Endeavour Silver Updates Reserve and Resource Estimates; Deep Drilling Intersects Highest Grades Yet at Terronera

VANCOUVER, BC--(Marketwired - January 21, 2016) -   Endeavour Silver Corp. (TSX: EDR) (NYSE: EXK) reports updated NI 43-101 silver and gold reserve and resource estimates for its three producing mines in Mexico: the Guanaceví Mine in Durango State and the Bolañitos and El Cubo Mines in Guanajuato State; as well as one exploration project, the Terronera Project in Jalisco State, as of December 31, 2015.

Endeavour replaced its proven and probable silver reserves in 2015 notwithstanding a lower metal price assumption ($16 per ounce (oz) silver vs $18 per oz) compared to 2014. Measured and indicated silver resources increased 6% and gold resources decreased 17% in 2015 due respectively to upgrading of inferred silver resources at Guanacevi and Bolanitos and depletion of gold resources at Bolañitos.

Bradford Cooke, CEO of Endeavour, stated, "We are gratified to have replaced our P&P reserves and boosted our M&I silver resources given the challenging metal price environment last year. Our exploration efforts were successful in identifying new mineralization at each mine and the Terronera mine project should be a significant driver of new reserves and resources in 2016."

In past years, Endeavour has used three-year trailing price averages for silver and gold in estimating reserves and resources. At the end of 2015, the trailing price averages for gold and silver were approximately $1,279 per oz gold and $19.52 per oz silver, which management views as too high for use in the estimation of reserves and resources. Instead, management used a US$1,150 per oz gold price and US$16 per oz silver price to more reasonably reflect the near-term outlook.

2015 Reserve/Resource Highlights (Compared to December 31, 2014)

• Silver Proven and Probable Reserves were flat at 12.0 million ounces (oz)
• Gold Proven and Probable Reserves were flat at 110,800 oz
• Silver Equivalent Proven and Probable Reserves totalled 19.7 million oz (70:1 silver:gold ratio)
• Silver Measured and Indicated Resources increased 7% to 69.8 million oz
• Gold Measured and Indicated Resources decreased 19% to 539,500 oz
• Silver Equivalent Measured and Indicated Resources totalled 107.6 million oz
• Silver Inferred Resources decreased 12% to 44.7 million oz
• Gold Inferred Resources increased 3% to 349,700 oz
• Silver Equivalent Inferred Resources totalled 69.2 million oz
• • 2014 silver equivalents based on 70:1 silver:gold ratio, base metals not included
  • All assumptions are listed at the bottom of the reserve and resource summary table

Work on Endeavour's other exploration projects in Mexico (the Guadalupe y Calvo and Parral projects in Chihuahua and the Arroyo Seco project in Michoacán) did not change the resources, and previous estimates remain unchanged. The Guadalupe y Calvo resources were estimated in 2012 and the Parral and Arroyo Seco resources were estimated at the end of 2010. The Terronera resource estimate is the same one used in the Preliminary Economic Estimate (PEA) released in May 2015.

Mineral Reserve and Resource Estimates at December 31, 2015

Silver-Gold Proven and Probable Reserves
		Tonnes		Ag g/t		Au g/t		Ag Eq g/t		Ag oz		Au oz		Ag Eq oz
Proven
Guanaceví		107,500		254		0.52		290		878,000		1,795		1,003,700
Bolañitos		205,700		125		2.60		307		827,700		17,400		2,045,700
El Cubo		195,200		150		3.11		367		940,600		19,585		2,311,600
Total Proven		508,400		162		2.37		328		2,646,300		38,780		5,361,000
Probable
Guanaceví		798,000		205		0.45		237		5,260,600		11,735		6,082,100
Bolañitos		172,600		101		2.73		292		561,800		15,150		1,622,300
El Cubo		632,100		173		2.23		330		3,521,700		45,105		6,679,100
Total Probable		1,602,700		181		1.40		279		9,344,100		71,990		14,383,500
Total P+P		2,111,100		177		1.63		291		11,990,400		110,770		19,744,500

Silver-Gold Measured and Indicated Resources
		Tonnes		Ag g/t		Au g/t		Ag Eq g/t		Ag oz		Au oz		Ag Eq oz
Measured
Guanaceví		175,500		306		0.54		344		1,728,000		3,090		1,944,300
Bolañitos		101,300		140		2.13		289		457,300		6,940		943,100
El Cubo		74,650		279		2.83		477		670,200		7,062		1,164,500
Total Measured		360,650		255		1.49		359		2,953,400		17,292		4,163,800
Indicated
Guanaceví		2,313,200		277		0.78		331		20,565,600		58,215		24,640,700
Bolañitos		940,700		153		1.94		289		4,639,700		58,610		8,742,400
El Cubo		630,000		215		2.19		368		4,352,400		44,570		7,472,300
Terronera		3,091,400		221		1.71		340		21,947,000		169,500		33,812,000
Guadalupe y Calvo		1,861,000		119		2.38		286		7,147,300		142,500		17,122,300
Total Indicated		9,104,500		207		1.61		320		60,714,000		470,595		93,655,700
Total M+I		9,465,150		209		1.60		321		63,667,400		487,887		97,819,500

Silver-Gold Inferred Resources
		Tonnes		Ag g/t		Au g/t		Ag Eq g/t		Ag oz		Au oz		Ag Eq oz
Inferred
Guanaceví		1,150,520		308		0.72		358		11,389,100		26,671		13,256,100
Bolañitos		1,291,700		171		2.74		363		7,104,500		113,900		15,077,500
El Cubo		1,172,500		192		2.68		380		7,247,100		100,800		14,303,100
Terronera		1,176,700		189		1.43		289		7,157,400		54,300		10,958,400
Guadalupe y Calvo		154,000		94		2.14		244		464,600		10,600		1,206,600
Total Inferred		5,039,520		211		1.90		344		34,132,500		307,971		55,690,500

Silver-Gold-Lead-Zinc Resources
		Tonnes		Ag g/t		Au g/t		Ag Eq g/t		Ag oz		Au oz		Ag Eq oz		Pb%		Zn%
Indicated
Parral		1,631,000		49		0.90		112		2,589,900		47,200		5,893,500		2.87		2.86
Guanaceví		655,000		166		0.21		181		3,495,700		4,400		3,805,300		0.61		1.02
Total Indicated		2,286,000		83		0.70		132		6,085,600		51,600		9,698,800		2.22		2.33
Parral		1,303,000		63		0.88		125		2,658,900		36,900		5,239,500		2.55		2.28
Arroyo Seco		738,000		220		0.07		225		5,220,000		1,700		5,336,300		0.65		0.18
Guanaceví		646,000		129		0.15		140		2,687,300		3,100		2,904,300		1.12		2.07
Total Inferred		2,687,000		122		0.48		156		10,566,200		41,700		13,476,100		1.68		1.65

1. Reserve cut-off grades were 200 g/t silver equivalent at Guanaceví, 192 g/t silver equivalent at Bolañitos, and 184 g/t silver equivalent at El Cubo.
2. Measured and indicated resource cut-off grades were 182 g/t silver equivalent at Guanaceví, 175 g/t silver equivalent at Bolañitos, 167 g/t silver equivalent at El Cubo, and 150 g/t silver equivalent at Terronera.
3. Inferred resource cut-off grades for Guanaceví, Bolañitos and El Cubo, were the same as the measured and indicated resource cut offs and 150 g/t silver equivalent at Terronera.
4. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves.
5. Recoveries were 83.5% silver and 86.2% gold at Guanaceví; 75.9% silver and 84.7% gold at Bolañitos; and 87.4% silver and 89.6% gold at El Cubo
6. Minimum mining widths were 1.4 metres at Guanaceví, 0.8 metres at Bolañitos, and 0.8 metres at El Cubo.
7. Dilution factors were 26.2% at Guanaceví, 24.0% at Bolañitos, and 23.9% at El Cubo. Dilution factors are calculated based on internal stope dilution calculations and external dilution factors of 15% for cut and fill and 30% for long hole
8. Silver equivalents are based on a 70:1 silver:gold ratio
9. Price assumptions are $16 per ounce for silver and $1,150 per ounce for gold.
10. Mineral resources are estimated exclusive of and in addition to mineral reserves.
11. Proven reserves are defined within 10 metres of underground development while probable reserves extend a further 15 metres from underground development.

Godfrey Walton, M.Sc., P.Geo., President and COO of Endeavour, is the Qualified Person who reviewed and approved the technical information contained in these mineral resource estimates. The Qualified Persons for the mineral resource and reserve estimates were Zachary Black, QP, SME-RM and Jeffery Choquette, P.E., QP, MMSA of Hard Rock Consulting. Technical reports for Guanaceví, Bolañitos, and El Cubo will be completed and filed on SEDAR by March 6, 2016.

These reserve and resource statements were classified following the definitions and guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum CIM standards and definitions of mineral resources and reserves and the guidelines contained in National Instrument 43-101.

2015 Updated Exploration Highlights

Endeavour Silver Corp. (TSX: EDR) (NYSE: EXK) also released today an update of the Company's final exploration drill results in 2015. Last year, the focus was on brownfields exploration around the three operating mines to replace reserves and expand resources, and on infill drilling the Terronera discovery to better define the resources for mine planning and economic modelling.

Luis Castro, Endeavour's Vice President of Exploration, commented, "Our exploration programs continued to deliver solid drill results in 2015, notwithstanding a reduced budget due to lower metal prices. In particular, deep drilling at Terronera intersected the highest grades yet on the property, and surface sampling of several other veins identified multiple new high grade drill targets for 2016. Last year, we spent US$7.2 million on exploration excluding capitalized property costs and drilled 36,385 metres (m) or 119,373 feet (ft) in 151 drill holes."

Terronera Property

Endeavour drilled 6,130 m in 27 holes at Terronera to infill the recently discovered, thick, high-grade silver-gold mineralization within the Terronera vein. Recent drilling highlights include 3,875 gpt silver and 4.36 gpt gold over 5.58 m true width (122.5 opT silver equivalent over 18.3 ft based on a silver: gold ratio of 75:1) in hole TR09-5 (link to longitudinal section).

This hole, drilled below a low grade hole TR09-3 which was previously thought to be the bottom of the bonanza mineralized zone, intersected the highest grades yet on the property, including a core zone grading 15,533 gpt silver and 10.0 gpt gold over 0.39 m true width (16,283 gpt silver equivalent over 1.3 ft based on a silver: gold ratio of 75:1). This part of the deposit remains open for further drilling.

Hole		Structure		From		True Width		Au		Ag		AgEq
				(m)		(m)		(gpt)		(gpt)		(gpt)
TR06-4		Terronera		309.80		1.94		1.37		122		225
		Including		309.80		0.23		0.55		674		715
TR08-4		Terronera		298.40		1.83		0.72		979		1,033
		Including		299.20		0.26		2.63		4,360		4,557
TR09-5		Terronera		302.60		5.58		4.36		3,875		4,202
		Including		308.05		0.39		10.00		15,533		16,283

Surface grab and chip sampling of three other veins on the Terronera property identified new areas of high grade silver-gold mineralization over mineable widths. The La Luz vein was traced for 1.7 km in length, ranges from 2 to 7 m wide and grades from nil up to 951 gpt silver and 26.7 gpt gold. The El Padre vein was traced for 1.8 km along strike, ranges from 0.4 to 4 m wide and grades from nil up to 358 gpt silver and 10.1 gpt gold. The Democrata vein was traced for 850 m in length, ranges from 0.3 to 2 m wide and grades from nil up to 534 gpt silver and 9.3 gpt gold. Each of these veins exhibit small historic mine workings but have never been explored or drilled in modern times.

Bolañitos Mine

In 2015, Endeavour drilled 9,500 m in 39 holes at Bolañitos to outline high-grade, gold-silver vein mineralization in the Bolañitos North and Puertecito South areas. Recent drilling highlights include 29 grams per tonne (gpt) silver and 19.0 gpt gold over 1.69 m true width (42.4 ounces per ton (opT) silver equivalent over 5.5 ft based on a silver: gold ratio of 75:1) within the San Miguel HW vein in hole MG-03 (link to longitudinal section). The San Miguel HW vein intercepts are a shallow extension of the historic San Miguel mine, and the mineralization is wide open along strike.

Hole		Structure		From		True Width		Au		Ag		AgEq
				(m)		(m)		(gpt)		(gpt)		(gpt)
MG-03		San Miguel HW		108.75		1.69		19.02		29		1,456
		Including		108.95		0.14		97.50		123		7,436
MG-04		San Ignacio		29.20		1.32		0.48		385		421
		Including		30.55		0.38		0.63		859		906
		San Miguel		149.80		2.16		4.44		10		343
		Including		152.40		0.26		17.05		27		1,306
MG-05		San Miguel HW		66.35		1.41		5.47		114		525
		Including		67.55		0.13		14.40		158		1,238
RV-16		La Loba		283.40		1.20		2.08		82		238
		Including		284.40		0.20		4.20		199		514
CTA-02		Cabrera Carrica		38.35		1.48		1.79		98		232
		Including		40.10		0.25		4.66		116		466
		Lourdes		136.10		1.16		0.97		175		248
		Including		136.35		0.30		3.38		448		702

El Cubo Mine

Endeavour drilled 11,200 m in 47 holes last year at El Cubo to delineate new high-grade, gold-silver vein mineralization in the V-Asunción and other veins. Recent drilling highlights include 223 gpt silver and 3.72 gpt gold over 6.06 m true width (14.6 opT silver equivalent over 19.9 ft based on a silver: gold ratio of 75:1) within the Nayal vein in hole CNY-04 (link to longitudinal section). The Nayal vein intercepts are very shallow and the mineralized zone remains open along strike.

Hole		Structure		From		True Width		Au		Ag		AgEq
				(m)		(m)		(gpt)		(gpt)		(gpt)
CNY-02		Nayal		109.30		1.13		6.15		547		1,008
		Including		110.15		0.30		17.90		1,595		2,938
CNY-04		Nayal		46.25		6.06		3.72		223		501
		Including		49.40		0.68		14.90		865		1,983
CUDG-989		Dolores (Hw)		14.90		1.09		3.90		197		489
		Including		15.50		0.50		6.39		354		833
CUDG-989A		Dolores (Hw)		14.85		1.10		4.83		289		651
		Including		15.25		0.40		12.95		771		1,742
CUDG-994		San Miguel		30.60		1.06		3.50		25		287
		Including		30.90		0.18		11.05		66		895
CUDG-996		San Juan de Dios		92.70		1.35		10.40		123		902
		Including		93.80		0.29		48.00		566		4,166
CUDG-1002		La Loca		109.30		1.54		4.33		72		397
		Including		109.30		0.17		18.30		45		1,418

Guanaceví Mine

In 2015, Endeavour drilled 9,550 m in 38 holes at Guanaceví to expand previously discovered high-grade silver-gold mineralization in the Santa Cruz vein at the Santa Cruz and Porvenir Norte mines. Recent drilling highlights include 1,661 gpt silver and 3.11 gpt gold over 1.03 m true width (55.2 opT silver equivalent over 3.4 ft based on a silver: gold ratio of 75:1) in hole UG-07 (link to longitudinal section).

The Santa Cruz vein intercepts are depth extensions of the Santa Cruz mine and remain open at depth.

Hole		Structure		From		True Width		Au		Ag		AgEq
				(m)		(m)		(gpt)		(gpt)		(gpt)
UG-01		Santa Cruz SCV2		100.85		1.32		0.26		245		264
		Including		102.50		0.13		0.77		799		857
UG-04		Santa Cruz SCV2		170.85		1.02		0.39		269		298
UG-06		Santa Cruz		172.00		1.06		1.35		1,061		1,163
		Including		172.25		0.14		5.03		3,300		3,677
UG-07		Santa Cruz		212.50		1.03		3.11		1,661		1,895
		Including		212.50		0.21		11.90		6,340		7,233

About Endeavour Silver - Endeavour Silver is a mid-tier precious metals mining company that owns three high grade, underground, silver-gold mines in Mexico. Since 2004 the company has grown from no operations to 11.4 million ounces of silver equivalent production in 2015. We find, build and operate quality silver mines in a socially, economically and environmentally responsible manner to create real value for all stakeholders. Endeavour Silver's shares trade on the TSX under the symbol EDR and on the NYSE under the symbol EXK.

Attachment Available: http://www.marketwire.com/library/MwGo/2016/1/21/11G079615/Longitudinal_Terronera-8f1a26d89df28f15bb803a528a33827b.pdf
Attachment Available: http://www.marketwire.com/library/MwGo/2016/1/21/11G079615/Longitudinal_Santa_Cruz-6a75ce172830be379423855ee09a6521.pdf
Attachment Available: http://www.marketwire.com/library/MwGo/2016/1/21/11G079615/Longitudinal_San_Miguel-684a634e3e1f9b35a0ebb801f46007b2.pdf
Attachment Available: http://www.marketwire.com/library/MwGo/2016/1/21/11G079615/Longitudinal_Nayal-33ee6b75fa2fbfdab36a044dd265bd2e.pdf

Contact Information - For more information, please contact:
Meghan Brown
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Website: www.edrsilver.com