Resource World Magazine

opment, and we expect to have more news about it to announce by the end of the year." The El Cubo property is the company's latest acquisition. It consists of 61 mineral concessions covering 8,144 hectares, including several historic and currently active mine adits, ramps and shafts. Approximately 38 individual veins have been identified on the El Cubo property. As a result of the new mine plan El Cubo is forecast to produce 400,000 oz silver and 7,000 oz gold (1,012,000-1,170,000 oz silver equivalent) from 185,000 tonnes grading around 100-120 g/t silver and 1.40-1.60 g/t gold between July 13 to December 31, 2012. El Cubo's cash cost is forecast to average US $7-8/oz silver produced to year-end. "We can turn El Cubo around in the next eight quarters," Cooke said. "The mine has significant exploration opportunities from which we can consider future expansion." The three mines together have a life of about nine years. In addition to pro- DECEMBER 2012/JANUARY 2013 duction, Endeavour is planning further growth by exploring and developing its existing properties. It is also looking to acquire new properties with existing or near-term silver production. The company's portfolio of exploration properties consists of the El Inca property in Chile, and the Guadalupe y Calvo, Parral Mine, San Sebastian, Arroyo Seco, Panuco and Lourdes properties in Mexico. "Mexico is one of the most attractive jurisdictions in the world to operate," Cooke said. "It's stable, economically attractive and it has a 450-year culture of mining. In addition, the new Mexican administration has committed itself to reasserting its authority in the remote areas of the country." In addition to Endeavour, Cooke is CEO of Canarc Resource Corp. [CCM-TSX; CRCUF-OTCBB]. Canarc describes itself as focused on building shareholder value by discovering and developing gold mines throughout North America. Its core asset is the 1.15 million oz New Polaris gold mine project, a past-producing, high-grade gold property in northern British Columbia, which the company plans to bring to feasibility and production. "The Canarc management team recently embraced the Endeavour model for growth," Cooke said. "In September, we acquired a new financier and shareholder, Canford Capital Inc., with access to capital. Our plan is to advance New Polaris to production, minimize shareholder dilution and free up management time to acquire and explore new gold projects." Cooke is optimistic about the future prospects for silver and gold in general and Endeavour and Canarc in particular. "The Bernanke bond buy-back in September 2012 marked the unofficial beginning of the third leg of the commodity super cycle," he said. "Any increase in the money supply, which is what, in effect the buy-back accomplished, is good for silver and gold." n www.resourceworld.com 55

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