<SEC-DOCUMENT>0001062993-18-002431.txt : 20180530
<SEC-HEADER>0001062993-18-002431.hdr.sgml : 20180530
<ACCEPTANCE-DATETIME>20180530142041
ACCESSION NUMBER:		0001062993-18-002431
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180530
FILED AS OF DATE:		20180530
DATE AS OF CHANGE:		20180530

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:		18867616

	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, 2018</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>#1130-609 Granville Street  <br>
    <u>Vancouver, British Columbia, Canada V7Y 1G5 </u></b><br>
  (Address of principal executive offices) </p>

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

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

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

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-1.htm">Extractive Sector Transparency Measures Act - Annual Report</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 30, 2018</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><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=center valign="middle"
      bgColor=#595959 style="BORDER-BOTTOM: #000000 1px solid"><FONT color=#ffffff size="5"><B>Extractive</B> <B>Sector</B> <B>Transparency</B> <B>Measures</B> <B>Act</B> <B>-</B> <B>Annual</B> <B>Report</B> </FONT></TD>
  <TD
      width="25%" align=right valign="middle" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;<IMG src="exhibit99-1x1x1.jpg" border=0></TD>
  </TR></TABLE>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE"
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"><B>Reporting Entity Name</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="11%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=center width="11%">Endeavour Silver Corp. </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=center width="11%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"><B>Reporting Year</B> </TD>
    <TD
      width="11%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 0px solid">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>From</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left
      width="11%"><div align="center">2017-01-01 </div></TD>
    <TD
      width="11%" align=right bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 0px solid"><B>To:</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=right
      width="11%"><div align="center">2017-12-31 </div></TD>
    <TD
      width="11%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 0px solid"><B>Date submitted</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="11%"><div align="center">2018-05-30 </div></TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"><B>Reporting Entity ESTMA Identification Number</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left
      width="11%">E850912 </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD width="11%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 0px solid">[X]
      Original Submission </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD
      width="11%" align=left bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 0px solid">[&nbsp;&nbsp; ] Amended Report </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"><B>Other Subsidiaries Included</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid">(optional field) </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"><B>Not Consolidated</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR>
    <TD bgcolor="#EEEEEE"
      style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" width="11%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" width="11%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" width="11%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" width="11%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" width="11%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"><B>Not Substituted</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"><B>Attestation by Reporting Entity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 0px solid" align=left width="11%">&nbsp;    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD colspan="5" align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid">
      <P align=justify><I>In accordance with the requirements of the ESTMA, and
      in particular section 9 thereof, I attest I have reviewed the information
      contained in the ESTMA report for the entity(ies) listed above.</I>
      <I>Based on my knowledge, and having exercised reasonable diligence, the
      information in the ESTMA report is true, accurate and complete in all
      material respects for the purposes of the Act,</I> <I>for the reporting
      year listed above.</I> </P></TD>
    <TD align=left width="11%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
    width="11%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD colspan="5" align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid">&nbsp;      </TD>
    <TD align=left width="11%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
    width="11%">&nbsp;</TD></TR></TABLE>
</DIV>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD
      align=left vAlign=center bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid"><B>Full Name of Director or Officer of Reporting Entity</B> </TD>
    <TD vAlign=center align=center width="13%"><B>Dan Dickson</B> </TD>
    <TD
    width="13%" rowSpan=2 align=center vAlign=center bgcolor="#EEEEEE" style="BORDER-BOTTOM: #000000 1px solid"><STRONG>Date</STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="13%" rowSpan=2><I>2018-05-30</I> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="30%" rowSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD align=left
    vAlign=center bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Position Title</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="13%"><B>CFO</B> </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD colspan="7"
    align=center bgColor=#595959
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><FONT color=#ffffff>&nbsp; </FONT><FONT color=#ffffff>&nbsp;
    </FONT><FONT color=#ffffff>&nbsp;
    </FONT><FONT
      color=#ffffff><B>Extractive Sector Transparency Measures Act - Annual
      Report</B> </FONT><FONT
      color=#ffffff>&nbsp;</FONT><FONT
      color=#ffffff>&nbsp;</FONT><FONT
      color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="30%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid"><B>Reporting
      Year</B> </TD>
    <TD width="14%" align=right bgcolor="#EEEEEE"><B>From:</B> </TD>
    <TD align=left width="14%"><div align="center">2017-01-01 </div></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" >&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<B>To:</B> </TD>
    <TD align=left width="14%"><div align="center">2017-12-31 </div></TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="30%"
     >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid"><B>Reporting Entity
      Name</B> </TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD colspan="2" align=center>Endeavour Silver Corp.  </TD>
    <TD width="14%" align=left bgcolor="#EEEEEE"><B>Currency of the Report</B> </TD>
    <TD align=center width="5%" >USD </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=right width="30%"
     >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid"><B>Reporting Entity
      ESTMA</B> </TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD colspan="2" align=center>E850912  </TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="30%"
     >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid"><B>Identification
      Number</B> </TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="30%"
     >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Subsidiary Reporting Entities (if</B> <B>necessary)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="14%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="14%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%"
    ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="14%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%"
    ></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%"
></TD></TR></TABLE>
</DIV>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD colspan="12" align=center
    vAlign=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">     <B>Payments by Payee</B>      </TD>
    </TR>
  <TR vAlign=top>
    <TD align=center
    vAlign=center bgcolor="#4F81BD"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Country</B> </TD>
    <TD width="10%" align=center
    vAlign=center bgcolor="#4F81BD"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" ><B>Payee Name</B> </TD>
    <TD width="12%" align=center
    vAlign=center bgcolor="#4F81BD"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" ><B>Departments,
      Agency, etc&#133; within</B> <B>Payee that Received Payments</B> </TD>
    <TD width="7%" align=center
    vAlign=center bgcolor="#4F81BD"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Taxes</B> </TD>
    <TD width="7%" align=center
    vAlign=center bgcolor="#4F81BD"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Royalties</B> </TD>
    <TD width="7%" align=center
    vAlign=center bgcolor="#4F81BD"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Fees</B>&nbsp; </TD>
    <TD width="7%" align=center
    vAlign=center bgcolor="#4F81BD"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;<STRONG>Production</STRONG>
      <STRONG>Entitlements</STRONG></TD>
    <TD width="7%" align=center
    vAlign=center bgcolor="#4F81BD"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><STRONG>Bonuses</STRONG></TD>
    <TD width="7%" align=center
    vAlign=center bgcolor="#4F81BD"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
      >&nbsp;<STRONG>Dividends</STRONG> </TD>
    <TD width="7%" align=center
    vAlign=center bgcolor="#4F81BD"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Infrastructure</B>
      <B>Improvement</B> <B>Payments</B> </TD>
    <TD width="7%" align=center
    vAlign=center bgcolor="#4F81BD"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Total Amount paid</B> <B>to
      Payee</B> </TD>
    <TD width="12%" align=center
    vAlign=center bgcolor="#4F81BD"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" ><B>Notes</B> </TD></TR>
  <TR vAlign=top>
    <TD
      align=center vAlign=center bgcolor="#B8CCE4" style="BORDER-LEFT: #000000 1px solid">Mexico </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#B8CCE4" >Federal
      Government of Mexico </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#B8CCE4" >National Water
      Commission </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">220,000 </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4"><B>220,000</B> </TD>
    <TD
    width="12%" align=left vAlign=bottom bgcolor="#B8CCE4" style="BORDER-RIGHT: #000000 1px solid" >Water Permit Fees </TD></TR>
  <TR vAlign=top>
    <TD
      align=center vAlign=center bgcolor="#E6EFFF" style="BORDER-LEFT: #000000 1px solid">Mexico </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#E6EFFF" >Federal
      Government of Mexico </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#E6EFFF" >National Forestry
      Commission </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">100,000 </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>100,000</B> </TD>
    <TD
    width="12%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid" >Land Use Change Fees </TD></TR>
  <TR vAlign=top>
    <TD
      align=center vAlign=center bgcolor="#B8CCE4" style="BORDER-LEFT: #000000 1px solid">Mexico </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#B8CCE4" >Federal
      Government of Mexico </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#B8CCE4" >Secretariat of
      Environment and Natural Resources </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4"></TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4"></TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">70,000 </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4"></TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4"></TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4"></TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4"><B>70,000</B> </TD>
    <TD
    width="12%" align=left vAlign=bottom bgcolor="#B8CCE4" style="BORDER-RIGHT: #000000 1px solid" >Exploration and Environmental Permits </TD></TR>
  <TR vAlign=top>
    <TD
      align=center vAlign=center bgcolor="#E6EFFF" style="BORDER-LEFT: #000000 1px solid">Mexico </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#E6EFFF" >Federal
      Government of Mexico </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#E6EFFF" >Secretariat of
      the Economy </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">1,050,000 </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>1,050,000</B> </TD>
    <TD
    width="12%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid" >Concession Fees </TD></TR>
  <TR vAlign=top>
    <TD
      align=center vAlign=center bgcolor="#B8CCE4" style="BORDER-LEFT: #000000 1px solid">Mexico </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#B8CCE4" >Federal
      Government of Mexico </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#B8CCE4" >Secretariat of
      the Interior </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">10,000 </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4"><B>10,000</B> </TD>
    <TD
    width="12%" align=left vAlign=bottom bgcolor="#B8CCE4" style="BORDER-RIGHT: #000000 1px solid" >Work Permit Fees </TD></TR>
  <TR vAlign=top>
    <TD
      align=center vAlign=center bgcolor="#E6EFFF" style="BORDER-LEFT: #000000 1px solid">Mexico </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#E6EFFF" >Federal
      Government of Mexico </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#E6EFFF" >Secretariat of
      National Defense </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">10,000 </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>10,000</B> </TD>
    <TD
    width="12%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid" >Explosive Permit Fees </TD></TR>
  <TR vAlign=top>
    <TD
      align=center vAlign=center bgcolor="#B8CCE4" style="BORDER-LEFT: #000000 1px solid">Mexico </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#B8CCE4" >Federal
      Government of Mexico </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#B8CCE4" >Treasury
      Federation </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">10,000 </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4"><B>10,000</B> </TD>
    <TD
    width="12%" align=left vAlign=bottom bgcolor="#B8CCE4" style="BORDER-RIGHT: #000000 1px solid" >Custom Fees and Taxes </TD></TR>
  <TR vAlign=top>
    <TD
      align=center vAlign=center bgcolor="#E6EFFF" style="BORDER-LEFT: #000000 1px solid">Mexico </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#E6EFFF" >Federal
      Government of Mexico </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#E6EFFF" >Ministry of
      Finance </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; &nbsp;6,820,000 </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#E6EFFF"><B>6,820,000</B> </TD>
    <TD
    width="12%" align=left vAlign=bottom bgcolor="#E6EFFF" style="BORDER-RIGHT: #000000 1px solid" >Income Taxes </TD></TR>
  <TR vAlign=top>
    <TD
      align=center vAlign=center bgcolor="#B8CCE4" style="BORDER-LEFT: #000000 1px solid">Mexico </TD>
    <TD width="10%" align=center vAlign=center bgcolor="#B8CCE4" >Federal
      Government of Mexico </TD>
    <TD width="12%" align=center vAlign=center bgcolor="#B8CCE4" >Ministry of
      Finance </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; &nbsp;2,010,000 </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4" >&nbsp;</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4">&nbsp; </TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#B8CCE4"><B>2,010,000</B> </TD>
    <TD
    width="12%" align=left vAlign=bottom bgcolor="#B8CCE4" style="BORDER-RIGHT: #000000 1px solid" >Special Mining Duties </TD></TR>
  <TR vAlign=top>
    <TD align=center
    vAlign=center bgcolor="#E6EFFF" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">Mexico </TD>
    <TD
    width="10%" align=center vAlign=center bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid" >Federal Government of Mexico </TD>
    <TD
    width="12%" align=center vAlign=center bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid" >Ministry of Finance </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp; &nbsp; &nbsp;740,000 </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>740,000</B> </TD>
    <TD width="12%" align=left
    vAlign=bottom bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" >Extraordinary Mining
      Duties </TD></TR>
  <TR vAlign=top>
    <TD
      align=center vAlign=center bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double"><B>TOTAL</B> </TD>
    <TD
    width="10%" align=left vAlign=center bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double" >&nbsp; </TD>
    <TD
    width="12%" align=left vAlign=center bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double" >&nbsp; </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double">&nbsp; &nbsp;<B>8,830,000</B> </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>740,000</B> </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double"><B>1,470,000</B> </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double"><B>-</B> </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double"><B>-</B> </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double" >-&nbsp;</TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<B>-</B> </TD>
    <TD
    width="7%" align=right vAlign=bottom bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double"><B>11,040,000</B> </TD>
  <TD width="12%" align=left
    vAlign=bottom bgcolor="#B8CCE4"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double" >&nbsp;</TD></TR></TABLE>
</DIV>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>Notes:</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>1) All amounts have been reported in United States dollars
      ("USD"). Amounts paid in currencies other than USD have been translated at
      the weighted average of the exchange rates during the reporting period
      (MXN/USD exchange rate of 0.0530) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>2) All amounts have been rounded to the nearest US$10,000
</TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp;</TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD colspan="7"
    align=center bgColor=#595959
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><FONT color=#ffffff>&nbsp; </FONT><FONT color=#ffffff>&nbsp;
    </FONT><FONT color=#ffffff>&nbsp;
    </FONT><FONT color=#ffffff><B>Extractive
      Sector Transparency Measures Act - Annual Report</B> </FONT><FONT
    color=#ffffff>&nbsp;</FONT><FONT color=#ffffff>&nbsp;
      </FONT><FONT
    color=#ffffff>&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1px solid">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="30%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"><B>Reporting Year</B> </TD>
    <TD width="9%" align=right bgcolor="#EEEEEE"><B>From:</B> </TD>
    <TD align=center width="9%">2017-01-01 </TD>
    <TD
      width="15%" align=right bgcolor="#EEEEEE">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>To:</B>    </TD>
    <TD align=center width="15%">2017-12-31 </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
    width="30%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"><B>Reporting Entity Name</B> </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=center width="15%">Endeavour Silver Corp. </TD>
    <TD width="15%" align=left bgcolor="#EEEEEE"><B>Currency of the Report</B> </TD>
    <TD align=left width="5%">USD </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
    width="30%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid"><B>Reporting Entity
      ESTMA</B> </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=center width="15%">E850912 </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
    width="30%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid"><B>Identification
      Number</B> </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
    width="30%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    align=left bgcolor="#EEEEEE" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Subsidiary Reporting Entities (if</B> <B>necessary)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="15%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&nbsp;&nbsp;</TD>
  <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="30%">&nbsp;&nbsp;</TD></TR></TABLE>
</DIV>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD colspan="11" align=center
    vAlign=center bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double">    <B>Payments by Project</B>     </TD>
    </TR>
  <TR vAlign=top>
    <TD align=center
    vAlign=center bgcolor="#4F81BD" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Country</B> </font></TD>
    <TD
    width="14%" align=center vAlign=center bgcolor="#4F81BD" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Project Name</B> </font></TD>
    <TD
    width="8%" align=center vAlign=center bgcolor="#4F81BD" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Taxes</B> </font></TD>
    <TD
    width="8%" align=center vAlign=center bgcolor="#4F81BD" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Royalties</B> </font></TD>
    <TD
    width="8%" align=center vAlign=center bgcolor="#4F81BD" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Fees</B> </font></TD>
    <TD
    width="8%" align=center vAlign=center bgcolor="#4F81BD" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Production Entitlements</B> </font></TD>
    <TD
    width="8%" align=center vAlign=center bgcolor="#4F81BD" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Bonuses</B> </font></TD>
    <TD
    width="8%" align=center vAlign=center bgcolor="#4F81BD" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Dividends</B> </font></TD>
    <TD
    width="8%" align=center vAlign=center bgcolor="#4F81BD" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Infrastructure</B> <B>Improvement</B> <B>Payments</B> </font></TD>
    <TD
    width="8%" align=center vAlign=center bgcolor="#4F81BD" style="BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><STRONG>Total Amount paid</STRONG> <STRONG>by Project</STRONG> </font></TD>
    <TD width="9%" align=center
    vAlign=center bgcolor="#4F81BD"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><STRONG>Notes</STRONG> </font></TD></TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#B8CCE4" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">Mexico </TD>
    <TD width="14%" align=center bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">El
      Cubo Mine </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">340,000 </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">270,000 </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">220,000 </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;
      &nbsp;<B>830,000</B> </TD>
    <TD width="9%"
    align=right bgcolor="#B8CCE4"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#E6EFFF" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">Mexico </TD>
    <TD
      width="14%" align=center bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">Bolanitos Mine </TD>
    <TD
      width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">6,810,000 </TD>
    <TD
      width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">260,000 </TD>
    <TD
      width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">180,000 </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
      width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;<B>7,250,000</B> </TD>
    <TD width="9%"
    align=right bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#B8CCE4" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">Mexico </TD>
    <TD
      width="14%" align=center bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">Guanacevi Mine </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">1,010,000 </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">200,000 </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">70,000    </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;<B>1,280,000</B> </TD>
    <TD width="9%"
    align=right bgcolor="#B8CCE4"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#E6EFFF" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">Mexico </TD>
    <TD width="14%" align=center bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">El
      Compas Project </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">50,000    </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;
      &nbsp; &nbsp; &nbsp;<B>50,000</B> </TD>
    <TD width="9%"
    align=right bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#B8CCE4" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">Mexico </TD>
    <TD
      width="14%" align=center bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">Guadalupe Project </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">490,000 </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;
      &nbsp;<B>490,000</B> </TD>
    <TD width="9%"
    align=right bgcolor="#B8CCE4"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#E6EFFF" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">Mexico </TD>
    <TD
      width="14%" align=center bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">Exploration Projects </TD>
    <TD
      width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">670,000 </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">10,000    </TD>
    <TD
      width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">460,000 </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
      width="8%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;<B>1,140,000</B> </TD>
    <TD width="9%"
    align=right bgcolor="#E6EFFF"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
    align=center bgcolor="#B8CCE4"
    style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double"><B>TOTAL</B> </TD>
    <TD
      width="14%" align=left bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double">&nbsp; </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double"><B>8,830,000</B> </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double"><B>740,000</B> </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double"><B>1,470,000</B> </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double"><B>-</B> </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double"><B>-</B> </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double">&nbsp; -</TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double"><B>-</B> </TD>
    <TD
      width="8%" align=right bgcolor="#B8CCE4" style="BORDER-BOTTOM: #000000 3px double"><B>11,040,000</B> </TD>
    <TD width="9%"
    align=right bgcolor="#B8CCE4"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR></TABLE>
</DIV>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left><B>Notes:</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>
      <P align=justify>1) All amounts have been reported in United States
      dollars ("USD"). Amounts paid in currencies other than USD have been
      translated at the weighted average of the exchange rates during the
      reporting period (MXN/USD exchange rate of 0.0530) </P></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=left>
      <P align=justify>2) All amounts have been rounded to the nearest US$10,000
      </P></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD></TR></TABLE></DIV><BR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
