=right width="13%">&nbsp;3,495,700 </TD>
    <TD align=right width="13%">4,400 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">Parral </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">1,631,000 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">49</TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp; &nbsp; &nbsp;0.90 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;2,589,900 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">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="13%"><B>2,286,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>83</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;<B>0.70</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%">&nbsp;<B>6,085,600</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>51,600</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE">Guanacevi </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">646,000 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">129 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp; &nbsp; &nbsp; &nbsp;0.15 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">&nbsp;2,687,300 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE">3,100 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bolanitos </TD>
    <TD align=right width="13%">1,303,000 </TD>
    <TD align=right width="13%">63 </TD>
    <TD align=right width="13%">&nbsp; &nbsp; &nbsp;
      &nbsp;0.88 </TD>
    <TD align=right width="13%">&nbsp;2,658,900 </TD>
    <TD align=right width="13%">36,900 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">El Cubo </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">738,000 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">220    </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp; &nbsp; &nbsp;0.07 </TD>
    <TD
      width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;5,220,000 </TD>
    <TD width="13%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid">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="13%"><B>2,687,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>122</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp;<B>0.48</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>10,566,200</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"><B>41,700</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="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>
<!--$$/page=--><A name=page_16></A>
<P align=justify><U>Notes</U> </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>Reserve cut-off at Guanacev&#237; is 230 g/t Silver
      equivalents</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Reserve cut-off at Bola&#241;itos is 184 g/t Silver
      equivalents</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Reserve cut-off at El Cubo is 179 g/t Silver
      equivalents</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Mining width is 1.4 metres at Guanacev&#237;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Mining width of 0.8 metres at Bola&#241;itos</P></TD></TR>
  <TR>
    <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 vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>At Guanacev&#237; dilution is 20% after it has been diluted to
      a minimum mining width if required</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>At Bola&#241;itos dilution is 18%-25% 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 vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>At El Cubo dilution is 30%-50% after it has been diluted
      to a minimum mining width if required</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify>Measured and Indicated cut-off at Guanacev&#237; is 188 g/t
      Silver equivalents</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify>Measured and Indicated cut-off at Bola&#241;itos is 157 g/t
      Silver equivalents</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify>Measured and Indicated cut-off at El Cubo is 179 g/t
      Silver equivalents</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify>Inferred resources cut-off for operations are 100 g/t Ag
      equivalent</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify>Measured and Indicated cut-off at San Sebasti&#225;n is 150
      g/t Silver equivalents</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify>Inferred cut off for the San Sebasti&#225;n property is 150
      g/t Ag equivalent</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">16. </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 vAlign=top width="5%">17. </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 vAlign=top width="5%">18. </TD>
    <TD>
      <P align=justify>The cut-off used for Arroyo Seco was 100 g/t
  Ag</P></TD></TR>
  <TR>
    <TD vAlign=top>19. </TD>
    <TD>Resources are exclusives of reserves</TD>
  </TR>
</TABLE>
<P align=justify><B>Net Smelter Return (NSR) Cut-off Parameters for the Parral
Project </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Description</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%"><B>Parameter</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%"><B>Description</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%"><B>Parameter</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Gold Price </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%"><I>US $1,000/oz</I> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%">Gold Recovery (Overall) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%"><I>75%</I> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Silver Price </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%"><I>US $16/oz</I> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%">Silver Recovery (Overall) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%"><I>71%</I> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Lead Price </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%"><I>US $0.65/lb</I> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%">Lead Recovery (Overall) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%"><I>80%</I> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Zinc Price </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%"><I>US $0.65/lb</I> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%">Zinc Recovery (Overall) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%"><I>74%</I> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>Smelter Terms </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%"><I>Generic Contract</I> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="25%">&nbsp; </TD></TR></TABLE>
<P align=justify><B>Consolidated Financial Results </B></P>
<P align=justify><B>Three months ended December 31, 2014 (compared to the three
months ended December 31, 2013) </B></P>
<P align=justify>For the three-month period ended December 31, 2014, the
Company&#146;s mine operating earnings were $2.2 million (Q4, 2013: $9.9 million) on
sales of $48.6 million (Q4, 2013: $67.9 million) with cost of sales of $46.4
million (Q4, 2013: $58.0 million). </P>
<P align=justify>Operating losses were $85.2 million (Q4, 2013: $129.6 million)
after exploration costs of $2.6 million (Q4, 2013: $2.2 million), general and
administrative costs of $1.6 million (Q4, 2013: $2.2 million), a write off of
exploration property of $0.2 million (2013: $Nil) and an impairment of
non-current assets of $83.0 million (Q4, 2013: impairment of non-current assets
and goodwill was $135.1 million). </P>
<P align=justify>The loss before taxes in Q4, 2014 was $86.8 million (Q4, 2013:
$133.9 million) after mark-to-market gain on derivative liabilities (see
adjusted earnings comment on page 20) of $Nil (Q4, 2013: $0.6 million), a
foreign exchange loss of $0.5 million (Q4, 2013: $0.4 million), a mark-to-market
gain on contingent liabilities of $Nil (Q4, 2013: $0.6 million), investment and
other losses of $0.8 million (Q4, 2013: investment and other losses of $4.7
million), finance costs of $0.3 million (Q4, 2013: $0.4 million). As at December
31, 2014, the Company determined there were several indicators of potential
impairment of its producing mineral properties, including the sustained decline
in precious metal prices and an update of the estimated reserves and resources.
The total impairment charge for the year ended December 31, 2014 is $55.9
million net of tax ($83.0 million before tax) (see page 19). The Company
realized a loss for the period of $66.9 million (Q4, 2013: $115.8 million) after
an income tax recovery of $19.9 million (Q4, 2013: expense of $18.1 million).
</P>
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<P align=justify>Sales of $48.6 million in Q4, 2014 represented a 28% decrease
over the $67.9 million for the same period in 2013. There was a 7% decrease in
silver ounces sold and a 21% decrease in the realized silver price resulting in
a 27% decrease in silver sales, and there was a 28% decrease in gold ounces sold
and a 5% decrease in realized gold prices resulting in a 31% decrease in gold
sales. During the period, the Company sold 2,000,253 oz silver and 13,635 oz
gold, for realized prices of $16.23 and $1,189 per oz respectively, compared to
sales of 2,155,326 oz silver and 18,960 oz gold, for realized prices of $20.52
and $1,246 per oz respectively, in the same period of 2013. The realized prices
of silver and gold during the period were within 2% of the average silver and
gold spot prices during the period of $16.50 per ounce and $1,201 per ounce,
respectively, 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 decreased its finished goods silver inventory to
507,081 oz and increased its finished goods gold inventory to 2,378 oz at
December 31, 2014 compared to 557,294 oz silver and 1,454 oz gold at September
30, 2014. The cost allocated to these finished goods was $7.0 million, compared
to $8.9 million at September 30, 2014. As of December 31, 2014, the finished
goods inventory fair market value was $10.9 million compared to the carrying
value of $7.0 million at September 30, 2014. </P>
<P align=justify>Cost of sales for Q4, 2014 was $46.4 million, a decrease of 20%
over the cost of sales of $58.0 million for the same period of 2013. The 20%
decrease in cost of sales was due to the reduced number of ounces sold, cost
cutting initiatives implemented in 2013 with the fall in prices and the
weakening of the Mexican peso against the US dollar.</P>
<P align=justify>Exploration expenses increased in Q4, 2014 to $2.6 million from
$2.1 million in the same period of 2013 based on the timing of the exploration
activities. After cutting exploration budgets in 2013, management re-focused in
2014 on brownfields exploration to increase mine lives at all three operations.
General and administrative expenses decreased to $1.6 million for the period
compared to $2.5 million in the same period of 2013 primarily due to decreased
corporate development costs, legal and human resource costs and to increased
strength of the US dollar against the Canadian dollar as a significant portion
of the general and administrative expenses are in US dollars. </P>
<P align=justify>The Company experienced a foreign exchange loss of $0.5 million
during the period compared to a loss of $0.4 million for the same period of
2013. The $0.5 million loss was primarily due to the strengthening of the US
dollar against the Canadian dollar and Mexican peso during the period, which
resulted in lower valuations on the Canadian dollar and Mexican peso cash and
receivable amounts. </P>
<P align=justify>There was an income tax recovery of $19.9 million during the
period compared to an $18.1 million income tax recovery for the same period of
2013. The $19.9 million recovery is comprised of $14.9 million in current income
tax expense (2013: $5.0 million) and a recovery of $34.8 million in deferred
income tax expense (2013: $23.1 million). The increase in the current income tax
expense was primarily the result of tax reform legislation in Mexico. In
December 2013, the Mexican government passed tax reform legislation that was
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 and a Special Mining Duty of 7.5% on taxable revenues, less allowable
deductions excluding interest and capital depreciation. The deferred income tax
recovery of $34.8 million was primarily a result of the impairment of
non-current assets which included a deferred income tax adjustment of $27.1
million and recognition of the deferred revenue for tax purposes. </P>
<P align=justify><B>Year ended December 31, 2014 (compared to the year ended
December 31, 2013) </B></P>
<P align=justify>For the year ended December 31, 2014, the Company&#146;s mine
operating earnings were $14.3 million (2013: $56.9million) on sales of $196.9
million (2013: $276.8 million) with cost of sales of $182.6 million (2013:
$219.9 million). </P>
<P align=justify>Operating losses were $91.5 million (2013: $103.0 million)
after exploration costs of $12.5 million (2013: $13.2 million), general and
administrative costs of $9.7 million (2013: $11.6 million), a write off of
exploration property of $0.6 million (2013: $Nil) and an impairment of
non-current assets of $83.0 million (2013: impairment of non-current assets and
goodwill of $135.1 million. </P>
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<P align=justify>The loss before taxes for 2014 was $96.4 million (2013: $96.0
million) after mark-to-market loss on derivative liabilities (see adjusted
earnings comment on page 20) of $1.4 million (2013: mark-to-market gain of $3.8
million), a foreign exchange loss of $1.7 million (2013: $2.6 million), a
mark-to-market gain on contingent liabilities of $0.1 million (2013: $8.4
million), investment and other loss of $0.5 million (2013: investment and other
loss of $1.1 million), and finance costs of $1.4 million (2013: $1.5 million).
As at December 31, 2014, the Company determined there were several indicators of
potential impairment of its producing mineral properties which include the
sustained decline in precious metal prices and an update of the estimated
reserves and resources. The total impairment charge for the year ended December
31, 2013 is $55.9 million net of tax ($83.0 million before tax) (see page 19).
The Company realized a loss for 2014 of $74.5 million (2013: $89.5 million)
after an income tax recovery of $21.9 million (2013: $6.5 million). </P>
<P align=justify>Sales of $196.9 million in 2014 represented a 29% decrease over
the sales of $276.8 million for 2013. There was a 9% decrease in silver ounces
sold and a 19% decrease in the realized silver price resulting in a 26% decrease
in silver sales, and there was a 28% decrease in gold ounces sold with a 7%
decrease in realized gold prices resulting in a 33% decrease in gold sales.
During the period, the Company sold 6,539,686 ounces of silver and 58,323 ounces
of gold, for realized prices of $18.76 and $1,273 per ounces respectively,
compared to sales of 7,151,963 ounces of silver and 81,119 ounces of gold, for
realized prices of $23.10 and $1,375 per ounces respectively, in 2013. The
realized prices of silver and gold during the period were within 2% of the
average silver spot price during the period of $19.08 per ounce and the average
gold spot price during the period of $1,266 per ounce, with differences due to
the timing of sales and the mark-to-market adjustments for the concentrate sales
that are pending finalization. </P>
<P align=justify>The Company increased its finished goods inventory to 507,081
ounce silver and 2,378 ounce gold at December 31, 2014 compared to 51,000 oz
silver and 198 oz gold at December 31, 2013. The cost allocated to these
finished goods was $7.0 million, compared to $1.0 million at December 31, 2013.
The finished goods inventory fair market value was $10.9 million as of December
31, 2014, compared to the carrying value of $1.0 million at December 31, 2013.
</P>
<P align=justify>Cost of sales for the year was $182.6 million, a decrease of
17% over the cost of sales of $219.9 million for 2013. The 17% decrease was due
to the reduced number of ounces sold, cost cutting initiatives implemented in
2013 with the fall in silver and gold prices and the weakening of the Mexican
peso against the US dollar, offset by increased depreciation and depletion.
Depreciation and depletion were higher primarily due to a lower reserve base
offset by the lower depletion cost base from asset impairments recognized in
2013. During the year the Company took inventory write downs to net realizable
value (&#147;NRV&#148;) of $1.3 million at the El Cubo.</P>
<P align=justify>Exploration expenses decreased in 2014 to $12.5 million from
$13.2 million in 2013 based on both the timing of the exploration activities and
the reduction of exploration activities in the current year. General and
administrative expenses decreased to $9.7 million as compared to $11.6 million
in 2013 primarily due to decreased corporate development costs, legal and human
resource costs and to the strengthening of the US dollar against the Canadian
dollar as a significant portion of the general and administrative expenses are
in US dollars. </P>
<P align=justify>A significant number of the Company&#146;s share purchase warrants
were classified and accounted for as a financial liability at fair value with
adjustments recognized through net earnings because these warrants had an
exercise price denominated in a currency (Canadian dollars) that was different
from the functional currency of the Company (US dollars). During the year, there
was a mark-to-market loss on derivative liabilities (see adjusted earnings
comment on page 20) of $1.4 million compared to a $3.8 million gain in 2013. All
of the outstanding share purchase warrants at the beginning of 2014 were
exercised during the year. The loss in the current period was a reflection of
the Company&#146;s share price increasing from CAN$3.84 at December 31, 2013 to share
prices between CAN$4.43 and CAN$6.07 at the various exercise dates during the
year. </P>
<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). The decrease in
the gold price and movement in the forward curve resulted in a $0.1 million
mark-to-market gain during the year while 2013 had a mark-to-market gain on the
contingent liability of $0.6 million. </P>
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<P align="justify">
The Company experienced a foreign exchange loss of &#36;1.7 million during the year compared to a loss of &#36;2.6 million for 2013. The &#36;1.2 million loss was primarily due to the strengthening of the US dollar against the Canadian dollar and
Mexican peso during the period, which resulted in lower valuations on the Canadian dollar and Mexican peso cash and receivable amounts. </P>
<P align="justify">
There was an income tax recovery of &#36;21.9 million during the year compared to an income tax recovery of &#36;6.5 million for 2013. The &#36;25.0 million recovery is comprised of &#36;20.9 million in current income tax expense (2013: &#36;14.0
million) and a recovery of &#36;42.8 million in deferred income tax expense (2013: &#36;20.5 million). The increase in the current income tax expense was primarily the result of the above-mentioned tax reform legislation in Mexico that became
effective January 1, 2014, profits generated by Minas Bola&ntilde;itos, and timing of deferred revenue for tax purposes. The Company recognized &#36;4.6 million income tax expense related to the Special Mining Duty. The deferred income tax recovery
of &#36;42.8 million was primarily a result of the impairment of non-current assets which included a deferred income tax adjustment of &#36;27.1 million and recognizing deferred revenues for tax purposes. </P>
<P align="justify">
<B>Impairment charge </B><br>
The recoverable amounts of the Company&#146;s cash-generating units (&#147;CGUs&#148;), which include mining properties, plant and equipment and allocated goodwill, are determined on an annual basis and when 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, including the sustained decline in precious metal prices, the Mexican tax reform and a reduction
of the Guanacev&iacute; estimated reserves and resources. At December 31, 2014 the continued commodity price decline led the Company to re-assess the recoverable amounts of its CGUs. 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 incorporates 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, which resulted in a detailed review of the Guanacev&iacute; and El Cubo operations.  The Company estimated future operating and capital costs, factored in
analysts&#146; consensus pricing for the first five years of its economic model and then used a long term silver price of &#36;22 per ounce, a long term gold price of &#36;1,300 per ounce and a risk adjusted project specific discount rate of 8%
based on the CGU&#146;s 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 Guanacev&iacute; CGU was &#36;74.8 million and net of associated deferred income tax liabilities of &#36;15.4 million, was greater than its estimated recoverable amount of &#36;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 value in use. Based on the above assessment, at December 31, 2013, the Company recorded an
impairment charge related to the Guanacev&iacute; mine of &#36;36.3 million , net of tax (&#36;51.4 million before tax).</P>
<P align="justify">
At December 31, 2013 the carrying value related to the El Cubo CGU was &#36;270.9 million , including goodwill of &#36;39.2 million and net of associated deferred income tax liabilities of &#36;67.5 million was greater than its estimated recoverable
amount of &#36;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 CGU of &#36;68.0 million, net of tax, comprised of goodwill of &#36;39.2 million and non-current assets of &#36;28.8 million (&#36;44.4 million before tax).</P>

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<P align=justify>At December 31, 2014 the Company tested the recoverability of
its operating assets, resulting in a detailed review of the all its operations.
The Company estimated future operating and capital costs, factored in analysts&#146;
consensus pricing for the first three years of its economic model (Silver: 2015
- $18.31/oz, 2016 - $18.72/oz, 2017 - $19.51/oz; Gold: 2015 - $1,253/oz, 2016 -
$1,270/oz, 2017 - $1,271/oz) and then used a long term silver price of $19.59
per ounce and a long term gold price of $1,270 per ounce and a risk adjusted
project specific discount rate of 9.0% -9.5% 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, 2014 the carrying value related to the El Cubo
CGU was $191.6 million and net of associated deferred income tax liabilities of
$52.8 million was greater than its estimated recoverable amount of $89.0
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,
2014, the Company recorded an impairment charge related to the El Cubo CGU of
$55.9 million, net of tax ($83.0 million before tax).</P>
<P align=justify>The Company&#146;s review of the Guancevi CGU for value in use
resulted in no significant change after the impairment charge in 2013. The
Guanacevi carrying value was adjusted to value in use in 2013; any modest
decrease in one key assumption in isolation causes the estimated recoverable
amount to be less than or equal to the net carrying value of $24.1 million. </P>
<P align=justify>For the Bola&#241;itos CGU, the Company performed sensitivity
analysis on all key assumptions that assumed a negative 10% change for each
individual assumption while holding other assumptions constant. Under such
scenarios, the carrying value of the Company&#146;s carrying value associated with
Bola&#241;itos may exceed recoverable amount for the purpose of the impairment test.
A decrease in the precious metal prices of 6% or an increase in operating costs
of 8% in isolation cause the estimated recoverable amount to be equal to the
carrying value of $35.4 million.</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 align=left noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Expressed
      in thousands US dollars</B> </font></TD>
    <TD width="1%" align=left noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"
    ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="36%"
    colSpan=7 align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Year ended December 31</B> </font></TD>
  <TD width="2%" align=left noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"
    ><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="1%" align=left noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"
    ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD width="2%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"
    ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"
    ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD width="2%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"
    ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"
    ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2012</B> </font></TD>
  <TD width="2%" align=left noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"
    ><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Revenue </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">196,928 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">276,783 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="10%">208,079 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Net earnings (Loss) </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>(74,533</TD>
    <TD align=left width="2%"  bgColor=#eeeeee>) </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>(89,465</TD>
    <TD align=left width="2%"  bgColor=#eeeeee>) </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>42,117 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Basic earnings (loss) per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(0.74</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(0.90</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">0.45 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Diluted earnings (loss) per share </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>(0.74</TD>
    <TD align=left width="2%"  bgColor=#eeeeee>) </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>(0.90</TD>
    <TD align=left width="2%"  bgColor=#eeeeee>) </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>0.42 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Dividends per share </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></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total assets </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>265,837 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>366,923 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>477,527 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total long-term
      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="10%">18,975 </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="10%">55,804 </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="10%">89,846 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B>Non-IFRS Measures </B></P>
<P align=justify>Adjusted earnings and adjusted earnings per share (&#147;EPS&#148;) 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 had an exercise price
denominated in a currency (Canadian dollar) different from the functional
currency of the Company (US dollar). Under IFRS, the warrants are classified and
accounted for as a financial liability at fair value with adjustments recognized
through net earnings. These adjustments fluctuate significantly quarter to
quarter primarily based on the change in the Company&#146;s quoted share price and
have a significant effect on reported earnings, while the dilutive impact
remains unchanged. The Company incurred impairments on non-current assets that
have a significant one time effect on reported earnings. Adjusted earnings and
adjusted EPS are measures used by management to assess the performance of the
operations prior to the impact of the mark-to-market changes and impairment
amounts to appropriately compare to past performance and are provided to
investors as a measure of the Company&#146;s operating performance. </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>20</FONT></B></TD>
  </TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Expressed in thousands US dollars</B> </font></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="23%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Three Months Ended December 31</B> </font></TD>
    <TD
    width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="23%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Year Ended December 31</B> </font></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net earnings (loss) for the period </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">($66,895</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">($115,758</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">($74,533</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">($89,465</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Impairment of non-current
      assets, net of tax </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>55,858 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>104,283 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>55,858 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>104,283 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Mark-to-market loss/(gain) on derivative liabilities </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="10%">- </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="10%">(591</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="10%">1,434 </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="10%">(3,750</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Adjusted net earnings (loss)    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>($11,037</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>($12,066</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>($17,241</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>11,068 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Basic weighted average share outstanding </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">101,881,133 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">99,720,704 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">101,314,393 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">99,770,293 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Adjusted net earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>($0.11</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>($0.12</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>($0.17</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>0.11 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</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 is 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 vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Expressed in thousands US dollars</B> </font></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="23%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Three Months Ended December 31</B> </font></TD>
    <TD
    width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="23%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Year Ended December 31</B> </font></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Mine operating earnings (loss) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">2,301 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">9,861 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">14,369 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">56,915 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Share-based compensation </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>110 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>107 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>537 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>515 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Amortization and depletion </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">11,144 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">15,780 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">54,312 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">53,569 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Write down (recovery) of inventory to net realizable value    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>363 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>664 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>1,255 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>5,874 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left>Mine
      operating cash flow before taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">13,918 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">26,412 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">70,473 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">116,873 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</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 is provided to
investors as a measure of the Company&#146;s operating performance. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Expressed in thousands US dollars</B> </font></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="23%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Three Months Ended December 31</B> </font></TD>
    <TD
    width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="23%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Year Ended December 31</B> </font></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cash from operating activities </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">10,762 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">25,298 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">38,763 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">76,544 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Net changes in non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>16,062 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>7,348 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>9,473 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>(5,041</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Operating cash flow before working capital adjustments </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="10%">($5,300</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">17,950 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">29,290 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">81,585 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>Operating cash flow per share is a non-IFRS measure that does
not have a standardized meaning prescribed by IFRS and therefore may not be
comparable to similar measures presented by other issuers. Operating cash flow
per share is calculated by dividing cash from operating activities by the
weighted average shares outstanding. Operating cash flow per share is used by
management to assess operating performance irrespective of working capital
changes and is provided to investors as a measure of the Company&#146;s operating
performance. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Expressed in thousands US dollars</B> </font></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="23%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Three Months Ended December 31</B> </font></TD>
    <TD
    width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="23%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Year Ended December 31</B> </font></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Operating cash flow before working capital
      adjustments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">($5,300</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">17,950 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">29,290 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="10%">81,585 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Weighted average shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>101,881,133 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>99,720,704 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>101,314,393 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>99,770,293 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Operating cash flow before WC changes per share </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="10%">($0.05</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">0.18 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">0.29 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">0.82 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</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>21
</FONT></B></TD>
  </TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<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. 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
operating performance prepared in accordance with IFRS. EBITDA excludes the
impact of cash costs of financing activities and taxes, and the effects of
changes in operating working capital balances, and therefore is not necessarily
indicative of operating profit or cash flow from operations as determined by
IFRS. Other companies may calculate EBITDA differently. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Expressed in thousands US dollars</B> </font></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="23%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Three Months Ended December 31</B> </font></TD>
    <TD
    width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="23%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Year Ended December 31</B> </font></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net earnings (loss) for the period </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">($66,895</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">($115,758</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">($74,533</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">($89,465</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Amortization and depletion &#150;
      cost of sales </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>11,144 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>15,780 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>54,312 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>53,569 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Amortization and depletion &#150; exploration </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">28 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">37 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">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="10%">138 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Amortization and depletion &#150;
      general &amp; admin </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>85 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>57 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>222 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>191 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Finance costs </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">321 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">422 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,382 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,513 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Current income tax expense</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>14,865 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>5,042 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>20,886 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>13,970 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Deferred income tax expense (recovery) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(34,870</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(23,100</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(42,827</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(20,464</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Impairment of non-current assets and goodwill </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>83,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>135,060 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>83,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>135,060 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Earnings before interest, taxes, depletion and amortization </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="10%">7,678 </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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">17,540 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">42,567 </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="10%">94,512 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</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>22</FONT></B></TD>
  </TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=justify>Cash costs per ounce, total production costs per ounce and
direct production costs per tonne are measures developed by precious metals
companies in an effort to provide a comparable standard; however, there can be
no assurance that Endeavour&#146;s reporting of these non-IFRS measures are similar
to those reported by other mining companies. Cash costs per ounce, production
costs per ounce and direct production costs per tonne are measures used by the
Company to manage and evaluate operating performance at each of the Company&#146;s
operating mining units, and are widely reported in the silver mining industry as
a benchmark for performance, but do not have a standardized meaning and are
disclosed in addition to IFRS measures. The following tables provide a detailed
reconciliation of these measures to Endeavour&#146;s cost of sales, as reported in
the Company&#146;s consolidated financial statements. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Expressed in thousands US dollars</B> </font></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="29%" colSpan=10 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Three Months Ended December 31, 2014</B> </font></TD>
    <TD
    width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="29%" colSpan=10 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Three Months Ended December 31, 2013</B> </font></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="5%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Guanacevi</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="5%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Bolanitos</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="5%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>El Cubo</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="5%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Total</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="13%" colSpan=4
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Guanacevi Bolanitos</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="5%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>El Cubo</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="5%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Total</B> </font></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">12,580 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">10,873 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">10,947 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">34,400 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">17,627 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">12,183 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">11,401 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">41,211 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Royalties </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>114 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>193 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>52 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>359 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>235 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>235 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Special mining duty <SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">178 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">646 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">824 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">0 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Opening finished goods </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(6,984</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(791</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(7,775</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(4,651</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(589</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(2,057</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(7,297</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>NRV cost adjustment </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">217 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">217 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(434</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(434</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>4,033 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>441 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>1,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>5,516 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>650 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>60 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>710 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">9,921 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">12,153 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">11,467 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">33,541 </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="5%">13,861 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">11,594 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">8,970 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">34,425 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>By-product gold sales </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(2,415</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(8,155</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(5,648</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(16,218</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(3,628</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(11,887</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(8,117</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(23,632</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Opening gold inventory fair market value </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">1,140 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">629 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">1,769 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">1,025 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">689 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">1,565 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">3,279 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Closing gold inventory fair market value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>(1,262</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>(726</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>(865</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>(2,853</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>(94</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>(144</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>(238</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left>Cash
      costs net of by-product </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="5%">7,384 </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="5%">3,272 </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="5%">5,583 </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="5%">16,239 </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="5%">11,164 </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="5%">396 </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="5%">2,274 </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="5%">13,834 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Amortization and depletion</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>1,502 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>3,971 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>5,671 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>11,144 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>5,917 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>2,603 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>7,230 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>15,750 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Stock-based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">36 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">37 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">37 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">110 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">35 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">35 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">35 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">105 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Opening finished goods
      depletion </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(661</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(416</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(1,077</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(1,545</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(162</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(1,222</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>(2,929</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>NRV cost adjustment </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">146 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">146 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Closing finished goods depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>635 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>115 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>698 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>1,448 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>220 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>92 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>312 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Total production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%">8,896 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%">7,395 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%">11,719 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%">28,010 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%">15,791 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%">2,872 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%">8,409 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%">27,072 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Throughput tonnes </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">102,375 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">145,408 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">126,429 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">374,212 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">121,008 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">159,294 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">99,178 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">379,480 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Payable silver ounces </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>1,014,514 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>580,644 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>354,879 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>1,950,037 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>852,880 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>660,113 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>342,115 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>1,855,108 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Cash costs per ounce </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>7.28 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>5.64 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>15.73 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>8.33 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>13.09 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>0.60 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>6.65 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#eeeeee>7.46 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total production costs per oz </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">8.77 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">12.74 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">33.02 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">14.36 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">18.51 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">4.35 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">24.58 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="5%">14.59 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Direct production costs per tonne </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>96.91 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>83.58 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>90.70 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>89.63 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>114.55 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>72.78 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>90.44 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>90.72 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</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>23</FONT></B></TD>
  </TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_24></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"
    ><font color="#FFFFFF"><B>Expressed in thousands US dollars</B> </font></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="33%" colSpan=10 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Year Ended December 31, 2014</B> </font></TD>
    <TD
    width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="33%" colSpan=10 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Years Ended December 31, 2013</B> </font></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"
    ><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="6%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Guanacevi</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="6%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Bolanitos</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="6%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>El Cubo</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="6%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Total</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="15%" colSpan=4
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Guanacevi Bolanitos</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="6%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>El Cubo</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="6%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Total</B> </font></TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">39,331 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">46,676 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">39,302 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">125,309 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">48,003 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">66,923 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">43,657 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">158,583 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee >Royalties </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>425 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>521 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>200 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>1,146 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>1,328 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>1,328 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Special mining duty
      <SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">906 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">2,018 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">2,924 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee >Opening
      finished goods </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(650</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(60</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(710</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(1,626</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(10,442</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(2,305</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(14,373</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >NRV cost adjustment </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">799 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">799 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">2,934 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">2,934 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee >Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>4,033 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>441 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>1,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>5,516 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>650 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>60 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>710 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Direct production costs </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">44,045 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">49,656 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">41,283 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">134,984 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">48,355 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">56,481 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">44,346 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">149,182 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee >By-product gold
      sales </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(8,336</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(44,513</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(21,392</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(74,241</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(9,419</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(77,152</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(24,987</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(111,558</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Opening gold inventory fair
      market value </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">94 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">144 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">238 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">455 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">12,789 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,560 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">14,804 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee >Closing gold inventory fair market value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>(1,262</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>(726</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>(865</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>(2,853</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>(94</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>(144</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>(238</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    >Cash costs net of by-product </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="6%">34,541 </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="6%">4,417 </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="6%">19,170 </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="6%">58,128 </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="6%">39,297 </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="6%">(7,882</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="6%">20,775 </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="6%">52,190 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee >Amortization
      and depletion </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>5,500 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>27,265 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>21,547 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>54,312 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>15,929 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>13,962 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>23,648 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>53,539 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Stock-based compensation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">179 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">179 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">179 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">537 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">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="6%">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="6%">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="6%">515 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee >Opening
      finished goods depletion </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(220</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(92</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(312</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(444</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(2,698</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(1,176</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>(4,318</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >NRV cost adjustment </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">456 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">456 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,237 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,237 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee >Closing finished goods depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>635 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>115 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>698 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>1,448 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>220 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>92 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>312 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    >Total production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">40,635 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">31,976 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">41,958 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">114,569 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">55,174 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">3,554 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">44,747 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%">103,475 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#eeeeee >&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Throughput tonnes </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">423,251 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">567,873 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">413,282 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,404,406 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">435,922 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">710,708 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">391,354 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%">1,537,984 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee >Payable silver
      ounces </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>3,551,763 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>2,276,278 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>1,168,875 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>6,996,916 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>2,744,505 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>2,742,499 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>1,106,801 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>6,593,805 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee >Cash costs per
      ounce </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>9.73 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>1.94 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>16.40 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>8.31 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>14.32 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>($2.87</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>18.77 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#eeeeee>7.92 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Total production costs per oz    </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">11.44 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">14.05 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">35.90 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">16.37 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">20.10 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">1.30 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">40.43 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="6%">15.69 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee >Direct production costs per tonne </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>104.06 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>87.44 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>99.89 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>96.11 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>110.93 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>79.47 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>113.31 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="6%" bgColor=#eeeeee>97.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD></TR></TABLE>
</DIV>
<P align=justify><SUP>(1)</SUP> Special mining duty is an EBITDA royalty tax
presented as a current income tax in accordance with IFRS. The Company incurred
$1.6 million expense related to deferred revenues for tax purposes from prior
year&#146;s production which was excluded from 2014 production costs.</P>
<P align=justify>All-in sustaining costs per ounce and all-in costs per ounce
are measures developed by the World Gold Council (and used as a standard of the
Silver Institute) 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>24</FONT></B></TD>
  </TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_25></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Expressed in thousands US dollars</B> </font></TD>
    <TD
    width="36%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp;<B>Three Months Ended
      December 31, 2014</B> </font></TD>
    <TD
    width="36%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp;<B>Three Months Ended
      December 31, 2013</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Guanacevi&nbsp;</B></font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><STRONG>Bolanitos</STRONG>&nbsp;</font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>El Cubo</B> </font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Total</B> </font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Guanacevi</B></font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><STRONG>Bolanitos</STRONG>&nbsp;</font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>El Cubo</B> </font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Total</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cash costs net of by-product </TD>
    <TD vAlign=bottom align=center width="9%">$7,384 </TD>
    <TD vAlign=bottom align=center width="9%">$3,272 </TD>
    <TD vAlign=bottom align=center width="9%">$5,583 </TD>
    <TD vAlign=bottom align=center width="9%">$16,239 </TD>
    <TD vAlign=bottom align=center width="9%">$11,164 </TD>
    <TD vAlign=bottom align=center width="9%">$396 </TD>
    <TD vAlign=bottom align=center width="9%">$2,274 </TD>
    <TD vAlign=bottom align=center width="9%">$13,834 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Operations stock based
      compensation </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>36 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>37 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>37 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>110 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>35 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>35 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>35 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>105 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Corporate general and administrative </TD>
    <TD vAlign=bottom align=center width="9%">523 </TD>
    <TD vAlign=bottom align=center width="9%">300 </TD>
    <TD vAlign=bottom align=center width="9%">183 </TD>
    <TD vAlign=bottom align=center width="9%">1,006 </TD>
    <TD vAlign=bottom align=center width="9%">732 </TD>
    <TD vAlign=bottom align=center width="9%">567 </TD>
    <TD vAlign=bottom align=center width="9%">294 </TD>
    <TD vAlign=bottom align=center width="9%">1,593 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Corporate stock based
      compensation </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>294 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>169 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>103 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>566 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>264 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>204 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>106 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>574 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Reclamation - amortization/accretion </TD>
    <TD vAlign=bottom align=center width="9%">4 </TD>
    <TD vAlign=bottom align=center width="9%">1 </TD>
    <TD vAlign=bottom align=center width="9%">5 </TD>
    <TD vAlign=bottom align=center width="9%">10 </TD>
    <TD vAlign=bottom align=center width="9%">4 </TD>
    <TD vAlign=bottom align=center width="9%">1 </TD>
    <TD vAlign=bottom align=center width="9%">4 </TD>
    <TD vAlign=bottom align=center width="9%">9 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Mine site expensed
      exploration </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>783 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>(539) </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>693 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>937 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>149 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>423 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>940 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,512 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Capital expenditures sustaining </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">3,034 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">2,240 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">5,832 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">11,106 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">2,514 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">3,441 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">2,831 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">8,786 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>All In Sustaining Costs </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$12,059 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$5,479 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$12,436 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$29,974 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$14,862 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$5,067 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$6,484 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$26,413 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Growth exploration </TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">1,737 </TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">159 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Growth capital expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>345 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>3,385 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left>All
      In Costs </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="9%">&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=center
    width="9%">$32,056 </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="9%">&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=center
    width="9%">$29,957 </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Throughput tonnes </TD>
    <TD vAlign=bottom align=center width="9%">102,375 </TD>
    <TD vAlign=bottom align=center width="9%">145,408 </TD>
    <TD vAlign=bottom align=center width="9%">126,429 </TD>
    <TD vAlign=bottom align=center width="9%">374,212 </TD>
    <TD vAlign=bottom align=center width="9%">121,008 </TD>
    <TD vAlign=bottom align=center width="9%">159,294 </TD>
    <TD vAlign=bottom align=center width="9%">99,178 </TD>
    <TD vAlign=bottom align=center width="9%">379,480 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Payable silver ounces </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,014,514 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>580,644 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>354,879 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,950,037 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>852,880 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>660,113 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>342,115 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,855,108 </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Sustaining cost per ounce </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$11.89 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$9.44 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$35.04 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$15.37 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$17.43 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$7.68 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$18.95 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$14.24 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left>All
      In costs per ounce </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="9%">&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=center
    width="9%">$16.44 </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="9%">&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=center
    width="9%">$16.15 </TD></TR></TABLE>
</DIV><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 align=left vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF"><B>Expressed in thousands US
      dollars</B> </font></TD>
    <TD width="36%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Year Ended December 31,
      2014</B> </font></TD>
    <TD width="36%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Years Ended December 31,
      2013</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Guanacevi&nbsp;</B> </font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><STRONG>Bolanitos</STRONG>&nbsp;</font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>El Cubo</B> </font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Total</B> </font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Guanacevi&nbsp;</B> </font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><STRONG>Bolanitos</STRONG>&nbsp;</font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>El Cubo</B> </font></TD>
    <TD width="9%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Total</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cash costs net of by-product </TD>
    <TD vAlign=bottom align=center width="9%">$34,541 </TD>
    <TD vAlign=bottom align=center width="9%">$4,417 </TD>
    <TD vAlign=bottom align=center width="9%">$19,170 </TD>
    <TD vAlign=bottom align=center width="9%">$58,128 </TD>
    <TD vAlign=bottom align=center width="9%">$39,297 </TD>
    <TD vAlign=bottom align=center width="9%">($7,882) </TD>
    <TD vAlign=bottom align=center width="9%">$20,775 </TD>
    <TD vAlign=bottom align=center width="9%">$52,190 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Operations stock based
      compensation </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>179 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>179 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>179 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>537 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>172 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>172 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>171 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>515 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Corporate general and administrative </TD>
    <TD vAlign=bottom align=center width="9%">3,496 </TD>
    <TD vAlign=bottom align=center width="9%">2,241 </TD>
    <TD vAlign=bottom align=center width="9%">1,151 </TD>
    <TD vAlign=bottom align=center width="9%">6,888 </TD>
    <TD vAlign=bottom align=center width="9%">3,552 </TD>
    <TD vAlign=bottom align=center width="9%">2,887 </TD>
    <TD vAlign=bottom align=center width="9%">1,165 </TD>
    <TD vAlign=bottom align=center width="9%">7,604 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Corporate stock based
      compensation </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,423 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>912 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>468 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,804 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,198 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,197 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>483 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,879 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Reclamation - amortization/accretion </TD>
    <TD vAlign=bottom align=center width="9%">16 </TD>
    <TD vAlign=bottom align=center width="9%">4 </TD>
    <TD vAlign=bottom align=center width="9%">19 </TD>
    <TD vAlign=bottom align=center width="9%">39 </TD>
    <TD vAlign=bottom align=center width="9%">16 </TD>
    <TD vAlign=bottom align=center width="9%">4 </TD>
    <TD vAlign=bottom align=center width="9%">19 </TD>
    <TD vAlign=bottom align=center width="9%">39 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Mine site expensed
      exploration </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,698 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,740 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>3,963 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>8,401 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,779 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,505 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,222 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>6,506 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Capital expenditures sustaining </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">10,192 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">9,301 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">21,214 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">40,707 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">15,866 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">21,397 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">13,727 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%">50,990 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>All In Sustaining Costs </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$51,546 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$19,794 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$46,164 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$117,504 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$61,881 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$20,280 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$38,562 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$120,723 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Growth exploration </TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">4,147 </TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="9%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="9%">4,404 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Growth capital expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>1,438 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="9%" bgColor=#eeeeee>27,946 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left>All
      In Costs </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="9%">&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=center
    width="9%">$123,089 </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="9%">&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=center
    width="9%">$153,073 </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom width="9%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Throughput tonnes </TD>
    <TD vAlign=bottom align=center width="9%">423,251 </TD>
    <TD vAlign=bottom align=center width="9%">567,873 </TD>
    <TD vAlign=bottom align=center width="9%">413,282 </TD>
    <TD vAlign=bottom align=center width="9%">1,404,406 </TD>
    <TD vAlign=bottom align=center width="9%">435,922 </TD>
    <TD vAlign=bottom align=center width="9%">710,708 </TD>
    <TD vAlign=bottom align=center width="9%">391,354 </TD>
    <TD vAlign=bottom align=center width="9%">1,537,984 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Payable silver ounces </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>3,551,763 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,276,278 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,168,875 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>6,996,916 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,744,505 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>2,742,499 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>1,106,801 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>6,593,805 </TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Sustaining cost per ounce </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$14.51 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$8.70 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$39.49 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$16.79 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$22.55 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$7.39 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$34.84 </TD>
    <TD vAlign=bottom align=center width="9%" bgColor=#eeeeee>$18.31 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left>All
      In costs per ounce </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="9%">&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=center
    width="9%">$17.59 </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="9%">&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=center
    width="9%">$23.21 </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>25</FONT></B></TD>
  </TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Expressed in thousands US dollars</B> </font></TD>
    <TD
    width="40%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Three Months
      Ended December 31, 2014</B> </font></TD>
    <TD
    width="40%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Three Months Ended December 31, 2013</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Guanacevi </B></font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;<STRONG>Bolanitos</STRONG> </font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>El Cubo</B> </font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Total</B> </font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Guanacevi</B> </font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Bolanitos</B> </font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>El Cubo</B> </font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Total</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Direct production costs </TD>
    <TD vAlign=bottom align=center width="10%">$12,580 </TD>
    <TD vAlign=bottom align=center width="10%">$10,873 </TD>
    <TD vAlign=bottom align=center width="10%">$10,947 </TD>
    <TD vAlign=bottom align=center width="10%">$34,400 </TD>
    <TD vAlign=bottom align=center width="10%">$17,627 </TD>
    <TD vAlign=bottom align=center width="10%">$12,183 </TD>
    <TD vAlign=bottom align=center width="10%">$11,401 </TD>
    <TD vAlign=bottom align=center width="10%">$41,211 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Royalties </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>114 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>193 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>52 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>359 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>235 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>235 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Special mining duty <SUP>(1)</SUP> </TD>
    <TD vAlign=bottom align=center width="10%">178 </TD>
    <TD vAlign=bottom align=center width="10%">646 </TD>
    <TD vAlign=bottom align=center width="10%">- </TD>
    <TD vAlign=bottom align=center width="10%">824 </TD>
    <TD vAlign=bottom align=center width="10%">0 </TD>
    <TD vAlign=bottom align=center width="10%">- </TD>
    <TD vAlign=bottom align=center width="10%">- </TD>
    <TD vAlign=bottom align=center width="10%">- </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Opening finished goods </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(6,984) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(791) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(7,775) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(4,651) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(589) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(2,057) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(7,297) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>NRV cost adjustment </TD>
    <TD vAlign=bottom align=center width="10%">- </TD>
    <TD vAlign=bottom align=center width="10%">- </TD>
    <TD vAlign=bottom align=center width="10%">217 </TD>
    <TD vAlign=bottom align=center width="10%">217 </TD>
    <TD vAlign=bottom align=center width="10%">- </TD>
    <TD vAlign=bottom align=center width="10%">- </TD>
    <TD vAlign=bottom align=center width="10%">(434) </TD>
    <TD vAlign=bottom align=center width="10%">(434) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>4,033 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>441 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>5,516 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>650 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>60 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>710 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Direct production costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">9,921 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">12,153 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">11,467 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">33,541 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">13,861 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">11,594 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">8,970 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%">34,425 </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Silver production </TD>
    <TD vAlign=bottom align=center width="10%">1,024,762 </TD>
    <TD vAlign=bottom align=center width="10%">611,271 </TD>
    <TD vAlign=bottom align=center width="10%">373,139 </TD>
    <TD vAlign=bottom align=center width="10%">2,009,172 </TD>
    <TD vAlign=bottom align=center width="10%">861,495 </TD>
    <TD vAlign=bottom align=center width="10%">698,098 </TD>
    <TD vAlign=bottom align=center width="10%">372,124 </TD>
    <TD vAlign=bottom align=center width="10%">1,931,717 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Average realized silver price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>16.23 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>16.23 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>16.23 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>16.23 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>20.52 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>20.52 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>20.52 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>20.52 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Silver value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">16,631,887 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">9,920,928 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">6,056,046 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">32,608,862 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">17,677,877 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">14,324,971 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">7,635,984 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">39,638,833 </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Gold production </TD>
    <TD vAlign=bottom align=center width="10%">2,085 </TD>
    <TD vAlign=bottom align=center width="10%">7,900 </TD>
    <TD vAlign=bottom align=center width="10%">5,142 </TD>
    <TD vAlign=bottom align=center width="10%">15,127 </TD>
    <TD vAlign=bottom align=center width="10%">2,275 </TD>
    <TD vAlign=bottom align=center width="10%">10,142 </TD>
    <TD vAlign=bottom align=center width="10%">5,269 </TD>
    <TD vAlign=bottom align=center width="10%">17,686 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Average realized gold price </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,189 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,189 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,189 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,189 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,246 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,246 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,246 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,246 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left>Gold
      value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">2,479,065 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">&nbsp;9,393,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">6,113,838 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">17,986,003 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">2,834,650 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">12,636,932 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">6,565,174 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">&nbsp;22,036,756 </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total metal value </TD>
    <TD vAlign=bottom align=center width="10%">19,110,952 </TD>
    <TD vAlign=bottom align=center width="10%">19,314,028 </TD>
    <TD vAlign=bottom align=center width="10%">12,169,884 </TD>
    <TD vAlign=bottom align=center width="10%">50,594,865 </TD>
    <TD vAlign=bottom align=center width="10%">20,512,527 </TD>
    <TD vAlign=bottom align=center width="10%">26,961,903 </TD>
    <TD vAlign=bottom align=center width="10%">14,201,158 </TD>
    <TD vAlign=bottom align=center width="10%">61,675,589 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Pro-rated silver costs </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>87% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>51% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>50% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>64% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>86% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>53% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>54% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>64% </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Pro-rated gold costs </TD>
    <TD vAlign=bottom align=center width="10%">13% </TD>
    <TD vAlign=bottom align=center width="10%">49% </TD>
    <TD vAlign=bottom align=center width="10%">50% </TD>
    <TD vAlign=bottom align=center width="10%">36% </TD>
    <TD vAlign=bottom align=center width="10%">14% </TD>
    <TD vAlign=bottom align=center width="10%">47% </TD>
    <TD vAlign=bottom align=center width="10%">46% </TD>
    <TD vAlign=bottom align=center width="10%">36% </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Silver co-product cash costs </TD>
    <TD vAlign=bottom align=center width="10%">$8.43 </TD>
    <TD vAlign=bottom align=center width="10%">$10.21 </TD>
    <TD vAlign=bottom align=center width="10%">$15.29 </TD>
    <TD vAlign=bottom align=center width="10%">$10.76 </TD>
    <TD vAlign=bottom align=center width="10%">$13.87 </TD>
    <TD vAlign=bottom align=center width="10%">$8.82 </TD>
    <TD vAlign=bottom align=center width="10%">$12.96 </TD>
    <TD vAlign=bottom align=center width="10%">$11.45 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Gold co-product cash costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$617 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$748 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$1,120 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$788 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$842 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$536 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$787 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$695 </TD></TR></TABLE>
</DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Expressed
      in thousands US dollars</B> </font></TD>
    <TD width="40%"
    colSpan=4 align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Year Ended December 31, 2014</B> </font></TD>
    <TD width="40%"
    colSpan=4 align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Years Ended December 31, 2013</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Guanacevi </B></font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;<STRONG>Bolanitos</STRONG> </font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>El Cubo</B> </font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Total</B> </font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Guanacevi</B> </font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Bolanitos</B> </font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>El Cubo</B> </font></TD>
  <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px 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%">$39,331 </TD>
    <TD align=center width="10%">$46,676 </TD>
    <TD align=center width="10%">$39,302 </TD>
    <TD align=center width="10%">$125,309 </TD>
    <TD align=center width="10%">$48,003 </TD>
    <TD align=center width="10%">$66,923 </TD>
    <TD align=center width="10%">$43,657 </TD>
    <TD align=center width="10%">$158,583 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Royalties </TD>
    <TD align=center width="10%" bgColor=#eeeeee>425 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>521 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>200 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,146 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,328 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>1,328 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Special mining duty <SUP>(1)</SUP> </TD>
    <TD align=center width="10%">906 </TD>
    <TD align=center width="10%">2,018 </TD>
    <TD align=center width="10%">- </TD>
    <TD align=center width="10%">2,924 </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 align=left bgColor=#eeeeee>Opening finished goods </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(650) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(60) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(710) </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></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%">799 </TD>
    <TD align=center width="10%">799 </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></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Closing finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>4,033 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>441 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>1,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>5,516 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>650 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>60 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>710 </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%">44,045 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">49,656 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">41,283 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">134,984 </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></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver production </TD>
    <TD align=center width="10%">3,587,639 </TD>
    <TD align=center width="10%">2,396,179 </TD>
    <TD align=center width="10%">1,228,256 </TD>
    <TD align=center width="10%">7,212,074 </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></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>18.76 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>18.76 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>18.76 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>18.76 </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></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Silver value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">67,304,108 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">44,952,318 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">23,042,083 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">135,298,508 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">64,038,444 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">66,569,950 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">26,773,501 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">157,381,894 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold production </TD>
    <TD align=center width="10%">7,641 </TD>
    <TD align=center width="10%">37,108 </TD>
    <TD align=center width="10%">18,146 </TD>
    <TD align=center width="10%">62,895 </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></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Average realized gold price </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>1,273 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>1,273 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>1,273 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>1,273 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>1,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>1,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>1,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>1,375 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Gold value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">9,726,993 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">47,238,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">23,099,858 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">80,065,335 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">9,328,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">71,021,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">23,570,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">103,919,750 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total metal value </TD>
    <TD align=center width="10%">77,031,101 </TD>
    <TD align=center width="10%">92,190,802 </TD>
    <TD align=center width="10%">46,141,941 </TD>
    <TD align=center width="10%">215,363,843 </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></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>49% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>50% </TD>
    <TD align=center width="10%" bgColor=#eeeeee>63% </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></TR>
  <TR vAlign=top>
    <TD align=left>Pro-rated gold costs </TD>
    <TD align=center width="10%">13% </TD>
    <TD align=center width="10%">51% </TD>
    <TD align=center width="10%">50% </TD>
    <TD align=center width="10%">37% </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></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver co-product cash costs </TD>
    <TD align=center width="10%">$10.73 </TD>
    <TD align=center width="10%">$10.10 </TD>
    <TD align=center width="10%">$16.78 </TD>
    <TD align=center width="10%">$11.76 </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></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>$728 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$686 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$1,139 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$798 </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></TR></TABLE>
<P align=justify><SUP>(1)</SUP> Special mining duty is an EBITDA royalty tax
presented as a current income tax in accordance with IFRS. The Company incurred
$1.6 million expense related to deferred revenues for tax purposes from prior
year&#146;s production which was excluded from 2014 production cost. <B></B></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>26</FONT></B></TD>
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<!--$$/page=--><A name=page_27></A>
<P align=justify><B>Quarterly Results and Trends </B></P>
<P align=justify><B><I>The following table presents selected financial
information for each of the most recent eight quarters: </I></B></P>
<P align=justify><B>(tables in thousands of US dollars except per share amounts)
</B></P>
<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="#943634"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid" ><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="40%"
    colSpan=4 align=center noWrap bgcolor="#943634" style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF"><B>2014</B> </font></TD>
  <TD width="40%" colSpan=4 align=center
    noWrap bgcolor="#943634"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><font color="#FFFFFF"><B>2013</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
    noWrap bgcolor="#943634"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF"><B>Quarterly Results</B> </font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Q4</B> </font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Q3</B> </font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Q2</B> </font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Q1</B> </font></TD>
    <TD width="10%" align=center
    noWrap bgcolor="#943634" style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Q4</B> </font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Q3</B> </font></TD>
    <TD
      width="10%" align=center noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Q2</B> </font></TD>
  <TD width="10%" align=center
    noWrap bgcolor="#943634"
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Q1</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Revenue </TD>
    <TD align=center width="10%">$48,677 </TD>
    <TD align=center width="10%">$40,477 </TD>
    <TD align=center width="10%">$54,774 </TD>
    <TD align=center width="10%">$53,000 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">$67,857 </TD>
    <TD align=center width="10%">$67,803 </TD>
    <TD align=center width="10%">$71,250 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$69,873 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Direct cost </TD>
    <TD align=center width="10%" bgColor=#eeeeee>34,400 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>28,840 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>34,849 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>27,220 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>41,210 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>35,739 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>44,746 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>36,887 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Royalties </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">359    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">175    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">278    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">334    </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">235 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">287    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">356    </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">450 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Mine operating cash flow </TD>
    <TD align=center width="10%" bgColor=#eeeeee>13,918 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>11,462 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>19,647 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>25,446 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>26,412 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>31,777 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>26,148 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>32,536 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Share-based compensation </TD>
    <TD align=center width="10%">110 </TD>
    <TD align=center width="10%">140 </TD>
    <TD align=center width="10%">219 </TD>
    <TD align=center width="10%">68 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">107</TD>
    <TD align=center width="10%">131 </TD>
    <TD align=center width="10%">202 </TD>
  <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">75  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Amortization and depletion </TD>
    <TD align=center width="10%" bgColor=#eeeeee>11,144 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>14,386 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>14,709 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>14,073 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>15,780 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>12,566 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>13,149 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>12,074 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >Write down on inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">363    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">527    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">365    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">-</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">664 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">(2,668) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">6,383 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%">1,495 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee >Mine operating earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$2,301 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>($3,591) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$4,354 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$11,305 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>$9,861 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$21,748 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$6,414 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>$18,892 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Net earnings (loss) </TD>
    <TD align=center width="10%">($66,895) </TD>
    <TD align=center width="10%">($11,386) </TD>
    <TD align=center width="10%">($289) </TD>
    <TD align=center width="10%">$4,037 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">($115,758) </TD>
    <TD align=center width="10%">$12,297 </TD>
    <TD align=center width="10%">($361) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$14,357 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Impairment charge, net of tax </TD>
    <TD align=center width="10%" bgColor=#eeeeee>55,858 </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 style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>104,283 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD align=center width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >(Gain) Loss on derivative liability </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">-</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">-</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">-</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">1,434 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">(591) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%">679    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">(2,386) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">(1,452) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee >Adjusted earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>($11,037) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>($11,386) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>($289) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$5,471 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>($12,066) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$12,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>($2,747) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#eeeeee>$12,905 </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    >&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">&nbsp;    </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Basic earnings (loss) per share    </TD>
    <TD align=center width="10%" bgColor=#eeeeee>($0.67) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>($0.11) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.00 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.04 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>($1.16) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.12 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.00 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$0.14 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Diluted earnings (loss) per share </TD>
    <TD align=center width="10%">($0.67) </TD>
    <TD align=center width="10%">($0.11) </TD>
    <TD align=center width="10%">$0.00 </TD>
    <TD align=center width="10%">$0.04 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">($1.17) </TD>
    <TD align=center width="10%">$0.12 </TD>
    <TD align=center width="10%">$0.00 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$0.13    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Adjusted earnings (loss) per
      share </TD>
    <TD align=center width="10%" bgColor=#eeeeee>($0.11) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>($0.11) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.00 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.05 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>($0.35) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>$0.13 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>($0.03) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>$0.13 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >Weighted shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">101,881,133 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    >&nbsp;101,527,951 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    >&nbsp;101,336,743 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    >&nbsp;100,494,157 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">99,720,704 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">99,741,010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">99,710,933 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">99,660,016 </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    bgColor=#eeeeee >&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Net earnings (loss) </TD>
    <TD align=center width="10%">($66,895) </TD>
    <TD align=center width="10%">($11,386) </TD>
    <TD align=center width="10%">($289) </TD>
    <TD align=center width="10%">$4,037 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">($115,758) </TD>
    <TD align=center width="10%">$12,297 </TD>
    <TD align=center width="10%">($361) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$14,357 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Amortization and depletion </TD>
    <TD align=center width="10%" bgColor=#eeeeee>11,257 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>14,471 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>14,785 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>14,146 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>15,874 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>12,648 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>13,228 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>12,148 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Finance costs </TD>
    <TD align=center width="10%">321 </TD>
    <TD align=center width="10%">359 </TD>
    <TD align=center width="10%">256 </TD>
    <TD align=center width="10%">446 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%">422</TD>
    <TD align=center width="10%">313 </TD>
    <TD align=center width="10%">531 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">247    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee >Current income tax </TD>
    <TD align=center width="10%" bgColor=#eeeeee>14,865 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>(171) </TD>
    <TD align=center width="10%" bgColor=#eeeeee>3,250 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2,942 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>5,042 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>2,729 </TD>
    <TD align=center width="10%" bgColor=#eeeeee>4,363 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%"
    bgColor=#eeeeee>1,836 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left >Deferred income tax </TD>
    <TD align=center width="10%">(34,870) </TD>
    <TD align=center width="10%">(1,039) </TD>
    <TD align=center width="10%">(4,644) </TD>
    <TD align=center width="10%">(2,274) </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" align=center
      width="10%">(23,100) </TD>
    <TD align=center width="10%">1,341 </TD>
    <TD align=center width="10%">(1,158) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">2,453    </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#eeeeee >Impairment charges </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>83,000 </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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%" bgColor=#eeeeee>135,060 </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>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="10%" bgColor=#eeeeee>- </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left >EBITDA </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$7,678 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$2,234 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$13,358 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$19,297 </TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$17,540 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$29,328 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$16,603 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$31,041 </TD></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>
<!--$$/page=--><A name=page_28></A>
<P align=center><IMG
src="exhibit99-4x28x1.jpg"
border=0></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>28</FONT></B></TD>
  </TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></A>
<P align=justify><B>Key Economic Trends </B></P>
<P align=justify><B><I>Precious Metal Price Trends </I></B></P>
<P align=center><IMG
src="exhibit99-4x29x1.jpg"
border=0></P> <BR>
<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, 2014, the
average price of silver was $16.47 per ounce, with silver trading between a
range of $15.28 and $17.64 per ounce based on the London Fix silver price. This
compares to an average of $20.82 per ounce during Q4, 2013, with a low of $19.05
and a high of $22.74 per ounce. During Q4, 2014, the Company realized an average
price of $16.23 per silver ounce compared with $20.52 for the corresponding
period in 2013.</P>
<P align=justify>During Q4, 2014, the average price of gold was $1,201 per
ounce, with gold trading between a range of $1,142 and $1,340 per ounce based on
the London Fix PM gold price. This compares to an average of $1,275 per ounce
during Q4, 2013, with a low of $1,195 and a high of $1,361 per ounce. During Q4,
2014, the Company realized an average price of $1,189 per ounce compared with
$1,246 for the corresponding period in 2013. </P>
<P align=justify>During 2014, the average price of silver was $19.08 per ounce,
with silver trading between a range of $15.28 and $22.05 per ounce based on the
London Fix silver price. This compares to an average of $23.79 per ounce during
2013, with a low of $19.05 and a high of $32.23 per ounce. During 2014, the
Company realized an average price of $18.76 per ounce compared with $23.10 for
2013. </P>
<P align=justify>During 2014, the average price of gold was $1,266 per ounce,
with gold trading between a range of $1,142 and $1,385 per ounce based on the
London Fix PM gold price. This compares to an average of $1,411 per ounce during
2013, with a low of $1,192 and a high of $1,694 per ounce. During 2014, the
Company realized an average price of $1,273 per ounce compared with $1,375 for
2013. </P>
<P align=justify>The major influences on precious metals prices in the past
eight quarters included weaker investment demand, selling from precious metal
exchange traded funds, as well as strong US equity and bond markets that pulled
investments from other asset classes, including precious metals. In addition,
precious metal prices were also affected by an expectation of improving economic
conditions, which led to the reduction of the US Federal Reserve&#146;s quantitative
easing program.</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>
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<P align=justify><B><I>Currency Fluctuations </I></B><br>
  The Company&#146;s operations are located in Mexico and therefore a
significant portion of operating costs and capital expenditures are denominated
in Mexican pesos. The corporate activities are based in Vancouver, Canada with
the significant portion of these expenditures being denominated in Canadian
dollars. Generally, as the US dollar strengthens, these currencies weaken, and
as the US dollar weakens, these foreign currencies strengthen.</P>
<P align=justify>During Q4, 2014 the Mexican Peso depreciated against the US
dollar with volatility increasing at the end of the quarter. During Q4, 2014,
the average foreign exchange rate was $13.87 Mexican Pesos per US dollar, with
the peso trading within a range of $13.34 and $14.78. This compares to an
average of $13.01 during Q4, 2013, with a range of $13.22 and $12.79 Mexican
pesos per U.S. dollar.</P>
<P align=justify>During 2014, the average foreign exchange rate was $13.30
Mexican Pesos per US dollar, with the peso trading within a range of $12.84 and
$14.78. This compares to an average of $12.75 during 2013, with a range of
$11.97 and $13.37 Mexican peso per US dollar.<B><I> </I></B></P>
<P align=center><IMG src="exhibit99-4x30x1.jpg" border=0> </P>
<P align=justify>During Q4, 2014, the Canadian dollar continued to depreciate
relative to the US dollar. During Q4, 2014, the average foreign exchange rate
was $1.1356 Canadian dollar per US dollar, with the Canadian dollar trading
within a range of $1.1116 and $1.1643. This compares to an average of $1.0495
during Q4, 2013, within a range of $1.0643 and $1.0328 Canadian dollar per U.S.
dollar.</P>
<P align=justify>During 2014, the Canadian dollar continued to depreciate
relative to the US dollar. During 2014, the average foreign exchange rate was
$1.1041 Canadian dollar per US dollar, with the Canadian dollar trading within a
range of $1.0627 and $1.1643. This compares to an average of $1.0303 during
2013, with a range of $1.0643 and $0.9856 US dollar per Canadian dollar. </P>
<P align=center><IMG src="exhibit99-4x30x2.jpg" border=0> </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>
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<P align=justify><B><I>Cost Trends </I></B></P>
<P align=center><IMG src="exhibit99-4x31x1.jpg" border=0> </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 was 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. As of December 31,
2014 the Company incurred $4.6 million Special Mining Duty expense included as
current income tax and incurred $1.1 million royalty expense corresponding to
the Environmental Tax.</P>
<P align=justify><B>Annual Outlook </B></P>
<P align=justify><B>Production </B><br>
  Endeavour estimates silver production of 5.8 -6.4 million
ounces in fiscal 2015 compared to the 7.2 million oz silver it produced in 2014.
Gold production is expected to be in the 47,000-52,000 oz range and silver
equivalent production is anticipated to be 9.0 -10.1 million ounces (at a
silver:gold ratio of 70:1). The decrease compared to 2014 production figures is
the result reduced throughput at Bola&#241;itos as new ore bodies are developed
partially offset by increased El Cubo production.</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
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Mine</B> </font></TD>
    <TD width="20%" align=center
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Ag (M oz)</B> </font></TD>
    <TD width="20%" align=right
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Au (K oz)</B> </font></TD>
    <TD width="20%" align=center
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Ag Eq (M oz)</B> </font></TD>
    <TD width="20%" align=center
    noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Tonnes/Day (tpd)</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Guanacevi </TD>
    <TD align=center width="20%">3.1-3.3 </TD>
    <TD align=center width="20%">6.0-7.0 </TD>
    <TD align=center width="20%">3.5-3.8 </TD>
    <TD align=center width="20%">1,200-1,300 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Bolanitos </TD>
    <TD align=center width="20%" bgColor=#eeeeee>1.2-1.4 </TD>
    <TD align=right width="20%" bgColor=#eeeeee>22.0-24.0 </TD>
    <TD align=center width="20%" bgColor=#eeeeee>2.7-3.1 </TD>
    <TD align=center width="20%" bgColor=#eeeeee>1,100-1,200 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>El Cubo </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">1.5-1.7 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="20%">19.0-21.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">2.8-3.2 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">1,350-1,450 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>5.8-6.4 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="20%"
    bgColor=#eeeeee>47.0-52.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>9.0-10.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>3,650-3,950 </TD></TR></TABLE>
</DIV>
<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 and Santa Cruz Sur discoveries are awaiting permitting, while
economic assessments are refined with a likely decision to develop access in
2015 to begin development and production to start in 2016.</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>
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<P align=justify>In 2015, Bola&#241;itos production will contract as operations focus
on developing in the LL-Asuncion ore body. The Bola&#241;itos operation will operate
at its existing capacity of 1,600 tonnes per day (tpd) in the first quarter
before gradually dropping to 1,000 tpd until the La Luz- Asunci&#243;n deposit is
sufficiently developed.</P>
<P align=justify>At El Cubo, production continues to be sourced primarily from
the Dolores, Villalpando, San Nicolas and Santa Cecilia veins. Management
continues to focus on accelerated mine development and operational training
needed to make improvements sustainable over the longer term. Management is
currently developing alternative production scenarios for the El Cubo mine,
including a possible mine expansion to fill available Bola&#241;itos plant capacity
in 2015. The Company is seeking the cooperation of the miners&#146; union to
accomplish the alternative mine plans in order to ensure the short and long term
viability of the El Cubo mining operation.</P>
<P align=justify><B>Operating Costs </B><br>
  Consolidated cash costs of production, net of gold by-product
credits, are expected to be in the range of $10-11 per ounce of silver in 2015.
The increase is largely due to the rising contribution of the higher cost El
Cubo mine and reduced gold production at the Bola&#241;itos mine. Consolidated cash
costs for silver and gold on a co-product basis are anticipated to be around
$13-$14 and $900-$950 per oz respectively.</P>
<P align=justify>All-in sustaining costs (AISC), net of gold by-product credits,
in accordance with the World Gold Council standard, are estimated to be $18-19
per oz of silver in 2015. When non-cash items such as stock based compensation
are excluded, AISC, net of gold by-product credits, is estimated to be in the
$17.50 -$18.50 range. </P>
<P align=justify>On a co-product basis, AISC are predicted to be $18.50 -19.50
per oz silver and $1,200-1,250 per oz gold. Direct operating costs are estimated
to be in the $90-94 per tonne range.</P>
<P align=justify><B>Capital Investments </B><br>
  Endeavour plans to invest $32.7 million on capital projects in
2015, including $18.3 million on mine development, $11.0 million on plant and
equipment, and $3.1 million on tailings upgrades. The mine development capital
is for accessing reserves for mining and replacing reserves by converting
measured and indicated resources. Endeavour estimates reserves based only on
underground workings, not on drill holes. </P>
<P align=justify>The Company has budgeted US$15.0 million at El Cubo, $4.9
million at Bola&#241;itos, $12.5 million at Guanacev&#237; and $0.3 million for corporate
items, all of which will be covered by the Company&#146;s anticipated 2015 cash flow.
</P>
<P align=justify><B>Exploration Expenditures </B><br>
  In 2015, Endeavour plans to spend $6.9 million on exploration,
including $0.9 million required for property payments. A total of 26,000 metres
of drilling, in approximately 150 holes is budgeted to test multiple exploration
targets targets at the three mines plus the San Sebastian project in addition to
the underground mine exploration drilling.</P>
<P align=justify>The Company will continue to focus on brownfields exploration
around the three operating mines in order to replenish resources as well as
infill and condemnation drilling needed for engineering the emerging new high
grade silver-gold discovery in the Terronera vein on the San Sebasti&#225;n property
in Jalisco State. See Exploration Results on page 13 for more detail.</P>
<P align=justify><B>Liquidity and Capital Resources</B></P>
<P align=justify>Cash and cash equivalents have decreased from $35.0 million at
December 31, 2013 to $31.0 million at December 31, 2014. The revolving bank line
of credit was reduced to $29.0 million by the end of 2014 compared to $33
million at the end of 2013. The Company had working capital of $21.2 million at
December 31, 2014 (December 31, 2013 - $32.2 million). The $11.0 million
decrease in working capital was primarily a result of spending on capital and
exploration offset by cash flow from the 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>32</FONT></B></TD>
  </TR></TABLE></DIV><BR>
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<A name="page_33"></A>

<P align="justify">
Operating activities provided cash of &#36;38.8 million during 2014 compared to &#36;76.5 million during the same period in 2013. The significant non-cash adjustments to the net loss of &#36;74.5 million were for an impairment of non-current assets
of &#36;83.0 million, amortization and depletion of &#36;54.7 million, share-based compensation of &#36;3.6 million, a deferred income tax recovery of &#36;42.8 million, a mark-to-market loss on derivative liabilities of &#36;1.4 million, an
allowance on IVA receivable of &#36;1.0million, finance costs of &#36;1.2 million and a change in non-cash working capital of &#36;9.5 million. The change in non-cash working capital was primarily due to an increase in the income taxes payable.</P>
<P align="justify">
Investing activities during the period used &#36;41.8 million as compared to &#36;83.4 million in the same period of 2013. Investments in property, plant and equipment in 2014 totaled &#36;41.8 million compared to &#36;88.5 million in 2013. The
investments in 2014 were primarily related to significant development at each operation. In 2013, the Company invested into significant infrastructure at the El Cubo operations. There was also &#36;4.7 million in net receipts from short term
investments in 2013 that did not occur in 2014. </P>
<P align="justify">
The Company&#146;s investments total of &#36;41.8 million in property, plant and equipment during 2014. &#36;10.2 million was invested at Guanacev&iacute;, with &#36;7.0 million spent on 3.2 kilometres of mine development, &#36;0.7 million spent on
the tailings dam and &#36;2.5 million on various equipment. At Bola&ntilde;itos, the Company invested &#36;9.3 million primarily on underground development, with &#36;8.3 million spent on 6.1 kilometres of mine development, incurred &#36;0.4 million
on tailings expansion and spent &#36;0.6 million on various mine equipment.  At El Cubo, the Company invested &#36;21.2 million, with &#36;15.6 million incurred developing 11.2 kilometres and &#36;5.6 million spent on various equipment as the mine
ramped up to 1,500 tpd. The Company spent &#36;1.1 million on exploration properties and corporate office equipment, including the acquisition of the La Bufa concessions adjacent to the Company&#146;s Guadalupe y Calvo exploration property for
equity valued at &#36;0.4 million.</P>
<P align="justify">
As at December 31, 2014, the Company held &#36;0.8 million in available for sale investments consisting of marketable securities (December 31, 2013 - &#36;1.5 million). </P>
<P align="justify">
Financing activities during 2014 reduced cash by &#36;0.5 million, compared to generating cash of &#36;23.3 million during 2013. During 2014, the Company drew &#36;2.0 million and paid &#36;6.0 million to reduce its revolving line of credit by
&#36;4.0 million, incurring &#36;1.0 million of interest, while &#36;4.4 million was realized from the exercise of stock options and warrants. By comparison, 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. </P>
<P align="justify">
As at December 31, 2014, the Company&#146;s issued share capital was &#36;367.9 million, representing 101,976,901 common shares, compared to &#36;358.4 million, representing 99,784,409 common shares, at December 31, 2013.  In 2014, 2,106,905 common
shares were issued upon stock option or warrant exercises and 85,587 shares issued upon the acquisition of the La Bufa exploration property. </P>
<P align="justify">
As at December 31, 2014, the Company had options outstanding to purchase 4,846,950 common shares with a weighted average exercise price of CAN &#36;4.38. </P>
<P align="justify">
On July 24, 2012, the Company entered into a &#36;75 million revolving credit facility (&#147;the Facility&#148;) that was reduced to &#36;50 million in July 2013 and will reduce to &#36;25 million in July 2015. 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&iacute; S.A de C.V., Minas Bola&ntilde;itos S.A. de C.V. and
Compania Minera del Cubo S.A. de C.V. The interest rate margin on the Facility ranges from 2.75% to 4.25% over LIBOR based on the Company&#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. At December 31, 2014, the Company had drawn &#36;29.0 million on this Facility. 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, with the amount reduced from &#36;50 million to &#36;25 million on July 24, 2015. </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 noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><A name=page_34></A>
<P align=justify>As of December 31, 2014 the Company breached the &#147;Tangible Net
Worth&#148; covenant under the Facility which requires Tangible Net Worth of the
Company (as defined in the Facility) to be greater than 80% of &#147;Equity&#148; (as
defined by the Facility) on June 30, 2012 plus 50% of subsequent quarterly
earnings. Subsequent to year end, the Facility was amended requiring the
Tangible Net Worth of the Company (as defined in the Facility) to be greater
than 85% of &#147;Equity&#148; (as defined by the Facility) on December 31, 2014, plus 50%
of subsequent quarterly earnings. The Company was in compliance with all
financial covenants under the Facility as at December 31, 2013. </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 vAlign=bottom bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font>    </TD>
    <TD
    width="13%" align=center vAlign=bottom bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Facility Financial</B> </font></TD>
    <TD
    width="13%" align=left vAlign=bottom bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
  <TD
    width="13%" align=left vAlign=bottom bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#943634"><font color="#FFFFFF"><B>Facility Financial Covenants</B> </font></TD>
    <TD width="13%" align=left vAlign=bottom bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="13%" align=center vAlign=bottom bgcolor="#943634"><font color="#FFFFFF"><B>2014</B> </font></TD>
  <TD width="13%" align=center vAlign=bottom bgcolor="#943634"><font color="#FFFFFF"><B>2013</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="13%" align=center vAlign=bottom bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Requirements</B> </font></TD>
    <TD
    width="13%" align=left vAlign=bottom bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
  <TD
    width="13%" align=left vAlign=bottom bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Leverage ratio </TD>
    <TD vAlign=bottom align=center width="13%"><U>&lt; </U>3.00:1 </TD>
    <TD vAlign=bottom align=center width="13%">0.64 </TD>
    <TD vAlign=bottom align=center width="13%">0.35 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Interest service coverage
      ratio </TD>
    <TD vAlign=bottom align=center width="13%" bgColor=#eeeeee><U>&gt;
      </U>4.00:1 </TD>
    <TD vAlign=bottom align=center width="13%" bgColor=#eeeeee>40 </TD>
    <TD vAlign=bottom align=center width="13%" bgColor=#eeeeee>77 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Tangible net worth (000's) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="13%">&gt;216,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="13%">197,031 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="13%">260,229 </TD></TR></TABLE>
<P align=justify>In December 2013, the Mexican President passed tax reform
legislation that became effective January 1, 2014. The tax reform includes a
Special Mining Duty of 7.5% on taxable revenues, less allowable deductions
excluding interest and capital depreciation and an 0.5% Environmental Tax on
gold and silver revenues. In, 2014 the Company recognized a Special Mining Duty
of $4.6 million as a current tax expense and $1.1 Environmental Tax as royalty
expense in accordance with IFRS.</P>
<P align=justify><B><I>Contingencies </I></B></P>
<P align=justify>Minera Santa Cruz y Garibaldi SA de CV, a subsidiary of the
Company, received a $238 million Mexican pesos (US$16.1 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 tax
advisors and legal counsel, it is the Company&#146;s view that it had provided the
appropriate documentation and support for the expenses and that 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 $40,000,
plus additional interest and penalties of $40,000, for which the Company has
made a provision in the consolidated financial statements. The Company has
appealed the assessment and anticipates a favorable resolution. Resolution of
this process is expected in 2015. </P>
<P align=justify><B><I>Capital Requirements </I></B></P>
<P align=justify>Endeavour plans to invest $32.7 million on capital projects in
2015, including $18.3 million on mine development, $11.0 million on plant and
equipment, and $3.1 million on tailings upgrades. The mine development capital
is for accessing reserves for mining and replacing reserves by converting
measured and indicated resources. Endeavour estimates reserves only on
underground workings, not on drill holes. </P>
<P align=justify>The Company has budgeted US$15.0 million at El Cubo, $4.9
million at Bola&#241;itos, $12.5 million at Guanacev&#237; and $0.3 million for corporate
items, all of which will be covered by the Company&#146;s anticipated 2015 cash flow.
</P>
<P align=justify>C<B><I>ontractual Obligations </I></B></P>
<P align=justify>The Company had the following contractual obligations at
December 31, 2014: </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 vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>Payments due by period (in thousands of dollars)</B> </font></TD>
    <TD
    width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="8%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="8%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="8%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="8%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="8%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
  <TD
    width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF"><B>Contractual Obligations</B> </font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF"><B>Less than 1</B> </font></TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF"><B>More than 5</B> </font></TD>
  <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF"><B>Total</B> </font></TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF"><B>1 - 3 years</B> </font></TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF"><B>3 - 5 years</B> </font></TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font> </TD>
  <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>year</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="8%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>years</B> </font></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Capital Assets purchases </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;41 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;41 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Operating lease </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#eeeeee>640 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#eeeeee>248 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#eeeeee>392 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Revolving credit facility </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">29,000 </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="8%">29,000 </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="8%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&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="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Other Long-Term Liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#eeeeee>6,496 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#eeeeee>2,847 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%" bgColor=#eeeeee>3,649 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;36,177 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;29,289 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;392 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;2,847 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">&nbsp;3,649 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</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>34</FONT></B></TD>
  </TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_35></A>
<P align=justify><B><I>Transactions with Related Parties </I></B></P>
<P align=justify>The Company shares common administrative services and office
space with Canarc Resource Corp. and Aztec Metals Corp., which 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 a $180,000 net
receivable related to administration costs outstanding as at December 31, 2014
(December 31, 2013 &#150; $248,000).</P>
<P align=justify>During 2014, the Company was charged $150,000 (December 31,
2013 - $129,000) for legal services by Koffman Kalef LLP, a firm in which the
Company&#146;s Corporate Secretary is a partner. As of December 31, 2014, the Company
had a payable outstanding of $3,000 relating to these legal services (December
31, 2013 - $8,000).</P>
<P align=justify><B><I>Financial Assets and Liabilities </I></B></P>
<P align=justify>As at December 31, 2014, 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
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="23%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>As at December 31, 2014</B> </font></TD>
    <TD
    width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="23%" colSpan=4 align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>As at December 31, 2013</B> </font></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF"><B>Estimated Fair</B></font></TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF"><B>Estimated Fair</B></font></TD>
  <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF"><B>Expressed in thousands US
      dollars</B> </font></TD>
    <TD width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF"><B>Carrying value</B></font></TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF"><B>Carrying value</B></font></TD>
    <TD width="2%" align=center vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%" align=center vAlign=bottom noWrap bgcolor="#943634"><font color="#FFFFFF">&nbsp;</font> </TD>
  <TD width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" ><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>value</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>value</B> </font></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Financial assets:</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&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="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>&nbsp;31,045 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>&nbsp;31,045 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>&nbsp;35,004 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>&nbsp;35,004 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Available for sale securities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">786 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">786 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">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="10%">1,463 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Trade receivables </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>7,394 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>7,394 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>10,263 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>10,263 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Other receivables </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="10%">12,721 </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="10%">12,721 </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="10%">13,486 </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="10%">13,486 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>&nbsp;51,946 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>&nbsp;51,946 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>&nbsp;60,216 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>&nbsp;60,216 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee><B>Financial liabilities:</B>    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Accounts payable and accrued liabiities </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;17,408 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;17,408 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;17,221 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;17,221 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Revolving credit facility </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>29,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>29,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>33,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>33,000 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Contingent liabiities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">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="10%">99 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Derivative liabiliti4es </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>1,491 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>1,491 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Total financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;46,408 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;46,408 </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%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;51,811 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;51,811 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&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>
<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>
<!--$$/page=--><A name=page_36></A>
<P align=justify>Financial assets and liabilities measured at fair value on a
recurring basis include: </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 vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF"><B>As at December 31, 2014</B> </font></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="10%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="10%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="10%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
    <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD
    width="10%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid"><font color="#FFFFFF">&nbsp;</font> </TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-TOP: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Expressed in thousands US dollars</B> </font></TD>
    <TD
    width="1%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Total</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Level 1</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Level 2</B> </font></TD>
    <TD width="2%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="10%"
    align=center vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Level 3</B> </font></TD>
  <TD
    width="2%" align=left vAlign=bottom noWrap bgcolor="#943634" style="BORDER-BOTTOM: #000000 1px solid" ><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Financial assets:</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&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="10%">&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="10%">&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="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee>Available for sale securities    </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>&nbsp;786 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>&nbsp;786 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#eeeeee>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>&nbsp;- $ </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#eeeeee>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom
      align=left>Trade receivables </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="10%">7,394 </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="10%">7,394 </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="10%">- </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="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>&nbsp;8,180 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>&nbsp;8,180 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>&nbsp;- $ </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#eeeeee><B>Financial liabilities:</B>    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>Contingent liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">&nbsp;- $ </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    bgColor=#eeeeee>Total financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>&nbsp;- $ </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR></TABLE>
<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
values 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
stock 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>
<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;) 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>
<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 total
estimated consideration of $203,487 included a contingent consideration based on
the gold price.</P>
<P align=justify>AuRico will be entitled to receive up to an additional $30
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 vAlign=top width="5%">a) </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 until July 13,
    2015;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">b) </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 until July 13, 2015;
      and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">c) </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 d until July 13,
      2015.</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>36</FONT></B></TD>
  </TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>The contingent consideration based on the performance of gold
prices was valued using a Monte Carlo simulation resulting in a valuation of
$7.9 million 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>
<P align=justify>The fair value of the contingent consideration as at December
31, 2014 was determined to be $nil (December 31, 2013 - $0.1 million). For the
year ended December 31, 2014, the current gold drift rate and amortization of
the contingency period resulted in a $0.1 million mark-to-market gain (December
31, 2013 - $8.4 million). </P>
<P 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, 2014,
there was a $1.0 million letter of credit provided by the Company as security to
the owner of the Las Torres facility. </P>
<P align=justify><B><I>Financial Instrument Risk Exposure and Risk Management
</I></B></P>
<P align=justify>The Company is exposed in varying degrees to a variety of
financial instrument related risks. The Board approves and monitors the risk
management process. The types of risk exposure and the way in which such
exposure is managed is provided as follows: </P>
<P align=justify><U>Credit Risk</U> </P>
<P align=justify>The Company is exposed to credit risk on its bank accounts,
investments and accounts receivable. Credit risk exposure on bank accounts and
short term investments is limited through maintaining the Company&#146;s balances
with high-credit quality financial institutions, maintaining investment
policies, assessing institutional exposure and continual discussion with
external advisors. Value added tax (&#147;IVA&#148;) receivables are generated on the
purchase of supplies and services to produce silver which are refundable from
the Mexican government. Trade receivables are generated on the sale of
concentrate inventory to reputable metal traders. </P>
<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>
<P align=justify><I>Foreign Currency Risk</I> &#150; The Company&#146;s operations in
Mexico and Canada make it subject to foreign currency fluctuations. Certain of
the Company&#146;s operating expenses are incurred in Mexican pesos and Canadian
dollars; therefore the fluctuation of the US dollar in relation to these
currencies will consequently have an impact upon the profitability of the
Company and may also affect the value of the Company&#146;s assets and the amount of
shareholders&#146; equity. The Company has not entered into any agreements or
purchased any instruments to hedge possible currency risks. </P>
<P align=justify><I>Interest Rate Risk</I> &#150; In respect of financial assets, the
Company&#146;s policy is to invest cash at floating rates of interest and cash
reserves are to be maintained in cash equivalents in order to maintain
liquidity. Fluctuations in interest rates impact the value of cash equivalents.
The 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 3.2% . As at December 31, 2014, with other
variables unchanged, a 10% increase in the LIBOR rate would be result in
additional interest expense of $290,000. </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
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<P align="justify">
<I>Commodity Price Risk</I> &#150; Gold and silver prices have historically fluctuated significantly and are affected by numerous factors outside of the Company&#146;s control, including, but not limited to , industrial and retail demand, central
bank lending, forward sales by producers and speculators, levels of worldwide production, short-term changes in supply and demand because of speculative hedging activities and certain other factors. The Company has not engaged in any hedging
activities, other than short term metal derivative transactions less than 90 days, to reduce its exposure to commodity price risk.  Furthermore the Company carries a contingent liability linked to the price of gold.  A significant rise in the gold
price above &#36;1,900.00 could significantly affect the Company&#146;s future earnings (see Contingent Liability on page 32). At December 31, 2014 there are 355,880 ounces of silver and 4,900 ounces of gold which do not have a final settlement
price and the estimated revenues have been recognized at current market prices. As at December 31, 2014, with other variables unchanged, a 10% decrease in the market value of silver and gold would result in a reduction of revenue of &#36;1.2
million.</P>
<P align="justify">
<B><I>Outstanding Share Data </I></B></P>
<P align="justify">
As of March 4, 2015, the Company had the following securities issued and outstanding: </P>
<UL style="text-align:justify;">
<LI>
101,976,901 common shares</LI>
<LI>
4,846,950 common shares issuable under stock options with a weighted average exercise price of CAN&#36;4.38 per share expiring between May 26, 2015 and May 13, 2019.</LI>
</UL>
<P align="justify">
The Company considers the items included in the consolidated statement of shareholders&#146; equity as capital. The Company&#146;s objective when managing capital is to safeguard its ability to continue as a going concern so that it can continue to
provide returns for shareholders and benefits for other stakeholders. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to
maintain or adjust the capital structure, the Company may issue new shares through private placements, prospectus offerings, convertible debentures, asset acquisitions or return capital to shareholders. The Company is not subject to externally
imposed capital requirements. </P>
<P align="justify">
<B>Changes in Accounting Policies and Critical Accounting Estimates </B></P>
<P align="justify">
<B><I>Changes in Accounting Policies </I></B></P>
<P align="justify">
The Company has adopted the following new standards, along with any consequential amendments, effective January 1, 2014. These changes were made in accordance with the applicable transitional provisions. </P>
<P align="justify">
<I>IFRIC 21, Levies </I><br>
In May 2013, the IASB issued IFRIC 21, <I>Levies, </I>which provides guidance on accounting for levies in accordance with the requirements of IAS 37, <I>Provisions, Contingent Liabilities and Contingent Assets</I>. The interpretation defines a levy
as an outflow from an entity imposed by a government in accordance with legislation. It also notes that levies do not arise from executor contracts or other contractual arrangements.  The interpretation also confirms that an entity recognized a
liability for a levy only when the triggering event specified in the legislation occurs. IFRIC 21 was applied retrospectively with no material impact on the financial statements. </P>
<P align="justify">
New standards and amendments have been proposed; however, they do not impact the condensed consolidated interim financial statements and are not anticipated to impact the Company&#146;s annual consolidated financial statements. The nature and impact
of each new standard and amendment applicable to the Company are described below: </P>
<P align="justify">
<I>IFRS 9, Financial Instruments </I><br>
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>. On July 24, 2014 the IASB issued the complete IFRS 9. 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>
<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>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">



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<A name="page_39"></A>

<P align="justify">
IFRS 9 amends some of the requirements of IFRS 7, <I>Financial Instruments: Disclosures</I>, including added disclosures about investments in equity instruments measured at fair value in OCI, and guidance on the measurement of financial liabilities
and derecognition of financial instruments. The mandatory effective date of IFRS 9 is for annual periods beginning on or after January 1, 2018 with early adoption permitted. The Company is currently assessing the impact of adopting IFRS 9 on its
consolidated financial statements, including the applicability of early adoption. </P>
<P align="justify">
IFRS 15, <I>Revenue from Contracts with Customers</I> <br>
On May 28, 2014, the IASB issued IFRS 15. The new standard is effective for annual periods beginning on or after January 1, 2017 with early adoption permitted. IFRS 15 will replace IAS 11 <I>Construction Contracts</I>, IAS 18 <I>Revenue</I>, IFRIC
13 <I>Customer Loyalty Programmes</I>, IFRIC 15 <I>Agreements for the Construction of Real Estate</I>, IFRIC 18 <I>Transfer of Assets from Customers</I> and SIC 31 <I>Revenue</I> &#150; <I>Barter Transactions Involving Advertising Services</I>. </P>
<P align="justify">
The standard contains a single model that applies to contracts with customers and two approaches to recognizing revenue: at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether,
how much and when revenue is recognized.  New estimates and judgmental thresholds have also been introduced, which may affect the amount and/or timing of revenue recognized. </P>
<P align="justify">
The Company intends to adopt IFRS 15 in its consolidated financial statements for the annual period beginning on January 1, 2017. The extent of the impact of adoption of the standard has not yet been determined. </P>
<P align="justify">
The Company has not early adopted any other standard, interpretation or amendment in the condensed consolidated interim financial statements that have been issued, but not yet effective. </P>
<P align="justify">
Amendments to IAS 1, <I>Presentation of Financial Statements </I><br>
On December 18, 2014, the IASB issued amendments to IAS 1 as part of its major initiative to improve presentation and disclosure in financial reports. The amendments are effective for annual periods beginning on or after January 1, 2016 with early
adoption permitted. The Company intends to adopt these amendments in its financial statements for the annual period beginning on January 1, 2016. The extent of the impact of adoption of the amendments has not yet been determined. </P>
<P align="justify">
<B><I>Critical Accounting Estimates </I></B><br>
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 </I><br>
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>
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<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, 2014, the
Company determined there were several indicators of potential impairment of its producing mineral properties which include the sustained decline in precious metal prices and updates 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>
<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 </I><br>
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 </I><br>
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 </I><br>
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 shares.  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 </I><br>
The Company completed equity offerings in previous periods whereby warrants were issued with exercise prices denominated in Canadian dollars. As the warrants had an exercise price denominated in a currency which is different to the functional
currency of the Company (US dollar), the warrants were treated as a financial liability. The Company&#146;s share purchase warrants were classified and accounted for as a financial liability at fair value with 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>
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<P align="justify">
<I>Business Combinations </I><br>
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>
<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 </B><br>
<B><I>Precious and Base Metal Price Fluctuations </I></B> <br>
The profitability of the precious metals operations in which the Company has an interest is 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 </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 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 </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>
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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&#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 </I></B> <br>
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 </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&#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 </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>
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<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 Guanacev&iacute;
Mines, Bola&ntilde;itos Mines and El Cubo Mines none of the Company&#146;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&#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 </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&#146;s properties.</P>
<P align="justify">
<B><I>Replacement of Reserves and Resources </I></B> <br>
The Guanacev&iacute;, Bola&ntilde;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 </I></B> </P>
<P align="justify">
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 cannot assure that it can complete any acquisition or business arrangement that it
had pursued, 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 </I></B> <br>
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>
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<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>
<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 </I></B> <br>
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 other jurisdictions; 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 </I></B> <br>
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>
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<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>
<P align="justify">
<B><I>Mexican Tax Assessments </I></B> <br>
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. If 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 </I></B> </P>
<P align="justify">
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 </I></B> <br>
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 </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&#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 for assurance 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>
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<P align="justify">
<B><I>Employee Recruitment and Retention </I></B> <br>
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>
<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&#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 </I></B> <br>
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>Assurance on Financial Statements </I></B> <br>
We prepare our financial reports in accordance with accounting policies and methods prescribed by IFRS. 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, 2014. 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. <B><I> </I></B></P>
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<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&#146;s growth and profitability.</P>
<P align=justify>Specifically:</P>
<P align=justify> <B>&#149;</B> the global credit/liquidity crisis could affect the cost and
availability of financing and our overall liquidity; <BR> <B>&#149; </B> the volatility of gold
and silver prices affects our revenues, profits and cash flow;<BR> <B>&#149;</B> volatile
energy prices, commodity and consumables prices and currency exchange rates
affect our production costs; <BR> <B>&#149;</B> the devaluation and volatility of global stock
markets affects the valuation of our equity securities.</P>
<P align=justify>These factors could have a material adverse effect on the
Company&#146;s financial condition and financial performance.</P>
<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&#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; decreased 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 result in the
Company&#146;s securities being delisted from the Toronto Stock Exchange and/ or NYSE
MKT, which would further reduce market liquidity.</P>
<P align=justify><B><I>Differences in U.S. and Canadian reporting of reserves
and resources </I></B><br>
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. It is Canadian practice to report measured,
indicated and inferred resources, which are not permitted in disclosures filed
with the SEC by United States reporting issuers. Under SEC rules, mineralization
may not be classified as a "reserve" unless a 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. In addition, 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
Company&#146;s other continuous disclosure documents, may not be comparable to
information made public by United States issuers subject to the reporting
requirements of the SEC.</P>
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<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> 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 for acquired operations where acquired companies do 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>
<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 </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&#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 </I></B> <br>
No dividends on the Company&#146;s common shares have been declared and 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. Declaration
and 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 </I></B> <br>
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>
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<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&#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">
<B><I>Financial Instruments </I></B><I> </I><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="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 and Chief Financial Officer 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 Chief Executive Officer and Chief Financial Officer, 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 in effective because
of the material weakness in our internal control over financial reporting that is described below in &#147;Management&#146;s Report on Internal Controls over Financial Reporting.</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>
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<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>
<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, 2014. 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). A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a
reasonable possibility that a material misstatement of the company&#146;s annual or interim financial statements will not be prevented or detected on a timely basis. As a result of its assessment, management identified a material weakness relating
to ineffective management review of the recording of the impairment of long-lived assets and related financial statement disclosures, specifically related to the circular impact on deferred income taxes. </P>
<P align="justify">
The material weakness resulted in material misstatements related to the understatement of impairment expense, overstatement of mineral properties, plant and equipment, and the related disclosures in the annual consolidated financial statements as at
and for the year ended December 31, 2014. These misstatements were corrected before issuing the consolidated financial statements. </P>
<P align="justify">
<B>Remediation Plan</B> <br>
Because of the inherent complexities in valuing long-lived assets, the Company will enhance its internal control system by consulting with a professional valuation company with experience and knowledge assessing the financial impact if there are any
future impairments. </P>
<P align="justify">
<B>Changes in Internal Control</B> <br>
Other than the material weakness described above, there has been no material change in internal controls of the Company during the fourth quarter and for the year ended December 31, 2014 that has materially affected, or is likely to materially
affect, the Company&#146;s internal control over financial reporting.  </P>
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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>

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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;&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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>&nbsp;&nbsp;&nbsp;&nbsp; (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>&nbsp;&nbsp;&nbsp;&nbsp; (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>&nbsp;&nbsp;&nbsp;&nbsp; (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>&nbsp;&nbsp;&nbsp;&nbsp; (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>
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  <TR vAlign=top>
    <TD align=left >Date: </TD>
    <TD align=left width="45%" >March 5, 2015 </TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">/s/
      Bradford Cooke </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="45%" >&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="45%" >&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%">Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="45%" >&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%">Chief Executive Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="45%" >&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%">(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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>&nbsp;&nbsp;&nbsp;&nbsp; (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>&nbsp;&nbsp;&nbsp;&nbsp; (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>&nbsp;&nbsp;&nbsp;&nbsp; (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>&nbsp;&nbsp;&nbsp;&nbsp; (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 align=left >Date: March 5, 2015 </TD>
    <TD align=left width="5%">By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">/s/
      Dan Dickson </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="45%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%">Dan Dickson </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%">Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="45%">(Principal Financial and Accounting Officer)
  </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>exhibit99-7.htm
<DESCRIPTION>EXHIBIT 99.7
<TEXT>

<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp.: Exhibit 99.7 - 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 99.7 </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, 2014 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 style="MARGIN-LEFT: 5%" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;
(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 style="MARGIN-LEFT: 5%" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;
(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 width="5%"  >&nbsp;</TD>
    <TD align=left>March 5, 2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Bradford Cooke </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Chief Executive Officer </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD 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">
<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, 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, 2014 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 style="MARGIN-LEFT: 5%" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;
(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 style="MARGIN-LEFT: 5%" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;
(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 width="5%"  >&nbsp;</TD>
    <TD align=left>March 5, 2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Dan Dickson </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Dan Dickson </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD 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>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></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 align=left>TO: </TD>
    <TD align=left width="95%">British Columbia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD 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 align=left>&nbsp; </TD>
    <TD align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">New Brunswick Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">Prince Edward Island Securities Office </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">Securities Commission of Newfoundland and
      Labrador </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">U.S. Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD 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</I></P>
<P align=justify><I>43-101 Technical Report Resource and Reserve Estimates for
the Bola&#241;itos Mines Project, Guanajuato </I><I>State, Mexico&#148;</I> effective
October 31, 2014 and dated February 25, 2015 (the "Technical Report") prepared
for Endeavour Silver Corp. and to extracts from or a summary of, the technical
report contained in, or incorporated by reference into, the Annual Information
Form dated March 4, 2015, the Annual Report on Form 40-F dated March 4, 2015,
the Registration Statement on Form F-10 (File No. 333-196981), the Management
Discussion &amp; Analysis dated March 4, 2015 and the news release dated January
29, 2015 of Endeavour Silver Corp. (collectively the &#147;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. I also hereby consent to the use of my name
in the Disclosure Documents. </P>
<P align=justify>Dated this 5<SUP>th</SUP> day of March, 2015 </P>
<P align=justify><I>&#147;</I><I>Michael J. Munroe</I><I>&#148; {signed and sealed}</I><I>
</I></P>
<P align=justify>____________________<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 align=left >TO: </TD>
    <TD align=left width="95%">British Columbia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD 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 align=left >&nbsp; </TD>
    <TD align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">New Brunswick Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Prince Edward Island Securities Office </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Securities Commission of Newfoundland and
      Labrador </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">U.S. Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD 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 October 31, 2014 and dated February 25, 2015 (the
"Technical Report") prepared for Endeavour Silver Corp. and to extracts from or
a summary of, the technical report contained in, or incorporated by reference
into, the Annual Information Form dated March 4, 2015, the Annual Report on Form
40-F dated March 4, 2015, , the Registration Statement on Form F-10 (File No.
333-196981), the Management Discussion &amp; Analysis dated March 4, 2015 and
the news release dated January 29, 2015 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. I also hereby consent to the use of my name
in the Disclosure Documents. </P>
<P align=justify>Dated this 5<SUP>th</SUP> day of March, 2015 </P>
<P align=justify><I>&#147;Michael J. Munroe&#148; {signed and sealed} </I></P>
<P align=justify>____________________<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 align=left >TO: </TD>
    <TD align=left width="95%">British Columbia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Alberta Securities Commission </TD></TR>
  <TR vAlign=bottom>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >Saskatchewan Financial Services
      Commission&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Manitoba Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Ontario Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Autorit&#233; des march&#233;s financiers </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">New Brunswick Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Nova Scotia Securities Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Prince Edward Island Securities Office </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Securities Commission of Newfoundland and
      Labrador </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">U.S. Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD 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 October 31, 2013 and dated February 25, 2015 (the "Technical Report")
prepared for Endeavour Silver Corp. and to extracts from or a summary of, the
technical report contained in, or incorporated by reference into, the Annual
Information Form dated March 4, 2015, the Annual Report on Form 40-F dated March
4, 2015, , the Registration Statement on Form F-10 (File No. 333-196981), the
Management Discussion &amp; Analysis dated March 4, 2015 and the news release
dated January 29, 2015 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. I also hereby consent to the use of my name
in the Disclosure Documents. </P>
<P align=justify>Dated this 5<SUP>th</SUP> day of March, 2015 </P>
<P align=justify><I>&#147;Michael J. Munroe&#148; {signed and sealed} </I></P>
<P align=justify>____________________<BR>Michael Munroe, SME-RM </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</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>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A><IMG src="exhibit99-3x1x1.jpg" border=0><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="30%"><B>KPMG LLP </B></TD>
    <TD align=left width="10%" >Telephone </TD>
    <TD align=left width="30%">(604) 691-3000 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%"><B>Chartered Accountants </B></TD>
    <TD align=left width="10%" >Fax </TD>
    <TD align=left width="30%">(604) 691- 3031 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%">PO Box 10426 777 Dunsmuir Street </TD>
    <TD align=left width="10%" >Internet </TD>
    <TD align=left width="30%">www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%">Vancouver BC V7Y 1K3 </TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%">Canada </TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR></TABLE>
<P align=center><B><FONT size=4>Consent of Independent Registered Public
Accounting Firm </FONT></B></P>
<P align=justify>The Board of Directors of Endeavour Silver Corp. </P>
<P align=justify>We consent to the use of our reports, each dated March 4, 2015,
with respect to the consolidated financial statements of Endeavour Silver Corp.
which comprise the consolidated statements of financial position as at December
31, 2014 and December 31, 2013, the consolidated statements of comprehensive
loss, changes in shareholders&#146; equity and cash flows for the years then ended,
and notes, comprising a summary of significant accounting policies and other
explanatory information, and the effectiveness of internal control over
financial reporting included in this annual report on Form 40-F. </P>
<P align=justify>Our report dated March 4, 2015, on the effectiveness of
internal control over financial reporting as of December 31, 2014, expresses our
opinion that Endeavour Silver Corp. did not maintain effective internal control
over financial reporting as of December 31, 2014 because of the effect of a
material weakness on the achievement of the objectives of the control criteria
and contains an explanatory paragraph that states a material weakness was
identified relating to ineffective management review of the recording of the
impairment of long-lived assets and related financial statement disclosures,
specifically related to the circular impact on deferred income taxes. </P>
<P align=justify>We also consent to the incorporation by reference of such
reports in the Registration Statement No. 333-196981 on Form-10/A of Endeavour
Silver Corp.</P>
<P align=justify><B>//s// KPMG LLP </B></P>
<P align=justify>Chartered Accountants </P>
<P align=justify>March 4, 2015 <BR>Vancouver, Canada </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left><FONT size=1>KPMG LLP is a Canadian limited liability
      partnership and a member firm of the KPMG </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=1>network of independent member firms affiliated
      with KPMG International Cooperative </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=1>(&#147;KPMG International&#148;), a Swiss entity.
    </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=1>KPMG Canada provides services to KPMG LLP.
      </FONT></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
