Mr. Bradford Cooke reports

ENDEAVOUR SILVER REPORTS 2013 FINANCIAL RESULTS, CONFERENCE CALL AT 8 A.M. PDT (11 A.M. EDT) ON MARCH 11, 2014

Endeavour Silver Corp. has released its financial results for the year ended Dec. 31, 2013, based on the company's ninth consecutive year of growing silver and gold production. 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 complete financial statements and management's discussion and analysis can be viewed on the company's website and on SEDAR and EDGAR. All amounts are reported in U.S. dollars.

Highlights of fiscal 2013 (compared with fiscal 2012):

Financial:

• Net loss of $89.5-million (90 cents per share) compared with net earnings of $42.1-million (45 cents per share);
• Adjusted earnings down 72 per cent to $11.1-million (11 cents per share) compared with $40.2-million (43 cents per share);
• Earnings before interest, taxes, depreciation and amortization up 10 per cent to $100.0-million;
• Cash flow from operations before working capital changes down 2 per cent to $81.6-million;
• Mine operating cash flow up 2 per cent to $116.9-million;
• Revenue up 33 per cent to $276.8-million;
• Realized silver price down 25 per cent to $23.10 per ounce sold (consistent with 2013 average spot price);
• Realized gold price down 18 per cent to $1,375 per ounce sold (consistent with 2013 average spot price);
• Cash costs up 8 per cent to $7.92 per ounce silver payable (net of gold credits);
• All-in sustaining costs down 21 per cent to $18.31 per ounce silver payable (net of gold credits);
• Cash and equivalents up 88 per cent to $35-million at year-end compared with $19-million.

Operations:

• Silver production increased 52 per cent to 6,813,069 ounces.
• Gold production jumped 95 per cent to 75,578 ounces.
• Silver equivalent production escalated 67 per cent to 11.3 million ounces (at a 60 to 1 silver to gold ratio).
• Bullion inventory at year-end included 51,000 ounces silver and 198 ounces gold.
• Concentrate inventory available for sale at year-end was nil.
• The company completed the El Cubo plant reconstruction on time and budget.
• Plant throughputs, ore grades and metal recoveries were higher at all three mines.

Highlights of fourth quarter 2013 (compared with fourth quarter 2012):

Financial:

• Net loss of $115.8-million ($1.16 per share) compared with net earnings of $14.8-million (15 cents per share);
• Adjusted loss of $12.1-million (12 cents per share) compared with adjusted earnings of $12.9-million (13 cents per share);
• Earnings before interest, taxes, depreciation and amortization down 18 per cent to $23.0-million;
• Cash flow from operations before working capital changes down 12 per cent to $18.0-million;
• Revenue up 2 per cent to $67.9-million on 2,155,326 silver ounces sold and 18,960 gold ounces sold;
• Realized silver price down 38 per cent to $20.52 per ounce sold;
• Realized gold price down 28 per cent to $1,246 per ounce sold;
• Cash costs down 39 per cent to $7.46 per ounce silver payable (net of gold credits);
• El Cubo cash costs down 83 per cent to $6.65 per ounce silver payable (net of gold credits);
• All-in sustaining costs down 49 per cent to $14.24 per ounce silver payable (net of gold credits).

Operations:

• Silver production up 56 per cent to 1,931,717 ounces;
• Gold production up 37 per cent to 17,686 ounces;
• Silver equivalent production up 49 per cent to 3.0 million ounces (at a 60 to 1 silver to gold ratio);
• Plant throughputs, ore grades and metal recoveries were higher at all three mines.

Endeavour chief executive officer, Bradford Cooke, stated: "We delivered another record year of silver and gold production and revenue in 2013. In spite of achieving higher throughput, grades and recoveries at all three mines, our earnings were hit by lower metal prices and reduced carrying values at El Cubo and Guanacevi, plus a deferred tax liability related to the new mining taxes in Mexico.

"Nonetheless, significant progress was made in 2013, particularly in the El Cubo mine performance and operating costs. The single-digit cash costs are what management originally modelled long-term for El Cubo when it acquired the mine in 2012. The operating turnaround at El Cubo still has two quarters to completion, but the transformation thus far has been very satisfying."

Financial results

For the year ended Dec. 31, 2013, the company generated revenue totalling $276.8-million (2012: $208.1-million). During the year, the company sold 7,151,963 ounces silver and 81,119 ounces gold at realized prices of $23.10 and $1,375 per ounce, respectively, compared with sales of 4,815,073 ounces silver and 35,167 ounces gold at realized prices of $30.99 and $1,674 per ounce, respectively, in 2012.

After cost of sales of $219.9-million (2012: $130.1-million), mine operating earnings amounted to $56.9-million (2012: $78.0-million) from mining and milling operations in Mexico.

Excluding depreciation and depletion of $53.6-million (2012: $29.7-million), stock-based compensation of $500,000 (2012: $500,000), and a writedown of inventory of $5.9-million (2012: $6.2-million), mine operating cash flow before taxes was $116.9-million (2012: $114.4-million) in 2013. Operating loss was $102.9-million (2012: earnings of $53.6-million) driven by impairment charges of $95.8-million on the Guanacevi and El Cubo mines and a $39.2-million impairment of El Cubo goodwill.

At Dec. 31, 2013, the company determined there were several indicators of potential impairment of its producing mineral properties, which include the sustained decline in precious metal prices, the Mexican tax reform and a reduction of the Guanacevi-estimated reserves and resources. The net after-tax impairment totalled $104.3-million. As a result, net earnings fell from $42.1-million to a loss of $89.5-million in 2013.

Net earnings also included a mark-to-market derivative liabilities gain related to share purchase warrants issued in 2009 denominated in Canadian dollars, while the company's functional currency is the U.S. dollar. Under international financial reporting standards, these warrants are classified and accounted for as financial liability at fair market value with adjustments recognized through net earnings. The appreciation of these warrants resulted in a derivative liability gain of $3.8-million (2012: loss of $1.9-million).

Excluding the net impairment charges and the mark-to market derivative liabilities gain, adjusted earnings were $11.1-million (11 cents per share) compared with $40.2-million (43 cents per share) in 2012. The drop in precious metal prices was the primary reason for the decrease in the company's earnings year over year.

In December, 2013, the Mexican president passed tax reform legislation that took effect Jan. 1, 2014. The tax reform includes, among other items, an increase of the Mexican corporate tax rate from 28 per cent to 30 per cent, removal of the flat tax regime, a special mining duty of 7.5 per cent on taxable mine revenue, less allowable deductions excluding interest and capital depreciation, and a 0.5-per-cent environmental tax on gold and silver revenue. The tax reform is expected to have a material impact on the company's future earnings and cash flow.

Consolidated operating costs increased 5 per cent to $97 per tonne due to rising wage pressures, significant restructuring costs, additional use of contractors and higher refining costs, partly offset by the additional economies of scale with the higher output. Cash cost per ounce, net of byproduct credits, which is a non-IFRS measure and a standard of the Silver Institute, rose 8 per cent to $7.92 per ounce of payable silver compared with $7.33 per ounce in 2012. The lower byproduct credit because of the lower gold price was the primary contributor to the higher cash costs, offset by higher consolidated grades and recoveries. All-in sustaining costs fell 21 per cent as mine development and exploration expenditures were curtailed in response to falling precious metal prices, and these costs were allocated over more ounces of silver production.

The company invested a total of $88.6-million in property, plant and equipment during 2013. Of this, $48.5-million was invested at El Cubo, $21.4-million at Bolanitos and $15.9-million at Guanacevi. The El Cubo plant refurbishment was completed on time and budget, while the 10.6 kilometres of accelerated mine development should allow the El Cubo mine output to rise to the 1,550-tonne-per-day plant capacity by year-end. The Guanacevi and Bolanitos capital investments continued to focus primarily on sustaining mine development and tailings dam expansions.

Outlook for 2014

Endeavour plans to hold silver production relatively steady in the range of 6.5 million to 6.9 million ounces in 2014 compared with the 6.8 million ounces silver produced in 2013. Gold production is expected to be in the 65,000- to 69,000-ounce range, and silver equivalent production is anticipated to be 10.4 million to 11.0 million ounces (at a silver to gold ratio of 60 to 1).

                              OUTLOOK FOR 2014
                                                    AgEq prod.    Tonnes/day
Mine              Ag Prod. (Moz)  Au prod. (Koz)         (Koz)          (tpd)

Guanacevi               2.6-2.7         7.0-8.0       3.0-3.2    1,200-1,300
Bolanitos               2.2-2.4       36.0-38.0       4.4-4.7    1,450-1,600
El Cubo                 1.7-1.8       22.0-23.0       3.0-3.1    1,200-1,550
Total                   6.5-6.9       65.0-69.0     10.4-11.0    3,850-4,450

In 2014, Bolanitos production will pull back to the 1,600-tonne-per-day plant capacity as management has elected not to continue extra mine production for processing at the El Cubo plant as it did in 2013. At Bolanitos, production will continue primarily from the Daniela, Karina, Lana and Bolanitos veins, and mine development will open up the La Luz-Asuncion deposit.

In 2013, El Cubo production will expand to fill the 1,550-tonne-per-day plant to capacity through a steady ramp-up of mine output as mine development opens up the new Villalpando-Asuncion deposit. At El Cubo, the remaining 2014 production will continue to come primarily from the Dolores, Villalpando, San Nicolas and Santa Cecilia veins.

Bolanitos and El Cubo are both producing silver-gold concentrates for sale under one-year contracts to smelters because their attractive terms offer lower costs and higher profit margins compared with producing dore bars from the El Cubo leach plant at the current low metal prices.

At Guanacevi, production will continue primarily from the Porvenir Norte, Porvenir Cuatro and Santa Cruz veins. Underground development of the new Milache discovery is awaiting permitting for development to start in 2014 and production to start in 2015.

Operating costs

Direct operating costs are forecast at $95 per tonne, and consolidated byproduct cash costs of silver production (net of gold credits) are anticipated to be in the $9- to $10-per-ounce range in 2014. The increase from 2013 is primarily driven by the lower gold price and reduced gold production. Consolidated co-product cash costs of silver and gold production are anticipated to be around $13 to $14 and $800 to $850 per ounce, respectively.

All-in byproduct sustaining costs of production (including sustaining capex, exploration, and general and administrative costs) are forecasted to be approximately $19 per ounce of silver produced.

Capital budget

Endeavour plans to invest $43.9-million on capital projects in 2014, including $34.6-million on mine development, infrastructure, equipment and exploration plus $9.3-million on plant upgrades, infrastructure, equipment and buildings. The company has budgeted $20.9-million at El Cubo, $9.9-million at Bolanitos, $11.7-million at Guanacevi and $1.4-million for general capital, all of which should be financed by the company's anticipated 2014 operating cash flow.

Because of Endeavour's reserve depletion last year, management will look for opportunities to allocate additional funds for accelerated mine development to convert measured and indicated resources into proven and probable reserves in 2014.

Exploration expenditures

In 2014, Endeavour plans to spend $10.7-million on exploration. A total of 54,000 metres of drilling in about 120 holes are budgeted to test multiple exploration targets in addition to the underground mine exploration drilling. As in previous years, management will look for opportunities to stretch and also augment this budget to fuel accelerated resource expansion.

The company will focus on brownfields exploration around the three operating mines to replenish reserves and increase resources and mine lives, as well as expanding and permitting the emerging new high-grade silver-gold discovery in the Terronera vein on the San Sebastian property in Jalisco state.

Conference call

A conference call to discuss the results will be held March 11 at 8 a.m. PST (11 a.m. EST). To participate in the conference call, please dial one of the following:

Toll-free in Canada and the United States:  1-800-319-4610

Local Vancouver:  604-638-5340

Outside of Canada and the United States:  1-604-638-5340

No passcode is necessary to participate in the conference call.

A replay of the conference call will be available by dialling 1-800-319-6413 in Canada and the United States (toll-free) or 1-604-638-9010 outside of Canada and the United States. The required passcode is 4890 followed by the number sign. The replay will also be available on the company's website.

All shareholders can receive a hard copy of the company's complete audited financial statements free of charge upon request. To receive this material in hard copy, please contact Meghan Brown, director of investor relations, at 604-640-4804 or toll-free 1-877-685-9775.

        CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
 (expressed in thousands of U.S. dollars, except for per-share amounts)

                                                           Years ended
                                                      Dec. 31,       Dec. 31,
                                                         2013           2012

Revenue                                          $    276,783   $    208,079
Cost of sales
Direct production costs                               158,582         91,800
Royalties                                               1,328          1,866
Share-based compensation                                  515            545
Depreciation and depletion                             53,569         29,694
Writedown of inventory to net realizable
value                                                   5,874          6,221
Total                                                 219,868        130,126
Mine operating earnings                                56,915         77,953
Expenses
Exploration                                            13,168         11,185
Impairment of non-current assets                       95,815             --
Impairment of goodwill                                 39,245             --
General and administrative                             11,605         13,136
Total                                                 159,833         24,321
Operating earnings (loss)                            (102,918)        53,632
Mark-to-market loss/(gain) on derivative
liabilities                                            (3,750)        (1,928)
Mark-to-market loss/(gain) on contingent
liability                                              (8,398)           589
Finance costs                                           1,513            484
Other income (expense)
Foreign exchange                                       (2,597)         3,447
Investment and other income                            (1,079)         2,152
Total                                                  (3,676)         5,599
Earnings (loss) before income taxes                   (95,959)        60,086
Income tax expense
Current income tax expense                             13,970         15,834
Deferred income tax expense (recovery)                (20,464)         2,135
Total                                                  (6,494)        17,969
Net earnings (loss) for the year                      (89,465)        42,117
Other comprehensive income (loss), net of tax
Net change in fair value of available for
sale investments                                        1,250         (3,631)
Comprehensive income (loss) for the year         $    (88,215)  $     38,486
Basic earnings (loss) per share based on net
earnings                                         $      (0.90)  $       0.45
Diluted earnings (loss) per share based on net
earnings                                         $      (0.90)  $       0.42

We seek Safe Harbor.