Dear Investors - For those investors that have spoken with me in the past or visited our website, you're aware I'm a strong believer that investors must have some understanding of the basic fundamentals, the forces of supply and demand, that drives the price of any commodity. In this instance we are obviously talking about silver and the dynamics that affect its long term price. To that end, we have prepared this years edition of "Silver Fundamentals". This is a very simple overview of the silver market. To view this booklet, please click on the link below.

I personally feel the fundamentals underlying the silver market are bullish, but here are some recent quotes from more knowledgeable market observers......

"Maintain Positive View on Silver; Expect Better Second Half 2007" - CIBC World Markets

"Higher Silver Prices Forecast for 2008" - CPM Group

" Gold will preserve your wealth, but silver can make you wealthy" - David Morgan

For more fundamentals and analysis, I encourage you to visit the silver page on our website. Just go to the home page at www.edrsilver.com and click on SILVER to view what' s available on the dropdown menu.

The chart above is an overlay of Endeavour's share price compared, on a performance basis, to the price of silver. Naturally, our share price tracks the silver price quite closely but has outperformed the underlying metal since the early part of 2007. I think this is a testimony to the continued and accelerating growth of Endeavour Silver.

I trust this information is of some benefit and interest to you. Should you have any questions, please do not hesitate to contact me. Best regards and thank you for your interest in Endeavour Silver.

Hugh Clarke, Investor Relations
Endeavour Silver Corp.
www.edrsilver.com

301-700 West Pender Street

Vancouver, BC V6C 1G8

Toll Free: 877.685.9775
Phone: 604.685.9775
Fax: 604.685.9744

VanEck Vectors Global Alternative Energy ETF

	PRODUCER
	CODE : EDR.TO
	ISIN : CA29258Y1034
	CUSIP : 29258Y 10 3

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Endeavour Silver is a gold and silver producing company based in Canada.

Endeavour Silver holds various exploration projects in Chile and in Mexico.

Its main assets in production are GUANAJUATO (BOLANITOS) and GUANACEVI in Mexico and its main exploration properties are ARROYO SECO and PARRAL in Mexico and LA PRESIDENTA CHILE in Chile.

Endeavour Silver is listed in Canada, in Germany and in United States of America. Its market capitalisation is 297.9 millions as of today (US$ 213.5 millions, € 201.1 millions).

Its stock quote reached its lowest recent point on January 25, 2002 at 0.01, and its highest recent level on September 14, 2012 at 9.99.

Endeavour Silver has 47 442 200 shares outstanding.

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Silver Supply & Demand

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