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Endeavour Silver Reports First Quarter, 2014 Financial Results; Board of Directors Re-Elected at Annual General Meeting; Q1 Conference Call Moved to 12pm PDT (3pm EDT) on May 13, 2014

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/12/14 -- Endeavour Silver Corp. (NYSE:EXK)(TSX:EDR) is pleased to announce financial results for the period ended March 31, 2014. Endeavour owns and operates three underground silver-gold mines in Mexico: the Guanacevi mine in Durango state, and the Bolanitos and El Cubo mines in Guanajuato state.

The Consolidated Interim Financial Statements and Management's Discussion & Analysis can be viewed on the Company's website at www.edrsilver.com, on SEDAR at www.sedar.com and EDGAR at www.sec.gov. All amounts are reported in US$.

Highlights of First Quarter 2014 (Compared to First Quarter 2013)

Financial


--  Net earnings of $4.0 million ($0.04 per share) compared to $14.4 million
    ($0.14 per share) 
--  Adjusted earnings(1) of $5.5 million ($0.05 per share) compared to $12.9
    million ($0.13 per share) 
--  EBITDA(1) decreased 38% to $19.3 million 
--  Cash flow from operations before working capital changes decreased 28%
    to $18.3 million 
--  Mine operating cash flow before taxes(1) decreased 22% to $25.4 million 
--  Revenue decreased 24% to $53.0 million 
--  Realized silver price fell 30% to $20.50 per ounce (oz) sold (consistent
    with average spot price) 
--  Realized gold price fell 19% to $1,306 per oz sold (consistent with
    average spot price) 
--  Cash costs(1) fell 52% to $4.87 per oz silver payable (net of gold
    credits) 
--  All-in sustaining costs fell 51% to $12.15 per oz silver payable (net of
    gold credits) 
--  Cash and equivalents rose 27% to $44.3 million compared to $35.0 million
    at year end. 

Operations


--  Silver production increased 27% to 1,898,999 oz 
--  Gold production increased 23% to 18,519 oz 
--  Silver equivalent production increased 26% to 3.0 million oz (at a 60:1
    silver:gold ratio) 
--  Bullion inventory at quarter-end included 295,839 silver ounces and 421
    gold ounces 
--  Concentrate inventory at quarter-end included 60,512 silver ounces and
    1,113 gold ounces 
--  Ore grades and metal recoveries were higher at all three mines 
--  Guanacevi in particular had a strong Q1 thanks to sharply higher ore
    grades at Porvenir Cuatro 

(1) Adjusted earnings, mine operating cash flow, EBITDA, cash costs and all-
    in sustaining costs are non-IFRS measures. Please refer to the          
    definitions in the Company's Management Discussion & Analysis.          

Endeavour CEO Bradford Cooke stated: "We delivered another strong quarter of silver and gold production in Q1, 2014, which puts us well ahead of our production plan for the year. Both cash costs and all-in sustaining costs were well below guidance thanks to our cost cutting strategies initiated last year.

However, our earnings were lower due to the sharply lower metal prices, in spite of achieving higher grades and recoveries at all three mines. We continue to work toward optimizing operating costs and improving profit margins given the current low silver and gold prices."

Financial Results

For the first quarter ended March 31, 2014, the Company generated revenue totaling $53.0 million (2013 - $69.9 million). During the quarter, the Company sold 1,537,665 silver ounces and 16,445 gold ounces at realized prices of $20.50 and $1,306 per ounce respectively, compared to sales of 1,345,832 silver ounces and 13,037 gold ounces at realized prices of $29.38 and $1,613 per ounce respectively in the First Quarter of 2013.

After cost of sales of $41.7 million (2013 - $51.0 million), mine operating earnings amounted to $11.3 million (2013 - $18.9 million) from mining and milling operations in Mexico.

Excluding depreciation and depletion of $14.1 million (2013 - $12.1 million) and stock-based compensation of $0.1 million (2013- $0.1 million), mine operating cash flow before taxes was $25.4 million (2013 - $32.5 million excluding the inventory write down) in the first quarter of 2014. Net earnings were $4.0 million (2013 -$14.4 million).

Net earnings also included a mark-to-market derivative liabilities loss related to share purchase warrants issued in 2009 denominated in Canadian dollars, while the Company's functional currency is the US dollar. Under IFRS, these warrants are classified and accounted for as a financial liability at fair market value with adjustments recognized through net earnings. The appreciation of these warrants, prior to being exercised in the quarter, resulted in a derivative liability loss of $1.4 million during the first quarter of 2014 (2013 - gain of $1.5 million).

Excluding the mark-to market derivative liabilities gain, adjusted earnings were $5.5 million ($0.05 per share) compared to $12.9 million ($0.13 per share) in the same period of 2013. The drop in precious metals prices was the primary reason for the decrease in the Company's earnings year over year.

Cost cutting initiatives that commenced in Q2, 2013 are now well established which resulted in a 7% drop in direct production costs to $93 per tonne from Q1, 2013.

Cash costs per ounce, net of by-product credits (a non-IFRS measure and a standard of the Silver Institute) fell 52% to $4.87 per ounce of payable silver, compared to $10.04 per ounce in the same period of 2013. All-in-sustaining costs per ounce (also a non-IFRS measure) fell 51% to $12.15 due in part to lower exploration and mine development expenditures compared to Q1, 2013. Exploration and mine development expenditures fluctuate quarter to quarter, and all-in sustaining costs are expected to increase in the second and third quarters with higher planned exploration and mine development expenditures. Going forward, management expects cash costs per ounce to move closer to guidance as mined grades revert to reported reserve grades.

Annual General Meeting of Shareholders Results

Shareholders voted in favour of all items of business, including the re-election of each director nominee by show of hands. A total of 63.4 million votes were submitted by proxy, representing 62.6% of the outstanding common shares as of the record date. The following is a tabulation of the votes submitted by proxy:


                                    Votes                                   
Director             Votes for     withheld   Percent for  Percent withheld 
----------------------------------------------------------------------------
Ricardo M. Campoy    27,266,442    668,204       97.61%          2.39%      
Bradford J. Cooke    27,149,666    784,980       97.19%          2.81%      
Geoffrey A. Handley  27,248,581    686,065       97.54%          2.46%      
Rex J. McLennan      27,508,899    425,747       98.48%          1.52%      
Kenneth Pickering    27,277,032    657,614       97.65%          2.35%      
Mario D. Szotlender  16,406,845   11,527,801     58.73%         41.27%      
Godfrey J. Walton    27,663,567    271,079       99.03%          0.97%      

Shareholders also voted 76.4% in favour to reconfirm the Shareholders Rights plan. In addition, shareholders voted to re-appoint KPMG LLP as auditors, and to authorize the Board of Directors to fix the auditor's remuneration for the ensuing year.

At the Board of Directors meeting following the AGM, Geoff Handley was re-appointed Chairman of the Board and Chair of the Corporate Governance and Nominating Committee; Rex McLennan was re-appointed Chair of the Audit Committee; Ricardo Campoy was re-appointed Chair of the Compensation Committee; and Ken Pickering was appointed Chair of the Sustainability Committee.

Conference Call

A conference call to discuss the results will be held on Tuesday, May 13. The call - formerly scheduled for 10am PDT - will be held at 12pm PDT (3pm EDT). To participate in the conference call, please dial the following:


Toll-free in Canada and the US: 1-800-319-4610                              
Local Vancouver: 604-638-5340                                               
Outside of Canada and the US: 1-604-638-5340                                

No pass-code is necessary to participate in the conference call.

A replay of the conference call will be available by dialing 1-800-319-6413 in Canada and the US (toll-free) or 1-604-638-9010 outside of Canada and the US. The required pass-code is 4890 followed by the # sign. The replay will also be available on the Company's website at www.edrsilver.com.

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

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 2014 and the timing and results of exploration drill programs. 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, 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; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company's title to properties; fluctuations in the prices of commodities and their impact on reserves and resources 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.                                                      
COMPARATIVE HIGHLIGHTS                                                      
                                                                            
                                          Three Months Ended March 31       
Q1 2014 Highlights                                                          
                                       2014          2013        % Change   
----------------------------------------------------------------------------
Production                                                                  
----------------------------------------------------------------------------
Silver ounces produced               1,898,999     1,489,716        27%     
Gold ounces produced                  18,519        15,032          23%     
Payable silver ounces produced       1,844,165     1,459,706        26%     
Payable gold ounces produced          17,796        14,787          20%     
Silver equivalent ounces produced                                           
 (1)                                 3,010,139     2,391,636        26%     
Cash costs per silver ounce(2)(3)      4.87          10.04         (52%)    
Total production costs per                                                  
 ounce(2)(4)                           13.07         18.07         (28%)    
All -in sustaining costs per                                                
 ounce(2)(5)                           12.15         24.60         (51%)    
Processed tonnes                      346,525       376,344        (8%)     
Direct production costs per                                                 
 tonne(2)(6)                           92.93         99.63         (7%)     
Silver co-product cash costs (7)       10.46         16.20         (35%)    
Gold co-product cash costs (7)          666           889          (25%)    
----------------------------------------------------------------------------
Financial                                                                   
----------------------------------------------------------------------------
Revenue ($ millions)                   53.0          69.9          (24%)    
Silver ounces sold                   1,537,665     1,345,832        14%     
Gold ounces sold                      16,445        13,037          26%     
Realized silver price per ounce        20.50         29.38         (30%)    
Realized gold price per ounce          1,306         1,613         (19%)    
Net earnings (loss) ($ millions)        4.0          14.4          (72%)    
Adjusted net earnings (8) ($                                                
 millions)                              5.5          12.9          (58%)    
Mine operating earnings ($                                                  
 millions)                             11.3          18.9          (40%)    
Mine operating cash flow(9) ($                                              
 millions)                             25.4          32.5          (22%)    
Operating cash flow before working                                          
capital changes (10)                   18.3          25.3          (28%)    
Earnings before ITDA (11)              19.3          31.0          (38%)    
Working capital ($ millions)           46.4          42.0           10%     
----------------------------------------------------------------------------
Shareholders                                                                
----------------------------------------------------------------------------
Earnings (loss) per share - basic      0.04          0.14          (71%)    
Adjusted earnings per share -                                               
 basic (8)                             0.05          0.13          (58%)    
Operating cash flow before working                                          
capital changes per share (10)         0.18          0.25          (28%)    
Weighted average shares                                                     
 outstanding                        100,494,157   99,660,016        1%      
----------------------------------------------------------------------------
                                                                            
                                                                            
ENDEAVOUR SILVER CORP.                                                      
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS                               
(expressed in thousands of U.S. dollars)                                    
                                                                            
----------------------------------------------------------------------------
                                                     Three Months Ended     
                                                  March 31,      March 31,  
                                                    2014           2013     
----------------------------------------------------------------------------
                                                                            
Operating activities                                                        
Net earnings for the period                    $       4,037  $      14,357 
Items not affecting cash:                                                   
  Share-based compensation                               459            563 
  Depreciation and depletion                          14,155         12,148 
  Deferred income tax provision (recovery)            (2,274)         2,453 
  Unrealized foreign exchange loss (gain)                 (3)           (85)
  Mark-to-market loss (gain) on derivative                                  
   liability                                           1,434         (1,452)
  Mark-to-market loss (gain) on contingent                                  
   liability                                              41         (2,491)
  Finance costs                                          436            117 
  Write down of inventory to net realizable                                 
   value                                                   -          1,495 
  Gain on sale of investments                              -         (1,777)
Net changes in non-cash working capital               (1,178)       (15,790)
----------------------------------------------------------------------------
Cash from operating activities                        17,107          9,538 
----------------------------------------------------------------------------
                                                                            
                                                                            
Investing activities                                                        
  Property, plant and equipment expenditures          (9,234)       (28,716)
  Investment in short term investments                     -           (130)
  Proceeds from sale of short term investments             -          4,720 
----------------------------------------------------------------------------
Cash used in investing activities                     (9,234)       (24,126)
----------------------------------------------------------------------------
                                                                            
                                                                            
Financing activities                                                        
  Proceeds from (repayments to) revolving                                   
   credit facility                                    (1,000)        24,000 
  Common shares issued on exercise of options                               
   and warrants                                        2,727            293 
  Interest paid                                         (311)           (42)
----------------------------------------------------------------------------
Cash from financing activities                         1,416         24,251 
----------------------------------------------------------------------------
                                                                            
Effect of exchange rate change on cash and                                  
 cash equivalents                                          2             85 
Increase (decrease) in cash and cash                                        
 equivalents                                           9,289          9,663 
Cash and cash equivalents, beginning of period        35,004         18,617 
----------------------------------------------------------------------------
Cash and cash equivalents, end of period       $      44,295  $      28,365 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
This statement should be read in conjunction with the condensed consolidated
interim financial statements for the period ended March 31, 2014 and the    
related notes contained therein.                                            
                                                                            
                                                                            
ENDEAVOUR SILVER CORP.                                                      
CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME                     
(expressed in thousands of US dollars, except for shares and per share      
 amounts)                                                                   
                                                                            
----------------------------------------------------------------------------
                                                     Three Months Ended     
                                                  March 31,      March 31,  
                                                    2014           2013     
----------------------------------------------------------------------------
                                                                            
Revenue                                        $      53,000  $      69,873 
                                                                            
Cost of sales:                                                              
  Direct production costs                             27,220         36,887 
  Royalties                                              334            450 
  Share-based compensation                                68             75 
  Depreciation and depletion                          14,073         12,074 
  Write down of inventory to net realizable                                 
   value                                                   -          1,495 
----------------------------------------------------------------------------
                                                      41,695         50,981 
                                                                            
Mine operating earnings                               11,305         18,892 
                                                                            
Expenses:                                                                   
  Exploration                                          2,168          4,190 
  General and administrative                           2,438          3,130 
----------------------------------------------------------------------------
                                                       4,606          7,320 
                                                                            
Operating earnings                                     6,699         11,572 
                                                                            
Mark-to-market loss/(gain) on derivative                                    
 liabilities                                           1,434         (1,452)
Mark-to-market loss/(gain) on contingent                                    
 liability                                                41         (2,491)
Finance costs                                            446            247 
                                                                            
Other income (expense):                                                     
  Foreign exchange                                      (257)         1,400 
  Investment and other income                            184          1,978 
----------------------------------------------------------------------------
                                                         (73)         3,378 
                                                                            
Earnings before income taxes                           4,705         18,646 
                                                                            
Current income tax expense                             2,942          1,836 
Deferred income tax expense (recovery)                (2,274)         2,453 
----------------------------------------------------------------------------
                                                         668          4,289 
                                                                            
----------------------------------------------------------------------------
Net earnings for the period                            4,037         14,357 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Other comprehensive income, net of tax                                      
  Net change in fair value of available for                                 
   sale investments                                        8         (2,839)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Comprehensive income (loss) for the period             4,045         11,518 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Basic earnings (loss) per share based on net                                
 earnings                                      $        0.04  $        0.14 
----------------------------------------------------------------------------
Diluted earnings (loss) per share based on net                              
 earnings                                      $        0.04  $        0.13 
----------------------------------------------------------------------------
                                                                            
Basic weighted average number of shares                                     
 outstanding                                     100,494,157     99,660,016 
----------------------------------------------------------------------------
Diluted weighted average number of shares                                   
 outstanding                                     101,435,506    101,507,642 
----------------------------------------------------------------------------
                                                                            
This statement should be read in conjunction with the condensed consolidated
interim financial statements for the period ended March 31, 2014 and the    
related notes contained therein.                                            
                                                                            
                                                                            
ENDEAVOUR SILVER CORP.                                                      
CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION                       
(expressed in thousands of US dollars)                                      
                                                                            
----------------------------------------------------------------------------
                                                                            
                                                   March 31,   December 31, 
                                                        2014           2013 
----------------------------------------------------------------------------
                                                                            
ASSETS                                                                      
                                                                            
Current assets                                                              
  Cash and cash equivalents                    $      44,295  $      35,004 
  Investments                                          1,471          1,463 
  Accounts receivable                                 21,537         23,749 
  Inventories                                         27,160         23,647 
  Prepaid expenses                                     2,332          3,341 
----------------------------------------------------------------------------
Total current assets                                  96,795         87,204 
                                                                            
Non-current deposits                                   1,131          1,186 
Mineral property, plant and equipment                272,374        278,533 
----------------------------------------------------------------------------
Total assets                                   $     370,300  $     366,923 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
LIABILITIES AND SHAREHOLDERS' EQUITY                                        
                                                                            
Current liabilities                                                         
  Accounts payable and accrued liabilities     $      15,932  $      17,221 
  Income taxes payable                                 2,484          3,259 
  Derivative liabilities                                   -          1,491 
  Revolving credit facility                           32,000         33,000 
----------------------------------------------------------------------------
Total current liabilities                             50,416         54,971 
                                                                            
Provision for reclamation and rehabilitation           6,662          6,652 
Contingent liability                                     140             99 
Deferred income tax liability                         46,778         49,053 
----------------------------------------------------------------------------
Total liabilities                                    103,996        110,775 
----------------------------------------------------------------------------
                                                                            
Shareholders' equity                                                        
Common shares, unlimited shares authorized, no                              
 par value, issued and outstanding 101,255,314                              
 shares (Dec 31, 2013 - 99,784,409 shares)           364,735        358,408 
Contributed surplus                                   14,620         14,836 
Accumulated comprehensive income (loss)               (4,073)        (4,081)
Deficit                                             (108,978)      (113,015)
----------------------------------------------------------------------------
Total shareholders' equity                           266,304        256,148 
----------------------------------------------------------------------------
Total liabilities and shareholders' equity     $     370,300  $     366,923 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
This statement should be read in conjunction with the condensed consolidated
interim financial statements for the period ended March 31, 2014 and the    
related notes contained therein.                                            

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