2007

January 24, 2007
Drilling Defines Major Extensions To High Grade Silver Mineralized Zones At Guanacevi Mines Project, Durango, Mexico in 2006

January 24, 2007 -- Endeavour Silver Corp. (EDR: TSX and EJD: DBFrankfurt) announces that its exploration drilling programs in 2006 at the Guanacevi Mines Project in Durango, Mexico have successfully defined major extensions to the high grade silver mineralized zones at the Porvenir and Santa Cruz Mines.

At the Porvenir Mine, drilling almost doubled the known length and depth of the high grade silver-gold mineralization along the Santa Cruz vein to 1,300 m in length and 500 m in depth, still partly open along strike and down dip. 

Recent drilling highlights include 317 gpt silver and 0.35 gpt gold over 11.30 m (9.8 oz per ton Ag equivalent over 37.1 ft) in hole NP22-6 and 511 gpt silver and 0.73 gpt gold over 9.65 m (16.0 oz per ton Ag equivalent over 31.7 ft) in hole NP23-5, as shown in the following table:

 

Recent Porvenir Mine Drill Results

Hole

From

Length

Silver

Gold

Ag Equivalent

(no)

(m)

(m)

(gpt)

(gpt)

(opt)

(ft)

 

 

 

 

 

 

 

NP18-A

98.95

2.30

371

0.78

12.0

7.5

 

 

 

 

 

 

 

NP19-A

94.00

1.85

554

1.07

17.7

6.1

 

 

 

 

 

 

 

NP22-6

374.05

11.30

317

0.35

9.8

37.1

 

 

 

 

 

 

 

NP23-5

289.10

9.65

511

0.73

16.0

31.7

incl.

290.60

0.60

1589

1.23

48.1

2.0

incl.

295.35

0.70

1686

5.97

57.9

2.3

 

 

 

 

 

 

 

NP23-6

394.20

2.55

538

1.73

18.2

8.4

and

411.55

1.90

378

1.46

13.1

6.2

True widths are estimated to be 65% to 95% of core lengths.


The Santa Cruz vein silver mineralization thickens appreciably on sections NP19 through NP23 moving towards the northwest and to depth, as can be seen by the recent drill results above and the selected Porvenir Mine drill highlights for 2006 below. This area is scheduled for mine development this year so that it can be included in the production plan starting in 2008.

In 2006, the best Porvenir mineralized drill intercept was in hole NP21-4, which returned 324 gpt silver and 0.44 gpt gold over 45.20 m (10.1 oz per ton Ag equivalent over 148.3 ft)!
 

Selected Porvenir Mine Drill Highlights 2006

Hole

From

Length

Silver

Gold

Ag Equivalent

(no)

(m)

(m)

(gpt)

(gpt)

(opt)

(ft)

 

 

 

 

 

 

 

NP5-2

225.10

9.35

415

0.23

12.1

30.7

incl.

225.10

0.75

1024

0.03

30.2

2.5

 

 

 

 

 

 

 

NP19-3

292.00

10.10

378

0.84

12.2

33.1

incl.

293.20

0.80

1549

1.95

48.0

2.6

 

 

 

 

 

 

 

NP20-4

247.60

1.20

356

0.41

11.0

3.9

and

256.20

18.00

301

1.09

10.4

59.1

 

 

 

 

 

 

 

NP21-4

240.05

45.20

324

0.44

10.1

148.3

incl.

265.85

0.60

1980

3.19

62.4

2.0

incl.

275.00

0.50

1605

3.94

52.5

1.6

 

 

 

 

 

 

 

NP22-4

263.80

1.90

401

0.53

12.5

6.2

and

268.70

5.35

888

1.54

28.1

17.6

and

270.10

2.40

1280

1.13

39.0

7.9

and

302.40

1.45

405

0.11

12.0

4.8

True widths are estimated to be 65% to 95% of core lengths.


Such continuous high grade mineralization over broad vein widths should add substantially to the resource potential of the Porvenir Mine. An updated NI 43-101 resource estimate is now underway for the Guanacevi Mines Project and should be completed in February 2007. 

At the Santa Cruz Mine, drilling extended the high grade silver-gold-zinc-lead mineralization below the lowest mine level #13 to 300 m in length and 500 m in depth, still open to a certain extent along strike and down dip. The Santa Cruz silver mineralization differs from Porvenir ore in that it locally carries base metal values associated with minor disseminated sphalerite, galena, and chalcopyrite, and it splays into several parallel vein zones rather than one main structure.

Recent drill results include 340 gpt silver, 0.45 gpt gold, 2.48% zinc and 1.46% lead over 1.50 m and 292 gpt silver, 0.43 gpt gold over 3.40 m, in hole DSC3-4 as shown in the following table: 
 

Recent Santa Cruz Drill Results

Hole

From

Length

Silver

Gold

Zinc

Lead

(no)

(m)

(m)

(gpt)

(gpt)

(%)

(%)

 

 

 

 

 

 

 

DSC3-4

139.00

1.50

340

0.45

2.48

1.46

and

151.50

3.40

292

0.43

 

 

 

 

 

 

 

 

 

DSC3-6

168.50

2.75

248

0.42

2.14

0.82

and

237.00

1.20

394

0.41

 

and

245.20

1.40

302

0.39

 

 

 

 

 

 

 

 

DSC3-7

132.85

2.50

343

0.47

 

 

and

143.10

9.15

229

0.39

1.41

0.91

True widths are estimated to be 65% to 95% of core lengths.


These multiple, parallel, high grade mineralized zones should add substantially to the resource potential of the Santa Cruz Mine and will be included in the new resource estimate now underway. 

The best Santa Cruz mineralized drill intercept in 2006 was in hole DSC2-16 which returned 8 separate mineralized zones, including 673 gpt silver 1.38 gpt gold over 21.50 m (21.6 oz per ton Ag equivalent over 70.5 ft) and 4402 gpt silver and 4.46 gpt gold over 1.10 m (134.8 oz per ton Ag equivalent over 3.6 ft)!
 

Selected Santa Cruz Drill Highlights 2006

Hole

From

Length

Silver

Gold

Zinc

Lead

(no)

(m)

(m)

(gpt)

(gpt)

(%)

(%)

 

 

 

 

 

 

 

DSC1-7

52.55

1.45

3506

12.86

 

 

and

141.30

2.20

708

2.09

 

 

 

 

 

 

 

 

 

DSC1-8

69.65

2.35

318

0.89

 

 

and

122.15

0.95

1089

7.06

 

 

and

132.85

2.95

1903

2.95

 

 

and

139.30

1.95

329

0.28

 

 

and

145.50

1.05

2101

2.92

 

 

and

164.15

0.60

1664

0.96

 

 

 

 

 

 

 

 

 

DSC2-13

48.90

2.20

654

1.46

4.76

2.18

and

95.89

4.10

260

0.54

 

 

and

112.0

2.75

1618

2.54

 

 

incl.

113.20

0.75

3884

4.87

 

 

 

 

 

 

 

 

 

DSC2-8

29.10

1.50

612

3.20

 

 

and

191.10

2.00

606

2.33

 

 

and

195.80

4.70

1097

4.66

 

 

 

 

 

 

 

 

 

DSC2-16

24.00

1.90

265

0.92

 

 

and

110.55

1.90

382

0.73

 

 

and

141.35

0.55

2087

1.03

 

 

and

165.30

0.70

293

1.10

2.84

4.79

and

211.45

0.80

276

0.55

2.34

1.09

and

223.10

1.00

291

0.21

 

 

and

234.60

1.60

265

0.31

7.53

6.03

and

242.20

21.50

673

1.38

 

 

incl.

242.20

4.30

765

2.90

5.72

3.03

incl.

251.60

3.95

1902

1.81

 

 

incl.

251.60

1.10

4402

4.46

 

 

incl.

259.40

0.75

1183

1.41

 

 

True widths are estimated to be 65% to 95% of core lengths.


Endeavour Chairman and CEO, Bradford Cooke commented, "Endeavour enjoyed great success in our exploration drilling programs at the Guanacevi Mines Project last year. Although there are multiple mineralized drill holes from last year still awaiting assay, we expect to release fully up-to-date drill assays over the next three weeks."
 


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Endeavour Silver Corp. (EDR: TSX and EJD: DBFrankfurt) is a silver mining company focused on the aggressive growth of its silver production, reserves and resources in Mexico. The expansion program now underway at the high grade Guanacevi Mines Project in the state of Durango should propel Endeavour into the ranks of the top primary silver producers.

ENDEAVOUR SILVER CORP.
Per:
/s/ "Bradford J. Cooke"

Bradford J. Cooke

Chairman and CEO

For more information, please contact Hugh Clarke Toll free: 877-685-9775, tel: (604) 685-9775, fax: (604) 685-9744, email investorrelations@edrsilver.com or visit our website, www.edrsilver.com. The TSX Exchange has neither approved nor disapproved the contents of this news release.


CAUTIONARY DISCLAIMER -- FORWARD LOOKING STATEMENTS

Certain statements contained herein regarding the Company and its operations constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include fluctuations in precious metal prices, unpredictable results of exploration activities, uncertainties inherent in the estimation of mineral reserves and resources, fluctuations in the costs of goods and services, problems associated with exploration and mining operations, changes in legal, social or political conditions in the jurisdictions where the Company operates, lack of appropriate funding and other risk factors, as discussed in the Company's filings with Canadian and American Securities regulatory agencies. Resource and production goals and forecasts may be based on data insufficient to support them. Godfrey Walton, P.Geo. and/or Bradford Cooke, P.Geo. are the Qualified Persons for the Company as required by NI 43-101. The Company expressly disclaims any obligation to update any forward-looking statements. We seek safe harbour.