Silver-Equivalent Reserves/pages Increase 24% Over Last Year

VANCOUVER - Endeavour Silver Corp. reported the updated NI 43-101 reserve and resource estimates to December 31, 2008 for its two producing silver mines in Mexico (the Guanacevi mine in Durango State and the Guanajuato mine in Guanajuato State) and one exploration project (the Parral project in Chihuahua State).
Highlights of the new estimates include sharp increases in both indicated and inferred silver resources at all three properties as a result of the successful exploration drilling programs conducted in 2008. Total silver-equivalent reserves and resources rose 24% compared to one year ago, after consideration for replacing the reserves depleted by mining in 2008 (assuming a 75:1 silver:gold ratio for the silver equivalents based on gold/silver prices in December 2008, not including any base metals as equivalents).
Proven and probable reserves now total 7.8 million ounces (oz) silver (9.6 million oz silver-equivalents), indicated resources increased to 19.5 million oz silver (26.1 million oz silver-equivalents) and inferred resources climbed to 19.5 million oz silver (26.6 million oz silver-equivalents) as shown in the table below.
Godfrey Walton, President and COO, commented, "Last year, we put additional focus on exploration and successfully met our goal of substantially increasing the indicated and inferred silver resources at both Guanacevi and Guanajuato. We also made several new discoveries in both the San Pedro area of Guanacevi and the Bolanitos area of Guanajuato. This year, we have turned our attention back to boosting the reserves and production at our two operating silver mines in Mexico as part of our plan to grow the production at both operations by almost double over the next two to three years."
In 2008, Endeavour's exploration drilling programs focused on increasing its silver resources at the Guanacevi and Guanajuato mine-sites by step-out drilling from the previously outlined resource areas, and by drill testing new silver targets developed by our exploration team on other Endeavour properties within the two mining districts.
At Guanacevi, new silver resources were added to three ore-bodies within the Santa Cruz vein system, North Porvenir, Santa Cruz and Alex Breccia, all of which are located close to the operating Porvenir mine and all of which are now in development for production in 2009. Alex Breccia and Santa Cruz are poly-metallic ores that are being processed through the newly refurbished flotation circuit at the Guanacevi plant in order to recover the by-product lead and zinc.
In the San Pedro area north of Guanacevi, initial resources were outlined near the historic Noche Buena and Milache-Veronica-La Blanca mine areas.
The company’s address is 301-700 West Pender Street, Vancouver, BC V6C 1G8, 604.685.9775, fax: 604.685.9744.