Endeavour Mining Reports 2011 Financial Results and Demonstrates Significant Growth

Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV, ASX:EVR) today announced its financial and operational results for the fourth quarter and year ended December 31, 2011.  On December 5, 2011 the merger between Endeavour and Adamus Resources Limited ("Adamus"), which owns 90% of the Nzema Gold Mine in Ghana, became effective.  Adamus' results are included in Endeavour's financial results for the 26 day period from December 6, 2011 to December 31, 2011 ("26 day period"), which limits the comparability of the audited figures.  Endeavour is a growth focused West African gold producer with two operating mines and an EPCM contract being tendered for its third mine, Agbaou.  In addition, significant exploration programs to extend mine lives are being conducted on the mine lease areas.

2011 Financial and Corporate Highlights include:

• A transformative transaction for two junior gold producers .  Endeavour and Adamus merged effective December 5, 2011 in a market-based all-stock transaction creating a strengthened and growth focused West African gold production and exploration company.  For 2012, Endeavour expects gold production to be in the range of 170,000 to 190,000 ounces at a total cash cost (excluding royalties) of $645 to $685 per ounce, with additional near-term production growth of approximately 100,000 ounces per year from the Agbaou Gold Project.  Based on the production and cost guidance ranges and assuming $1,600 gold price, the cash flow from mining operations during 2012 is forecast at $150 million.
• Increased financial flexibility from entering into a $200 million four year revolving corporate loan facility with UniCredit Bank AG.  On December 5, 2011 Endeavour drew down $100 million to maintain a strong cash position through the merger financial restructuring period and for general working capital purposes.
• Repayment of the $57 million Nzema Gold Mine project loan facility and removal of the associated loan covenants and conditions.
• Increased leverage to gold by de-hedging.  Endeavour closed out 162,532 ounces of the gold hedge book (100% or 23,532 ounces of the Youga hedge book in November 2011 and 55% or 139,000 ounces of the Nzema hedge book in December 2011).  The remaining Nzema hedge book of 116,161 ounces has a flat forward price of $1,061.75 and represents approximately 8% of the current proven and probable gold reserves at Nzema and Youga.  The re-profiled delivery of gold will be approximately 10,000 ounces during each of 2012 and 2013 and 32,000 ounces during each of 2014, 2015 and 2016.
• Cash and cash equivalents and marketable securities totaled $132.5 million, as of December 31, 2011.
• Focused on West African gold. During 2011, Endeavour completed the sale of its diamond properties in South Africa, completed a spin-out and IPO of its rare earth exploration properties in Namibia, and sold its debt finance and related M&A advisory business in order to focus on its core gold mining activities.  On March 6, 2012, Endeavour announced the conditional sale of its 40% interest in the Finkolo JV in Mali for $20 million cash to sharpen its focus on a growing number of wholly-owned projects.

Neil Woodyer, CEO stated: "We have completed a significant year of growth and are very pleased with the operating performance at our Nzema and Youga gold mines during 2011.  At the end of 2011, we completed a significant financial restructuring and increased our exposure to gold through de-hedging and sale of non-core assets.  We have successfully integrated our management teams and established a new operations centre in Accra, Ghana. The Nzema mine building team are advancing the Agbaou Project and they have commenced the EPCM tender process.  Our growth profile also includes $24 million for 2012 near-mine exploration programs to extend mine lives and $6 million for regional programs.  We will also be reviewing a number of acquisition opportunities."

Operational Highlights (unaudited) for the year ended December 31, 2011, adjusted to include the full year for the Youga Gold Mine and the Nzema Gold Mine:

• Gold production totaled 177,290 ounces, comprised of 90,026 ounces from the Nzema Gold Mine and 87,264 ounces from the Youga Gold Mine.
• Gold sales totaled 181,796 ounces, comprised of 91,108 ounces from the Nzema Gold Mine and 90,688 ounces from the Youga Gold Mine.
• Total cash cost (excluding royalties) of $614 per ounce produced, based on costs of $585 at the Nzema Gold Mine (excluding pre-commercial production) and $644 at the Youga Gold Mine.
• Operating cash flow from mine operations of $91 million including $36.9 million from the Nzema Gold Mine and $53.9 million from the Youga Gold Mine, after the realized losses of the 2011 gold hedges.  Endeavour closed out 100% of the Youga hedge book in November 2011 and 55% of the Nzema hedge book in December 2011.
• Near-mine exploration programs yielded strong results with total attributable measured and indicated resources increased to 3.8 million ounces plus 1.4 million ounces inferred at a 0.5 g/t cut-off as of December 31, 2011.  As of December 31, 2010, the combined attributable measured and indicated resources totaled 3.5 million ounces plus 1.2 million ounces inferred.  Please refer to the mineral resource table at the end of this news release for additional information.

Mark Connelly, COO stated "Endeavour's 2011 operating results demonstrate our solid operating platform. Endeavour is producing gold at 180,000 ounces per year from two steady-state operations and expects to produce gold at a rate of 250,000+ ounces per year by the end of 2013 through the development of Agbaou.  With the financial strength to fully fund the entire Agbaou capital cost, we are positioned to initiate a fast start to construction activities and reach our 2013 production target."

Nzema Gold Mine, Ghana - Full Year 2011 Highlights and 2012 Production Guidance

1 Cash Cost per Ounce produced excluding royalties is a non-GAAP financial performance measure with no standard meaning under IFRS
2 Production guidance provided by Adamus Resources Limited was on a June year-end basis and is not comparable to a December year-end basis
3 Nzema declared commercial production on April 1, 2011
4 For the nine month period from April 1, 2011 to December 31, 2011

• Successful on time and on budget completion of plant construction
• First gold pour took place ahead of schedule on January 17, 2011
• Commencement of commercial production was achieved on April 1, 2011
• Plant and associated facilities have met design specifications
• Successful implementation of the Salman Village resettlement (completed March 2012), with full support from the local government and community leaders
• Successful 2011 near-mine exploration programs resulted in the addition of 65,000 ounces of measured and indicated mineral resources (including 2011 depletion, at a 0.5 g/t cut-off), plus a 40% increase of inferred mineral resources of 186,000 ounces at a 0.5 g/t cut-off

Youga Gold Mine, Burkina Faso - Full Year 2011 Highlights and 2012 Production Guidance

1 Cash Cost per Ounce produced excluding royalties is a non-GAAP financial performance measure with no standard meaning under IFRS

• Exceeded 2011 production guidance by over 3,000 ounces, and met cost guidance
• A record 5 million Lost-Time Injury free hours worked by January 2012
• Re-invigorated social projects at the village of Youga, including building of a fully equipped maternity clinic, renovation of existing medical facilities, and expansion of the elementary school
• Successful 2011 near-mine exploration programs resulted in 49% increase in proven and probable reserves (a gain of 179,000 ounces; including 2011 depletion) and extension of mine life to 7.3 years

Operational Highlights, as presented in the audited financial statements for the year ended December 31, 2011 and related MD&A, include the full year for the Youga Gold Mine and the Nzema Gold Mine for the 26 day period:

• Gold production totaled 92,309 ounces, an increase of 9,907 ounces over the same period in 2010.  The 2011 gold production is comprised of 87,264 ounces from the Youga Gold Mine and 5,045 ounces from the Nzema Gold Mine for the 26 day period.
• Gold sales totaled 97,377 ounces, an increase of 15,949 ounces over the same period in 2010.  The 2011 gold sales amount is comprised of 90,688 ounces from the Youga Gold Mine and 6,689 ounces from the Nzema Gold Mine for the 26 day period.
• Total cash cost (excluding royalties) of $664 per ounce produced compared to $582 for the same period of 2010.  The increase in costs is primarily due to increased fuel and labour costs in Burkina Faso and the inclusion of the 26 day period for the Nzema Gold Mine in December 2011.
• Operating cash flow from mine operations of $60.5 million compared to $35.6 million for the same period of 2010.  The 2011 operating cash flow from mine operations is comprised of $53.9 million from the Youga Gold Mine and $6.6 million from the Nzema Gold Mine for the 26 day period.

2012 Exploration Program

Endeavour has approved an exploration budget of $30 million for 2012.  Approximately $16 million is directed towards increasing resources and reserves to extend mine lives at the Nzema and Youga operations, $6 million towards increasing resources and reserves at Agbaou, and the balance of $8 million towards delineating resources and conducting further metallurgical testing of the Nzema Sulphides in Ghana and advancing the exploration programs on key properties in Burkina Faso, C�te d'Ivoire, Ghana, Liberia, and Mali.

Conference Call Details

Management's discussion of the year end results will be webcast by V-Call on:

• Wednesday, March 14, 2012 at 6:00 pm Toronto time or 3:00 pm Vancouver time
• Equivalent to Thursday, March 15, 2012 at 9:00 am Sydney time or 6:00 am Perth time

The conference call will feature Neil Woodyer, Chief Executive Officer, Mark Connelly, Chief Operating Officer, and Christian Milau, Chief Financial Officer.

The conference call can be accessed from the Corporation's website at www.endeavourmining.com or by calling the operator prior to the scheduled start time at:

• International   +1 201 689 8565
• North American toll-free  +1 877 407 0778
• Australian toll-free   0011 800 4626 666

The call will be archived for later playback on Endeavour's website until March 14, 2013.  Financial Statements and related MD&A will be available on SEDAR, the ASX, and in the Investor Relations section of Endeavour's website.

In order to access the Corporation's financial statements directly, please click the following URL: http://files.newswire.ca/910/EDVConsolidatedDec3111.pdf

Qualified Persons

Adriaan "Attie" Roux, Pr. Sci.Nat, Endeavour's Senior Vice President - Operations, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information related to mining operations in this news release.

K. Kirk Woodman, P.Geo., Endeavour's General Manager of Exploration, is the Qualified Person overseeing exploration projects in French West Africa and has reviewed and approved the technical information related to Mineral Resource Estimates at the Youga Mine contained in this news release.

Adrian de Freitas, MIMMM, C. Eng., Endeavour's General Manager, Youga Mine is a Qualified Person under NI 43-101, and has reviewed and approved the technical information related to mining operations at the Youga Mine contained in this news release.

About Endeavour Mining Corporation

Endeavour is a growth focused West African gold production and exploration company led by an accomplished management team.  Endeavour is currently producing gold at a rate of 180,000 ounces per year from two operating mines (Nzema in Ghana and Youga in Burkina Faso) and has a near-term mine construction decision (Agbaou in C�te d'Ivoire) and an extensive 2012 exploration program underway.  Endeavour's goal is to produce approximately 250,000 ounces of gold per year from the end of 2013 from existing properties. Endeavour also has an acquisition growth strategy focused on West Africa and is targeting the acquisition of additional gold production before the end of 2013.

Endeavour Mining Corporation is listed on the TSX (symbol EDV) and ASX (symbol EVR).

On behalf of Endeavour Mining Corporation

"Neil Woodyer"

Neil Woodyer
Chief Executive Officer