<SEC-DOCUMENT>0001062993-16-009406.txt : 20160505
<SEC-HEADER>0001062993-16-009406.hdr.sgml : 20160505
<ACCEPTANCE-DATETIME>20160505070506
ACCESSION NUMBER:		0001062993-16-009406
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20160331
FILED AS OF DATE:		20160505
DATE AS OF CHANGE:		20160505

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33153
		FILM NUMBER:		161621514

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

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

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

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

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="center">For the month of <b>MAY, 2016</b></p>

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

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

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

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

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<p align="center"><img src="smlogo.jpg" width="479" height="100"></p>
<p align="justify">Exhibits 99.1 through 99.2, respectively, are hereby  incorporated by reference as exhibits to the Registration Statement on Form  F-10 (File No. &nbsp;333-210911) of Endeavour Silver Corp., as amended or  supplemented.</p>
<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>
<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-1.htm">Condensed Consolidated Interim Financial Statements for the period ended March 31, 2016</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm">99.2</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-2.htm">Management's Discussion and Analysis for the period Ended March 31, 2016</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-3.htm">99.3</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-3.htm">Form 52-109F2 Certification of Interim Filings Full  Certificate - CEO</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-4.htm">99.4</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-4.htm">Form 52-109F2 Certification of Interim Filings Full  Certificate - CFO</a></td>
  </tr>
</table>
<p>&nbsp;</p>

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

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

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

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><b>Endeavour Silver Corp.</b></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">(Registrant)</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">Date: May 5, 2016</td>
    <td valign="top">By:</td>
    <td style="BORDER-BOTTOM: #000000 1px solid"><I>/s/ Bradford Cooke</I></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>Bradford Cooke</td>
  </tr>
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">Title:</td>
    <td>CEO</td>
  </tr>
</table>
<p>&nbsp; </p>

<hr noshade align="center" width="100%" size=5 color="Black"></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><IMG src="smlogo.jpg" border=0></P>
<BR>
<P align=justify>&nbsp;</P>
<P align=center><B>Condensed Consolidated Interim Financial Statements </B></P>
<P align=center>Prepared by Management </P>
<P align=center><B>First Quarter Report </B><BR><B>Three Months Ended March 31,
2016 and 2015 </B></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><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><FONT size=3><B>ENDEAVOUR SILVER CORP.</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL
      POSITION</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(unaudited &#150; prepared by management) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(expressed in
      thousands of US dollars) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="13%" align=center nowrap><B>March 31,</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="13%" align=center nowrap>December 31, </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >Notes </TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2016</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="13%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2015    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>ASSETS</B> </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff
    >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="13%" 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="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD 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>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Current assets</B> </TD>
    <TD vAlign=bottom align=center width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="13%">&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="13%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff
    >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="13%"
      bgColor=#e6efff><B>&nbsp;20,385</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="13%" bgColor=#e6efff>&nbsp;20,413 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Investments </TD>
    <TD vAlign=bottom align=center width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%"><B>59</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="13%">614 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Accounts receivable </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff >4    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bgColor=#e6efff><B>28,411</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="13%" bgColor=#e6efff>24,343 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Inventories </TD>
    <TD vAlign=bottom align=center width="8%" >5 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%"><B>16,027</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="13%">17,350 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Prepaid expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="13%" bgColor=#e6efff><B>2,546</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="13%" bgColor=#e6efff>2,510 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total current assets </TD>
    <TD vAlign=bottom align=center width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%"><B>67,428</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="13%">65,230 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=center bgColor=#e6efff
    >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Non-current deposits </TD>
    <TD vAlign=bottom align=center width="8%"
    >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%"><B>924</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="13%">855 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff">Deferred income tax asset </TD>
    <TD width="8%" align=center vAlign=bottom bgcolor="#e6efff" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="13%" align=right vAlign=bottom bgcolor="#e6efff"><B>120</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="13%" align=right vAlign=bottom bgcolor="#e6efff">223 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mineral properties, plant and equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" >7 </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="13%"><B>46,773</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="13%">47,925 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid"><B>Total
      assets</B> </TD>
    <TD
    width="8%" align=center vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" >&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD
    width="13%" align=right vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;115,245</B> </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD
    width="13%" align=right vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;114,233 </TD>
    <TD
    width="2%" align=left vAlign=bottom bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="8%"
    >&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 align=left bgcolor="#e6efff"><B>LIABILITIES AND SHAREHOLDERS' EQUITY</B> </TD>
    <TD width="8%" align=center vAlign=bottom bgcolor="#e6efff" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD>
    <TD width="13%" 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="13%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&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>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Current liabilities</B> </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff
    >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="13%" 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="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Accounts payable and accrued liabilities </TD>
    <TD vAlign=bottom align=center width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"><B>$</B></TD>
    <TD vAlign=bottom align=right width="13%"><B>&nbsp;14,830</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="13%">&nbsp;18,949 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Finance lease obligation </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff >9    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bgColor=#e6efff><B>954</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="13%" bgColor=#e6efff>1,180 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Income taxes payable </TD>
    <TD vAlign=bottom align=center width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%"><B>3,353</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="13%">5,844 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Revolving credit facility </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff >8 </TD>
    <TD style="BORDER-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><B>19,000</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="13%" bgColor=#e6efff>22,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total current liabilities </TD>
    <TD vAlign=bottom align=center width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%"><B>38,137</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="13%">47,973 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff
    >&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="13%" 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="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Provision for reclamation and rehabilitation </TD>
    <TD vAlign=bottom align=center width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%"><B>7,783</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="13%">7,762 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Deferred income tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="13%" bgColor=#e6efff><B>7,335</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="13%" bgColor=#e6efff>7,623 </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" align=left><B>Total
      liabilities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="13%"><B>53,255</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="13%">63,358 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff
    >&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="13%" 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="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Shareholders' equity</B> </TD>
    <TD vAlign=bottom align=center width="8%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="13%">&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="13%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share capital, unlimited common shares
      authorized, no par value, issued and outstanding 107,789,776 shares (Dec
      31, 2015 - 102,776,470 shares) </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff
      >Page 4 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bgColor=#e6efff><B>377,579</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="13%" bgColor=#e6efff>368,898 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Contributed surplus </TD>
    <TD vAlign=bottom align=center width="8%" >Page 4 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%"><B>9,908</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="13%">9,465 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accumulated comprehensive income (loss) </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff
      >Page 4 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="13%" bgColor=#e6efff><B>17</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="13%" bgColor=#e6efff>(145</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Retained earnings
      (deficit) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="13%"><B>(325,514</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="13%">(327,343</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" align=left
      bgColor=#e6efff><B>Total shareholders' equity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%" bgColor=#e6efff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="13%" bgColor=#e6efff><B>61,990</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="13%" bgColor=#e6efff>50,875 </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 2px solid" align=left><B>Total
      liabilities and shareholders' equity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="8%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="13%"><B>&nbsp;115,245</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="13%">&nbsp;114,233 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>Subsequent events (Note 10(a)(b) </P>
<P align=justify>Commitments and contingencies (Note 7, 9 and 15) </P>
<P align=justify>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=center width="15%">Page -
      2 - </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B><font size="3">ENDEAVOUR SILVER CORP.</font></B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF
      COMPREHENSIVE INCOME (LOSS)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(unaudited &#150; prepared by management) </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of US dollars, except for shares
      and per share amounts) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD></TR></TABLE><BR>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="29%" colSpan=4><B>Three Months Ended</B>
</TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="13%"><B>March 31,</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="13%">March 31, </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center
      width="8%">Notes </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center
      width="13%"><B>2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="13%">2015
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Revenue </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%"><B>$</B></TD>
    <TD align=right width="13%"><B>&nbsp;41,541</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="13%">&nbsp;51,109 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cost of sales: </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Direct production costs </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>29,844</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>31,269 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Royalties </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>209</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">248 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Share-based compensation </TD>
    <TD align=center width="8%" bgColor=#e6efff>10 (b) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>56</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>73 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Depreciation and depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="8%">&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="13%"><B>5,154</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">10,454 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>35,263</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>42,044 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mine operating earnings </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>6,278</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">9,065 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Expenses: </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Exploration </TD>
    <TD align=center width="8%" bgColor=#e6efff>11 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>1,199</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>1,074 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp;General and administrative </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%">12
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>2,028</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">1,829
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>3,227</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>2,903 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating earnings (loss) </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>3,051</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">6,162 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Finance costs </TD>
    <TD align=center width="8%">9 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>287</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">313 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other income (expense): </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Foreign exchange
    </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>514</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(667</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp;Investment and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="8%">&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="13%"><B>(141</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">354
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>373</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(313</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Earnings (loss) before income taxes </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff><B>3,137</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>5,536 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Income tax expense (recovery): </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Current income tax </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%"><B>1,411</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="13%">3,176 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Deferred income tax </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff><B>(103</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>1,003 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="8%">&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="13%"><B>1,308</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">4,179
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Net earnings (loss) for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff><B>1,829</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>1,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other comprehensive income (loss), net of
      tax </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp;Net change in fair value of available for sale investments
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="8%">&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="13%"><B>162</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">404
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Comprehensive
      income (loss) for the period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>&nbsp;1,991</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%">&nbsp;1,761 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Basic and diluted
      earnings (loss) per share based on net earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>&nbsp;0.02</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">&nbsp;0.01 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Diluted earnings (loss) per share based on net earnings
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    bgColor=#e6efff>10 (d) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff><B>&nbsp;0.02</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>&nbsp;0.01 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Basic and diluted weighted average number of shares
      outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="8%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff><B>104,646,404</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff>101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Diluted weighted
      average number of shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%">10
      (d) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><B>105,071,404</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=center width="15%">Page -
      3 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A><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><FONT size=3><B>ENDEAVOUR SILVER CORP.</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN
      SHAREHOLDERS&#146; EQUITY</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(unaudited &#150; prepared by management) </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of U.S. dollars, except share
      amounts) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>Accumulated </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>other </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>Total </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>Number of </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>Share </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>Contributed </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>comprehensive&nbsp;&nbsp;</TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>Shareholders' </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Note    </TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">shares </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Capital </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Surplus </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">income (loss) </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Deficit </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Equity </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance at December 31, 2014 </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>101,976,901 </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>367,853 </TD>
    <TD vAlign=bottom align=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>8,430 </TD>
    <TD vAlign=bottom align=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>(4,758</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>(179,252</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>192,273 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="8%">&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 align=left bgColor=#e6efff>Share based compensation </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>10 (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=right width="8%" bgColor=#e6efff>480 </TD>
    <TD vAlign=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=right width="8%" bgColor=#e6efff>480 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Unrealized gain (loss) on available for sale assets </TD>
    <TD vAlign=bottom align=center width="8%">&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=right width="8%">404 </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%">404 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Expiry and forfeiture of options </TD>
    <TD vAlign=bottom align=center width="8%" 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=right width="8%" bgColor=#e6efff>(10</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="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=right width="8%" 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="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" align=left>Earnings (loss)
      for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&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="8%">&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="8%">&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="8%">&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="8%">1,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%">1,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance at March 31, 2015 </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>101,976,901 </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>367,853 </TD>
    <TD vAlign=bottom align=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>8,900 </TD>
    <TD vAlign=bottom align=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>(4,354</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>(177,885</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>194,514 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="8%">&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 align=left bgColor=#e6efff>Public equity offerings </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>10 (a) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>799,569 </TD>
    <TD vAlign=bottom align=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>1045 </TD>
    <TD vAlign=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=right width="8%" bgColor=#e6efff>1,045 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share based compensation </TD>
    <TD vAlign=bottom align=center width="8%">10 (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=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=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=right width="8%">2,405 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Unrealized gain (loss) on available for
      sale assets </TD>
    <TD vAlign=bottom align=center width="8%" 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=right width="8%" bgColor=#e6efff>(576</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="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=right width="8%" bgColor=#e6efff>(576</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Available-for-sale financial asset reclassified to net loss
    </TD>
    <TD vAlign=bottom align=center width="8%">&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=right width="8%">4,785 </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%">4,785 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Expiry and forfeiture of options </TD>
    <TD vAlign=bottom align=center width="8%" 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=right width="8%" bgColor=#e6efff>(1,840</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="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=right width="8%" bgColor=#e6efff>1,840 </TD>
    <TD vAlign=bottom align=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" align=left>Earnings (loss)
      for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&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="8%">&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="8%">&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="8%">&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="8%">(151,298</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%">(151,298</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance at December 31, 2015 </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>102,776,470 </TD>
    <TD vAlign=bottom align=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>368,898 </TD>
    <TD vAlign=bottom align=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>9,465 </TD>
    <TD vAlign=bottom align=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>(145</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>(327,343</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>50,875 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="8%">&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 align=left bgColor=#e6efff>Public equity offerings </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>10 (a) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,997,806 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>8,636 </TD>
    <TD vAlign=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=right width="8%" bgColor=#e6efff>8,636 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exercise of options </TD>
    <TD vAlign=bottom align=center width="8%">10 (b) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">15,500 </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%">45 </TD>
    <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</TD>
    <TD vAlign=bottom align=left width="2%">) </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=right width="8%">31 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share based compensation </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>10 (b)(c) </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=right width="8%" bgColor=#e6efff>457 </TD>
    <TD vAlign=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=right width="8%" bgColor=#e6efff>457 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Unrealized gain (loss) on available for sale assets </TD>
    <TD vAlign=bottom align=center width="8%">&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=right width="8%">431 </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%">431 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Realized gain (loss) on available for sale
      assets </TD>
    <TD vAlign=bottom align=center width="8%" 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=right width="8%" bgColor=#e6efff>(269</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="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=right width="8%" bgColor=#e6efff>(269</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Earnings (loss)
      for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="8%">&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="8%">&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="8%">&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="8%">&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="8%">1,829 </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%">1,829 </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" align=left
      bgColor=#e6efff>Balance at March 31, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="8%" 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>107,789,776 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;377,579 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;9,908 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;17 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff>&nbsp;(325,514</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;61,990 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=center width="15%">Page -
      4 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
      </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>(unaudited &#150; prepared by management) </TD></TR>
  <TR vAlign=top>
    <TD align=left>(expressed in thousands of U.S. dollars)
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD
    width="8%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Three Months Ended </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>March 31, </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD width="12%" align=center nowrap>March 31, </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Notes </TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2016 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2015    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Operating activities </B></TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net earnings (loss) for the period </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,829 </B></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,357 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Items not affecting cash: </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share-based compensation </TD>
    <TD align=center width="8%" bgColor=#e6efff>10 (b)(c) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>457 </B></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>480 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Depreciation and depletion </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>5,222 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">10,518 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Deferred income tax expense
      (recovery) </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(103</B></TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,003 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Unrealized foreign exchange loss (gain) </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(242</B></TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">140 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Loss on available for sale
      assets </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>269 </B></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Finance costs </TD>
    <TD align=center width="8%">8 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>63 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">306 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Net changes in non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    bgColor=#e6efff>13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(10,324</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(9,519</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash from (used
      in) operating activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(2,829</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">4,285    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Investing activites </B></TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Property, plant and equipment
      expenditures </TD>
    <TD align=center width="8%" bgColor=#e6efff>7 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(3,087</B></TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(8,665</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Proceeds from sale of available for sale
      assets </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>448 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Investment in long term deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>133 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash used in
      investing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(2,506</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(8,665</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financing activities </B></TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Repayment of revolving credit
      facility </TD>
    <TD align=center width="8%" bgColor=#e6efff>8 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(3,000</B></TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Repayment of obligation under finance lease</TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(226</B></TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Debt issuance costs </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(304</B></TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Interest paid </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(174</B></TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(225</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Public equity offerings </TD>
    <TD align=center width="8%" bgColor=#e6efff>10 (a) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>9,098 </B></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Exercise of options and warrants </TD>
    <TD align=center width="8%">10 (b) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>31 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Share issuance costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    bgColor=#e6efff>10 (a) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(278</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash from (used
      in) financing activites </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>5,147 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(225</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Increase (decrease) in cash and cash equivalents </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(188</B></TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(4,605</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Effect of exchange rate change on cash and
      cash equivalents </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>160 </B></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(140</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash and cash
      equivalents, beginning of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>20,413 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">31,045 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Cash and cash equivalents, end of period </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="8%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>20,385 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;26,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Supplemental cash flow information </TD>
    <TD align=center width="8%" bgColor=#e6efff>13 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
<TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these condensed
consolidated interim financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=center width="15%">Page -
      5 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR><B>Notes
to the Condensed Consolidated Interim Financial Statements </B><BR>Three months
ended March 31, 2016 and 2015 <BR>(unaudited &#150; prepared by management)
<BR>(expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B><U>CORPORATE INFORMATION</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>Endeavour Silver Corp. (the &#147;Company&#148; or &#147;Endeavour
      Silver&#148;) is a corporation governed by the Business Corporation Act
      (British Columbia). The Company is engaged in silver mining in Mexico and
      related activities including acquisition, exploration, development,
      extraction, processing, refining and reclamation. The Company is also
      engaged in exploration activities in Chile. The address of the registered
      office is #301 &#150; 700 West Pender Street, Vancouver, B.C., V6C
  1G8.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD align=left>
      <P align=justify><B><U>BASIS OF PRESENTATION</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>These condensed consolidated interim financial statements
      have been prepared in accordance with IAS 34 <I>Interim Financial
      Reporting </I>and do not include all of the information required for full
      annual financial statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>The Board of Directors approved the condensed
      consolidated interim financial statements for issue on May 4,
  2016.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>The preparation of interim financial statements requires
      management to make judgments, estimates and assumptions that affect the
      application of accounting policies and the reported amounts of assets and
      liabilities, income and expense. Actual results may differ from these
      estimates.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>These consolidated financial statements are presented in
      the Company&#146;s functional currency of US dollars and include the accounts
      of the Company and its wholly owned subsidiaries: Endeavour Management
      Corp., Endeavour Zilver SARL, Endeavour Gold Corporation S.A. de C.V.,
      Endeavour Capital S.A. de C.V. SOFOM ENR, Minera Santa Cruz Y Garibaldi S.
      A de C.V., Metalurgica Guanacevi S.A. de C.V., Minera Plata Adelante S.A.
      de C.V., Refinadora Plata Guanacevi S.A. de C. V., Minas Bolanitos S. A.
      de C.V., Guanacevi Mining Services S.A. de C.V., Recursos Humanos
      Guanacevi S.A. de C. V., Recursos Villalpando S.A. de C.V., Servicios
      Administrativos Varal S.A. de C.V., Minera Plata Carina SPA, MXRT Holding
      Ltd., 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></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD align=left>
      <P align=justify><B><U>SIGNIFICANT ACCOUNTING POLICIES</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>The accounting policies applied in these condensed
      consolidated interim financial statements are the same as those applied in
      the Company&#146;s annual audited consolidated financial statements as at and
      for the year ended December 31, 2015.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD align=left>
      <P align=justify>In preparing these condensed consolidated interim
      financial statements, the significant judgments made by management in
      applying the Company&#146;s accounting policies and the key sources of
      estimation uncertainty were the same as those that applied to the annual
      consolidated financial statements as at and for the year ended December
      31, 2015.</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 align=center width="5%"><B>(a) </B></TD>
    <TD>
      <P align=justify><B>Accounting standards adopted during the
    period</B></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD align=center width="5%"></TD>
    <TD>
      <P align=justify>Amendments to IAS 1, <I>Presentation of Financial
      Statements (&#147;IAS 1&#148;)</I></P></TD></TR>
  <TR>
    <TD align=center width="5%"></TD>
    <TD>
      <P 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 adopted these amendments in its financial statements for the
      annual period beginning on January 1, 2016 with no material impact on the
      financial statements.</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><B>(b) </B></TD>
    <TD>
      <P align=justify><B>Changes in IFRS not yet adopted.</B></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD align=center width="5%"></TD>
    <TD>
      <P align=justify><I>Amendments to IAS 7, Statement of Cash Flows (&#147;IAS
      7&#148;)</I></P></TD></TR>
  <TR>
    <TD align=center width="5%"></TD>
    <TD>
      <P align=justify>On January 7, 2016, the IASB issued amendments to IAS 7.
      The amendments apply prospectively for annual periods beginning on or
      after January 1, 2017 with early adoption permitted. The amendments
      require disclosures that enable users of financial statements to evaluate
      changes in liabilities arising from financing activities, including both
      changes arising from cash flow and non-cash changes. The Company intends
      to adopt the amendments to IAS 7 in its financial statements for the
      annual periods beginning on January 1, 2017. The extent of the impact of
      adoption of the amendments has not yet been determined.</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD align=center width="5%"></TD>
    <TD>
      <P align=justify><I>Amendments to IAS 12, Income Taxes (&#147;IAS
    12&#148;)</I></P></TD></TR>
  <TR>
    <TD align=center width="5%"></TD>
    <TD>
      <P align=justify>On January 19, 2016, the IASB issued amendments to IAS
      12. The amendments apply retrospectively for annual periods beginning on
      or after January 1, 2017 with early adoption permitted. The amendments
      clarify that the existence of a deductible temporary difference depends
      solely on a comparison of the carrying amount of an asset and its tax
      basis at the end of the reporting period, and is not affected by possible
      future changes in the carrying amount of expected manner of recovery or
      the asset. The amendments also clarify the methodology to determine future
      income tax profits used for assessing the utilization of deductible
      temporary differences. The Company intends to adopt the amendments to IAS
      12 in its financial statements for the annual period beginning on January
      1, 2017. The extent of the impact of adoption of the amendments has not
      yet been determined.</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=center width="15%">Page -
            6 - </TD>
        </TR>
      </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Condensed Consolidated Interim Financial Statements </B><BR>
  Three months
  ended March 31, 2016 and 2015 <BR>
  (unaudited &#150; prepared by management) <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>IFRS 9 Financial Instruments (&#147;IFRS 9&#148;)</I></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In November 2009, the IASB issued IFRS 9 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></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Classification is made at the time the financial asset is
      initially recognized, namely when the entity becomes a party to the
      contractual provisions of the instrument.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS 9 amends some of the requirements of IFRS 7,
      <I>Financial Instruments: Disclosures</I>, including added disclosures
      about investments in equity instruments measured at fair value in other
      comprehensive income, and guidance on the measurement of financial
      liabilities and 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></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS 15, <I>Revenue from Contracts with Customers (&#147;IFRS
      15&#148;)</I></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P 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,
      2018 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></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <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></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company intends to adopt IFRS 15 in its consolidated
      financial statements for the annual period beginning on January 1, 2018.
      The extent of the impact of adoption of the standard has not yet been
      determined.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS 16, <I>Leases (&#147;IFRS 16&#148;)</I></P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On January 13, 2016, the IASB published a new standard,
      IFRS 16, <I>Leases, </I>eliminating the current dual accounting model for
      lessees, which distinguishes between on-balance sheet finance leases and
      off-balance sheet operating leases. Under the new standard, a lease
      becomes an on-balance sheet liability that attracts interest, together
      with a new right-of-use asset. In addition, lessees will recognize a
      front-loaded pattern of expense for most leases, even when cash rentals
      are constant. IFRS 16 is effective for annual periods beginning on or
      after January 1, 2019, with earlier adoption permitted. The Company has
      not yet completed an assessment of the impact of this standard on its
      consolidated financial statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B><U>ACCOUNTS
RECEIVABLE</U></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">&nbsp;&nbsp;</TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    ><STRONG>March 31</STRONG> </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Note    </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2016</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2015    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Trade receivables <SUP>(1)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>5,509</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,704 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>IVA receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>15,558</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">16,506 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income taxes recoverable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>6,675</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,676 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Due from related parties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">6 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>60</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">111 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Other receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>609</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>346 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>28,411</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;24,343 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&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
      16).</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=center width="15%">Page - 7- </TD>
        </TR>
      </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Condensed Consolidated Interim Financial Statements </B><BR>
  Three months
  ended March 31, 2016 and 2015 <BR>
  (unaudited &#150; prepared by management) <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
<P align=justify><B><U>INVENTORIES</U></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD
      width="17%" align=center nowrap style="BORDER-TOP: #000000 1px solid"><B>March 31</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
      width="17%" align=center nowrap style="BORDER-TOP: #000000 1px solid">December 31 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="17%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>2016</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="17%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">2015    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Warehouse inventory </TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="17%" bgColor=#e6efff><B>&nbsp;9,763</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;9,730 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Stockpile inventory <SUP>(1)</SUP> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%"><B>2,301</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%">3,808 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Work in process inventory <SUP>(2)</SUP>
</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff><B>700</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>391 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Finished goods
      inventory <SUP>(3)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>3,263</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">3,421
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff><B>&nbsp;16,027</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;17,350 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company has stockpiled 42,972 tonnes of mined ore as
      of March 31, 2016 (December 31, 2015 &#150; 71,793 tonnes). The stockpile
      inventory balance at December 31, 2015 includes a write down to net
      realizable value of $154 for stockpile inventory held at the El Cubo mine.
      Of this amount $116 is comprised of cash costs and $38 relates to
      depreciation and depletion.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The work in process inventory balance at December 31,
      2015 includes a write down to net realizable value of $80 for work in
      process inventory at the El Cubo mine. Of this amount, $60 is comprised of
      cash costs and $20 relates to depreciation and depletion.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The Company held 156,299 silver ounces and 1,504 gold
      ounces as of March 31, 2016 (December 31, 2015 &#150; 194,496 and 1,285,
      respectively). These ounces are carried at the lower of cost and net
      realizable value. As at March 31, 2016, the quoted market value of the
      silver ounces was $2,404 (December 31, 2015 - $2,688) and the quoted
      market value of the gold ounces was $1,860 (December 31, 2015 -
      $1,364).</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%">6. </TD>
    <TD>
      <P align=justify><B><U>RELATED PARTY TRANSACTIONS</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company shares common administrative services and
      office space with a company related by virtue of a common director and
      from time to time will incur third party costs on behalf of the related
      parties on a full cost recovery basis. The charges for these costs totaled
      $12 for the three months ended March 31, 2016 (March 31, 2015 - $13). The
      Company has a $60 net receivable related to administration costs and other
      items outstanding as of March 31, 2016. (December 31, 2015 &#150;
  $111).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company was charged $38 for legal services for the
      three months ended March 31, 2015 by a legal firm in which the Company&#146;s
      Corporate Secretary is a partner (March 31, 2015 - $52). The Company has
      $Nil payable to the legal firm as at March 31, 2016 (December 31, 2015 -
      $12).</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=center width="15%">Page -
            8 - </TD>
        </TR>
      </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Condensed Consolidated Interim Financial Statements </B><BR>
  Three months
  ended March 31, 2016 and 2015 <BR>
  (unaudited &#150; prepared by management) <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B><U>MINERAL PROPERTIES, PLANT AND
    EQUIPMENT</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Mineral properties, plant and equipment
comprise:</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="8%">Mineral    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="8%">&nbsp;    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="8%">Machinery &amp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="8%">&nbsp;    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">Transport &amp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="8%">&nbsp;    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">properties </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%">Plant    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="8%">Building </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">office equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%">Total    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Cost</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Balance at December 31, 2014 </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;398,913 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;90,989 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;56,134 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;9,971 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;7,842 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;563,849 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Additions </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>30,716 </TD>
    <TD vAlign=bottom align=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>2,786 </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="8%" bgColor=#e6efff>4,123 </TD>
    <TD vAlign=bottom align=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>508 </TD>
    <TD vAlign=bottom align=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>750 </TD>
    <TD vAlign=bottom align=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>38,883 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="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="12%">(67</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%">(67</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="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="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="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Balance at December 31, 2015 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">429,629 </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="8%">93,775 </TD>
    <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%">60,257 </TD>
    <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%">10,479 </TD>
    <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%">8,525 </TD>
    <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%">602,665 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="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="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="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Additions </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,497 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">309 </TD>
    <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%">206 </TD>
    <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="12%">75 </TD>
    <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%">3,087 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="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="12%" bgColor=#e6efff>(24</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>(24</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" align=left>Balance at March
      31, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;432,126 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;94,084 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;60,463 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;10,479 </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%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%">&nbsp;8,576 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;605,728 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="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="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="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>Accumulated amortization and impairment</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="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="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD 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>
    <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>
    <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 width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance at December 31, 2014 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;315,950 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;37,388 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;19,698 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;2,486 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;5,597 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;381,119 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Amortization </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">24,284 </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%">6,689 </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="8%">6,508 </TD>
    <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%">863 </TD>
    <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%">1,344 </TD>
    <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%">39,688 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD 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>71,100 </TD>
    <TD vAlign=bottom align=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>39,800 </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>17,000 </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>5,600 </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=right width="12%" bgColor=#e6efff>500 </TD>
    <TD vAlign=bottom align=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>134,000 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="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="12%">(67</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%">(67</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="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="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="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Balance at December 31, 2015 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">411,334 </TD>
    <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%">83,877 </TD>
    <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%">43,206 </TD>
    <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%">8,949 </TD>
    <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%">7,374 </TD>
    <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%">554,740 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="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="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="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Amortization </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">2,674 </TD>
    <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%">495 </TD>
    <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%">796 </TD>
    <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%">76 </TD>
    <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%">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%">4,238 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="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="12%" bgColor=#e6efff>(23</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>(23</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="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="12%">&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 style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Balance at March 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;414,008</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;84,372</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;44,002</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;9,025</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;7,548</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;558,955</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="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="12%">&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 align=left bgColor=#e6efff><B>Net book value</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="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="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="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 align=left>At December 31, 2015 </TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;18,295 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;9,898 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;17,051 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;1,530 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;1,151 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">$</TD>
    <TD vAlign=bottom align=right width="8%">&nbsp;47,925 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>At March 31, 2016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;18,118</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;9,712</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;16,461</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;1,454</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><B>&nbsp;1,028</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%" bgColor=#e6efff><B>&nbsp;46,773</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 width="5%"></TD>
    <TD>
      <P align=justify>As of March 31, 2016, other than the finance lease
      obligations of $954, the Company has $Nil committed to capital equipment
      purchases.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B><U>REVOLVING CREDIT FACILITY</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On January 19, 2016, the Company signed an amended and
      restated credit facility (&#147;the Amended Facility&#148;) to convert the remaining
      outstanding balance under the existing revolving credit facility into a
      two year term loan amortized quarterly and maturing December 31, 2017. The
      Amended Facility 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 Bola&#241;itos SA de CV and Compania
      Minera del Cubo SA de CV. The interest rate margin on the Facility will be
      4.5% over LIBOR and the Company agreed to pay a fee of $300 upon signing.
      The Facility is subject to various qualitative and quantitative covenants,
      including a debt to EBITDA leverage ratio, an interest service coverage
      ratio and a tangible net worth calculation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At March 31, 2016, the Company had $19,000 outstanding on
      the Amended Facility (December 31, 2015 &#150;
$22,000).</P></TD></TR></TABLE><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD
      width="22%" align=center nowrap style="BORDER-TOP: #000000 1px solid">Facility Financial </TD>
    <TD width="22%" align=right nowrap style="BORDER-TOP: #000000 1px solid"><B>Mar
      31,</B> </TD>
    <TD width="22%" align=right nowrap style="BORDER-TOP: #000000 1px solid">Dec. 31,    </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Facility Financial
      Covenants </TD>
    <TD
      width="22%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">Requirements </TD>
    <TD
      width="22%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>2016</B> </TD>
    <TD width="22%" align=right nowrap style="BORDER-BOTTOM: #000000 2px solid">2015    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Leverage Ratio </TD>
    <TD align=center width="22%" bgColor=#e6efff><U>&lt;</U> 3.00:1 </TD>
    <TD align=right width="22%" bgColor=#e6efff><B>0.55</B> </TD>
    <TD align=right width="22%" bgColor=#e6efff>0.53 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest Service Coverage Ratio </TD>
    <TD align=center width="22%"><U>&gt;</U> 4.00:1 </TD>
    <TD align=right width="22%"><B>37</B> </TD>
    <TD align=right width="22%">42 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Tangible Net Worth </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="22%"
    bgColor=#e6efff>&gt; 45,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="22%"
    bgColor=#e6efff><B>61,972</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="22%"
    bgColor=#e6efff>51,020 </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=center width="15%">Page -
          9 - </TD>
      </TR>
    </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Condensed Consolidated Interim Financial Statements </B><BR>
  Three months
  ended March 31, 2016 and 2015 <BR>
  (unaudited &#150; prepared by management) <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B><U>FINANCE LEASE OBLIGATION</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has certain mining equipment under financial
      leases expiring in 2016. The leases carry a weighted average annual
      interest rate of 11.45%. Estimated lease payments are as
follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD
      width="17%" align=center nowrap style="BORDER-TOP: #000000 1px solid"><B>March 31</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
      width="17%" align=center nowrap style="BORDER-TOP: #000000 1px solid">December 31 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="17%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2016</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="17%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2015    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff><B>&nbsp;983</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;1,238 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Minimum lease payments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%"><B>983</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%">1,238 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Less: interest
      portion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>29</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">58
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net minimum lease payments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff><B>&nbsp;954</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;1,180 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The equipment under finance leases has
been recognized in property and equipment at the present value of minimum lease
payments. Interest charges on lease equipment during the three months ended
March 31, 2016 were approximately $28 (2015 - $Nil). Other than interest, no
costs were incurred relating to the leases. The lease is secured by the assets
under lease. At March 31,2016 the net book value of the equipment pledged as
security for the finance leases is $1,504 (December 31, 2015 - $1,544). </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%">10. </TD>
    <TD>
      <P align=justify><B><U>SHARE CAPITAL</U></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>(a)</B><B>&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>Public Offerings </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>In July 2014, the Company filed a short
form base shelf prospectus (the &#147;Base Shelf&#148;) that qualifies for the
distribution of up to CAN$ 200 million of common shares, warrants or units of
the Company comprising any combination of common shares and warrants
(&#147;Securities&#148;). The distribution of Securities may be effected from time to time
in one or more transactions at a fixed price or prices, which may be changed, at
market prices prevailing at the time of sale, or at prices related to such
prevailing market prices to be negotiated with purchasers and as set forth in an
accompanying prospectus supplement, including transactions that are deemed to be
&#147;at-the-market&#148; distributions.</P>
<P style="MARGIN-LEFT: 5%" align=justify>On November 25, 2015, the Company
entered into an ATM equity facility with Cowen and Company, LLC, acting as sole
agent. Under the terms of this ATM facility, the Company may, from time to time,
sell common stock having an aggregate offering value of up to US$16.5 million on
the New York Stock Exchange. The Company determines, at its sole discretion, the
timing and number of shares to be sold under the ATM facility. During the three
months ended March 31, 2016, the Company had 4,997,806 common shares issued or
issuable under the ATM facility at an average price of $1.82 per share for net
proceeds of $8,825. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Subsequent to March 31, 2016, the
Company completed the ATM by issuing an additional 2,220,319 shares under the
ATM facility at an average price of $2.82 per share for net proceeds of $6,068.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>In May 2016, the Company filed a short
form base shelf prospectus that qualifies for the distribution of up to CAN$ 175
million of common shares, warrants or units of the Company comprising any
combination of common shares and warrants (&#147;Securities&#148;). The distribution of
Securities may be effected from time to time in one or more transactions at a
fixed price or prices, which may be changed, at market prices prevailing at the
time of sale, or at prices related to such prevailing market prices to be
negotiated with purchasers and as set forth in an accompanying prospectus
supplement, including transactions that are deemed to be &#147;at-the-market&#148;
distributions.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>(b)</B><B>&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>Purchase Options </B></P>
<P style="MARGIN-LEFT: 5%" 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=center width="15%">Page -
      10 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Condensed Consolidated Interim Financial Statements </B><BR>
  Three months
  ended March 31, 2016 and 2015 <BR>
  (unaudited &#150; prepared by management) <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes the
status of the Company&#146;s stock option plan and changes during the period: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
      ><B>Expressed in Canadian dollars</B> </TD>
    <TD colspan="2" align=center nowrap style="BORDER-TOP: #000000 2px solid"><B>Period Ended</B> </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD colspan="2" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>March 31, 2016</B> </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="25%" align=center nowrap>Number </TD>
    <TD width="25%" align=center nowrap>Weighted average </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="25%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">of
      shares </TD>
    <TD
      width="25%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">exercise price </TD>
  </TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="25%">&nbsp; </TD>
    <TD width="25%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Outstanding, beginning of
      year </TD>
    <TD align=right width="25%" bgColor=#e6efff>6,322,050 </TD>
    <TD align=center width="25%" bgColor=#e6efff>$3.80 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Granted </TD>
    <TD align=right width="25%">- </TD>
    <TD align=center width="25%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Exercised </TD>
    <TD align=right width="25%" bgColor=#e6efff>(15,500) </TD>
    <TD align=center width="25%" bgColor=#e6efff>$2.65 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;Cancelled </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="25%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">-  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Outstanding, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="25%"
    bgColor=#e6efff>6,306,550 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="25%"
    bgColor=#e6efff>$3.80 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="25%">&nbsp; </TD>
    <TD width="25%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Options exercisable at period end </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="25%"
    bgColor=#e6efff>4,473,050 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="25%"
    bgColor=#e6efff>$4.11 </TD></TR></TABLE>
</DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The following tables summarize
information about stock options outstanding at March 31, 2016: </P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=center>&nbsp; </TD>
    <TD colspan="6" align=center nowrap style="BORDER-TOP: #000000 1px solid">    <B>Expressed in Canadian dollars</B>     </TD>
    </TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD colspan="3" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"> Options Outstanding  </TD>
    <TD width="8%" align=center nowrap>&nbsp;</TD>
    <TD colspan="2" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Options Exercisable </TD>
    </TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="15%" align=center nowrap>&nbsp; </TD>
    <TD width="15%" align=center nowrap>Weighted </TD>
    <TD width="15%" align=center nowrap>&nbsp; </TD>
    <TD width="8%" align=center nowrap>&nbsp;</TD>
    <TD width="15%" align=center nowrap>&nbsp; </TD>
    <TD width="15%" align=center nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="15%" align=center nowrap>Number </TD>
    <TD width="15%" align=center nowrap>Average </TD>
    <TD width="15%" align=center nowrap>Weighted </TD>
    <TD width="8%" align=center nowrap>&nbsp;</TD>
    <TD width="15%" align=center nowrap>Number </TD>
    <TD width="15%" align=center nowrap>Weighted </TD></TR>
  <TR vAlign=top>
    <TD align=center>CAN $ </TD>
    <TD width="15%" align=center nowrap>Outstanding </TD>
    <TD width="15%" align=center nowrap>Remaining </TD>
    <TD width="15%" align=center nowrap>Average </TD>
    <TD width="8%" align=center nowrap>&nbsp;</TD>
    <TD width="15%" align=center nowrap>Exercisable </TD>
    <TD width="15%" align=center nowrap>Average </TD></TR>
  <TR vAlign=top>
    <TD align=center>Price </TD>
    <TD width="15%" align=center nowrap>as at </TD>
    <TD width="15%" align=center nowrap>Contractual Life </TD>
    <TD width="15%" align=center nowrap>Exercise </TD>
    <TD width="8%" align=center nowrap>&nbsp;</TD>
    <TD width="15%" align=center nowrap>as at </TD>
    <TD width="15%" align=center nowrap>Exercise </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>Intervals </TD>
    <TD width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Mar
      31, 2016 </TD>
    <TD
      width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">(Number of Years) </TD>
    <TD
      width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Prices </TD>
    <TD width="8%" align=center nowrap>&nbsp;</TD>
    <TD width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Mar
      31, 2016 </TD>
    <TD
      width="15%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Prices </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$2.00 - $2.99 </TD>
    <TD align=right width="15%" bgColor=#e6efff>2,412,000 </TD>
    <TD align=center width="15%" bgColor=#e6efff>4.1 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$2.65 </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>955,500 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$2.65 </TD></TR>
  <TR vAlign=top>
    <TD align=center>$4.00 - $4.99 </TD>
    <TD align=right width="15%">3,772,300 </TD>
    <TD align=center width="15%">2.6 </TD>
    <TD align=center width="15%">$4.39 </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD align=right width="15%">3,395,300 </TD>
    <TD align=center width="15%">$4.36 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$8.00 - $8.99 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>122,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#e6efff>0.7 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#e6efff>$8.34 </TD>
    <TD align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>122,250 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#e6efff>$8.34 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">6,306,550 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">3.2    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$3.80 </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="15%">4,473,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">$4.11 </TD></TR></TABLE>
</DIV>
<P style="MARGIN-LEFT: 5%" align=justify>During the period ended March 31, 2016,
the Company recognized share based compensation expense of $380 (March 31, 2015
- $480) based on the fair value of the vested portion of options granted in
prior years. Subsequent to period end, 863,300 options were exercised with a
weighted average price of CAN $3.69.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>(c)</B><B> </B><B>Performance share
units </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>A total of 425,000 performance share
units (&#147;PSUs&#148;) were granted during the three months ended March 31, 2016 under
the Company&#146;s PSU plan. The PSUs vest on January 1, 2017, subject to achievement
of pre-determined performance and/or service criteria. The current maximum
number of common share authorized for issuance from treasury under the PSU plan
is 1,000,000. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Compensation expense related to PSUs
for the quarter ended March 31, 2016 was $77 (March 31, 2015 - $Nil). </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>(d)</B><B> </B><B>Diluted Earnings
per Share </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD colspan="4"
    align=center nowrap style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Three Months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="17%" align=center nowrap><B>March 31</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="17%" align=center nowrap><B>March 31</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="17%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2016</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="17%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Basic earnings </TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="17%" bgColor=#e6efff><B>&nbsp;1,932</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;1,357 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Basic weighted average number of shares outstanding </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%"><B>104,646,404</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%">101,976,901 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Effect of dilutive securities: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Stock options </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%"><B>-</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Performance share units </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff><B>425,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Diluted weighted
      average number of share outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%"><B>105,071,404</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
  <TD width="2%" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Diluted earnings
      per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%"><B>&nbsp;0.02</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;0.01 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<BR>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <TR vAlign=top>
        <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
          Corp.</B> </TD>
        <TD style="BORDER-TOP: #000000 4px double" align=center width="15%">Page -
          11 - </TD>
      </TR>
    </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Condensed Consolidated Interim Financial Statements </B><BR>
  Three months
  ended March 31, 2016 and 2015 <BR>
  (unaudited &#150; prepared by management) <BR>
  (expressed in thousands of US dollars, unless otherwise stated)<BR>
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B><U>EXPLORATION</U></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Three Months Ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="17%" align=center nowrap><B>March 31</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="17%" align=center nowrap>March 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="17%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2016</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="17%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2015    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Depreciation and depletion</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="17%" bgColor=#e6efff><B>&nbsp;18</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;25 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Share-based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%"><B>37</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">37 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Salaries, wages and benefits    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff><B>639</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>334 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Direct exploration expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>505</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">678    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff><B>&nbsp;1,199</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;1,074 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><B><U>GENERAL AND
ADMINISTRATIVE</U></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Three Months Ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="17%" align=center nowrap><B>March 31</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="17%" align=center nowrap>March 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="17%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2016</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="17%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2015    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Depreciation and depletion</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="17%" bgColor=#e6efff><B>&nbsp;50</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;39 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Share-based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%"><B>364</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">370 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Salaries, wages and benefits    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff><B>913</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>320 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Direct general and administrative expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>701</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">1,100    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff><B>&nbsp;2,028</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;1,829 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><B><U>SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH
      FLOWS</U></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;    </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="4"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Three Months Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="17%" align=center nowrap><B>March 31</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="17%" align=center nowrap>March 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="17%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2016</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="17%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2015    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Net changes in non-cash working capital </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Accounts
      receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="17%" bgColor=#e6efff><B>&nbsp;(4,018</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;(3,347</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%"><B>340</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,714 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Prepaid expenses    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff><B>(36</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>160 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%"><B>(4,119</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(1,749</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp; &nbsp;Income taxes payable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff><B>(2,491</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>(6,297</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%"><B>&nbsp;(10,324</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">&nbsp;(9,519</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Non-cash financing and investing activities:    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp; &nbsp;Fair value of exercised options allocated to
      share capital </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff><B>&nbsp;14</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="17%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Other cash disbursements: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;Income taxes paid </TD>
    <TD align=left width="1%" ><B>$</B></TD>
    <TD align=right width="17%"><B>&nbsp;3,295</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="17%">&nbsp;5,978 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp; &nbsp;Special mining duty paid </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff><B>&nbsp;1,042</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;3,245 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<BR>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <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=center width="15%">Page - 12 - </TD>
      </TR>
    </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Condensed Consolidated Interim Financial Statements </B><BR>
  Three months
  ended March 31, 2016 and 2015 <BR>
  (unaudited &#150; prepared by management) <BR>
  (expressed in thousands of US dollars, unless otherwise stated)<BR>
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify><B><U>SEGMENT DISCLOSURES</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s operating segments are based on internal
      management reports that are reviewed by the Company&#146;s executives (the
      chief operating decision makers) in assessing performance. The Company has
      three operating mining segments, Guanacevi, Bolanitos and El Cubo, which
      are located in Mexico as well as Exploration and Corporate segments. The
      Exploration segment consists of projects in the exploration and evaluation
      phases in Mexico and Chile.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="16"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">  <B>March 31, 2016</B>   </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Corporate</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Exploration</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Guanacevi</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Bolanitos</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>El
      Cubo</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;9,678 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;141 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;5,112 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;4,183 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1,271 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;20,385 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">59 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">59 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accounts receivables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,039 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>581 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,682 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>8,332 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>16,777 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>28,411 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Inventories </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">6,618 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">4,296 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">5,113 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">16,027 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Prepaid expenses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,571 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>270 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>289 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>249 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>167 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,546 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Non-current deposits </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">202 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">56 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">450 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">143 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">73 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">924 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Deferred income tax asset </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>120 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>120 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mineral
      properties, plant and equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">302</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="8%">4,917    </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="8%">31,255    </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="8%">7,449    </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="8%">2,850    </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="8%">46,773    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;12,851 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;5,965 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;45,406 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;24,652 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;26,371 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;115,245 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accounts payable and accrued liabilities</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;4,571 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;235 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;2,937 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1,662 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;5,425 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;14,830 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Finance lease obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;284 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;670 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">954 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income taxes payable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,474 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,853 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>26 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3,353 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Revolving credit facility </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">19,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">19,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Provision for reclamation and
      rehabilitation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,038 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,742 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>4,003 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>7,783 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred income
      tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </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="8%">- </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="8%">6,651    </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="8%">684</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="8%">- </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="8%">7,335    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;23,571 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;235 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;13,384 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;5,941 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;10,124 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;53,255 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="16"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">  <B>December 31, 2015</B>   </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Corporate</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Exploration</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Guanacevi</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Bolanitos</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>El
      Cubo</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;10,983 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;149 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;6,889 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1,004 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1,388 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;20,413 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">614 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">614 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accounts receivables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>920 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>578 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,865 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>5,785 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>14,195 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>24,343 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Inventories </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">6,348 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">6,844 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">4,158 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">17,350 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Prepaid expenses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,734 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>261 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>324 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>34 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>157 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,510 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Non-current deposits </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">56 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">583 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">143 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">73 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">855 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Deferred income tax asset </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>223 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>223 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mineral
      properties, plant and equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">322</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="8%">4,628    </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="8%">30,932    </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="8%">8,166    </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="8%">3,877    </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="8%">47,925    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;14,573 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;5,672 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;47,941 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;21,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;24,071 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;114,233 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accounts payable and accrued liabilities</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;4,776 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;624 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;3,498 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;2,401 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;7,650 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;18,949 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Finance least obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">333 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;847 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="8%">&nbsp;1,180 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income taxes payable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3,402 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,431 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>11 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>5,844 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Revolving credit facility </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">22,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">22,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Provision for reclamation and
      rehabilitation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,031 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,737 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3,994 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>7,762 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred income
      tax liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </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="8%">- </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="8%">6,356    </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="8%">1,267    </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="8%">- </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="8%">7,623    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;26,776 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;624 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;15,620 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;7,836 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;12,502 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;63,358 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</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 4px double" align=left><B>Endeavour Silver
      Corp.</B> </TD>
    <TD style="BORDER-TOP: #000000 4px double" align=center width="15%">Page -
      13 - </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Condensed Consolidated Interim Financial Statements </B><BR>
  Three months
  ended March 31, 2016 and 2015 <BR>
  (unaudited &#150; prepared by management) <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="1%" >&nbsp;</TD>
    <TD width="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Corporate</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Exploration</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Guanacevi</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Bolanitos</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>El Cubo</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="8%"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="1%" >&nbsp;</TD>
    <TD colspan="16"
    align=center nowrap style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">  <B>Three months ended March 31, 2016</B>   </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Silver revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;10,113 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;5,025 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;7,802 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;22,940 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gold revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </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="8%">- </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="8%">1,952    </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="8%">9,673    </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="8%">6,976    </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="8%">18,601    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;12,065 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;14,698 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;14,778 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;41,541 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Salaries, wages and benefits: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1,199 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1,625 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;2,284 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;5,108 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">464 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">245 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">438 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,147 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;administrative    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>772 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>680 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>712 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,164 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;stock based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">19 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">18 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">19 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">56 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(44</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(27</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(72</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(143</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Total salaries, wages and benefits </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">2,410 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">2,541 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">3,381 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">8,332 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Direct costs: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">2,056 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">3,256 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">7,891 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">13,203 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,907 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,017 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3,002 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>6,926 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;administrative </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">636 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">395 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">716 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,747 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(176</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>109 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(241</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(308</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Total direct production costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">4,423 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">5,777 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">11,368 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">21,568 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Depreciation and depletion: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;depreciation and depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,919 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,760 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,175 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">4,854 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(52</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>175 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>177 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Total depreciation and depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,867 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,935 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,352 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">5,154 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp;Royalties </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>80 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>66 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>63 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>209 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;8,780 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;10,319 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;16,164 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;35,263 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">Earnings (loss) before taxes </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">&nbsp;(1,942</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">&nbsp;(1,199</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">&nbsp;3,285 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">&nbsp;4,379 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">&nbsp;(1,386</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">&nbsp;3,137 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Current income tax expense </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>25 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>296 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,075 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>15 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,411 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;Deferred
      income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">377</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
width="8%">(582</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">102</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
width="8%">(103</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>25 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>673 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>493 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>117 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>1,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Net earnings
      (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">&nbsp;(1,967</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">&nbsp;(1,199</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">&nbsp;2,612 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">&nbsp;3,886 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">&nbsp;(1,503</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">&nbsp;1,829 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
</DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="16"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">  <B>Three months ended March 31, 2015</B>   </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Silver revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;15,490 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;8,648 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;7,708 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;31,846 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gold revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </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="8%">- </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="8%">2,302    </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="8%">10,105    </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="8%">6,856    </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="8%">19,263    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;17,792 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;18,753 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;14,564 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;51,109 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Salaries, wages and benefits: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1,411 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1,302 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;2,439 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;5,152 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">539 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">247 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">415 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,201 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;administrative    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,235 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>908 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>872 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3,015 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;stock based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">25 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">24 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">24 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">73 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>189 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>(38</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>362 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>513 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Total salaries, wages and benefits </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">3,399 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">2,443 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">4,112 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">9,954 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Direct costs: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;mining </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">2,519 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">2,988 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">3,917 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">9,424 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;processing </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,441 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3,471 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3,126 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9,038 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;administrative </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">584 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">560 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">804 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,948 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>590 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>(76</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>464 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>978 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Total direct production costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">6,134 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">6,943 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">8,311 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">21,388 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Depreciation and depletion: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;depreciation and depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">2,498 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">2,790 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">4,629 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">9,917 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>(285</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>(72</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>894 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>537 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Total depreciation and depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">2,213 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">2,718 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">5,523 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">10,454 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Royalties </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>102 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>79 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>67 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>248 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;11,848 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;12,183 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;18,013 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;42,044 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Earnings (loss) before taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(2,455</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(1,074</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;5,944 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;6,570 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;(3,449</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;5,536 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp;Current income tax expense </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">181 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">- </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">1,540 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">1,436 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">19 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">3,176 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Deferred income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </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="8%">- </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="8%">644 </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="8%">784 </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="8%">(425</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">1,003 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">Total income tax
      expense (recovery) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">181</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">2,184    </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">2,220    </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">(406</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">4,179    </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Net earnings (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">&nbsp;(2,636</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">&nbsp;(1,074</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">&nbsp;3,760 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">&nbsp;4,350 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">&nbsp;(3,043</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">&nbsp;1,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">&nbsp;</TD></TR></TABLE>
</DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The Exploration segment included $161
of costs incurred in Chile for the period ended March 31, 2016 (2015 - $131).</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=center width="15%">Page -
      14 - </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Condensed Consolidated Interim Financial Statements </B><BR>
  Three months
  ended March 31, 2016 and 2015 <BR>
  (unaudited &#150; prepared by management) <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify><B><U>INCOME TAXES</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Tax Assessments</B></P></TD></TR>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Minera Santa Cruz y Garibaldi SA de CV (&#147;MSCG&#148;), a
      subsidiary of the Company, received a MXN$238 million assessment on
      October 12, 2010 by Mexican fiscal authorities for failure to provide the
      appropriate support for certain expense deductions taken in MSCG&#146;s 2006
      tax return, failure to provide appropriate support for loans made to MSCG
      from affiliated companies, and deemed an unrecorded distribution of
      dividends to shareholders, among other individually immaterial items. MSCG
      immediately initiated a Nullity action and filed an administrative
      attachment to dispute the assessment.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In June 2015, the Superior Court ruled in favour of MSCG
      on a number of the matters under appeal; however, the Superior Court ruled
      against MSCG for failure to provide appropriate support for certain
      deductions taken in MSCG&#146;s 2006 tax return. The Company estimates the
      impact of the Superior Court ruling will result in an additional tax
      expense of MXN 31.7 million (~USD $1.8 million) to MSCG for fiscal 2006
      when the Tax Court rules on a final assessment. A final assessment is
      expected in 2016. As of March 31, 2016, the Company estimates additional
      interest and penalties payable on overdue taxes by MSCG to be MXN 66.8
      million (~USD $3.9million). If MSCG agrees to pay the tax assessment, or a
      lesser settled amount, it is eligible to apply for forgiveness of 100% of
      the penalties and 50% of the interest, with the latter amounting to MXN
      23.2 million (~USD $1.3 million) on the MXN 31.7 million estimated tax
      assessment.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Included in the Company&#146;s consolidated financial
      statements, are net assets of $240, including $42 in cash, of MSCG.
      Following the Tax Court&#146;s rulings, MSCG will engage in discussions with
      the tax authorities with regards to the shortfall of assets within MSCG to
      settle its estimated tax liability. An alternative settlement option would
      be to transfer the shares and assets of MSCG to the tax authorities. The
      Company recognized an allowance for transferring the shares and assets of
      MSCG amounting to $240. The Company is currently assessing MSCG&#146;s
      settlement options, however the Tax Court assessment must be received
      before any negotiation can be finalized or a decision is made.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><B><U>FAIR VALUE MEASUREMENTS</U></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Fair value is the price that would be received to sell an
      asset or paid to transfer a liability in an orderly transaction between
      market participants at the measurement date. The fair value hierarchy
      establishes three levels to classify the inputs to valuation techniques
      used to measure fair value. Level 1 inputs are quoted prices (unadjusted)
      in active markets for identical assets or liabilities. Level 2 inputs are
      quoted prices in markets that are not active, quoted prices for similar
      assets or liabilities in active markets, inputs other than quoted prices
      that are observable for the asset or liability (for example, interest rate
      and yield curves observable at commonly quoted intervals, forward pricing
      curves used to value currency and commodity contracts and volatility
      measurements used to value option contracts), or inputs that are derived
      principally from or corroborated by observable market data or other means.
      Level 3 inputs are unobservable (supported by little or no market
      activity). The fair value hierarchy gives the highest priority to Level 1
      inputs and the lowest priority to Level 3 inputs.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Financial assets and liabilities measured at fair value
      on a recurring basis include:</P></TD></TR></TABLE>
<BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Total    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Level 1    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Level 2    </TD>
    <TD width="2%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-TOP: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Level 3    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>As at March 31,
      2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><U>Financial assets:</U> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Available for sale securities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>59 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>59 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Trade receivables
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">5,509
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">5,509
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>5,568 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>5,568 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><BR>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <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=center width="15%">Page -
          15 - </TD>
      </TR>
    </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Condensed Consolidated Interim Financial Statements </B><BR>
  Three months
  ended March 31, 2016 and 2015 <BR>
  (unaudited &#150; prepared by management) <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<P style="MARGIN-LEFT: 5%" align=justify>Fair values of financial assets and
liabilities: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">As
      at March 31, 2016 </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD colspan="4" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">As
      at December 31, 2015 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="14%" align=center nowrap>Carrying </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="14%" align=center nowrap>Estimated Fair </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="14%" align=center nowrap>Carrying </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="14%" align=center nowrap>Estimated Fair </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="14%" align=center nowrap>value </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="14%" align=center nowrap>value </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="14%" align=center nowrap>value </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="14%" align=center nowrap>value </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="14%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="14%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="14%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="14%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><U>Financial assets:</U> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>20,385 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>20,385 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>20,413 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>20,413 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">59 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">59 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">614 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">614 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Accounts receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff>28,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff>28,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff>24,343 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff>24,343 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%">48,855 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%">48,855 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%">45,370 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="14%">45,370 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><U>Financial liabilities:</U> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>14,830 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>14,830 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>18,949 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>18,949 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Revolving credit facility </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">19,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">19,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">22,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">22,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Total financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    bgColor=#e6efff>33,830 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    bgColor=#e6efff>33,830 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    bgColor=#e6efff>40,949 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    bgColor=#e6efff>40,949 </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV>
<P style="MARGIN-LEFT: 5%" align=justify>Disclosure of the valuation techniques
to estimate the fair values of financial assets and liabilities are disclosed in
the following notes: </P>
<TABLE
style="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>&#149; </TD>
    <TD align=left width="90%" >Trade receivables (see Note 4)
  </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=center width="15%">Page -
        16 - </TD>
    </TR>
  </TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<P align=justify><B><FONT size=3>ENDEAVOUR SILVER CORP. </FONT></B><BR>
    <B>Notes
      to the Condensed Consolidated Interim Financial Statements </B><BR>
  Three months
  ended March 31, 2016 and 2015 <BR>
  (unaudited &#150; prepared by management) <BR>
  (expressed in thousands of US dollars, unless otherwise stated) </P>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="15%"  >&nbsp;</TD>
    <TD align=left><B>HEAD OFFICE</B> </TD>
    <TD align=left width="60%" >Suite #301, 700 West Pender
      Street </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Vancouver, BC, Canada V6C 1G8
  </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%"
      >Telephone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (604) 685-9775 </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-877-685-9775
    </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%"
      >Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;(604) 685-9744 </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%"
      >Website:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      www.edrsilver.com</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>DIRECTORS</B> </TD>
    <TD align=left width="60%" >Geoff Handley </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Ricardo Campoy </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Bradford Cooke </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Rex McLennan </TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="60%"  >Kenneth Pickering
    </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Mario Szotlender </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Godfrey Walton </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>OFFICERS</B> </TD>
    <TD align=left width="60%" >Bradford Cooke ~ Chief Executive
      Officer </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Godfrey Walton ~ President and
      Chief Operating Officer </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Dan Dickson ~ Chief Financial
      Officer </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Dave Howe ~ Vice-President,
      Country Manager </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Luis Castro ~ Vice-President,
      Exploration </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Bernard Poznanski - Secretary
  </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>REGISTRAR AND</B> </TD>
    <TD align=left width="60%" >Computershare Trust Company of
      Canada </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>TRANSFER AGENT</B> </TD>
    <TD align=left width="60%" >3<SUP>rd </SUP>Floor - 510
      Burrard Street </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Vancouver, BC, V6C 3B9 </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>AUDITORS</B> </TD>
    <TD align=left width="60%" >KPMG LLP </TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="60%"  >777 Dunsmuir Street
    </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Vancouver, BC, V7Y 1K3 </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>SOLICITORS</B> </TD>
    <TD align=left width="60%" >Koffman Kalef LLP </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >19<SUP>th </SUP>Floor &#150; 885 West
      Georgia Street </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Vancouver, BC, V6C 3H4 </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left><B>SHARES LISTED</B> </TD>
    <TD align=left width="60%" >Toronto Stock Exchange </TD></TR>
  <TR vAlign=bottom>
    <TD width="15%" >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="60%"  >Trading Symbol -
      EDR </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left width="60%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >New York Stock Exchange </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="60%" >Trading Symbol &#150; EXK
  </TD></TR></TABLE><BR>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 4px double" align=left><B>Endeavour Silver
        Corp.</B> </TD>
      <TD style="BORDER-TOP: #000000 4px double" align=center width="15%">Page -
        17 - </TD>
    </TR>
  </TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</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><IMG src="mdlogo.jpg" border=0></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS
      </B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><FONT size=3><B>FOR THE PERIOD ENDED MARCH 31, 2016</B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=center>&nbsp;</TD></TR></TABLE>
<P align=justify><I>This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;)
should be read in conjunction with the condensed consolidated interim financial
statements of Endeavour Silver Corp. (&#147;Endeavour&#148; or &#147;the Company&#148;) for the
three months ended March 31, 2016 and 2015 and the related notes contained
therein, which are prepared in accordance with International Financial Reporting
Standards (&#147;IFRS&#148;) as issued by the International Accounting Standards Board
(&#147;IASB&#148;). In addition, the following should be read in conjunction with the
audited consolidated financial statements for the year ended December 31, 2015
and the related MD&amp;A. 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 US dollars unless
otherwise indicated. This MD&amp;A is dated as of May 4, 2016 and all
information contained is current as of May 4, 2016 unless otherwise
stated.</I></P>
<P align=justify><B><I>Cautionary Note to US Investors concerning Estimates of
Mineral Reserves and Measured, Indicated and Inferred Mineral 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. Unless otherwise indicated, all reserve and
resource estimates included in this MD&amp;A have been prepared 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. NI 43 101 is an
instrument developed by the Canadian Securities Administrators that establishes
standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. 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 NI 43 101 and CIM standards. 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 United States standards, mineralization may not be
classified as a &#147;reserve&#148; 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. 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=top>
    <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 |&nbsp; Fax: 604.685.9744|&nbsp; Toll
      Free: 1.877.685.9775&nbsp;&nbsp;<U><FONT color=#0000ff>| Email:
    </FONT></U></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><U><FONT color=#0000ff>info@edrsilver.com
      www.edrsilver.com </FONT></U></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><FONT size=4><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS
      </B></FONT></TD></TR>
  <TR vAlign=top>
    <TD align=center><FONT size=3><B><FONT size=3>FOR THE THREE MONTHS ENDED MARCH 31, 2016 </FONT></B></FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=center>&nbsp;</TD></TR></TABLE>
<P align=justify><B><I><FONT size=3>Forward-Looking Statements
</FONT></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 2016, 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 not place undue reliance on
forward-looking statements or information. </I></P>
<P align=justify><B><I><FONT size=3>Table of Contents </FONT></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 align=left bgColor=#eeeeee><A
      href="#page_3">Operating
      Highlights </A></TD>
    <TD align=left width="17%" bgColor=#eeeeee><A
      href="#page_3">Page
      3 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_4">History
      and Strategy </A></TD>
    <TD align=left width="17%"><A
      href="#page_4">Page
      4 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_5">Consolidated
      Operations </A></TD>
    <TD align=left width="17%" bgColor=#eeeeee><A
      href="#page_5">Page
      5 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_7">Guanacev&#237;
      Operations </A></TD>
    <TD align=left width="17%"><A
      href="#page_7">Page
      7 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_9">Bola&#241;itos
      Operations </A></TD>
    <TD align=left width="17%" bgColor=#eeeeee><A
      href="#page_9">Page
      9 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_11">El
      Cubo Operations </A></TD>
    <TD align=left width="17%"><A
      href="#page_11">Page
      11 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_12">Exploration
      Results </A></TD>
    <TD align=left width="17%" bgColor=#eeeeee><A
      href="#page_12">Page
      12 </A></TD></TR></TABLE>
<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><A
      href="#page_13">Consolidated
      Financial Results </A></TD>
    <TD align=left width="17%"><A
      href="#page_13">Page
      13 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_14">Non
      IFRS Measures </A></TD>
    <TD align=left width="17%" bgColor=#eeeeee><A
      href="#page_14">Page
      14 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_18">Quarterly
      Results and Trends </A></TD>
    <TD align=left width="17%"><A
      href="#page_18">Page
      18 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_23">Annual
      Outlook </A></TD>
    <TD align=left width="17%" bgColor=#eeeeee><A
      href="#page_23">Page
      23 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_24">Liquidity
      and Capital Resources </A></TD>
    <TD align=left width="17%"><A
      href="#page_24">Page
      24 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_29">Changes
      in Accounting Policies </A></TD>
    <TD align=left width="17%" bgColor=#eeeeee><A
      href="#page_29">Page
      29 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_31">Controls
      and Procedures </A></TD>
    <TD align=left width="17%"><A
      href="#page_31">Page
      31 </A></TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>2
      </B></TD>
    <TD align=center width="25%">&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD rowspan="2"
    align=left valign="middle" bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Q1 </B><B>2016
      </B><B>Highlights </B></FONT><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="3"
    align=center bgColor=#943634><FONT color=#ffffff><B>Three
      </B><B>months </B><B>Ended </B><B>March
      </B><B>31 </B></FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff><B>2016 </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff><B>%</B><B>Change
  </B></FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff><B>Production </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver ounces produced </TD>
    <TD align=center width="15%">1,510,065 </TD>
    <TD align=center width="15%">1,820,050 </TD>
    <TD align=center width="15%">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold ounces produced </TD>
    <TD align=center width="15%">15,960 </TD>
    <TD align=center width="15%">15,808 </TD>
    <TD align=center width="15%">1% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable silver ounces produced </TD>
    <TD align=center width="15%">1,473,682 </TD>
    <TD align=center width="15%">1,769,924 </TD>
    <TD align=center width="15%">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable gold ounces produced </TD>
    <TD align=center width="15%">15,518 </TD>
    <TD align=center width="15%">15,429 </TD>
    <TD align=center width="15%">1% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver equivalent ounces produced <SUP>(1) </SUP></TD>
    <TD align=center width="15%">2,707,065 </TD>
    <TD align=center width="15%">2,926,610 </TD>
    <TD align=center width="15%">(8%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash costs per silver ounce <SUP>(2)(3) </SUP></TD>
    <TD align=center width="15%">7.63 </TD>
    <TD align=center width="15%">7.17 </TD>
    <TD align=center width="15%">6% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total production costs per ounce <SUP>(2)(4) </SUP></TD>
    <TD align=center width="15%">10.95 </TD>
    <TD align=center width="15%">12.97 </TD>
    <TD align=center width="15%">(16%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>All &#150;insustainingcosts per ounce <SUP>(2)(5) </SUP></TD>
    <TD align=center width="15%">11.12 </TD>
    <TD align=center width="15%">13.32 </TD>
    <TD align=center width="15%">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Processed tonnes </TD>
    <TD align=center width="15%">408,553 </TD>
    <TD align=center width="15%">380,792 </TD>
    <TD align=center width="15%">7% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Direct production costs per tonne <SUP>(2)(6) </SUP></TD>
    <TD align=center width="15%">74.26 </TD>
    <TD align=center width="15%">82.67 </TD>
    <TD align=center width="15%">(10%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver co&#150;product cash costs <SUP>(7) </SUP></TD>
    <TD align=center width="15%">10.87 </TD>
    <TD align=center width="15%">10.68 </TD>
    <TD align=center width="15%">2% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Gold co&#150;product
      cash costs <SUP>(7) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">873    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">762    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">15%    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff><B>Financial </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Revenue ($millions) </TD>
    <TD align=center width="15%">41.5 </TD>
    <TD align=center width="15%">51.1 </TD>
    <TD align=center width="15%">(19%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver ounces sold </TD>
    <TD align=center width="15%">1,511,319 </TD>
    <TD align=center width="15%">1,861,975 </TD>
    <TD align=center width="15%">(19%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold ounces sold </TD>
    <TD align=center width="15%">15,255 </TD>
    <TD align=center width="15%">15,799 </TD>
    <TD align=center width="15%">(3%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Realized silver price per ounce </TD>
    <TD align=center width="15%">15.18 </TD>
    <TD align=center width="15%">17.11 </TD>
    <TD align=center width="15%">(11%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Realized gold price per ounce </TD>
    <TD align=center width="15%">1,219 </TD>
    <TD align=center width="15%">1,221 </TD>
    <TD align=center width="15%">(0%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Net earnings (loss) ($millions) </TD>
    <TD align=center width="15%">1.8 </TD>
    <TD align=center width="15%">1.4 </TD>
    <TD align=center width="15%">(35%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mine operating earnings (loss) ($millions) </TD>
    <TD align=center width="15%">6.3 </TD>
    <TD align=center width="15%">9.1 </TD>
    <TD align=center width="15%">(31%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mine operating cash flow<SUP>(8) </SUP>($millions) </TD>
    <TD align=center width="15%">11.5 </TD>
    <TD align=center width="15%">19.6 </TD>
    <TD align=center width="15%">(41%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating cash flow before working capital changes <SUP>(9)
      </SUP></TD>
    <TD align=center width="15%">7.5 </TD>
    <TD align=center width="15%">13.8 </TD>
    <TD align=center width="15%">(46%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Earnings before ITDA <SUP>(10) </SUP></TD>
    <TD align=center width="15%">8.6 </TD>
    <TD align=center width="15%">16.4 </TD>
    <TD align=center width="15%">(47%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Working capital
      &nbsp;($millions) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">29.3    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">25.8    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">14%    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff><B>Shareholders </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Earnings (loss) per share&#150;basic </TD>
    <TD align=center width="15%">0.02 </TD>
    <TD align=center width="15%">0.01 </TD>
    <TD align=center width="15%">(100%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating cash flow before working capital changes per
      share <SUP>(9) </SUP></TD>
    <TD align=center width="15%">0.07 </TD>
    <TD align=center width="15%">0.14 </TD>
    <TD align=center width="15%">(47%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Weighted average
      shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">104,646,404 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="15%">101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="15%">3%    </TD></TR></TABLE>
</DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1 ratio for
      2015 and a 75:1 ratio for 2016</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(2) </SUP></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 beginning on page 14.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(3) </SUP></TD>
    <TD>
      <P align=justify>Cash costs net of by-products per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(4) </SUP></TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(5) </SUP></TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 17.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(6) </SUP></TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(7) </SUP></TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page 17</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(8) </SUP></TD>
    <TD>
      <P align=justify>Mine operating cash flow is calculated by adding back
      amortization, depletion, inventory write downs and share-based
      compensation to mine operating earnings. Mine operating earnings and mine
      operating cash flow are before taxes. See Reconciliation to IFRS on page
      14.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(9) </SUP></TD>
    <TD>
      <P align=justify>See Reconciliation to IFRS on page 14 for the
      reconciliation of operating cash flow before working capital changes and
      the operating cash flow before working capital changes per
share.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(10) </SUP></TD>
    <TD>
      <P align=justify>See Reconciliation of Earnings before interest, taxes,
      depreciation and amortization on page 15</P></TD></TR></TABLE>
<P align=justify>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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>3 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=justify><B><I><FONT size=3>HISTORY AND STRATEGY </FONT></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 grew rapidly and Bola&#241;itos
became 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
historical 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>
<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, which was subsequently converted to a term loan.
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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>4 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=justify><B>REVIEW OF OPERATING RESULTS </B></P>
<P align=justify><B>Consolidated Production Results for the Three Months Ended
March 31, 2016 and 2015 </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left bgColor=#943634><FONT
      color=#ffffff><B>CONSOLIDATED </B></FONT></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 1px solid"><FONT color=#ffffff><B>Three </B><B>months
      </B><B>Ended </B><B>March </B><B>31 </B></FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="18%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016 </B></FONT></TD>
    <TD width="18%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD width="18%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>%</B><B>Change
  </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Ore tonnes processed </TD>
    <TD align=center width="18%">408,553 </TD>
    <TD align=center width="18%">380,792 </TD>
    <TD align=center width="18%">7% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average silver grade (gpt) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>137 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>174 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(21%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver recovery (%) </TD>
    <TD align=center width="18%">83.7 </TD>
    <TD align=center width="18%">85.2 </TD>
    <TD align=center width="18%">(2%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total silver ounces produced </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1,510,065 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1,820,050 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable silver ounces produced </TD>
    <TD align=center width="18%">1,473,682 </TD>
    <TD align=center width="18%">1,769,924 </TD>
    <TD align=center width="18%">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average gold grade (gpt) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1.50 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1.53 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(2%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold recovery(%) </TD>
    <TD align=center width="18%">81.0 </TD>
    <TD align=center width="18%">84.5 </TD>
    <TD align=center width="18%">(4%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total gold ounces produced </TD>
    <TD align=center width="18%" bgColor=#eeeeee>15,960 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>15,808 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable gold ounces produced </TD>
    <TD align=center width="18%">15,518 </TD>
    <TD align=center width="18%">15,429 </TD>
    <TD align=center width="18%">1% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Silver equivalent ounces produced <SUP>(1)
      </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>2,707,065 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>2,926,610 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(8%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash costs per silver ounce <SUP>(2)(3) </SUP></TD>
    <TD align=center width="18%">7.63 </TD>
    <TD align=center width="18%">7.17 </TD>
    <TD align=center width="18%">6% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total production costs per ounce
      <SUP>(2)(4) </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>10.95 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>12.97 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(16%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>All in sustaining cost per ounce <SUP>(2)(5) </SUP></TD>
    <TD align=center width="18%">11.12 </TD>
    <TD align=center width="18%">13.32 </TD>
    <TD align=center width="18%">(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Direct production costs per tonne
      <SUP>(2)(6) </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>74.26 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>82.67 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(10%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver co&#150;product cash costs <SUP>(7) </SUP></TD>
    <TD align=center width="18%">10.87 </TD>
    <TD align=center width="18%">10.68 </TD>
    <TD align=center width="18%">2% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Gold co&#150;product cash costs <SUP>(7) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#eeeeee>873 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#eeeeee>762 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#eeeeee>15% </TD></TR></TABLE>
</DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1 ratio for
      2015 and a 75:1 ratio for 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(2) </SUP></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 beginning on page 14.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(3) </SUP></TD>
    <TD>
      <P align=justify>Cash costs net of by-products per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(4) </SUP></TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(5) </SUP></TD>
    <TD>
      <P align=justify>All-in sustaining costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 17.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(6) </SUP></TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(7) </SUP></TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page
  17.</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>5</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify><B><I>Consolidated Production </I></B></P>
<P align=center><IMG src="exhibit99-2x6x1.jpg" border=0> </P>
<P align=center>Silver equivalents are calculated using
a 70:1 ratio for 2015 and a 75:1 ratio for 2016. </P>
<P align=justify><B>Three months ended March 31, 2016 (compared to the three
months ended March 31, 2015) <BR></B>Consolidated silver production during Q1,
2016 was 1,510,065 ounces (oz), a decrease of 17% compared to 1,820,050 oz in
Q1, 2015, and gold production was 15,960 oz, an increase of 1% compared to
15,808 oz in Q1, 2015. Plant throughput was 408,553 tonnes at average grades of
137 grams per tonne (gpt) silver and 1.50 gpt gold compared to 380,792 tonnes
grading 174 gpt silver and 1.53 gpt gold in Q1, 2015. Silver production
decreased due to lower grades and recoveries partially offset by the higher
throughput. Gold production was flat as the increased throughput offset the
decrease in gold grades and recoveries. The increased throughput at El Cubo,
which has lower silver grades than the other operations and lower silver ore
grades from the Bola&#241;itos operation, were the primary drivers of these
variations from 2015.</P>
<P align=justify><B><I>Consolidated Operating Costs </I></B></P>
<P align=justify><B>Three months ended March 31, 2016 (compared to the three
months ended March 31, 2015) <BR></B>The weaker Mexican peso and continued focus
on cost reductions resulted in lower consolidated costs per tonne, which fell
10% to $74.26 in Q1, 2016. Cash costs, net of by-product credits (a non-IFRS
measure and a standard of the Silver Institute), increased 6% to $7.63 per oz of
payable silver compared to $7.17 per oz in Q1, 2015 as a result of the lower
silver grades.. The suspension of exploration and development expenditures at
the Bola&#241;itos and El Cubo operations resulted in all-in-sustaining costs (also a
non-IFRS measure) decreasing 17% to $11.12 per oz compared to $13.32 per oz in
Q1, 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 align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>6</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=justify><B><FONT size=3>Guanacev&#237; Operations </FONT></B></P>
<P align=justify><B><I>Production Results for the Three Months Ended March 31,
2016 and 2015 </I></B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left bgColor=#943634><FONT
      color=#ffffff><B>GUANACEV&Iacute;</B></FONT></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 1px solid"><FONT color=#ffffff><B>Three </B><B>months
      </B><B>Ended </B><B>March </B><B>31 </B></FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="18%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016 </B></FONT></TD>
    <TD width="18%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD width="18%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>%</B><B>Change
  </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Ore tonnes processed </TD>
    <TD align=center width="18%">98,776 </TD>
    <TD align=center width="18%">106,106 </TD>
    <TD align=center width="18%">(7%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average silver grade (g/t) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>249 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>300 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(17%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver recovery (%) </TD>
    <TD align=center width="18%">82.4 </TD>
    <TD align=center width="18%">83.4 </TD>
    <TD align=center width="18%">(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total silver ounces produced </TD>
    <TD align=center width="18%" bgColor=#eeeeee>651,731 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>853,106 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(24%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable silver ounces produced </TD>
    <TD align=center width="18%">649,681 </TD>
    <TD align=center width="18%">844,575 </TD>
    <TD align=center width="18%">(23%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average gold grade (g/t) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>0.56 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>0.63 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(11%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Goldr ecovery (%) </TD>
    <TD align=center width="18%">88.5 </TD>
    <TD align=center width="18%">87.3 </TD>
    <TD align=center width="18%">1% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total goldounces produced </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1,568 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1,877 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(16%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payablegoldounces produced </TD>
    <TD align=center width="18%">1,563 </TD>
    <TD align=center width="18%">1,858 </TD>
    <TD align=center width="18%">(16%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Silver equivalent ounces produced (1) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>769,331 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>984,496 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(22%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash costs per silver ounce (2)(3) </TD>
    <TD align=center width="18%">8.09 </TD>
    <TD align=center width="18%">8.23 </TD>
    <TD align=center width="18%">(2%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total production costs per ounce (2)(4) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>11.01 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>11.16 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>All in sustaining cost per ounce (2)(5) </TD>
    <TD align=center width="18%">12.95 </TD>
    <TD align=center width="18%">11.16 </TD>
    <TD align=center width="18%">16% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Direct production costs per tonne (2)(6)</TD>
    <TD align=center width="18%" bgColor=#eeeeee>71.92 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>87.34 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(18%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver co&#150;product cash costs <SUP>(7) </SUP></TD>
    <TD align=center width="18%">9.14 </TD>
    <TD align=center width="18%">9.39 </TD>
    <TD align=center width="18%">(3%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Gold co&#150;product cash costs <SUP>(7)
    </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>734 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>670 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>9% </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="18%"
    bgColor=#ffffff>&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%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1 ratio for
      2015 and a 75:1 ratio for 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(2) </SUP></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 beginning on page 14.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(3) </SUP></TD>
    <TD>
      <P align=justify>Cash costs net of by-product per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(4) </SUP></TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(5) </SUP></TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 17.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(6) </SUP></TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(7) </SUP></TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page
  17.</P></TD></TR></TABLE>
<P align=justify>Guanacev&#237; has produced more than 26 million ounces of silver
and over 61,000 ounces of gold since Endeavour acquired it in 2004. 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 tpd of high-grade ore. 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
540 people and engages 130 contractors. </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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>7</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=justify><B><I>Guanacev&#237; Production Results </I></B></P>
<P align=justify><B>Three months ended March 31, 2016 (compared to the three
months ended March 31, 2015) <BR></B>Silver production at the Guanacev&#237; mine
during Q1, 2016 was 651,731 oz, a decrease of 24% compared to 853,106 oz in Q1,
2015, and gold production was 1,568 oz, a decrease of 16% compared to 1,877 oz
in Q1, 2015. Plant throughput was 98,776 tonnes at average grades of 249 gpt
silver and 0.56 gpt gold compared to 106,106 tonnes grading 300 gpt silver and
0.63 gpt gold in Q1, 2015. Metal production decreased due to lower throughput
and ore grades. The lower ore grades were a result of mining deeper within the
ore bodies where grades tend to be lower, while the prior year&#146;s higher grades
were due to the contribution of the higher grade Porvenir Cuatro ore-body, which
resulted in higher silver and gold production in Q1, 2015. Throughput was lower
due to mine development being slightly behind plan. The Company changed the
mining contractor in January and expects to make up the planned production in
the following quarters. In Q1, 2016, the ore stockpile built over the last six
years was fully depleted resulting in 23,800 more tonnes processed than
estimated in stockpile.</P>
<P align=justify><B><I>Guanacev&#237; Operating Costs </I></B></P>
<P align=justify><B>Three months ended March 31, 2016 (compared to the three
months ended March 31, 2015) <BR></B>Direct production costs per-tonne decreased
by 18% in Q1, 2016 compared to Q1, 2015 due primarily to processing more
stockpile tonnes than previously estimated. After adjusting for the additional
stockpile tonnes, the Company estimates the direct cost per tonne to be
approximately $81 per tonne. The lower adjusted direct cost compared to prior
year is due the weaker peso and management&#146;s continued focus on reducing costs.
The lower direct costs per tonne were offset by lower ore grades resulting in
relatively flat cash costs per oz, net of by-product credits (a non-IFRS measure
and a standard of the Silver Institute), which decreased 2% to $8.09 per oz of
payable silver compared to $8.23 per oz in Q1, 2015. Lower throughput and higher
development costs resulted in all-in-sustaining costs (also a non-IFRS measure)
which increased 16% to $12.95 per oz.</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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>8</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<P align=justify><B><FONT size=3>Bola&#241;itos Operations </FONT></B></P>
<P align=justify><B><I><FONT size=3>Production Results for the </FONT>Three
Months Ended March 31, 2016 and 2015 </I></B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left bgColor=#943634><FONT
      color=#ffffff><B>BOLA&#209;ITOS </B></FONT></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 1px solid"><FONT color=#ffffff><B>Three </B><B>months
      </B><B>Ended </B><B>March </B><B>31 </B></FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="18%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016 </B></FONT></TD>
    <TD width="18%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD width="18%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% </B><B>Change
    </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Ore tonnes processed </TD>
    <TD align=center width="18%">137,128 </TD>
    <TD align=center width="18%">136,076 </TD>
    <TD align=center width="18%">1% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average silver grade (g/t) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>94 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>139 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(32%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver recovery (%) </TD>
    <TD align=center width="18%">80.7 </TD>
    <TD align=center width="18%">85.7 </TD>
    <TD align=center width="18%">(6%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total silver ounces produced </TD>
    <TD align=center width="18%" bgColor=#eeeeee>334,569 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>521,117 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(36%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable silver ounces produced </TD>
    <TD align=center width="18%">321,186 </TD>
    <TD align=center width="18%">498,393 </TD>
    <TD align=center width="18%">(36%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average gold grade (g/t) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>2.33 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>2.30 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold recovery (%) </TD>
    <TD align=center width="18%">82.2 </TD>
    <TD align=center width="18%">83.7 </TD>
    <TD align=center width="18%">(2%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total gold ounces produced </TD>
    <TD align=center width="18%" bgColor=#eeeeee>8,449 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>8,421 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>0% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable gold ounces produced </TD>
    <TD align=center width="18%">8,187 </TD>
    <TD align=center width="18%">8,215 </TD>
    <TD align=center width="18%">(0%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Silver equivalent ounces produced <SUP>(1)
      </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>968,244 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1,110,587 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(13%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash costs per silver ounce <SUP>(2)(3) </SUP></TD>
    <TD align=center width="18%">(6.20) </TD>
    <TD align=center width="18%">0.17 </TD>
    <TD align=center width="18%">(3,780%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total production costs per ounce
      <SUP>(2)(4) </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>(0.67) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>5.81 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(111%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>All in sustaining cost per ounce <SUP>(2)(5) </SUP></TD>
    <TD align=center width="18%">(3.55) </TD>
    <TD align=center width="18%">5.74 </TD>
    <TD align=center width="18%">(162%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Direct production costs per tonne
      <SUP>(2)(6) </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>60.03 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>74.00 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(19%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver co&#150;product cash costs <SUP>(7) </SUP></TD>
    <TD align=center width="18%">8.13 </TD>
    <TD align=center width="18%">8.97 </TD>
    <TD align=center width="18%">(9%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Gold co&#150;product cash costs <SUP>(7)
    </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>653 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>640 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>2% </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="18%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="18%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="18%">&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%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1 ratio for
      2015 and a 75:1 ratio for 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(2) </SUP></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 beginning on page 14.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(3) </SUP></TD>
    <TD>
      <P align=justify>Cash costs net of by-product per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(4) </SUP></TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(5) </SUP></TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 17.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(6) </SUP></TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(7) </SUP></TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page
  17.</P></TD></TR></TABLE>
<P align=justify>The Bola&#241;itos mine encompasses three operating silver-gold
mines and a flotation plant and is located 10 kilometres from the city of
Guanajuato in the state of Guanajuato. Following Endeavour&#146;s acquisition in
2007, cash costs of production were as high as $32 per oz and the operation was
struggling to produce 300,000 ounces of silver per year. Following the execution
of management&#146;s business strategy, 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 1,600 tpd Bola&#241;itos plant capacity. In 2015, Bola&#241;itos reduced
mine output to 1,000 tpd as underground resources focused on the development of
the LL- Asunci&#243;n ore-body. Since acquisition, the Bola&#241;itos operation has
produced over 12 million ounces of silver and over 188,000 ounces of gold.
Bola&#241;itos provides steady employment for 350 people and engages 220 contractors.</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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>9</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<P align=justify><B><I>Bola&#241;itos Production Results </I></B></P>
<P align=justify><B>Three months ended March 31, 2016 (compared to the three
months ended March 31, 2015) <BR></B>Silver production at the Bola&#241;itos mine was
334,569 oz during Q1, 2016, a decrease of 36% compared to 521,117 oz in Q1,
2015, and gold production was 8,449 oz compared to 8,421 oz in Q1, 2015. Plant
throughput in Q1, 2016 was 137,128 tonnes at average grades of 94 gpt silver and
2.33 gpt gold, compared to 136,076 tonnes grading 139 gpt silver and 2.30 gpt
gold in Q1, 2015. Silver production was down due to lower silver grades and
recoveries. Bola&#241;itos production came primarily from the LL-Asunci&#243;n ore body
which has lower silver grades compared to historical production from the Lucero
ore-bodies. Bola&#241;itos operated at its existing capacity of 1,600 tpd in the
first quarter 2015, but gradually reduced to 1,000 tpd over the course of 2015.
The mine halted development and exploration expenditures in Q1, 2016 as the
further development of the LL-Asunci&#243;n ore body and Plateros discovery provided
insufficient return in the current price environment. The mine focused on
extracting and processing the accessible to ore to maximize cash flow during the
quarter.</P>
<P align=justify><B><I>Bola&#241;itos Operating Costs </I></B></P>
<P align=justify><B>Three months ended March 31, 2016 (compared to the three
months ended March 31, 2015) <BR></B>In Q1, 2016, direct production costs per
tonne fell 19% to $60.03 per tonne due to the weaker Mexican peso, reduced
contractor activity and management&#146;s focus on reducing costs. The lower costs
per tonne were partially offset by lower silver grades and recoveries, resulting
in cash costs per oz, net of by-product credits (which is a non-IFRS measure and
a standard of the Silver Institute), falling to negative $6.20 per oz of payable
silver compared to $0.17 per oz the same period in 2015. Similarly, all-in
sustaining costs (also a non-IFRS measure) fell 162% to negative $3.55 per oz
compared to $5.74 per oz in Q1, 2015, primarily due to the suspension of
development and exploration activities.</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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>10</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<P align=justify><B><FONT size=3>El Cubo Operations </FONT></B></P>
<P align=justify><B><I>Production Results for the Three Months Ended March 31,
2016 and 2015 </I></B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left bgColor=#943634><FONT
      color=#ffffff><B>EL </B><B>CUBO </B></FONT></TD>
    <TD colspan="3" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 1px solid"><FONT color=#ffffff><B>Three </B><B>months
      </B><B>Ended </B><B>March </B><B>31 </B></FONT><FONT color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="18%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016 </B></FONT></TD>
    <TD width="18%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
    <TD width="18%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>% </B><B>Change
    </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Ore tonnes processed </TD>
    <TD align=center width="18%">172,649 </TD>
    <TD align=center width="18%">138,610 </TD>
    <TD align=center width="18%">25% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average silver grade (g/t) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>108 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>113 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(4%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver recovery (%) </TD>
    <TD align=center width="18%">87.4 </TD>
    <TD align=center width="18%">88.5 </TD>
    <TD align=center width="18%">(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total silver ounces produced </TD>
    <TD align=center width="18%" bgColor=#eeeeee>523,765 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>445,827 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>17% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable silver ounces produced </TD>
    <TD align=center width="18%">502,815 </TD>
    <TD align=center width="18%">426,956 </TD>
    <TD align=center width="18%">18% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Average gold grade (g/t) </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1.38 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1.46 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(5%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold recovery (%) </TD>
    <TD align=center width="18%">77.6 </TD>
    <TD align=center width="18%">84.7 </TD>
    <TD align=center width="18%">(8%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total gold ounces produced </TD>
    <TD align=center width="18%" bgColor=#eeeeee>5,943 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>5,510 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>8% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payable gold ounces produced </TD>
    <TD align=center width="18%">5,768 </TD>
    <TD align=center width="18%">5,356 </TD>
    <TD align=center width="18%">8% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Silver equivalent ounces produced <SUP>(1)
      </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>969,490 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>831,527 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>17% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash costs per silver ounce <SUP>(2)(3) </SUP></TD>
    <TD align=center width="18%">15.87 </TD>
    <TD align=center width="18%">13.24 </TD>
    <TD align=center width="18%">20% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Total production costs per ounce
      <SUP>(2)(4) </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>18.29 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>24.92 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(27%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>All in sustaining cost per ounce <SUP>(2)(5) </SUP></TD>
    <TD align=center width="18%">18.11 </TD>
    <TD align=center width="18%">26.44 </TD>
    <TD align=center width="18%">(32%) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Direct production costs per tonne
      <SUP>(2)(6) </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>86.91 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>87.61 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>(1%) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver co&#150;product cash costs <SUP>(7) </SUP></TD>
    <TD align=center width="18%">14.99 </TD>
    <TD align=center width="18%">14.47 </TD>
    <TD align=center width="18%">4% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Gold co&#150;product cash costs <SUP>(7)
    </SUP></TD>
    <TD align=center width="18%" bgColor=#eeeeee>1,204 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>1,033 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>17% </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="18%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="18%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="18%">&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%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>Silver equivalents are calculated using a 70:1 ratio for
      2015 and a 75:1 ratio for 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(2) </SUP></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 beginning on page 14.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(3) </SUP></TD>
    <TD>
      <P align=justify>Cash costs net of by-products per payable silver ounce
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead, net of gold credits. See
      Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(4) </SUP></TD>
    <TD>
      <P align=justify>Total production costs per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, amortization, depletion and amortization at the
      operation sites. See Reconciliation to IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(5) </SUP></TD>
    <TD>
      <P align=justify>All-in sustaining cost per ounce include mining,
      processing (including smelting, refining, transportation and selling
      costs), direct overhead, corporate general and administration, on-site
      exploration, share-based compensation, reclamation and sustaining capital
      net of gold credits. See Reconciliation to IFRS on page 17.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(6) </SUP></TD>
    <TD>
      <P align=justify>Direct production costs per tonne include mining,
      processing (including smelting, refining, transportation and selling
      costs) and direct overhead at the operation sites. See Reconciliation to
      IFRS on page 16.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>(7) </SUP></TD>
    <TD>
      <P align=justify>Silver co-product cash cost and gold co-product cash cost
      include mining, processing (including smelting, refining, transportation
      and selling costs), and direct overhead allocated on pro-rated basis of
      realized metal value. See Reconciliation to IFRS on page
  17.</P></TD></TR></TABLE>
<P align=justify>Endeavour&#146;s third mine, 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 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 2013 on time and within budget. </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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>11</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<P align=justify>In 2014, Endeavour 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 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 also acquired new mining equipment<B>,
</B>accelerated mine development and commenced underground drilling. In 2015,
mine and mill operations were expanded to 2,200 tpd. Production averaged 1,859
tpd for the year and 2,165 tpd in the fourth quarter. Milling operations met
plan, averaging 1,740 tpd in the second half of 2015, with the balance of mine
output going to stockpiles and the Bola&#241;itos plant for processing. The
additional mine production at El Cubo was processed at Endeavour&#146;s Bola&#241;itos
plant, located 18 kilometres away, which had available capacity and comparable
circuits to El Cubo. In 2016, investments on exploration and mine development
were suspended during the first quarter until metal prices improve. Production
will continue from the V-Asunci&#243;n, Dolores, Villalpando, San Nicolas and Santa
Cecilia veins but will decline each month until only V-Asunci&#243;n is producing
prior to going on care and maintenance in the fourth quarter.</P>
<P align=justify><B><I>El Cubo Production Results </I></B></P>
<P align=justify><B>Three months ended March 31, 2016 (compared to the three
months ended March 31, 2015) <BR></B>Silver production at the El Cubo mine was
523,765 ounces in Q1, 2016, an increase of 17% compared to 445,827 oz in Q1,
2015 and gold production was 5,943 oz in Q1, 2016, an increase of 8% compared to
5,510 oz in Q1, 2015. Plant throughput in Q1, 2016 was 172,649 tonnes at average
grades of 108 gpt silver and 1.38gpt gold, compared to 138,610 tonnes grading
113 gpt silver and 1.46 gpt gold in Q1, 2015. Over 2015, the mine increased mine
output and averaged 2,165 tpd in the fourth quarter. The higher mine output
continued into Q1, 2016 and resulted in higher metal production offset by lower
ore grades and recoveries. With the operation going to planned care and
maintenance by the fourth quarter, efforts are focused on extracting and
processing the accessible to ore to maximize cash flow over the year.</P>
<P align=justify><B><I>El Cubo Operating Costs </I></B></P>
<P align=justify><B>Three months ended March 31, 2016 (compared to the three
months ended March 31, 2015) <BR></B>Economies of scale achieved through rising
throughput during 2015 and into 2016 combined with the weaker peso to drive
direct production costs per tonne down however, development expensed as a result
of the planned care and maintenance resulted in flat direct costs compared to
the same period in 2015. In Q1, 2016, cash costs net of by-product credits (a
non-IFRS measure and a standard of the Silver Institute), increased by 20% to
$15.87 per oz of payable silver compared to $13.24 per oz in the same period in
2015. All-in sustaining costs decreased by 32% to $18.11 per oz compared to
$26.44 per oz in Q1, 2015 with the suspension of exploration and developments
activities part way through the first quarter.</P>
<P align=justify><B><FONT size=3>Exploration Results </FONT></B></P>
<P align=justify>In 2016, Endeavour plans to spend $2.5 million on exploration
drilling at Guanacev&#237; and property holding costs in Mexico. The Company also has
a contingent budget to invest $7.0 million on additional exploration,
engineering and land acquisition, primarily at Terronera, subject to financing
from existing sources. Subsequent to the quarter end, the Board approved the
expenditure of $3.0 million from the contingent budget to advance the Terronera
project.</P>
<P align=justify>During Q1, 2016, incurred expenditures related to mapping and
sampling of projects, severance incurred in Chile and El Cubo. Additionally $0.5
million was incurred at Terronera for minimal drilling, mapping and engineering
work during the quarter.</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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>12 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<P align=justify><B><FONT size=3>Consolidated Financial Results </FONT></B></P>
<P align=justify><B>Three months ended March 31, 2016 (compared to the three
months ended March 31, 2015) </B></P>
<P align=justify>For the three-month period ended March 31, 2016, the Company&#146;s
mine operating earnings were $6.3 million (Q1, 2015: $9.1 million) on sales of
$41.5 million (Q1, 2015: $51.1 million) with cost of sales of $35.2 million (Q1,
2015: $42.0 million). </P>
<P align=justify>The Q1, 2016 operating earnings were $3.1 million (Q1, 2015:
operating earnings of $6.2 million) after exploration costs of $1.2 million (Q1,
2015: $1.1 million) and general and administrative costs of $2.0 million (Q1,
2015: $1.8 million). </P>
<P align=justify>The earnings before taxes in Q1, 2016 was $3.1 million (Q1,
2015: $5.5 million) after finance costs of $0.3 million (Q1, 2015: $0.3
million), a foreign exchange gain of $0.5 million (Q1, 2015: foreign exchange
loss of $0.7 million) and a loss in investment and other income and expenses of
$0.2 million (Q1, 2015: investment and other income of $0.3 million. The Company
realized net earnings for the period of $1.8 million (Q1, 2015: $1.4 million)
after an income tax expense of $1.3 million (Q1, 2014: $4.1 million). </P>
<P align=justify>Sales of $41.5 million in Q1, 2016 represented a 19% decrease
over the $51.1 million in sales for the same period in 2015. There was a 19%
decrease in silver oz sold and an 11% decrease in the realized silver price
resulting in a 28% decrease in silver sales, and there was a 3% decrease in gold
oz sold with a realized gold price consistent with the prior year resulting in a
3% decrease in gold sales. During the period, the Company sold 1,511,319 oz
silver and 15,266 oz gold, for realized prices of $15.18 and $1,219 per oz
respectively, compared to sales of 1,861,975 oz silver and 15,779 oz gold, for
realized prices of $17.11 and $1,221 per oz respectively, in the same period of
2015. The realized prices of silver and gold during the period were within 3% of
the average silver and gold spot prices during the period of $14.85 per oz and
$1,183 per oz, 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
156,299 oz and increased its finished goods gold inventory to 1,504 oz at March
31, 2016 compared to 194,496 oz silver and 1,285 oz gold at December 31, 2015.
The cost allocated to these finished goods was $3.3 million, compared to $3.4
million at December 31, 2015. As of March 31, 2016, the finished goods inventory
fair market value was $4.3 million compared to the fair value of $4.1 million at
December 31, 2015. </P>
<P align=justify>Cost of sales for Q1, 2016 was $35.2 million, a decrease of 16%
over the cost of sales of $42.0 million for the same period of 2015. The 16%
decrease in cost of sales was primarily due to cost reduction measures, the
weakening of the Mexican peso against the US dollar and reduced depletion due to
accounting impairments recorded in 2015 that reduced the carrying value of the
El Cubo operation.</P>
<P align=justify>Exploration expenses increased in Q1, 2016 to $1.2 million from
$1.1 million in the same period of 2015 based on the severance paid during the
quarter. General and administrative expenses increased to $2.0 million for the
period compared to $1.8 million in the same period of 2015. General and
administrative expenses are largely incurred in Canadian dollars, the increased
strength of the US dollar against the Canadian dollar was offset by an increase
in the fair market value of director&#146;s deferred share units. </P>
<P align=justify>The Company experienced a foreign exchange gain of $0.5 million
during the period compared to a loss of $0.7 million for the same period of
2015. The $0.5 million gain was primarily due to the timing of transactions as
both the Canadian dollar and Mexican peso significant depreciated against the US
dollar at the outset of the quarter, but appreciated in the back half of the
quarter to close relative unchanged. </P>
<P align=justify>There was an income tax expense of $1.3 million during the
period compared to an income tax expense of $4.1 million for the same period of
2015. The $1.3 million tax expense is comprised of $1.4 million in current
income tax expense (Q1, 2015: current income tax expense of $3.1 million) and
$0.1 million in deferred income tax recovery (Q1, 2015 $1.0 million income tax
expense). Lower metal prices impacted the profitability of the operations and
lowered both the income tax expense and special mining duty, while the 2015
income tax expense was significantly larger due to the impact of the weaker
Mexico peso on deferred income tax liabilities. </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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>13</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<P align=justify><B><FONT size=3>Non-IFRS Measures </FONT></B></P>
<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 revenue 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 align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#943634><FONT
      color=#ffffff><B>Expressed in thousands US      dollars</B></FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three </B><B>Months
      </B><B>Ended </B><B>March </B><B>31 </B></FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="20%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016 </B></FONT></TD>
    <TD width="20%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Mine operating earnings (loss) </TD>
    <TD align=center width="20%">$6,278 </TD>
    <TD align=center width="20%">$9,065 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Share&#150;based compensation </TD>
    <TD align=center width="20%" bgColor=#eeeeee>56 </TD>
    <TD align=center width="20%" bgColor=#eeeeee>73 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Amortization and
      depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">5,154 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">10,454 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Mine operating cash flow before taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>$11,488 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>$19,592 </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>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#943634><FONT
      color=#ffffff><B>Expressed in thousands US      dollars</B></FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended      March 31 </B></FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="20%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016 </B></FONT></TD>
    <TD width="20%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Cash from (used in)operating activities </TD>
    <TD align=center width="20%">($2,829) </TD>
    <TD align=center width="20%">$4,285 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Net changes in non&#150;cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>(10,324) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>(9,519) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Operating cash
      flow before working capital adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">$7,495 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">$13,804 </TD></TR></TABLE>
</DIV>
<P align=justify>Operating cash flow per share is a non-IFRS measure that does
not have a standardized meaning prescribed by IFRS and therefore may not be
comparable to similar measures presented by other issuers. Operating cash flow
per share is calculated by dividing cash from operating activities by the
weighted average shares outstanding. Operating cash flow per share is used by
management 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>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#943634><FONT
      color=#ffffff><B>Expressed </B><B>in </B><B>thousands
      </B><B>US </B><B>dollars</B><B> </B></FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended      March 31 </B></FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="20%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016 </B></FONT></TD>
    <TD width="20%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015 </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Operating cash flow before workingc apital adjustments </TD>
    <TD align=center width="20%">$7,495 </TD>
    <TD align=center width="20%">$13,804 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Weighted average shares outstanding </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>104,646,404 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>101,976,901 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Operating cash
      flow before WC changes per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">$0.07 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">$0.14 </TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>14</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></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>Adjusted EBITDA excluded the following additional items from
EBITA </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Share based compensation; </LI></UL>
<P align=justify>Management believes EBITDA is a valuable indicator of the
Company&#146;s ability to generate liquidity by producing operating cash flow to fund
working capital needs, service debt obligations, and fund capital expenditures.
Management uses EBITDA for this purpose. EBITDA is also frequently used by
investors and analysts for valuation purposes whereby EBITDA is multiplied by a
factor or &#147;EBITDA multiple&#148; based on an observed or inferred relationship
between EBITDA and market values to determine the approximate total enterprise
value of a Company. </P>
<P align=justify>EBITDA is intended to provide additional information to
investors and analysts and does not have any standardized definition under IFRS
and should not be considered in isolation or as a substitute for measures of
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 and Adjusted EBITDA differently. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"
    ><FONT color=#ffffff><B>Expressed </B><B>in
      </B><B>thousands </B><B>US </B><B>dollars</B>
      </FONT></TD>
    <TD colspan="2" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>Three Months Ended      March 31 </B></FONT><FONT color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="20%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2016</B> </FONT></TD>
    <TD width="20%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>2015</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Net earnings (loss) for the period </TD>
    <TD align=center width="20%">$1,829 </TD>
    <TD align=center width="20%">$1,357 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Amortization and
      depletion&#150;cost o fsales </TD>
    <TD align=center width="20%" bgColor=#eeeeee>5,154 </TD>
    <TD align=center width="20%" bgColor=#eeeeee>10,454 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Amortization and depletion&#150;exploration </TD>
    <TD align=center width="20%">18 </TD>
    <TD align=center width="20%">25 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Amortization and
      depletion&#150;general&nbsp; &amp; admin </TD>
    <TD align=center width="20%" bgColor=#eeeeee>50 </TD>
    <TD align=center width="20%" bgColor=#eeeeee>39 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Finance costs </TD>
    <TD align=center width="20%">287 </TD>
    <TD align=center width="20%">313 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Current income tax expense</TD>
    <TD align=center width="20%" bgColor=#eeeeee>1,411 </TD>
    <TD align=center width="20%" bgColor=#eeeeee>3,176 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Deferred income tax expense (recovery) </TD>
    <TD align=center width="20%">(103) </TD>
    <TD align=center width="20%">1,003 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Earnings before interest,
      taxes, depletion and amortization </TD>
    <TD align=center width="20%" bgColor=#eeeeee>$8,646 </TD>
    <TD align=center width="20%" bgColor=#eeeeee>$16,367 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Share based compensation </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%">457    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%">480    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#eeeeee
    >Adjusted earnings before interest, taxes depletion and
      amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>$9,103 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%"
    bgColor=#eeeeee>$16,847 </TD></TR></TABLE>
</DIV>
<P align=justify>Cash costs per ounce, total production costs per ounce and
direct production costs per tonne are measures developed by precious metals
companies in an effort to provide a comparable standard; however, there can be
no assurance that Endeavour&#146;s reporting of these non-IFRS measures are similar
to those reported by other mining companies. Cash costs per ounce, production
costs per ounce and direct production costs per tonne are measures used by the
Company to manage and evaluate operating performance at each of the Company&#146;s
operating mining units, and are widely reported in the silver mining industry as
a benchmark for performance, but do not have a standardized meaning and are
disclosed in addition to IFRS measures. The following tables provide a detailed
reconciliation of these measures to Endeavour&#146;s cost of sales, as reported in
the Company&#146;s consolidated financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>15</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#943634><b><FONT
      color=#ffffff>Expressed in thousands
      US dollars </FONT></b></TD>
    <TD colspan="4" align=center
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><b><FONT color=#ffffff>Three Months Ended      March 31, 2016</FONT></b></TD>
    <TD colspan="4" align=center
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><b><FONT color=#ffffff>Three Months Ended      March 31,&nbsp; 2015 </FONT></b></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>Guanacevi </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>Bola&#241;itos<FONT
      color=#000000>&nbsp;</FONT> </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>El Cubo
    </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>Total </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>Guanacevi </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>Bola&#241;itos<FONT
      color=#000000>&nbsp;</FONT> </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>El Cubo
    </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>Total </FONT></b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Direct production costs </TD>
    <TD vAlign=bottom align=center width="10%">$6,814 </TD>
    <TD vAlign=bottom align=center width="10%">$8,300 </TD>
    <TD vAlign=bottom align=center width="10%">$14,730 </TD>
    <TD vAlign=bottom align=center width="10%">$29,844 </TD>
    <TD vAlign=bottom align=center width="10%">$9,509 </TD>
    <TD vAlign=bottom align=center width="10%">$9,361 </TD>
    <TD vAlign=bottom align=center width="10%">$12,398 </TD>
    <TD vAlign=bottom align=center width="10%">$31,268 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Royalties </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>80 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>66 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>63 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>209 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>102 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>79 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>67 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>248 </TD></TR>
  <TR vAlign=top>
    <TD 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%">(52) </TD>
    <TD vAlign=bottom align=center width="10%">&#150; </TD>
    <TD vAlign=bottom align=center width="10%">126 </TD>
    <TD vAlign=bottom align=center width="10%">394 </TD>
    <TD vAlign=bottom align=center width="10%">515 </TD>
    <TD vAlign=bottom align=center width="10%">&#150; </TD>
    <TD vAlign=bottom align=center width="10%">909 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Opening finished goods </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(1,298) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(619) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(798) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(2,715) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(4,033) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(441) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(1,042) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(5,516) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Closing finished
      goods </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">1,330 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">537 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">1,010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">2,877 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">3,295 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">555 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">720 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">4,570 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Direct production costs </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>7,104 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>8,232 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>15,005 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>30,341 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>9,267 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>10,069 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>12,143 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>31,479 </TD></TR>
  <TR vAlign=top>
    <TD align=left>By&#150;product gold sales </TD>
    <TD vAlign=bottom align=center width="10%">(1,952) </TD>
    <TD vAlign=bottom align=center width="10%">(9,673) </TD>
    <TD vAlign=bottom align=center width="10%">(6,975) </TD>
    <TD vAlign=bottom align=center width="10%">(18,600) </TD>
    <TD vAlign=bottom align=center width="10%">(2,302) </TD>
    <TD vAlign=bottom align=center width="10%">(10,105) </TD>
    <TD vAlign=bottom align=center width="10%">(6,856) </TD>
    <TD vAlign=bottom align=center width="10%">(19,263) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Opening gold inventory fair market value</TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>337 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>471 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>557 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>1,365 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>1,262 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>726 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>865 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>2,853 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Closing gold
      inventory fair market value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">(233) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">(1,022) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">(606) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">(1,861) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">(1,273) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">(606) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">(501) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">(2,380) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Cash costs net of by&#150;product </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>5,256 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>(1,992) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>7,981 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>11,245 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>6,954 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>84 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>5,651 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>12,689 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Amortization and depletion </TD>
    <TD vAlign=bottom align=center width="10%">1,867 </TD>
    <TD vAlign=bottom align=center width="10%">1,935 </TD>
    <TD vAlign=bottom align=center width="10%">1,352 </TD>
    <TD vAlign=bottom align=center width="10%">5,154 </TD>
    <TD vAlign=bottom align=center width="10%">2,213 </TD>
    <TD vAlign=bottom align=center width="10%">2,718 </TD>
    <TD vAlign=bottom align=center width="10%">5,423 </TD>
    <TD vAlign=bottom align=center width="10%">10,354 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Stock&#150;based compensation </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>19 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>18 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>19 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>56 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>25 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>24 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>25 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>74 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Opening finished goods depletion </TD>
    <TD vAlign=bottom align=center width="10%">(203) </TD>
    <TD vAlign=bottom align=center width="10%">(261) </TD>
    <TD vAlign=bottom align=center width="10%">(242) </TD>
    <TD vAlign=bottom align=center width="10%">(706) </TD>
    <TD vAlign=bottom align=center width="10%">(635) </TD>
    <TD vAlign=bottom align=center width="10%">(115) </TD>
    <TD vAlign=bottom align=center width="10%">(698) </TD>
    <TD vAlign=bottom align=center width="10%">(1,448) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Closing finished goods depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>217 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>86 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>84 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>387 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>868 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>187 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>238 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,293 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total production
      costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$7,156 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">($214) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$9,194 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$16,136 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$9,425 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$2,898 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$10,639 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$22,962 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Throughput tonnes </TD>
    <TD vAlign=bottom align=center width="10%">98,776 </TD>
    <TD vAlign=bottom align=center width="10%">137,128 </TD>
    <TD vAlign=bottom align=center width="10%">172,649 </TD>
    <TD vAlign=bottom align=center width="10%">408,553 </TD>
    <TD vAlign=bottom align=center width="10%">106,106 </TD>
    <TD vAlign=bottom align=center width="10%">136,076 </TD>
    <TD vAlign=bottom align=center width="10%">138,610 </TD>
    <TD vAlign=bottom align=center width="10%">380,792 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Payable silver ounces </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>649,681 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>321,186 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>502,815 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>1,473,682 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>844,575 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>498,393 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>426,956 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>1,769,924</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Cash costs per ounce </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$8.09 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>($6.20) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$15.87 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$7.63 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$8.23 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$0.17 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$13.24 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$7.17 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total production costs per oz </TD>
    <TD vAlign=bottom align=center width="10%">$11.01 </TD>
    <TD vAlign=bottom align=center width="10%">($0.67) </TD>
    <TD vAlign=bottom align=center width="10%">$18.29 </TD>
    <TD vAlign=bottom align=center width="10%">$10.95 </TD>
    <TD vAlign=bottom align=center width="10%">$11.16 </TD>
    <TD vAlign=bottom align=center width="10%">$5.81 </TD>
    <TD vAlign=bottom align=center width="10%">$24.92 </TD>
    <TD vAlign=bottom align=center width="10%">$12.97 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Direct production costs per tonne </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$71.92 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$60.03 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$86.91 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$74.26 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$87.34 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$74.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$87.61 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$82.67 </TD></TR></TABLE>
</DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>Special mining duty is an EBITDA royalty tax presented as
      a current income tax in accordance with IFRS.</P></TD></TR></TABLE>
<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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>16</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#943634><b><FONT
      color=#ffffff>Expressed in thousands
      US dollars </FONT></b></TD>
    <TD colspan="4" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><b><FONT color=#ffffff>Three Months      Ended March 31, 2016</FONT></b></TD>
    <TD colspan="4" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><b><FONT color=#ffffff>Three Months Ended      March 31,&nbsp; 2015 </FONT></b></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634>&nbsp; </TD>
    <TD width="10%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>Guanacevi </FONT></b></TD>
    <TD width="10%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff><FONT color=#000000><FONT
      color=#ffffff>Bola&#241;itos</FONT>&nbsp;</FONT>
      </FONT></b></TD>
    <TD width="10%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>ElCubo </FONT></b></TD>
    <TD width="10%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>Total </FONT></b></TD>
    <TD width="10%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>Guanacevi </FONT></b></TD>
    <TD width="10%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>Bola&#241;itos<FONT
      color=#000000>&nbsp;</FONT> </FONT></b></TD>
    <TD width="10%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>ElCubo </FONT></b></TD>
    <TD width="10%" align=center nowrap
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#ffffff>Total </FONT></b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Cashcosts net of&nbsp; by&#150;product </TD>
    <TD vAlign=bottom align=center width="10%">$5,256 </TD>
    <TD vAlign=bottom align=center width="10%">($1,992) </TD>
    <TD vAlign=bottom align=center width="10%">$7,981 </TD>
    <TD vAlign=bottom align=center width="10%">$11,245 </TD>
    <TD vAlign=bottom align=center width="10%">$6,954 </TD>
    <TD vAlign=bottom align=center width="10%">$84 </TD>
    <TD vAlign=bottom align=center width="10%">$5,651 </TD>
    <TD vAlign=bottom align=center width="10%">$12,689 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Operations stockbased compensation </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>19 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>18 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>19 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>56 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>25 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>24 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>25 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>74 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Corporate general and administrative </TD>
    <TD vAlign=bottom align=center width="10%">712 </TD>
    <TD vAlign=bottom align=center width="10%">352 </TD>
    <TD vAlign=bottom align=center width="10%">551 </TD>
    <TD vAlign=bottom align=center width="10%">1,615 </TD>
    <TD vAlign=bottom align=center width="10%">678 </TD>
    <TD vAlign=bottom align=center width="10%">400 </TD>
    <TD vAlign=bottom align=center width="10%">343 </TD>
    <TD vAlign=bottom align=center width="10%">1,420 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Corporate stockbased compensation </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>160 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>79 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>124 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>363 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>177 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>104 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>89 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>370 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Reclamation&#150;amortization/accretion </TD>
    <TD vAlign=bottom align=center width="10%">7 </TD>
    <TD vAlign=bottom align=center width="10%">4 </TD>
    <TD vAlign=bottom align=center width="10%">10 </TD>
    <TD vAlign=bottom align=center width="10%">21 </TD>
    <TD vAlign=bottom align=center width="10%">5 </TD>
    <TD vAlign=bottom align=center width="10%">3 </TD>
    <TD vAlign=bottom align=center width="10%">18 </TD>
    <TD vAlign=bottom align=center width="10%">26 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Mine site expensed exploration </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>24 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>97 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>288 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>409 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>170 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>241 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>195 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>606 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Capital
      expenditures sustaining </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">2,236 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">302 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">133 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">2,671 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">1,420 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">2,007 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">4,967 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">8,394 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>All In Sustaining Costs </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$8,414 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>($1,140) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$9,106 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$16,380 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$9,428 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$2,863 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$11,288 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$23,579 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Growth exploration </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">735 </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">443 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Growth capital expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>416 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>192 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>All In Costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">&nbsp; </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=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$17,531 </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=center
    width="10%">&nbsp; </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=center
    width="10%">$24,214 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Throughput tonnes </TD>
    <TD vAlign=bottom align=center width="10%">98,776 </TD>
    <TD vAlign=bottom align=center width="10%">137,128 </TD>
    <TD vAlign=bottom align=center width="10%">172,649 </TD>
    <TD vAlign=bottom align=center width="10%">408,553 </TD>
    <TD vAlign=bottom align=center width="10%">106,106 </TD>
    <TD vAlign=bottom align=center width="10%">136,076 </TD>
    <TD vAlign=bottom align=center width="10%">138,610 </TD>
    <TD vAlign=bottom align=center width="10%">380,792 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Payable silver ounces </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>649,681 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>321,186 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>502,815 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>1,473,682 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>844,575 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>498,393 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>426,956 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>1,769,924</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Sustaining cost per ounce </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$12.95 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>($3.55) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$18.11 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$11.12 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$11.16 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$5.74 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$26.44 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>$13.32 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>All In costs per
      ounce </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">&nbsp; </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=center
    width="10%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">$11.90 </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=center
    width="10%">&nbsp; </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=center
    width="10%">$13.68 </TD></TR></TABLE>
</DIV>
<P align=justify>Silver co-product cash costs and gold co-product cash costs are
measures used by the Company to manage and evaluate operating performance at
each of the Company&#146;s operating mining units and consolidated group, but do not
have a standardized meaning and are disclosed in addition to IFRS measures. The
following tables provide a detailed reconciliation of these measures to
Endeavour&#146;s cost of sales, as reported in the Company&#146;s consolidated financial
statements.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#943634><b><FONT
      color=#ffffff>Expressed in thousands
      US dollars </FONT></b></TD>
    <TD colspan="4" align=center
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><b> <FONT color=#ffffff>Period Ended
      March 31, 2016 </FONT> </b></TD>
    <TD colspan="4" align=center
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><b> <FONT color=#ffffff>Period Ended
      March 31, 2015 </FONT> </b></TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>Guanacevi </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>&nbsp;Bola&#241;itos<FONT
      color=#000000>&nbsp;</FONT>&nbsp; </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>ElCubo </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>Total </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>Guanacevi&nbsp; </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>Bola&#241;itos<FONT
      color=#000000>&nbsp;</FONT> </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>ElCubo </FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><b><FONT color=#ffffff>Total </FONT></b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Direct production costs </TD>
    <TD vAlign=bottom align=center width="10%">$6,814 </TD>
    <TD vAlign=bottom align=center width="10%">$8,300 </TD>
    <TD vAlign=bottom align=center width="10%">$14,730 </TD>
    <TD vAlign=bottom align=center width="10%">$29,844 </TD>
    <TD vAlign=bottom align=center width="10%">$9,509 </TD>
    <TD vAlign=bottom align=center width="10%">$9,361 </TD>
    <TD vAlign=bottom align=center width="10%">$12,398 </TD>
    <TD vAlign=bottom align=center width="10%">$31,268 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Royalties </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>80 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>66 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>63 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>209 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>102 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>79 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>67 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>248 </TD></TR>
  <TR vAlign=top>
    <TD 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%">(52) </TD>
    <TD vAlign=bottom align=center width="10%">&#150; </TD>
    <TD vAlign=bottom align=center width="10%">126 </TD>
    <TD vAlign=bottom align=center width="10%">394 </TD>
    <TD vAlign=bottom align=center width="10%">515 </TD>
    <TD vAlign=bottom align=center width="10%">&#150; </TD>
    <TD vAlign=bottom align=center width="10%">909 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Opening finished goods </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(1,298) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(619) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(798) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(2,715) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(4,033) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(441) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(1,042) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(5,516) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Finished goods NRV adjustment </TD>
    <TD vAlign=bottom align=center width="10%">&#150; </TD>
    <TD vAlign=bottom align=center width="10%">&#150; </TD>
    <TD vAlign=bottom align=center width="10%">&#150; </TD>
    <TD vAlign=bottom align=center width="10%">&#150; </TD>
    <TD vAlign=bottom align=center width="10%">&#150; </TD>
    <TD vAlign=bottom align=center width="10%">&#150; </TD>
    <TD vAlign=bottom align=center width="10%">0 </TD>
    <TD vAlign=bottom align=center width="10%">0 </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" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,330 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>537 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>2,877 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>3,295 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>555 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>720 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>4,570 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Direct production
      costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">7,104 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">8,232 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">15,005 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">30,341 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">9,267 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">10,069 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">12,143 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">31,479 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver production </TD>
    <TD vAlign=bottom align=center width="10%">651,731 </TD>
    <TD vAlign=bottom align=center width="10%">334,569 </TD>
    <TD vAlign=bottom align=center width="10%">523,765 </TD>
    <TD vAlign=bottom align=center width="10%">1,510,065 </TD>
    <TD vAlign=bottom align=center width="10%">853,106 </TD>
    <TD vAlign=bottom align=center width="10%">521,117 </TD>
    <TD vAlign=bottom align=center width="10%">445,827 </TD>
    <TD vAlign=bottom align=center width="10%">1,820,050 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Average realized silver price <SUP>(2) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>15.18 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>15.18 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>15.18 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>15.18 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>17.11 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>17.11 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>17.11 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>17.11 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Silver value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">9,893,277 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">5,078,757 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">7,950,753 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">22,922,787 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">14,596,644 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">8,916,312 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">7,628,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">31,141,056 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold production </TD>
    <TD vAlign=bottom align=center width="10%">1,568 </TD>
    <TD vAlign=bottom align=center width="10%">8,449 </TD>
    <TD vAlign=bottom align=center width="10%">5,943 </TD>
    <TD vAlign=bottom align=center width="10%">15,960 </TD>
    <TD vAlign=bottom align=center width="10%">1,877 </TD>
    <TD vAlign=bottom align=center width="10%">8,421 </TD>
    <TD vAlign=bottom align=center width="10%">5,510 </TD>
    <TD vAlign=bottom align=center width="10%">15,808 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Average realized gold price <SUP>(2) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,219 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,219 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,219 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,219 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,221 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,221 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,221 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,221 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Gold value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">1,911,392 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">10,299,331 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">7,244,517 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">19,455,240 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">2,291,817 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">10,282,041</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">6,727,710 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">19,301,568 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total metal value </TD>
    <TD vAlign=bottom align=center width="10%">11,804,669 </TD>
    <TD vAlign=bottom align=center width="10%">15,378,088 </TD>
    <TD vAlign=bottom align=center width="10%">15,195,270 </TD>
    <TD vAlign=bottom align=center width="10%">42,378,027 </TD>
    <TD vAlign=bottom align=center width="10%">16,888,461 </TD>
    <TD vAlign=bottom align=center width="10%">19,198,353 </TD>
    <TD vAlign=bottom align=center width="10%">14,355,810 </TD>
    <TD vAlign=bottom align=center width="10%">50,442,624 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Pro&#150;rated silverc osts </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>84% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>33% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>52% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>54% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>86% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>46% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>53% </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>62% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pro&#150;rated gold costs </TD>
    <TD vAlign=bottom align=center width="10%">16% </TD>
    <TD vAlign=bottom align=center width="10%">67% </TD>
    <TD vAlign=bottom align=center width="10%">48% </TD>
    <TD vAlign=bottom align=center width="10%">46% </TD>
    <TD vAlign=bottom align=center width="10%">14% </TD>
    <TD vAlign=bottom align=center width="10%">54% </TD>
    <TD vAlign=bottom align=center width="10%">47% </TD>
    <TD vAlign=bottom align=center width="10%">38% </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver co&#150;product cash costs </TD>
    <TD vAlign=bottom align=center width="10%">$9.14 </TD>
    <TD vAlign=bottom align=center width="10%">$8.13 </TD>
    <TD vAlign=bottom align=center width="10%">$14.99 </TD>
    <TD vAlign=bottom align=center width="10%">$10.87 </TD>
    <TD vAlign=bottom align=center width="10%">$9.39 </TD>
    <TD vAlign=bottom align=center width="10%">$8.97 </TD>
    <TD vAlign=bottom align=center width="10%">$14.47 </TD>
    <TD vAlign=bottom align=center width="10%">$10.68 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Gold co&#150;product cash costs </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$734 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$653 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$1,204 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$873 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$670 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$640 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$1,033 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$762 </TD></TR></TABLE>
</DIV>
<P align=justify><SUP>(1) </SUP>Special mining duty is an EBITDA royalty tax
presented as a current income tax in accordance with IFRS. </P>
<P align=justify><SUP>(2) </SUP>The average realized silver and gold prices for
the period ended March 31, 2015 include an immaterial reallocation resulting in
an immaterial change in silver and gold co-product costs from the prior period&#146;s
disclosure. </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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>17</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<P align=justify><B><FONT size=3>Quarterly Results and Trends </FONT></B></P>
<P align=justify><B><I>The following table presents selected financial
information for each of the most recent eight quarters: </I></B></P>
<P align=justify><B>(tables in thousands of US dollars except per share amounts)
</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%" bgColor=#943634><FONT color=#ffffff><B>2016
      </B></FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="10%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff><B>2015</B></FONT><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    align=left width="10%" bgColor=#943634><FONT color=#ffffff>&nbsp;
    </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="10%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff><B>2014 </B></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    align=left width="10%" bgColor=#943634><FONT color=#ffffff>&nbsp;
    </FONT></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#943634><FONT color=#ffffff><B>Quarterly
      </B><B>Results </B></FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#943634><FONT color=#ffffff><B>Q1
      </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff><B>Q4 </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff><B>Q3 </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff><B>Q2 </B></FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#943634><FONT color=#ffffff><B>Q1
      </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff><B>Q4 </B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff><B>Q3 </B></FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#943634><FONT color=#ffffff><B>Q2
      </B></FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Revenue </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%">$41,541 </TD>
    <TD vAlign=bottom align=center width="10%">$41,991 </TD>
    <TD vAlign=bottom align=center width="10%">$42,737 </TD>
    <TD vAlign=bottom align=center width="10%">$47,719 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$51,109 </TD>
    <TD vAlign=bottom align=center width="10%">$48,677 </TD>
    <TD vAlign=bottom align=center width="10%">$40,477 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$54,774 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee>Direct cost </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>29,844 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>32,033 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>30,447 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>31,091 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>31,269 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>34,400 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>28,840 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>34,849 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>Royalties </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">209 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">237 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">304 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">243 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">248 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">359 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">175 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">278 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee>Mine operating cash flow </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>11,488 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>9,721 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>11,986 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>16,385 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>19,592 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>13,918 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>11,462 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>19,647 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Share &#150;based compensation </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%">56 </TD>
    <TD vAlign=bottom align=center width="10%">83 </TD>
    <TD vAlign=bottom align=center width="10%">109 </TD>
    <TD vAlign=bottom align=center width="10%">167 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">73 </TD>
    <TD vAlign=bottom align=center width="10%">110 </TD>
    <TD vAlign=bottom align=center width="10%">140 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">219 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee>Amortization and depletion </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>5,154 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>10,674 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>9,768 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>9,382 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>10,454 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>11,144 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>14,386 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>14,709 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>Write down on inventory </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">234 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">&#150; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">363 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">527 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">365 </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 (loss) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>$6,278 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>($1,270) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$2,109 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$6,836 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>$9,065 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$2,301 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>($3,591) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>$4,354 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Net earnings (loss) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%">$1,829 </TD>
    <TD vAlign=bottom align=center width="10%">(136,245) </TD>
    <TD vAlign=bottom align=center width="10%">(14,079) </TD>
    <TD vAlign=bottom align=center width="10%">($974) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$1,357 </TD>
    <TD vAlign=bottom align=center width="10%">($66,895) </TD>
    <TD vAlign=bottom align=center width="10%">($11,386) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">($289) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee>Impairment charge, net of tax </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>&#150; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>134,000 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&#150; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>&#150; </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>55,858 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>&#150; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>&#150; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>Write down of marketable securities </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">4,785 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">&#150; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">&#150; </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=center
    width="10%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#eeeeee>Adjusted earnings (loss) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>$1,829 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>(2,245) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>(9,294) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>($974) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>$1,357 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>($11,037) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>($11,386) </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>($289) </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">&nbsp;    </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee>Basic earnings (loss) per share </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>$0.02 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>($1.33) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>($0.14) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>($0.01) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$0.01 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>($0.67) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>($0.11) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$0.00 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Diluted earnings (loss) per share </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%">$0.02 </TD>
    <TD vAlign=bottom align=center width="10%">($1.33) </TD>
    <TD vAlign=bottom align=center width="10%">($0.14) </TD>
    <TD vAlign=bottom align=center width="10%">($0.01) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$0.01 </TD>
    <TD vAlign=bottom align=center width="10%">($0.67) </TD>
    <TD vAlign=bottom align=center width="10%">($0.11) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">$0.00 </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>Weighted shares outstanding </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>104,646,404 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>102,054,670 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>101,976,901 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>101,976,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>101,881,133 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>101,527,951 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>101,336,743 </TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">&nbsp;    </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom 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>Net earnings (loss) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>$1,829 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>($136,245) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>($14,079) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>($974) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$1,357 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>($66,895) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>($11,386) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>($289) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Amortization and depletion </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%">5,222 </TD>
    <TD vAlign=bottom align=center width="10%">10,775 </TD>
    <TD vAlign=bottom align=center width="10%">9,849 </TD>
    <TD vAlign=bottom align=center width="10%">9,457 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">10,518 </TD>
    <TD vAlign=bottom align=center width="10%">11,257 </TD>
    <TD vAlign=bottom align=center width="10%">14,471 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">14,785 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee>Finance costs </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>287 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>331 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>370 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>354 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>313 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>321 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>359 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>256 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Current income tax </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%">1,411 </TD>
    <TD vAlign=bottom align=center width="10%">628 </TD>
    <TD vAlign=bottom align=center width="10%">2,095 </TD>
    <TD vAlign=bottom align=center width="10%">954 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">3,176 </TD>
    <TD vAlign=bottom align=center width="10%">14,865 </TD>
    <TD vAlign=bottom align=center width="10%">(171) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%">3,250 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#eeeeee>Deferred income tax </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>(103) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(4,014) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>3,110 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>1,075 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>1,003 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(34,870) </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee>(1,039) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>(4,644) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>Impairment charges </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">134,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">&#150; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">83,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%">&#150; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%">&#150; </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>EBITDA </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>$8,646 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$5,475 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$1,345 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$10,866 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>$16,367 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$7,678 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=center
    width="10%" bgColor=#eeeeee>$2,234 </TD>
  <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=bottom align=center width="10%" bgColor=#eeeeee>$13,358  </TD></TR></TABLE>
</DIV><BR>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>18</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<P align=justify><B><I>The following table presents selected production
information for each of the most recent eight quarters: </I></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left bgColor=#943634><FONT color=#ffffff><B>Highlights</B>
</FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%" bgColor=#943634><FONT color=#ffffff><B>2016</B>
      </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD colspan="2" align=center
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT><FONT color=#ffffff><B>2015</B> </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    align=center width="10%" bgColor=#943634><FONT color=#ffffff>&nbsp;
    </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff><B>2014</B> </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    align=center width="10%" bgColor=#943634><FONT color=#ffffff>&nbsp;
    </FONT></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#943634><FONT color=#ffffff>Q1 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff>Q4 </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff><B>Q3</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff><B>Q2</B> </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#943634><FONT color=#ffffff><B>Q1</B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff><B>Q4</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="10%"
    bgColor=#943634><FONT color=#ffffff><B>Q3</B> </FONT></TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%" bgColor=#943634><FONT color=#ffffff><B>Q2</B>
      </FONT></TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Processed </B><B>tonnes</B> </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">408,553 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">408,092 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">404,878 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">371,745 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">380,792 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">374,212 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">344,393 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">339,276 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">98,776 </TD>
    <TD align=center width="10%">105,039 </TD>
    <TD align=center width="10%">111,469 </TD>
    <TD align=center width="10%">108,817 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">106,106 </TD>
    <TD align=center width="10%">102,375 </TD>
    <TD align=center width="10%">105,241 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">108,822 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">137,128 </TD>
    <TD align=center width="10%">103,878 </TD>
    <TD align=center width="10%">109,124 </TD>
    <TD align=center width="10%">106,148 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">136,076 </TD>
    <TD align=center width="10%">145,408 </TD>
    <TD align=center width="10%">137,683 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">142,370 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">172,649 </TD>
    <TD align=center width="10%">199,175 </TD>
    <TD align=center width="10%">184,285 </TD>
    <TD align=center width="10%">156,780 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">138,610 </TD>
    <TD align=center width="10%">126,429 </TD>
    <TD align=center width="10%">101,469 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">88,084 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Silver </B><B>ounces</B> </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">1,510,065 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,732,765 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,820,282 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,805,569 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1,820,050 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">2,009,172 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1,634,294 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1,669,609 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">651,731 </TD>
    <TD align=center width="10%">761,769 </TD>
    <TD align=center width="10%">867,292 </TD>
    <TD align=center width="10%">958,581 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">853,106 </TD>
    <TD align=center width="10%">1,024,762 </TD>
    <TD align=center width="10%">761,272 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">795,824 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">334,569 </TD>
    <TD align=center width="10%">251,363 </TD>
    <TD align=center width="10%">300,988 </TD>
    <TD align=center width="10%">376,305 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">521,117 </TD>
    <TD align=center width="10%">611,271 </TD>
    <TD align=center width="10%">588,159 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">623,898 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">523,765 </TD>
    <TD align=center width="10%">719,633 </TD>
    <TD align=center width="10%">652,002 </TD>
    <TD align=center width="10%">470,683 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">445,827 </TD>
    <TD align=center width="10%">373,139 </TD>
    <TD align=center width="10%">284,863 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">249,887 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Silver </B><B>grade</B> </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">137 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">156 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">163 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">180 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">174    </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">191 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">175 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">178    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">249 </TD>
    <TD align=center width="10%">269 </TD>
    <TD align=center width="10%">285 </TD>
    <TD align=center width="10%">325 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">300    </TD>
    <TD align=center width="10%">358 </TD>
    <TD align=center width="10%">278 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">272    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">94 </TD>
    <TD align=center width="10%">90 </TD>
    <TD align=center width="10%">105 </TD>
    <TD align=center width="10%">131 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">139    </TD>
    <TD align=center width="10%">148 </TD>
    <TD align=center width="10%">149 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">152    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">108 </TD>
    <TD align=center width="10%">131 </TD>
    <TD align=center width="10%">124 </TD>
    <TD align=center width="10%">112 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">113    </TD>
    <TD align=center width="10%">106 </TD>
    <TD align=center width="10%">102 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">103    </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Silver </B><B>recovery</B> </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">83.7 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">84.6 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">85.7 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">84.0 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">85.2    </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">87.3 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">84.5 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">86.1    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">82.4 </TD>
    <TD align=center width="10%">83.9 </TD>
    <TD align=center width="10%">84.9 </TD>
    <TD align=center width="10%">84.3 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">83.4    </TD>
    <TD align=center width="10%">87.0 </TD>
    <TD align=center width="10%">81.0 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">83.6    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">80.7 </TD>
    <TD align=center width="10%">83.6 </TD>
    <TD align=center width="10%">81.7 </TD>
    <TD align=center width="10%">84.2 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">85.7    </TD>
    <TD align=center width="10%">88.3 </TD>
    <TD align=center width="10%">89.2 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">83.1    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">87.4 </TD>
    <TD align=center width="10%">85.8 </TD>
    <TD align=center width="10%">88.7 </TD>
    <TD align=center width="10%">83.4 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">88.5    </TD>
    <TD align=center width="10%">86.6 </TD>
    <TD align=center width="10%">85.6 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">85.7    </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Gold </B><B>ounces</B> </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">15,960 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">15,433 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">15,319 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">13,430 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">15,808 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">15,127 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">14,118 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">15,131 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">1,568 </TD>
    <TD align=center width="10%">1,775 </TD>
    <TD align=center width="10%">1,792 </TD>
    <TD align=center width="10%">1,946 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">1,877    </TD>
    <TD align=center width="10%">2,085 </TD>
    <TD align=center width="10%">1,627 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">1,656    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">8,449 </TD>
    <TD align=center width="10%">5,166 </TD>
    <TD align=center width="10%">5,397 </TD>
    <TD align=center width="10%">4,982 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">8,421    </TD>
    <TD align=center width="10%">7,900 </TD>
    <TD align=center width="10%">8,588 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">9,980    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">5,943 </TD>
    <TD align=center width="10%">8,492 </TD>
    <TD align=center width="10%">8,130 </TD>
    <TD align=center width="10%">6,502 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">5,510    </TD>
    <TD align=center width="10%">5,142 </TD>
    <TD align=center width="10%">3,903 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">3,495    </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Gold </B><B>grade</B> </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">1.50 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.40 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.39 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.32 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1.53    </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.49 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">1.48 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">1.59    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">0.56 </TD>
    <TD align=center width="10%">0.61 </TD>
    <TD align=center width="10%">0.58 </TD>
    <TD align=center width="10%">0.64 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">0.63    </TD>
    <TD align=center width="10%">0.70 </TD>
    <TD align=center width="10%">0.59 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">0.55    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">2.33 </TD>
    <TD align=center width="10%">1.88 </TD>
    <TD align=center width="10%">1.95 </TD>
    <TD align=center width="10%">1.72 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">2.30    </TD>
    <TD align=center width="10%">2.03 </TD>
    <TD align=center width="10%">2.20 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">2.47    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">1.38 </TD>
    <TD align=center width="10%">1.57 </TD>
    <TD align=center width="10%">1.54 </TD>
    <TD align=center width="10%">1.51 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">1.46    </TD>
    <TD align=center width="10%">1.51 </TD>
    <TD align=center width="10%">1.42 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">1.44    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left><B>Gold </B><B>recovery</B> </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">81.0 </TD>
    <TD align=center width="10%">83.9 </TD>
    <TD align=center width="10%">84.9 </TD>
    <TD align=center width="10%">85.4 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">84.5    </TD>
    <TD align=center width="10%">84.4 </TD>
    <TD align=center width="10%">86.3 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">87.4    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">88.5 </TD>
    <TD align=center width="10%">86.2 </TD>
    <TD align=center width="10%">86.2 </TD>
    <TD align=center width="10%">86.9 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">87.3    </TD>
    <TD align=center width="10%">90.1 </TD>
    <TD align=center width="10%">82.1 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">86.1    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">82.2 </TD>
    <TD align=center width="10%">82.3 </TD>
    <TD align=center width="10%">78.9 </TD>
    <TD align=center width="10%">84.9 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">83.7    </TD>
    <TD align=center width="10%">83.2 </TD>
    <TD align=center width="10%">88.2 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">82.5    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">77.6 </TD>
    <TD align=center width="10%">84.5 </TD>
    <TD align=center width="10%">89.1 </TD>
    <TD align=center width="10%">85.4 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">84.7    </TD>
    <TD align=center width="10%">83.8 </TD>
    <TD align=center width="10%">84.3 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">85.7    </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Cash </B><B>costs </B><B>per
      </B><B>oz</B> </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$7.63 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$9.76 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$8.11 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$8.60 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$7.17    </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$8.33 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$10.70 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$9.87    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$8.09 </TD>
    <TD align=center width="10%">$10.57 </TD>
    <TD align=center width="10%">$7.98 </TD>
    <TD align=center width="10%">$8.14 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$8.23    </TD>
    <TD align=center width="10%">$7.28 </TD>
    <TD align=center width="10%">$11.99 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$12.51 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">($6.20) </TD>
    <TD align=center width="10%">$8.09 </TD>
    <TD align=center width="10%">$7.68 </TD>
    <TD align=center width="10%">$4.82 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$0.17    </TD>
    <TD align=center width="10%">$5.64 </TD>
    <TD align=center width="10%">$2.93 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$1.20    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$15.87 </TD>
    <TD align=center width="10%">$9.45 </TD>
    <TD align=center width="10%">$8.48 </TD>
    <TD align=center width="10%">$12.59 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$13.24 </TD>
    <TD align=center width="10%">$15.73 </TD>
    <TD align=center width="10%">$23.10 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$22.71 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Total </B><B>cost </B><B>per
      </B><B>oz</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$10.95 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$16.11 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$13.57 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$13.88 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$12.97 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$14.36 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$19.86 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$19.19 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$11.01 </TD>
    <TD align=center width="10%">$13.06 </TD>
    <TD align=center width="10%">$10.15 </TD>
    <TD align=center width="10%">$10.31 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$11.16 </TD>
    <TD align=center width="10%">$8.77 </TD>
    <TD align=center width="10%">$13.22 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$13.95 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">($0.67) </TD>
    <TD align=center width="10%">$17.94 </TD>
    <TD align=center width="10%">$15.55 </TD>
    <TD align=center width="10%">$11.16 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center width="10%">$5.81    </TD>
    <TD align=center width="10%">$12.74 </TD>
    <TD align=center width="10%">$18.36 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$16.57 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$18.29 </TD>
    <TD align=center width="10%">$18.80 </TD>
    <TD align=center width="10%">$17.36 </TD>
    <TD align=center width="10%">$23.55 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$24.92 </TD>
    <TD align=center width="10%">$33.02 </TD>
    <TD align=center width="10%">$41.38 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$43.00 </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"><B>Costs </B><B>per </B><B>tonne</B> </TD>
    <TD width="10%"
    align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid">$74.26 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$80.39 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$75.07 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$82.80 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$82.67 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$89.63 </TD>
    <TD width="10%" align=center bgcolor="#EEEEEE">$99.02 </TD>
    <TD
      width="10%" align=center bgcolor="#EEEEEE" style="BORDER-RIGHT: #000000 2px solid">$103.58 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Guanacev&#237; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$71.92 </TD>
    <TD align=center width="10%">$93.59 </TD>
    <TD align=center width="10%">$79.15 </TD>
    <TD align=center width="10%">$92.48 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$87.34 </TD>
    <TD align=center width="10%">$96.91 </TD>
    <TD align=center width="10%">$105.23 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$109.83 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=left>Bola&#241;itos </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    align=center width="10%">$60.03 </TD>
    <TD align=center width="10%">$72.31 </TD>
    <TD align=center width="10%">$70.17 </TD>
    <TD align=center width="10%">$70.89 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$74.00 </TD>
    <TD align=center width="10%">$83.58 </TD>
    <TD align=center width="10%">$87.98 </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" align=center
      width="10%">$93.04 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left>El Cubo </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$86.91 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$77.65 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$75.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$84.14 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$87.61 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$90.70 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="10%">$107.56 </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="10%">$112.88 </TD></TR></TABLE>
</DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>Total Production Cost per
ounce</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>19</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<P align=justify><B><FONT size=3>Key Economic Trends </FONT></B></P>
<P align=center><IMG
src="exhibit99-2x20x1.jpg"
border=0></P>
<P align=justify>The prices of silver and gold are the largest single factor in
determining profitability and cash flow from operations, therefore, the
financial performance of the Company has been, and is expected to continue to
be, closely linked to the prices of silver and gold. During Q1, 2016, the
average price of silver was $14.85 per ounce, with silver trading between a
range of $13.58 and $15.94 per ounce based on the London Fix silver price. This
compares to an average of $16.71 per ounce during Q1, 2015, with a low of $15.47
and a high of $18.23 per ounce. During Q1, 2016, the Company realized an average
price of $15.18 per silver ounce compared with $17.11 for the corresponding
period in 2015.</P>
<P align=justify>During Q1, 2016, the average price of gold was $1,183 per
ounce, with gold trading between a range of $1,060 and $1,278 per ounce based on
the London Fix PM gold price. This compares to an average of $1,218 per ounce
during Q1, 2015, with a low of $1,147 and a high of $1,295 per ounce. During Q1,
2016, the Company realized an average price of $1,219 per ounce compared with
$1,221 for the corresponding period in 2015. </P>
<P align=justify>During 2015, the average price of silver was $15.68 per ounce,
with silver trading between a range of $13.71 and $18.23 per ounce based on the
London Fix silver price. This compares to an average of $19.08 per ounce during
2014, with a low of $15.28 and a high of $22.05 per ounce. During 2015, the
Company realized an average price of $15.79 per ounce compared with $18.76 for
2014. </P>
<P align=justify>During 2015, the average price of gold was $1,159 per ounce,
with gold trading between a range of $1,049 and $1,296 per ounce based on the
London Fix PM gold price. This compares to an average of $1,266 per ounce during
2014, with a low of $1,142 and a high of $1,385 per ounce. During 2015, the
Company realized an average price of $1,148 per ounce compared with $1,273 for
2014. </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 in 2014 and the anticipation of rising borrowing rates over the
past 2 years. </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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>20 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A>
<P align=justify><B><I>Currency Fluctuations <BR></I></B>The Company&#146;s
operations are located in Mexico and therefore a significant portion of
operating costs and capital expenditures are denominated 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 currencies strengthen.</P>
<P align=justify>During Q1, 2016 the Mexican peso continued to depreciate
against the US dollar. During Q1, 2016, the average foreign exchange rate was
$18.02 Mexican pesos per US dollar, with the peso trading within a range of
$17.21 to $19.09. This compares to an average of $14.94 during Q1, 2015, with a
range of $14.52 to $15.58 Mexican pesos per U.S. dollar.</P>
<P align=justify>During 2015, the Mexican peso continued to depreciate against
the US dollar with volatility increasing in the most recent quarters. The
average foreign exchange rate was $15.86 Mexican Pesos per US dollar, with the
peso trading within a range of $14.52 and $17.39. This compares to an average of
$13.30 during 2014, with a range of $12.84 and $14.78 Mexican peso per US
dollar.<B><I> </I></B></P>
<P align=center><IMG src="exhibit99-2x21x1.jpg" border=0> </P>
<P align=justify>During Q1, 2016, the Canadian dollar continued to depreciate
relative to the US dollar. During Q1, 2016, the average foreign exchange rate
was $1.3731 Canadian dollar per US dollar, with the Canadian dollar trading
within a range of $1.2967 and $1.4602. This compares to an average of $1.238
during Q1, 2015, within a range of $1.160 and $1.278 Canadian dollar per U.S.
dollar.</P>
<P align=justify>During 2015, the Canadian dollar continued to depreciate
relative to the US dollar. During 2015, the average foreign exchange rate was
$1.2774 Canadian dollar per US dollar, with the Canadian dollar trading within a
range of $1.1599 and $1.3955. This compares to an average of $1.1041 during
2014, with a range of $1.0627 and $1.1643 US dollar per Canadian dollar. </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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>21 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A>
<P align=center><IMG src="exhibit99-2x22x1.jpg" border=0> </P>
<P align=justify><B><I>Cost Trends </I></B></P>
<P align=center><IMG src="exhibit99-2x22x2.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
approximately 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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>22 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A>
<P align=justify><B><FONT size=3>2016 Outlook </FONT></B></P>
<P align=justify><B>Production <BR></B>Endeavour estimates silver production of
4.9 to 5.3 million oz and gold production of 40,000 to 43,000 oz in fiscal 2016.
Silver equivalent production is anticipated to be 7.9 to 8.5 million ounces (at
a silver:gold ratio of 75:1). The projected decrease in production compared to
2015 is due to the Company&#146;s efforts to focus on minimizing all-in sustaining
costs and improving after-tax free cash flow rather than maintaining metal
output. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#943634 ><FONT color=#ffffff><B>Mine
      </B></FONT></TD>
    <TD width="19%"
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Ag
      </B><B>(M </B><B>oz) </B></FONT></TD>
    <TD width="19%"
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Au
      </B><B>(K </B><B>oz) </B></FONT></TD>
    <TD width="19%"
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Ag
      </B><B>Eq </B><B>(M </B><B>oz) </B></FONT></TD>
    <TD width="19%"
    align=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>Tonnes/Day
      </B><B>(tpd) </B></FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Guanacev&#237; </TD>
    <TD align=center width="19%">3.1&#150;3.3 </TD>
    <TD align=center width="19%">6.0&#150;7.0 </TD>
    <TD align=center width="19%">3.6&#150;3.8 </TD>
    <TD align=center width="19%">1,200&#150;1,300 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Bola&#241;itos </TD>
    <TD align=center width="19%" bgColor=#eeeeee>0.6&#150;0.7 </TD>
    <TD align=center width="19%" bgColor=#eeeeee>19.0&#150;20.0 </TD>
    <TD align=center width="19%" bgColor=#eeeeee>2.0&#150;2.2 </TD>
    <TD align=center width="19%" bgColor=#eeeeee>800&#150;900 </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="19%">1.2&#150;1.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="19%">15.0&#150;16.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="19%">2.3&#150;2.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="19%">2,000&#150;500 </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="19%"
    bgColor=#eeeeee>4.9&#150;5.3 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="19%"
    bgColor=#eeeeee>40.0&#150;43.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="19%"
    bgColor=#eeeeee>7.9&#150;8.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="19%"
    bgColor=#eeeeee>4,000&#150;2,700 </TD></TR></TABLE></DIV>
<P align=justify>At Guanacev&#237;, production will continue at the 1,200 tonne per
day (tpd) plant capacity primarily from the Santa Cruz, Porvenir Norte, and
Porvenir Centro deposits. Underground exploration and mine development will
continue to be funded from cash flow, and additional mine development is
scheduled for permitting and development subject to financing from existing
sources. </P>
<P align=justify>At Bola&#241;itos, mine production will continue at 850 tpd
primarily from the LL-Asunci&#243;n deposit. The plant will operate closer to its
1,600 tpd capacity in the first half in order to process the 75,000 tonne ore
stockpile. No exploration or mine development is planned at the current metal
prices but that could change during the year if metal prices improve. </P>
<P align=justify>At El Cubo, investments on exploration and mine development
have been suspended until metal prices improve. Production will continue from
the V-Asunci&#243;n, Dolores, Villalpando, San Nicolas and Santa Cecilia veins but
will decline each month until only V-Asunci&#243;n is producing prior to going on
care and maintenance in the fourth quarter.</P>
<P align=justify><B>Operating Costs <BR></B>Consolidated cash cost of
production, net of gold by-product credits, is expected to be $8-9 per oz of
silver in 2016, slightly higher than the 2015 cash cost due to the lower value
of the gold credit. Consolidated cash costs on a co-product basis are
anticipated to be $10.50 -$11.50 per oz silver and $800-$850 per oz gold. </P>
<P align=justify>All-in sustaining cost (AISC) of production, net of gold
by-product credits, in accordance with the World Gold Council standard, is
estimated to be $12-13 per oz of silver in 2016, substantially lower than our
estimated 2015 AISC due to the lower Mexican peso to U.S. dollar exchange rate
and lower sustaining capital and exploration investments. When non-cash items
such as stock based compensation are excluded, AISC, net of gold by-product
credits, is forecast in the $11.50 -$12.50 range. On a co-product basis, AISC's
are predicted to be $13-14 per oz silver and $950-$1,050 per oz gold. Direct
operating costs are estimated to be in the $77-81 per tonne range. </P>
<P align=justify><B>Capital Investments <BR></B>Endeavour plans to invest $11.3
million on Guanacev&#237; capital projects in 2016, primarily for mine development,
in order to access reserves for mining and replace reserves by converting
measured and indicated resources. Endeavour does not estimate reserves based on
drill holes, only around underground workings. The Company also has a contingent
budget to invest $4.5 million on additional mine development at Guanacev&#237;,
subject to financing from existing sources. Any capital investments at Bola&#241;itos
and El Cubo will be subject to higher free cash flows and higher metal prices.
</P>
<P align=justify><B>Exploration Expenditures <BR></B>In 2016, Endeavour plans to
spend $2.5 million on exploration drilling at Guanacev&#237; and property holding
costs in Mexico. The Company also has a contingent budget to invest $7.0 million
on additional exploration, engineering and land acquisition, primarily at
Terronera, subject to financing from existing sources. Any exploration
investments at Bola&#241;itos and El Cubo will be subject to higher free cash flows
and higher metal prices. </P>
<P align=justify>Subsequent to the quarter end, the Board approved the
expenditure of $3.0 million from the contingent budget to advance the Terronera
project.
</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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>23 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A>
<P align=justify><B><FONT size=3>Liquidity and Capital Resources</FONT></B></P>
<P align=justify>Cash and cash equivalents remained constant from $20.4 million
at December 31, 2015 to $20.4 million at March 31, 2016, while the amount drawn
on the revolving credit facility decreased by $3.0 million to $19.0 million. The
Company had working capital of $29.3 million at March 31, 2016 (December 31,
2015 - $17.3 million). The $12.0 million increase in working capital was
primarily due to $9.1 million gross proceeds from equity offerings with the
remainder primarily generated from operating activities. </P>
<P align=justify>Operating activities used cash of $2.8 million during Q1 2016
compared to generating $4.3 million during the same period in 2015. The
significant non-cash adjustments to the net income of $1.8 million were
amortization and depletion of $5.2 million, share-based compensation of $0.5
million, a deferred income tax recovery of $0.1 million, finance costs of $0.2
million, and a change in non-cash working capital of $10.3 million. The change
in non-cash working capital was primarily due to payment of income taxes and
special mining duty during the period and the increase in trade receivables and
decrease in accounts payable, offset by a decrease in inventories.</P>
<P align=justify>Investing activities during the period used $2.5 million
compared to $8.6 million in the same period of 2015. The investments in 2016
primarily relate to mine development at Guanacev&#237;, offset by proceeds on the
sale of available for sale assets and a return of a long term deposit. In 2015,
the Company invested similarly at each operation.</P>
<P align=justify>Capital spending totalled $3.1 million in property, plant and
equipment during Q1, 2016. $2.2 million was invested at Guanacev&#237;, with $2.1
million spent on 1.7 kilometres of mine development and $0.1 million spent on
the tailings dam and various equipment. At Bola&#241;itos, the Company invested $0.3
million on tailings expansion and various equipment. At El Cubo, the Company
invested $0.1 million on various items. The Company spent $0.4 million on capitalized
exploration and corporate equipment.</P>
<P align=justify>As at March 31 2016, the Company held $59 thousand in available
for sale investments consisting of marketable securities (December 31, 2015 -
$0.6 million). </P>
<P align=justify>Financing activities during Q1, 2016 increased cash by $5.1
million, compared to reducing cash by $0.2 million during the same period in
2015. During 2016 the Company paid $3.0 million to reduce its credit facility,
paid $0.2 million in interest, paid debt issuance costs of $0.3 million, reduced
its finance lease obligation by $0.2 million.raised gross proceeds through an
at-the-market financing of $9.1 million and paid $0.3 million in share issue
costs. By comparison, during Q1 2015, the Company paid $0.2 million in interest.
</P>
<P align=justify>In July 2014, the Company filed a short form base shelf
prospectus (the &#147;Base Shelf&#148;) that qualifies the distribution of up to CDN$ 200
million of common shares, warrants or units of the Company comprising any
combination of common shares and warrants (&#147;Securities&#148;). The distribution of
Securities may be effected from time to time in one or more transactions at a
fixed price or prices, which may vary with market prices prevailing at the time
of sale, or at prices related to such prevailing market prices to be negotiated
with purchasers and as set forth in an accompanying prospectus supplement,
including transactions that are deemed to be at the market distributions. The
Base Shelf also provided the Company with the ability to conduct an
&#147;At-The-Market&#148; offering through an &#147;At-The-Market&#148; facility (&#147;ATM&#148;) equity
distribution agreement. </P>
<P align=justify>On November 25, 2015, the Company entered into an ATM facility
with Cowen and Company, LLC, acting as sole agent. Under the terms of this ATM
facility, we may, from time to time, sell shares of our common stock having an
aggregate offering value of up to US$16.5 million on the New York Stock
Exchange. The Company determines, at its sole discretion, the timing and number
of shares to be sold under this ATM facility. A prospectus supplement to the
Base Shelf was filed on November 25, 2015 to qualify the shares to be sold under
the ATM facility up to a maximum of $16.5 million. During the year ended
December 31, 2015, the Company issued 799,569 common shares under the ATM
facility at an average price of $1.43 per share for net proceeds of $1.1
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 align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>24 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A>
<P align=justify>During Q1 2016, the Company issued 4,997,806 common shares
under the ATM facility at an average price of $1.82 per share for net proceeds
of $8.8 million. Subsequent to March 31, 2016, the Company completed the ATM by
issuing an additional 2,220,319 shares under the ATM facility at an average
price of $2.82 per share for net proceeds of $6.1 million. Under the ATM
Facility the Company issued a total of 8,017,694 shares for net proceeds of
$16.0 million. The common shares were issued in at-the-market distributions on
the New York Stock Exchange pursuant to our effective registration statement on
Form F-10, which registers the offer and sale of the common shares under our ATM
facility. </P>
<P align=justify>In May 2016, the Company filed a short form base shelf
prospectus that qualifies the distribution of up to CAN$ 175 million of common
shares, warrants or units of the Company comprising any combination of common
shares and warrants (&#147;Securities&#148;). The distribution of Securities may be
effected from time to time in one or more transactions at a fixed price or
prices, which may vary with market prices prevailing at the time of sale, or at
prices related to such prevailing market prices to be negotiated with purchasers
and as set forth in an accompanying prospectus supplement, including
transactions that are deemed to be at the market distributions.</P>
<P align=justify>The Company believes that operating cash flow, existing working
capital and proceeds from the public offering will be sufficient to cover 2016
capital requirements and commitments. </P>
<P align=justify>As at March 31, 2016 the Company&#146;s issued share capital was
$377.6 million, representing 107,789,776 common shares (December 31, 2015:
$368.9 million representing 102,776,470 common shares). </P>
<P align=justify>As at March 31, 2016, the Company had options outstanding to
purchase 6,306,550 common shares with a weighted average exercise price of CAN
$3.80. Subsequent to period end, 863,300 options were exercised with a weighted
average price of CAN $3.69. </P>
<P align=justify>On January 19, 2016, the Company signed an amended and restated
credit facility (&#147;the Amended Facility&#148;) to convert the remaining outstanding
balance under the existing revolving credit facility into a two year term loan
amortized quarterly and maturing December 31, 2017. The Amended Facility came
into effect subsequent to quarter end on completion of precedent conditions. The
Amended Facility 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 Bola&#241;itos SA de CV and Compania Minera del Cubo SA de
CV. The interest rate margin on the Amended Facility is be 4.5% over LIBOR and
the Company agreed to pay a fee of $300,000 upon signing. The Facility and
subsequent Amended Facility are subject to the same qualitative and quantitative
covenants, including a debt to EBITDA leverage ratio, an interest service
coverage ratio and a tangible net worth calculation.</P>
<P align=justify>At March 31, 2016, the Company had $19 million outstanding on
the Amended Facility. (December 31, 2015 -$22 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 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=left bgColor=#943634 ><FONT
      color=#ffffff><B>Facility </B><B>Financial
      </B><B>Covenants</B> </FONT></TD>
    <TD width="18%" align=center
    vAlign=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>Facility </B><B>Financial</B>
      <BR>
    <B>Requirements</B> </FONT></TD>
    <TD width="18%" align=center
    vAlign=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>Mar. </B><B>31, </B><B>2016</B> </FONT></TD>
    <TD width="18%" align=center
    vAlign=center nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><B>Dec. </B><B>31, </B><B>2015</B>
  </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Leverage ratio </TD>
    <TD align=center width="18%"><U>&lt;</U>3.00:1 </TD>
    <TD align=center width="18%">0.55 </TD>
    <TD align=center width="18%">0.53 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Interest service coverage
      ratio </TD>
    <TD align=center width="18%" bgColor=#eeeeee><U>&gt;</U>4.00:1 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>37 </TD>
    <TD align=center width="18%" bgColor=#eeeeee>42 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Tangible net worth (000's) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="18%">&gt;45,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="18%">61,972 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="18%">51,020 </TD></TR></TABLE>
<P align=justify><B><I>Contingencies <BR></I></B>Minera Santa Cruz y Garibaldi
SA de CV (&#147;MSCG&#148;), a subsidiary of the Company, received a MXN$238 million
assessment on October 12, 2010 by Mexican fiscal authorities for failure to
provide the appropriate support for certain expense deductions taken in MSCG&#146;s
2006 tax return, failure to provide appropriate support for loans made to MSCG
from affiliated companies, and deemed an unrecorded distribution of dividends to
shareholders, among other individually immaterial items. MSCG immediately
initiated a Nullity action and filed an administrative attachment to dispute the
assessment.
</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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>25 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A>
<P align=justify>In June 2015, the Superior Court ruled in favour of MSCG on a
number of the matters under appeal; however, the Superior Court ruled against
MSCG for failure to provide appropriate support for certain deductions taken in
MSCG&#146;s 2006 tax return. The Company estimates the impact of the Superior Court
ruling will result in an additional tax expense of MXN 31.7 million (~USD $1.8
million) to MSCG for fiscal 2006 when the Tax Court rules on a final assessment.
A final assessment is expected in 2016. As of March 31, 2016, the Company
estimates additional interest and penalties payable on overdue taxes by MSCG to
be MXN 66.8 million (~USD $3.9 million). If MSCG agrees to pay the tax
assessment, or a lesser settled amount, it is eligible to apply for forgiveness
of 100% of the penalties and 50% of the interest, with the latter amounting to
MXN 23.2 million (~USD $1.3 million) on the MXN 31.7 million estimated tax
assessment. Included in the Company&#146;s consolidated financial statements, are net
assets of $240,000, including $42,000 in cash, of MSCG. Following the Tax
Court&#146;s rulings, MSCG is in discussions with the tax authorities with regards to
the shortfall of assets within MSCG to settle its estimated tax liability. An
alternative settlement option would be to transfer the shares and assets of MSCG
to the tax authorities. The Company recognized an allowance for transferring the
shares and assets of MSCG amounting to $240,000. The Company is currently
assessing MSCG&#146;s settlement options, however the Tax Court assessment must be
received before any negotiation can be finalized or a decision is made.</P>
<P align=justify>On acquisition of the El Cubo operation, 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, 2015, there was a $1 million letter of
credit provided by the Company as security to the owner of the Las Torres
facility that expires on August 14, 2018. </P>
<P align=justify><B><I>Capital Requirements </I></B></P>
<P align=justify>Endeavour plans to invest $11.3 million on Guanacev&#237; capital
projects in 2016, primarily for mine development, in order to access reserves
for mining and replace reserves by converting measured and indicated resources.
Endeavour does not estimate reserves based on drill holes, only around
underground workings. The Company also has a contingent budget to invest $4.5
million on additional mine development at Guanacev&#237;, subject to financing from
existing sources. Any capital investments at Bola&#241;itos and El Cubo will be
subject to higher free cash flows and higher metal prices. </P>
<P align=justify>C<B><I>ontractual Obligations </I></B></P>
<P align=justify>The Company had the following contractual obligations at March
31, 2016: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap bgColor=#943634 style="BORDER-TOP: #000000 2px solid"
    ><FONT color=#ffffff><B>Payments </B><B>due
      </B><B>by </B><B>period </B><B>(in
      </B><B>thousands </B><B>of </B><B>dollars)</B>
    </FONT></TD>
    <TD width="1%" align=left nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="9%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="9%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="9%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="9%" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD width="2%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap
     bgColor=#943634 style="BORDER-TOP: #000000 2px solid">&nbsp;</TD>
    <TD width="9%" align=center nowrap
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
     bgColor=#943634>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"
    ><FONT color=#ffffff><B>Contractual
      </B><B>Obligations</B> </FONT></TD>
    <TD
    width="1%" align=left vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="9%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT
      color=#ffffff><STRONG>Total</STRONG> </FONT></TD>
    <TD
    width="2%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="9%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><STRONG>Less
      than 1</STRONG> <BR>
      <STRONG>year</STRONG> </FONT></TD>
    <TD
    width="2%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="9%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><STRONG>1&#150;3
      years</STRONG> </FONT></TD>
    <TD
    width="2%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="9%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><STRONG>3&#150;5 years</STRONG>
      </FONT></TD>
    <TD
    width="2%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center vAlign=center nowrap  bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="9%" align=center vAlign=center nowrap bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><FONT color=#ffffff><B>More </B><B>than
      </B><B>5</B> <BR>
      <B>years</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=left
    width="2%"  bgColor=#943634>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Capital Assets purchases </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="9%" >&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="9%" >&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="9%" >&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="9%" >&#150;&nbsp;&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Finance lease obligation </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="9%"  bgColor=#eeeeee>954 954 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="9%"  bgColor=#eeeeee>&#150; </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="9%"  bgColor=#eeeeee>&#150; </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#eeeeee>&#150; </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="9%"  bgColor=#eeeeee>
      <P>&nbsp;&#150;&nbsp;&nbsp;</P></TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Operating lease </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%" >296 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%" >222 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%" >74 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="9%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Revolving credit facility </TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="9%"  bgColor=#eeeeee>19,000 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="9%"  bgColor=#eeeeee>19,000 </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="9%"  bgColor=#eeeeee>&#150; </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#eeeeee>&#150; </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="9%"  bgColor=#eeeeee>&#150; </TD>
    <TD align=left width="2%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Other Long&#150;Term Liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    >7,783</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    >&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    >7,534&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="9%">249&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    >&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#eeeeee
    >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
     bgColor=#eeeeee>28,033</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
     bgColor=#eeeeee>20,176 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
     bgColor=#eeeeee>7,608 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
    bgColor=#eeeeee>249 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="9%"
     bgColor=#eeeeee>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#eeeeee>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B><I>Transactions with Related Parties </I></B></P>
<P align=justify>The Company shares common administrative services and office
space with Canarc Resource Corp. and Aztec Metals Corp., which are related party
companies by virtue of Bradford Cooke being 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 charges for these costs totaled
$12,000 for the three months ended March 31, 2016 (March 31, 2015 - $13,000).
The Company had a $59,000 net receivable related to administration costs
outstanding as at March 31, 2016 (December 31, 2015 &#150; $111,000).</P>
<P align=justify>The Company was charged $38,000 for legal services for the
three months ended March 31, 2016 (March 31, 2015 - $52,000) by Koffman Kalef
LLP, a firm in which the Company&#146;s corporate secretary is a partner. As of March
31, 2016, the Company had a payable outstanding of $Nil relating to these legal
services (December 31, 2015 - $12,000).</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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>26 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A>
<P align=justify><B><I>Financial Assets and Liabilities </I></B></P>
<P align=justify>As at March 31, 2016, the carrying and fair values of
Endeavour&#146;s financial instruments by category were 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 align=left valign="bottom" bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD colspan="4" align=center valign="bottom"
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><b> <FONT color=#FFFFFF>As at March 31, 2016 </FONT></b></TD>
    <TD width="2%" align=center valign="bottom"
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center valign="bottom"
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD colspan="4" align=center valign="bottom"
    bgColor=#943634 style="BORDER-TOP: #000000 2px solid"><b> <FONT color=#FFFFFF>As at December 31, 2015 </FONT></b></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"
      bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#FFFFFF>Expressed in thousands US dollars</FONT></b></TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="12%" align=center valign="bottom"
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#FFFFFF>Carrying value</FONT></b></TD>
    <TD width="2%" align=center valign="bottom"
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center valign="bottom"
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="12%" align=center valign="bottom"
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF"><b>Estimated Fair<br>
      value</b></font></TD>
    <TD width="2%" align=center valign="bottom"
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="1%" align=center valign="bottom"
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD width="12%" align=center valign="bottom"
    bgColor=#943634 style="BORDER-BOTTOM: #000000 2px solid"><b><FONT color=#FFFFFF>Carrying value</FONT></b></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    bgColor=#943634><font color="#FFFFFF">&nbsp;</font></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    bgColor=#943634><font color="#FFFFFF">&nbsp;</font></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#943634><font color="#FFFFFF"><b>Estimated Fair<br>
      value</b></font></TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financial </B><B>assets:</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Cash and cash equivalents</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>20,385</TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>20,385</TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>20,413</TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>20,413</TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Available for sale assets</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>59</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>59</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>614</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>614</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee">Trade receivables</TD>
    <TD align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=right bgcolor="#eeeeee">5,509</TD>
    <TD align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=right bgcolor="#eeeeee">5,509</TD>
    <TD align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=right bgcolor="#eeeeee">1,704</TD>
    <TD align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=left bgcolor="#eeeeee">&nbsp;</TD>
    <TD align=right bgcolor="#eeeeee">1,704</TD>
    <TD align=left bgcolor="#eeeeee">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">Other receivables</TD>
    <TD
    width="1%" align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right style="BORDER-BOTTOM: #000000 2px solid">22,902</TD>
    <TD
    width="2%" align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="12%" align=right style="BORDER-BOTTOM: #000000 2px solid">22,902</TD>
    <TD
    width="2%" align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="12%" align=right style="BORDER-BOTTOM: #000000 2px solid">22,639</TD>
    <TD
    width="2%" align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right style="BORDER-BOTTOM: #000000 2px solid">22,639</TD>
    <TD
    width="2%" align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">Total financial assets </TD>
    <TD width="1%" align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">48,855</TD>
    <TD width="2%" align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">48,855</TD>
    <TD width="2%" align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">45,370</TD>
    <TD width="2%" align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">45,370</TD>
    <TD width="2%" align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><b>Financial liabilities:</b></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>Accounts payable and accrued liabiities</TD>
    <TD align=left
    bgColor=#eeeeee>$</TD>
    <TD align=right
    bgColor=#eeeeee>14,830</TD>
    <TD align=left
    bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left
    bgColor=#eeeeee>$</TD>
    <TD align=right
    bgColor=#eeeeee>14,830</TD>
    <TD align=left
    bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left
    bgColor=#eeeeee>$</TD>
    <TD align=right
    bgColor=#eeeeee>18,949</TD>
    <TD align=left
    bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left
    bgColor=#eeeeee>$</TD>
    <TD align=right
    bgColor=#eeeeee>18,949</TD>
    <TD align=left
    bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">Revolving credit facility</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=right style="BORDER-BOTTOM: #000000 2px solid">19,000</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=right style="BORDER-BOTTOM: #000000 2px solid">19,000</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=right style="BORDER-BOTTOM: #000000 2px solid">22,000</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=right style="BORDER-BOTTOM: #000000 2px solid">22,000</TD>
    <TD align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">Total financial liabilities</TD>
    <TD align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD align=right
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">33,830</TD>
    <TD align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD align=right
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">33,830</TD>
    <TD align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD align=right
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">40,949</TD>
    <TD align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD align=right
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">40,949</TD>
    <TD align=left
    bgColor=#eeeeee style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
</TABLE>
</DIV>
<P align=justify>Fair value hierarchy: </P>
<P align=justify>Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value hierarchy establishes three
levels to classify the inputs to valuation techniques used to measure fair
value. Level 1 inputs are quoted prices (unadjusted) in active markets for
identical assets or liabilities. Level 2 inputs are quoted prices in markets
that are not active, quoted prices for similar assets or liabilities in active
markets, inputs other than quoted prices that are observable for the asset or
liability (for example, interest rate and yield curves observable at commonly
quoted intervals, forward pricing curves used to value currency and commodity
contracts and volatility measurements used to value option contracts), or inputs
that are derived principally from or corroborated by observable market data or
other means. Level 3 inputs are unobservable (supported by no or little market
activity). The fair value hierarchy gives the highest priority to Level 1 inputs
and the lowest priority to Level 3 inputs. </P>
<P align=justify>Financial assets 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 style="BORDER-TOP: #000000 2px solid" align=left bgColor=#943634><FONT
      color=#ffffff><B>As </B><B>at </B><B>March </B><B>31,
      </B><B>2016</B> </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%"
    bgColor=#943634><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#943634><FONT color=#ffffff><B>Expressed </B><B>in
      </B><B>thousands </B><B>US </B><B>dollars</B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#943634><FONT color=#ffffff><B>Total</B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#943634><FONT color=#ffffff><B>Level </B><B>1</B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#943634><FONT color=#ffffff><B>Leve l</B><B>2</B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#943634><FONT color=#ffffff><B>Level </B><B>3</B>
</FONT></TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#943634><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financial </B><B>assets:</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Available for sale securities </TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>59 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>59 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&#150; </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="12%" bgColor=#eeeeee>&#150; </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Trade receivables
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">5,509
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">5,509&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&#150;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#eeeeee>Total financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>5,568 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>5,568</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#eeeeee>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#eeeeee>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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.
Changes in fair value on available-for sale marketable securities are recognized
in other comprehensive income or loss, unless there is objective evidence of
impairment.</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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>27 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<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>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> <BR>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> <BR>The Company ensures that there is
sufficient capital in order to meet short term business requirements. The
Company&#146;s policy is to invest cash at floating rates of interest, while cash
reserves are to be maintained in cash equivalents in order to maintain liquidity
after taking into account the Company&#146;s holdings of cash equivalents, money
market investments, marketable securities and receivables. The Company believes
that these sources, operating cash flow and its policies will be sufficient to
cover the likely short term cash requirements and commitments. </P>
<P align=justify><U>Market Risk</U> <BR>The significant market risk exposures to
which the Company is exposed are foreign currency risk, interest rate risk, and
commodity price risk.</P>
<P align=justify><I>Foreign Currency Risk</I> &#150; The Company&#146;s operations in
Mexico and Canada make it subject to foreign currency fluctuations. Certain of
the Company&#146;s operating expenses are incurred in Mexican pesos and Canadian
dollars; therefore the fluctuation of the US dollar in relation to these
currencies will consequently have an impact upon the profitability of the
Company and may also affect the value of the Company&#146;s assets and the amount of
shareholders&#146; equity. The Company has not entered into any agreements or
purchased any instruments to hedge possible currency risks. </P>
<P align=justify><I>Interest Rate Risk</I> &#150; In respect of financial assets, the
Company&#146;s policy is to invest cash at floating rates of interest and cash
reserves are to be maintained in cash equivalents in order to maintain
liquidity. Fluctuations in interest rates impact the value of cash equivalents.
The Facility is subject to interest rate risk as amounts outstanding are subject
to charges at a LIBOR-based rate payable according to the quoted rate term. The
interest rate charge for the period was approximately 3.63%. As at March 31,
2016, with other variables unchanged, a 1% increase in the LIBOR rate would be
result in additional interest expense of $190,000. </P>
<P align=justify><I>Commodity Price Risk</I> &#150; Gold and silver prices have
historically fluctuated significantly and are affected by numerous factors
outside of the Company&#146;s control, including, but not limited to , industrial and
retail demand, central bank lending, forward sales by producers and speculators,
levels of worldwide production, short-term changes in supply and demand because
of speculative hedging activities and certain other factors. The Company has not
engaged in any hedging activities, other than short term metal derivative
transactions less than 90 days, to reduce its exposure to commodity price risk.
At March 31, 2016 there are 276,095 ounces of silver and 7433 ounces of gold
which do not have a final settlement price and the estimated revenues have been
recognized at current market prices. As at March 31, 2016, with other variables
unchanged, a 10% decrease in the market value of silver and gold would result in
a reduction of revenue of $1.3 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 align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>28 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<P align=justify><B><I>Outstanding Share Data </I></B></P>
<P align=justify>As of May 4, 2016, the Company had the following securities
issued and outstanding: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>110,873,395 common shares
  <LI>425,000 performance share units
  <LI>5,443,250 common shares issuable under stock options with a weighted
  average exercise price of CAN$3.82 per share expiring between June 29, 2016
  and May 13, 2020. </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><FONT size=3>Changes in Accounting Policies and Critical
Accounting Estimates </FONT></B></P>
<P align=justify><B><I>Accounting standards adopted during the period:
</I></B></P>
<P align=justify>Amendments to IAS 1, <I>Presentation of Financial Statements
(&#147;IAS 1&#148;) <BR></I>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 Company does not anticipate this amendment to have a
significant impact on its consolidated financial statements. </P>
<P align=justify><B><I>Changes in IFRS not yet adopted: </I></B></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>Amendments to IAS 7, Statement of Cash Flows (&#147;IAS 7&#148;)
<BR></I>On January 7, 2016, the IASB issued amendments to IAS 7. The amendments
apply prospectively for annual periods beginning on or after January 1, 2017
with early adoption permitted. The amendments require disclosures that enable
users of financial statements to evaluate changes in liabilities arising from
financing activities, including both changes arising from cash flow and non-cash
changes. The Company intends to adopt the amendments to IAS 7 in its financial
statements for the annual periods beginning on January 1, 2017. The extent of
the impact of adoption of the amendments has not yet been determined. </P>
<P align=justify><I>Amendments to IAS 12, Income Taxes (&#147;IAS 12&#148;) <BR></I>On
January 19, 2016, the IASB issued amendments to IAS 12. The amendments apply
retrospectively for annual periods beginning on or after January 1, 2017 with
early adoption permitted. The amendments clarify that the existence of a
deductible temporary difference depends solely on a comparison of the carrying
amount of an asset and its tax basis at the end of the reporting period, and is
not affected by possible future changes in the carrying amount of expected
manner of recovery or the asset. The amendments also clarify the methodology to
determine future income tax profits used for assessing the utilization of
deductible temporary differences. The Company intends to adopt the amendments to
IAS 12 in its financial statements for the annual period beginning on January 1,
2017. 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>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>29 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A>
<P align=justify><I>IFRS 9, Financial Instruments (&#147;IFRS 9&#148;) <BR></I>In November
2009, the IASB issued IFRS 9, <I>Financial Instruments,</I> as the first step in
its project to replace IAS 39 <I>Financial Instruments: Recognition and
Measurement</I>. 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>
<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 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. 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 (&#147;IFRS
15&#148;)</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, 2018 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, 2018. The
extent of the impact of adoption of the standard has not yet been determined.
</P>
<P align=justify>IFRS 16, <I>Leases (&#147;IFRS 16&#148;)</I> <BR>On January 13, 2016, the
IASB published a new standard, IFRS 16, <I>Leases, </I>eliminating the current
dual accounting model for lessees, which distinguishes between on-balance sheet
finance leases and off-balance sheet operating leases. Under the new standard, a
lease becomes an on-balance sheet liability that attracts interest, together
with a new right-of-use asset. In addition, lessees will recognize a
front-loaded pattern of expense for most leases, even when cash rentals are
constant. IFRS 16 is effective for annual periods beginning on or after January
1, 2019, with earlier adoption permitted. The Company has not yet completed an
assessment of the impact of this standard on its financial statements. </P>
<P align=justify>The Company has not early adopted any other standard,
interpretation or amendment in the condensed consolidated interim financial
statements that have been issued, but not yet effective. </P>
<P align=justify><B><I>Critical Accounting Estimates <BR></I></B>The preparation
of financial statements requires the Company to make estimates that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Significant areas
requiring the use of management judgement relate to the determination of
mineralized reserves, plant and equipment lives, estimating the fair values of
financial instruments and derivatives, estimating the fair value of convertible
debenture components, impairment of non-current assets, reclamation and
rehabilitation provisions, recognition of deferred tax assets, and assumptions
used in determining the fair value of non-cash share-based compensation. </P>
<P align=justify>See &#147;Critical Accounting Estimates&#148; in the Company&#146;s annual
MD&amp;A for a detailed discussion of the areas in which critical accounting
estimates are made. </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>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>30 </B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A>
<P align=justify><B><FONT size=4>CONTROLS AND PROCEDURES
<BR></FONT></B>Endeavour&#146;s management, including the Chief Executive Officer and
Chief Financial Officer, has evaluated the Company&#146;s internal controls over
financial reporting to determine whether any changes occurred during the period
that have materially affected, or are reasonably likely to materially affect,
the Company&#146;s internal controls over financial reporting. During the three
months ended March 31, 2016 there have been no changes that occurred that have
materially affected, or are reasonably likely to materially affect, Endeavour&#146;s
internal controls over financial reporting. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="50%"><B>31</B></TD>
    <TD align=center width="25%">&nbsp;</TD>
  </TR>
</TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>Form 52-109F2 </B><BR><B><I>Certification of Interim Filings
</I></B><BR><B><I>Full Certificate</I></B><B> </B><BR></P>
<P align=justify>I, Bradford Cooke, Chief Executive Officer of Endeavour Silver
Corp., certify the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      Endeavour Silver Corp. (the &#147;issuer&#148;) for the interim period ended March
      31, 2016.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s GAAP.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is the Internal Control &#150; Integrated Framework (2013) (COSO
      Framework) published by The Committee of Sponsoring Organizations of the
      Treadway Commission (COSO).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Limitation on scope of design:
  </I></B>N/A</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on January 1, 2016 and ended on March
      31, 2016 that has materially affected, or is reasonably likely to
      materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: <B>May 5, 2016</B><B><I> </I></B></P>
<P align=justify><I>&#147;Bradford Cooke&#148; </I><BR>_______________________
<BR>Bradford Cooke <BR>Chief Executive Officer <BR></P>
<P align=center>2</P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>Endeavour Silver Corp. - Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>Form 52-109F2 </B><BR><B><I>Certification of Interim Filings
</I></B><BR><B><I>Full Certificate</I></B><B> </B><BR></P>
<P align=justify>I, Dan Dickson, Chief Financial Officer of Endeavour Silver
Corp., certify the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      Endeavour Silver Corp. (the &#147;issuer&#148;) for the interim period ended March
      31, 2016.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s GAAP.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is the Internal Control &#150; Integrated Framework (2013) (COSO
      Framework) published by The Committee of Sponsoring Organizations of the
      Treadway Commission (COSO).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Limitation on scope of design:
  </I></B>N/A</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on January 1, 2016 and ended on March
      31, 2016 that has materially affected, or is reasonably likely to
      materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: <B>May 5, 2016</B><B><I> </I></B></P>
<P align=justify><I>&#147;Dan Dickson&#148; </I><BR>_______________________ <BR>Dan
Dickson <BR>Chief Financial Officer <BR></P>
<P align=center>2</P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>smlogo.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
