Overview

Endeavour Silver Corp. is a Canadian based silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since founding in 2004, production has grown to producing 2,340,000 ounces of silver (plus gold) in 2008, proven and probable reserves of 9.5 million ounces of silver equivalent (Ag-Eq), indicated resources of 26 million ounces Ag-Eq and inferred resources of 26.5 million ounces Ag-Eq. Endeavour’s production capacity has been expanded to 4.5 million ounces per year and the plan is to expand the mines to full capacity.

What We Like about Endeavour Silver:

	Rapidly growing silver producer.
	Produced 2.3 million oz. silver (plus gold) in 2008. Capacity has grown to 4.5m oz.
	Excellent financial condition – $15 million working capital and production not hedged.
	Cash cost in Q1 2009 US$7.56/oz.

Chief Properties

Guanacevi Mines Project



• Production

  YEAR	SILVER (oz)	GOLD (oz)	SILVER EQUIV. (oz)
  2008	1,853,000	3,845	*2,141,000
  2007	1,910,000	3,957	**2,128,000
  2006	1,350,000	2,493	**1,487,000
  2005	950,000	2,332	**1,078,000
  2004	350,000	650	**385,000

  *Gold converted to silver at a 75:1 ratio
  **Gold converted to silver at a 55:1 ratio

  Production Costs – Cash costs were US$ 7.37 per ounce (net of gold credits) in Q4 2008, down from previous quarters. The target is to continue to reduce cash costs to the US$7.00 range.

  Reserves & Resources – 2008 Reserves and Resources NI-43101 Compliant
  

  Reserves Proven & Probable
  Description	Tonnes	Ag gpt	Au gpt	Ag-Eq gpt	Ag oz	Au oz	Ag-Eq oz
  Proven
  Guanacevi	57,000	361	0.49	398	661,600	900	729,100
  Total Proven	57,000	361	0.49	398	661,600	900	729,100
  Probable
  Guanacevi	478,000	352	0.49	389	5,410,200	7,500	5,972,700
  *Cut-off grade for Proven & Probable Resources for Guanacevi is 270g/t Ag for Porvenir and 230 g/t Ag-Equivalent for Guanajuato **Silver-Equivalencies are calculated using a 75:1 ratio based on prices of USD$12 per ounce of silver and USD$900 per ounce of gold; no base metal credits are used for calculating silver-Equivalencies

  Resources Indicated
  Description	Tonnes	Ag gpt	Au gpt	Ag-Eq gpt	Ag oz	Au oz	Ag-Eq oz
  Guanacevi	1,710,000	290	0.53	330	15,957,900	28,900	18,125,400
  Resources Inferred
  Description	Tonnes	Ag gpt	Au gpt	Ag-Eq gpt	Ag oz	Au oz	Ag-Eq oz
  Guanacevi	1,563,000	240	0.37	268	12,069,800	18,800	13,479,800
  *Cut-off grade for Indicated & Inferred Resources for Guanacevi is 200g/t Ag for Porvenir and 100 g/t Ag for Alex Breccia, Santa Cruz, Porvenir Dos and Noche Buena. **Cut-off grade for Indicated & Inferred Resources for Guanajuato is 200 g/t Ag-Equivalent ***Silver-Equivalencies are calculated using a 75:1 ratio based on prices of USD $12 per ounce of silver and US$900 per ounce of gold, no base metal credits are used for calculating silver-Equivalencies.

  Silver-Gold-Lead-Zinc Resources – Guanacevi
  Resources Indicated
  Description	Tonnes	Ag gpt	Au gpt	Ag-Eq gpt	Ag oz	Au oz	Ag-Eq oz	Zn %	Pb %
  Guanacevi	85,000	66	0.18	80	179,500	500	217,000	2.2	3.6
  Resources Inferred
  Description	Tonnes	Ag gpt	Au gpt	Ag-Eq gpt	Ag oz	Au oz	Ag-Eq oz	Zn %	Pb %
  Guanacevi	260,000	72	0.15	83	604,300	1,300	701,800	2.1	3.4
  *Cut-off grade for Indicated & Inferred Resources for Guanacevi is 50 g/t Ag plus 3.5% combined Pb-Zn. **Silver-Equivalencies are calculated using a 75:1 ratio based on prices of USD$12 per ounce of silver and USD$900 per ounce of gold; no base metal credits are used for calculating silver-Equivalencies.

• Large Plant – Modern mill undergoing expansion to capacity.
• High Grades – 400+ grams/tonne Silver equates to 12+ oz/ton Silver plus Gold credit.
• Good Widths – 3 metre average width
  • Local Infrastructure
  • Power and Water on property
  • 5 km to paved highway and town of Guanacevi
  • Trained work force on site
• Land Package – 957 Hectares (2365 acres)
• Low and Manageable Risks – Known geology, grades, metallurgy and mill operation

Guanajuato Mines Project



Production

YEAR	SILVER (oz)	GOLD (oz)	SILVER EQUIV. (oz)
2008	485,000	4,343	*811,000
2007 (8 months)	228,000	2,360	**358,000
2006	256,000	3,350	**440,000

*Gold converted to silver at a 75:1 ratio
**Gold converted to silver at a 55:1 ratio

Costs – Cash cost per oz. silver in Q4 2008 were US$ 7.60 after deducting gold credits.During the transition period of 2007 to Q2 2008, costs rose to $20.00+ per oz. but have declined sharply since then. The target is to continue to reduce cash costs to the US$ 7.00 range.

Reserves & Resources

Reserves Proven & Probable
Probable
Guanajuato	214,000	251	2.20	416	1,727,100	15,100	2,859,600
Total Probable	692,000	321	1.02	397	7,137,300	22,600	8,832,300
270g/t Ag for Porvenir and 230 g/t Ag-Equivalent for Guanajuato **Silver-Equivalencies are calculated using a 75:1 ratio based on prices of USD$12 per ounce of silver and USD$900 per ounce of gold; no base metal credits are used for calculating silver-Equivalencies

Resources Indicated
Description	Tonnes	Ag gpt	Au gpt	Ag-Eq gpt	Ag oz	Au oz	Ag-Eq oz
Guanajuato	288,000	202	1.60	322	1,872,700	14,800	2,982,700
Resources Inferred
Description	Tonnes	Ag gpt	Au gpt	Ag-Eq gpt	Ag oz	Au oz	Ag-Eq oz
Guanajuato	782,000	229	2.00	379	5,751,000	50,300	9,523,500
**Cut-off grade for Indicated & Inferred Resources for Guanajuato is 200 g/t Ag-Equivalent ***Silver-Equivalencies are calculated using a 75:1 ratio based on prices of USD $12 per ounce of silver and US$900 per ounce of gold, no base metal credits are used for calculating silver-Equivalencies.

Grade – Silver grade is 200 grams/tonne and gold is 1.87 grams/tonne. This equates to 8.6 oz. per ton silver equivalents. Historic grades were reported to be 300+ grams/tonne silver plus 3.0+ grams/tonne gold.
Width – Widths range from 1 — 30 metres wide and average 2 — 3 metres.
Infrastructure – Approximately 5 kilometers from the city of Guanajuato with good road access, power and water plus trained work force on site.
Land Package – 2071 hectares (5115 acres)

Management

• Bradford Cooke, M.Sc.,P.Geo., – Chairman and CEO
  Professional geologist with 32 years experience in exploration management and financing, including Shell, Chevron, Noranda, and Canarc.
• Godfrey Walton, M.Sc., P.Geo. – President and COO
  Professional geologist with 34 years experience in mine exploration and development, including Chevron, Hemlo Gold, Canarc, others.
• Dan Dickson, CA, CFO
  Chartered Accountant with 7 years experience in audit and accounting including 5 years with KPMG.
• David Howe, M.Sc., VP, Operations
  Professional geologist with 19 years experience, primarily in Latin America, with Hecla, St. Ann Jamaica Bauxite.
• Barry Devlin, M.Sc., P.Geo. – VP, Exploration
  Professional geologist with 27 years experience in mine exploration and project management, including Hecla, US Borax, others.
• Hugh Clarke, VP, Corporate Communications
  Communications specialist with over 30 years experience in corporate finance, investor marketing and communications.
• Miguel Ordaz, Ing. – Projects Director and Legal Representative, Mexico
  Geological engineer with 30 years experience in Mexican mineral exploration and mine management.
• Leonard Harris, P.Eng., – Director
  Retired metallurgical engineer who as President of Newmont Peru was responsible for the development of the huge Yanacocha gold mine in Peru.
• Geoff Handley, B.Sc., Director
  Geologist with over 30 years experience in global exploration, acquisitions and planning, most recently Executive VP, Strategic Development, Placer Dome Inc.
• Mario Szotlender, B.IR., Director
  Businessman specializing in financing and managing new business ventures for numerous private and public companies over the past 19 years.
• Rex McLennan, B.Sc., M.B.A., Director
  Over 25 years industry experience including CFO and Executive VP with Placer Dome Inc. until 2005.

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