Mr. Neil Woodyer reports

ENDEAVOUR MINING REPORTS Q1 ALL-IN SUSTAINING MARGIN OF $39 MILLION AND CASH COST IMPROVEMENT AT TABAKOTO

Endeavour Mining Corp.'s first quarter 2013 gold production was 73,654 ounces, and an all-in sustaining margin totalled $39-million. The three operating mines continue to finance investments in new mine development and growth, which totalled $55.6-million during first quarter 2013. The all-in sustaining cash cost was $1,083 per ounce sold, and Endeavour is intensifying cost reduction efforts. The Tabakoto cost reduction program has decreased cash costs by 25 per cent from $1,250 in late 2012 to $932 per ounce produced in first quarter 2013, with further cost benefits expected from the program and the recently completed mill expansion. (All amounts are in U.S. dollars unless otherwise indicated.)

First quarter 2013 financial and operating highlights:

• Gold production was 73,654 ounces.
• Gold sold was 71,926 ounces for a mine cash margin of $46-million (equivalent to 28,400 ounces of gold), and after corporate costs, sustaining capital and near-mine exploration expenses generated an all-in sustaining margin of $39-million (equivalent to 23,994 ounces of gold or a 33-per-cent margin).
• Total cash cost per ounce sold was $897.
• Including royalties, corporate costs, sustaining capital and near-mine exploration, the all-in sustaining cash cost per ounce sold was $1,083.
• Endeavour invested $55.6-million in new mine construction, development and exploration, leading to negative free cash flow of $16.6-million after all operating and development activities.
• Adjusted net earnings were $9.0-million or two cents per share.
• As of March 31, 2013, Endeavour had cash, cash equivalents and gold bullion of $128-million with long-term debt of $200-million drawn from a corporate facility.

Financial statements and related management's discussion and analysis will be available on SEDAR, the Australian Securities Exchange website, the OTC Markets website and in the investor relations section of Endeavour's website.

Neil Woodyer, chief executive officer, stated: "We have had a significant impact in restructuring Tabakoto and appreciate the efforts of our management, employees and contractors in achieving a 25-per-cent decrease in cash cost per ounce from late 2012. The Tabakoto mill expansion has been completed, and ramp-up is now under way. Further unit cost improvements are expected as contractors leave the site and the operation reaches full capacity. We are also pleased with the continued strong performance at Youga, which generated $19-million of our total $46-million mine cash margin during the quarter. Nzema had a challenging quarter from a cost perspective due to processing the initial lower-grade material at the Adamus pits and including some transitional material from the Salman deposits, which is known to have low gold recoveries. Costs at Nzema should decrease in the second half of the year as we start accessing the higher-grade portions of the Adamus pits along with higher volumes, which will allow us to reduce mining of the Salman transition material. Endeavour is continually reviewing its capital and operating spending, and, in the current environment, we are focusing on core operations and completing construction of Agbaou and limiting cash spending in other areas. Assuming a gold price of $1,400 for the balance of the year, we expect to generate an all-in sustaining margin of approximately $127-million for 2013, which compares to our original forecast of $166-million at a $1,600 gold price. This operating cash flow, supplemented by our March 31 cash and bullion balance of $128-million, funds our planned 2013 investments. Our growth plans remain intact, and Agbaou is a key asset in our future operating profile that will make a meaningful contribution to our cash flow in early 2014 while reducing our average cash costs."

Capital cost reduction and cash flow optimization program

Recent volatility in the gold price has prompted a thorough review of all planned expenditures for prudent cash management.

The following non-operations-related cost reductions are being implemented:

• The full-year 2013 exploration budget was reduced from $20-million to $15-million. The budget maintains $11-million at Tabakoto and Kofi, with planned underground exploration drilling untouched. This program emphasizes converting inferred resources into the measured and indicated categories to extend mine life.
• Endeavour is implementing a plan to reduce its 10,000-plus-square-kilometre land position by approximately 50 per cent, eliminate spending commitments on non-core properties and reduce fixed landholding costs.
• Corporate general and administrative expenses have been trimmed from $20-million to $15-million.
• Sale of non-core investment in Namibian Rare Earths generated $5.3-million.
• An extensive bottom-up review of all operating costs and capital investments is under way and is expected to improve long-term all-in sustaining cash cost at each mine.

First quarter 2013 operational results

Tabakoto gold mine, Mali:

• Gold production in the first quarter was 28,159 ounces at a cash cost of $932 per ounce produced.
• The mill expansion was recently completed with ramp-up under way.
• Cost reduction programs previously announced such as staff reductions and the introduction of open-pit owner mining have resulted in reduced cash costs during first quarter 2013. Management will continue to focus on cost reduction initiatives during the rest of 2013 and expects to see further improved costs in the second half of the year.
• The Segala main decline is progressing well and now extends over 540 metres from the portal.

Nzema gold mine, Ghana:

• Gold production was 22,456 ounces at a cash cost of $1,079 per ounce produced.
• Production was lower in the first quarter of 2013 due to slower than planned access to and development of the Adamus pits due to protracted negotiations in the resettlement process.
• Gold grades and production should improve in the second half of 2013 as higher-grade portions of the Adamus pits are accessed.

Youga gold mine, Burkina Faso:

• Gold production was 23,039 ounces at a cash cost of $668 per ounce produced.
• Youga produced another quarter of strong operational performance and generated a mine cash margin (revenue less royalties and operating costs) of $18.9-million.

            FIRST QUARTER 2013 MARGIN GENERATION AND INVESTMENTS IN NEW MINE
                           DEVELOPMENT AND EXPLORATION    
                                                       $ million (U.S.)    In gold ounces*

Net operating margin from Youga, Nzema and Tabakoto
Gold revenue                                                   $116.9              71,926
Less: royalties                                                   6.3               3,857
Less: cash costs for ounces sold                                 64.5              39,669
Mine cash margin                                                 46.2              28,400
Less: corporate G and A (attrib. to operations)                   3.4               2,068
Corporate EBITDA                                                 42.8              26,332
Less: sustaining capital                                          3.0               1,845
Less: near-mine exploration                                       0.8                 492
All-in sustaining margin                                         39.0              23,994
Investments in new mine development and exploration
Agbaou construction                                              28.6
Nzema development                                                 2.8
Tabakoto development (incl. mill expansion)                      15.4
Hounde feasibility study                                          2.1
Kofi exploration                                                  4.5
Ouare PEA                                                         0.2
Regional exploration                                              0.9
Corporate G and A (attrib.to new mines)                           1.1

* U.S.-dollar amounts were converted to gold ounces at a $1,626 gold price 
(first quarter 2013 realized gold revenue of $116.9-million and 71,926 
ounces sold).

Agbaou gold mine construction:

• Construction remains on schedule to achieve gold production during first quarter 2014. Costs are also on target as all major contracts have been finalized within the cost estimates of the feasibility study and approximately 70 per cent of capital costs are now committed.
• Significant progress in the physical build has been made at the mine (now over 60 per cent completed).
• The CIL tanks are fully constructed, and hydrotesting is currently under way.
• Construction of the 15-kilometre overhead electrical transmission line is in progress.
• Major components for the mills have been shipped and are on schedule.
• The tailings storage facility and water storage dam are nearing completion, with final earthworks and cleanup under way.
• Clearing of the south pit areas have been completed with clearing of the north pit areas under way.
• The new village and relocation of approximately 250 residents are complete. Total relocation costs, including construction of new village, crop compensation and other items, were in line with a feasibility study estimate of $6-million.

                           ADJUSTED NET EARNINGS RECONCILIATION  
                                                                   Quarter ended March 31, 2013
                                                                                 $ million (U.S.)

Net earnings attributable to shareholders of Endeavour                                    $15.1
Change in unrealized loss (gain) -- gold price protection program                          (7.8)
Change in fair value of Cdn currency share purchase warrants                               (8.1)
Loss on marketable securities                                                               0.3
Imputed interest on promissory note                                                        (0.6)
Loss on foreign currency                                                                    0.5
Writedown of gold bullion                                                                   2.1
Share of loss in associate, net of taxes                                                    0.5
Writedown of investment in associate                                                        0.9
Stock-based payments                                                                        3.0
Deferred income tax                                                                         3.1
Adjusted net earnings after tax                                                            $9.0
Adjusted net earnings per share (basic, U.S. $ per share)                                 $0.02

Conference call details

Management will host two conference calls to discuss the first quarter 2013 results on May 15 and May 16, 2013, as detailed herein. The calls will feature presentations from Mr. Woodyer, chief executive officer, Attie Roux, chief operating officer, and Christian Milau, chief financial officer.

Analysts and interested investors are invited to participate using the dial-in numbers:

International:  1-201-689-8040

North American toll-free:  1-877-407-8133

Australian toll-free:  0011-800-2246-2666

The conference call can also be accessed through the Endeavour Mining website. To accommodate the North American/European market, the first conference call will be held and webcast on May 15, 2013.

  FIRST CONFERENCE CALL TIMES

In Vancouver              8 a.m.      
In Toronto and New York  11 a.m.     
In London                 4 p.m.      
In Perth                 11 p.m.    
In Sydney (May 16, 2013)  1 a.m.      

To accommodate the Australian market, the second conference call will be held and webcast on May 16, 2013.

   SECOND CONFERENCE CALL TIMES

In Perth                     1 p.m.    
In Sydney                    3 p.m.    
In Vancouver (May 15, 2013) 10 p.m.   
In Toronto and New York      1 a.m.   
In London                    6 a.m.   

The call will be archived for later playback on Endeavour's website until May 14, 2014.

Qualified person

Mr. Roux, PrSciNat, Endeavour's chief operating officer, is a qualified person under NI 43-101 and has reviewed and approved the technical information related to mining operations in this news release.

We seek Safe Harbor.