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Terronera

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Overview

Potentially Endeavour’s fifth and largest mine, Terronera is located in San Sebastian, another historic silver mining district in Mexico. The exploration project was acquired in 2010, the first discovery was made in 2012, and Endeavour is currently awaiting final permits and a production decision to initiate construction. An initial 750 tpd mechanized, underground, ramp access mine and plant is envisaged. Since the resources are still growing, the concept is to expand the mine and plant to 1,500 tpd in year 2. A pre-feasibility study was completed in 2017 (see Endeavour News Release dated April 3, 2017) modeling a 1000-2000 tpd operation, as follows:

Endeavour is currently preparing an optimized Pre-feasibility study for the Terronera Project

Production Initial est. 1.6 million oz silver, 13,200 oz gold, 2.5 million oz silver equivalents, starting in 2019, doubling to 3.2 million oz silver, 26,400 oz gold, 5.0 million silver equivalents per year in 2021
Costs Initial capex est. US$69 million, Phase 2 capex US$36 million, Total cash costs est. $3.44 per Ag Eq oz, All-in sustaining costs est. $4.76 per Ag Eq oz (using 70:1 silver:gold ratio)
Location 40 km northeast of Puerto Vallarta
Access Paved state highway and maintained all-weather gravel road
Property 6,100 hectares
Infrastructure Near San Sebastain del Oeste, a town of 5,000 people, close to the power grid, readily available water and labour in local towns
Mine Initial 1,000 tpd underground, ramp access, mechanized long hole and cut-and-fill mining methods, doubling to 2,000 tpd
Plant Initial 1,000 tpd capacity flotation plant to produce high-grade bulk sulfide concentrates, doubling to 2,000 tpd
District Large, multi-vein silver-rich historic district 10 kilometers (km) long by 5 km wide, discovered in 1542, >50 small historic mines on >20 separate veins
Resources Shallow, low sulfidation epithermal vein deposit, Reserves: Probable 27 million oz Ag and 255,000 oz Au, for 46 million oz Ag Eq; Resources Inferred 10.9 million oz Ag and 43,700 oz Au, for 14.1 million oz Ag Eq (Au:Ag 75:1)
Widths 1-15 meters (m), average 5 m
Grades High grades average 232-309 g/t Ag, 1.5-2.2 g/t Au, 385-413 g/t Ag Eq in one main zone
Recoveries Est. recoveries >83% gold and >73% silver by gravity and flotation
PFS Robust economic returns at US$18 per oz silver, US$1260 per oz gold, 21.2% after tax IRR
Potential Multiple untested veins with small historic mines and good exploration potential