Endeavour Silver Reports Third Quarter 2012 Financial Results; Q3, 2012 Conference Call at 10 am PDT, Wednesday, November 7, 2012

Tue Nov 6, 2012 7:30am EST

* Reuters is not responsible for the content in this press release.

  VANCOUVER, BRITISH COLUMBIA, Nov 06 (MARKET WIRE) --
Endeavour Silver Corp. (TSX:EDR)(NYSE:EXK)(FRANKFURT:EJD) announced today
its financial and operating results and unaudited consolidated interim
financial statements for the Third Quarter, 2012. Endeavour owns and
operates three high-grade, underground, silver-gold mines in Mexico: the
Guanacevi Mine in Durango State, the Bolanitos Mine in Guanajuato State
and the recently acquired El Cubo Mine, also located in the Guanajuato
mining district only 15 kilometers from the Bolanitos Mine.

    Net earnings were $16 thousand and operating cash-flow was $15.3 million
from revenues totaling $51.9 million in the Third Quarter, 2012. The
Company reported adjusted earnings (a non-IFRS measure(1)) of $1.7
million ($0.02 per share). The Company's cash cost of production, net of
by-product gold credits, was $4.70 per ounce (oz) of silver.

    Highlights of Third Quarter, 2012 (Compared to Q3, 2011)


--  Net earnings decreased to $16 thousand ($0.00 per share) compared to a
    $3.1 million ($0.04 per share) 
--  Adjusted earnings(1) fell 81% to $1.7 million ($0.02 per share) compared
    to $8.9 million 
--  Operating cash-flow before working capital changes dipped 20% to $16.4
    million 
--  Mine operating cash-flow(1) decreased 1% to $27.0 million 
--  Revenues rose 34% to $51.9 million on sales of 1,294,241 oz silver and
    8,984 oz gold 
--  Working Capital reduced to $58.8 million due to the El Cubo Mine
    acquisition 

--  Silver production rose 33% to 1,137,883 oz 
--  Gold production rose 139% to 11,754 oz 
--  Silver equivalents production rose 56% to 1.73 million oz (at a 50:1
    silver:gold ratio) 
--  Realized silver price fell 29% to $28.72 per oz sold (4% lower than the
    average spot price for Q3, 2012) 
--  Realized gold price fell 3% to $1,637 per oz sold (1% lower than the
    average spot price for Q3, 2012) 
--  Cash costs(1) fell 7% to $4.70 per oz silver payable (net of gold
    credits) 
--  Bullion held in inventory at quarter-end included 425,746 oz silver and
    4,344 oz gold 
--  Concentrate held in process at quarter-end included 347,044 oz silver
    and 5,384 oz gold 


    (1) Adjusted earnings, mine operating cash-flow and cash costs are
non-IFRS measures which are reconciled in the Company's management
discussion and analysis.

    Bradford Cooke, CEO and Director, commented, "We are pleased with the
operating performance of our Guanacevi and Bolanitos Mines in the 3rd
Quarter, 2012, especially the lower cash costs of production, but as
expected, the newly acquired El Cubo Mine had a difficult quarter.
Endeavour's financial performance in Q3, 2012 also met our expectations
except for the impact of two new items, a $3.3 million write-down of
inventory at El Cubo and a $5.0 million contingent liability on the
additional conditional payments to Aurico Gold pursuant to the
acquisition agreement."

    "Quarterly cash-flow and earnings were also lower due to a combination of
lower metal prices, high operating and acquisition costs related to El
Cubo, and increased exploration expenditures. However, the Company's
working capital remains strong, augmented by the new $75 million bank
line of credit."

    "Our 20% mine and plant expansion to 1200 tpd at Guanacevi was
successfully completed in Q3 on time and budget and the operation is now
outperforming its rated capacity. The 60% mine and plant expansion to
1600 tpd at Guanajuato is well on track for completion before year-end
and the mine is already producing 1600 tpd."

    "At El Cubo, Endeavour effectively reported only two months of production
due to the July 13 closing date of the acquisition and the residence time
need for metal in process to report to dore. Therefore, silver and gold
production and recoveries were lower than forecast. Operating costs on a
per ounce basis were higher due to the low metal production and the added
costs of ownership transition."

    "However, the many operating changes initiated at El Cubo during the 3rd
Quarter are starting to take effect, as evidenced by the substantial
increase in production grades since the closing of the acquisition. Much
work remains to be done but management is confident that a turn-around is
now underway at El Cubo. We will continue to focus on improving the
operations at El Cubo over the next four quarters and completing the
capital improvement projects in 2013."

    "The turn-around at Bolanitos that our operating team achieved over the
first 8 quarters after we acquired the mine in 2007 is a good example of
what we hope to accomplish at El Cubo. From Q3, 2007 to Q3, 2009,
Bolanitos production rose from 80,000 oz silver to 200,000 oz silver per
quarter and the cash costs of production fell from more than $30 per oz
to less than $0 per oz, because of the growing economies of scale and the
growing gold credit. Although El Cubo is starting from a much higher
level of production, it has been a high cost operation so management has
identified a number of opportunities to reduce the cash costs of
production and grow the silver production at El Cubo."

    Financial Results (see Consolidated Statement of Operations)

    Revenues increased 34% to $51.9 million in Q3, 2012 (Q3, 2011 - $38.8
million) due to higher silver-gold production. The Company sold 1,294,241
oz silver and 8,984 oz gold at average realized prices of $28.72 per oz
and $1,637 per oz, respectively. The silver realized price was 29% lower
compared to prior year. Costs of Sales were up 88% to $31.4 million (Q3,
2011 - $16.6 million) due to increased production and higher costs.

    Mine Operating Cash-Flow decreased 1% to $27.0 million (Q3, 2011 - $27.1
million), Mine Operating Earnings dropped 8% to $20.4 million (Q3, 2011 -
$22.1 million), and Operating Earnings fell 12% to $14.1 million (Q3,
2011 -$16.1 million). Operating Cash-Flow was $15.3 million (Q3, 2011 -
$14.3 million).

    Earnings Before Taxes were $5.6 million (Q3, 2011 - $8.9 million) after
the Mark to Market Loss on Derivative Liabilities of $1.7 million (Q3,
2011 - $5.8 million), a Loss on Contingent Liability of $5.0 million, a
Write Down of El Cubo production inventory of $3.3 million. The Company
realized Net Earnings for the period of $16 thousand or $0.00 per share
(Q3, 2011 - $3.1 million) after an Income Tax Provision of $5.6 million
(Q3, 2011- $5.8 million).

    Net Earnings include a mark to market derivative liability gain related
to share purchase warrants issued in 2009 and denominated in Canadian
dollars, while the Company's functional currency is the US dollar. Under
IFRS, these warrants are classified and accounted for as financial
liability at fair market value with adjustments recognized through net
earnings.

    Adjusted Earnings were $1.7 million ($0.02 per share) compared to $8.9
million in 2011 ($0.10 per share), excluding the derivative liability
adjustment related to the warrants.

    Cash Costs decreased 7% to $4.70 per oz silver produced in Q3, 2012 (Q3,
2011 - $5.03 per oz) mainly due to the increasing production from the low
cost Bolanitos mine. Endeavour reports its cash costs according to the
Silver Institute cash cost reporting guidelines.

    Excluding the purchase of the El Cubo mine, capital investments totaled
$18.4 million in property, plant and equipment during the Third Quarter,
2012. The main focus was on underground development at the Guanacevi,
Bolanitos and El Cubo mines, expanding the mining fleet, and upgrading
various circuits at the plants to handle increased throughputs.

    The Company used $100 million of its cash reserves in July 2012 for the
El Cubo purchase which reduced the Company's short term liquidity
position but improves the Company's long term growth profile. To augment
working capital, the Company entered into a $75 million revolving credit
facility to remain focused on growth activities. The Company had $58.8
million of working capital as of September 30, 2012.

    Operating Results (see Consolidated Table of Operations)

    Consolidated silver production climbed 33% to 1,137,883 oz and gold
production jumped 139% to 11,754 oz in Q3, 2012 compared to Q3, 2011. The
increased silver and gold production is primarily attributable to rising
throughputs, offset by 29% lower silver grades. The increased throughputs
are the result of mine and plant expansions completed at both Guanacevi
and Bolanitos in 2011 and 2012. The decreased silver grades are due to
rising throughput at Bolanitos, the addition of the El Cubo operations,
both of which have lower silver grades compared to Guanacevi, and the
mining of lower grade silver ores at the operations due to normal grade
variations and to take advantage generally higher metal prices. As a
result, consolidated silver equivalent production rose 56% to 1.73
million oz (50:1 silver:gold ratio, no base metals) compared to Q3, 2011.

    At El Cubo, the many new capital projects at the mine, plant and related
surface infrastructure are now well underway. About 80% of the planned
demolition has been completed at the El Tajo plant to allow for the
rebuilding of that processing facility to 1,200 tpd with room for future
expansion. Crushing, milling, flotation and other critical equipment has
been ordered. Approximately 20% of the leach circuit refurbishment has
been completed and bottlenecks in the Merrill Crowe circuit and silver
refinery are now being resolved. The transformation of El Cubo includes
the construction of new administration offices, security buildings,
warehouses and maintenance shops, all of which have commenced or will
commence before year-end.

    The Company's focus on safety is also starting to take traction at El
Cubo, with a significant increase in training hours, the implementation
of new safety policies and practices and a reduction of lost time
accidents already evident in the 3rd Quarter, 2012.

    Outlook for Q4, 2012 and Adjusted Production Guidance for 2012

    In the Fourth Quarter of 2012, Endeavour anticipates its financial
position will remain steady, reflecting rising silver and gold prices,
rising precious metal production, and higher capital, operating and
exploration costs. Industry-wide inflationary pressures on operating
costs should be offset by the new economies of scale attained at the
Bolanitos and Guanacevi mines as well as the operational turn-around now
underway at El Cubo.

    Silver production should continue to rise but cash costs are also
expected to rise in the 4th quarter reflecting increased production at
all three mines, especially the higher cost El Cubo mine. However,
management anticipates the El Cubo cash costs of production should start
to decline in Q4, 2012. The Company forecasted El Cubo to produce 600,000
- 700,000 oz silver and 7,500 - 9,000 oz gold (975,000 oz - 1,150,000 oz
silver equivalent production at a 50:1 silver:gold ratio) in the second
half of 2012. As a result of the slow start at El Cubo, management now
estimates El Cubo will produce 400,000 oz silver and 7,000 oz gold from
the date of acquisition to year end.

    Guanacevi is expected to produce 2.6 million oz silver, just shy of
forecast, and beat its 6,000 oz gold production guidance. Bolanitos
should meet its 1.6 million oz silver and beat its 20,000 oz gold
production guidance. The Company therefore revises it 2012 production
guidance to reflect slightly lower silver production (4.6 million oz),
significantly higher gold production (38,000 oz) and cash costs of
production at the low end of the $6-7 per oz range previously forecasted.

    Q3, 2012 Conference Call at 10 am PDT (1 pm EDT) on Wednesday, November
7, 2012

    A conference call to discuss the Q3, 2012 financial and operating results
will be held at 1 pm Eastern Time (10 am Pacific Time) on Wednesday,
November 7, 2012. To participate in the conference call, please dial the
following:


--  800-319-4610 Canada and USA (Toll-free) 
--  604-638-5340 Vancouver Dial In 
--  1-604-638-5340 Outside of Canada & USA 
--  No passcode is necessary 


    A replay of the conference call will be available by dialing
1-800-319-6413 in Canada & USA (Toll-free) or 1-604-638-9010 outside of
Canada and USA. The required pass code is 4890 followed by #.

    ENDEAVOUR SILVER CORP.

    BRADFORD COOKE, Chief Executive Officer

    About Endeavour Silver Corp. - Endeavour Silver is a premier mid-tier
silver mining company focused on the growth of its silver production,
reserves and resources in Mexico. Since start-up in 2004, Endeavour has
posted seven consecutive years of growing silver production, reserves and
resources. The organic expansion programs now underway at Endeavour's
three operating silver mines in Mexico combined with its strategic
acquisition and exploration programs should facilitate Endeavour's goal
to become the next premier senior silver mining company.

    Cautionary Note Regarding 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, sustaining capital and 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; the ability to successfully integrate acquisitions; 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.


ENDEAVOUR SILVER CORP.                                                      
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION             
(Unaudited-Prepared by Management)                                          
(expressed in thousands of US dollars)                                      
                                                                            
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                                              September 30,     December 31,
                                                       2012             2011
----------------------------------------------------------------------------
                                                                            
ASSETS                                                                      
                                                                            
Current assets                                                              
 Cash and cash equivalents                 $         17,185 $         75,434
 Investments                                          9,721           34,099
 Accounts receivable                                 20,626            7,392
 Inventories                                         42,885           34,195
 Prepaid expenses                                     4,870            3,773
----------------------------------------------------------------------------
Total current assets                                 95,287          154,893
                                                                            
Non-current deposits                                  1,517              600
Mineral property, plant and equipment               327,375           93,528
----------------------------------------------------------------------------
Total assets                               $        424,179 $        249,021
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LIABILITIES AND SHAREHOLDERS' EQUITY                                        
                                                                            
Current liabilities                                                         
 Accounts payable and accrued liabilities  $         26,760 $          9,084
 Income taxes payable                                 6,722            3,482
----------------------------------------------------------------------------
Total current liabilities                            33,482           12,566
                                                                            
Provision for reclamation and                                               
 rehabilitation                                       5,539            2,729
Deferred income tax liability                        39,064           20,806
Contingent liability                                 12,913                -
Derivative liabilities                                7,217           13,130
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Total liabilities                                    98,215           49,231
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Shareholders' equity                                                        
Common shares, unlimited shares authorized,                                 
 no par value, issued and outstanding                                       
 99,519,406 shares (Dec 31, 2011 -                                          
 87,378,748 shares)                                 357,173          259,396
Contributed surplus                                  11,955            8,819
Accumulated comprehensive income (loss)             (3,746)          (1,700)
Deficit                                            (39,418)         (66,725)
----------------------------------------------------------------------------
Total shareholders' equity                          325,964          199,790
----------------------------------------------------------------------------
Total liabilities and shareholders' equity $        424,179 $        249,021
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ENDEAVOUR SILVER CORP.                                                      
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME           
(Unaudited- Prepared by Management)                                         
(expressed in thousands of US dollars, except for shares and per share      
 amounts)                                                                   
                                                                            
-------------------------------------------------- -------------------------
                             Three Months Ended        Nine Months Ended    
                            Sept. 30,    Sept. 30,    Sept. 30,    Sept. 30,
                                 2012         2011         2012         2011
-------------------------------------------------- -------------------------
                                                                            
Revenue                  $     51,880 $     38,776 $    141,360 $    110,491
                                                                            
Cost of sales:                                                              
 Direct production costs       24,485       10,997       56,986       33,465
 Royalties                        454          636        1,397        1,712
 Stock-based compensation         146          170          421          337
 Depreciation and                                                           
  depletion                     6,353        4,841       19,177       13,031
 ------------------------------------------------- -------------------------
                               31,438       16,644       77,981       48,545
                                                                            
Mine operating earnings        20,442       22,132       63,379       61,946
                                                                            
Expenses:                                                                   
 Exploration                    3,420        3,093        7,342        6,818
 General and                                                                
  administrative                2,850        2,964        9,564        8,109
 ------------------------------------------------- -------------------------
                                6,270        6,057       16,906       14,927
                                                                            
Operating earnings             14,172       16,075       46,473       47,019
                                                                            
Mark-to-market                                                              
 loss/(gain) on                                                             
 derivative liabilities         1,728        5,777         (47)       13,408
Mark-to-market                                                              
 loss/(gain) on                                                             
 contingent liability           5,005            -        5,005            -
Write down of inventory                                                     
 to net realizable value        3,345            -        3,345            -
Finance costs                     181            8          191           27
                                                                            
Other income (expense):                                                     
 Foreign exchange               1,814      (4,821)        2,981      (3,252)
 Investment and other                                                       
  income                        (106)        3,478        1,834        6,496
 ------------------------------------------------- -------------------------
                                1,708      (1,343)        4,815        3,244
                                                                            
Earnings before income                                                      
 taxes                          5,621        8,947       42,794       36,828
                                                                            
Income tax expense              5,605        5,850       15,498       16,280
                                                                            
-------------------------------------------------- -------------------------
Net earnings for the                                                        
 period                            16        3,097       27,296       20,548
-------------------------------------------------- -------------------------
-------------------------------------------------- -------------------------
                                                                            
Other comprehensive                                                         
 income, net of tax                                                         
 Net change in fair value                                                   
  of available for sale                                                     
  investments                   1,321      (2,616)      (2,046)      (2,465)
 ------------------------------------------------- -------------------------
                                                                            
-------------------------------------------------- -------------------------
Comprehensive income                                                        
 (loss) for the period   $      1,337 $        481 $     25,250 $     18,083
-------------------------------------------------- -------------------------
-------------------------------------------------- -------------------------
                                                                            
Basic earnings (loss) per                                                   
 share based on net                                                         
 earnings                $       0.00 $       0.04 $       0.30 $       0.25
-------------------------------------------------- -------------------------
Diluted earnings (loss)                                                     
 per share based on net                                                     
 earnings                $       0.00 $       0.04 $       0.29 $       0.24
-------------------------------------------------- -------------------------
                                                                            
Basic weighted average                                                      
 number of shares                                                           
 outstanding               97,666,618   85,159,320   91,159,694   83,349,279
-------------------------------------------------- -------------------------
Diluted weighted average                                                    
 number of shares                                                           
 outstanding               99,322,475   87,599,601   93,699,625   85,312,465
-------------------------------------------------- -------------------------
                                                                            
ENDEAVOUR SILVER CORP.                                                      
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS                     
(Unaudited - Prepared by Management)                                        
(expressed in thousands of U.S. dollars, except share amounts)              
                                                                            
----------------------------------------------------------------------------
                                Three Months Ended      Nine Months Ended   
                               Sept. 30,   Sept. 30,   Sept. 30,   Sept. 30,
                                    2012        2011        2012        2011
----------------------------------------------------------------------------
                                                                            
Operating activities                                                        
Net earnings for the period  $        16 $     3,097 $    27,296 $    20,548
Items not affecting cash:                                                   
 Stock-based compensation          1,018       1,498       3,803       3,399
 Depreciation and depletion        6,427       4,885      19,354      13,146
 Deferred income tax                                                        
  provision                        2,184       2,704       5,595       6,454
 Unrealized foreign exchange                                                
  loss (gain)                      (731)       3,539     (1,632)       2,069
 Mark to market loss (gain)                                                 
  on derivative liability          1,728       5,777        (47)      13,408
 Mark to market loss (gain)                                                 
  on contingent liability          5,005           -       5,005           -
 Finance costs                         6           8          16          23
 Allowance for related party                                                
  receivable                           -         180           -         180
 Write down of inventory to                                                 
  net realizable value             3,345           -       3,345           -
 Loss (Gain) on marketable                                                  
  securities                         325     (1,086)       (158)       (995)
Net changes in non-cash                                                     
 working capital                 (3,979)     (6,272)     (6,244)     (8,007)
----------------------------------------------------------------------------
Cash from operating                                                         
 activities                       15,344      14,330      56,333      50,225
----------------------------------------------------------------------------
                                                                            
                                                                            
Investing activites                                                         
 Property, plant and                                                        
  equipment expenditures        (18,249)    (10,848)    (39,544)    (30,216)
 Acquisition of Mexgold                                                     
  Resources Inc.               (100,000)           -   (100,000)           -
 Investment in short term                                                   
  investments                          -     (8,787)    (27,884)    (27,358)
 Proceeds from sale of short                                                
  term investments                 3,740      18,432      50,373      19,063
 Investment in long term                                                    
  deposits                         (741)           -       (917)         178
----------------------------------------------------------------------------
Cash used in investing                                                      
 activities                    (115,250)     (1,203)   (117,972)    (38,333)
----------------------------------------------------------------------------
                                                                            
                                                                            
Financing activities                                                        
 Common shares issued on                                                    
  exercise of options and                                                   
  warrants                         1,238       5,562       2,516      15,043
 Share issuance costs              (204)        (94)       (204)       (103)
----------------------------------------------------------------------------
Cash from financing activites      1,034       5,468       2,312      14,940
----------------------------------------------------------------------------
                                                                            
Effect of exchange rate                                                     
 change on cash and cash                                                    
 equivalents                         613     (3,536)       1,078     (2,069)
Increase (decrease) in cash                                                 
 and cash equivalents           (98,872)      18,595    (59,327)      26,832
Cash and cash equivalents,                                                  
 beginning of period             115,444      77,741      75,434      68,037
----------------------------------------------------------------------------
Cash and cash equivalents,                                                  
 end of period               $    17,185 $    92,800 $    17,185 $    92,800
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Supplemental cash flow information                                          
                                                                            
ENDEAVOUR SILVER CORP.                                                      
COMPARATIVE TABLE OF CONSOLIDATED MINE OPERATIONS                           
(Unaudited - Prepared by Management)                                        
(expressed in thousands of U.S. dollars, except share amounts)              
Comparative Table of Consolidated Mine Operations                           
----------------------------------------------------------------------------
                Plant                                            Cash Direct
Period          T'put  Ore Grades  Recovered Ounces  Recoveries  Cost  Cost 
----------------------------------------------------------------------------
                          Ag    Au        Ag      Au    Ag    Au $ per $ per
                Tonnes (gpt) (gpt)      (oz)    (oz)   (%)   (%)    oz tonne
----------------------------------------------------------------------------
Production                                                                  
 2012 Year:                                                                 
Q1, 2012       193,759   229  1.33 1,072,491   6,321  75.2  76.2  6.26 92.44
Q2, 2012       202,987   208  1.47 1,040,026   7,695  76.5  80.3  5.46 86.32
Q3, 2012       306,164   161  1.49 1,137,883  11,754  74.4  76.7  4.70 97.04
Q4, 2012                                                                    
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Total          702,910   193  1.44 3,250,400  25,770  74.4  79.2  5.45 92.68
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----------------------------------------------------------------------------
Production                                                                  
 2011 Year:                                                                 
Q1, 2011       141,942   263  1.36   900,133   5,008  75.0  81.0  4.62 79.30
Q2, 2011       136,958   266  1.36   850,476   4,831  72.7  80.6  6.98 96.69
Q3, 2011       138,592   263  1.47   858,738   4,926  73.4  75.2  5.03 91.47
Q4, 2011       184,381   252  1.45 1,120,781   7,045  75.0  82.0  4.05 84.14
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Total          601,873   260  1.41 3,730,128  21,810  74.1  79.8  5.08 87.55
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Production                                                                  
 2010 Year:                                                                 
Q1, 2010       112,963   270  1.34   766,210   3,775  78.3  78.7  6.69 79.45
Q2, 2010       123,825   267  1.32   826,439   4,460  77.6  84.9  6.57 86.69
Q3, 2010       126,599   265  1.45   797,054   4,607  73.8  77.8  6.11 81.35
Q4, 2010       143,623   267  1.37   895,931   4,871  72.6  76.7  5.08 80.86
----------------------------------------------------------------------------
Total          507,010   267  1.37 3,285,634  17,713  75.4  79.4  6.08 82.10
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Q3, 2012 : Q3,                                                              
 2011             121%  -39%    1%       33%    139%    1%    2%   -7%    6%
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Q3, 2012 : Q2,                                                              
 2012              51%  -23%    2%        9%     53%   -3%   -5%  -14%   12%
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YTD 2012:YTD                                                                
 2011              68%  -27%    3%       25%     75%    1%    0%   -1%    4%
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Contacts:
Endeavour Silver Corp.
Lana McCray
Manager, Corporate Communications
Toll free: 877-685-9775 or (604) 685-9775
(604) 685-9744 (FAX)
lmccray@edrsilver.com
www.edrsilver.com

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