Endeavour Silver acquired the El Cubo silver-gold mine in Guanajuato, Mexico, adding a third producing mine. El Cubo has historically produced over 80 million ounces of silver and 2 million ounces of gold from multiple large silver-gold veins. The acquisition makes Endeavour a premier mid-tier silver producer, with three mines in the historic Guanajuato and Guanacevi silver districts of Mexico. Endeavour plans to continue expanding silver resources and reserves at its properties through exploration and mine development to fuel production growth.

1. Building a Premier
Mid-Tier Silver Producer
Corporate Presentation
July 2012 1

2. Cautionary Note: Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995
and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and
information herein include, but are not limited to, statements regarding Endeavour’s anticipated performance in 2012, including revenue, cash
cost and capital cost forecasts, 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 and the use of the Company’s working
capital. 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 Endeavour 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); fluctuations in the price of consumed commodities, 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 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, reliability of calculation of mineral reserves and resources and precious metal recoveries,
diminishing quantities or grades of mineral reserves as properties are mined; risks in obtaining necessary licenses and permits, global market
events and conditions and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors”
contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued
operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate
and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and
such other assumptions and factors as set out herein.
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.
2

3. Introduction
• One of North America’s fastest growing silver
Endeavour Silver Corp: mining companies
• Two high grade producing silver-gold operations in
Producing Mines: Mexico; Guanacevi Mine in Durango,
Bolanitos Mine in Guanajuato
• Acquisition of the El Cubo Mine in Guanajuato
Accretive Acquisition: makes Endeavour a premier mid-tier silver
producer
• Four district-scale exploration properties in
Exploration Projects: Mexico; San Sebastian, La Brisa, Parral,
Guadalupe y Calvo
• Create a premier senior silver producer (+10
Strategic Goal: million oz per year) through continued
organic growth and strategic acquisitions
3

4. Investor Highlights
Experienced Board Proven Operating Focus on Quality
and Management: Track Record: Assets:
200+ years in mining 966% production growth Large districts, big veins,
industry in last 7 years high grades, low costs
Accretive New Compelling Organic
Acquisition: Growth:
El Cubo Mine in 60% expansion at
Guanajuato, same district Bolanitos Mine in 2012 to
as current operation 1,600 tpd
Pure Silver-Gold
Good Liquidity: Strong Financials:
Leverage:
Listed on the NYSE, TSX, Working capital est.
Frankfurt US$50 million, no debt 75/25 silver/gold in dore,
no base metals
4

5. Share Capital
Exchange Listings: • EXK: NYSE EDR: TSX EJD: Frankfurt
Shares Issued: • 99.1 Million
Warrants/Options: • 6.0 Million (adds $29.9 Million)
Fully Diluted: • 105.2 Million
Share Price (July 23, 2012): • US $7.75 USD
Market Cap: • US $768 Million
Daily Volume (3 Mo. Ave.): • 1.5 Million Shares (TSX & NYSE)
Strategic Shareholder: • Fresnillo Plc 2.8%
• BMO (Andrew Kaip), CIBC (Brian Quast), Euro
Analyst Coverage: Pacific Capital (Heiko Ihle), Haywood (Chris
Thompson), Salman Partners (Ash Guglani)
5

6. Board and Management
Board of Directors
Geoff Handley Rex McLennan Mario Szotlender Ricardo Campoy Bradford Cooke Godfrey Walton
B.Sc. B.Sc., M.B.A B.IR B.Sc. M.Sc., P.Geo. M.Sc., P.Geo.
Chairman Director Director Director Director Director
CEO President & COO
Additional Management
Dan Dickson David Howe Barry Devlin Hugh Clarke Miguel Ordaz
CA M.Sc. M.Sc., P.Geo. VP, Corporate Ing.
CFO VP, Operations VP, Exploration Communications Mexico Projects Director
6

7. Corporate Strategy
Business Model:
• Acquire under-explored,
under-performing mines
in historic silver districts
that are built, permitted,
staffed and about to close
• Invest the capital and
expertise needed to
discover new ore-bodies,
turn-around operations
and re-open the mines
• Expand silver resources
and reserves each year
to drive annual mine and
plant expansions which
fuel continuous growth Three producing mines, Four exploration projects
7

8. Reserves/Resources: 656% Growth Last 7 Years
Silver Equivalent Reserves and Resources (million oz’s)
180
163
160
EC
140
121
120
Millions
100
BO
90
80 76
62
60 53
46
GCVI
40
20 16
Other
0 Other
0
2004 2005 2006 2007 2008 2009 2010 2011 2012
Note: 2010 Silver equivalents based on 55:1 silver: gold ratio, base metals are not included
8

9. Silver Production: 966% Growth Last 7 Years
Annual Silver Production
6
5 4.9-5.0
EC
4 3.73
BO
3.30
Millions
3
2.60
2.35
2.15
2
GCVI
1.35
1 0.95
0.35
0
2004 2005 2006 2007 2008 2009 2010 2011 2012
1 Peers include: AXR, CDE, FR, FVI, GPR, HL, PAAS, SSRI and SVM. Target
2 Calculated as the simple average of peer group production CAGR between 2004 and 2011 (emerging producers adjusted for their first full year of production).
Source: Intierra Ltd.
9

10. Cash Costs: 46% Lower Last 4 Years
$10.00 Endeavour Cash Costs Peer Group Cash Costs
$9.38
$9.03 (14%) CAGR
$8.00 Peers1: 27% CAGR2
$6.83
$6.00
$6.04 $6.00-$7.00
$5.71
$/oz
$5.08
$4.85
$4.00
$4.13
$2.00 $2.59 $2.44
$-
2007 2008 2009 2010 2011 2012
1 Peers include: AXR, CDE, FR, FVI, GPR, HL, PAAS, SSRI and SVM.
2 Calculated as the simple average of cash cost CAGR between 2007 and 2011.
Source: Intierra Ltd.
10

11. Gross Margin: Fastest Growth in Silver Sector
$40.00 Gross Margin Realized Silver Price
$35.61
$35.00
$30.00
$25.00
$19.62
$/oz
$20.00
$14.51 $15.49
$15.00 $30.53
$11.55
$10.00
$13.91
$5.00 $9.48
$5.48
$2.17
$-
2007 2008 2009 2010 2011
11

12. GUANACEVI
MINE
12

13. Guanacevi: A Top 5 Mexican Silver District
District Highlights:
• Located in the Sierra Madre
Occidental gold-silver belt
• Produced over 450 million oz
silver historically
• Multiple silver veins span 10 km x
5 km area
• Classic epithermal ore-bodies in
Lower Tertiary andesites
• Excellent infrastructure near paved
state highway, on state power
grid
• Porvenir Cuatro, Porvenir Dos,
Porvenir Norte & Santa Cruz
Mines now in production
• Now drilling new high-grade
mineralized zone at Milache
13

14. Guanacevi: Four Underground Mines
2011 Reserves/Resources1:
P+P: 13.5 million oz Ag
M+I: 19.9 million oz Ag
Inf: 15 million oz Ag
Q2 2012 Production
Production: 669,754 oz Ag
2,499 oz Au
Throughput: 1100 tpd
Grades: 269 gpt Ag
0.87 gpt Au
Recoveries: 77.4% Ag
89.2% Au
Mines: Porvenir Norte
Porvenir Dos
Porvenir Norte is the largest mine
Porvenir Cuatro operating in the Guanacevi district
Santa Cruz
1) See Page 39 for details
14

15. Guanacevi: Upgrading the Mines & Plant
2012 Capital Projects:
Total: $21.3 million
Plant: Upgrading
conveyors, concentrate
handling, crushing,
expanding fine ore bins
Mine: New underground
development
Surface: New 115 Kv power
line
Mine: New underground
Plant Currently Operating at 1000 tonnes per day; equipment
Expanding to 1200 tonnes per day in 2012
15

16. Guanacevi: Reserves and Resources
Endeavour Discovered Five New Silver Deposits In Five Years
773,000 tonnes @ 304 Ag gpt + 0.65 Au gpt = 7.55 million Oz Ag (8.4 million Oz Ag-Eq)
799,000 tonnes @ 231 Ag gpt + 0.39 Au gpt = 5.93 million Oz Ag (6.5 million Oz Ag-Eq)
2.8 million tonnes @ 217 Ag gpt + 0.42 Au gpt = 19.92 million Oz Ag (22.1 million Oz Ag-Eq)
2.0 million tonnes @ 217 Ag gpt + 0.40 Au gpt = 14.05 million Oz Ag (15.5 million Oz Ag-Eq)
16

17. BOLANITOS
MINE
17

18. Bolanitos: 2nd Largest Mexico Silver District
District Highlights:
• Located in the Sierra Madre
silver-gold belt
• Produced over 1.2 billion oz Vetas De Vetas De
silver historically and 5 La Luz Sierras
million oz gold
• Three main vein systems span 20
km x 20 km area
• Classic epithermal ore-bodies in
Lower Tertiary andesites
• Excellent infrastructure- paved
state highway, on state
power grid
• Cebada, Bolanitos and Lucero
Mines now in production, 5
new ore bodies in last 5
years
• Now drilling multiple veins in
Bolanitos area
18

19. Bolanitos: Three Underground Mines
2011 Reserves/Resources1:
P+P: 3.3 Million Oz Ag
M+I: 14.6 Million Oz Ag
Inf: 9.8 Million Oz Ag
Q2 2012 Production
Production: 370,272 Oz Ag
5,196 Oz Au
Throughput: 1100 tpd
Grades: 149 gpt Ag
2.05 gpt Au
Recoveries: 75% Ag
77% Au
Mines: Bolanitos/Lucero/
Cebada View of New Lucero Mine Portal
Development: Asuncion/
Karina/ Fernanda/
1) See Page 39 for details
Daniela
19

20. Bolanitos: Expanding the Mines & Plant
2012 Capital Projects:
Total: $20.6 million
Plant: Complete tailings
piping & pumps,
expand flotation cells
& concentrate
handling
Mine: New underground
development
Mine: New underground
equipment
Plant currently operating at 1000 tpd;
Expanding to 1600 tpd capacity by end of 2012
20

21. Bolanitos: New Discoveries Near Lucero
Recent Drill Results
• 250 gpt Ag, 5.35 gpt Au / 9.35 m
• 404 gpt Ag, 6.50 gpt Au / 7.35 m
• 448 gpt Ag, 14.0 gpt Au / 4.61 m
• 170 gpt Ag, 7.73 gpt Au / 7.14 m
2012 Exploration Targets
• Daniela-Karina
• La Joya- Puertocito
• La Luz- Asuncion
• Belen-Ericka
21

22. El Cubo Mines-New Acquisition
Endeavour Silver Acquires El Cubo Silver-Gold Mine in Guanajuato &
Guadalupe y Calvo Exploration Property in Chihuahua
22

23. El Cubo: A Great Fit for Endeavour in Guanajuato
El Cubo Highlights:
• Discovered in the 1860’s more
than 300 years after mining began in
the Guanajuato District.
• Producing silver-gold mine currently
operating at 1200 tpd with 965 Vetas De Vetas De
La Luz Sierras
employees
• Produced 556,379 oz Ag and 8,670 oz
Au or 990,000 oz silver equivalents
in 2011 and over 80 million ounces
of silver & 2 million ounces of
gold historically
• Multiple silver-gold veins over 9 km
long, up to 10 m wide & 600 m deep
• San Nicolas Vein averaged 10-15 gpt Au
& 100-150 gpt Ag
• 61 mineral concessions covering 8,144
hectares, including several mine
adits, ramps and shafts and a 400 tpd
leach plant, plus a lease until May
2013 on the adjacent Las Torres Mine
Complex, which includes a 2,000 tpd
flotation plant owned by Fresnillo plc
23

24. El Cubo: Underground Silver-Gold Mine
2012 Reserves/Resources1:
P+P: 7.0 million oz Ag
M+I: 4.4 million oz Ag
Inf: 11.4 million oz Ag
Aurico 2011 Production (9 months)
Production: 556,379 oz Ag
8,670 oz Au
Throughput: 1100 tpd
Grades: 80.5 gpt Ag
1.24 gpt Au
Recoveries: 83.9% Ag
84.8% Au
Mines: Villalpando
Peregrina
Development: Dolores
1) See Page 39 for details
24

25. El Cubo: Dolores Discovery Cross Section
DOLORES SE
New Drilling 2012
• Present known vertical No Detectable on
Surface
interval of 200 m open at
depth
• Now being developed for
production
1.6m @ 621 AgEq
5.8m @ 239 AgEq
2.6m @ 334 AgEq
4.1m @ 304 AgEq
1.7m @ 523 AgEq
10.4m @ 285 AgEq
2.03m @ 750 AgEq
25

26. El Cubo: Property, Mines, Veins & Geology
26

27. El Cubo: Transaction Rationale
• Adds a third producing silver-gold mine (El Cubo) nearby Endeavour’s Bolanitos
mine and launches Endeavour into the mid-tier of primary silver producers
• Adds an advanced gold-silver exploration project (GyC) to Endeavour’s exploration
portfolio with further exploration potential
• Immediately accretive to Endeavour on NAVPS (23%1 ), AgEq production, reserves,
resources with substantial turn-around potential on cash-flow and cash costs
• Increases 2012 silver production by 12%-14% to 4.9-5.0 million oz based on Q1,
2012 production and 6 months production, potential to boost 2013 production
to 6 million oz Ag (9 million oz AgEq), revised production guidance to be
provided after Closing
• Increases prospective mineral land-holdings by six-fold and enhances Endeavour’s
exploration potential in Mexico
1 Assuming a purchase price of US$250 million ($100 million in cash and $150 million in shares). NAVPS based on analyst consensus estimates for El Cubo and Guadalupe y Calvo as at April 15, 2012.
Source: Thomson One Analytics and Bloomberg.
27

28. El Cubo: Operating Synergies
• Two mines in one district should lead to savings in administration, human resources
and purchasing
• Expertise in turning around two other underperforming mines at Guanacevi in 2004
and Bolanitos in 2007
• El Cubo mine methods and equipment are oversized, Bolanitos mine methods and
equipment are undersized, so introduce cut-and-fill methods and buy smaller
equipment to improve output and productivity and reduce ore dilution and cash
costs
• El Cubo has 965 employees producing 1.8 million oz Ag Eq. in 2012, Endeavour has
900 employees producing 3x that (5.5 million oz Ag Eq) in 2012 so retrain,
relocate or reduce work force at El Cubo
• Bolanitos currently produces silver-gold concentrates and trucks them 1000 km
north to the leach plant at Guanacevi, but El Cubo has a smaller older leach plant
and after a modernization and expansion program, Bolanitos will only truck 15 km
• Expertise in discovering new ore-bodies in old districts at Guanacevi and Guanajuato,
16 exploration targets identified for drilling at El Cubo
28

29. Guadalupe y Calvo: Prospective Gold-Silver Project
GyC Highlights
• Advanced gold-silver exploration project
• Well located & accessible in southern
Chihuahua State 300 km SW of
Chihuahua City
• Huge property covers 54,872 hectares,
most of the historic gold-silver district
• District produced 1.5+million oz Au & 20+
million oz Ag historically
• Two major veins up to 60 m wide & 6 km
long
• Classic epithermal ore-bodies in lower
tertiary andesites
• Historic indicated resources1 of 7.6 million
oz silver and 126,000 oz gold and
inferred resources of 4.4 million oz silver
and 67,000 oz gold1
1 Endeavour has not verified the historic reserves/resources, so they should not be relied upon
29

30. San Sebastian: Historic Silver-Gold District
Property Highlights
• Discovered in 1542, mined for
centuries, largely un-explored
• Four large silver-gold vein systems
each 3 km long
• Covers +50 small historic mines on
+20 separate veins
• Classic epithermal ore-bodies in
Lower Tertiary andesites
• Located 40 km northwest of Puerto
Vallarta in Jalisco State
• One small mine (La Quiteria)
operates in the district
• Recent grab samples assay up to
11,824 gpt Ag, 40.3 gpt Au
30

31. San Sebastian: New High Grade Discovery
RECENT DRILL RESULTS
TR02-1 1,489 gpt Ag, 0.85 gpt Au / 5.66m
TR12-1 500 gpt Ag, 1.15 gpt Au / 11.48m
TR13-1 222 gpt Ag, 10.73 gpt Au / 13.34m
TR15-1 287 gpt Ag, 1.08 gpt Au / 4.37m
31

32. Financial Performance: Annual Growth
Financial Performance:
2010 2011 Q1 2012
Sales Revenues: US$86.5 million US$128.0 million US$49.0 million, Up 39%
Mine Op. Cash Flow: $45.0 million $86.4 million $32.0 million, Up 30%
Operating Cash Flow: $32.7 million $47.4 million $28.8 million, Up 96%
Adjusted Net Earnings: $ 1.7 million $32.4 million $19.6 million
$0.02/share $0.37/share $0.22/share
Operating Performance:
2010 2011 Q2 2012
Silver Production 3,285,634 oz 3,730,128 oz 1,040,026 oz, Up 22%
Gold Production 17,711 oz 21,807 oz 7,695 oz, Up 59%
Realized Silver Price $19.62 $35.61 $29.21 per oz
2012 Guidance:
Silver Production: 4.9-5.0 million oz, Up 32%
Gold Production: 33,500-35,000 oz, Up 54%
Cash Cost: US$6.00 - $7.00
32

33. A Premier Low-Cost Mid-Tier Producer
2011 Silver Production1 2011 Cash Costs2 AgEq Resources3
(Moz Ag) ($US/oz Ag) (Moz AgEq)
Pan Silver Pan
21.9 20.9 1,820
American Standard American
Senior
Coeur Great Silver
19.1 10.8 1,734
d'Alene Panther Standard
Coeur
Hecla 9.5 Alexco 10.2 779
d'Alene
Pan
First Majestic 7.2 9.4 Hecla 502
American
Silver First
7.1 First Majestic 8.2 314
Mid-Tier
Standard Majestic
Coeur Endeavour
Silvercorp 5.3 7.1 260
d'Alene Pro Forma 4
Endeavour Endeavour 5.1 249
5.0 Silvercorp
Pro Forma 4
Endeavour
Endeavour 3.7 4 4.7 Endeavour 121
Pro Forma
Fortuna 2.5 Hecla 1.2 Fortuna 117
Emerging
Alexco 2.0 Fortuna 0.4 Alexco 35
Great Great
1.5 Silvercorp (6.8) 26
Panther Panther
1 Presented on a silver only basis. Silvercorp production based on March 31 fiscal year end.
2 Cash cost net of by-product credits as reported. El Cubo cash costs calculated on the bases of ounces produced during 2011.
3 Reflects silver and gold reserves & resources only; equivalent calculations based on 55:1 silver to gold ratio.
4 Combination analysis for El Cubo includes production, cash costs and reserve & resource estimates from Guadalupe y Calvo. Endeavour has not verified Aurico’s reserves/resources, they are considered to
be historic & should not be relied upon
Source: Thomson One Analytics, Bloomberg and Intierra Ltd.
33

34. Near Term Catalysts for Growth
• Deliver 8th consecutive year of growth in revenues, cash flow, earnings, production,
reserves & resources
• Optimize El Cubo mine, 2012 focus on turning around mine operations and exploration,
then expand production in 2013
• Expand Bolanitos mine 60% to 1600 tpd, now underway
• Expand Guanacevi mine 20% to 1200 tpd, now underway
• Expand reserves and resources by aggressive brown-fields exploration at three mines
• Make new discoveries by green-fields exploration at exploration properties
• Continue to acquire new silver-gold exploration properties to build project pipeline and
fuel organic growth
We have the core assets, management team, track record, balance
sheet and share structure to continue delivering out-performance
34

35. Contact Us
Endeavour Silver Corp.
Suite 301-700 West Pender Street
Vancouver, BC, V6C 1G8
Canada
hugh@edrsilver.com
lmccray@edrsilver.com
www.edrsilver.com
Phone: 1-604-685-9775 Fax: 1-604-685-9744
Canada and US Toll-Free: 1-877-685-9775
35

36. Appendix
36

37. Why Silver?
• Silver is an Industrial Metal: Demand 2010
unlike gold, silver is
consumed & the number of
industrial uses is
multiplying
• Silver is a Precious Metal:
like gold, silver is money &
its role as a store of value
and a hedge against
monetary inflation is Denarius % Silver
growing
• Currency debasement is not
new – governments
throughout history have
“printed” money eg. Falling
silver % in the Roman
Denarius coin
37

38. Social Responsibility 2011 Highlights
• Endeavour Silver strives to improve the
quality of life for every employee &
each community in which it works by
operating in the most socially
responsible manner
• Placed 2nd out of 20 teams in First Aid
& 3rd out of 27 teams in Mine Rescue
at recent Mexico National Mine
Safety Competition
• Given two top national 2011 safety
awards for Guanacevi & Guanajuato
mines
• Granted Clean Industry Award for
environmental responsibility at
Guanacevi & another one pending for
Guanajuato
• Launched $1 million 5 year university
scholarship endowment program in
Canada & Mexico
• Funded 100 wheelchair program in
Mexico for people in need
38

39. Endeavour Reserves & Resources (as of June 1, 2012)
Tonnes Ag g/t Au g/t Ag oz Au oz Aq Eq Total
Proven
GCVI 773,000 304 0.65 7,555,500 16,200 891,000 8,446,500
GTO 337,000 186 2.40 2,019,700 26,000 1,430,000 3,449,700
EC 285,000 138 2.14 1,270,000 19,600 1,078,000 2,348,000
Total 1,395,000 242 1.38 10,845,200 61,800 3,399,000 14,244,200
Probable
GCVI 799,000 231 0.39 5,935,400 10,100 555,500 6,490,900
GTO 179,000 225 2.63 1,297,200 15,200 836,000 2,133,200
EC 1,310,000 137 2.20 5,770,000 92,500 5,087,500 10,857,500
Total 2,288,000 177 1.60 13,002,600 117,800 6,479,000 19,481,600
Measured
GTO 258,000 177 2.51 1,470,900 20,800 1,144,000 2,614,900
EC 256,000 78 1.58 640,000 13,000 715,000 1,355,000
Total 514,000 128 2.05 2,110,900 33,800 1,859,000 3,969,900
Indicated
GCVI 2,849,000 217 0.42 19,922,300 38,800 2,134,000 22,056,300
GTO 2,539,000 161 2.20 13,154,500 179,600 9,878,000 23,032,500
San Seb 307,000 199 0.55 1,965,800 5,400 297,000 2,262,800
EC 1,095,000 108 1.81 3,790,000 63,500 3,492,500 7,282,500
Total 6,790,000 178 1.32 38,832,600 287,300 15,801,500 54,634,100
Resources Inferred
GCVI 2,013,000 217 0.40 14,050,900 26,200 1,441,000 15,491,900
GTO 1,858,600 164 1.91 9,779,600 114,100 6,275,500 16,055,100
San Seb 354,000 211 0.52 2,401,700 5,900 324,500 2,726,200
EC 2,480,000 143 2.77 11,410,000 220,000 12,100,000 23,510,000
Total 6,705,600 175 1.70 37,642,200 366,200 20,141,000 57,783,200
Tonnes Ag g/t Au g/t Ag oz Au oz Aq Eq Total Pb% Zn%
Indicated
Parral 934,000 49 1.46 1,471,400 43,800 2,409,000 3,880,400 3.18 3.20
Total 934,000 49 1.46 1,471,400 43,800 2,409,000 3,880,400 3.18 3.20
Resources Inferred
GCVI 307,000 98 0.1 962,900 1,000 55,000 1,017,900 2.36 4.36
Parral 528,000 61 1.45 1,035,500 24,600 1,353,000 2,388,500 3.00 2.74
Arroyo Seco 738,181 220 0.07 5,226,785 1,617 88,935 5,315,720 0.65 0.18
Total 1,573,181 143 0.54 7,225,185 27,217 1,496,935 8,722,120 1.77 1.85
39

40. Guanajuato: Daniela Vein Long. Section
Daniela Discovery is 800m long x150m vertical x 3-10m thick
40