ANNUAL INFORMATION FORM ENDEAVOUR MINING CORPORATION

ANNUAL INFORMATION FORM
for the financial year ended December 31, 2012
April 2, 2013
ENDEAVOUR MINING CORPORATION
Regatta Office Park
Windward 3, Suite 240, PO Box 1793
West Bay Road, Grand Cayman KY1-1109
Cayman Islands

TABLE OF CONTENTS
PRELIMINARY NOTES AND CAUTIONARY STATEMENT ........................................................................................... 1
CORPORATE STRUCTURE ....................................................................................................................................... 2
Name, Address and Incorporation of the Corporation ............................................................................................ 2
Intercorporate Relationships ................................................................................................................................... 3
GENERAL DEVELOPMENT OF THE BUSINESS OF THE CORPORATION ...................................................................... 4
Background and History ........................................................................................................................................... 4
Gold Strategy Evolution ........................................................................................................................................... 4
Agbaou Mine Construction ................................................................................................................................... 4
Avion Acquisition ................................................................................................................................................... 4
Adamus Acquisition............................................................................................................................................... 5
Etruscan Acquisition .............................................................................................................................................. 6
Crew Transaction .................................................................................................................................................. 6
Financings ................................................................................................................................................................ 6
Divestiture of Non-Core Assets ................................................................................................................................ 7
Exclusive Agreement with Fiore Financial Corporation ........................................................................................... 7
Endeavour Capital .................................................................................................................................................... 7
Strategic Advisory Board .......................................................................................................................................... 7
Other Aspects of the Business ................................................................................................................................. 8
MINERAL PROPERTIES OF THE CORPORATION ....................................................................................................... 9
Nzema Gold Mine, Ghana, West Africa ................................................................................................................. 12
Youga Gold Mine, Burkina Faso, West Africa ......................................................................................................... 27
Tabakoto Gold Mine, Mali, West Africa ................................................................................................................. 31
Agbaou Gold Project, Côte d’Ivoire, West Africa ................................................................................................... 48
Houndé Gold Project, Mali, West Africa ................................................................................................................ 68
Other Properties .................................................................................................................................................... 80
RISK FACTORS ...................................................................................................................................................... 82
DIVIDENDS AND DISTRIBUTIONS ......................................................................................................................... 92
DESCRIPTION OF CAPITAL STRUCTURE OF ISSUER ............................................................................................... 92
MARKET FOR SECURITIES ..................................................................................................................................... 93
DIRECTORS AND OFFICERS ................................................................................................................................... 94
AUDIT COMMITTEE .............................................................................................................................................. 97
LEGAL PROCEEDINGS ........................................................................................................................................... 99
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ......................................................... 100
TRANSFER AGENT AND REGISTRAR .................................................................................................................... 100
MATERIAL CONTRACTS ...................................................................................................................................... 100
INTERESTS OF EXPERTS ...................................................................................................................................... 100
ADDITIONAL INFORMATION .............................................................................................................................. 101
APPENDIX “A” – Audit Committee Charter ......................................................................................................... A-1
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Date of Information
PRELIMINARY NOTES AND CAUTIONARY STATEMENT
In this Annual Information Form (the “AIF”), information is given as at December 31, 2012, unless stated
otherwise.
Except as otherwise required by the context, reference to “Endeavour” or the “Corporation” in this AIF
means, collectively, Endeavour Mining Corporation and its subsidiaries.
Currency and Exchange Rates
All currency references in this AIF are in United States dollars unless otherwise indicated. Reference to
“Canadian dollars” or the use of the symbol “C$” refers to Canadian dollars. The noon rate of exchange
reported by the Bank of Canada for the conversion of Canadian dollars into United States dollars on April
1, 2013 was $1.00 = C$1.0167 (C$1.00 = $0.9836).
Conversion Table and Technical Abbreviations
Amounts in this AIF are generally in metric units. Conversion rates from Imperial measure to metric and
from metric to Imperial are provided below.
Imperial Measure = Metric Unit Metric Measure = Imperial Unit
2.47 acres 1 hectare 0.4047 hectares 1 acre
3.28 feet 1 metre 0.3048 meters 1 foot
0.62 miles 1 kilometer 1.609 kilometers 1 mile
35.315 cubic feet 1 cubic metre 0.0283 cubic meters 1 cubic foot
0.032 ounces (troy) 1 gram 31.103 grams 1 ounce (troy)
1.102 tons (short) 1 tonne 0.907 tonnes 1 ton
0.029 ounces
1 gram/tonne 34.28 grams/tonne 1 ounce
(troy/ton)
(troy/ton)
All ounces are troy ounces. 14.58 troy ounces equal one pound (containing 16 imperial ounces).
Unless otherwise defined, abbreviations used in this AIF have the following meanings:
Au Gold oz troy ounce
CFA French West African
currency (CFA franc)
g
1
RAB rotary air blast
Gram RC reverse circulation
ha Hectare ROM run of mine
kg Kilogram T metric tonne
km Kilometer Tpa metric tonne per year
m Meter Tpd metric tonne per day
MW Megawatt Cedi Ghanaian currency
MWh megawatt-hour

Caution on Forward-Looking Statements
This AIF contains “forward-looking statements”. Forward-looking statements include, but are not limited
to, statements with respect to Endeavour’s plans or future financial or operating performance, the
estimation of mineral reserves and resources, the realization of mineral reserve estimates, commodity
prices, conclusions of economic assessments of projects, the timing and amount of estimated future
production, costs of future production, future capital expenditures, costs and timing of the development
of new deposits, success of exploration activities, permitting time lines, requirements for additional
capital, sources and timing of additional financing, economic, political and regulatory conditions,
realization of unused tax benefits and the future outcome of legal and tax matters. Generally, these
forward-looking statements can be identified by the use of forward-looking terminology such as “plans”,
“expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, “will continue” or “believes”, or variations of such
words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or
“will be taken”, “occur” or “be achieved”. The material factors or assumptions used to develop material
forward-looking statements are disclosed throughout this document and other publicly-available filings
of Endeavour. Forward-looking statements, while based on management’s best estimates and
assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements of Endeavour 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 joint venture 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 obtaining governmental approvals or financing or 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 operates; actual resolutions of legal and tax matters, as well as those
factors discussed in the section entitled “Risk Factors” in this AIF. Although Endeavour 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. Endeavour’s
management periodically reviews information reflected in forward-looking statements.
CORPORATE STRUCTURE
Name, Address and Incorporation of the Corporation
Endeavour Mining Corporation was incorporated on July 25, 2002 under the laws of the Cayman Islands.
The Corporation’s corporate head office is located at Regatta Office Park, Windward 3, Suite 240, PO
Box 1793, West Bay Road, Grand Cayman KY1-1109, Cayman Islands, and its registered office is located
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at the offices of Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand
Cayman KY1-9005, Cayman Islands.
Endeavour’s ordinary shares (“Endeavour Shares”) are listed on the Toronto Stock Exchange under the
symbol “EDV” and quoted in the United States on OTCQX International under the symbol “EDVMF”.
Endeavour Shares also trade via CHESS Depositary Interests (“CDIs”) quoted on the Australian Securities
Exchange under the symbol “EVR”. Each CDI represents a beneficial ownership interest in one
Endeavour Share. Endeavour’s warrants are listed on the TSX under the symbol “EDV.WT.A”.
Intercorporate Relationships
As at December 31, 2012, the intercorporate relationships between the Corporation and its material
subsidiaries, the Corporation’s percentage ownership of the voting securities of each material subsidiary
and their respective jurisdictions of incorporation were as follows:
100%
Endeavour
Resources Inc.
(Cayman)
100%
Cayman Burkina
Mines Ltd.
(Cayman)
90%
Burkina Mining
Company S.A.
(Burkina Faso)
Youga Mining
License
1 Non-voting shares in the capital of Avion are outstanding and are exchangeable on their terms for
Endeavour Shares. See “General Development of the Business of the Corporation – Avion Acquisition”.
2 Shares of Etruscan Resources Cŏte d’Ivoire SARL are registered in the name of Etruscan Resources Inc. (now Endeavour
Resources Inc.) but held on trust for Endeavour Exploration Ltd. as beneficial owner.
3 On March 13, 2013, the Agbaou Mining License was transferred to Agbaou Gold Operations S.A., a wholly-owned subsidiary
of Endeavour Resources Inc.
100%
Endeavour
Exploration Ltd.
(Cayman)
100% 2
Etruscan Resources
Cŏte d’Ivoire SARL
(Cŏte d’Ivoire)
Agbaou Mining
License 3
Endeavour Mining Corporation
(Cayman)
Listed Company
100%
Endeavour Gold
Corporation
(Cayman)
100%
Adamus Resources
Pty Limited
(Australia)
90%
Adamus Resources
Limited
(Ghana)
Salman Mining
License
Teleku Bokazo
Mining License
3
Ségala Mining
Co S.A.
(Mali)
Tabakoto
Mining License
100% 1
Avion Gold
Corporation
(Ontario, Canada)
100%
Avion Resources
(Mali) Ltd.
(Barbados)
80% 100%
Nevsun Mali
Exploration Limited
(Mali)
Kofi Exploration
License
100%
Burkina Faso
Exploration Ltd.
(Jersey)
Avion Gold
(Burkina Faso) SARL
(Burkina Faso)
Houndé
Exploration
Licenses

Background and History
GENERAL DEVELOPMENT OF THE BUSINESS OF THE CORPORATION
Endeavour is a gold producer with combined annual production of more than 300,000 ounces from its
three operating mines in West Africa.
Endeavour owns the Nzema Gold Mine in Ghana (“Nzema”), the Youga Gold Mine in Burkina Faso
(“Youga”), the Tabakoto Gold Mine in Mali (“Tabakoto”), and the Agbaou Gold Project currently under
construction in Côte d’Ivoire (“Agbaou”), as well as a portfolio of development and exploration projects
in West Africa, including the Houndé feasibility stage gold project in Burkina Faso (“Houndé”) and the
Kofi exploration stage project in Mali (“Kofi”). Exploration is also currently being conducted by
Endeavour in Burkina Faso, Côte d’Ivoire, Ghana, Liberia and Mali.
In 2009, Endeavour launched its gold project acquisition strategy (the “Gold Strategy”), targeting
complementary producing or near-term producing gold assets and/or companies. Now in its fourth
year, the Gold Strategy’s objective of creating an intermediate-sized gold company within Endeavour
has been achieved through the acquisition of Avion Gold Corporation (“Avion”) in October 2012, the
merger with Adamus Resources Limited (“Adamus”) in December 2011; the acquisition of a majority
interest in Etruscan Resources Inc. (“Etruscan”) in October 2009 followed by the acquisition of the
remainder of the shares it did not already own in September 2010; and a significant investment in and
subsequent disposal of the investment in Crew Gold Corporation (“Crew”).
Gold Strategy Evolution
Agbaou Mine Construction
On June 11, 2012, Endeavour announced commencement of mine construction for the Agbaou Gold
Project in Côte d’Ivoire. The Agbaou gold mine, which will be 85% owned by Endeavour, is expected to
contribute additional near-term production of over 100,000 ounces per year, positioning Endeavour to
produce 450,000 ozs of gold per year in 2014.
At the date of this AIF, construction is on-schedule and on-budget for initial production in the first
quarter of 2014. All major mining contracts have been awarded and are in line with the estimated costs
in the feasibility study and approximately 65% of the total construction costs of $159 million have been
committed. Further information about Agbaou is provided under “Mineral Properties of the
Corporation” below.
Avion Acquisition
On August 7, 2012, Endeavour announced that it had entered into an Arrangement Agreement to
acquire Avion in an all-stock transaction to create one of the largest West African mining companies. On
October 18, 2012, Endeavour announced completion of the court approved plan of arrangement (the
“Avion Arrangement”), pursuant to which former Avion shareholders received either 0.365 of an
Endeavour Share or, if elected, 0.365 of a non-voting redeemable preferred share in the capital of Avion,
which shares are exchangeable on their terms for issued Endeavour Shares. An aggregate of
162,055,599 Endeavour Shares were issued under the Avion Arrangement.
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Under the Avion Arrangement, each outstanding Avion option was adjusted to be exercisable for 0.365
of an Endeavour Share for each Avion share for which it was previously exercisable (subject to rounding
down any fractional entitlements), at an adjusted exercise price equal to the exercise price divided by
0.365.
The exchange ratio of 0.365 valued Avion at C$0.88 per share using closing prices on the TSX on August
7, 2012 and C$0.91 per share on completion of the Avion Arrangement (using closing prices on the TSX
on October 17, 2013).
Endeavour also provided a $20.0 million exchangeable loan to Avion on August 8, 2012 to fund capital
expenditures for the mill expansion project at Tabakoto and for other corporate needs. The loan to
Avion and the interest payable was eliminated on balance sheet consolidation upon the completion of
the Avion Arrangement.
On November 9, 2012, Endeavour filed a business acquisition report with respect to the Avion
Arrangement as required by National Instrument 51-102. A copy of this report is available on SEDAR at
www.sedar.com under the Corporation’s profile.
As a result of the Avion Arrangement, Endeavour acquired the Tabakoto Gold Mine, the feasibility stage
Houndé gold project and the exploration stage Kofi project. Tabakoto produced 110,301 ounces of gold
in 2012 and is targeted to produce 135,000 to 150,000 ounces of gold in 2013 taking into account the
expected completion of the Tabakoto mill expansion in the second quarter of 2013. Further information
about the Tabakoto, Houndé and Kofi projects is provided under “Mineral Properties of the
Corporation” below.
Adamus Acquisition
On August 21, 2011, Endeavour announced that it had entered into a Merger Implementation
Agreement with Adamus whereby the companies would combine through an all-stock transaction to
create a new growth focused West African gold producer. On December 5, 2011, Endeavour announced
that a scheme of arrangement (“Merger”) under the Australian Corporations Act by which Endeavour
acquired all of the issued ordinary shares of Adamus had become effective. On February 6, 2012,
Endeavour filed a business acquisition report with respect to the Merger as required by National
Instrument 51-102. A copy of this report is available on SEDAR at www.sedar.com under the
Corporation’s profile.
Endeavour obtained its ASX listing to enable former Adamus shareholders to trade the Endeavour
Shares they received under the Merger as CDIs on the ASX under the symbol EVR. Endeavour continues
to have its primary listing on the TSX.
As a result of the Merger, Endeavour acquired the Nzema Gold Mine. Nzema, which was commissioned
with a one million ounce mineral proven and probable mineral reserve, commenced commercial
production on April 1, 2011 and produced 109,447 ounces of gold in 2012 and is targeted to produce
100,000 to 110,000 ounces of gold in 2013. Further information about Nzema is provided under
“Mineral Properties of the Corporation” below.
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Etruscan Acquisition
In late 2009, Endeavour acquired and maintained a 55% interest in Etruscan. On September 10, 2010,
Endeavour completed the acquisition of the remaining 45% interest in Etruscan not already owned by
Endeavour by way of a court-approved plan of arrangement (the “Etruscan Arrangement”). On
November 23, 2010, Endeavour filed a business acquisition report with respect to the Etruscan
Arrangement as required by National Instrument 51-102. A copy of this report is available on SEDAR at
www.sedar.com under the Corporation’s profile.
As a result of the Etruscan Arrangement, Endeavour acquired the Youga Gold Mine, the advanced-stage
Agbaou Gold Project (now under construction), and a 40% interest in the Finkolo Gold Joint Venture.
Youga has been in production since 2008 and produced 91,030 ounces of gold in 2012 and is targeted to
produce 75,000 to 85,000 ounces of gold in 2013. Further information about the Youga, Agbaou and
Finkolo gold projects is provided under “Mineral Properties of the Corporation” below.
Crew Transaction
During 2010, Endeavour acquired a 43.21% interest in Crew Gold Corporation (“Crew Gold”), a gold-
focused company with operations in West Africa. On September 14, 2010, Endeavour completed the
sale of its 43.21% interest in Crew Gold for $215.0 million and realized an $80 million gain.
Financings
Revolving Credit Facility and Hedging
On November 28, 2011, the Corporation and UniCredit entered into a $200.0 million four year revolving
corporate loan facility (the “Corporate Facility”) and a novation agreement for metal price risk
management contracts in respect of 116,161 ounces of gold from Nzema for the period 2012 to 2016
(the “Hedging Contracts”). The Corporate Facility is for general corporate purposes, including working
capital, capital expenditure and any acquisition of an asset or assets that are engaged in the exploitation
of precious metals ores. The Corporate Facility matures four years from the closing date with a
mandatory reduction in availability of $75.0 million on December 31, 2014 and is subject to an interest
rate of LIBOR plus a variable margin of between 2.5% and 4.25%. The Corporate Facility is secured by
shares of Endeavour’s material gold mining subsidiaries and the material assets of those subsidiaries.
In December 2011, Endeavour drew down the first $100.0 million of the Corporate Facility to fully repay
the $57.0 million Nzema Gold Mine project loan and for general working capital purposes.
The drawdown of the remaining $100 million in December 2012 enabled Endeavour to maintain a high
level of cash liquidity, to repay the $27.9 million balance of Avion’s Bank Atlantique Mali credit facility
which had been used to advance the Tabakoto mill expansion in 2011, and to eliminate the
Corporation’s inherited 2013 gold hedge positions, comprising 12,132 ozs at Tabakoto and 10,000 ozs at
Nzema for a total cash settlement of $17.3 million. As a result, 100% of Endeavour’s 2013 gold
production will be sold at spot prices. Endeavour also maximized its short and medium term exposure to
gold prices by accumulating a holding of 27,000 ozs of gold bullion ($45.2 million at a December 2012
spot price of $1,675/oz), which partially offsets the combined remaining Nzema and Avion hedge
positions of approximately 44,000, 38,000 and 32,000 ozs for 2014, 2015 and 2016, respectively.
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Divestiture of Non-Core Assets
Finkolo Joint Venture
On March 6, 2012, Endeavour announced that it had entered into a definitive agreement with Resolute
Mining Limited (“Resolute”) for the sale and transfer of the Corporation’s 40% interest in the licenses
and associated property comprising the Finkolo Gold Joint Venture in Mali for total consideration of $20
million in cash. The Finkolo Gold Joint Venture was formed in 2003 by Etruscan and Resolute.
Completion of this transaction remains subject to a number of conditions, including approval from the
Government of Mali for the transfer of exploration permits.
Sale of Debt Finance and Related Mergers & Acquisitions Advisory Businesses
Prior to the launch of the Gold Strategy in 2009, Endeavour’s principal business was operating a
merchant banking strategy that integrated the provision of financial advisory services with capital
investments. On November 9, 2011 the Corporation announced the sale of the Corporation’s Debt
Finance and related Mergers & Acquisitions Advisory Businesses (the “Advisory Business”) to a group
consisting primarily of its senior professionals. The Advisory Business operates under the Endeavour
Financial name and advises the Corporation on its corporate debt financings. Pursuant to the purchase
and sale agreement, the Corporation will receive payments of up to $20.0 million based on future
profitability of the Advisory Business. At December 31, 2011 a new company established by the
purchasers, Endeavour Financial Limited (Cayman) (“EFL Cayman”), was assigned the Corporation’s debt
and mergers & acquisition mandates (with limited exceptions), and the Advisory Business took over the
London office from the Corporation.
Exclusive Agreement with Fiore Financial Corporation
Endeavour has an exclusive agreement in place with Fiore Financial Corporation (“Fiore”). Fiore is a
boutique investment banking firm focused on creating, financing and launching investment
opportunities in the resource sector. Fiore is led by Frank Giustra, its President and Chief Executive
Officer. Fiore brings invaluable global investment experience and relationships to Endeavour. Fiore is
assisting Endeavour with the implementation of its Gold Strategy.
Endeavour Capital
Following the sale of the Advisory Business, the residual administrative business of Endeavour’s
subsidiary, Endeavour Capital & Advisory (Canada) Ltd., which provides management and administrative
services to public companies in the junior resource sector, has continued to operate on a limited basis.
As Endeavour is now a mining company, it does not allocate significant resources to its legacy financial
services activities.
Strategic Advisory Board
On December 17, 2012, the Corporation announced the formation of a Strategic Advisory Board (“SAB”).
The SAB will provide Endeavour’s CEO with advice in the areas of executive management of group
operations, growth strategies, capital markets and finance, and provide access to a network of key
industry and strategic relationships.
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The three members of the SAB have a broad range of experience: Ian Cockerill is a seasoned senior gold
mining executive with African expertise; Frank Giustra is a successful natural resource company
financier; and Miguel Rodriguez is an economist and a former Economic Minister of the Republic of
Venezuela and President of the Central Bank of Venezuela, with international finance and policy decision
making experience with the IMF and World Bank.
Other Aspects of the Business
Gold Market
The gold market is relatively deep and liquid, with the price of gold generally quoted in US dollars. The
demand for gold is primarily for jewellery fabrication purposes and bullion investment. Gold is traded on
a world-wide basis.
The use of gold as a store of value (the tendency of gold to retain its value in relative terms against basic
goods and in times of inflation and monetary crisis) and the large quantities of gold held for this purpose
in relation to annual mine production, has meant that historically the potential total supply of gold has
been far greater than demand. Thus, while current supply and demand plays some part in determining
the price of gold, this does not occur to the same extent as for other commodities. Gold prices have, in
addition, been significantly affected by macro-economic factors such as expectations of inflation,
interest rates, exchange rates, changes in reserve policy by central banks and global or regional political
and economic crises.
The Corporation’s revenue and earnings are generated predominantly from the sale of gold. The gold
price fluctuates continually due to factors beyond Endeavour’s control.
Specialized Skills and Knowledge
All aspects of Endeavour’s business require specialized skills and knowledge. Such skills and knowledge
include, but are not limited to, the areas of strategic development and planning, geology, drilling, mine
planning, engineering, construction, regulatory compliance, legal and finance and accounting.
Endeavour relies on skilled and experienced personnel to fulfill these requirements. As at December 31,
2012, the Corporation employed approximately 2,000 employees and approximately 2,500 contractors
and consultants.
Competitive Conditions
The mining industry is competitive, particularly in the acquisition of Mineral Reserves and Mineral
Resources. The continued growth of Endeavour under the Gold Strategy relies of the acquisition and
development of gold projects. Although Endeavour has acquired such assets in the past, there can be no
assurance that its acquisition efforts will succeed in the future. Endeavour believes that the experience
of its executives in financing and implementing growth plans and in developing and building mines
provide it with a significant competitive advantage over other mining companies.
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Changes to Contracts
The term of the mining contracts for Nzema and Youga will expire in late 2013 and early 2014.
Endeavour intends to either retender these contracts on a competitive basis or self-perform the mining
operations.
Environmental Protection
Endeavour’s mining, exploration and development activities are subject to various local laws and
regulations relating to the protection of the environment, including requirements for closure and
reclamation of mining properties.
In all jurisdictions where Endeavour operates, specific statutory and regulatory requirements and
standards must be met throughout the exploration, development and operations stages of a mining
property with regard to, among other things, air quality, water quality, solid and hazardous waste
management and disposal, land use and reclamation.
The financial and operational effects of environmental protection requirements on the capital
expenditures and earnings for each of the Corporation’s mines is not significantly different than that of
similar sized mines, and therefore are not expected to significantly impact Endeavour’s competitive
position in the future.
Community Relations
Endeavour strives to maintain strong relationships and provide long-term benefits to the local
communities where it operates. Endeavour’s growth profile is enhanced by the success of its
community-based partnerships and it acts with the following principles:
• Committed to strong and pragmatic relationships with local communities, regional and national
government;
• Committed to ensuring operations provide long term positive benefits to our local communities;
• Committed to conservation and environmental best practice;
• Committed to developing our workforce through continuous training and promotion of nationals
to senior management positions; and
• Committed to investing in local economic development, health and education.
Endeavour sees itself as an integral part of the communities in which we operate and as a responsible
development partner. Endeavour works in collaboration with and engages government, local
communities and outside organizations to ensure it supports economic sustainability and social
development, with projects including skills training and educational scholarship, healthcare, water and
sanitation, public infrastructure maintenance, institutional capacity building and livelihood programs.
MINERAL PROPERTIES OF THE CORPORATION
Endeavour’s operating assets are the Nzema Gold Mine in Ghana (“Nzema”), the Youga Gold Mine in
Burkina Faso (“Youga”) and the Tabakoto Gold Mine in Mali (“Tabakoto”), which together produced
9

310,778 ounces of gold in 2012. In addition, Endeavour has an 85% interest in the Agbaou Gold Project
in Côte d’Ivoire (“Agbaou”), where mine construction is currently underway. Endeavour also has the
Houndé feasibility stage gold project in Burkina Faso (“Houndé”) and the Kofi exploration stage project
in Mali (“Kofi”), as well as an extensive exploration portfolio in highly prospective regions of Burkina
Faso, Côte d’Ivoire, Ghana, Liberia and Mali with a land package totaling over 10,000 square kilometres.
This exploration portfolio provides an organic pipeline for potential future development projects.
Endeavour also intends to continue with strategic acquisitions, primarily within West Africa.
As at December 31, 2012, Endeavour had combined attributable gold proven and probable mineral
reserves of approximately 2,492 ounces and attributable measured and indicated mineral resources
(inclusive of reserves) of approximately 6,433 ounces. A full description of the assets and operations of
Endeavour is in Tables 1 and 2 below.
Mine /
Project
Nzema 1 -
Total
Attributable
- 90%
Youga 2,3 -
Total
Attributable
- 90%
Agbaou 5 -
Total
Attributable
- 85%
Finkolo 6 -
Total
Attributable
- 40%
Tabakoto
U/G 7 - Total
Attributable
- 80%
Tabakoto
O/P 8 - Total
Attributable
- 80%
Tabakoto
Stockpile 8a -
Total
Attributable
- 80%
Total
Attributable
Table 1 - Mineral Reserves as of 31 December 2012
10
Reserves
Proven Probable Proven & Probable Gold
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Price
kt g/t k Ozs kt g/t k Ozs kt g/t k Ozs US$/oz
10,273 1.8 604 2,756 2.2 193 13,029 1.9 797 US$ 1350
544
3,984 1.9 242 2,380 1.8 139 6,364 1.9 380 US$ 1350
218
5,407 2.3 390 5,668 2.8 515 11,075 2.5 905 US$1200
332
1,037 3.3 109 1,381 2.9 127 2,418 3.0 237 US$900
44
567 4.2 77 3,469 4.7 521 4,036 4.6 598 US$ 1350
61
143 3.4 16
12
1,438
1,211
174
125
438
51
417
1,050 2.9 98 1,050 2.9 98 US$ 1350
79
1,593
1,284
717
342
769
95
478
79
143 3.4 16 US$ 1350
12
3,031
2,492

Mine / Project
Table 2 - Mineral Resources including reserves, at a 0.5g/t cut-off as of 31 December 2012
Resources (including reserves)
Measured Indicated Measured & Indicated Inferred Lower
cutoff
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
kt Au g/t koz kt Au g/t koz kt Au g/t koz kt Au g/t koz Au g/t
Nzema 1 - Total 30,277 1.4 1,330 14,519 1.3 614 44,796 1.3 1,943 10,503 1.2 421 0.5 g/t
Attributable -
90%
1,197 552 1,749 379
Youga 2,3 - Total 7,733 1.5 366 7,031 1.4 326 14,764 1.5 692 1,462 1.2 57 0.5 g/t
Attributable -
90%
329 294 623 52
Ouaré 4 - Total 1,072 1.1 39 5,368 1.6 268 6,440 1.5 308 571 1.5 27 0.5 g/t
Attributable -
90%
35 241 277 25
Agbaou 5 - Total 6,262 2.2 438 8,708 2.6 719 14,970 2.4 1,157 1,473 1.5 73 0.5 g/t
Attributable -
85%
372 611 983 62
Finkolo 6 - Total 3,290 2.3 242 6,820 2.0 445 10,110 2.1 687 6,730 1.4 301 0.5 g/t
Attributable -
40%
Tabakoto U/G 7
-
Total
Attributable -
80%
Tabakoto O/P 8 -
Total
Attributable -
80%
97 178 275 120
743 6.0 142 4,317 5.6 783 5,060 5.7 926 5,619 4.7 843 2 g/t
114 627 741 674
21 4.6 3 1,485 3.1 148 1,506 3.1 151 1,446 2.7 123 1 g/t
2 119 121 99
Kofi 9 - Total 6,901 2.3 500 6,901 2.3 500 12,355 1.8 702 0.5 g/t
Attributable -
75%
375 375 527
Houndé 10 - Total 21,958 2.0 1,432 21,958 2.0 1,432 11,386 2.0 740 0.5 g/t
Attributable -
90%
1,289 1,289 666
Total 2,560 5,235 7,796 3,287
Total
2,146
4,286
6,433
2,604
Attributable
1
Nzema Report.
2
Youga Report, updated to December 31, 2012 through depletion of Internal Resource and Reserve Estimates prepared
internally under supervision of K. Woodman (Endeavour) for resources and A. de Freitas (Endeavour) for reserves.
3
Youga Mine – Zergoré, NTV and A2NE deposits, Internal Resource Estimates prepared by AMEC under supervision of K.
Woodman (Endeavour). Internal Reserve Estimates prepared by Kwadwo Opoku Ansah, reviewed by SEMS under supervision
of A. de Freitas (Endeavour).
4
Ouaré Deposit - Resource Estimate 2012, project 171880, dated December 31, 2012, Prepared by AMEC under supervision of
K. Woodman (Endeavour).
5 Agbaou Report.
11

6
“Tabakoroni Feasibility Study Report, Tabakoroni Gold Deposit, Mali, West Africa” effective June 10, 2010. Prepared by S.
Stein and K. Woodman (Endeavour).
7,8
Tabakoto Mine “Mineral Resource Summary Report” effective December 31, 2012. Internal Resources Estimate prepared by
Kevin Harris, under supervision of Richard Allan (Endeavour).
7
Tabakoto Mine “Internal Underground Reserves Estimate, Tabakoto and Segala Underground Reserves” effective December
31, 2012. Prepared by Exupery Lyimo under supervision of Richard Allan (Endeavour).
8
Tabakoto Mine “Internal Open Pit and Stockpiles Reserve Estimate, Djambaye & Darsalam Open Pit Reserves” effective
December 31, 2012. Prepared by Patrick Mkonyi under supervision of Richard Allan (Endeavour).
9
Kofi “Technical Report and Update Resource Estimate on the Kofi Project, Mali, Africa” effective December 21, 2011.
Prepared by P&E Mining Consultants Inc, Reports 235.
10 Houndé Report.
Nzema Gold Mine, Ghana, West Africa
The following technical disclosure relating to the Nzema Gold Mine is a reproduction of the summary
from the “Technical Report and Mineral Resource and Reserve Update for the Nzema Gold Mine, Ghana,
West Africa”, dated effective December 31, 2012 (the “Nzema Report”), prepared by Nicolas J. Johnson
of MPR Geological Consultants Pty Ltd., Quinton De Klerk of Cube Consulting Pty Ltd. and William J.A.
Yeo and Adriaan A. Roux of Endeavour. Readers should consult the Nzema Report to obtain further
particulars regarding the Nzema Gold Mine. The Nzema Report is incorporated by reference herein and
is available for review electronically on SEDAR at www.sedar.com under the Corporation’s profile.
1. Summary
The Nzema Gold Mine (Nzema) is located in the Western Region of Ghana, approximately
280km west of the capital, Accra, and less than 20km from the coast at Essiama. The mine
property is centred on latitude 5º00’N and longitude 2º14’W and is accessed from Accra by
driving 225km on the main coast highway to Takoradi and from there on 79km of paved road to
the village of Teleku Bokazo and then by a further 8km on the mine access road which is a well
maintained all-weather dirt road to the mine offices.
This report was prepared for Endeavour Mining Corporation (Endeavour) by Nicolas Johnson
(MPR, Perth), Quinton de Klerk (Cube Consulting, Perth), William Yeo (Endeavour, Geology
Manager, Nzema Mine) and Adriaan Roux (Endeavour, Chief Operating Officer). Endeavour is
listed on the TSX (stock symbol EDV) and the ASX (stock symbol EDR). The purpose of this report
is to update the mineral resources, mineral reserves, production plan and other operational
information for the Nzema Gold Mine as of December 31, 2012 and file the report on the SEDAR
website.
1.1 Ownership
Adamus Resources Limited (Adamus), a wholly owned Ghanaian subsidiary of Endeavour, holds
4 mining licenses and 11 prospecting licenses covering a total area of 464km2 that constitutes
the Nzema Property. Adamus has a 90% interest in the mining licenses and the Government of
Ghana holds a 10% free carried interest under Section 8 of the Ghanaian Mining Act. The mining
licenses are subject to a 3 to 5% sliding scale royalty on gold production payable to the
Government of Ghana.
12

1.2 Geology
The mineralization at the Nzema Mine is within the Birimian Supergroup rocks (c. 2.1-2.2 Ga)
with minor granitic intrusions, bounded by large granitoid bodies to the west and east. The
Birimian Supergroup is divided into a series of narrow northeast striking, laterally extensive
volcanic “belts” separated by broader sedimentary “basins”. Regional northeast striking shear
zones that parallel the belt appear to be fundamentally important in the development of the
Birimian gold deposits for which Ghana is well known such as Ashanti, Prestea-Bogosu,
Konongo, and Bibiani. The mineral deposits on the property include Salman Trend and Adamus 1
deposits and also several smaller deposits (Bokrobo, Akropon, Nfutu, Aliva and Avrebo). Salman
Trend gold deposits are believed to be associated with the same belt-margin shear zones that
host the other Ashanti Belt gold deposits and has many characteristics typical of these deposits.
The Salman Shear Zone has placed Birimian greywacke and phyllite packages in contact. The
Salman Trend gold deposits occur along a 9km segment of the shear zone. While the Salman
Shear Zone appears to be the main locus of gold mineralization, pockets of gold mineralization
have been identified on or adjacent to other faults and structural features within the area.
The Adamus deposit is hosted by a northwest striking, northeast dipping package of greywacke
(footwall) and interbedded greywacke-phyllite (hangingwall). In the western (footwall) part of
the deposit, gold mineralization is also hosted by a steeply northeast dipping granite dyke that
gradually converges on the hangingwall to the northwest. The few facing directions observed
suggest the meta-sedimentary package is overturned.
Other satellite deposits near to Adamus and hosted in the same meta-sedimentary package
include Bokrobo, Akropon, Nfutu, and Aliva. The Avrebo deposit is on the southeast portion of
the property and is hosted by metabasalt.
1.3 Mineralization
Most of the gold lodes on the Salman Trend are within the immediate footwall of the shear zone
within quartz-veined silica-sericite-carbonate altered greywacke and/or granite with
disseminated arsenopyrite. Some narrow, shear zone parallel zones of gold mineralization are
present in the hangingwall graphitic phyllite. Gold mineralization is associated with a complex
array of deformed quartz veins and arsenopyrite disseminations in the silica-sericite-carbonate
altered metasediments and granitoid. The fresh or “sulphide” mineralization is refractory but it
is not included in mineral reserves or production schedules. A Preliminary Economic Assessment
(PEA) of the sulphide mineralization was completed recently and is not the subject of this
report.
At the Adamus deposit the gold mineralization is intimately associated with pyrite disseminated
within and around a complex array of deformed pale grey to dark smokey grey quartzcarbonate-sericite±albite
veins. A broad silica-sericite alteration zone about 200m thick and
450m long is developed in the footwall greywacke sequence and in some areas obliterates
primary sedimentary structure. The silica-sericite alteration zone is more extensive than the
1 Previously referred to variously as the Anwia deposits or Ebi Teleku-Bokazo deposits.
13

gold-pyrite mineralization. There is no significant component of refractory gold in the sulphide
zone at Adamus. The surface projection of identified mineralization trends northwest for
approximately 900m and is up to 400m wide. Within this zone there are seven distinct domains
of varying orientation and style that were used for the resource estimation.
The Bokrobo deposit comprises generally north-south trending, steeply west dipping auriferous
quartz veins hosted by strongly silica and iron carbonate altered, medium to coarse grained,
carbonaceous greywacke. A north-south trending dolerite dyke, dipping sub-vertically to the
west cuts the depth extension of the main vein. In the southern portion of the deposit, a westnorthwest
to east-southeast trending, steeply south-southeast plunging ‘dyke-like’ granitic
intrusion is cut by numerous auriferous quartz veins forming a sheeted vein system. In the north
of the deposit, mineralization generally occurs in a single lode, but in the south, the
mineralization occurs as two main lodes and a series of narrow stacked lodes around or in the
outer margins of the granite intrusion.
Akropon mineralization occurs within a wide zone of silicification associated with pyrite and
quartz veining with sericite as an accessory alteration mineral. The difference between the
apparent dip of the mineralization and bedding suggests an en echelon vein array or possibly
complex veining across a fold closure. Very little arsenopyrite has been identified at Akropon
and the mineralization in other deposits in this area are non-refractory, but metallurgical testing
is required.
At Nfutu mineralization occurs within quartz-pyrite veins and pyrite disseminations, typically
around veins, in the host rocks with silica, iron carbonate and sericite as the major alteration
minerals. Multiple flat-lying to shallowly east dipping and southeast plunging lodes occur as
stacked lenses that appear to thicken with depth. Mineralization is more prominent at the
graphitic phyllite-greywacke contact than in the competent greywacke. Only traces of
arsenopyrite were identified in drill core, and preliminary metallurgy shows that mineralization
is non-refractory.
At Aliva mineralization occurs as a series of stacked, shallowly east-dipping lenses subparallel to
the east dipping contact between carbonaceous phyllite footwall and greywacke hangingwall.
Mineralization appears to wrap around gentle to open folds and is associated with quartz veins
with sericite alteration and pyrite disseminations in the veins and surrounding host rocks. No
arsenopyrite has been identified at Aliva and the mineralization in other deposits in this area are
non-refractory. Metallurgical testwork on 76 samples of all material types returned over 90%
recovery.
At Avrebo the gold mineralization occurs in north-south to northeast-southwest trending,
subvertical to steeply east-dipping, strongly sericite-iron carbonate altered lodes within
metabasalt. Pyrite has been the only sulphide identified to date suggesting that the sulphide
gold component may be non-refractory. Metallurgical tests have not yet been completed.
14

1.4 Exploration
Exploration activities completed by Endeavour (and previously as Adamus) and by other
companies include:
• Soil sampling – 85% of the property is covered by 50m x 400m soil sampling with areas
of infill
• Ground geophysics - Induced polarization (IP) over areas of interest for a total of 59 line
km
• Airborne geophysics – 2,555km of heliborne electromagnetics (DIGHEM) in several
surveys plus radiometrics over some areas
• Trenching – 16,676m in 253 trenches by various companies over key areas
• Pitting – 2,157m of sampling in 583 pits by various companies in key areas
• RC drilling and core drilling – 297,000m on mineral deposits plus 69,700m on targets
and prospects on the property.
The 2012 exploration program included 58,400m of RC and core drilling mostly in the immediate
mine areas, as well as auger, trench, and soil sampling programs to develop new targets. The
exploration program objectives were to:
• Delineate and explore the oxides along the Salman Trend
• Drill the Salman Trend sulphides and conduct metallurgical testwork and engineering
studies, with the goal of completing a resource update and a PEA 2
• Drill at Aliva and Nfutu to delineate additional resources and convert resources to
reserves
• Complete exploration drilling at Akropon, Avrebo, and Hotopo prospects.
Exploration highlights for the year ended December 31, 2012 include:
• Drilling across the site of the old Salman Village and surrounding areas encountered
mineralized zones outside of existing planned pits
• Resource drilling and engineering studies at Nfutu and Aliva were completed
• Regional soil and auger sampling was completed with the aim of extending the
reconnaissance level coverage over previously underexplored portions of the Nzema
project area
• Completion of the Nzema Sulphide project and establishment of viable treatment route
for the refractory sulphide portion of the Salmon deposits. The test work assessed the
merits of producing a flotation concentrate followed by ultra-fine grinding, LeachOx,
BIOX, or pressure oxidation. A sulphide resource estimate and preliminary economic
assessment were prepared on the basis of the flotation followed by pressure oxidation
2 The Nzema Sulphide PEA was prepared as a separate document.
15

process option which showed an overall recovery of 86%. The PEA indicates that
additional sulphide resources need to be identified before proceeding with further
studies.
1.5 Mineral Resources
The mineral resource estimates have been determined and reported in accordance with the CIM
Definition Standards – For Mineral Resources and Mineral Reserves, prepared by the CIM
Standing Committee on Reserve Definitions and adopted by CIM council on November 27, 2010
as referred to in National Instrument (NI) 43-101.
Table 1.1 presents the Nzema Mineral Resource Estimate by deposit and Table 1.2 provides the
Mineral Resources by material type (oxide, upper transition, lower transition, fresh). The
estimates are reported at a 0.5g/t Au cut-off grade and constrained by a US$1,600/oz pit shell
(effective date December 31, 2012 prepared by N. Johnson).
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
There is no certainty that all or any part of the Mineral Resources will be converted into Mineral
Reserves.
16

Table 1.1: Total Mineral Resource Estimates at Nzema at 0.50g/t cut-off grade by Deposit (December 31, 2012)
Nzema
Measured Indicated Measured & Indicated Inferred
Totals MTonnes Grade KOzs MTonnes Grade KOzs MTonnes Grade KOzs MTonnes Grade KOzs
Salman 18.6 1.2 745 8.0 1.2 309 26.6 1.2 1,053 5.5 1.3 234
Anwia 8.5 1.6 439 3.0 1.7 168 11.5 1.6 608 0.7 1.8 40
Bokrobo 1.0 2.4 75 1.0 2.0 63 1.9 2.2 138 2.3 1.1 81
Avrebo 1.1 0.9 33 1.1 0.9 33 0.1 1.0 4
Aliva 1.5 0.9 47 0.5 0.8 13 2.0 0.9 60 0.2 0.9 7
Nfutu 0.7 1.0 24 0.9 0.9 28 1.6 1.0 51 0.2 0.9 6
Akropon 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 1.4 1.1 49
Total 30.3 1.4 1,330 14.5 1.3 614 44.8 1.3 1,943 10.5 1.2 421
Table 1.2: Total Mineral Resource Estimates at Nzema at 0.50g/t cut-off grade by Material Type (December 31, 2012)
Nzema
Measured Indicated Measured & Indicated Inferred
Totals MTonnes Grade KOzs MTonnes Grade KOzs MTonnes Grade KOzs MTonnes Grade KOzs
Non-Refractory
oxide 4.4 1.1 158 1.3 1.0 44 5.7 1.1 203 1.3 1.0 43
transition 2.5 1.4 111 0.8 1.3 33 3.3 1.4 144 0.7 1.2 27
sulphide
Refractory
6.5 1.8 371 4.8 1.6 243 11.3 1.7 614 3.5 1.2 132
transition 3.1 1.2 118 0.3 0.9 9 3.4 1.1 127 0.1 1.0 2
sulphide 13.8 1.3 572 7.2 1.2 284 21.0 1.3 857 5.0 1.4 217
total 30.3 1.4 1,330 14.5 1.3 614 44.8 1.3 1,943 10.5 1.2 421
1. The Mineral Resources are defined within an optimal pit shell generated using an overall pit slope of 38 degrees, a commodity price of US$1,600/oz Au,
average process recovery of 86%, a process cost of US$26.43/t and royalties, refinery and selling cost of US$80/oz of Au sold (5% of sell price).
2. Tonnages are rounded to the nearest 1,000 tonnes; gold grades are rounded to one decimal place and ounces are rounded to the nearest 1,000 ounces.
Rounding may result in apparent summation differences between tonnes, grade and contained metal.
3. Tonnes and grade measurements are in metric units; contained gold is in troy ounces.
17

Deposit
1.6 Mineral Reserves
Mineral Reserves are constrained within specific pit designs that are based on Measured and
Indicated Mineral Resources only and take into consideration all appropriate modifying factors
including metallurgical parameters, geotechnical parameters, infrastructure requirements and
permitting requirements. The modifying factors used to determine the Mineral Reserves for the
project are detailed in Section 15 of the technical report.
This Mineral Reserve estimate has been determined and reported in accordance with Canadian
National Instrument 43-101, ‘Standards of Disclosure for Mineral Projects’ of June 2011 and the
Definition Standards adopted by CIM Council in November 2010.
The Mineral Reserves were based on the various cut-offs derived from various gold
recovery/process costs for the different material types and haulage distance from each specific
deposit to the process plant.
Table 1.3 provides a summary of the Mineral Reserves, determined as of 31st December 2012.
Table 1.3: Nzema Gold Mine Mineral Reserves, as of December 31, 2012 using $1350/oz gold
price
Proved Probable Proved and Probable
‘000t Au g/t Koz ‘000t Au g/t Koz ‘000t Au g/t Koz
Adamus (Anwia) 6,359 1.9 391.3 1,914 2.2 132.7 8,273 2.0 524.0
Salman 2,339 1.5 111.2 238 1.2 9.3 2,577 1.5 120.4
Bokrobo 580 3.3 61.4 252 4.6 37.2 832 3.7 98.6
Nfutu 321 1.4 13.9 312 1.2 12.4 633 1.3 26.4
Aliva 523 1.3 22.0 40 1.2 1.6 563 1.3 23.6
Total In-Situ Mineral
Reserves 10,122 1.8 599.8 2,756 2.2 193.2 12,878 1.9 793.0
Stockpile 151 0.9 4.2 0 0.0 0.0 151 0.9 4.2
Total Mineral Reserves 10,273 1.8 604.0 2,756 2.2 193.2 13,030 1.9 797.2
The following notes should be read in conjunction with Table 1.3 above:
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2. Tonnage of waste to be mined is 60.2Mt. This waste amount includes 506kt of Inferred Mineral resources at an
average grade of 2.2g/t. The strip ratio over life of mine is 4.6 to 1.
3. The Lerchs-Grossmann pit shells on which the open pit designs are based, were defined using an overall pit slope
of 37 to 45 degrees (depending on geotechnical settings of each of five deposits, details provided in Section 15 of
the technical report), a commodity price of US$1,350/oz Au, process recovery based on mineralization type
(details provided in Section 15) and selling cost of US$67.5/oz of Au sold.
4. Tonnages are rounded to the nearest 1,000 tonnes; gold grades are rounded to one decimal place; ounces are
rounded to the nearest 100 ounces. Rounding may result in apparent summation differences between tonnes,
grade and contained metal.
5. Tonnes and grade measurements are in metric units; contained gold is in troy ounces.
18

Table 1.4: Nzema Gold Mine Mineral Reserves by Material Type, as of December 31, 2012
Reserve Category Deposit Material Type
19
CoG
Au g/t
Tonnes
‘000t
Grade Au
g/t
Proven Adamus ALL 0.7 6,359 1.9 391.3
Sub-Total Proven
Gold
Koz
Salman Oxides 0.6 1,267 1.2 50.3
Upper transition 0.7 646 1.5 31.7
Lower transition 1.1 362 2.0 23.2
Fresh 1.8 64 2.9 5.9
Bokrobo ALL 0.8 580 3.3 61.4
Nfutu ALL 0.7 321 1.4 13.9
Aliva ALL 0.7 523 1.3 22.0
10,122 1.8 599.8
Probable Adamus ALL 0.7 1,914 2.2 132.7
Sub-Total Probable
Salman Oxides 0.6 205 1.2 7.7
Upper transition 0.7 31 1.4 1.4
Lower transition 1.1 2 2.2 0.2
Fresh 1.8 - 0.0 0.0
Bokrobo ALL 0.8 252 4.6 37.2
Nfutu ALL 0.7 312 1.2 12.4
Aliva ALL 0.7 40 1.2 1.6
2,756 2.2 193.2
Proven and Probable Adamus ALL 0.7 8,273 2.0 524.0
Sub-Total Proven and Probable
Stockpile
Total Mineral Reserves
Salman Oxides 0.6 1,472 1.2 58.0
Upper transition 0.7 677 1.5 33.1
Lower transition 1.1 365 2.0 23.4
Fresh 1.8 64 2.9 5.9
Bokrobo ALL 0.8 832 3.7 98.6
Nfutu ALL 0.7 633 1.3 26.4
Aliva ALL 0.7 563 1.3 23.6
12,878 1.9 793.0
151 0.9 4.20
13,030 1.9 797.2
The Salman and Adamus deposits account for 15% and 66% of the total reserves respectively.
1.7 Mining and Mine Plan
The mining method is conventional open pit mining including drilling, blasting, loading and
hauling operations carried out by a contractor (African Mining Services Ghana Ltd – a subsidiary
of AusDrill; AMS). Mining is currently taking place in the Salman Trend on oxide and upper
transition material and also at the Adamus pit.

Cumulative mining capacity of the fleet provided by AMS meets the earthmoving requirements
of the mining schedule as generated by Nzema technical management and properly supports
mining operations. The in-pit material excavation is largely conducted by two Liebherr 984C
back-hoe excavators equipped with 7m3 buckets (main production units). Waste and near-pit
ore haulage is mainly conducted by CAT 777 off-highway trucks; and material hauled out of
smaller satellite pits utilizes articulated Volvo A35F trucks.
The ore control strategy targeting delineation of ore and waste uses RC holes piercing multiple
benches. The geological and assay information, obtained by 18m holes, assayed every 1m,
represents an input to the grade control block model used by geologists and surveyors for final
ore/waste discrimination and in-pit mark-up.
Drilling and blasting is performed on 6 to 15m benches, depending on geological and
geotechnical settings of a given deposit, with blasted material excavated in discrete 3m high
flitches.
Production blasting is performed by MAXAM Ghana Ltd (MAXAM).
The explosives magazine on site consists of the ammonium nitrate mixing shed for the
manufacturing of bulk explosives, four 20 footer containers for storing detonators, high
explosives and other explosive accessories. The supply of detonators, boosters, bulk explosives,
initiating systems and other explosives material into the magazines for storage and further use
on the mine is the responsibility of MAXAM.
The waste rock dumps associated with mining operations are constructed to meet the
requirements of the Ghana Mining Regulations and the EPA. The condemnation drilling covered
the areas allocated for waste dumps and was completed during 2009 to 2010.
The current reserves supports another 7 years of mine life. The primary objective of the project
production schedule has been to maximize the early cash flow from the operation by delaying
the increased mining costs and bringing revenue forward as much as possible. This objective has
been achieved within the following constraints:
• Ensuring continuous ore supply to the processing plant for the selected 2 Mtpa
throughput rate
• Land access constraints
• Keeping the vertical mining advance rates generally below 9m (3 flitches) per month
(except at the start and end of the pit stages depending on the bench quantities)
• Maintaining a supply of approximately four weeks of mill feed in the ROM stockpile at a
reasonable grade
• Maintaining constant working strip ratios and consequently smooth mining rates for
extended periods of time as much as possible.
Table 1.5 below represents the key parameters of the current mining schedule.
20

Table 1.5: Main Parameters of Nzema LOM Mine Schedule
Year
Mining Waste
Total Processed Au recovered
t t
t Au g/t Koz
2013 9,729,970 7,508,498 2,160,000 1.64 95,917
2014 11,147,094 9,028,826 1,826,350 1.77 92,840
2015 13,574,016 11,658,429 1,897,378 1.77 94,298
2016 13,284,352 11,510,580 1,859,540 1.78 96,253
2017 11,612,724 9,422,899 1,863,711 2.13 114,996
2018 8,766,875 7,387,408 1,718,110 2.35 116,084
2019 4,557,537 3,390,433 1,704,845 1.97 95,237
Total 72,672,567 59,907,074 13,029,934 1.91 705,625
1.8 Metallurgy and Process Plant
The Nzema process plant is a conventional gravity / CIL plant that produces gold doré bullion.
The plant has been operating since February 2011 and achieved commercial production in April
2011. The design throughput treatment rate depends on the hardness of the ore with 2.1 Mtpa
of softer oxide ore and 1.6 Mtpa of the harder transition ore. The average throughput rate is
currently 2.1 Mtpa given the mix of ore feed.
The process plant facilities include a primary jaw crusher, a 3.5 MW SAG mill, a gravity
concentrator in circuit with an Inline Leach Reactor (ILR), carbon-in-leach (CIL) circuit, cyanide
destruction circuit, refinery to produce doré bullion; tailings discharge system and the necessary
reagent, water and air supply systems.
Nzema has several types of mineralization: oxide, upper transition, lower transition and fresh
ore with different recovery characteristics. All of the mineralization has good gold recoveries
(i.e. 88 to 95%) with the exception of the Salman lower transition (55%) and fresh (or “primary”;
35%) mineralization. The Salman Trend lower transition and fresh mineralization is refractory
due to the some of the gold being within fine grained arsenopyrite.
The production plan is based on mining and processing all mineralization types from Adamus,
Bokrobo, Nfutu, Aliva but only the oxide and upper transition material from Salman Trend
deposits. Plant feed is currently from the oxide and upper transition material in the Salman
Trend and also from the Adamus oxide zone. The current transitional material from Salman is
strategically blended with the oxide from Adamus and Salman in order to achieve the
production targets for throughput and recoveries.
Oxide ore from both Salman and Adamus are mainly goethite, with free particulate gold derived
from weathering of the fresh mineralization. Gold is free milling and amenable to high
recoveries by a combination of gravity concentration and cyanide leaching - CIL.
Gold in Adamus sulphide zones is associated with pyrite whereas in the Salman Trend it is
associated with pyrite and arsenopyrite. The gold in the Adamus sulphides is generally
21

ecoverable by conventional methods, while in the Salman sulphides would require fine grinding
and an oxidation process (i.e. pressure oxidation, bioxidation etc.).
Deleterious elements are generally low in concentration in the mineralization that is included in
the production schedule. Arsenic grades are low in the oxides and Adamus sulphides, but high at
present in the Salman transition ore.
Dore alloy (87% Au average) produced by Nzema process plant is usually shipped to Rand
Refinery (Johannesburg, South African Republic). Before the alloy leaves the site, a state
customs representative inspects the weight and seals the container with a government customs
seal, signifying that the government is fully aware of the gold content of Dore alloy leaving the
country. A helicopter transports the Dore alloy (under appropriate security) to the Accra airport,
and by the same day is shipped under supervision of a Ghanaian branch of an international
security company.
1.9 Mine Infrastructure
The Nzema mine infrastructure includes:
• Access roads which meet public roads near Essiama and also near the administrative
offices
• Mine haul roads connecting the Salman, Adamus and satellite deposits to the plant
• Administrative offices located next to the plant
• Warehouse and a spares yard located next to the plant
• Mine contractor maintenance shops
• Tailings storage facility
• Water storage impoundment
• Water supply - from the Ankobra River via an existing 9,000m raw water line fed from
river water pumps
• Accommodations and cafeteria near the mine gate, close to Essiama.
1.10 Operating Costs
Mining costs calculations were based on current mining rates fixed in a contract between Nzema
Gold Mine of Endeavour Mining Corporation and African Mining Services (AMS) as well as on
2012/2013 budgets. The cumulative mining cost of a single block in the resource model is based
on three components- material type, blasting requirements and vertical component of the
distance to the pit entrance. The average haul distances, considering plant and waste dump
locations, were calculated separately for each pit, fixed in the current AMS contract and taken
into account in optimization. During the mining of Oxide and Transition material drill and blast
fragmentation is assumed to be required for rock with specific gravity greater than 2.1 t/m³.
Fresh material is assumed to require blasting.
22

Table 1.6 represents an example of depth and material type dependent mining cost calculations
for Adamus, which represents approximately 66% of Nzema mineral reserves.
Table 1.6: Mining Cost Components for the Adamus Pit
Oxide/bcm Transition/bcm Fresh/bcm
Depth from Surface Earthmoving D&B Earthmoving D&B
Surface +3m 2.41 1.40 3.02 1.93 4.95
Surface 2.42 1.40 3.03 1.93 4.96
Surface -3m 2.43 1.40 3.04 1.93 4.97
Surface -6m 2.44 1.40 3.05 1.93 4.98
Ore related mining and processing costs, metallurgical recoveries for the different material
types, namely oxide (very weathered), upper transition (moderately weathered), lower
transition (weakly weathered) and fresh, were obtained from the mine contract, processing
plant management and relevant other parameters from the current production plan.
Table 1.7: Processing Costs for the Adamus Pit (Main and Satellite)
PARAMETER Deposit
Description Units
Ore mining & Processing
23
ADAMUS
Oxide Up-Trans Low-Trans Fresh
Rehabilitation $/t-m 0.15 0.15 0.15 0.15
Grade Control $/t-ore 2.88 2.88 2.88 2.88
Ore Haulage $/t-ore 2.91 2.91 2.91 2.91
Rehandle Cost $/t-ore 0.33 0.33 0.33 0.33
Dewatering/Crusher/Supervision $/t-ore 4.26 4.26 4.26 4.26
Processing Cost $/t-ore 10.05 11.74 11.74 11.92
Site G&A Cost $/t-ore 5.25 5.25 5.25 5.25
Total ‘Process’ Cost $/t-ore 25.68 27.37 27.37 27.55
Table 1.8: Annual Operating Costs (US$ ‘000s)
Units Totals 2013 2014 2015 2016 2017 2018 2019
Total Waste Tonnes Mined kt 59,907 7,508 9,029 11,658 11,511 9,423 7,387 3,390
Total Ore Tonnes Mined kt 12,765 2,221 2,118 1,916 1,774 2,190 1,379 1,167
Mining Costs (incl rehandle) US$ ‘000 235,109 37,220 42,481 41,551 31,684 30,598 33,104 18,471
Unit Mining Cost Per Total
Tonne Mined
$/t mined 3.24 3.83 3.81 3.06 2.39 2.63 3.78 4.05
Tonnes Processed kt 13,030 2,160 1,826 1,897 1,860 1,864 1,718 1,705
Processing
maintenance)
Costs (incl
Unit Processing Cost Per
Tonne Milled
US$ ‘000 157,993 34,769 21,184 21,101 21,508 20,382 20,996 18,053
$/t
processed
12.13 16.10 11.60 11.12 11.57 10.94 12.22 10.59

General and Administrative
Costs
Unit Gen & Admin Cost Per
Tonne Milled
Mine
Development
Units Totals 2013 2014 2015 2016 2017 2018 2019
US$ ‘000 99,294 14,788 14,078 14,078 14,116 14,078 14,078 14,078
$/t
processed
1.11 Sustaining Capital Expenditures
7.62 6.85 7.71 7.42 7.59 7.55 8.19 8.26
For the Nzema Gold Mine, the majority of capital costs have already been spent during
construction of the mine. The principal contractor was Lycopodium Limited, the Australian
EPCM contractor, for process plant and related infrastructure construction.
The main projects requiring sustaining capital expenditures in 2013 are as follows:
• Purchase and installation of 6 MW diesel genset from SDMO of France. The contract
sum is US$4M.
• Relocation and development of relocation site at the Adamus Pit is ongoing at a total
cost to completion of US$27 million. FF Construction Ltd and other contractors have
been engaged at the construction site.
• Tailings storage facility lift is underway and has been contracted to Naakyea Plant Pool
Ltd with Knight Piesold providing the technical support.
As the earthmoving is carried out by mining contractor (AMS), no mining capital for mobile fleet
replacements or additions was allocated or required.
Table 1.9 represents the annual CAPEX distribution over the Life-of-Mine period.
Table 1.9: CAPEX and Sustaining Capital, LoM
Units Totals 2013 2014 2015 2016 2017 2018 2019
US$ ‘000 39,322 28,820 4,870 5,633 - - - -
Sustaining Capital US$ ‘000 17,571 3,267 4,228 991 4,315 3,453 1,193 125
Total Capital US$ ‘000 56,893 32,087 9,097 6,624 4,315 3,453 1,193 125
1.12 Environmental and Social Issues, Closure Plan
The Nzema Gold Operations has a corporate commitment towards sustainable development
that focuses on achieving a high standard of environmental, economic and social performance in
its operations.
Nzema maintains compliance with environmental and social regulatory requirements, as stated
in the company social and environmental policy and follows through with the requirements of
the AKOBEN programme as mandated by the Environmental Protection Agency (EPA). The
environmental management of Nzema is defined under the schedule attached to the
24

Environmental Permit EPA/EIA/278. The Environmental Permit 3 for the Nzema mine was issued
on December 12, 2008. Table 1.10 gives a summary of the environmental permits issued to the
Nzema Gold Mine.
Table 1.10: Environmental Permits Issued to Nzema Gold Mine
Type of Permit Agency Date
Environmental Permit Environmental Protection Agency 18 th December 2008
Water Abstraction Permit Environmental Protection Agency 8 th October 2010
Modified TSF and By-pass Road Environmental Protection Agency 20 th December 2010
Water use permit Water resources Commission 22 nd October 2010
Mining Area Declaration Minerals Commission 9 th October 2010
Water Discharge Permit Environmental Protection Agency 10 th October, 2012
The environmental permit conditions refer to the following documents and plans to provide
fundamental information on the pre-mine environment and guidelines for the post-mining
rehabilitation of the site.
• Reclamation Plan (April 2010)
• Environmental Management Plan (August 2011).
Other commitments under the Schedule to the Nzema environmental permit and in the project
EIS also include:
• Posting of a Reclamation Bond
• Compliance with Minerals and Mining Act, Act 703 (2006)
• Compliance with Mining Regulations LI665 (1970).
At the end of the Life-of-Mine, the mining project and infrastructure will be demobilized subject
to the mine closure plan in compliance with the existing legal and statutory regulations. The
closure plan will be subjected to the approval of the Mine Closure Plan by the Chief Inspector of
Mines and EPA recommendations.
The objectives for the reclamation plan for the mine are as follows:
• Provide a final land-use that considers the needs of the stakeholders
• Create landforms that blend with the existing natural topography in the project area
• Leave the facilities physically and chemically stable including erosion control
• Reduce the aesthetic impact of the facilities
3 Adamus Resources Limited Proposed Southern Ashanti Gold Project in the Nzema East and Jomoro Traditional Areas
of the Nzema East Municipality and Ellembelle District in the Western Region; Environmental Permit No EPA/EIA/278
by the EPA (File No. CM:1064/02).
25

• Leave disturbed areas in a safe and stable condition
• Minimise the impact of the facilities on surface water drainage patterns and also on
groundwater characteristics
• Minimise the impact of the facilities on contamination in general
• Restore as much of the mining area to a sustainable land-use capability as is practicable
• Minimise or eliminate any post-reclamation environmental impacts
• Provide rehabilitated areas that contribute to the long-term sustainability of the local
economy
• Ensure that potential environmental liabilities associated with the closure of the site are
minimized.
The closure plan considered open pits, partially filled pits, completely backfilled pits and waste
dumps for rehabilitation. The mine closure costs are allocated in the Nzema business plan and
reflected in operational cash flow model.
During 2011 and 2012 the Salman village was relocated 1.5km to the east of the previous site.
Approximately 2,000 residents were moved to the new village which includes 711 structures. A
resettlement due to the mining area of influence at the Adamus pit is currently underway. This
will impact 1,200 to 1,500 residents and involve construction of approximately 540 structures.
1.13 Conclusions
Nzema is a successfully operating gold mine that started commercial production in April 2011
and is projected to continue until 2019 based on currently available mineral reserves.
The exploration database for the Youga project is reliable for the purpose of resource
estimation. The mineral resources and mineral reserves have been updated to December 31,
2012. Adamus (Anwia) provides the majority of the reserves (66%) followed by Salman (15%),
Bokrobo (12%) and the two additional deposits Nfutu (3%) and Aliva (3%). A total of 72.7 million
tonnes will be mined (59.9 million tonnes waste) at an overall strip ratio of 4.6 to 1.
In 2012 the Nzema gravity/CIL processing facilities had a throughput of 2.144 million tonnes at
an average grade of 1.85g/t Au to produce 109,447 ounces. The LOM production schedule has
12.9 million tonnes of ore at an average grade of 1.91g/t Au processed to produce a total of
705,625 ounces.
1.14 Recommendations
Nzema is an operating mine and requires ongoing monitoring of the impacts of changes in the
gold price and the inflationary effects on power, fuels, labour and spare components must be
monitored. Continued sustaining capital expenditures should be completed as described.
Additional metallurgical testwork is required for the fresh mineralization in the Akropon and
Avrebo deposits.
26

The 2013 exploration program is $2.55M and will focus on identification of new resources close
to existing deposits that can readily be converted to reserves. Table 1.11 summarizes the
exploration program by metres of drilling and by costs. The following programs are planned:
• Reverse Circulation (RC) drilling at Adamus to convert Inferred mineral resources to
Indicated mineral resources
• RC drilling between Salman North and Akango South deposits at Salman to target
continuation of the known mineralised structures through low lying areas
• Reconnaissance RC (RRC) drilling along adjacent structures to the Salman Trend.
In addition to the near mine programs, the following will be completed:
• RRC drilling near the Avrebo deposit to identify additional mineral resources in that
area.
Table 1.11: 2013 Nzema Planned Exploration Program
Item metres Cost US$
RRC Drilling 4,350 435,000
RC Drilling 6,000 320,000
Analysis 135,000
Consumables, Support, Land access and permitting 750,000
Labour 910,000
Total 2,550,000
Youga Gold Mine, Burkina Faso, West Africa
The following technical disclosure relating to the Youga Gold Mine is derived principally from the
summary from the “Technical Report and Update of Mineral Resources and Mineral Reserves for the
Youga Gold Mine, Burkina Faso, West Africa” dated effective December 31, 2010 (the “Youga Report”),
prepared by Adrian de Freitas and K. Kirk Woodman of Endeavour. The disclosure below has been
supplemented with more recent information, which information has been reviewed and approved by
the authors of the Youga Report, both of whom are qualified persons (non-independent) under National
Instrument 43-101 - Standards of Disclosure for Mineral Properties (“NI 43-101”). Readers should consult
the Youga Report to obtain further particulars regarding the Youga Gold Mine. The Youga Report is
incorporated by reference herein and is available for review electronically on SEDAR at www.sedar.com
under the Corporation’s profile.
Location
The Youga Exploitation Permit is located in southern Burkina Faso approximately 180 kilometers south
of Ouagadougou, the capital city, near the border with Ghana.
Ownership
The Youga Exploitation Permit which currently covers an area of 29 km 2 , and was granted to Burkina
Mining Company S.A. (“BMC”) in April 2003. Etruscan acquired 90% of BMC through a wholly owned
27

Cayman Islands subsidiary in 2003. In 2010 Endeavour Mining Corporation (formerly Endeavour
Financial Corporation) completed the acquisition of a 100% interest in Etruscan.
The remaining 10% interest in BMC is held by the government of Burkina Faso.
Geology
The Youga Exploitation Permit is underlain by rocks of the Archean-Proterozoic Man Shield which forms
the southern half of the larger West African Craton. Locally the dominant feature on the permit is the
Tarkwaian basin which is comprised of a succession of arkosic sandstones with subordinate chloriticschist.
The Tarkwaian rocks unconformably overlay Upper Birimian Series volcanics, volcaniclastics and
sediments of the Bole-Navrongo Belt, which extends across north-western Ghana into southern Burkina
Faso.
Mineralization
The Youga gold deposits can be described as epigenetic, mesothermal gold deposits, demonstrating a
strong structural control with a brittle structural style. Gold mineralization is intimately associated with
pervasive silicification, quartz veining and sulphidation (predominantly pyrite), although sulphide
content is extremely low (generally

Table 1.1
Youga Mineral Resources at a 0.5 g/t Cut-Off
Youga Mineral Resources (including reserves, 0.5g/t cutoff as of 31 December 2012)
Deposit Measured Indicated Measured & Indicated Inferred
kt
Au
(g/t)
k
Ozs kt
Au
(g/t)
29
k
Ozs kt
Au
(g/t)
k
Ozs kt
A2 Main 409 3.7 49 1,590 2.2 111 1,999 2.5 160 268 1.2 10
A2 East 1,274 1.2 50 763 1.2 29 2,037 1.2 80 197 0.9 6
A2 West 1 24 2.1 2 25 1.5 1 49 1.8 3 6 2.0 0
A2 West 2 1,413 1.6 74 478 1.4 21 1,891 1.6 96 89 1.3 4
A2 West 3 383 2.0 24 354 1.5 17 736 1.7 41 131 1.3 5
Stockpiles 708 1.2 27 708 1.2 27
Zergoré 1,640 1.3 70 793 1.3 34 2,432 1.3 104 204 1.1 7
NTV 1,532 1.1 55 2,164 1.1 73 3,696 1.1 128 249 1.3 11
A2NE 350 1.2 14 864 1.4 40 1,214 1.4 54 318 1.4 14
Youga Total 7,733 1.5 366 7,031 1.4 326 14,764 1.5 692 1,462 1.2 57
The interpolation and classification of the resources are in accordance with the criteria set out in NI 43-
101 and based on CIM Definition Standards for Mineral Resources and Mineral Reserves adopted by the
CIM Council on December 11, 2005.
Mineral Reserves
Based on the updated, end of 2012, Measured and Indicated Mineral Resources for the various mineral
deposits at the Youga Gold Mine, the Proven and Probable Mineral Reserves for the open pit operations
as of December 31, 2012 are estimated to be 6,364Kt at a grade of 1.86 g/t au containing 380Kozs of
gold. This includes 311Kt of ROM pad ore stockpile at a grade of 1.80g/t au containing 18Kozs of gold
(Table 1.2).
Table 1.2
Youga Mineral Reserves
Youga Mineral Reserves (31 December 2012)
Deposit Proven Probable Proven and Probable
Au
(g/t)
kt Au (g/t) k Ozs kt Au (g/t) k Ozs kt Au (g/t) k Ozs
A2 Main 358 3.7 42 654 2.2 46 1,011 2.7 89
A2 East 597 1.4 28 259 1.4 12 856 1.4 39
A2 West 2 948 1.8 56 161 1.6 8 1,109 1.8 65
A2 West 3 193 3.0 18 44 1.6 2 237 2.7 21
Stockpiles 311 1.8 18 - - - 311 1.8 18
Zergoré 716 1.7 40 277 1.6 14 993 1.7 54
NTV 709 1.3 30 535 1.4 24 1,244 1.4 54
A2NE 151 1.8 9 451 2.2 32 602 2.1 40
Youga Total 3,984 1.9 242 2,380 1.8 139 6,364 1.9 380
This reserve estimate has been determined and reported in accordance with NI 43-101 and based on
CIM Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on
k
Ozs

December 11, 2005. A gold price of $1,350/oz has been used for reserve evaluation over the life of
mine.
Development and Operations
The Youga mine commenced operations in 2008 with open pit mining and CIL processing facilities and
during the period to year end 2012 a total of 372Kozs of gold had been recovered from the mining and
processing of 4,379Kt of ore mined from the A2Main, A2West1, A2West3 and A2East pits at an average
operating cost of $675/oz.
The Youga Gold Project involves a conventional open pit, selective mining exploitation method,
employing a mining contractor - PW Mining International Ltd.
The Youga processing plant uses the conventional gravity/CIL gold recovery process, and consists of a 3
stage crushing operation, ball milling, gravity concentration and cyanidation by carbon-in-leach (CIL).
Pressure Zadra elution is utilized for recovery of gold from loaded carbon; it is designed to process 1 M
tonnes per annum of gold ore.
Conclusions
The Youga mine has a dedicated Safety, Occupational Health and Environment department which
operates under the guidance of a set of principles which define the regulatory and corporate
governance commitments of the Youga mine in respect of the manner in which it conducts its business.
Operations to date have confirmed the mineral resources and mineral reserves as previously stated for
the Youga Gold Mine.
The results of this update to the mineral resource and mineral reserve evaluation confirm the continued
economic viability of exploiting the Youga Gold Deposit.
The 2013 life of mine cash flow projections, based on updated operating costs and average spot gold
price of $1,600 per ounce, shows a cumulative net cash flow (before income tax and other debt services)
of $215M from the mineral reserve. Gold production is estimated at 354Kozs at an operating cost of
$993/oz.
Recommendations
Exploration activities on the Youga Exploitation Permit during 2013 will focus on delineating additional
mineral resources and open pit reserves around the currently operational pits and virgin deposits and to
explore the economic potential of underground operations. The main objective is to establish additional
mineral reserves for the Youga Gold Mine and thereby extend the mine life. The Youga exploration
budget for the mine permit area is expected to be $100,000 for 2013.
This is an annual exploration program and as an operating mine there will be a further phase of
exploration in following years based on results from the 2013 program.
30

Tabakoto Gold Mine, Mali, West Africa
The following technical disclosure relating to the Tabakoto Gold Mine is partially derived from the
“Technical Report on the Tabakoto Mining Operations, Mali, West Africa” dated effective July 5, 2011
(the “Tabakoto Report”), prepared by Tracy Armstrong, Eugene Puritch and Antoine Yassa of P&E
Mining Consultants Inc. and Don Dudek and Andrew Bradfield, then of Avion. Readers should consult
the Tabakoto Report to obtain further particulars regarding the Tabakoto Gold Mine. The Tabakoto
Report is available for review under the Corporation’s profile on SEDAR at www.sedar.com.
All scientific and technical information in this summary relating to any updates to the Tabakoto Gold
Mine since the date of the Tabakoto Report, including the Mineral Reserve and Mineral Resource
estimates, has been reviewed and approved by Richard Allan, who is a qualified person (nonindependent)
under NI 43-101.
Project Description and Location
The Tabakoto Gold Mine is located in the western part of Mali, West Africa, approximately 360 km
west of the capital city of Bamako, adjacent to the border with Sénégal. The projects are within the
Kéniéba Administrative District, approximately 15 km north of the government administrative center of
Kéniéba.
The initial Tabakoto Gold Mine, totalling approximately 101 km 2 (1,010 ha), comprised eight
historical individual mineral titles which had been amalgamated into two mining permits, the Ségala
and Tabakoto Mining Permits, and two exploration permits (Toubikoto and Manianguti areas now
combined in a new application called Dougala). Acquisition of the Great Quest concessions added
approximately 34 km 2 and two new concession applications (Koudioulo and Doufouru) add another
23.5 km 2 of concession for a current total of approximately 156 km 2 .
The Tabakoto Gold Mine is currently in production.
The table below summarizes the permits comprising the Tabakoto Gold Mine:
Permit Name Type Area
Permits Comprising the Tabakoto Gold Mine (1)(2)
31
Convention Ownership
Company Name Expiration Endeavour Gov’t.
Tabakoto Mining 60 km 2 Tamico 2029 80% 20%
Ségala Mining 23 km 2 Société Consolidated
Mining Corporation (West
Africa) SA
Manianguiti
Merged with
Toubikoto –
now called
Dougala
Authorization
of exploration
2027 80% 20%
18.3 km 2 Tamico 29/07/2014 Research permit
waiting for
approval
Kéniéba Est Prospection 8 km 2 Tamico and now Semico 16/11/2014 80% 20%
20%

Permit Name Type Area
Permits Comprising the Tabakoto Gold Mine (1)(2)
32
Convention Ownership
Company Name Expiration Endeavour Gov’t.
Comifa Prospection 10 km 2 Tamico and now Semico In progress Renewal of
permit in progress
Kouidoulo Authorization
of exploration
Doufouru Authorization
of exploration
4.95 km 2 Avion Mali Exploration In progress Research permit
waiting for
approval
18.6 km 2 Avion Mali Exploration In progress Research permit
waiting for
approval
Notes:
(1) Information contained in this table has been compiled from several sources, including title opinions, but has not been
fully confirmed by Endeavour’s legal representatives.
(2) Areas have been calculated from concession coordinates provided in the arrêtés and concession applications.
The Ségala Mining Permit contains the Ségala Main, Ségala NW Deposits, Dar Salam, Moralia, Kenieba
(Sansanto) and NE Orpailleur Deposits. The Tabakoto Mining Permit contains the Tabakoto NE, NW,
Dioulafoundou, Tabakoto South and Dabo Deposits, and the Kéniéba Exploration Permit contains the
Djambaye II Deposit.
The Tabakoto Mining Permit and the Ségala Mining Permit are held in the name of Ségala
Mining Corporation S.A. (“Semico”). The two exploration permits, Toubikoto and Manianguiti, are
also held in the name of Semico. The shares in Semico are distributed between Avion Resources
(Mali) Ltd. (80%) and the Government of the République of Mali (20%). Avion Resources (Mali) Ltd. is a
direct wholly-owned subsidiary of Endeavour.
On January 8, 2010, Endeavour (then Avion) announced the acquisition of a 100% interest in the
Kéniéba Concessions held by Great Quest. The Kéniéba Concessions are located adjacent to the south
and west sides of the Tabakoto Mining Permit and comprise the Kéniéba (Sansanto), Kéniéba Est and
Comifa Concessions totaling approximately 32 km 2 . Under the terms of the acquisition agreement,
the Corporation has agreed to make future contingent payments of up to $2.1 million in the event that
it produces more than 400,000 ounces of gold from the Kéniéba Concessions, payable upon realizing
each additional 50,000 ounces of production. If production from the concessions exceeds 600,000
ounces, Endeavour would be required to make payments of up to a further $1.4 million to complete
its obligations under this agreement.
There are currently no material environmental liabilities associated with the Tabakoto Gold Mine. The
Corporation completes a small amount of site rehabilitation annually and has recently completed a
review of its asset retirement obligations.
Accessibility, Climate, Local Resources, Infrastructure and Physiography
The Tabakoto Gold Mine is located in the southwest corner of the Republic of Mali, a land-locked
country in the northwest corner of Africa, bordered to the north by the Sahara Desert and by the
countries Sénégal, Mauritania, Algeria, Burkina Faso, Niger, Cote D’Ivoire and Guinea.
0%
0%

Air access to the Tabakoto property is possible by charter aircraft from Bamako, 360 kilometres to
the east, to Kéniéba. The flight from Bamako to Kéniéba is about an hour.
Kéniéba is accessible via a new paved road that extends from Bamako to Dakar. Depending on
conditions, the drive takes from five to six hours to complete. Endeavour operates daily road shuttles to
and from Bamako for personnel and small freight.
An all-weather laterite access road branches west from the Route Nationale, south of Tabakoto, for
approximately 1.2 km to the Tabakoto mine and campsite. A variety of dirt and laterite roads crosscut
the mine area to allow access to virtually all corners of the property.
The climate in the Kéniéba District is tropical with only two seasons: (i) a rainy season from June
to October and (ii) a dry season from November to May. The average temperature range in western
Mali is between 18°C and 43°C. During the hottest portion of the summer months, temperatures vary
between 25°C and 43°C. In the winter months of December and January, the temperature ranges
between 18°C and 35°C. The wet season generally moderates the average temperature. Peak
temperatures of 54°C have been noted.
Local infrastructure is poor with few supplies or support services available in the Kéniéba area. Most
equipment and supplies are imported from Europe to the port of Dakar in Sénégal and shipped by rail to
Kayes then by truck to the property area, or directly by truck from Dakar. The state telephone company
MaliTel and France’s Orange operate cellular telephone services in Kéniéba area. At the project site,
a local cellular telephone network has been established with both wireless and LAN inter/intra-net
systems. All mines in the region are still reliant on diesel generated electricity. In addition, water supply
to the processing plant is primarily sourced from the Falémé River, and is supplemented by recycled
water from the tailings dam and other sources.
The Kéniéba District is at an elevation of 120 metres above sea level. Low rolling peneplained plateaus
cut by moderately well-developed drainage systems cover most of the property. Rising above
the plateaus in some areas are long ridges capped by hard ferruginous laterite crusts (cuirrasse) that
extend for several kilometres. Immediately to the east of the property there is the prominent
west facing Tambaoura escarpment formed by sandstone cliffs that rise to over 350 metres in
elevation. The district of Kéniéba is largely vegetated by tall grass and wooded savannah. Abundant
seasonal streams crisscross the area and flow southward into the Doundi River and then westward into
the Falémé River that forms the Mali-Sénégal border. Land use consists of subsistence farming and
grazing of domestic animals. Crops usually consist of maze, millet, rice, peanuts and melons
History
Local villagers have reported that the original Tabakoto deposit was located by villagers in the
early 1950s. At that time, the site was apparently a small scale alluvial mining site. Chronological
summaries of historical exploration activities in the Kéniéba district and on the Tabakoto, Ségala and
Fogala-KoutilaDioulafoundou permits catalogue the extensive quantity of exploration work that has
been completed over the properties. Between 2004 and 2007, there were no geological and drilling
exploration reports focused on the Tabakoto deposit that served as precursor to current mine
development. Avion reinitiated geological and drilling work in 2008 for the purpose of mine
development and to discover new resources.
33

In the 1950s and 1960s, diamond exploration was conducted that identified 12 kimberlites and three
diamondiferous pipes. Exploration continued in the 1970s, with the Mali Gold Syndicate identifying
30 gold anomalies from soil geochemistry, including Tabakoto, Ségala and the Loulo Deposit. Additional
exploration and test mining and processing continued in the 1980s and 1990s, with the report of
the discovery of a new large kimberlite in the Kéniéba permit in the 1990s.
Ségala
During the 1990s, the Ségala property expanded to include the entire adjacent Dar Salam permit. CMC
(WA) completed four diamond drill (“DD”) holes totaling 942 metres. All holes contained
gold mineralization with average grades of 1.9 g/t Au to 4.7 g/t Au over core lengths of 34 to 55
metres, respectively. VLF-EM and magnetometer surveys appear to have been completed over an
expanded grid, with Oliver Gold Corporation completing 23 DD holes totaling 5,558 metres, on 100metre
centers over a 1,200-metre strike length. In 1996, Oliver and CMC (WA) completed a 24hole
(7,038 metres) DD program and a 291 hole reverse circulation (“RC”) drill program (13,655
metres) over the Main and Northwest Zones to depths of up to 300 metres vertical.
In 1997, Sagax Geophysics was contracted to carry out a pole-dipole IP/resistivity survey over the Dar
Salam, Moralia and Ségala West areas and two lines were surveyed over the Main Zone. Oliver drilled a
further 18 DD holes on the Main and Northwest Zones. Rescan Engineering wrote a pre-feasibility
report on the Ségala deposit. This document was submitted to the Malian government who ultimately
issued an exploitation permit for the property. In 1998, Pearson Hoffman and Associates completed
a resource estimate for the Ségala Main and Northwest Zone for Nevsun using data from 72 DD holes
and 291 RC holes.
In 2002, Snowden Mining Industry Consultants (“Snowden”), on behalf of Nevsun, completed a resource
estimate for the Ségala deposit. Limited soil sampling was undertaken at Dar Salam and Moralia in
order to check on anomalous values defined by past operators and enable a consulting group to
level the Ségala soil results with those from other adjoining Nevsun properties. Induce d
Polarization (“IP”) /resistivity and magnetometer geophysical surveys were carried out over the Main
Zone for the first time. Detailed geological mapping from east of the Main Zone to the western property
boundary and regional scale mapping in the area of the Moralia Zone was completed. Infill drilling was
completed on the Ségala Main and Northwest Zones and six areas outside of the Main and
Northwest Zones were subjected to drilling programs in an effort to better understand previously
defined mineralization and to carry out preliminary drilling on other previously untested targets.
These included the following areas of the Ségala deposit: Far Northwest Zone, Moralia, Dar Salam, Dar
Salam East, Ségala East and Moralia South. A total of 11,311.5 metres of DD in 65 holes and 6,117
metres RC drilling in 67 holes was completed.
Tabakoto
Little appears to be known of any systematic exploration activity on the Tabakoto property between
the time of the initial discovery in the 1940s until the mid-1990s. Various geological consultants and
contract service firms performed exploration between 1993 and June 1997, when Nevsun assumed
management of exploration activities. In 1997, property-wide geological mapping, geophysical
surveys and soil sampling were carried out in order to have a complete database of background
exploration information. Core re-logging of all holes previously drilled was completed by a team of
geologists such that a common lithological base was utilized. Additional sampling was also carried out.
34

Nevsun conducted soil sampling, geological mapping, IP/resistivity surveys, constructed an exploration
camp and completed additional diamond drilling. Initial resource estimates were calculated for
the Tabakoto Project. In 1998, a preliminary feasibility study was completed by BLM Bharti
Engineering Inc.
Limited drilling continued on the Tabakoto property in 1999, work largely focused on studies required to
obtain a mining license. Snowden carried out a resource and mining review that suggested a high grade
open pit mining scenario followed by underground mining would be feasible. Golder Associates
also carried out geotechnical investigations with respect to establishing a ramp and a test pit site.
Twelve HQ DD holes were established for a total of 735 metres.
In 2000, the Malian Government awarded a mining (exploitation) license to Nevsun in respect of
the Tabakoto property. 22 oriented core DD holes for a total of 3,021 metres were completed. This
was the first phase of a program designed to complete in-fill drilling on 25-metre centers, both along
strike and up and down dip within the proposed open pit areas. All drilling was designed to intersect
mineralization at depths no greater than 100 metres vertical. 18 RC holes for a total of 1,438 metres
were completed. A re-interpretation of the deposit geology was completed by Snowden, and it
concluded that it had developed a better understanding of the mineralized structures and timing of
mineralization.
Drilling continued on the Tabakoto property in 2001 and 2002. 40 oriented core DD holes were
completed for a total of 5,601 metres and 71 RC holes where completed for a total of 6,341 metres in
2001. Three additional concessions (Koutila, Fougala and Dioulafoundou) contiguous with the
Tabakoto mining license area were also acquired and added to the Tabakoto mining license in 2001. In
2002, 17 DD holes for a total of 2,987 metres and 12 RC holes for a total of 1,131 metres were drilled.
Metallurgical Design and Management (Pty) of South Africa completed a detailed feasibility study of the
Tabakoto deposit. In 2003, two condemnation DD holes were drilled at the north end of the deposit in
the area of the proposed processing plant.
Mining activities started on the Tabakoto deposit in 2005 and the process plant was commissioned in
2006.
Avion acquired the property from Nevsun Resources in May 2008 for the sum $20,000,000 plus a 1% Net
Smelter Royalty, which was subsequently repurchased and extinguished.
The Corporation acquired Avion by way of plan of arrangement effective October 18, 2012.
Geology
The geology of West and Central Africa is dominated by Precambrian shields or cratons of Achaean and
Lower Proterozoic age, Pan-African mobile Zones of Upper Proterozoic age and intracratonic
sedimentary basins ranging from the Proterozoic to the Quaternary.
The Precambrian history of this part of Africa is commonly described as a process of progressive
accretion of a series of successively younger mobile or orogenic Zones or belts to the old crustal nuclei
of early Archaean age. Occasionally, subsequent orogenic belts developed inside existing cratons,
but more commonly they added to the size of older cratons by the addition of new crustal material
along their margins. Most of the cratonic nuclei in the area under discussion stabilized during the
35

Archaean after the accretion of Archaean mobile Zones subsequent to earlier orogenic events. The
North Gabon Archaean nucleus for example stabilized around 2.7 Ga. An exception is the West African
craton, which stabilized much later at about 1.99 Ga after the accretion of vast areas of Lower
Proterozoic (or Birimian) formations at the end of the Eburnean orogenic event. This fact has led to
much confusion as to the use of the word craton in regard to West Africa in recent years. Due to
extensive cover by intracratonic basins and deep crustal reactivation during the Pan-African orogenic
event, only segments of the original Archaean-Lower Proterozoic cratons are recognizable today in West
Africa. The principal remaining segments of the West African shield are the Man Craton in Guinea/Sierra
Leone, Reguibate in Mauritania, Kayes Inlier in Mali, and the Kedougou-Kéniéba Inlier in Sénégal and
Mali. The vast Man-Leo Shield terrains, which extend from Guinea in the west to Benin and Niger in
the east, make up the balance of the West African Shield.
The Kéniéba area, within which the Project falls, is located within a Proterozoic portion of the
West African Shield but outside of the Archaean aged Man Cratonic nucleus of that shield. The Man
Craton is considered to be a remnant of a much larger craton that included the present day
Guyana Craton of South America. This former craton was split by continental breakup in the Jurassic
and the two segments have since drifted apart.
The Archaean-Lower Proterozoic shields consist essentially of granitic-gneissic terrains and of isoclinally
folded volcano-sedimentary and sedimentary greenstone belts, which can be of either Archaean or
Lower Proterozoic age. Both ages of greenstone belts are host to significant precious metal, base
metal and bulk mineral deposits in Africa and world-wide. Archaean greenstone belts exist within the
Man Craton and host Banded Iron Formation (BIF) deposits, Archaean mafic cumulate deposits
and Mesozoic supergene nickel deposits and so are compositionally different from their later
equivalents. The Proterozoic greenstone belts of West Africa are also known as Birimian greenstone
belts, named after the Birim River Valley in Ghana, where both gold and diamonds occur. They
encompass a vast area of approximately 350,000 km ² covering parts of Niger, Burkina Faso, Benin, Togo,
Ghana, Ivory Coast, Mali, Guinea, Liberia and Sénégal. In general the Birimian rocks lie outside of the
cratonic Archaean areas and are sometimes thought of as mobile belts.
The Tabakoto Project area is underlain by a Lower Proterozic-age sequence of Birimian sediments which
varies from a proximal turbiditic sequence of greywacke and lesser graphitic argillite and siltstone in the
south, in the vicinity of Tabakoto, to a distal turbiditic sequence of graphitic argillite, siltstone
and greywacke in the north, near Ségala. Foliation varies from north-northeast (010° Azi) striking, steeply
east to locally west dipping (near fold hinges) in the south, to east-west (110°Azi) striking with steep
southerly dips in the north. Generally the strike of the units appears to rotate to a more east -west
direction, with steep dips to the south, in the area around the Yatia Granite pluton in the northern
regions of the Ségala permit.
A wide variety of small porphyritic felsic to intermediate (dioritic) intrusions and lamprophyres have
been observed in orpailleur workings throughout the properties and in the Tabakoto and Ségala
open pits. These intrusions are related to gold mineralization in that, for the most part, they are
permissive structural hosts.
All of the units have been intruded by a series of narrow, generally northeast-southwest oriented
diabase dykes which have been offset by a series of later northeast-trending (030° Azi) normal faults
which have been down thrown to the east. The intrusion of these dykes is likely to have taken
36

place during the Paleozoic. One such dyke interrupts the Ségala Deposit. Numerous kimberlitic
diatremes known to be younger than the Upper Proterozoic Souroukoto Series have been discovered
in the immediate area of the property.
Mineralization
Within the Tabakoto Project there are five principal deposits and many other secondary
deposits associated with them. The five principal deposits are Ségala, Tabakoto, Dioulafoundou, Dar
Salam and Djambaye II, for which there are resources estimated and reported on in the Tabakoto
Report.
The Tabakoto Project contains two (to three) different types of deposit model:
Shear Zone hosted (Ségala and Ségala NW);
Fracture and cross structure hosted (Dar Salam, Tabakoto and Dioulafoundou); and
Intrusive hosted (Djambaye II).
The Ségala, Tabakoto, Dar Salam and Dioulafoundou Deposits are described as structurally controlled
gold deposits, with quartz and quart-carbonate veins and minor sulphide concentrations
(pyrite, arsenopyrite). The deposits are related to shearing along the core of the anticline at Ségala, or
at the intersection between felsic to intermediate dykes and lamprophyre that intruded along the
axial trace region of a tight, vertical anticline and northeast-northwest and east-trending cross
structures. As well, mineralization extends away from the intersection point both along the trend of the
axial planes and the individual cross structures, Alteration, consisting of chlorite, carbonate, sericite,
albite, sulfides and silica, displays variable intensity but is not considered intense in comparison to other
similar deposits.
At the Dar Salam, Tabakoto and Dioulafoundou Deposits, a geological model for gold
mineralization proposed by Nielsen (2004) favours the emplacement of gold-bearing mineralization
along structures developed during north-northeast directed isoclinal folding. The salient features of this
model include:
Emplacement of intermediate to felsic dykes along the axial trace of north-south to northnortheast
trending isoclinal folds;
Intrusive activity was coincident with a moderate temperature metamorphic event
and hydrothermal fluid flow;
Pervasive silicification and sericite + quartz + Fe-carbonate alteration within and adjacent to
dykes and along intersecting north-east, north-west and easterly trending structures; and
Mineralization is preferentially hosted within silicified felsic to intermediate dykes and adjacent
sedimentary strata along the axial trace of the north-northeast trending Tabakoto anticline.
Here, Zones of silicification formed competent hosts susceptible to brittle fracturing and
increased hydrothermal fluid flow and subsequent gold deposition. In addition to north -
south trending corridors, higher grade gold mineralization is hosted within subsidiary but
intersecting north-east, north-west and easterly trending structures characterized by
increased veining, sulphide mineralization and locally, silicification (albitization) of the hosting
sedimentary units.
37

Gold mineralization correlates with an increase in:
Intrusive activity (density of dykes);
Density/frequency of structures intersecting the north-south dyke corridor;
Silicification and/or sericite + quartz + Fe-carbonate alteration;
Pyrite and arsenopyrite mineralization, as well as minor pyrrhotite and chalcopyrite;
and
Quartz and sulphide veining.
The Djambaye II Zone is a more classic intrusive hosted deposit, situated within a north-trending felsic
intrusion(s) (and proximal sediments) that lies in the axis of a northerly-trending fold hinge.
Mineralization is stockwork style in character, pyrite dominant, with subordinate arsenopyrite and often
associated with quartz veins. Higher grade Zones are inferred to occur near cross-structures.
Ségala
The Ségala Deposit includes the Ségala Main and Ségala NW deposits, and the Ségala SW and Ségala Far
NW Zones.
The Ségala Main Zone has been traced along a strike of 750 metres, has an average width of 40 m and
continuity of mineralization to a depth of at least 600 metres. The mined, and currently deemed
mineable portion of the Zone, extends for about 350 to 400 metres along strike and ranges up to 40
metres true thickness with an average true thickness of close to 15 metres. The Main Zone consists
of a central, wider core of alteration and mineralization bound to the north and south by several 0.5
to 5 metre wide bands of more intense alteration and mineralization.
Gold mineralization is associated with late, narrow, iron carbonate-quartz veins and stringers that
intrude the silicified and carbonatized sediment. The veins and stringers usually display somewhat
bleached selvages containing coarse to fine grained arsenopyrite crystals and finer disseminated to
patchy pyrite (pyrite is also seen to replace arsenopyrite). To a significantly lesser degree, gold is also
associated with fractured felsic and intermediate feldspar porphyry dykes.
The Ségala NW Zone has been tested along more than a 1,500 metre strike and detail drilled over a 500
metre strike length and to approximately 220 metres depth. This Zone is hosted by an east-southeast
trending, weakly to well foliated package of variably altered argillite, siltstone and greywacke. These
rocks are cut by several episodes of quartz veins, of which a set of northeast trending, steeply dipping
veins are known to contain abundant gold and were selectively mined by artisanal miners. The
strike of the Northwest Zone appears to be parallel to the Main Zone. North-east striking structures
play a significant role in emplacement of gold as is evident in the Tabakoto pit. Graphitic/carbonaceous
Zones are noted to carry some gold values. Mineralized feldspar porphyries were also intersected
in narrow sheeted structures. The alteration in the NW Zone is not as well developed in
comparison to the Main Zone, lacking a distinct alteration halo and having a more weathered profile.
Mineralized Zones at the NW Zone are more discrete and wide spread than in the Main Zone with
larger widths of lower grade gold mineralization being more common. Visible gold is contained in
some of the veins, especially a cm-scale northeast-trending set.
38

The Ségala SW Zone is associated with a magnetic low away from the main area of orpailleur workings.
Drilling intersected mineralization in quartz-carbonate veins within argillite and greywacke.
The encompassing host rock is only weakly altered, however arsenopyrite has been observed.
Another south-east trending Zone of gold mineralization lies several hundred metres north of the Ségala
NW Zone and has been dubbed the Ségala Far NW Zone. This package of mineralized rocks can be
traced for several kilometres along strike. Drill holes along this trend almost always intersect anomalous
amounts of gold mineralization.
Tabakoto
The Tabakoto Deposit occurs within and proximal to the core of a tight, upright anticline (or
anticline couple), whose axial surface dips steeply (70°-85°) eastward. A suite of metre to decametre
scale, felsic to intermediate feldspar (+/- quartz) porphyritic and non-porphyritic dykes cut the folded
sequence along the length of the core of the anticline. The main north-south direction of the
Tabakoto fold hinge is intersected by numerous northeast (060° Azi) and northwest (305° Azi) striking
structures. These cross-structures are directly related to the bulk of the modeled and interpreted gold
mineralization at the Tabakoto Deposit, which appears to be mainly associated with Zones of fracturing
and brecciation within and proximal to the axial Zone of the Tabakoto anticline.
Dar Salam
Four mineralized Zones comprise the Dar Salam Deposit; the South, North, NE Orpaillage and Moralia
Zones.
The Dar Salam South extends over a strike of 630 m north south, has variable widths of between two
and 25 m and continuity of mineralization to a depth of at least 300 m. Mineralization in this Zone is
similar to that seen at Tabakoto and is most likely an extension to the Tabakoto system.
The Dar Salam North Zone comprises several north-northeast trending, low grade gold Zones, up to a
combined width of 35 metres that extend along a strike for more than 500 metres and are open to
the north and to depth. Within this area there is a higher grade central core that has an average width
of five metres, dips steeply to the east and extends to a depth of at least 140 metres.
The Moralia Zone extends over a strike of 125 metres northeast, has an average width of two metres
and continuity of mineralization to a depth of at least 100 m dipping east.
The NE Orpailleur Zone extends over a northerly strike of 150 m, dips steeply east, has an average width
of five m and continuity of mineralization to a depth of at least 185 m. Recent artisanal mining
activity indicates that the Zone is open to the south.
Anomalous gold and arsenic in soils and active orpailleur mining coincide with the NE Orpailleur Zone.
Dioulafoundou
The Dioulafoundou Deposit lies approximately 2.3 kilometres south of the Tabakoto Pit, and consists
of two parallel, northwest-trending lenses of mineralization, the longest of which can be
traced for approximately 400 metres along strike. The mineralized Zones appear to plunge steeply to
39

the east, dip steeply to the north, and have been traced to 300 metres vertically, with a maximum
width of 18 metres and an average width of three to five metres. This Zone remains open down plunge.
This deposit lies near the junction of a package of north-south trending silicified felsic dykes, probably
the southern continuation of the Tabakoto Trend and a northwest trending fracture Zone.
Resource modeling for the Tabakoto Report only considered the northwest trending
mineralized Zones. Two large orpaillage Zones known as La Grande Mine and La Petite Mine lie on the
northwest-trending Zone.
Djambaye II
The Djambaye II Zone is hosted by a north-trending felsic intrusion(s) (and proximal sediments) that
lies in the axis of a northerly-trending fold hinge. Mineralization is stockwork style in character,
pyrite dominant with subordinate arsenopyrite, and often associated with quartz veins. Higher grade
sections are inferred to occur near cross-structures.
Avion’s drilling focused on a 700 metre section of the Djambaye II Zone where grades and widths
were expected to be stronger, and where two parallel Zones of gold mineralization were
previously identified. The northern end of the Djambaye II Zone is located approximately nine
kilometres southwest of the Tabakoto mine site. The mineralized structure/Zone dips at -70° to the east
and has been traced by drilling for approximately 4,400 metres and is still open to the north, south and
to depth.
Holes at the southern end of the trend intersected intensely silicified and sulphidized (fine
grained arsenopyrite and pyrite), rock returning only low gold values. This system is still open to the
north with priority target areas being those at and near the intersection of the Djambaye II trend and
mapped cross-structures.
A second parallel Zone of gold mineralization, Djambaye footwall (FW) Zone, lies approximately 15 to
20 metres to the west. This Zone has been intersected by 37 core and reverse circulation holes along a
540 metre strike length and to 240 metres depth. It appears to be open to depth and to the north.
Exploration
During the nine months ended September 31, 2012, Avion had completed 99 reverse circulation holes
and one core hole totaling approximately 12,179 metres with a focus on the Djambaye II zone in-fill
drilling.
The goal of the current drill program is to increase the amount of Measured and Indicated mineral
resources at Djambaye II, better define the Dar Salam South zone and to drill test other exploration
targets on the Tabakoto property.
Sampling, Analysis, Security and Data Verification
Resource sampling at the Tabakoto Project has been done using diamond core drilling or RC. See also
“Drilling” for a discussion of sampling. Endeavour’s procedure for handling drill core is consistent
with international standards.
40

The core is described and logged into a Microsoft Access database. Mineralized and suspected
mineralized intervals in the holes are described in detail and marked for sampling. The core
is photographed prior to cutting. The core is then cut in half with the right-hand portion of the core put
into plastic sample bags and sealed. Certified reference materials (aka standards) are inserted
approximately every 20th sample. In addition, split core from every 20th sample is also quartered
and sent in as a separate sample to form duplicate assays from these intervals.
Whenever visible gold is encountered in the core, a blank sample is inserted as the next sample in the
sample stream. To date, this sampling procedure has been initiated and periodically reviewed by
Endeavour’s Senior Vice President of Exploration, Don Dudek, a qualified person for purposes of NI 43-
101. These samples were then delivered to a representative of ALS Chemex based in Bamako, Mali or
to SGS XRAL based in Kayes, Mali. The assay samples are then finecrushed to better than 70% passing
a -2mm screen, with an assay pulp split of up to 250 grams pulverized to better than 85% passing a 75
micron screen. Gold values were determined by Fire Assay and AAS with a 50 gram nominal sample
weight. In order to ensure that local, exceptionally high grade assays are not overly represented in
assay composites, Endeavour has been presenting assay composites with high grade samples capped
at 27.5 g/t to 30 g/t Au and without grade capping. If there is enough information capping is determined
by statistical analysis. In the absence of sufficient information, Endeavour carries out capping at 30 g/t.
Endeavour does not hold any interest in the ALS Chemex or SGS Mali laboratories, and as such, both
ALS and SGS act completely independently of the Corporation.
Endeavour’s quality assurance-quality control protocol includes the use of certified standards and
duplicate samples as follows:
1. Insertion of a certified standard control sample for every 20 drill hole samples.
2. Every twentieth core sample was quartered and saved as a duplicate to check the consistency
of the assay results. These were sent to the lab once 20 to 30 samples had been collected.
Endeavour has used a variety of certified standards from Ore Research & Exploration and
Geostat. The standards have a range of low and high grade gold samples with known gold values and
statistical limits. The maximum and minimum limits are set to +/- 2 standard deviations from the
mean value of the controls sample as published by Ore Research & Exploration and Geostat.
Assay results for assay standard samples are closely monitored. If a standard returned values outside
an acceptable range then the entire sample batch, generally consisting of 20 samples were re-analyzed.
If the new batch returned acceptable assay standard values then the assay results for this batch were
used as the accepted assay values.
41

Mineral Resource and Reserve Estimates
Mineral Resource Estimate
The Mineral Resource estimate for the Tabakoto Project is current as of December 31, 2012:
Table 1. Mineral Resources as of Dec. 31, 2012
ZONE CATEGORY TONNES
GRADE g/t
Au
OUNCES GOLD TYPE
Tabakoto NE Measured 169,000 7.04 38,200 UG
Zones Indicated 463,000 6.27 93,300 UG
Inferred 222,000 5.91 42,100 UG
Total NE Zones 854,000 6.32 173,600
Tabakoto NW Measured 21,000 4.55 3,100 OP
Zones Indicated 15,000 5.03 2,400 OP
Inferred 14,000 4.79 2,200 OP
Measured 267,000 5.67 48,700 UG
Indicated 319,000 6.45 66,100 UG
Inferred 521,000 6.22 104,100 UG
Total NW Zones 1,157,000 6.09 226,600
Tabakoto South Measured 228,000 5.94 43,500 UG
/Dabo Zones Indicated 283,000 6.27 57,000 UG
Inferred 140,000 5.86 26,400 UG
Total South Zones 651,000 6.06 126,900
Djambaye II Indicated 829,000 3.56 95,000 OP
Inferred 648,000 2.67 55,700 OP
Indicated 147,000 4.94 23,400 UG
Inferred 1,143,000 4.77 175,300 UG
Total Djambaye II 2,767,000 3.93 349,400
Ségala Main Measured 79,000 4.69 11,900 UG
Indicated 2,723,000 5.62 492,000 UG
Inferred 1,443,000 4.56 211,600 UG
Segala Zones 4,245,000 5.24 715,500
Segala West Indicated 91,000 2.49 7,300 OP
Inferred 130,000 3.73 15,600 OP
Indicated 67,000 3.21 6,900 UG
Inferred 464,000 3.26 48,600 UG
Total Segala West 752,000 3.24 78,400
Ségala NW Indicated 284,000 2.36 21,500 OP
Inferred 209,000 1.99 13,400 OP
Indicated 115,000 3.68 13,600 UG
Inferred 754,000 3.51 85,000 UG
Total Segala NW 1,362,000 3.05 133,500
Dioulafoundou Indicated 155,000 5.26 26,300 UG
Inferred 514,000 6.08 100,500 UG
Total Dioulafoundou 669,000 5.90 126,800
Dar Salam Indicated 266,000 2.57 22,000 OP
Inferred 445,000 2.53 36,200 OP
Indicated 45,000 3.37 4,800 UG
Inferred 418,000 3.64 48,900 UG
Total Dar Salam 1,174,000 2.96 111,900
42

Total Tabakoto Resources Dec. 31, 2012
Underground Measured 743,000 5.96 142,300
Indicated 4,317,000 5.64 783,400
Inferred 5,619,000 4.66 842,500
Total Underground 10,679,000 5.15 1,768,200
Open Pit Measured 21,000 4.59 3,100
Indicated 1,485,000 3.10 148,200
Inferred 1,446,000 2.65 123,100
Total Open Pit 2,952,000 2.89 274,400
Total Tabakoto Resources 13,631,000 4.66 2,042,600
Notes:
1. The Inferred Resources are in addition to the Measured and Indicated Resources.
2. The Mineral Resources have been classified in accordance with requirements of NI 43- 101 and the CIM standards. Resource
estimates were based on a gold price of USD$1,350 per ounce and a 93% recovery.
3. Mineral Resource Estimation Summary Report, prepared as of Dec 31 st 2012, by Kevin Harris, Internal Resources
Estimate, under supervision of Richard Allan P.Eng., qualified person, not independent from End eavour.
4. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
5. “UG” stands for underground and “OP” stands for open pit.
Mineral Reserves Estimate
The Mineral Reserves estimate for the Tabakoto Project demonstrates several sources of open pit and
underground Mineral Reserves that are projected to provide flexibility for Endeavour’s mining
plans. The Corporation is currently transitioning from an open pit mining operation to a primary
underground mining operation with open pit mining providing contingency mill feed. The Mineral
Reserve estimate as of December 31, 2012 is as follows:
Table 2. Mineral Reserves as of Dec. 31, 2012
ZONE CATEGORY TONNES
43
GRADE g/t
Au
OUNCES TYPE
Tabakoto NE Proven 124,000 5.29 21,100 UG
Zones Probable 468,000 4.67 70,200 UG
Total NE Zones 592,000 4.80 91,300
Tabakoto NW Proven 178,000 3.91 22,400 UG
Zones Probable 160,000 4.47 23,000 UG
Total NW Zones 338,000 4.18 45,400
Tabakoto South Zones Proven 185,000 3.95 23,400 UG
Probable 167,000 5.60 30,100 UG
Total Tabakoto South 352,000 4.73 53,500
Djambaye II Proven 0 0.00 0 OP
Probable 946,000 2.92 88,800 OP
Total Djambaye II 946,000 2.92 88,800
Segala Main Proven 80,000 3.85 9,900 UG
Probable 2,674,000 4.63 397,700 UG
Segala Zones 2,754,000 4.60 407,600
Dar Salam Proven 0 0 OP
Probable 104,000 2.80 9,400 OP
Total Dar Salam 104,000 2.80 9,400

Total Tabakoto Reserves Dec. 31, 2012
Underground Proven 567,000 4.21 76,800
Probable 3,469,000 4.67 521,000
Total Underground 4,036,000 4.61 597,800 UG
Open Pit Proven 0 0.00 0
Probable 1,050,000 2.91 98,200
Total Open Pit 1,050,000 2.91 98,200 OP
Total Tabakoto In-situ Reserves 5,086,000 4.26 696,000
STOCKPILES
ROMPAD Proven 143,000 3.37 15,500 SP
Total Stockpiles Subtotal 143,000 3.37 15,500 SP
GRAND TOTAL Proven 710,000 4.04 92,300
Probable 4,519,000 4.26 619,200
Total 5,229,000 4.23 711,500
Notes:
1. The Mineral Reserves have been classified in accordance with the requirements of NI 43-101 based on a gold price of US$1,350 per ounce
and a 93% process plant recovery rate.
2. Internal Underground Reserves estimate, Tabakoto and Segala Underground Reserves as of December 31 st , 2012 prepared by Exupery
Lyimo, under supervision of Richard Allan P.Eng., qualified person, not independent from Endeavour.
3. Internal Open Pit and Stockpiles Reserve estimate, Djambaye and Darsalam Open Pit reserves December 31 st , 2012, prepared by Patrick
Mkonyi, under supervision of Richard Allan P.Eng., qualified person, not independent of Endeavour.
4. The Mineral Reserves were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral
Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM
Council.
5. “UG” indicates Underground, “OP” indicates Open Pit and “SP” indicates Stockpile.
Mining Operations
The Tabakoto Gold Mine transitioned from an open pit mining operation to a mix of underground and
open pit sources in 2012. The method of mining is dependent on location. There are three deposits
currently being mined:
The Ségala Deposit which consists of the Ségala Main and the Ségala NW zones. Both of these
zones have been mined by open pit methods during 2009 through 2012. The Segala Main is
currently being developed as an underground mine, with the first ore to be produced late in
2013. The Segala NW reserve was depleted in early 2012 however there are investigations
ongoing to upgrade remaining and additional resources.
The Tabakoto Deposit was previously mined using open pit mining methods. Since 2011,
underground mining methods have been used to exploit the NE and NW trending zones, as well
as the South/Dabo mineralized zone
The Dioulafoundou Deposit was mined until November 2012 and the Djambaye II Deposit
continues as the sole open pit mining operation.
Stockpiles created during past open pit mining will be reclaimed and fed to the Tabakoto process plant
at the end of mine life.
44

Metallurgical Process
(i) Existing Ore Processing Facilities
The Tabakoto Gold Mine contains a process plant that produces gold bullion. The plant has a capacity to
treat approximately 750,000 tonnes per year of ore.
The existing crushing and grinding circuit consists of a jaw crusher, secondary and tertiary cone crushers,
and a ball mill operating in closed circuit with hydro-cyclones. The underflow is directed to a gravity
circuit to recover liberated gold and the remaining material is returned to the ball mill. The
overflow is first thickened and then fed to a leach tank and six carbon-in-leach (“CIL”) tanks.
After a 48 hour retention time in the leach/CIL circuit, the dissolved gold that is adsorbed onto activated
carbon is removed from the first CIL tank on the loaded carbon screen. The resulting CIL tails are then
pumped to a 36 hectare tailings containment facility.
Treatment of the loaded carbon consists of an acid wash and column elution to re move gold
and reactivation of the carbon using a regeneration kiln. The column elusion uses a pressure Zadra
procedure whereby gold is electrowon onto stainless steel wool. Gold is removed from the
electrowinning cathodes using a high pressure water gun before sludge filtration, calcining and smelting.
The gravity circuit consists of two Falcon concentrators and a Gemini table with a small Falcon
concentrator. Concentrates are calcined and smelted to recover the gold.
(ii) Expansion of Ore Processing Facility
In August 2010, the Company awarded an Engineering, Procurement, Construction Management
contract to GENIVAR Limited Partnership of Montreal to increase the process plant throughput from
2,000 tonnes per day to 4,000 tonnes per day. This project is anticipated to be completed in Q2
2013. A new semi-autogenous grinding (“SAG”) mill was ordered in December, 2010, and is installed at
the mine site. Activities during early 2011 focused on detailed engineering analysis and
ordering of equipment. Most of the construction was to have taken place in the second half of 2011
and first half of 2012, with commissioning planned in 2012. The military coup in Mali (March 2012)
caused a considerable delay in construction. Construction resumed in November 2012 and is
progressing toward “hot” commissioning in March 2013 and full production in June 2013.
Plant expansion involves installing a new 5,000kW SAG mill in closed circuit with the existing ball mill. A
unique feature of this expansion is the ability to return to the pre-expansion circuit during periods of
SAG mill maintenance ensuring production at a reduced rate. Expansion plans include
improvements in capacity for CIL, refining, elution, thickening, gravity circuit, tailings impoundment,
fresh water delivery and pumping capacities throughout the plant. The gravity circuit is to be modified
to include an Intense Leach Reactor (“ILR”) and dedicated electro-winning cells to process the increased
volume of gravity recoverable gold. ILR is a high intensity cyanidation process which runs in a batch
mode.
(iii) Gold Recovery
Metallurgical test work and trial plant processing campaigns completed on Tabakoto underground ore in
45

2010 indicated a recovery of 92% for this ore type. This is mainly due to fine grained gold inclusions that
are not amenable to the cyanidation process. Recoveries from Ségala, Ségala NW, Dioulafoundou and
Tabakoto South (open pit only) ore averaged 96.5% in 2010.
(iv) Historical and Projected Production
Overall annual recoveries have been projected based on the blend of Tabakoto underground and
other ores.
Historical plant throughput and performance together with performance after the completion of
the expansion in 2012, is tabled below:
HISTORICAL AND PROJECTED ORE PROCESSING PLANT PERFORMANCE (1)
Y e a r 2009 2010 2011 2012 2013
46
2014
o n w a r d s
Tonnes milled (000’s) 562 706 839 801 1,237 1,460
Head grade (g/t Au) 2.95 4.02 3.59 4.70 3.89 4.00
Overall Recovery 95.5% 96.5% 94.6% 92.7 % 93% 93%
Gravity Recovery 64.5% 69.7% 65.7% 56.6 % 60% 60 %
Recovered Ounces 51,290 87,630 91,200 110,000 135,000 to 150,000 170,000 to 180,000
Note:
(1) Years 2013 onwards are projections.
Markets, Contracts for Sale of Products
With respect to Tabakoto, the Corporation has no hedging contracts in place and is fully exposed
to the spot gold price, except for call options sold by Semico in February 2012, pursuant to which an
aggregate of 36,396 ounces of gold produced from the Tabakoto Gold Mine were sold to be settled
quarterly in cash at strike prices between $700 and $900 per ounce until June 2015. Doré bars poured at
the mine site are collected by a security company at the gold refinery located within the process plant,
and transported to South Africa, for delivery to an internationally-known refinery firm (Rand
Refinery). The doré is then melted and refined to pure gold and silver. Typically, the doré bars
contain 80% - 88% gold and 10% - 15% silver. The refinery charges Endeavour $0.35/oz of the total gross
weight of the doré, and gives a return rate of 99.9% of the analytical fine gold content and 99.0% of the
analytical fine silver content. There are penalties for deleterious elements, but the Corporation has
never exceeded the amounts for penalties to apply. Endeavour has established a third party lab to check
and referee the refining results, and has the right to appoint an umpire if it believes the refinery results
are out of tolerance.
Environmental Conditions
The Corporation is maintaining a closed system at the process plant and tailings dam to avoid
discharging water to the environment. A cyanide detoxification facility is in place for emergency use
during the wet season.
Avion experienced minor environmental incidents, such as small and contained oil or chemical spills
onto the ground, and immediate actions were taken to clean these. Since acquiring Avion, the
Corporation has not experienced any notable environmental incidents.

It should be noted that the following environmental aspects are being continually improved:
Risk of surface water contamination in case of emergency discharge;
Air pollution, noise and blast vibration;
Land occupation and farming within the mining licenses;
Environmental permitting process; and
New Malian environmental laws under review for future implementation.
In order to ensure that adequate funds will be available to complete mine closure in a responsible and
environmentally acceptable manner, a mine closure cost estimate has been prepared, and rehabilitation
costs have been budgeted each year. The estimate serves as a basis for calculating the necessary
provisions to be allocated to a closure fund during the operational phase of the mine, to ensure
adequate funds are available for closure activities after mining operations cease. The current
rehabilitation progress involves the following:
Ongoing nursery tree production; of which, currently the Corporation has 3,400 trees of 52
species;
Tabakoto main waste rock dump and the noise bund were grassed;
Trees have been planted on the main waste rock dump;
Trees planted in community areas; and
Trees donated to the local villages and administration.
Exploration and Development
The 2012 exploration program, with an expenditure of $4.4 million, was designed to enhance existing
deposit resources and identify new discovery opportunities. The program included 12,427 meters of RC
drilling, 102 meters of core drilling, geochemical sampling, ground magnetic surveys and geological
mapping. The RC drilling included near deposit (Djambaye) and new reconnaissance targets.
First production from the Tabakoto underground mine occurred in February 2012. During 2012,
production totaled 427,900 tonnes at 5.45 gram/tonne and a total of 7,656 meters of ore and waste
development were completed. Now in steady operation the Tabakoto underground is expected to
produce 528,000 tonnes at 4.60 gram/tonne during 2013. Extensive resource development and
conversion are expected as two electric and two air-powered diamond drills will be active throughout
the year.
The Segala underground mine is being developed concurrent with a diamond drilling program to
increase the confidence in the resource. An underground diamond drill program began in March 2013
and will continue throughout the year. A small amount of development ore is expected in Q4.
Production from the Djambaye II open pit began early in 2012. The tonnes and grades have been
consistent with the orebody model. Production in 2012 was 190,000 tonnes at 2.84 gram/tonne.
Production from the Dioulafoundou pit ceased in November 2012; however, there will be a further
exploration program to test the extent of the ore that continued into the pit floor.
47

The mill expansion is currently in the commissioning phase and is expected to ramp up to 4,000 t/d
during Q2.
Community Relations and Social Responsibility
Endeavour continues to enjoy a good standing in the local communities of Keniaba, Tabakoto and
Sitakily.
Agricultural support saw the continued improvement in production of rice, potatoes, cabbage tomatoes
and onions by local co-ops. A total of 10 new water wells were developed in local villages.
Construction activity included a municipal center and police station completed for the Sitakily region.
Schools were constructed in the villages of Bambou and Mouralia. Tabakoto was provided with a new
steel water tower for water distribution throughout the town.
The Corporation joined with other mines and private funds to contribute to the END Fund, to combat
the seven most common Neglected Tropical Diseases (NDT’s), the funding will provide treatment and
prevention drugs to millions of Malians affected by NDT’s.
The most significant project undertaken was the construction of the new Djambaye village and the
subsequent relocation of 275 people. The relocation allowed for the development of the Djambaye II
open pit. The project included a number of technical and social economic studies. Design and
construction supervision was with the full cooperation of the Keniaba Urbanization Department. The
project was completed successfully in only four months. Local contractors were used and all unskilled
labor came from the village itself. Including the 60 houses, the project also provided a school, mosque,
youth clubhouse, football field, three water wells and a market.
Agbaou Gold Project, Côte d’Ivoire, West Africa
The following technical disclosure relating to the Agbaou Gold Project is a reproduction of the summary
from the “Agbaou Gold Mine, Côte d’Ivoire, NI 43-101 Technical Report” dated effective May 25, 2012
(“Agbaou Report”) prepared by SRK Consulting South Africa (Pty) Ltd., SENET, Knight Piésold (Pty) Ltd.
Readers should consult the Agbaou Report to obtain further particulars regarding the Agbaou Gold
Project. The Agbaou Report is incorporated by reference in its entirety herein and is available for review
electronically on SEDAR at www.sedar.com under the Corporation’s profile.
1.0 SUMMARY
1.1 INTRODUCTION
Endeavour Mining (ENDEAVOUR) commissioned the following entities to review the following
aspects and optimize the previous feasibility study conducted in September 2009:
SRK Consulting (South Africa) – Mineral Resource, Mineral Reserve and Mining;
SENET (South Africa) – Process Plant, Infrastructure, Economic Evaluation, and overall
study management;
Knight Piésold (South Africa) – Tailings Management Facility and Water Storage Dam;
48

Metallurgical Testwork Consultants – Mintek (South Africa), Maelgwyn Mineral Services
(South Africa), Paterson & Cooke (South Africa), Knelson Africa (South Africa);
Orway Mineral Consultants (Australia) – Comminution Circuit Design.
The purpose of this study is to demonstrate the viability of the Agbaou Project through:
Updated mineral resources and reserves;
Economic evaluation taking into account improved resources/reserves and updated
capital and operating costs.
This technical report is a complete summary of the full study as prepared by SRK Consulting,
SENET, Knight Piésold Consulting (2012).
The Agbaou Gold Project is located in Côte d’Ivoire, West Africa on a property 200km northwest
of Abidjan. The concession is reached by tarred and secondary gravel roads and within 10km
from the national electrical power grid. The small town of Agbahou is located 12km north-east
of the regional town of Didoko.
1.2 TENURE, UNDERLYING AGREEMENTS, PERMITS AND RIGHTS
The mineral right to the project, in the form of a renewable exploration permit, is registered in
the name of Etruscan Resources Côte d’Ivoire SARL, a fully owned subsidiary of ENDEAVOUR.
The current exploration permit expired on 22nd March 2007, but in terms of a legal opinion
(19th August 2011) the permit remains valid since renewal applications have been submitted
and recognized on 22nd March 2007 and 6th October 2009 and with a Modified Map submitted
in October 2009. A ministerial approval to commence with the development of the mine was
given on 16th August 2010.
1.3 PROJECT HISTORY
Alluvial gold has been known for some time in this area. Gold mineralisation in bedrock was first
reported in the Agbaou area during the late 1980’s, while the ground was held by a jointventure
between BHP Minerals and SODEMI. The joint-venture conducted exploration between
1988 and 1994.
Between 1996 and 2000 the property was held by Goldivoire S.A.R.L., controlled by Jandera
Resources NL (88.4%), a wholly owned subsidiary of Diversified Mineral Resources NL which was
taken over by Hargraves Resources NL in mid-1999. Hargraves Resources were in turn taken
over by Durban Roodepoort Deeps of South Africa in December 1999. Goldivoire undertook
exploration during the period 1996 to 2000. The government of Côte d’Ivoire withdrew the
Agbaou permit and on 27th November 2003, the Ministry of Mines and Energy for Côte d’Ivoire
subsequently granted the Agbaou exploration permit to Etruscan Resources Côte d’Ivoire
(Etruscan) as (Decree Number 2003-464).
After obtaining the project in 2003, Etruscan drilled an additional 179 boreholes and conducted
various studies. The combination of this information with the historic information formed the
basis for a Feasibility Study in 2009. Following this, Etruscan continued with a sterilization and
49

infill drilling programme from 2010 to 2011 by drilling an additional 85 holes (7063 m), which
required the redefinition of the Mineral Resources.
1.4 GEOLOGY AND MINERALIZATION
The shear-zone hosted gold mineralization at the Agbaou deposit is within a sheared volcanosedimentary
succession that was subjected to lower green-schist facies metamorphism, forming
the Birimian age Oumé Fetekro Greenstone Belt, surrounded by granodioritic intrusions.
Gold occurs in a mesothermal auriferous sulphide (pyrite + pyrrhotite) assemblage associated
with quartz veins. The quartz veins are characterized by a wide range of quartz-vein types,
brecciation, boudinage, sericitic and carbonate alteration.
The mineralised quartz veins have a very distinctive texture that has been described as
“mottled”. These veins are easily identifiable in the diamond drilling core intersections from the
fresh rock.
1.5 EXPLORATION, DRILLING AND SAMPLING
Etruscan’s evaluation of the Agbaou project area began in 2003 with the acquisition of the
Agbaou permit. Exploration has been carried out under the supervision of technically qualified
personnel applying standard industry approaches. Geochemical data quality has routinely been
assessed as part of on-going exploration procedures. All data acquired meets or exceeds
industry standards. All exploration work has been carried out by, or supervised by technical
personnel of the operator. Consultants and contractors have been engaged by Etruscan for
various activities including; sample collection, drilling and assaying.
Etruscan conducted detailed and regional soil geochemical surveys which identified the gold
mineralization at areas known as Agbaou, Agbaou South, Mbazo, Zehiri and Niafouta.
A total of 876 pits and 4 trenches were dug to explore the laterite resource but these results
were not used in the resource estimation.
A total of 514 holes (diamond and reverse circulation) were drilled at the Agbaou Project,
totalling 58,444m.
Only limited sample preparation was done on site and this pertains mainly to the splitting by
diamond saw of the core samples and the splitting of the percussion drilling chips with two way
riffle splitters. All crushing and milling was completed by independent commercial laboratories
and following standard industry practice. The samples of the last campaign were submitted to
the Bureau Veritas Mineral Laboratory Côte d’Ivoire (BV Laboratory), in Abidjan for gold
analyses using the fire assay method with an atomic absorption finish. An auditable chain of
custody was established for the sample handling, data reporting and database capturing.
50

1.6 DATA VERIFICATION
The reliability of the gold assay results was based on a well designed and implemented quality
assurance and quality control protocol that entail the analysis of blind blanks, duplicates and
certified reference materials. In addition, samples were also submitted to umpire laboratories.
The apparent coarse nature of the gold results in a high variability in the field duplicate set. The
laboratory returned very good results for the certified reference materials. Similarly blank
material returned acceptable results and SRK accepts the BV Laboratory results.
The variation in results of the duplicate pulp samples submitted to the SGS laboratory in Ghana
and to the accredited SGS Laboratory in Canada indicates poor but acceptable replication at the
Umpire Laboratories.
SRK believes that the current quality systems in place at Agbaou to monitor the precision and
accuracy of the sampling and assaying, is adequate and that the laboratory returned acceptable
results for use in resource estimation.
1.7 MINERAL PROCESSING AND METALLURGICAL TESTING
Background
In 2009, comminution and recovery metallurgical testwork was performed by Mintek in South
Africa on ore samples from the Agbaou deposits. The results were used in the initial feasibility
study to develop the process flowsheet.
In 2011 SENET reviewed the results from the initial feasibility study and with ENDEAVOUR
proposed a metallurgical test program whose results would support the process flowsheet
selection required for an Engineering Optimization Study (EOS).
Review of the Initial Feasibility Metallurgical Testwork
The table below includes a summary of the initial feasibility metallurgical results generated by
Mintek in 2009.
Table 1.1: Summary of Initial Feasibility Metallurgical Testwork
HEAD ASSAY RESULTS
Units
51
Saprolite Bedrock
South North South North
Ore grade g/t 1.88 1.69 1.09 3.67
Moisture content % 5 5 5 5
Specific gravity t/m3 1.69 1.69 2.79 2.83
Bulk density t/m3 1.01 1.01 1.67 1.7
COMMINUTION RESULTS
UCS-Average Mpa - - 102.9 100.5
BBWi(106µm)-Max kWh/t - - 12.54 15.22

Units
52
Saprolite Bedrock
South North South North
BRWi-Max kWh/t - - 16.48 19.22
Ai-Max kWh/t - - 0.1729 0.1851
JK
A × B - - 23.3 22.9
Ta - - 0.40 0.46
RECOVERY RESULTS
Gravity recoverable gold % 23.2 20 22.7 31.4
CIL dissolution (no oxygen) % 90 83.8 90.8 90.6
CIL dissolution (with oxygen) % 92.2 93.1 - -
Overall gold recovery % 94.01 94.48 92.89 93.55
Cyanide consumptions
No oxygen kg/t 0.22 0.18 0.23 0.26
With oxygen kg/t 0.24 0.18 - -
Lime consumptions
No oxygen kg/t 3.01 2.97 0.52 0.53
With oxygen kg/t 2.99 2.97 - -
Comminution Circuit Review
In 2011, OMC was requested to review the comminution results produced by Mintek during the
initial feasibility study and make recommendations for a suitable comminution circuit to treat
the Agbaou ore.
From OMC analysis, ENDEAVOUR selected a SAG milling, ball milling and pebble crushing (SABC)
circuit for treating the Agbaou ore based on the following:
Power is relatively inexpensive in Côte d’Ivoire;
The SABC circuit has a simple mode of operation, with advantages on operability and
maintenance.
Aim of EOS Metallurgical Testwork
Following a review of the initial feasibility metallurgical test results, it was found that there were
limitations to this testwork therefore SENET and ENDEAVOUR proposed a test program for the
EOS. The aims of this testwork program were to:
Look at areas where the plant design can be improved;
Conduct testwork to address the shortfalls of the initial feasibility study;
Complete testwork required to satisfy a final feasibility study.
Saprolite and bedrock samples from the north and south deposit were received for the EOS
metallurgical testwork.

EOS Testwork Results
Head Assays and Specific Gravity (SG)
Full elemental analysis and SG determination was conducted on the saprolite and bedrock
composites. The table below shows a summary of the head assays and SG.
Table 1.2: Summary of Head Assays and SG
HEAD ASSAYS
Testwork Units Saprolite Bedrock
Au-composite g/t 2.36 2.99
Au-variability g/t 2.61 2.08
SG-composite 2.79 2.85
SG-variability 2.80 2.89
Gravity Recoverable Gold
GRG tests were conducted and plant GRG recoveries were predicted as shown in the table
below.
Table 1.3: Summary of Gravity Recoveries
GRAVITY RECOVERY
Testwork Units Saprolite Bedrock
GRG (lab) % 44.1 31.1
Mass pull % 0.73 0.85
Conc. grade g/t Au 127.1 90.7
GRG (plant predicted) % 30 20
High Shear Reactor (HSR) and Oxygenation Testwork
HSR testwork was conducted to evaluate whether a High Shear Reactor could be used to lower
residence time, improve gold recovery and reduce reagent consumptions.
The results indicated that the HSR does lower cyanide consumptions and improve leach kinetics
but does not improve overall gold extraction. When air and oxygen sparging was investigated to
access the effect on gold recovery in was found that oxygen sparging produced the best gold
extraction. Oxygen sparging was therefore selected as part of the plant design.
Composite Leach Kinetic Results by Percentage Solids (w/w)
Saprolite and bedrock leach kinetic tests were performed at time intervals between 2hrs and
48hrs at varying percentage solids (w/w) to assess the leach kinetics of saprolite and bedrock
ores types.
53

The testwork indicated the following optimum leach conditions for saprolite and bedrock:
Saprolite: 24hrs leach time at 40% solids;
Bedrock: 32hrs leach time at 42% solids. (42% was selected for design purposes as it is
easily achievable with densifying cyclones)
Preg-Robbing Rate and Preg-Robbing Variability Tests
Preg-robbing rate test were performed on the composite saprolite and composite bedrock
samples. The results indicated that the preg-robbers are most active in the initial stages of leach.
28.12% and 15.92% gold was lost to preg-robbers in the first 2hrs of leach for the saprolite and
bedrock ore respectively.
Since the pre-robbing test on the composite sample showed that both ore types have high pregrobbing
characteristic, variability preg-robbing tests were conducted to see if the preg-robbing
issue occurred throughout the ore body. All the variability samples tested showed the presence
of preg-robbers.
Variability Leach Results on Middlings and Tails
Variability leach tests were performed at optimum conditions to determine the dissolutions and
reagent consumptions. This was then compared to the optimum results to determine the ores
variability and it was observed that the ore was not highly variable.
Optimum Leach Parameters
Selected leach parameters were varied to obtain optimum conditions for the design of the leach
circuit, including the following:
Effect of cyanide addition.
Effect of oxygen and air sparging.
Effect of percentage solids.
The table below is a summary of the optimum leach parameters selected.
Table 1.4: Optimum Leach Parameters
Optimum Leach Conditions
Saprolite Bedrock
Cyanide Addition 0.7kg/t 0.7kg/t
Residence Time 24hrs with oxygen sparging 32hrs with oxygen sparging
pH 10.50 10.50
Solids ( m/m) 40% 42%
Gravity Recovery (Lab) 44.1% 31.1%
Au Dissolution (CIL) (Midds and Tails) 97.14% 92.86
Overall Lab Au Recovery - Gravity & CIL 98.40% 95.08%
54

Thickening, Rheology and Viscosity Testwork
Thickening testwork conducted on the saprolite and bedrock ore indicated that both post leach
slurries can be effectively thickened.
During the initial feasibility study it was observed on Saprolite ore that viscosity issues may be
encountered. In order to possibly increase cyclone overflow densities to higher values, viscosity
modifier testwork were conducted during this phase. The results showed that viscosity
modifiers did reduce the viscosity of the saprolite slurry.
Recommendations for Design Values
Design values were selected from the testwork results for the treatment of the Agbaou ore and
are summarized below.
Table 1.5: Selected Design Values
Units Saprolite Bedrock
Grind 80%-75µm 80%-75µm
Selected Milling Circuit SABC SABC
Solids SG 2.79 2.82
Final Residue (Gravity-CIL) g/t Au 0.10 0.16
Cyanide Consumption kg/t 0.33 0.18
Lime Consumption kg/t 3.23 1.50
Leach Time Hrs. 24 32
Oxygen Sparge During
yes yes
Leach CIL Percent Solids % m/m 40 42
Thickening Flux Rate t/(m2.h) 0.2 0.3
1.8 MINERAL RESOURCE ESTIMATES
SRK generated a new resource estimate as an update of the previous estimate by Coffey Mining,
completed in 2008, including additional drilling data acquired since then and revised
interpretations. SRK compiled a new database from the source information supplied by
ENDEAVOUR, and generated a new drill hole database independent from that used by Coffey.
SRK used the Coffey wireframes as a guide to the original interpretation of the mineralized
zones. The SRK interpretation, however, honors all the additional drilling information, aimed to
select a higher grade zone within the drill holes (i.e. is less tolerant of internal dilution), and in
places revised the interpretation of the position and continuity of certain zones based on new
information and matching of the gold tenor in the intersections.
SRK conducted a composite optimisation to select the 2m composite length used for all data.
From the 2m composites SRK modelled semi-variograms for six of the total of fourteen zones,
where there was sufficient data to obtain a reasonably structured semi-variogram. The zones
with insufficient data to generate robust semi-variograms borrowed semi-variograms from
zones with similar grade characteristics. SRK completed a Quantitative Kriging Neighbourhood
analysis to select the optimal search and estimation parameters for each zone.
55

An initial Ordinary Kriged estimate was done, and followed by recoverable resource estimation
using two techniques. SRK were requested to use Uniform Conditioning (“UC”) and Multiple
Indicator Kriging (“MIK”) estimates to model the recoverable resources above a range of cut-off
values. The UC estimate was completed using a global change of support based on the Discrete
Gaussian Model and using the Information Effect. Only zones with sufficient data and their own
semi-variograms were subject to the UC.
For the same zones, SRK conducted a MIK estimate, defining semi-variograms for a range of
indicator cut-off’s, and then Kriging the indicators using the same search parameters as used in
the original Ordinary Kriged estimate. The Kriging of the indicators generated conditional
probabilities for a restricted set of specified cut-offs. In order to transform the probability
estimates into grade and tonnage proportions, the local conditional cumulative density function
(ccfd) is rebuilt for each block, using the Indirect Correction through Permanence of Lognormal
Distribution approach. To be consistent with the previous Coffey MIK estimate no Information
Effect was applied in the support correction, however the same Selective Mining Unit (SMU) size
was used in both the MIK and UC estimates (2.5m cubes).
The Ordinary Kriged, UC and MIK models were compared against each other, and also validated
against the source data at zero cut-off. The OK and UC estimates showed good agreement both
globally and locally when compared to the source data. The MIK results showed very slightly
elevated grades at zero cut-off for some zones, but showed good agreement when compared to
the Ordinary Kriged and UC estimates at zero cut-off.
The mineral resources have been classified considering the quality of data, including drilling,
logging, sampling and analytical quality. The slope of regression was used to measure the quality
of the estimates, and blocks with a slope of regression of greater than 0.7, typically in the
densely drilled areas the resource is classified in the measured category. The blocks estimated in
the first search pass, which approximated the semi-variogram range, and satisfies the search
parameter requirements in terms of number of samples, has been classified in the indicated
category. The blocks estimated in the second and third search passes are classified in the
inferred category.
CIM Definition Standards for Mineral Resources and Mineral Reserves (27th November 2010)
defines a mineral resource as:
“A Mineral Resource is a concentration or occurrence of diamonds, natural solid inorganic
material, or natural solid fossilized organic material including base and precious metals, coal,
and industrial minerals in or on the Earth’s crust in such form and quantity and of such a grade
or quality that it has reasonable prospects for economic extraction. The location, quantity,
grade, geological characteristics and continuity of a Mineral Resource are known, estimated or
interpreted from specific geological evidence and knowledge.”
The “reasonable prospects for eventual economic extraction” requirement generally implies
that the quantity and grade estimates meet certain economic thresholds and that the mineral
resources are reported at an appropriate cut-off grade taking into account extraction scenarios
and processing recoveries.
56

In order to determine the quantities of material offering “reasonable prospects for economic
extraction” by an open pit, SRK used a pit optimizer and reasonable mining assumptions to
evaluate the proportions of the block model (Measured, Indicated and Inferred blocks) that
could be “reasonably expected” to be mined from an open pit.
The optimization parameters were selected based on the parameters defined for the reserve pit
optimisation using contractor mining, aside from the gold price, which was increased from the
US$1,200/t used for the reserve open pit to an intentionally optimistic US$2,000/oz. The reader
is cautioned that the results from this pit optimization are used solely for the purpose of testing
the “reasonable prospects for economic extraction” by an open pit and do not represent an
attempt to estimate mineral reserves. The results were used as a guide to assist in the
preparation of a mineral resource statement and to select an appropriate resource reporting
cut-off grade. From these parameters, a cut-off value of 0.3 g/t was calculated, and this has
been applied in the reporting of the mineral resources. The MIK mineral resource estimate is
summarised in and a range of cut-off grades in tables below.
Table 1.6: Mineral Resource Statement, Agbaou Project, SRK Consulting (Pty) Ltd., 30th
March 2012 using MIK at a 0.3 g/t cut-off
Classification Zone kt Grade (Au (g/t) kozs
Measured 1 1,681 3.60 194
2 870 2.26 63
3 62 2.04 4
4 287 1.44 13
9 687 1.54 34
11 2,989 0.86 83
51 1,384 1.53 68
Total Measured 7,959 1.80 460
Indicated 1 2,318 2.71 202
2 2,369 2.20 168
3 504 1.51 25
4 882 1.24 35
5 617 6.18 123
6 326 3.77 40
7 969 2.28 71
9 325 1.14 12
10 267 1.59 14
11 503 1.23 20
51 313 1.25 13
52 236 0.99 8
53 146 0.94 4
Total Indicated 9,774 2.33 732
Total Measured and Indicated 17,733 2.09 1,192
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Classification Zone kt Grade (Au (g/t) kozs
Inferred 1 54 2.30 4
2 562 1.59 29
3 102 3.22 11
4 110 0.97 3
7 257 1.44 12
8 497 0.61 10
9 232 1.16 9
10 16 1.34 1
Total Inferred 1,830 1.32 78
Table 1.7: Mineral Resource Statement at a Range of Cut-off Grades, Agbaou Project, SRK
Consulting (Pty) Ltd, March 2012 using MIK
Classification Cut-Off Grade (Au g/t) kt Grade (Au g/t) kozs
Measured 0.3 7,959 1.8 460
0.5 6,262 2.2 438
0.8 4,570 2.7 403
1.0 3,797 3.1 381
2.0 1,939 4.8 298
Indicated 0.3 9,774 2.3 732
Measured and
Indicated
0.5 8,708 2.6 719
0.8 6,981 3.0 683
1.0 6,114 3.3 658
2.0 3,428 4.8 533
0.3 17,733 2.08 1,193
0.5 14,970 2.43 1,157
0.8 11,551 2.88 1,086
1.0 9,911 3.22 1,039
2.0 5,367 4.80 831
Inferred 0.3 1,830 1.3 78
0.5 1,473 1.5 73
0.8 996 2.0 63
1.0 770 2.3 57
2.0 236 4.3 33
The mineral resources are reported in a manner that is consistent with CIM Definition Standards
as set out in NI43-101.
1.9 MINERAL RESERVE ESTIMATES AND MINING METHODS
The mining section of the report includes discussion on the open pit optimisation, practical pit
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design, scheduling process, options investigated and the reasons behind selections made. The
mineral reserves, the results of the mine design process in terms of production schedules as well
as capital and operating cost estimates are presented.
A block model estimated by MIK (Multiple Indicator Kriging) was used as the basic resource
model for the pit optimization study. The amount of mineral resource using a 0.5g/t Au cut-off
was 15 Mt with a gold content of 1.2Moz. Only mineralized material in the measured and
indicated categories was taken into account.
The Whittle/Gemcom Four-X Analyser software provides guidance to the potential economic
final pit geometries. Whittle-4X was used to identify the optimum pit shell in terms of value and
tonnage. Mining by contractor has been selected by ENDEAVOUR for the mining operations.
This has been the basis cost estimations. For comparison, an owner operated option has also
been prepared. The optimum pit shell in the contractor option contains approximately 11.4Mt
of ore with average Au grade of 2.55g/t. A gold price of US$1200/oz was selected by
ENDEAVOUR which corresponds to other mining studies being undertaken elsewhere at this
time. The cut-off grade determined to be 0.53 g/t for oxide and 0.51 g/t for fresh ore within the
Whittle algorithm. A sensitivity analysis was prepared by varying the unit mining cost, process
and administration and the gold price by ±10%. The sensitivity results on cashflow showed the
gold price is the most sensitive followed by the mining cost then process and administration
cost.
The practical pit designs were prepared using the optimised pit shells as templates. Surpac
software was used to prepare the practical pit, and to incorporate the haul roads and ramps
together with the appropriate inter-ramp slope angles. A total of five pits have been designed
for North and South parts of Main orebody (interim and final pit) and West orebody. The Proven
and Probable mineral reserves estimated to be contained within the practical pits (and by
SAMREC definition) was approximately 11.1 Mt with contained gold of about 0.905 Moz. The
mineral reserves are reported in a manner that is consistent with CIM Definition Standards as
set out in NI43-101.
The total amount of waste to be mined and hauled to the waste dumps is 83.9Mt. Three
positions have been provided by ENDEAVOUR for waste dumping. The waste dumps have been
design based on the practical parameters to contain a total of approximately 50 million cubic
meters. Table 1.7 summarizes the Proven and Probable Reserves estimated for the project.
Table 1.7: Summary of Agbaou Mineral Reserves
Reserve Category Deposit Tonnes Grade Ounces
(Million) (g/t Au) (Million)
Proven Agbaou 5.407 2.25 0.390
Probable Agbaou 5.668 2.82 0.515
Total Proven and Probable Mineral Reserves 11.075 2.54 0.905
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Mine production scheduling also adjusted to meet plant feed criteria. The proposed Agbaou
process plant is based on a 1.6 million tonnes per annum (Mtpa) for saprolite and 1.34Mtpa for
bedrock. The upper portion of the orebody consists of relatively soft rock (Laterite and
Saprolite) and the majority of ore mined in the first 4 years will be soft rock. The proportion of
hard rock will then increase.
The mining operations are based on the use of hydraulic excavators and haul trucks suitable for
conventional open pit mining techniques. The main arterial roads where necessary will be
constructed to a minimum 20 m width, including berms and drainage areas.
Topsoil in mining areas will be recovered during the pit preparation phase and stockpiled for
future use with progressive waste dumps and possible pit rehabilitation. The in-situ materials in
hard and semi-hard rock will require drilling and blasting to assist fragmentation and
subsequent loading. Based upon the information supplied, and experience in similar operations,
it has been assumed that that oxide portion of the orebody is suitable for free digging but may
require light blasting in certain areas.
The mining equipment and infrastructure has been selected based upon the mine production
schedule. This has been prepared by the mining contractor. An owner option in capital and
operating cost was also included as an alternative in the study (SRK Consulting, SENET, Knight
Piésold Consulting, 2012). The total operating costs for the life of mine, estimated by contractor
are shown to be approximately 335 M$. ENDEAVOUR’s management including labour costs
based on the manpower requirements, administration cost of 0.25$/t.ore and grade control
costs of 1.2$/t.ore are to be to be added to this value.
Based on the Hydrogeological study conducted by Knight Piésold, estimations of the impact that
the proposed mining activities could have on the groundwater environment at various phases of
these activities, as well as recommendations on possible mitigation methods to contain or
minimize these impacts were provided. Additionally, an assessment as to the magnitude of
groundwater inflows to the proposed open pit was conducted along with a determination of the
feasibility of groundwater for process and potable water supply.
1.10 RECOVERY METHODS
This section outlines the design criteria and the process description for the Agbaou process
plant. The design criteria were developed on the basis of metallurgical testwork results obtained
from both the previous study and the current EOS. Several references that include information
from ENDEAVOUR, calculations, industry practices and assumptions have been used to derive
data used in the design criteria.
The comminution circuit of the process plant will comprise a primary jaw crusher, followed by
the SAG and ball mills. The milling circuit will include crushing of the pebbles generated from the
SAG mill. A dedicated gravity circuit consisting of a concentrator, intensive cyanidation package
and an electrowinning cell will recover free gold from a portion of the milled product.
The rest of the milled product will be processed in the Carbon in Leach (CIL) circuit where gold
contained in the ore will be leached and adsorbed onto activated carbon. The CIL tails slurry will
undergo cyanide destruction prior to disposal in the tailings dam. Loaded carbon will be acid
60

washed and rinsed prior to elution. The electrolyte leaving the Anglo American Research
Laboratory (AARL) elution circuit will undergo electrowinning where gold sludge will be
produced. The sludge will be dewatered using a pot filter and dried in a drying oven ahead of
smelting. Fluxes will be added to the dried gold sludge and the mixture placed in the smelting
furnace. After smelting the furnace crucible contents will be poured into cascading moulds. The
gold bars will be cleaned, sampled, labelled and prepared for shipping.
1.11 ENVIRONMENTAL STUDIES AND SOCIAL IMPACTS
An Environmental Impact Assessment (EIA) was undertaken from December 2007 to July 2008
to investigate the local environmental and social situation existing prior to the development of
the Project and to determine the likely positive and negative impacts of the Project. The timing,
extent, intensity and cumulative effects of these impacts were investigated. The EIA identifies
the necessary management measures required to mitigate the identified impacts. These form
the basis of the Environmental Management Plan (EMP) and the Relocation Action Plan (RAP).
1.12 INFRASTRUCTURE, WATER SUPPLY, TAILINGS STORAGE AND LOGISTICS
The selected Agbaou site is a greenfields site without any infrastructure except for the existing
Agbaou Exploration Camp. The proposed infrastructure will support the mining, plant and
construction operations. The main infrastructure required for the development of the project
will be:
Raw water supply system;
New access road of 9.17km to the plant site facilities, as well as 2.47km to the main
camp;
Site roads;
Camp accommodation and catering facilities for 200 people, including: kitchen, messing,
laundry, potable water supply system and sewage disposal unit;
Mining workshops with internal offices, change house, wash bay, refueling station
(external contract), tire change, and explosives storage. Potable water piped form the
from process plant;
Plant workshop;
Warehouses and lay down yards;
Plant administration buildings and medical facilities;
Assay laboratory;
Reagents storage building;
Change house;
Stand-by power plant providing 2.4MW;
Communications;
Security;
Sewage treatment and disposal;
Plant laundry.
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Materials and goods will be trucked to the process plant, camp and mining facilities from the
port of Abidjan.
Tailings Storage Facility (TSF)
A suitable location for the TSF was identified by considering the general topography, water
course locations, the required size of the TSF based on capacity requirements and the general
geology of the site.
The proposed construction method utilizes a downstream construction method consisting of
three phases utilizing earth fill from local borrow areas for the initial phase and overburden
material from the open pits during the final two phases.
The TSF does not incorporate an HDPE liner as the process plant includes a cyanide destruction
facility. Since seepage through the basin and dams foundations needs to be controlled, several
key elements have been incorporated into the design. All design considerations of the tailing
storage facility have been based on meeting or exceeding the agreed design criteria which
comply with World Bank Standards, Côte d’Ivoire and other international standards.
The TSF has been designed to retain water from rainwater and from the tailings. To remove
water from the TSF and return the water to the plant, a floating barge will be utilized.
Water Storage Dam (WSD)
During plant start-up a significant water source will be required as reclaim water from the
Tailings Storage Facility will not be available. Also the water balance for the plant operations
indicates that make-up water will be required as the TSF will not be capable of providing
sufficient water during the dry season to meet the plant requirements. Two suitable storage
locations were identified.
1.13 CAPITAL AND OPERATING COSTS
The aim of the capital and operating cost estimates (excluding WSD) is to provide costs to an
accuracy level, in the opinion of those listed in Section 1.1, of ±10%. These costs excluding
escalation, financing costs and schedule changes can be utilized to evaluate the economics of
the Agbaou Project when treating 1.6Mtpa. All costs are presented in United States Dollars
(US$).
Capital Cost Estimate
The total estimated cost of bringing the Project into production is US$158,939,551 and is
inclusive of US$11,777,985 contingency and US$5,039,749 working capital. Table below gives a
summary of the life of mine capital requirements.
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Table 1.8: Capital Cost Summary
US$ % US$
Process Plant Direct Costs
Machinery & Equipment 17 732 002 5% 18 618 603
Civils & Earthworks 11 556 402 12% 12 887 449
Structural Steel & Platework 5 803 972 10% 6 384 369
Piping & Valves 1 433 928 10% 1 577 321
Electrical & Instrumentation 5 094 739 12% 5 686 298
Transportation 5 554 000 15% 6 387 100
Subtotal
Infrastructure Costs
47 175 044 51 541 140
Tailings (Start-up only) 5 622 127 10% 6 184 340
Standby Power Plant 1 283 884 5% 1 348 078
OHL Grid Power to Plant 6 500 000 0% 6 500 000
Access Roads 2 467 329 20% 2 960 795
Main Camp 4 951 394 5% 5 198 964
Onsite Infrastructure Buildings etc 2 649 174 15% 3 046 550
Raw Water Supply 1 565 642 10% 1 722 207
Mining Facilities 727 079 10% 799 787
Communications 53 989 5% 56 689
Vehicles 1 564 400 5% 1 642 620
Mobile Plant 2 308 820 10% 2 539 702
Subtotal
Plant Pre-production
29 693 838 31 999 730
Plant First Fill 899 952 5% 944 950
Spares 3 712 670 5% 3 898 303
Subtotal
Mining Capital Costs
Mining Contractor
4 612 622 4 843 253
Mobilisation 10 372 000 0% 10 372 000
Mining Pre-Strip
Mining Management - Pre-Strip
4 384 749 0% 4 384 749
Period 1 500 000 0% 1 500 000
Subtotal 16 256 749 16 256 749
Other
Insurances 1 511 760 10% 1 662 936
Relocation Cost 5 600 000 7% 6 000 000
Import Tax 1 146 763 0% 1 146 763
Vendor Services 756 553 10% 832 208
Subtotal 9 015 076 9 641 907
Management Costs
Project Management 15 500 000 15% 17 825 000
Owner’s Preproduction Costs 11 345 774 5% 11 913 063
Working Capital 5 039 749 10% 5 543 724
Steel, Plate, Mech & Piping
Construction 3 763 419 10% 4 139 761
Electrical Construction 1 757 895 10% 1 933 685
Instrumentation Construction 282 373 10% 310 611
Infrastructure Construction 200 201 10% 220 221
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US$ % US$
Construction Equipment Hire &
Power 2 518 825 10% 2 770 708
Subtotal 40 408 237 44 656 772
Operating Cost Estimate
The annual operating costs for the life of the mine (LOM) were estimated for mining, processing,
general and administration (G&A), royalties and refining charges and are summarized in the
table below.
Table 1.9: Overall Operating LOM Costs
Unit Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 LOM
Mining US$/t 21.79 27.33 29.87 29.70 48.18 35.60 28.66 29.54 30.94
Plant US$/t 9.26 9.37 9.35 9.59 9.76 9.61 9.69 9.61 9.51
Tailings Storage Facility US$/t 0.14 0.15 0.15 0.17 0.15 0.15 0.15 0.15 0.15
(TSF) G&A US$/t 4.91 5.19 4.97 5.62 6.16 5.72 5.83 5.76 5.46
Assay US$/t 1.01 1.06 1.06 1.20 1.31 0.79 0.81 1.55 1.06
Refining US$/t 0.26 0.35 0.43 0.45 0.32 0.39 0.37 0.48 0.37
Government Royalties US$/t 1.97 2.58 3.22 3.36 2.38 2.88 2.75 3.58 2.77
Total Operating Costs US$/t 39.33 46.03 49.05 50.08 68.27 55.14 48.25 50.67 50.26
1.14 ECONOMIC ANALYSIS
The Agbaou Project economic assessment was prepared with the input from ENDEAVOUR, SRK
Consulting, (mining and geology), SENET (processing plant, general administration and
infrastructure) and Knight Piésold (tailings management facility & water storage dam).
The assumptions used in the financial analysis were provided by ENDEAVOUR and are
summarized in the table below.
Table 1.10: Assumptions Used in the Financial Evaluation
Parameter Units Assumption
Gold Price US$/oz 1,250
Discount Rate % 5.0
Government Royalty % 3
Tax Rate after 5 years % 25
Fixed Equipment Residual Value % 10
Depreciation % 12.5
A financial analysis was carried out based on the above assumptions, the production schedule,
capital costs and operating costs. The results from the financial analysis are summarized in the
table below.
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Table 1.11: Summary of Financial Analysis Results
Financial Summary Units 2nd Q 2012
LOM Tonnage Ore Processed t 11 074,927
LOM Feed Grade Processed g/t 2.50
LOM Gold Recovery % 92.5%
LOM Strip Ratio 7.87
LOM Gold Production oz 821,728
Production Period years 8.00
Gold Annual Production- LOM oz 102,716
LOM Direct Operating Costs US$/oz 635
LOM Total Cash Operating Costs US$/oz 677
LOM Total Cash Operating Costs US$/t 50.3
Total Capital Costs US$/oz 217.8
Total Production Costs US$/oz 895
Post Tax NPV US$ million 184.3
IRR % 27.7%
UnDiscounted Payback Period years 2.53
Project Net Cash Flow after Tax and Capex US$ million 273.8
LOM cashflow’s were calculated and project sensitivity analysis was conducted. These are
shown in Section 22. When sensitivities were ranked, the sensitivity analysis indicated that the
project is most sensitive to gold price fluctuations followed by operating costs and then capital
expenditure.
1.15 INTERPRETATION AND CONCLUSIONS
Mineral Resource
The currently defined Mineral Resources coincides with the areas within the original Exploration
License area where the best mineralization was detected in soil samples. However, recent
sterilization drilling has indicated that the potential exists to discover more mineralization
outside the currently modeled areas and also in those areas not explored during the soil
surveys.
In the opinion of SRK the sampling preparation, security and analytical procedures used by
ENDEAVOUR were consistent with generally accepted industry best practices and are therefore
considered satisfactory.
SRK believes that the current QAQC systems in place at Agbaou to monitor the precision and
accuracy of the sampling and assaying is adequate and the BV Laboratory returned acceptable
results for use in resource estimation.
The 2012 mineral resource estimate is an update of the mineral resources estimated by Coffey
Mining in 2008, following the completion of an additional phase of drilling on the project. The
65

mineralization has been re-modeled to include the new intersections, but the Coffey
interpretation was also revised as follows:
Additional zones were modeled parallel to the main mineralized zones where sufficient
continuity along strike and down dip was observed;
The major zones were extended along strike where additional drilling had intersected
the mineralization.
The SRK interpretation reduced the low grade dilution within the mineralized envelopes and this
resulted in a trend towards decreased tonnes at a higher grade with some isolated high grade
samples no longer included in the mineralized envelopes.
Following a composite optimization exercise, SRK composited all samples within the mineralized
envelopes to 2m lengths, forcing all samples to be included in the composites by adjusting the
composite length at the base of the mineralisation. Nine of the fourteen zones required capping
of high grade outlier values before estimation to limit the impact of the unusually high values.
SRK was able to generate robust semi-variograms for the better informed zones, however for
some of the smaller modelled zones there was insufficient data available to generate reliable
experimental semi-variograms. In zones where it was not possible to generate robust semivariograms
they were grouped together along with better informed zones with robust semivariograms,
thus borrowing the semi-variograms from the well informed zones. For the well
informed zones the semi-variograms show robust structures with long ranges between 50m and
100m, which is in excess of the drill hole spacing in the densely drilled areas.
All zones were estimated by Ordinary Kriging using the optimized search parameters, with a
three phase search strategy. The first pass estimates used the semi-variogram ranges to define
the search. The second and third passes using expanded search ranges were designed to ensure
the best estimates possible beyond the semi-variogram range, but also ensure that all blocks
were estimated. This was required as in some areas the interpreted mineralization showed
abrupt changes in orientation, possibly related to smaller scale faulting.
In addition to the Ordinary Kriged estimates for the zones with sufficient information and
reliable semi-variograms, SRK generated a UC and MIK estimate. These zones are zones 1, 2, 3,
4, 7, and 9, which (excluding the laterite) make up 90% of the volume of the
North/Central/South area. The UC and MIK estimates were validated against the Ordinary
Kriged estimates at 0g/t cut off and against each other at a range of cut off values. As the UC
estimate is based on the Ordinary Kriged estimate, the estimates correlate exactly, while the
MIK estimates show a higher grade without applying a cut off. The MIK estimates also typically
show a higher grade at cut-off values with the recoverable grades converging at higher cut-off
values. The MIK estimate therefore estimates that a greater degree of selectivity will be
achievable than is estimated by the UC method. The MIK estimate was selected for the final
resource reporting to be consistent with previous resource estimates, however there is a risk
that the selectivity modeled using MIK is over estimated and that the recoverable tonnes above
the selected cut off may be greater than estimated at a lower grade.
A number of validations were complete on the Ordinary Kriged, UC and MIK estimates which
indicated relatively good agreement with the source data and the estimates. The mineral
66

esources are reported above a 0.3g/t cut off value which was calculated using the operation
parameters used in the Reserve calculations and an optimistic gold price of US$2,000/oz.
Mining
The updated Geohydrology report and Geotechnical review were not assessed by SRK. Based on
the previous, earlier report there are no reasons that the Agbaou deposits cannot be mined
successfully.
Process Plant and Economic Evaluation
Based on the results of all testwork conducted, the Agbaou Gold Plant has been designed to
treat 1.6Mtpa saprolite ore or 1.34Mtpa bedrock ore. The plant design incorporates a
conventional gravity and CIL circuit design.
The key project features are:
• Processed tonnage 11.1 million tonnes
• Grade 2.5 g/t
• Recovery 92.5%
• Life of Mine (LOM) 8 years
• Annual gold production 102,716 oz per annum
• Total cash costs US$677 per oz.
• Capital cost US$159 million
It is in the opinion of SENET that the capital costs provided are within the 10% accuracy required
for this level of study. The operating costs were derived from accepted industry standards, first
principle calculations, SENET in-house database and input from ENDEAVOUR.
The results of the financial analysis indicate the viability of the Agbaou Gold Project. The
expected after-tax NPV, IRR and payback period based on a gold price of US$1,250 per ounce
are indicated below:
• NPV at 0% discount rate is US$273.8 million;
• NPV at 5% discount rate is US$184.3 million;
• IRR 27.7%;
• Payback period 2.53 years.
1.16 RECOMMENDATIONS
Mineral Resource
The current mineral resource estimates contain sufficient material to support reserves for seven
years of mining. No additional exploration is required to support the mining plan at this time.
Peripheral to the reported resources, additional potential mineralization targets have been
intersected in condemnation drilling holes.
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It is recommended that an alternative accredited commercial laboratory is selected for the
Umpire Laboratory function to confirm or improve the poor repeatability in the results obtained
from both SGS Laboratories in Ghana and Canada.
Mining
It is recommended that the location of the waste dumps be given more attention. In addition to
this more detailed quotes should be obtained from potential mining contractors in order to
completely evaluate the option of owner mining versus contractor mining.
Metallurgical Testwork
Additional testwork is recommended on saprolite samples to ensure the expected recovery and
comminution results used are accurate. Viscosity modifier testwork on the thickener underflow
product is also recommended.
Houndé Gold Project, Mali, West Africa
The following technical disclosure relating to the Houndé Gold Project is a reproduction of the summary
from the “Technical Report and Preliminary Economic Assessment of the Houndé Gold Project, Burkina
Faso, West Africa”, dated effective December 31, 2012 (the “Houndé Report”) prepared by Maritz
Rykaart, Dino Pilotto, Michael Royle, John Duncan, Mark Liskowich, Adrian Dance, Jim Yakasovich and
Bruce Murphy of SRK Consulting, Eugene Puritch, Fred Brown, Tracy Armstong and Antoine Yassa of P&E
Mining Consultant Inc., and Don Dudek of the Corporation. Readers should consult the Houndé Report
to obtain further particulars regarding the Houndé Gold Project. The Houndé Report is incorporated by
reference herein and is available for review electronically on SEDAR at www.sedar.com under the
Corporation’s profile.
Executive Summary
The report was commissioned by Endeavour Mining Corporation (Endeavour) for the Houndé
Project. This technical report was written in compliance with disclosure and reporting
requirements set forth in the Canadian Securities Administrators National Instrument 43-101,
Companion Policy 43-101 CP, and Form 43-101 F1 (collectively, NI 43-101).
This study was overseen by Don Dudek, P. Geo of Endeavour Mining Corporation.
The purpose of this technical report is to present the PEA findings of the Project. The contents of
this report reflect various technical and economic conditions at the time of writing. Given the
nature of the mining business, these conditions can change significantly over relatively short
periods of time. Consequently, actual results may be significantly more or less favourable.
The reader is cautioned that the PEA summarized in this technical report is preliminary in nature
and is only intended to provide an initial, high-level review of the project. Further studies are
required with regards to infrastructure and operational methodologies. The PEA mine plan and
economic model include the use of a significant portion of Inferred resources that are considered
to be too speculative geologically to have economic considerations applied to them that would
enable them to be characterized as mineral reserves. There is no guarantee that Inferred
68

esources can be converted to Indicated or Measured resources. There is no guarantee that the
project economics described herein would be achieved.
Project Concept
The proposed Houndé Project concept is to develop a green-fields gold deposit with open pit (OP)
mining and conventional gravity and carbon-in-leach (CIL) milling methods. The production rate
was assumed to be 8,000 tonnes per day (tpd) with about 27.9 million tonnes (Mt) of mineralized
material mined and processed during the project life. The overall strip ratio (i.e., the ratio of
waste rock to economic mineralized rock) of the mine is approximately 7.8:1 and the average
grade of the plant feed would be an estimated 1.98 grams/tonne (g/t) of gold.
The Project site is completely undeveloped but has road access, nearby rail access and potential
electrical grid power supply. Labour supply and industrial service providers are available in the
region.
The proposed Project has a mine production life is 11 years and a processing production life of 10
years. In addition, it is anticipated that there would be time required to conduct various
engineering studies, permitting and pre-production construction period as well as a reclamation
period.
Project Ownership
Endeavour currently holds 100% interest in the Houndé Gold Project, but, would become 90%
Endeavour and 10% Burkina Faso Government, once an exploration licence is granted.
Property Description
Endeavour’s Houndé license area is situated in the southwestern region of Burkina Faso, West
Africa. Administratively it is in the provinces of Tuy and Mouhoun. The Houndé area (the focus of
this study) comprises six individual exploration licenses (Permis de Recherche), totaling 1,005.65
km2 with applications for another 110.96 km 2 pending.
The Houndé Project PEA focuses on the Vindaloo group of deposits that are located
approximately 250 km southwest of Ouagadougou, the capital city of Burkina Faso. The deposits
are approximately 2.7 km from a paved highway and as close as 200 metres from a 220 kV power
line that extends from Cote d’Ivoire through to Ouagadougou. The nearby village of Houndé
contains approximately 22,000 people and is host to two banks and a modern fuel station. A rail
line that extends to the port of Abijan, Cote d’Ivoire lies approximately 25 km East of the deposit
area.
Geology and Mineralization
The geology of Burkina Faso can be subdivided into three major litho-tectonic domains: (1) a
Paleoproterozoic (Birimian) basement underlying most of the country; (2) a Neoproterozoic
sedimentary cover developed along the western, northern and south-eastern portions of the
country; and (3) a Cenozoic mobile belt forming small inliers in the north-western and extreme
eastern regions of the country (see Figure 6.2).
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The Birimian crust comprises the following lithologies from bottom to top: (1) a thick sequence of
mafic rocks, including basalt, locally pillowed, as well as dolerite and gabbro, all of tholeiitic
composition, locally inter layered with immature detrital sediments and limestone; (2) a detrital
sedimentary pile (volcanics, turbidite, mudstone and carbonate) including inter bedded
calc¬alkaline volcanics; and (3) a coarse clastic sedimentary sequence belonging to the Tarkwaian
Group. During the Eburnean orogeny, the volcanic and meta-sedimentary rocks were subjected to
crustal shortening associated with greenschist facies regional metamorphism. Locally, amphibolite
metamorphic facies are reached, but these occurrences are interpreted as resulting from contact
metamorphism.
The Vindaloo deposit, which includes Madras NW consists of a group of open-ended, closelyspaced
gold-mineralized structures that can be traced for approximately 5.6 kilometers. The
Vindaloo zone has been tested to a maximum depth of approximately 350 meters with individual
lenses of gold mineralization up to approximately 70 meters wide. Open pit resources were
modeled to a maximum of 300 meters depth with a pit wall of 50 degrees. The Vindaloo zone
mineralization is open along strike and to depth. Within and adjacent to the modeled area, there
are indications of additional hanging wall parallel zones and mineralized cross- structures. These
areas are under- explored and need follow- up. There is a reasonable likelihood that additional
drilling will result in additional mineral resources.
Exploration
Exploration in the Houndé area began in the 1990’s. Previously, the BRGM (Bureau de Recherches
Géologiques et Minières) and BUMIGEB (Bureau des Mines et de la Géologie du Burkina Faso)
worked in the area intermittently from 1939 to 1982.
Since the start of exploration activities in 2010 through to the end of 2011, Avion drilled a total of
68 reverse circulation (“RC”) and 154 diamond drill core holes covering both the Houndé and
Houndé South license blocks. Most of the drilling was concentrated on the Houndé concession
block, with emphasis on the Vindaloo trend and area.
In 2011 alone, 183 holes totalling 33,973 m of drilling was carried out, approximately 9,500 m of
which was RC (see Table 9.2).
In the first half of 2012, Avion continued drilling along the Vindaloo trend. A total of 11,919 m in
100 reverse circulation (“RC”) holes, and 11,788 m in 51 diamond drill holes were completed in
the Vindaloo resource area. Endeavour resumed drilling in Q4, 2012 with a goal of in-fill drilling
within the PEA pit envelope; this work is not discussed in this report and not part of the current
resource estimate.
In December 2011, Avion completed an additional 234.7 line kilometres of gradient array Induced
Polarization (IP) geophysical surveys over the Vindaloo area. This work was carried out to
determine the extent of the IP anomalies that were associated with the Vindaloo area
mineralization. The results suggested that the IP anomalies continue both to the north and to the
south of the original target area. While the data were not conclusive, there is evidence that the
Vindaloo system extends the length of the IP survey area and rotates from northerly trending in
the southern part of the grid to northeast trending over most of the grid. Three clear anomalous
IP trends were noted.
70

Mineral Resource Estimate
The Vindaloo mineral resource is reported inside an optimized pit shell. The results from the
optimized pit shell are used solely for the purpose of reporting mineral resources that have
reasonable prospects for economic extraction, and the optimization is based on the following
economic parameters:
US$1,600/oz Au price,
95% oxide recovery,
95% transition zone recovery,
92% fresh zone recovery,
$6.50/t oxide zone processing cost,
$13.00/t transition zone processing cost,
$13.00/t fresh zone processing cost,
$4.00/t G&A cost,
$1.25/t oxide mineralized material and waste mining cost,
$1.75/t transition mineralized material and waste mining cost,
$1.75/t fresh mineralized material and waste mining cost, and
50 degree pit slopes.
The mineral resource estimate for the Vindaloo deposits is reported at a cut-off grade of 0.35 g/t
Au (Table i), with an effective date of July 18, 2012.
Table i: Summary of the Vindaloo in-pit mineral resources (1)(2)(3).
Class State Tonnes Au g/t Au ozs (1)
Oxide 1,170,000 2.22 83,000
Indicated
Transitional
Fresh
1,880,000
20,658,000
2.25
1.86
136,000
1,237,000
Total 23,708,000 1.91 1,456,000
Oxide 1,601,000 1.39 72,000
Inferred
Transitional
Fresh
893,000
9,716,000
1.66
2.02
48,000
632,000
Total 12,210,000 1.91 752,000
(1) Mineral resources are reported inside an optimized pit shell and tabulated against a cut-off of 0.35 g/t Au.
(2) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(3) The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient
exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further
exploration will result in upgrading them to an Indicated or Measured mineral resource category.
The mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
71

Inferred resources were used in the life-of-mine (LOM) plan with Inferred resources representing
26% of the material planned for processing. Mineral resources that are not mineral reserves do
not have demonstrated economic viability. There is no certainty that all or any part of the mineral
resources would be converted into mineral reserves. Mineral reserves can only be estimated as a
result of an economic evaluation as part of a preliminary feasibility study (PFS) or a feasibility
study (FS) of a mineral project. Accordingly, at the present level of development, there are no
mineral reserves at the Houndé Project.
Mine Development and Operations
It is proposed that the Vindaloo and Madras NW deposits are amenable to be developed as an OP
mine. Mining of the deposit is planned to produce a total of 27.9 Mt of processing plant feed and
218 Mt of waste (7.8:1 overall strip ratio) over an eleven year mine production life and a ten year
processing production life. The current life of mine (LOM) plan focuses on achieving consistent
plant feed production rates and mining of higher grade material early in schedule, as well as
balancing grade and strip ratios.
The mine design process for the deposit commenced with the development of Gemcom
WhittleTM - Strategic Mine Planning (Whittle) OP optimization input parameters. These
parameters included estimates of metal price, mining dilution, process recovery, offsite costs,
geotechnical constraints (slope angles), and royalties (Table ii). The resource model was based on
a 5 m x 10 m x 5 m block size.
Table ii: Mine planning optimization input parameters.
Item Unit
Revenue, smelting & refining
72
PEA
Oxide Transition Fresh
Gold Price US$/oz $1,300
Payable metal %Au 99.95%
Refining/transport US$/oz $3.35
Royalties @ 5% of NSR US$/oz $64.80
Royalties @ 2% of NSR US$/oz $25.92
Net gold price US$/oz $1,205.28
Net gold price US$/g $38.75
OPEX estimates
OP Waste Mining Cost US$/t waste mined $1.40 $1.76 $1.76
OP Mineralized Mining Cost
US$/t mineralized
material mined
$1.37 $1.73 $1.73
Strip Ratio (estimated) t:t 8.0
OP Mining Cost US$/t milled $12.60 $15.84 $15.84
Processing Cost US$/t milled $11.00 $13.00 $15.00
G&A US$/t milled $4.00
Total OPEX estimate (excl waste
mining)
Process and Mining Losses
US$/t milled $14.97 $16.97 $18.97
Process Recovery
95.0% 95.0% 90.0%
Dilution % 15.0%

Item Unit
Geotechnical Parameters
Slope Angles (Overall)
73
PEA
Oxide Transition Fresh
Saprolite ° 28 to 35
Transition ° 38 to 40
Fresh ° 43 to 50
Mill throughput tpd 8,000
Whittle software was used to determine the optimal mining shells with the assumed overall slope
angles above. Preliminary stages were selected and preliminary mine planning and scheduling was
then conducted on these selected optimal shells. The mineable resources for the Houndé deposit
are presented in Table iii.
Both Indicated and Inferred resources were used in the LOM plan of which Indicated resources
represent 74% (20.6 Mt) of the material planned to be processed. Inferred resources are
considered to be too speculative geologically to have the economic considerations applied to
them that would enable them to be characterized as mineral reserves. Mineral resources that are
not mineral reserves do not have demonstrated economic viability. There is no certainty that all
or any part of the mineral resources could be converted into mineral reserves. Mineral reserves
can only be estimated as a result of an economic evaluation as part of a pre-feasibility study (PFS)
or a feasibility study (FS) of a mineral project. Accordingly, at the present level of development
there are no mineral reserves at the Houndé Project.
Table iii: PEA proposed mining plan.
Description Unit Value
Mine Production Life yr 11
Process Feed Material Mt 27.9
Diluted Gold grade g/t 1.98
Contained gold koz 1,779
Waste Mt 218.4
Total material Mt 246.3
Strip ratio t:t 7.8
The mining sequence was divided into a number of stages designed to maximize grade, reduce
pre-stripping requirements in the early years, and maintain the plant at full production capacity.
The life of mine (LOM) production schedule is shown in Table iv while the LOM process plant
production schedule is presented in Table v.
A total of 27.9 Mt of mineralized material is proposed to be processed.

Table iv: Life of mine production schedule.
Description Unit Total
Mineralized
oxide mined
Mineralized
transition
mined
Mineralized
fresh mined
Total
mineralized
material
Waste oxide
mined
Waste
transition
mined
Waste fresh
mined
Total waste
mined
Total
material
74
Year
–1 1 2 3 4 5 6 7 8 9 10
Mt 2.8 0.2 0.0 0.7 0.2
Mt 2.7 0.4 0.1 0.2 1.0
0.3 0.1 0.4 0.9 0.0
0.0 0.2 0.0 0.6 0.1
Mt 22.4 0.0 1.3 1.9 1.7 2.9 2.9 2.6 2.6 2.5 1.4 2.6
Mt 27.9 0.7 1.4 2.7 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.8
Mt 53.3 8.6 0.6 8.1 1.0 0.0 0.0 9.6 1.5 9.4 14.4 0.2
Mt 40.3 10.0 3.3 4.7 8.4 0.0 0.0 1.5 5.1 0.0 6.5 0.7
Mt 124.8 0.8 22.8 14.5 16.4 15.2 10.4 5.8 17.1 9.5 3.7 8.7
Mt 218.4 19.3 26.6 27.3 25.8 15.2 10.4 16.9 23.6 18.9 24.7 9.5
Mt 246.3 20.0 28.0 30.0 28.8 18.1 13.4 19.8 26.6 21.8 27.6 12.3
Strip ratio t:t 7.8 29.0 19.6 10.1 8.9 5.2 3.6 5.8 8.1 6.5 8.4 3.5
Gold grade g/t 1.98 1.90 2.20 2.57 2.25 1.94 1.85 1.59 1.69 1.98 1.64 2.33
Contained
gold
Mining rate
(koz) 1,779 41 96 222 211 182 174 149 159 186 154 206
(total
material)
tpd 63,000 55,000 77,000 82,000 79,000 50,000 37,000 54,000 73,000 60,000 76,000 34,000
Table v: Life of Mine Process Plant Production Schedule.
Production
Year
Tonnes Treated ROM Gold Grade Process Recovery Gold Production
kt g/t % kozs
1 1,800 2.12 91% 111
2 2,916 2.55 91% 216
3 2,920 2.28 91% 194
4 2,920 1.92 91% 163
4 2,920 1.83 91% 156
6 2,920 1.58 91% 134
7 2,920 1.69 91% 143
8 2,920 1.97 91% 167
9 2,920 1.66 91% 141
10 2,752 2.30 91% 185
LOM 27,910 1.98
1,610

Waste Management
Waste rock from mining operations is planned to be deposited in engineered waste rock facilities
(WRF) adjacent to the deposit. Three WRFs are planned: two are located on the east and west
flanks of the Vindaloo pit and the final WRF is located on the West side of the Madras pit. The
WRF’s are designed to hold a total of 218 Mt of material.
Roughly 27.8 Mt of low solids content (i.e., about 30% solids by mass) tailings will be hydraulically
deposited (sub-aerially) at a site located about 4 km northwest of the proposed mill site. An earthfill
starter dam will be constructed to retain the first year of tailings deposition, following which
the dam will be continuously raised over the LOM. Cyclone underflow will be used for the
construction of the downstream embankment raises. To ensure containment, additional starter
berms will be required as the facility increases in height.
A water storage reservoir is required with a design capacity of about 10 Mm3 per annum. A
suitable dam site has been identified about 10 km west southwest of the proposed mill site. An
earth-fill dam complete with a permanent side-hill emergency spillway will be constructed at this
location, which lies entirely within the Houndé property. The dam will be constructed as a
homogeneous compacted earth fill dam using locally available saprolite soils.
Metallurgy & Mineral Processing
A limited amount of metallurgical testwork has been completed to date in two stages: the first in
2010 by the SGS laboratory in Burkina Faso and the second in 2011 at Endeavour Mining’s
Tabakoto metallurgical laboratory. Whole mineralized material leaching at a relatively fine grind
size was conducted with/without gravity recovery.
Of the three main mineralized material types, Fresh material will be 85% of the mill feed. With
gravity recovery followed by whole mineralized material leaching at a 75 micron grind size, gold
recovery is expected to be 90% from Fresh material. Transition and Oxide material is expected to
achieve 95% gold recovery while silver recovery has not been reported in the testwork results.
Limited metallurgical testwork results to date raise some concerns about variability of mineralized
material characteristics and suitability of the expected process flowsheet. This risk can be
mitigated through additional testwork on a wide range of samples from all areas of the different
pits as well as a range of head grades.
The testwork results suggest a reasonable sensitivity to leach feed grind size with tests conducted
on virtually 100% finer than 38 µm feed achieving up to 98% gold extractions. If additional
comminution test results suggest reasonable specific energy requirements, an opportunity exists
to grind the leach feed finer and improve gold recoveries by a few percentage points. However,
designing for a grind size of 75 µm would make the plant operating costs very sensitive to power
costs.
A range of leach conditions should be investigated in future testwork as it might result in a coarser
grind but higher cyanide concentrations and/or oxygen levels being a more economic option to
the reasonably fine grind being considered.
75

Project Cost Estimates
Project costs were estimated from a combination of sources including first principles, reference
projects, vendor’s quotes, cost service publications and SRK experience. OPEX for the project are
summarized in Table vi. The OP mining OPEX assume owner-operated mining including
technical/supervisory support staff. Diesel fuel was estimated to cost $1.35/litre (exclusive of
VAT) and grid power was estimated to cost $0.16/kWh.
Table vi: Operating costs.
Total Cash Costs
per Tonne of Mineralized
Material
per Ounce
Total Mine Unit Costs $14.68 $236.96
Total Mill Unit costs $14.41 $249.73
Total Tailings and Water Unit Costs $0.27 $4.68
Total G&A Unit costs $4.15 $71.86
Total Operating Cost $33.50 $563.23
Royalty per ounce 77.8
Total Operating Costs including
Royalty
* Mine cost per ounce excludes capitalized pre-production stripping
76
$641.03
The capital cost (CAPEX) estimate for the project is shown in Table vii. A contingency of 25% was
used for all items except mining equipment which was assigned a contingency of 5%,
Infrastructure, Tailings management Facility and Water Reservoir which was assigned a
contingency of 40%. Property acquisition costs are not included in the capital estimate.
Table vii: Initial expenditure.
Houndé Capital Cost US$ million
Mining Equipment 58.3
Capitalized Pre-Production Development 28.2
Process Plant 128.8
Roads and Infrastructure 44.7
Tailings and Water Storage 7.4
EPCM, Permitting, Import Duties & Owners 35.8
Contingency included above
Total Pre-Production Capital Cost 303.2
VAT (refundable) and Import Duties 30.3
Equipment Purchases (early year 1) 12.0
Total Initial Funding Requirement 345.3
Economic Analysis and Results
The project was evaluated using an Excel® based discounted cashflow model. The periods used
were annual. The model used real, un-escalated Q4 2012 United States dollars (USD).

A discount rate of 5% was selected after discussion with the client. The model is a cashflow model
and not an accounting model. No specific modelling of intermediate stockpiles nor attempt to
closely match expense and income timing for tax deductibility was undertaken.
The asset-level model assumes a simple all-equity project ownership and financing. No
consideration of equipment leasing, project financing, bonding, metal strips, royalty sales (except
for existing government and private royalties) forward sales, hedging or any other financial
arrangements was undertaken. No consideration was given to the structure of the ownership
company.
Table viii: Metal Price Assumptions for the Two Economic Cases.
Case
Gold Price
($/oz)
Case A 1,300
Case B 1,650
Common assumptions to all cases include:
5% discount rate for net present value calculation,
100% equity financing,
VAT recovery,
17.5% corporate income tax,
A simplified estimate of corporate tax payable,
77
Comments
Approximate forecast metal prices as per recent SEDAR
postings. This is the case used for OP optimization.
This price approximately reflects recent gold prices
Custom duties of 7.5% applied to 70% of capital costs and 35% of operating costs,
No withholding tax,
4% net smelter return (NSR) royalty on payable gold to the government of Burkina Faso (at a
US$1300/oz gold price) and 2.0% NSR royalty on payable gold to Africa Barrick, and
Mineable tonnes and grade in the LOM mine schedule based on OP optimization conducted
using Case A metal prices.
Using the pit design developed for the PEA LOM plan, and a discount rate of 5%, the after-tax
break-even metal prices for the project are 26% lower than those used in Case A. I.e. if metal
prices fall by 26% from the base case to approximately $967/oz Au the project shows an after-tax
NPV 5% of $0 and an IRR of 5%.
Table viii presents a summary of the key economic results.
It must be noted that the economic analysis in this report provides only a preliminary overview of
the project economics based on broad, factored assumptions. The mineral resources used in the
LOM plan and economic analysis include 26% Inferred mineral resources. Inferred mineral
resources are considered too speculative geologically to have the economic considerations

applied to them to be categorized as mineral reserves, and there is no certainty that the Inferred
resources will be upgraded to a higher resource category. Based on this, there is no certainty that
the results of this preliminary assessment will be realized.
Table ix: Key economic results.
Payback — non-
At $1,650 per ounce Cash flow ($M) NPV @ 5% ($M) IRR discounted
(months)
Pre tax 1,190 782 45.0%
Post tax 920 584 34.0% 20.0
Payback — non-
At $1,300 per ounce Cash flow ($M) NPV @ 5% ($M) IRR discounted
(months)
Pre tax 687 422 29.0%
Post tax 505 288 21.0% 32.7
Conclusions
Industry standard mining, processing, construction methods and economic evaluation practices
were used to assess the Houndé Project. There is adequate geological and other pertinent data
available to generate a PEA.
Based on current knowledge and assumptions, the results of this study show that the project has
positive economics (within the very preliminary parameters of a PEA) and could be advanced to
the next level of study by conducting the work indicated in the recommendations section of this
report.
While a significant amount of information is still required for a complete assessment of the
project, at this point, there do not appear to be any fatal flaws.
The study has achieved its original objective of providing a preliminary review of the potential
economic viability of the Houndé Project.
As the project develops, it is SRK’s recommendation and Endeavour’s goal to use appropriate
environmental standards and safeguards for all aspects of drill testing, engineering testing,
construction, operation, and closure. If the project were determined to be economic through
further studies, Houndé would be constructed, operated, and closed under the Burkina Faso mine
permitting regulations. The operation would also conform to best practices for mining, processing
(milling and flotation), and closure including tailings management, waste rock management, and
appropriate water, air, and social responsibility standards.
Risks and Opportunities
As with almost all mining ventures, there are a large number of risks and opportunities that can
affect the outcome of the project. Most of these risks and opportunities are based on uncertainty,
78

such as lack of scientific information (e.g., test results, drill results, etc.) or the lack of control over
external factors (e.g., metal price, exchange rates, etc.).
Subsequent higher-level engineering studies would be required to further refine these risks and
opportunities, identify new risks and opportunities, and define strategies for risk mitigation or
opportunity implementation.
The main preliminary risks identified for the Houndé Project are, summarized as follows:
Reduced metal prices,
Geological interpretation and mineral resource classification (26% of the resources used in
the mine plan are Inferred),
Increased OPEX and/or CAPEX,
Geotechnical and hydrogeological considerations,
Metal recovery and mineral processing assumptions, including deleterious elements, and
Water supply and the right to use it.
The following opportunities may improve the project economics:
The potential to increase mineral resources and the quality of the mineral resources,
The potential to acquire less expensive power to reduce OPEX,
The potential to reduce OPEX and CAPEX with further optimization of the mine plan and
project,
Improved metal prices, and
Tax and investment incentives potentially available to the project.
Recommendations
SRK believes the Project should be taken to the next level of engineering study and economic
assessment, typically a PFS, but can be a FS. It is estimated that a PFS, along with all of the
accompanying engineering and field work would cost approximately $4M, exclusive of the
recommended additional geology and drilling program outlined below.
To enable a comprehensive prefeasibility or feasibility study to be completed, the Inferred
Resource component in the current resource estimate requires upgrading to Indicated or
Measured Resource categories. The recommended exploration program is therefore focused on
infill drilling to achieve nominal 50 m x 50 m drill spacing for Indicated Resources and
approximately 25 m x 25 m spacing for Measured Resources. The recommended program includes
additional geology, alteration and mineralization modeling to complete 3-D wireframe
interpretations of the deposit and a new mineral resource estimate.
The current Vindaloo Resource is based on over 70,000 m of drilling. A further 35,000 to 40,000 m
of infill drilling split between RC and diamond drilling is proposed to achieve the Resource
79

upgrade for feasibility studies. In addition, 2,000 m of core drilling for geotechnical studies is
recommended. The total program is budgeted at $7.1 million.
This PEA is preliminary in nature as it includes Inferred Mineral Resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable
them to be categorized as mineral reserves and there is no certainty that this PEA will be realized.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Table x: Recommended exploration program and budget.
Description Unit cost Budget
Infill drilling
Diamond drilling 20,000 m including assays and logging $200/m $4,000,000
RC drilling 20,000 m including assays and logging $110/m $2,200,000
Geotechnical drilling 2,000 m $200/m $400,000
Geological studies and 3D modeling $100,000
Mineral Resource Estimate $150,000
Geological supervision $250,000
Total $7,100,000
Other Properties
The following properties are not deemed material to Endeavour at this time.
Kofi Gold Project, Mali
The Kofi project is located on the north side of Randgold’s Loulo Mine and Endeavour’s Tabakoto Gold
Mine in southwestern Mali approximately 400 km by paved highway west of Bamako. The Kofi property
covers approximately 435 km 2 and contains six deposits with mineral resources estimated at 500,000
ounces of Indicated (6.9 million tonnes at 2.25 g/t gold) and 702,000 ounces of Inferred (12.4 million
tonnes at 1.77 g/t gold). Ownership is 75% by Endeavour, 20% by the Mali government and 5% by a
private party. Deposits identified to date are within 10 to 40 kilometres by road from Tabakoto.
In 2012, Kofi exploration totalled $1.5 million which included slightly below 10,000 metres of drilling in
Kofi C Walia and regional exploration.
The 2013 exploration program at Kofi will include 7,000 metres of diamond drilling as well as 12,000
metres of RC and 38,000 metres of auger drilling with the objectives of identifying additional resources
on the property as well as new drill targets. A number of the known resource areas appear to have highgrade
shoots within the broader mineralization which require testing. Exploration to date has focused
on the southern section of the property, within trucking distance of the Tabakoto plant. However, there
is significant potential in the northern portion of the property given that the two major structures that
host more than 11 million ounces of resources on Randgold’s Loulo property continue for 19 kilometres
onto the Kofi property. A number of soil geochemistry targets along the trend of these structures have
never been tested.
80

Finkolo Gold Project, Mali
The Finkolo exploration permit is located on the Syama gold belt, approximately 300 kilometers
southeast of Bamako, the capital of Mali. In November 2003, an option agreement was concluded with
Resolute Mining Limited (“Resolute”), granting Resolute the right to earn up to a 60% interest in the
Corporation’s interest in the Finkolo exploration permit. Resolute has since earned its 60% interest and a
NI 43-101 compliant feasibility study has been completed on the Tabakoroni deposit located on the
Finkolo exploration permit. The feasibility study has been submitted to the Malian government as part
of an application for a mining permit in order to proceed with mine development at the Finkolo Gold
Project.
On March 6, 2012 the Corporation entered into a definitive agreement with Resolute for the sale and
transfer of its 40% interest for total consideration of $20 million cash. Completion of this transaction
remains subject to a number of conditions, including approval from the Government of Mali for the
transfer of exploration permits.
Early Stage Exploration Properties
Côte d’Ivoire
Endeavour believes that the exploration potential in Côte d’Ivoire is high and in addition to the Agbaou
mining permit, the Corporation has been granted four exploration permits and has made application for
two new permits covering together over 800 square kilometers in a number of other gold belts outside
of Agbaou. The total Endeavour exploration land package in Côte d’Ivoire covers 2,435 km 2 . The
exploration permits are at varying stages of the application process and some early stage
reconnaissance work has been completed on three of the permits which has confirmed the gold
potential on each. The Corporation is presently preparing a program to undertake drilling on the
Allangoua Permit in eastern Côte d’Ivoire where disseminated gold mineralization associated with a 5.5
kilometer long geochemical anomaly has been confirmed in bedrock by rotary air blast drilling.
Liberia
The Corporation has three Mineral Reconnaissance Licences in the Republic of Liberia covering an area
of 3,107km 2 within the highly prospective Archaean belt (Man Craton) in the western half of the
country, to the north of the capital city Monrovia. The three licence areas are located near the towns of
Mambo, Bopolu and Fasama.
Mali
In addition to the Tabakoto Gold Mine, the Kofi project and its land holdings in the Syama Gold Belt in
Mali South, Endeavour has established a strategic land position covering approximately 400 square
kilometers in Mali West with the permits comprising the Keniebandi project. The Keniebandi project
includes the gold discoveries at Diba, and new drill targets on the Keniebandi permit. The Corporation is
involved with earlier stage exploration on a number of other permits comprising approximately 900
square kilometers. The Corporation is presently evaluating its approach for exploring these permits.
81

Burkina Faso
The most advanced development project in Burkina Faso is the Ouaré project, located on the Bitou 2
permit 40 kilometres northwest of the Youga plant. At a cut-off grade of 0.8 g/t Au, Ouaré has Measured
and Indicated mineral resource of 3.9 million tonnes at a grade of 1.90 g/t Au containing 239,000 ounces
of gold and the Inferred mineral resource is 283,000 tonnes at a grade of 1.93 g/t Au containing 18,000
ounces of gold at a 0.5 g/t cut-off. Results indicate that treating the Ouaré material at Youga has the
potential to increase the life of the Youga mine by 3 years, based on the current process capacity of 1
million tonnes per year.
The Corporation also holds two contiguous permits (Boulounga and Minima) which cover 348 square
kilometres in the Centre-Nord region of central Burkina Faso, of highly prospective ground located
adjacent to High River Gold’s Bissa Hill advanced exploration project which has a measured and
indicated 0.926 million ounce resource plus 0.799 million ounce inferred resource.
RISK FACTORS
Endeavour has identified the following risks relevant to its business and operations. These risks and
uncertainties could materially affect Endeavour’s future operating results, financial performance and the
value of Endeavour Shares, and are generally beyond the control of Endeavour. The following risk
factors are not all-inclusive, and there is no guarantee that other factors will not affect the Corporation
in the future.
Gold Price Volatility
The profitability of Endeavour’s operations may be significantly affected by changes in the market price
of gold. The price of gold has historically fluctuated widely, and is affected by numerous factors beyond
the control of Endeavour including without limitation, sales and purchases of gold, forward sales of gold
by producers and speculators, expectations with respect to the rate of inflation, world supply of gold,
stability of exchange rates (the strength of the US dollar and other currencies), global and regional
political and economic conditions or events, industrial and retail demand, sales by central banks and
other holders, interest rates, production and costs levels in major gold-producing regions such as South
Africa and China, and speculator and producer responses to any of the foregoing factors.
Gold is sold in US dollars and although the majority of the costs of Endeavour’s gold operations are in US
dollars, certain costs are incurred in other currencies. Some of the operating costs of Endeavour’s gold
operations are denominated in currencies other than the US dollar. Fluctuations in these currencies
against the US dollar could have a material effect on Endeavour’s financial results, which are
denominated and reported in US dollars.
Future serious price declines in the market value of gold could render Endeavour’s projects uneconomic.
There is no assurance that, even as commercial quantities of gold and other precious metals are
produced, a profitable market will exist for them.
Declining commodity prices can also impact operations by requiring a reassessment of the feasibility of a
particular project. Such a reassessment may be the result of a management decision or may be required
82

under financing arrangements related to a particular project. Even if a project is ultimately determined
to be economically viable, the need to conduct such a reassessment may cause substantial delays or
may interrupt operations until the reassessment can be completed.
Endeavour can reduce its exposure against fluctuations in the price of gold by using hedging tools for a
portion or all of its gold production. The main hedging tools available to protect against price risk are
forward contracts and put options. Various strategies are available using these tools. Although hedging
activities may protect a company against a low gold price, they may also limit the price that can be
realised on gold that is subject to forward sales and call options where the market price of gold exceeds
the gold price in forward sale or call option contract.
During 2012, Endeavour reduced its hedge book to 114,361 ozs. Of the remaining deliveries, 96,163 ozs
are based on forward gold contracts implemented by Adamus at a price of $1,061.75 per oz, and 18,198
ozs are subject to call options sold by Avion which entitle the buyer to purchase gold, on a cash settled
basis, at $900 per oz. As a result, gold representing less than 10% of the Corporation’s forecast
production between 2014 and 2016 will be sold at fixed prices.
Production
Endeavour currently has three operating mines, the Youga Gold Mine in Burkina Faso, the Nzema Gold
Mine in Ghana and the Tabakoto Gold Mine in Mali. No assurance can be given that the intended or
expected production estimates will be achieved by such mines or in respect of any future mining
operations in which Endeavour owns or may acquire interests. Failure to meet such production
estimates could have a material effect on Endeavour’s future cash flows, financial performance and
financial position. Production estimates are dependent on, among other things, the accuracy of mineral
reserve estimates, the accuracy of assumptions regarding ore grades and recovery rates, ground
conditions and physical characteristics of ores, such as hardness and the presence or absence of
particular metallurgical characteristics and the accuracy of estimated rates and costs of mining and
processing. Actual production may vary from its estimates for a variety of reasons, including:
actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other
characteristics;
short-term operating factors such as the need for sequential development of ore bodies and the
processing of new or different ore grades from those planned;
mine failures, slope and underground rock failures or equipment failures;
industrial accidents;
natural phenomena such as inclement weather conditions, floods, droughts, rock slides and
earthquakes; encountering unusual or unexpected geological conditions;
changes in power costs and potential power shortages;
shortages of principal supplies needed for operation, including explosives, fuels, chemical
reagents, water, equipment parts and lubricants;
labour shortages or strikes;
military action, acts of terrorism, civil disobedience and protests; and
restrictions or regulations imposed by government agencies or other changes in the regulatory
environments.
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Such occurrences could result in damage to mineral properties, interruptions in production, injury or
death to persons, damage to property, monetary losses and legal liabilities. These factors may cause a
mineral deposit that has been mined profitably in the past to become unprofitable, forcing production
to cease. Each of these factors also applies to sites not yet in production and to operations that are to be
expanded. It is not unusual in new mining operations to experience unexpected problems during the
start-up phases. Depending on the price of gold or other minerals, it may be determined to be
impractical to commence or, if commenced, to continue commercial production at a particular site.
Gold Strategy
Endeavour evaluates opportunities to acquire, divest and/or consolidate gold producing assets and
similar businesses. Any resultant transactions may be significant in size, may change the scale of
Endeavour’s business and may expose Endeavour to new geographic, political, operating, financial and
geological risks. Such transactions may be accompanied by risks applicable to the exploration and
development of resource properties and conduct of mining operations generally, to the difficulties of
assimilating the operations and personnel of any acquired companies, and to the risk of unknown
liabilities associated with acquired assets and businesses.
Acquisition transactions involve other inherent risks, including:
accurately assessing the value, strengths, weaknesses, contingent and other liabilities, and
potential profitability of acquisition candidates;
ability to achieve identified and anticipated operating and financial synergies;
unanticipated costs;
diversion of management attention from existing business;
potential loss of Endeavour’s key employees or the key employees of any business it acquires;
unanticipated changes in business, industry or general economic conditions that affect the
assumptions underlying the acquisition; and
decline in the value of acquired properties, companies or securities.
Any one or more of these factors or other risks could cause Endeavour not to realize the benefits
anticipated to result from the acquisition of properties or companies, and could have a material adverse
effect on its ability to grow and on its financial condition.
In addition to acquiring properties and companies, Endeavour could use available cash, incur debt, issue
Endeavour Shares or other securities, or a combination of any one or more of these. This could limit
Endeavour’s flexibility to raise capital, to operate, explore and develop its properties and to make
additional acquisitions and could further dilute and decrease the trading price of Endeavour Shares.
When evaluating an acquisition opportunity, Endeavour cannot be certain that it will have correctly
identified and managed risks and costs inherent in the business that it is acquiring.
Endeavour cannot give any assurance that it will successfully identify and complete an acquisition
transaction and, if completed, that the business acquired will be successfully integrated into its
operations.
Endeavour’s success in its acquisition, divestment and consolidation activities depends on its ability to
identify suitable opportunities, implement them on acceptable terms and have the operations of any
acquired companies successfully integrated with those of Endeavour. There can be no assurance that
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Endeavour will be successful in overcoming these risks or any other problems encountered in
connection with any future acquisitions, divestments or consolidations. While Endeavour continues to
seek acquisition opportunities consistent with its gold acquisition and growth strategy, Endeavour
cannot be certain that it will be able to identify additional suitable acquisition candidates available for
sale at reasonable prices, to consummate any acquisition or to integrate any acquired business into its
operations successfully.
Political Risks
The majority of Endeavour’s assets are located in West Africa. Endeavour believes that the governments
of the countries that the Corporation holds assets in support the development of their natural resources
by foreign companies. There is no assurance however that future political and economic conditions of
these countries will not result in their governments adopting different policies respecting foreign
ownership of mineral resources, taxation, rates of exchange, environmental protection, labour relations,
repatriation of income or return of capital, restrictions on production, price controls, export controls,
expropriation of property, foreign investment, maintenance of claims and mine safety. The possibility
that a future government in any of these countries may adopt substantially different policies, which
might include the expropriation of assets, cannot be ruled out. There is also a risk of limitations being
placed on the ability to repatriate funds.
Other risks and uncertainties to which the Corporation is exposed by reason of operating in West Africa
include, but are not limited to, terrorism; hostage taking; military repression; extreme fluctuations in
currency exchange rates; high rates of inflation; labour unrest; war or civil unrest; expropriation and
nationalization; renegotiation or nullification of existing concessions, licences, permits, contracts and
fiscal stability arrangements; illegal mining; changes in taxation policies; restrictions on foreign exchange
and repatriation; loss due to disease and other potential endemic health issues; and changing political
conditions, currency controls and governmental regulations that favour or require the awarding of
contracts to local contractors or require foreign contractors to employ citizens of, or purchase supplies
from, a particular jurisdiction.
Although Endeavour is not currently experiencing any significant or extraordinary problems in foreign
countries arising from such risks, there can be no assurance that such problems will not arise in the
future.
Mineral Legislation
The business of mineral exploration, development, mining and processing is subject to various national
and local laws and plans relating to permitting and maintenance of title, environmental consents,
taxation, employee relations, health and safety, royalties, land acquisitions, land use, waste disposal,
environmental protection and remediation, protection of endangered and protected species, mine
safety, toxic substances and other matters. Although Endeavour currently complies with all material
rules and regulations, no assurance can be given that new rules and regulations will not be enacted or
that existing rules and regulations will not be applied in a manner which could limit or curtail production
or development. New laws and regulations, amendments to existing laws and regulations,
administrative interpretation of existing laws and regulations, or more stringent enforcement of existing
laws and regulations, whether in response to changes in the political or social environment in which the
companies operate or otherwise, could have a material adverse effect on the Corporation.
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Failure to comply with applicable laws and regulations may result in enforcement actions or corrective
measures requiring capital expenditures, installation of additional equipment or remedial actions.
Parties engaged in mining operation may be required to compensate those suffering loss or damage by
reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of
applicable laws or regulations.
Currency and Foreign Exchange Rate Fluctuations
The price of gold is denominated in United States dollars. Endeavour’s results are also reported in US
dollars. However, parts of the Corporation’s business is conducted by its subsidiaries in Australia,
Barbados, Burkina Faso, Canada, Cayman Islands, Côte d’Ivoire, Ghana, Jersey, Liberia, Mali and Monaco
and the associated overhead costs are denominated in Australian dollars, Barbadian dollars, Canadian
dollars, Euros, UK pounds sterling, Western Africa CFA franc, Ghanaian Cedi and Liberian dollars.
Therefore, changes in currency exchange rates as well as associated transaction costs could adversely
affect profitability in any given period. Any fluctuations in the value of these foreign currencies relative
to the US dollar may result in variations in the Corporation’s net income. Foreign currencies are affected
by a number of factors that are beyond the control the Corporation. These factors include economic
conditions in the relevant country and elsewhere and the outlook for interest rates, inflation and other
economic factors. To date the Corporation has not entered into hedging or derivative arrangements to
manage its foreign exchange risk.
Mine Development
Maintaining present levels of gold production is dependent on the successful development of new
producing mines and/or identification of additional reserves at existing mining operations. Reduced
production could have a material and adverse impact on future cash flows, results of operations and
financial conditions. Feasibility studies are used to determine the economic viability of a deposit. Many
factors are involved in the determination of the economic viability of a deposit, including the
achievement of satisfactory mineral reserve estimates, the level of estimated metallurgical recoveries,
capital and operating cost estimates and the estimate of future gold prices. Capital and operating cost
estimates are based upon many factors, including anticipated tonnage and grades of ore to be mined
and processed, the configuration of the ore body, ground and mining conditions, expected recovery
rates of the gold from the ore and anticipated environmental and regulatory compliance costs. Each of
these factors involves uncertainties and as a result, Endeavour cannot give any assurance that its
development or exploration projects will become operating mines. If a mine is developed, actual
operating results may differ from those anticipated in a feasibility study.
Any of the following events, among others, could affect the profitability or economic feasibility of a
project:
unanticipated changes in grade and tonnage of ore to be mined and processed;
unanticipated adverse geotechnical conditions;
incorrect data on which engineering assumptions are made;
costs of constructing and operating a mine in a specific environment;
availability of labour;
availability and costs of processing and refining facilities;
availability of economic sources of power;
86

adequacy of water supply;
availability of surface tenure on which to locate processing and refining facilities;
adequate access to the site, including competing land uses (such as agriculture and illegal
mining);
unanticipated transportation costs;
government regulations (including regulations with respect to prices, royalties, duties, taxes,
permitting, restrictions on production, quotas on exportation of minerals, as well as the costs of
protection of the environment and agricultural lands);
fluctuations in gold prices; and
accidents, labour actions and force majeure events.
It is not unusual in new mining operations to experience unexpected problems during the start-up
phase, and delays can often occur at the start of production.
Future Capital Requirements
Endeavour may require additional capital if it decides to develop other properties or make additional
acquisitions. Endeavour may also encounter significant unanticipated liabilities or expenses. Endeavour’s
ability to continue its planned exploration and development activities depends in part on its ability to
generate free cash flow from its operating mines, each of which is subject to certain risks and
uncertainties. Endeavour may be required to obtain additional financing in the future to fund
exploration and development activities or acquisitions of additional projects. There can be no assurance
that Endeavour will be able to obtain the necessary financing in a timely manner, on acceptable terms or
at all.
In addition, any additional debt financings, if available, may involve financial covenants and the granting
of further security over the Corporation’s assets.
Exploration and Development
The exploration and development of gold deposits involves significant risks, which even a combination
of careful evaluation, experience and knowledge may not eliminate. While the discovery of a mineable
deposit may result in substantial rewards, few properties which are explored are ultimately developed
into producing mines. Major expenses may be required to identify ore reserves, to develop metallurgical
processes and to construct mining and processing facilities at a particular site. It is impossible to ensure
that the current exploration programs planned by Endeavour will result in a profitable commercial
mining operation, and significant capital investment is required to achieve commercial production from
successful exploration efforts. There is no certainty that exploration expenditures made by Endeavour
will result in discoveries of commercially mineable quantities.
Infrastructure
Mining, processing, development and exploration activities depend, to one degree or another, on
adequate infrastructure. Reliable roads, bridges, power sources and water supply are important
determinants which affect capital and operating costs. The lack of availability on acceptable terms or
the delay in the availability of any one or more of these items could prevent or delay exploitation and/or
development of the Corporation’s projects. If adequate infrastructure is not available in a timely
manner, there can be no assurance that the exploitation and/or development of the Corporation’s
87

projects will be commenced or completed on a timely basis, if at all, or that the resulting operations will
achieve the anticipated production volume, or that construction costs and ongoing operating costs will
not be higher than anticipated. In addition, unusual or infrequent weather phenomena, sabotage or
other interference in the maintenance or provision of such infrastructure could adversely affect the
Corporation’s operations and profitability.
Mineral Reserve and Mineral Resource Estimates
Mineral reserve and mineral resource estimates are imprecise and depend partially on statistical
inference drawn from drilling and other data, which may prove to be unreliable. Estimates, which were
valid when made, may change significantly upon new information becoming available. In addition, the
estimates depend to some extent on interpretations, which may prove to be inaccurate.
Mineral reserves are reported as general indicators of mine life. Reserves should not be interpreted as
assurances of mine life or of the profitability of current or future production.
There can be no assurance that those portions of such mineral resources that are not mineral reserves
will ultimately be converted into mineral reserves. Mineral resources which are not mineral reserves do
not have demonstrated economic viability.
Depletion of Mineral Reserves
Mining reserves depleted by production must be continually replaced to maintain production levels over
the long term. There is no assurance that current or future exploration programs will result in any new
commercial mining operations or yield new reserves to replace or expand current reserves.
Dependence on Key Personnel
Endeavour’s growth strategy relies on certain key professionals with specific experience and expertise,
and the loss of these persons or Endeavour’s inability to attract and retain additional highly skilled
employees required for the implementation of Endeavour’s business plan and ongoing development and
expansion of its operating assets may have a material adverse effect on Endeavour’s business or future
operations.
Outside Contractor Risks
It is common for certain aspects of mining operations, such as drilling and blasting, to be conducted by
an outside contractor. The mining operations at the Youga Gold Mine, the Nzema Gold Mine and the
Tabakoto Gold Mine are undertaken, and mining operations at the Agbaou Gold Mine will be
undertaken, by contactors and as a result, the Corporation is subject to a number of risks, including
reduced control over the aspects of the operations that are the responsibility of the contractor, failure
of a contractor to perform under its agreement with the companies, inability to replace the contractor if
either party terminates the contract, interruption of operations in the event the contractor ceases
operations due to insolvency or other unforeseen events, failure of the contractor to comply with
applicable legal and regulatory requirements and failure of the contractor to properly manage its
workforce resulting in labour unrest or other employment issues.
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Title to Mineral Holdings
Mining companies require licenses and permits from various governmental authorities. Endeavour
believes that it holds all necessary licenses and permits under applicable laws and regulation in respect
of its properties and that it is presently complying in all material respects with the terms of such licenses
and permits. Such licenses and permits, however, are subject to change in various circumstances. There
is a risk that the necessary permits, consents, authorizations and agreements to implement planned
exploration, development or mining may not be obtained under conditions or within the time frames
that make such plans economic, that applicable laws, regulations or the governing authorities will
change or that such changes will result in additional material expenditures or time delays.
There can be no guarantee that Endeavour will be able to obtain or maintain all necessary licenses and
permits that may be required to explore and develop its properties, commence construction or
operation of mining facilities on properties under exploration or development, or to maintain continued
operations that economically justify the cost. The validity of ownership of property holdings can be
uncertain and may be contested. Risk always exists that some titles, particularly titles to undeveloped
properties, may be defective.
Environmental Risks and Other Hazards
All phases of a company’s mining operations are typically subject to environmental regulation in the
various jurisdictions in which the Corporation operates. Environmental legislation in many countries is
evolving and the trend has been toward stricter standards and enforcement, increased fines and
penalties for non-compliance, more stringent environmental assessments of proposed projects and
increasing responsibility for companies and their officers, directors and employees. Compliance with
environmental laws and regulations may require significant capital outlays on behalf of the Corporation
and may cause material changes or delays in Endeavour’s intended activities. There can be no assurance
that future changes in environmental regulations will not adversely affect Endeavour’s business, and it is
possible that future changes in these laws or regulations could have a significant adverse impact on
some portion of Endeavour’s business, causing Endeavour to re-evaluate those activities at that time.
Environmental hazards, currently unknown to Endeavour, may exist on or adjacent to its projects. The
Corporation may be liable for losses associated with such hazards, or may be forced to undertake
extensive remedial clean-up action or to pay for governmental remedial clean-up actions, even in cases
where such hazards have been caused by previous or existing owners or operations of project land, or
by past or present owners of adjacent properties or natural conditions. The costs of such clean-up
actions may have a material adverse impact on the Corporation’s operations and profitability.
Endeavour uses sodium cyanide and other hazardous chemicals in its gold production at the Youga,
Nzema and Tabakoto Gold Mines. Should sodium cyanide or other chemicals leak or otherwise be
discharged from the containment system, Endeavour may be subject to liability for clean-up work.
Endeavour currently carries insurance to protect against certain risks in such amounts as it considers
adequate. However, not all risks are insured. Therefore, Endeavour may suffer a material adverse
impact on its business if it incurs losses related to any significant events that are not covered by its
insurance policies.
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Mining involves various other types of risks and hazards, including:
industrial accidents;
processing problems;
unusual or unexpected rock formations;
structural cave-ins or slides;
flooding;
fires;
metals losses; and
periodic interruptions due to inclement or hazardous weather conditions.
These risks could result in damage to, or destruction of, mineral properties, production facilities or other
properties, personal injury, delays in mining, increased production costs, monetary losses and possible
legal liability.
Reclamation
With regard to the Youga Gold Mine, recent legislation has been adopted that provides that mining
companies exploiting a mine in Burkina Faso must establish an environmental preservation and
rehabilitation fund trust account (“EPRF”) and make annual contributions equal to the total forecasted
rehabilitation budget as stated in the project’s environmental impact assessment divided by the number
of years forming the mine life. Endeavour has established an EPRF account for the Youga Gold Mine and
made the required financial contributions.
In the case of the Nzema Gold Mine, the Ghana EPA requires reclamation costs over the life of mine to
be secured by way of a performance bond (or similar instrument) issued by an appropriate financial
institution. The amount of reclamation security fluctuates in accordance with land disturbance and is
calculated by reference to the Nzema environmental management plan and any updates thereto.
Endeavour has obtained a bank guarantee, secured with cash collateral and other security, to fulfill its
reclamation obligations to the Ghana EPA.
The Tabakoto Gold Mine is required by Mali’s mining code to provide a form of financial assurance
(bond or letter of credit) issued by an internationally renowned bank. The amount must be equal to 5%
of the mining company’s forecasted turnover figure. In the event the amount is insufficient to effect the
rehabilitation, the mining company shall provide additional funding.
There is no assurance that any funds or bonding provided in relation to the Corporation’s mines will be
sufficient to complete reclamation work actually required or that Endeavour will not be required to fund
additional costs related to reclamation that could have a material adverse effect on Endeavour’s
financial position.
Remote Locations
Endeavour’s mining interests are located in remote locations and depend on an uninterrupted flow of
materials, supplies and services to those locations. Any interruptions to the procurement of equipment
or the flow of materials, supplies and services to these properties could have an adverse impact on the
Endeavour’s future cash flows, earnings, results of operations and financial condition.
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Competition
The mining industry is intensely competitive. Significant competition exists for the acquisition of
properties producing or capable of producing gold or other metals. Endeavour may be at a competitive
disadvantage in acquiring additional mining properties because it must compete with other individuals
and companies, many of which have greater financial resources, operational experience and technical
capabilities than Endeavour. Endeavour may also encounter increasing competition from other mining
companies in its efforts to hire experienced mining professionals. Increased competition could adversely
affect Endeavour’s ability to attract necessary capital funding or acquire suitable producing properties or
prospects for mineral exploration in the future.
Insurance Coverage
The mining industry is subject to significant risks that could result in damage to, or destruction of,
mineral properties or producing facilities, personal injury or death, environmental damage, delays in
mining and monetary losses and possible legal liability. Endeavour’s policies of insurance may not
provide sufficient coverage for losses related to these or other risks. Endeavour’s insurance does not
cover all risks that may result in loss or damage and may not be adequate to reimburse Endeavour for all
losses sustained. The occurrence of losses or damage not covered by insurance could have a material
and adverse effect on Endeavour’s cash flows, results of operation and financial condition.
Insurance against risks such as environmental pollution or other hazards as a result of exploration and
production is not generally available to companies in the mining industry on acceptable terms. Losses
from these events may cause the Corporation to incur significant costs that could have a material
adverse effect upon its financial performance and results of operations.
Legal Proceedings
Endeavour may become party to new litigation or other proceedings, with or without merit, in a number
of jurisdictions. The cost of defending such claims may take away from management time and effort and
if adjudged adversely to Endeavour, may have a material and adverse effect on its cash flows, results of
operation and financial condition.
Foreign Assets
Substantial portions of the assets of Endeavour are located in jurisdictions outside of Canada, the United
States and Australia. As a result, it may be difficult for investors resident in Canada, the United States or
Australia or other jurisdictions to enforce judgments obtained against Endeavour in Canada, the United
States or Australia if the damages awarded exceed the realizable value of Endeavour’s Canadian,
American or Australian assets.
Foreign Organization
The Corporation is incorporated under the laws of the Cayman Islands. The foreign organization,
management and offices of the Corporation may make it more difficult for shareholders to enforce their
legal rights than if the Corporation was organized, managed and resident in Australia or Canada or the
United States. The common law and statutory rights of shareholders under the laws of the Cayman
Islands may be less extensive than statutory rights available to shareholders under the laws of Australia
91

or Canada or the United States. Although the Cayman Islands have enjoyed a stable political climate for
many years, there can be no assurance that changing social and political conditions will not adversely
affect the operations of the Corporation in the future.
DIVIDENDS AND DISTRIBUTIONS
The Corporation has not paid any dividends since the suspension of its monthly dividend payments in
February 2009. There are no restrictions on the Corporation’s ability to pay dividends or make
distributions, other than pursuant to the terms of the Corporate Facility. The payment of dividends and
making of distributions to shareholders in future will depend, among other factors, on earnings, capital
requirements, and the Corporation’s operating and financial condition.
General Description of Capital Structure
DESCRIPTION OF CAPITAL STRUCTURE OF ISSUER
Endeavour’s authorized capital is $20,000,000 divided into 1,000,000,000 ordinary shares (the
“Endeavour Shares”) and 1,000,000,000 undesignated shares with a par value of $0.01 each, none of
which undesignated shares have been issued. As at April 1, 2013, 412,489,778 Endeavour Shares were
issued and outstanding. Endeavour had stock options outstanding under its stock option plans,
exercisable into 31,299,722 Endeavour Shares. In addition, Endeavour had share purchase warrants
outstanding, exercisable into 33,031,891 Endeavour Shares.
Endeavour Shares
The Endeavour Shares confer upon the holders thereof the right to receive notice of, to attend and to
vote at, general meetings of the Corporation. The Endeavour Shares are transferable by their holders
subject to compliance with the provisions of the articles of association of the Corporation in relation to
transfers. The Endeavour Shares confer upon the holders thereof rights in a winding-up or repayment of
capital and the right to participate in the profits or assets of the Corporation in accordance with the
articles of association. The directors of the Corporation can implement or effect at their sole discretion
the issuance of a preferred share purchase right to be attached to each issued Endeavour Share with
such terms and for such purposes, including the influencing of a takeover, as may be described in a
rights agreement between the Corporation and a rights agent.
The Endeavour Shares are not redeemable by the Corporation or the holder of such shares. Subject to
applicable law, the Corporation may purchase its own Endeavour Shares on such terms and in such
manner as the directors may determine and agree with the shareholder, and make a payment in respect
of the purchase of its own Endeavour Shares otherwise than out of profits or the proceeds of a new
issue of shares.
Undesignated Shares
Undesignated shares in the capital of the Corporation may be designated and created as shares of any
other class or series of shares with their respective rights and restrictions determined upon the creation
thereof by resolution of the directors approved pursuant to the articles of association of the
Corporation.
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MARKET FOR SECURITIES
Price Range and Trading Volumes of Endeavour Shares
Endeavour Shares are listed and posted for trading on the TSX under the trading symbol “EDV” and
trade on Canadian alternative trading systems (“ATS”). The CDIs trade on the ASX under the symbol
“EVR”. The following tables set forth, for the periods indicated, the reported high, low and closing
trading prices and the aggregate volume of trading of the Endeavour Shares in Canada on the TSX and
on ATS, and in Australia on the ASX:
Trading Data for Endeavour Shares in Canada
High
(C$)
Low
(C$)
Close
(C$)
TSX Volume
ATS
Volume
Total
Volume
January 2012 2.68 2.26 2.59 7,061,194 3,322,823 10,384,017
February 2012 2.67 2.26 2.41 7,395,230 6,476,155 13,871,385
March 2012 2.68 2.17 2.23 19,627,115 13,258,764 32,885,879
April 2012 2.28 1.95 2.03 9,546,676 4,504,995 14,051,671
May 2012 2.33 1.87 2.12 7,687,549 5,590,610 13,278,159
June 2012 2.45 2.05 2.22 3,830,021 3,552,890 7,382,911
July 2012 2.44 2.06 2.36 2,093,930 1,542,730 3,636,660
August 2012 2.42 1.84 1.98 18,009,104 10,998,087 29,007,191
September 2012 2.34 1.97 2.22 24,651,416 14,224,269 38,875,685
October 2012 2.56 2.16 2.30 18,762,609 16,506,044 35,268,653
November 2012 2.47 2.06 2.10 19,448,584 16,548,976 35,997,560
December 2012 2.15 1.98 2.07 19,612,283 16,153,617 35,765,900
Trading Data for CDIs on ASX
High
(AUD$)
Low
(AUD$)
Close
(AUD$)
ASX Volume
January 2012 2.47 2.17 2.42 2,656,417
February 2012 2.43 2.14 2.30 2,157,309
March 2012 2.54 2.15 2.22 4,515,715
April 2012 2.29 1.93 2.02 2,593,886
May 2012 2.26 1.93 2.08 3,842,036
June 2012 2.43 1.96 2.10 2,898,767
July 2012 2.29 1.99 2.27 1,626,482
August 2012 2.30 1.82 1.89 7,273,818
September 2012 2.25 1.93 2.19 17,108,368
October 2012 2.51 2.13 2.27 3,784,594
November 2012 2.48 2.01 2.08 6,306,393
December 2012 2.12 1.93 2.01 3,500,031
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Price Range and Trading Volumes of Endeavour Warrants
Endeavour A Warrants
Endeavour A Warrants are listed and posted for trading on the TSX under trading symbol “EDV.WT.A”
and trade on Canadian ATS. Each Endeavour A Warrant entitles the holder to purchase one Endeavour
Share for C$2.50 at any time on or before February 4, 2014. The following table sets forth, for the
periods indicated, the reported high, low and closing trading prices and the aggregate volume of trading
of the Endeavour A Warrants on the TSX and on ATS:
High
(C$)
Low
(C$)
Close
(C$)
TSX Volume ATS Volume
Total
Volume
January 2012 0.81 0.62 0.75 761,276 35,400 796,676
February 2012 0.78 0.66 0.70 472,118 32,150 504,268
March 2012 0.82 0.55 0.65 515,234 10,500 525,734
April 2012 0.66 0.50 0.51 305,440 31,580 337,020
May 2012 0.59 0.42 0.48 508,949 38,600 547,549
June 2012 0.64 0.37 0.47 454,900 43,916 498,816
July 2012 0.65 0.39 0.53 469,050 12,300 481,350
August 2012 0.55 0.39 0.41 708,527 60,200 768,727
September 2012 0.54 0.40 0.47 1,237,086 159,216 1,396,302
October 2012 0.56 0.47 0.48 1,884,918 133,700 2,018,618
November 2012 0.54 0.36 0.36 1,345,754 142,100 1,487,854
December 2012 0.43 0.30 0.34 524,190 71,320 595,510
DIRECTORS AND OFFICERS
The following table indicates the name, province or state, and country of residence of each director and
executive officer of the Corporation as at its most recent financial year end, their respective positions
with the Corporation and principal occupations during the past five years, the dates on which each of
them commenced serving as a director of the Corporation, and the number and percentages of
Endeavour Shares (being the Corporation’s only class of voting securities) owned directly or indirectly or
over which control or direction is exercised by each of them as at the Corporation’s most recent
financial year end.
Name and Residence of
Director/Officer and Present
Position with the Corporation (1)
(3) (4)
MICHAEL E. BECKETT
London, England
Director and Chairman
NEIL WOODYER
Monte Carlo, Monaco
Director, President and
Chief Executive Officer
Principal Occupation Date Commenced
Being a Director
Various Chairman and Director
appointments
President and Chief Executive Officer of
the Corporation
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Number of
Endeavour
Shares (2)
July 26, 2002 130,000
July 26, 2002 397,127 (5)

Name and Residence of
Director/Officer and Present
Position with the Corporation (1)
JORGE L. GAMARCI
Texas, USA
Director
(3) (6) (7)
(3) (6) (7)
WAYNE McMANUS
Grand Cayman, Cayman Islands
Director
(4) (7)
DR. ANTONY HARWOOD
Johannesburg, South Africa
Director
(4) (6)
IAN HENDERSON
London, England
Director
ADRIAAN “ATTIE” ROUX (8)
Accra, Ghana
Chief Operating Officer
CHRISTIAN MILAU (9)
Fontvieille, Monaco
Executive Vice President and Chief
Financial Officer
DOUGLAS BOWLBY
British Columbia, Canada
Executive Vice President Corporate
Development
DAVID LAING
Fontvieille, Monaco
Executive Vice President Technical
Services
MORGAN CARROLL
Monte Carlo, Monaco
Senior Vice President Corporate
Finance, General Counsel and
Secretary
Principal Occupation Date Commenced
Being a Director
Private investor and a member of
several corporate boards domiciled
mostly in Latin America
95
Number of
Endeavour
Shares (2)
November 6, 2003 Nil
College Professor and Author July 26, 2002 80,000
Mining Executive/Geologist December 5, 2011 42,750
Former Managing Director at JP Morgan
Asset Management
Chief Operating Officer of the
Corporation
Executive Vice President and Chief
Financial Officer of the Corporation
Executive Vice President Corporate
Development of the Corporation
Executive Vice President Technical
Services of the Corporation
Senior Vice President Corporate Finance,
General Counsel and Secretary
April 1, 2013 Nil
N/A 84,294
N/A 200,548
N/A 266,357
N/A 288,618 (10)
N/A 53,174
(1) James Coleman, Q.C. served on the Board from October 18, 2012 until his resignation on March 22, 2013.
(2) Endeavour Shares beneficially owned, directly or indirectly, or over which control or direction is exercised, which information has been
furnished by the directors themselves.
(3) Member of the Remuneration Committee.
(4) Member of the Safety, Health and Environmental Committee.
(5) Ashdell Ltd., a company beneficially owned by a Woodyer family trust, holds 2.8 million Endeavour Shares as at the date of this AIF. Ashdell
is controlled by this trust which operates through an independent trustee. Neil Woodyer has no control or direction over or beneficial
interest in Ashdell Ltd. or the trust.
(6) Member of the Corporate Governance and Nominating Committee.
(7) Member of the Audit Committee.
(8) The position of Chief Operating Officer of the Corporation was assumed by Adiaan Roux of Accra, Ghana on September 1, 2012. Previously,
Mr. Roux acted as Senior Vice President Operations and General Manager of the Nzema Gold Mine. Prior to this, Mr. Roux held various
positions with AngloGold Ashanti Limited, an NYSE, JSE and ASX-listed company.
(9) The position of Executive Vice President and Chief Financial Officer of the Corporation was assumed by Christian Milau of Fontvieille,
Monaco on March 31, 2011. From August, 2008 to March, 2011, Mr. Milau was Vice-President and Treasurer of New Gold Inc., a TSX and

AMEX listed intermediate gold producer with operating mines in the United States, Mexico and Australia. Prior to this, Mr. Milau held the
position of Vice-President with Deloitte & Touche LLP Corporate Finance.
(10) 2,825 Endeavour Shares included in the holdings of David Laing are held in the name of Mr. Laing’s spouse.
As a result of amendments to the TSX Company Manual, which became effective December 31, 2012,
the Corporation’s directors will no longer be elected to three year terms. Directors will now be elected
at each annual meeting of Endeavour’s shareholders and serve as such until the next annual meeting or
until their successors are elected or appointed.
To the best of the Corporation’s knowledge based on information furnished by the directors and officers
of the Corporation, as a group, the directors and officers of the Corporation exercised control and
direction, directly or indirectly, over 1,542,868 Endeavour Shares or less than 0.4% of the issued
Endeavour Shares as at April 1, 2013.
Corporate Cease Trade Orders or Bankruptcies
No director or executive officer of the Corporation is or within the 10 years before the date of this AIF
has been, a director or executive officer of any other issuer that, while such person was acting in that
capacity:
(a) was the subject of a cease trade or similar order or an order that denied such other issuer access
to any exemptions under Canadian securities legislation for a period of more than 30
consecutive days;
(b) was subject to an event that resulted, after the director or officer ceased to be a director or
officer, in the Corporation being the subject of a cease trade order or similar order or an order
that denied the relevant issuer access to any exemption order under Canadian securities
legislation, for a period of more than 30 consecutive days.
No director, executive officer or shareholder holding a sufficient number of securities of the Corporation
to affect materially the control of the Corporation is, or within the 10 years before the date of this AIF
has been, a director or executive officer of any other issuer that, while such person was acting in that
capacity within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal
under any legislation relating to bankruptcy or insolvency or was subject to or instituted any
proceedings, arrangement, or compromise with creditors or had a receiver, receiver manager or trustee
appointed to hold his or her assets.
Personal Bankruptcies
No director, executive officer or shareholder holding a sufficient number of the Corporation’s securities
to affect materially the control of the Corporation has, within 10 years before the date of this AIF,
become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or
become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a
receiver, receiver manager or trustee appointed to hold his or her assets.
Penalties or Sanctions
No director, executive officer or shareholder holding a sufficient number of the Corporation’s securities
to affect materially the control of the Corporation has been subject to any penalties or sanctions
96

imposed by a court relating to Canadian securities legislation or has entered into a settlement
agreement with a Canadian securities regulatory authority, or has been subject to any other penalties or
sanctions imposed by a court or regulatory body that would likely be considered important to a
reasonable investor in making an investment decision.
Conflicts of Interest
Directors and Officers
The Corporation’s directors and officers may serve as directors or officers of other companies or have
significant shareholdings in other resource companies and, to the extent that such other companies may
participate in ventures in which the Corporation may participate, the directors of the Corporation may
have a conflict of interest in negotiating and concluding terms respecting the extent of such
participation. In the event that such conflict of interest arises at a meeting of the Corporation’s
directors, a director who has such a conflict will abstain from voting for or against the approval of such
participation or such terms. From time to time several companies may participate in the acquisition,
exploration and development of natural resource properties thereby allowing for the participation in
larger programs, permitting involvement in a greater number of programs and reducing financial
exposure in respect of any one program. It may also occur that a particular company will assign all or a
portion of its interest in a particular program to another of these companies due to the financial position
of the company making the assignment. In accordance with the laws of British Columbia, the directors of
the Corporation are required to act honestly, in good faith and in the best interests of the Corporation.
In determining whether or not the Corporation will participate in a particular program and the interest
therein to be acquired by it, the directors will primarily consider the degree of risk to which the
Corporation may be exposed and its financial position at that time.
The directors and officers of the Corporation are aware of the existence of laws governing the
accountability of directors and officers for corporate opportunity and requiring disclosures by the
directors of conflicts of interest and the Corporation will rely upon such laws in respect of any directors’
and officers’ conflicts of interest or in respect of any breaches of duty by any of its directors and officers.
All such conflicts will be disclosed by such directors or officers in accordance with applicable law, and
they will govern themselves in respect thereof to the best of their ability in accordance with the
obligations imposed upon them by law. The directors and officers of the Corporation are not aware of
any such conflicts of interests.
Audit Committee Charter
AUDIT COMMITTEE
The Audit Committee’s charter is set out in full in Schedule “A”.
Composition of the Audit Committee
The Audit Committee is comprised of Wayne McManus (Chair), Jorge L. Gamarci and Dr. Antony
Harwood. All members are independent and financially literate.
97

Relevant Education and Experience
Wayne McManus has worked for several years as a private banker providing accounting and wealth
management services to clients. Mr. McManus also has over 20 years of experience teaching accounting
at the college level. He is a Certified Public Accountant, a Chartered Financial Analyst and has a Masters
of Business Administration Degree.
Jorge Gamarci has over 30 years’ experience in banking, as a bank accountant early in his career and
later as an executive officer authorizing significant banking credit facilities at Lloyds Bank PLC. Mr.
Gamarci also has significant trading experience from his employment at Lloyds Bank PLC, Bank of
Montreal and UBS Securities LLC where he was respectively Executive Vice President, Senior Vice
President and Managing Director. He holds a Baccalaureate in Accountancy degree and has also studied
economics in Argentina and Banking in the U.S. Mr. Gamarci is also a member of several corporate
boards domiciled mostly in Latin America.
Dr. Antony Harwood is an economic geologist with 30 years of international exploration and mining
experience and significant senior management experience requiring an advanced understanding of
financial statements of mining companies. From June 2009 to present, Dr. Harwood has held the office
of President and Chief Executive Officer of Montero Mining & Exploration, a Canadian-listed company.
Between 2009 and 2012, Dr. Harwood also served as chairman of Universal Coal PLC, an ASX-listed
company. Between 2006 and 2009, Dr. Harwood held the office of President and Chief Executive Officer
of Africo Resources Ltd., a Canadian company engaged in exploring, acquiring and developing base
metal and gold assets in Africa. Between 1998 and 2006, Dr. Harwood served as a Vice President of
Placer Dome Inc.
Pre-Approval Policies and Procedures for Non-Audit Services
The Audit Committee has not adopted specific policies for the engagement of non-audit services.
Engagements for the provision of non-audit services are approved by both the Audit Committee and the
Corporation’s Board at the commencement of each financial year, and if applicable, will be considered
on a case-by-case basis during the course of the year.
External Auditor Service Fees
The aggregate fees billed by the Corporation’s external auditors in each of the last two fiscal years are
set out below:
Year ended
December 31, 2012
(C$)
98
Year ended
December 31, 2011
(C$)
Audit Fees (1) 1,128,000 741,500
Audit-related Fees (2) 35,000 345,000
Tax Fees (3) 416,155 419,732
All Other Fees (4) 30,000 93,000
Total Fees 1,609,155 1,599,232

(1) “Audit Fees” are the aggregate fees billed by the auditors for audit services.
(2) “Audit-related Fees” are the aggregate fees billed by the Corporation’s external auditors for the assistance with the
Corporation’s acquisition of Avion in 2012 and, in 2011, the Corporation’s transition from Canadian GAAP to International
Financial Reporting Standards and corporate acquisitions.
(3) “Tax Fees” are fees for tax compliance work, preparing the annual tax returns and tax planning issues.
(4) “All Other Fees” are the aggregate fees paid to the auditors for services related to assistance with the Corporation’s
Management Information Circular and Business Acquisition Report as well as due diligence services performed in
connection with corporate acquisitions.
LEGAL PROCEEDINGS
Except as described below, the Corporation is not a party to, nor is any of its property the subject of, any
material legal proceedings, and there are no legal proceedings known by the Corporation to be
contemplated.
Burkina Faso Mines Services S.A.
On May 17, 2010, the Corporation received a notice of arbitration from Burkina Faso Mines Services S.A.
(“BFMS”) relating to the termination of a drill blast contract at the Youga Gold Mine from December
2009. BFMS claimed payments and damages totaling $9.3 million plus accrued interest, exchange rate
adjustments and cost. BFMS also requested the arbitrator to grant injunctive relief to prevent the
Corporation and Burkina Mining Company S.A. (“BMC”) from claiming under a performance guarantee
provided by BFMS’ parent company, EPC Groupe.
On January 17, 2013 the arbitrator rendered a decision which dismissed BFMS’s claim against BMC but
also rejected BMC’s counterclaim against BFMS. Although the Corporation successfully defended the
claim, the arbitrator found that the Corporation must settle its historical payables with BFMS; these had
been deferred pending the outcome of the arbitration. Total historical payables together with interest
due amounted to $3.9 million. The Corporation has accrued for these costs in its financial statements.
Hightime Investments Pty Ltd.
The Corporation was subject to a claim from Hightime Investments Pty Ltd. (“Hightime”) which alleged
that the Corporation entered into an arrangement with Hightime under which Hightime asserted that it
allowed the Corporation to apply for, and obtain, a prospecting license over ground near the Southern
Ashanti geological belt in Ghana in exchange for the Corporation paying Hightime the fair market value
of the ground after the Corporation had completed its feasibility study. The claim was heard by the
Supreme Court of Western Australia in April and June 2012. The court rendered its judgment on August
21, 2012, and ordered that Hightime’s action be dismissed with Hightime to pay Endeavour’s costs in
connection with the action. On September 10, 2012, Hightime lodged an appeal against the decision of
the Supreme Court of Western Australia. The appeal was discontinued on October 10, 2012 in
conjunction with a settlement agreed to in the Corporation’s favour which was executed on March 26,
2013.
Gold Reserve Inc.
On December 16, 2008, the Corporation was notified of a claim filed against it by Gold Reserve Inc.
(“Gold Reserve”) in the Ontario Superior Court of Justice. Gold Reserve’s claim against the Corporation
arose out of an advisory agreement pursuant to which the Corporation agreed to provide financial
99

advisory services to Gold Reserve.
On September 20, 2012, the Corporation reached a settlement agreement with Gold Reserve, whereby,
in exchange for a full and final settlement of all the claims between the parties and without any
admission as to liability, Endeavour paid C$1.5 million to Gold Reserve.
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS
The Corporation is not aware of any material interest, direct or indirect, of any director or officer of the
Corporation, or any person or company that is a direct or indirect beneficial owner of, or who exercises
control or direction over, more than ten percent of the Endeavour Shares, or any affiliate of such
persons or companies, in any transaction within the three most recently completed financial years or
during the current financial year that has materially affected or will materially affect the Corporation.
TRANSFER AGENT AND REGISTRAR
The Corporation’s Canadian transfer agent and registrar is Computershare Trust Company of Canada at
its principal offices in Toronto, Ontario and Vancouver, British Columbia and its U.S. transfer agent and
registrar is Computershare Trust Company, N.A. at its principal offices in Golden, Colorado. The website
address of Computershare is www.computershare.com.
MATERIAL CONTRACTS
Except for contracts entered into by the Corporation in the ordinary course of business or otherwise
disclosed herein, the Corporation has no contracts which can reasonably be regarded as material.
Auditors
INTERESTS OF EXPERTS
The auditors of the Corporation are Deloitte LLP, Chartered Accountants, Vancouver, British Columbia
(“Deloitte”). Endeavour’s consolidated annual financial statements for the year ended December 31,
2012, filed under National Instrument 51-102 contain the report of Deloitte given on their authority as
experts in auditing and accounting. Deloitte is independent to the Corporation within the meaning of
the Rules of Professional Conduct of the Institutes of Chartered Accountants of British Columbia.
Other Experts
The following are the technical reports prepared in accordance with NI 43-101 from which certain
technical information relating to the Corporation’s mineral projects on properties material to the
Corporation contained in this AIF has been derived:
(a) The Nzema Report entitled “Technical Report and Mineral Resource and Reserve Update for the
Nzema Gold Mine, Ghana, West Africa”, dated effective December 31, 2012, prepared by
Nicolas J. Johnson of MPR Geological Consultants Pty Ltd., Quinton De Klerk of Cube Consulting
Pty Ltd. and William J.A. Yeo and Adriaan A. Roux of Endeavour;
100

(b) The Youga Report entitled “Technical Report and Update of Mineral Resources and Mineral
Reserves for the Youga Gold Mine, Burkina Faso, West Africa” dated effective December 31,
2010, prepared by Adrian de Freitas and K. Kirk Woodman of Endeavour;
(c) The Tabakoto Report entitled “Technical Report on the Tabakoto Mining Operations, Mali, West
Africa” dated effective July 5, 2011, prepared by Tracy Armstrong, Eugene Puritch and Antoine
Yassa of P&E Mining Consultants Inc. and Don Dudek and Andrew Bradfield of Avion Gold
Corporation;
(d) The Agbaou Report entitled “Agbaou Gold Mine, Cote d’Ivoire, NI 43-101 Technical Report”
dated March 25, 2012, prepared by Mark Wanless, Hendrik Theart and Mark Sturgeon of SRK
Consulting South Africa (Pty) Ltd., Neil Senior of SENET, and Duncan Grant-Stuart and Angus
Rowland of Knight Piésold (Pty) Ltd.; and,
(e) The Houndé Report entitled “Technical Report and Preliminary Economic Assessment of the
Houndé Gold Project, Burkina Faso, West Africa”, dated effective December 31, 2012, prepared
by Maritz Rykaart, Dino Pilotto, Michael Royle, John Duncan, Mark Liskowich, Adrian Dance, Jim
Yakasovich and Bruce Murphy of SRK Consulting, Eugene Puritch, Fred Brown, Tracy Armstong
and Antoine Yassa of P&E Mining Consultant Inc., and Don Dudek of the Corporation.
Each of these reports is available on SEDAR at www.sedar.com under the Corporation’s profile. None of
the authors of any report referred to above, other than William J.A. Yeo, Adriaan A. Roux, Adrian de
Freitas, K. Kirk Woodman, and Don Dudek, who are employees of the Corporation, and Don Dudek and
Andrew Bradfield, as former employees of Avion, had any interest, direct or indirect, in any securities or
other properties of the Corporation, or any of its associates or affiliates, at the time the applicable
report was prepared. None of the authors of any report referred to above have received or will receive
from the Corporation any properties or any securities representing more than one percent of the
outstanding securities of the Corporation or of any of the Corporation’s associates or affiliates.
ADDITIONAL INFORMATION
Additional information relating to the Corporation may be found on SEDAR at www.sedar.com.
Additional information, including directors’ and officers’ remuneration and indebtedness, principal
holders of the Corporation’s securities, options to purchase securities and interests of insiders in
material transactions, where applicable, will be contained in the Corporation’s management proxy
circular for its upcoming annual general meeting.
Additional financial information is provided in the Corporation’s audited consolidated financial
statements and management discussion and analysis for the year ended December 31, 2012.
101

1. COMMITTEE STRUCTURE
APPENDIX “A“
AUDIT COMMITTEE CHARTER
The Audit Committee (“the “Committee”) of Endeavour Mining Corporation (the “Corporation”) shall be
comprised of at least three members, including the Chairperson, each of whom shall be an independent
director in accordance with the applicable policies and guidelines of the Canadian Securities
Administrators.
The Chairperson of the Committee shall be nominated by the Corporate Governance & Nominating
Committee from time to time. A quorum for any meeting shall be two members.
Nominees for the Committee shall be recommended by the Corporate Governance & Nominating
Committee in accordance with the policies and principles set forth in the Corporate Governance &
Nominating Committee charter. The invitation to join the Committee shall be extended by the Board of
Directors (“the “Board”) itself, by the Chairman of the Corporate Governance & Nominating Committee
or the Chairman of the Board. Members of the Committee may be removed or replaced by the Board.
Each member of the Committee shall be financially literate.
Any Committee member may resign at any time by providing notice in writing or by electronic
transmission to the Corporate Secretary of the Corporation. Such resignation shall take effect upon
receipt thereof or at any later time specified therein; and unless otherwise specified therein, the
acceptance of such resignation shall not be necessary to make it effective.
The Chairperson may invite corporate officers and advisors to attend the meetings. Minutes of each
Committee meeting shall be kept and made available to the Board.
The Committee shall have unrestricted access to the Corporation’s personnel and documents and shall
be provided with the resources necessary to carry out its responsibilities.
The Committee has the right to engage experts or advisors, including independent legal counsel at the
expense of the Corporation, to set and pay the compensation of such outside experts or advisors, and to
communicate directly with the Corporation’s internal and external auditors.
The Committee shall report its activities to the Board by distributing minutes of its meetings and, as
appropriate, by oral or written report to the Board describing the Audit Committee’s activities.
The Committee shall be responsible for conducting an annual self-evaluation. The Corporate
Governance & Nominating Committee shall be responsible for monitoring the processes and evaluation
criteria established by the Committee. The assessment shall be discussed with the full Board following
the end of each fiscal year.
- A-1 -

2. OPERATION OF THE COMMITTEE
Responsibility for the Corporation’s financial reporting, accounting systems and internal controls is
vested in the officers of the Corporation and is overseen by the Board.
The responsibility of the Committee is to assist the Board in fulfilling its oversight responsibilities.
Meeting a minimum of four times annually, the Committee is responsible for:
the financial reporting process of the Corporation including reviewing the objectivity of
the independent audit; and
overseeing the system of internal control, including the assessment of risk.
In undertaking these responsibilities the Committee shall perform various duties as outlined below:
Review the financial statements and related notes of the Corporation before their submission to the
Board, including the annual and interim financial statements, auditors’ opinion, management
letters, management’s discussion and analysis of operations, financial press releases, the annual
information form and management information circular for the purpose of recommending approval
by the Board prior to its release. Meet with the external auditors, with and without management
present, to review the financial statements and the results of their audit, including:
assessing the risk that the financial statements contain material misstatements;
assessing the accounting principles used and their application, as well as being aware of
new and developing accounting standards that may affect the Corporation;
assessing the significant estimates made by management; and
assessing the disclosures in the financial statements.
Discuss the planning of the audit with the external auditors including:
the general approach taken in conducting the audit including any areas of particular
concern or interest to the Committee or management and any extensions to the audit
scope requested by the Committee or management;
areas of the financial statements identified as having a high risk of material
misstatement and the auditor’s response thereto;
the materiality and audit risk level on which the audit is based;
the extent of audit work related to internal controls;
- A-2 -

the planned reliance on the work of other auditors, how the expectations shall be
communicated to the other auditors and how their findings shall be communicated to
the Committee; and
the timing and estimated fees of the audit.
Assess the overall process for identifying principal business, political, financial and control risks and
providing its views on the effectiveness of this process to the Board.
Evaluate the performance of the external auditors and recommend to the Board the appointment or
replacement of the external auditors.
Evaluate and recommend to the Board the compensation of the external auditors.
Receive periodic reports from the external auditors regarding the auditors’ independence, discuss
such reports with the auditors, and if so determined by the Committee, recommend that the Board
take appropriate action to ensure the independence of the auditors.
Review with the external auditors any audit problems or difficulties and management’s response
and resolving disagreements between management and the auditors regarding financial reporting.
Review the reliability and integrity of financial and operating information.
Review the systems established to ensure compliance with the Corporation’s policies, plans,
procedures, laws, regulations and means of safeguarding assets including adequacy of controls
surrounding electronic data processing and computer security.
Review the adequacy of resources assigned to assess control and what steps the officers of the
Corporation have taken to eliminate any potentially serious weaknesses in internal control including
a review of executive expense procedures and use of Corporation assets, the capital investment
control process and financial instruments procedures.
Provide the opportunity for open communication between the Corporation, the external auditors
and the Board.
Report annually to the shareholders in the Corporation’s Management Information Circular
prepared for the annual and general meeting of shareholders on the carrying out of its
responsibilities under this charter and on other matters as required by applicable securities
regulatory authorities.
Annually review and revise this Charter as necessary with the approval of the Board. This Charter
may be amended and restated from time to time without the approval of the Board to ensure that
the composition of the Committee and the responsibilities and powers of the Committee comply
with the applicable laws and stock exchange rules.
- A-3 -

Approve any permissible non-audit engagements of the external auditors, in accordance with
applicable legislation.
Review and approve the Corporation’s hiring policies regarding partners, employees and former
partners and employees of the external auditors.
Establish an anonymous reporting procedure for (a) the receipt, retention and treatment of
complaints received by the Corporation regarding accounting, internal accounting controls or
auditing matters; and (b) the confidential anonymous submission by employees of the Corporation
of concerns regarding potential fraud or questionable accounting or auditing matters, as required by
National Instrument 52-110 of the Canadian Security Administrators.
Review the Corporation’s disclosure controls and procedures and internal control over financial
reporting (the “Controls”), and consider whether the Controls:
provide reasonable assurance that material information relating to the Corporation,
including its consolidated subsidiaries, if any, is made known to the Corporation’s Chief
Executive Officer and Chief Financial Officer, particularly during the period in which the
Corporation’s annual filings are being prepared; and
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with the
Corporation’s GAAP.
The Committee shall evaluate the effectiveness of the Controls as of the end of each period covered
by the annual filings and provide the Board and management with its conclusions about the
effectiveness of the Controls.
3. AMENDMENT, MODIFICATION AND WAIVER
These guidelines may be amended or modified by the Board, subject to disclosure and other policies and
guidelines of the Canadian Securities Administrators.
- A-4 -