Operations

Endeavour Mining Mineral Reserves and Mineral Resources as at December 31, 2015

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Technical Notes:

1- Agbaou
Resource updated from 43-101 technical report titled “Technical Report Mineral Resource and Reserve Update for the Agbaou Gold Mine Côte d’Ivoire West Africa” effective December 31, 2014. Update mineral resources estimates effective December 31, 2015 prepared by Kevin Harris (CPG), Qualified Person not independent of Endeavour Mining Corporation. Reserve Update for the Agbaou Gold Mine, Côte d’Ivoire, West Africa, prepared by Michael Alyoshin MAusIMM CP (Mining), Qualified Person Not Independent of Endeavour Mining Corporation.

2- Nzema
Mineral resource update prepared by Eric Acheampong (Endeavour) as depletion, effective date December 31, 2015, of mineral resource prepared by N.J. Johnson MAIG (MPR Geological Consultants Pty Ltd.), Qualified Person for the mineral resources; M. Alyoshin MAusIMM CP Min (Endeavour) is Qualified Person for Nzema mineral reserves. Most recent filed report is “Technical Report and Mineral Resource and Reserve Update for the Nzema Gold Mine, Ghana, West Africa”, effective date December 31, 2012, prepared by N.J. Johnson MAIG (MPR Geological Consultants Pty Ltd.), Q. De Klerk FAusIMM (Cube Consulting Pty Ltd.) and W.J.A. Yeo MAIG (Endeavour), A.A. Roux Pr.Sci.Nat. (Endeavour).

3- Tabakoto

The breakdown for underground and open pit reserves is as follows:

K. Harris CPG (Endeavour) is Qualified Person for Tabakoto and Kofi B, ALinear and Betea mineral resources; E. Puritch, P.Eng (P&E Mining Consultants Inc.) is the Qualified Person for the Kofi A, Kofi C, and Blanaid mineral resources. M. Alyoshin MAusIMM CP Min (Endeavour) is Qualified Person for open pit mineral reserves; V. Duke ECSA (Sound Mining) is Qualified Person for underground mineral reserves. Most recent filed report is “Technical Report and Mineral Resource and Mineral Reserve Update for the Tabakoto Gold Mine, Mali, West Africa” effective date December 31, 2013, prepared by G. de Hert EurGeol (Endeavour); K. Harris CPG (Endeavour); M. Alyoshin MAusIMM CP Min (Endeavour), V. Duke ECSA (Sound Mining), A.A. Roux Pr.Sci.Nat.(Endeavour), E. Puritch, P.Eng (P&E Mining Consultants Inc.), Antoine Yassa, P.Geo (P&E Mining Consultants Inc.).

4- Hounde
M. Zammit MAIG (Cube Consulting) is an independent Qualified Person for the Vindaloo mineral resources. Kevin Harris CPG (Endeavour) is a Qualified Person for the Bouéré and Dohoun mineral resources. R.M. Cheyne FAusIMM (Oreology) is an independent Qualified Person for the Vindaloo mineral reserves and the overall mining schedule. Michael Alyoshin MAusIMM CP Min (Endeavour) is a Qualified Person for the Bouéré and Dohoun mineral reserves. Most recent filed report is “Houndé Gold Project - Burkina Faso, Feasibility Study NI 43-101 Technical Report” effective date October 31, 2013, prepared by M. Zammit MAIG (Cube Consulting), M. Warren MIEAust CPEng (Lycopodium), R.M. Cheyne FAusIMM (ORELOGY), D. Morgan CPEng (Knight Piésold), P. O’Bryan MAusIMM (CP) (Peter O’Bryan and Associates).

5- Ity

The breakdown for the heap leach operation and CIL project reserves is as follows:


K. Body Pr.Sci.Nat. (Coffey) is the independent Qualified Persons for the Aires, Teckraie, Verse Ouest, Daapleu, ZiaNE, Ity Flat and Mont Ity mineral resources and R. Bosc Eur.Geol. (Arethuse) is the independent Qualified Person for the Walter and Gbeitouo mineral resources. M. Alyoshin MAusIMM CP Min (Endeavour) is a Qualified Person for the Ity Heap Leach mineral reserves and J. Baker P.Eng. (SNC-Lavalin) is a Qualified Person for the CIL mineral reserves. Most recent filed report is “Technical Report for the Ity Gold Mine, Cote d’Ivoire, West Africa” effective date July 31, 2015, prepared by K. Body Pr.Sci.Nat. (Coffey), M. Mudau Pr.Sci.Nat. (Coffey), C. Cunningham Pr.Eng. (Turnberry), R. Bosc Eur.Geol. (Arethuse), P. Perez P.Eng. (SGS), J. Baker P.Eng. (SNC-Lavalin), D. Gauthier Eng. (SNC-Lavalin), P. Larochelle Eng. (SNC-Lavalin) and H. Sangam Eng. (SNC-Lavalin).

6. Karma

Mineral Resource estimates were based on a gold price of US$1,557 per ounce, a 90%, 80% and 85% respective process recoveries for oxide, transition and sulphide; oxide mining costs of US$1.61/tonne, US$1.94 per tonne for transition and US$2.05 for sulphide ; process costs of US$7.25/tonne for oxide and transition and US$19 per tonne for sulphide; and General & Administrative costs of US$1.35 per tonne were used to determine the respective 0.20, 0.22 and 0.50 oxide, transition and sulphide open pit cut-off grades. Mineral resources are reported at cut-off grades of 0.20 g/t Au for oxide material in all deposits, 0.22 g/t Au for transition material in all deposits and the sulphide material at Rambo and Nami, and at 0.5 g/t Au for the remaining sulphide material at GG1, GG2, Kao and North Kao. Mineral resources are inclusive of mineral reserves. For more information on Karma Resources and Reserves, please refer to NI 43-101 technical report entitled “Updated Resource Estimate and Feasibility Study on the Karma Gold Project, Burkina Faso, West Africa”, dated December 17, 2013 and filed on SEDAR. For more information on the North Kao Inferred Resource, please see news release dated March 13, 2014, filed on SEDAR under True Gold’s profile.

Scott Heffernan, M.Sc., P. Geo (of True Gold) is a Qualified Person within the meaning of NI 43-101. Mr Heffernan has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.

The following notes apply to the tables:

  • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  • Tonnages are rounded to the nearest 100,000 tonnes; gold grades are rounded to two decimal place; ounces are rounded to the nearest 1,000 ounces. Rounding may result in apparent summation differences.
  • Tonnes and grade measurements are in metric units; contained gold is in troy ounces.

Gold price and Cut-off grades:

Resources Gold price,
US$/oz

Resource lower cut-off grade,
g/t Au

Reserves Gold Price,
US$/oz

Reserve lower cut-off grade,
g/t Au

Agbaou

1,500

0.5
1,350
0.6 to 0.8
Nzema
1,500 0.5 1,250 0.8 to 1.9*

Tabakoto

1,350 to 1,600*

0.5 to 1.5*

1,250

1.1 to 1.9*

Houndé

1,500

0.5

1,300

0.4 to 0.8*

Ity

1,500

0 to 0.5*

HL: 1,250 CIL: 1,150*

0.6 to 1.5*

Karma
1,557 0.2 to 0.5 1,250 0.2 to 0.3

*Varies by distance from deposit to the mill, ore type and mining method (OP/UG)

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