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Bolañitos

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Overview

Endeavour acquired its second and lowest cost mine, Bolanitos, in 2007, located in Guanajuato, the 2nd largest historic silver mining district in Mexico. Endeavour continued low level production until it discovered the first new orebody at Lucero in 2008. The mines were developed using mechanized, underground, ramp access and the plant was expanded over 300% to a 1600 tpd capacity. The Company subsequently discovered nine new orebodies, mined out seven orebodies, and is currently mining at LL Asuncion and Plateros.

Location 12 km northwest of Guanajuato City
Access maintained all-weather gravel road
Property 2,500 hectares
Infrastructure Connected to power grid, readily available water and labour in La Luz
Mine Underground, ramp access, mechanized long hole and cut-and-fill mining methods
Plant 1,600 tpd capacity flotation plant to produce bulk sulfide concentrates, currently operating around 1100-1200 tpd
District Large, multi-vein silver-rich historic district 20 km long by 20 km wide
Resources Nine low sulfidation epithermal vein deposits in nine separate subparallel veins
Widths 1-10m, average 5m

2018 Outlook

Production 1.0-1.1 M oz Ag
23.5-25.5 K oz Au
2.8-3.0 M oz Ag Eq (75:1 silver:gold)
Tonnes/ Day 1,100-1,250 tpd
Sustaining Capital $2.6 million
Exploration Budget $1.0 million

2017 Operating Statistics

Production 0.9 million oz silver/ 26,910 oz gold
3.0 million ounces of silver equivalent (75:1 silver:gold)
Grades silver 80 gpt/ gold 2.24 gpt
Recoveries silver 81.3%/ gold 83.6%