November 27, 2015

Vancouver, November 27, 2015 - Endeavour Mining Corporation ('Endeavour Mining') (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) announces the completion of the transaction with La Mancha Holding S.àr.l., a privately-held gold investment company held by the Sawiris family group. This partnership secures Endeavour Mining's platform for growth in Africa, while also strengthening the balance sheet.

Endeavour Mining is now:

  • Producing gold at 580 koz/yr from 5 mines in 4 countries in West Africa (see Figure 1 for locations)
  • All-in sustaining costs per ounce are in the low $900s
  • Attributable Proven and Probable Reserves of 4.8 Moz1
  • Attributable Measured and Indicated Resources of 8.5 Moz1
  • Endeavour Mining has an attractive internal growth profile that includes the Houndé Project, which is fully permitted and being prepared for a construction decision in early 2016, and the Ity CIL Project, in feasibility study

Neil Woodyer, CEO, stated

'This partnership secures Endeavour Mining's platform for growth with the shared vision of creating a premier African gold producer. Over the last five years, Endeavour Mining has acquired four mines, completed two feasibility studies, successfully built the Agbaou mine, reduced our group AISC/oz to the low $900s, established a pipeline that includes two low-cost projects - Houndé and Ity CIL, and we have unlocked significant exploration potential in Côte d'Ivoire and Burkina Faso. Endeavour Mining is well positioned to continue its 'build & acquire' strategy at a low point in this gold price cycle. We see numerous opportunities for further regional consolidation that would benefit from Endeavour Mining's management and operational expertise. We have also strengthened Endeavour Mining for the downside-case of lower gold prices as we have received a US$63 million cash investment into Endeavour and added a fifth low-cost mine to our operating portfolio.'

Pursuant to the transaction, Endeavour Mining has issued La Mancha Africa Holding Limited, a wholly-owned subsidiary of La Mancha Holding S.àr.l., 177,061,572 shares (or 17,706,157 shares on a post-consolidation basis) representing 30% of Endeavour Mining's share capital. Endeavour Mining also announces that it has consolidated its current capital (the 'Consolidation'), on the basis of ten (10) pre-Consolidation shares for one (1) post-Consolidation share, effective today. Subject to Toronto Stock Exchange ('TSX') approval, it is expected that the shares will commence trading on the TSX on a consolidated basis on or about December 2, 2015. News releases detailing the Consolidation and ASX delisting processes will be published separately.

Figure 1 - Endeavour Mining's West African Gold Platform

Qualified Persons

Adriaan 'Attie' Roux, Pr.Sci.Nat, Endeavour Mining's Chief Operating Officer, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information in this news release, except as otherwise noted. The Qualified Persons for the mineral resources and mineral reserves are listed as footnotes to the tables provided in the Appendix to this new release.

About Endeavour Mining Corporation

Endeavour Mining is a Canadian-based intermediate gold mining company producing 580,000 ounces per year from five mines in West Africa. Endeavour Mining is focused on effectively managing its existing assets to maximize cash flow as well as pursuing organic and strategic growth opportunities that benefit from its management and operational expertise.

On behalf of Endeavour Mining Corporation

Neil Woodyer
Chief Executive Officer

This news release contains 'forward-looking statements' including but not limited to, statements with respect to Endeavour Mining's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'expects', 'expected', 'budgeted', 'forecasts' and 'anticipates'. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour Mining operates. Although Endeavour Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour Mining's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour Mining and its business.

1 For complete details on Endeavour Mining's Mineral Reserves and Resources, see the Appendix to this news release.

APPENDIX

Mineral Resources (Effective Date as of December 31, 2014, except Ity, as of July 31, 2015)

Mine/Project Mineral Resources (including Mineral Reserves)
Measured Indicated Measured & Indicated Inferred Lower
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Cutoff
Mt Au g/t (,000's) Mt Au g/t (,000's) Mt Au g/t (,000's) Mt Au g/t (,000's) Au g/t
Nzema1- Total 23.7 1.4 1,040 13.0 1.3 550 36.7 1.3 1,590 7.6 1.3 311 0.5
Attrib. - 90% 936 495 1,431 280
Youga2- Total 7.3 1.3 317 9.7 1.6 494 17.0 1.5 812 2.8 1.6 141 0.5
Attrib. - 90% 285 444 730 127
Agbaou3- Total 2.9 2.8 255 11.1 2.4 854 13.9 2.5 1,109 2.1 2.3 154 0.5
Attrib. - 85% 216 726 942 131
Tabakoto4- Total 5.6 2.9 529 13.4 3.0 1,310 19.0 3.0 1,839 17.6 2.8 1,582 0.5 to 1.0
Attrib. - 80-90% 433 1,110 1,543 1,315
Ity5- Total 27.3 1.4 1,191 31.8 1.7 1,729 59.1 1.5 2,920 9.7 1.5 458 0 to 0.8
Attrib. - 55% 655 951 1,606 252
Hounde6- Total 3.7 2.6 305 34.1 2.0 2,242 37.8 2.1 2,546 3.2 2.6 273 0.5
Attrib. - 90% 275 2,018 2,292 246
Total 3,637 7,179 10,816 2,920
Total Attributable 2,801 5,744 8,545 2,351

Mineral Reserves (Effective Date as of December 31, 2014; except Ity, as of July 31, 2015)

Mine/Project Mineral Reserves
Proven Probable Proven & Probable Gold Price US$/oz
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
Mt Au g/t (,000's) Mt Au g/t (,000's) Mt Au g/t (,000's)
Nzema1 - Total 5.2 2.0 339 2.1 2.3 156 7.3 2.1 496 1,350
Attributable - 90% 305 141 446
Youga2 - Total 2.5 1.7 139 1.0 2.0 63 3.5 1.8 202 1,250
Attributable - 90% 125 57 181
Agbaou3 - Total 2.7 2.7 236 8.8 2.4 690 11.5 2.5 926 1,350
Attributable - 85% 200 587 787
Tabakoto4 - Total 2.3 3.3 249 4.4 4.0 558 6.7 3.7 807 1,350
Attributable - 80-90% 202 470 672
Ity5 HL - Total 2.3 2.4 173 2.3 2.4 173 1,150
Attributable - 55% 95 95
Ity5 CIL - Total 28.0 1.6 1,429 28.0 1.6 1,429 1,150
Attributable - 55% 786 786
Hounde6 - Total 3.7 2.5 295 26.9 2.1 1,780 30.6 2.1 2,073 1,300
Attributable - 90% 266 1,602 1,866
Total 1,258 4,849 6,105
Total Attributable 1,098 3,737 4,833
  1. Nzema mineral resource update prepared by W.J.A. Yeo MAIG (Endeavour) as depletion, effective date December 31, 2014, 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).
  2. K. Harris CPG (Endeavour) is Qualified Person for Youga mineral resources; A. de Freitas C.Eng (Endeavour) is Qualified Person for Youga mineral reserves. Most recent filed report is 'Technical Report, Mineral Resource and Mineral Reserve Update for the Youga Gold Mine, Burkina Faso, West Africa' effective date December 31, 2014, prepared by K. K. Woodman, K. Harris and A. de Freitas of Endeavour.
  3. K. Harris CPG (Endeavour) is Qualified Person for Agbaou mineral resources; M. Alyoshin MAusIMM CP Min (Endeavour) is Qualified Person for Agbaou mineral reserves. Most recent filed report is 'Technical Report, Mineral Resource and Mineral Reserve Update for the Agbaou Gold Mine, Côte d'Ivoire, West Africa' effective date December 31, 2014, prepared by A. Roux, K. K. Woodman, K. Harris and M. Alyoshin of Endeavour.
  4. K. Harris CPG (Endeavour) is Qualified Person for Tabakoto and Kofi mineral resources; M. Alyoshin MAusIMM CP Min (Endeavour) is Qualified Person for Tabakoto and Kofi open pit mineral reserves; M. Glasspool Pr Eng (Endeavour) is Qualified Person for Tabakoto and Segala 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.).
  5. K. Body Pr.Sci.Nat. (Coffey) is the independent Qualified Persons for the Aires, Teckraie, Verse Ouest, Daapleu, ZiaNE and Mont Ity mineral resources and R. Bosc Eur.Geol. (Arethuse) is the independent Qualified Person for the Walter and Gbeitouo mineral resources. P. Perez P.Eng. (SNC-Lavalin) is an independent 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. (SNC-Lavalin), J. Baker P.Eng. (SNC-Lavalin), D. Gautier P.Eng. (SNC-Lavalin), P. Larochelle P.Eng. (SNC-Lavalin) and H. Sangam P.Eng. (SNC-Lavalin).
  6. 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).

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; grades are rounded to one 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.

For additional information, contact:

Doug Reddy, EVP Business Development
+1 604 609 6114
dreddy@endeavourmining.com

Endeavour Mining Corporation
Corporate Office
Suite 3123, 595 Burrard Street,
P.O. Box 49139
Vancouver, BC V7X 1J1 Canada

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