May 2012 Agbaou Gold Project Page 1-1 NI Technical Report

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1 May 2012 Agbaou Gold Project Page 1-1

2 Agbaou Gold Mine Effective Date: 25 May 2012 Author s Signatory Page SRK Authors: Mark Wanless Principal Geologist Pr.Sci.Nat Mark Sturgeon Principal Mining Engineer Pr Eng Hendrik Theart Professional Geoscientist Pr.Sci.Nat Date: 25 May, 2012 Mark Wanless Principal Geologist Hendrik Theart Professional Geoscientist Mark Sturgeon Principal Mining Engineer SENET Authors: Neil Senior Corporate Sponsor FSAIMM Philemon Bundo Process Manager MSAIMM Thilo Naidoo Studies Manager MSAIMM John Naismith Project Sponsor Kevin Miles Project Manager Date: 25 May, 2012 May 2012 Agbaou Gold Project Page I

3 Knight Piésold Authors: Duncan Grant-Stuart Director Douglas Dorren Snr Geotech Eng Angus Rowland Snr Hydrogeologist Brett Garland Snr Civil Eng Pr. Eng Pr. Eng Pr.Sci.Nat Pr. Eng (O.R) Date: 25 May, 2012 May 2012 Agbaou Gold Project Page II

4 CERTIFICATE OF QUALIFIED PERSON Mark Wanless Pr.Sci.Nat 265 Oxford Road, Illovo, 2196, Johannesburg, South Africa I, Mark Wanless am a Professional Geoscientist, employed as a Principal Geologist within SRK Consulting South Africa (Pty) Ltd. This certificate applies to the technical report entitled Agbaou Gold Mine dated 25 May I am a member of the South African Council for Natural Scientific Professionals, /05. I graduated from the University of Cape Town with a BSc (Hons) degree in Geochemistry in I have practiced my profession continuously for 16 years. I have been directly involved in the Mineral Resource estimation of the Agbaou Gold Project. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument Standards of Disclosure of Mineral Projects (). I did not visit the Agbaou Gold Project. I am responsible for sections 14, 25 and 26 of the Agbaou Gold Mine. I am independent of Endeavour Mining Corporation as independence is described by Section 1.4 of. I have had no previous involvement with the Agbaou Gold Project. I have read and this report has been prepared in compliance with that Instrument. As of the date of this certificate, to the best of my knowledge, information and belief, the technical report contains all scientific and technical information that is required to be disclosed to make the technical report not misleading. I consent to the filing of the with any Canadian stock exchange and other Canadian regulatory authorities and publication by them for regulatory purposes, including electronic publication in the public company files on their websites accessible by the public, of the. Signed and sealed Mark Wanless, Pr.Sci.Nat Dated at Illovo, Johannesburg, South Africa, this 10 th day of July May 2012 Agbaou Gold Project Page III

5 CERTIFICATE OF QUALIFIED PERSON Hendrik Frederik Johannes Theart Pr.Sci.Nat 265 Oxford Road, Illovo, 2196, Johannesburg, South Africa I, Hendrik Frederik Johannes Theart, am a Professional Geoscientist, employed as a Corporate Consultant within SRK Consulting South Africa (Pty) Ltd. This certificate applies to the technical report entitled Agbaou Gold Mine dated 25 May I am registered as a Professional Natural Scientist in the Geological Science field of practice, with the South African Council for Natural Scientific Professionals, Registration Number /88. I graduated from the University of Stellenbosch with a Ph.D. degree in Geochemistry in 1985 and also have a M.Sc. (Geology) 1974 degree from the University of Cape Town and a B.Sc. (Hons) (Geology) 1977 degree from the University of Stellenbosch. I have practiced my profession continuously for 35 years. I have been directly involved in the review of the exploration programme, the geological interpretation, the sampling and quality assurance and quality control of the analytical results of the Agbaou Gold Project. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument Standards of Disclosure of Mineral Projects (). I visited the Agbaou Gold Project in Côte d Ivoire from the 3 rd October to the 7 th October I am responsible for sections 4 to 12, 23 and contributed to 25 and 26 of the Agbaou Gold Mine. I am independent of Endeavour Mining Corporation as independence is described by Section 1.4 of. I have had no previous involvement with the Agbaou Gold Project. I have read and this report has been prepared in compliance with that Instrument. As of the date of this certificate, to the best of my knowledge, information and belief, the technical report contains all scientific and technical information that is required to be disclosed to make the technical report not misleading. I consent to the filing of the with any Canadian stock exchange and other Canadian regulatory authorities and publication by them for regulatory purposes, including electronic publication in the public company files on their websites accessible by the public, of the. Signed and sealed H. F. J. Theart, Pr.Sci.Nat Dated at Illovo, Johannesburg, South Africa, this 10 th day of July May 2012 Agbaou Gold Project Page IV

6 CERTIFICATE OF QUALIFIED PERSON Mark Sturgeon Pr Eng 265 Oxford Road, Illovo, 2196, Johannesburg, South Africa I, Mark Sturgeon am a Professional Engineer, employed as a Principal Mining Engineer within SRK Consulting South Africa (Pty) Ltd. This certificate applies to the technical report entitled Agbaou Gold Mine dated 25 May I am a member of the Engineering Council of South Africa I graduated from the University of the Witwatersrand with a BSc degree in Mining Engineering in I have practiced my profession continuously for 36 years. I have been directly involved in the Mineral Reserve estimation of the Agbaou Gold Project. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument Standards of Disclosure of Mineral Projects (). I visited the Agbaou Gold Project in Côte d Ivoire from the 5 th October to the 7 th October I am responsible for sections 15, 16, 25 and 26 of the Agbaou Gold Mine. I am independent of Endeavour Mining Corporation as independence is described by Section 1.4 of. I have had no previous involvement with the Agbaou Gold Project. I have read and this report has been prepared in compliance with that Instrument. As of the date of this certificate, to the best of my knowledge, information and belief, the technical report contains all scientific and technical information that is required to be disclosed to make the technical report not misleading. I consent to the filing of the with any Canadian stock exchange and other Canadian regulatory authorities and publication by them for regulatory purposes, including electronic publication in the public company files on their websites accessible by the public, of the. Signed and sealed Mark Sturgeon, Pr Eng Dated at Illovo, Johannesburg, South Africa, this 10 th day of July May 2012 Agbaou Gold Project Page V

7 CERTIFICATE OF QUALIFIED PERSON Neil Senior Pr.Eng. FSAIMM No.1 High Street, Moddercrest office Park, Modderfontein, 1609, Gauteng, South Africa I, Neil senior am a Professional Engineer, employed as a Joint Managing Director of SENET. This certificate applies to the technical report entitled Agbaou Gold Mine dated 25 th May I am a fellow of the South African Institute of Mining and Metallurgy (SAIMM) and a registered Professional Engineer (registration number ). I graduated from Cranfield University, United Kingdom with an MSc. Engineering (mechanical) in I have practiced my profession for 35 years. I have been directly involved as the Sponsor of the Agbaou Gold Project and reviewer of the report on behalf of SENET. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument Standards of Disclosure of Mineral Projects (). I did not visit the Agbaou Gold Project site in Côte d Ivoire. I am responsible for Sections 1, 2, 3, 13, 17 to 22, 24 to 27 of the Agbaou Gold Mine. I am independent of Endeavour Mining Corporation as independence is described by Section 1.4 of. I have had no previous involvement with the Agbaou Gold Project. I have read and this report has been prepared in compliance with that Instrument. As of the date of this certificate, to the best of my knowledge, information and belief, the technical report contains all scientific and technical information that is required to be disclosed to make the technical report not misleading. I consent to the filing of the with any Canadian stock exchange and other Canadian regulatory authorities and publication by them for regulatory purposes, including electronic publication in the public company files on their websites accessible by the public, of the. Signed and sealed Neil Senior, Msc Mech. Eng. FSAIMM Dated at Modderfontein, Gauteng, South Africa, this 10 th day of July May 2012 Agbaou Gold Project Page VI

8 CERTIFICATE OF QUALIFIED PERSON Duncan Grant-Stuart Pr.Eng. 4 De La Rey Road Rivonia 2128 Gauteng, South Africa I, Duncan Grant-Stuart am a Professional Engineer, employed as a Director within Knight Piésold (Pty) Ltd. This certificate applies to the technical report entitled Agbaou Gold Mine dated 25 th May I am a member of South African Institute of Civil Engineers and a registered Professional Engineer (registration number ). I graduated from the University of the Witwatersrand in 1976 with B.Sc. Engineering (civil). I have practiced my profession for 36 years. I have been directly involved in the management, conceptual design and report on the Tailings Storage Facility (TSF) portion of the Engineering Optimisation Study. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument Standards of Disclosure of Mineral Projects (). I visited the Agbaou Gold Project site in Côte d Ivoire between the 9 th October and 14 th October I am responsible for the Tailings Storage Facility aspects of the Agbaou Gold Mine. I am independent of Endeavour Mining Corporation as independence is described by Section 1.4 of. I have been involved with the Agbaou Gold Project in preparation of the conceptual design and report for the Tailings Storage Facility, as part of the Engineering Optimisation Study intermittently from 2007 when the project was run by Etruscan Resources. I have read and this report has been prepared in compliance with that Instrument. As of the date of this certificate, to the best of my knowledge, information and belief, the technical report contains all scientific and technical information that is required to be disclosed to make the technical report not misleading. I consent to the filing of the with any Canadian stock exchange and other Canadian regulatory authorities and publication by them for regulatory purposes, including electronic publication in the public company files on their websites accessible by the public, of the. May 2012 Agbaou Gold Project Page VII

9 CERTIFICATE OF QUALIFIED PERSON Angus Rowland, Pr.sci.Nat. 4 De La Rey Road Rivonia 2128 Gauteng, South Africa I, Angus Rowland am a Professional Natural Scientist, employed as a Senior Hydrogeologist within Knight Piésold (Pty) Ltd. This certificate applies to the technical report entitled Agbaou Gold Mine dated 25 th May I am a member of South African Council for Natural Scientific Professions (SACNASP), registration number /10. I graduated from the University of the Free State with an MSc in Geohydrology in I have practiced my profession for 5 years. I have been directly involved in the management and compilation of the hydrogeological feasibility study and report for the Agbaou Gold Project. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument Standards of Disclosure of Mineral Projects (). I visited the Agbaou Gold Project site in Côte d Ivoire between the 9 th October and 14 th October I am responsible for the hydrogeological aspects of the Agbaou Gold Mine. I am independent of Endeavour Mining Corporation as independence is described by Section 1.4 of. I have been involved with the Agbaou Gold Project as part of the preliminary Hydrogeological Feasibility Study between November 2007 and October 2008 for Etruscan Resources. I have read and this report has been prepared in compliance with that Instrument. As of the date of this certificate, to the best of my knowledge, information and belief, the technical report contains all scientific and technical information that is required to be disclosed to make the technical report not misleading. I consent to the filing of the with any Canadian stock exchange and other Canadian regulatory authorities and publication by them for regulatory purposes, including electronic publication in the public company files on their websites accessible by the public, of the. May 2012 Agbaou Gold Project Page VIII

10 TABLE OF CONTENTS AUTHOR S SIGNATORY PAGE... I CERTIFICATE OF QUALIFIED PERSON... III TABLE OF CONTENTS... IX LIST OF TABLES... XVIII LIST OF FIGURES... XXI LIST OF APPENDICES... XXIII SECTION 1. SUMMARY Introduction Tenure, Underlying Agreements, Permits and Rights Project History Geology and Mineralization Exploration, Drilling and Sampling Data Verification Mineral Processing and Metallurgical Testing Mineral Resource Estimates Mineral Reserve Estimates and Mining Methods Recovery Methods Environmental Studies and Social Impacts Infrastructure, Water Supply, Tailings Storage and Logistics Capital and Operating Costs Economic Analysis Interpretation and Conclusions Recommendations May 2012 Agbaou Gold Project Page IX

11 SECTION 2. INTRODUCTION Project Overview Purpose of Scope of Services SRK s Scope of Services SENET s Scope of Services Knight Piésold s Scope of Services SECTION 3. RELIANCE ON OTHER EXPERTS SECTION 4. PROPERTY DESCRIPTION AND LOCATION Mineral Tenure Underlying Agreements Permits and Authorization Environmental and Social Considerations Mining Rights in Côte d'ivoire SECTION 5. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY Accessibility Local Resources and Infrastructure Climate Physiography SECTION 6. HISTORY Prior Ownership of the Property and Exploration Historical Mineral Resource and Mineral Reserve Estimates SECTION 7. GEOLOGICAL SETTING AND MINERALIZATION Regional Geology Property Geology SECTION 8. DEPOSIT TYPES May 2012 Agbaou Gold Project Page X

12 SECTION 9. EXPLORATION SRK Comments SECTION 10. DRILLING Introduction Drilling Procedures Drillhole Collar Location Down-hole Surveying Procedures Reverse Circulation Procedures Diamond Drilling Procedures RC and Core Sampling Procedures Drilling Orientation Procedures Trenching and Pitting Drilling Drilling Pattern and Density SRK Comments SECTION 11. SAMPLE PREPARATION, ANALYSES AND SECURITY Sampling and Logging Procedures Sampling and Logging for Reverse Circulation Drilling Sampling and Logging for Diamond Drilling Sample Recovery Sample Quality Specific Gravity Data Quality Assurance and Quality Control Programs SECTION 12. DATA VERIFICATION ENDEAVOUR Field Duplicates Certified Reference Materials Blanks Umpire Laboratory Results Duplicate Samples Referee Laboratory Certified Reference Materials Submitted to SGS Ghana Duplicate Samples Referee Laboratory Certified Reference Materials Submitted to SGS Canada May 2012 Agbaou Gold Project Page XI

13 12.5 SRK Comments SECTION 13. MINERAL PROCESSING AND METALLURGICAL TESTING Background Review of the Initial Feasibility Metallurgical Testwork Limitations of the Initial Feasibility Study Comminution Circuit Review EOS Metallurgical Testwork Sample Selection Metallurgical Test Program (EOS) EOS Metallurgical Results Head Analysis Gravity Recoverable Gold High Shear Reactors (HSR) Testwork Oxygenation Testwork Composite Leach Kinetic Results by Percentage Solids (w/w) Preg- Robbing Testwork Variability Preg-Robbing Testwork Thickening and Rheology Testwork Recommendations for Design Values Recommendations for Further Testwork (Post EOS Testwork) SECTION 14. MINERAL RESOURCE ESTIMATES Introduction Resource Estimation Procedures Resource Database Solid Body Modelling Primary Mineralisation Surface Mineralisation Weathering Zones Compositing Evaluation of Outliers Statistical Analysis and Variography Block Model and Grade Estimation Block Size Optimization Sample Number Optimization Search Orientation Optimization May 2012 Agbaou Gold Project Page XII

14 Kriging Parameters Model Validation Recoverable Resource Modelling Uniform Conditioning Multiple Indicator Kriging Mineral Resource Classification Mineral Resource Statement SECTION 15. MINERAL RESERVE ESTIMATES Mining Approach Resource Block Model Geotechnical Investigation Gap Analysis for Pit Slope Design Open Pit Optimisation Slope Angles Mining Costs Processing and General Administration Cost Mining Factors Gold Price and Royalties Optimisation Results Cut-off Grade Calculation Optimisation Results Mining Contractor Option Selection of Optimum Pit Shell Sensitivity Analysis Practical Pit Design Description Mineral Reserves Comparison with Whittle Results Waste Dump Design Mine Production Schedule Description SECTION 16. MINING METHODS Introduction Mining Equipment Requirements Mine Work Schedule Open Pit Dewatering Mine Infrastructure Mining Manpower May 2012 Agbaou Gold Project Page XIII

15 SECTION 17. RECOVERY METHODS Process Design Criteria Introduction Ore Characteristics Operating Schedule Plant Recovery Air Services and Oxygen Process Plant Process Plant Description SECTION 18. PROJECT INFRASTRUCTURE Introduction Mining Facilities Mining Administrative Building Mining Equipment Workshop Mining Equipment Refueling Facility Explosive Magazine Processing Plant & Administration Facilities In-Plant Access Roads Plant and Administration Buildings Plant and Administration Warehousing Process Plant Site Drainage Sewage Disposal Access Road Water Supply Water Supply Dam Potable Water Distribution Fire Water Distribution Communications Security Accommodation (Main Camp) Power Supply (GRID) Standby Power Plant Power Distribution Fuel Storage Tailings Storage Facility Introduction and Design Criteria Site Selection and Access to the Site May 2012 Agbaou Gold Project Page XIV

16 TSF Construction and Wall Raising Procedure Stability Analysis Tailings Distribution and Deposition Tailings Disposal Method Hydrology and Water Management Geotechnical Conditions at the TSF Site Water Balance Return Water System Safety Classification Country Infrastructure Road Port Facilities Rail Air Logistics and Transport Logistics Transit Time Routing Abidjan to Agbaou Village Documentation SECTION 19. MARKET STUDIES AND CONTRACTS SECTION 20. ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT Introduction SECTION 21. CAPITAL AND OPERATING COSTS Project Requirements Introduction Scope of the Estimate Responsibilities Estimate Accuracy Exclusions Escalation Exchange Rates Taxes, Duties and Fees Capital Cost Estimate Capital Cost Summary Mining Capital Estimate Process Plant and Infrastructure Sustaining, Rehabilitation and Closure Costs Mining Rehabilitation, Mining Contractor Demobilization and Closure Costs Tailings Sustaining, Rehabilitation and Closure Costs General Sustaining Capital May 2012 Agbaou Gold Project Page XV

17 21.4 Operating Cost Estimate Introduction Processing Plant Operating Costs General and Administration Costs Assay Laboratory Costs Refining & Royalties SECTION 22. ECONOMIC ANALYSIS Marketing Refining Charges, Gold Pricing & Revenue Financial Analysis Evaluation Method Assumptions Financial Analysis Results Discussion SECTION 23. ADJACENT PROPERTIES SECTION 24. OTHER RELEVANT DATA AND INFORMATION Implementation Introduction ENDEAVOUR Execution Strategy EPCM Construction Commissioning Project Schedule Design Criteria Engineering Design Criteria Electrical Design Criteria SECTION 25. INTERPRETATION AND CONCLUSIONS Mineral Resource Mining Process Plant and Economic Evaluation SECTION 26. RECOMMENDATIONS Mineral Resource Mining May 2012 Agbaou Gold Project Page XVI

18 26.3 Metallurgical Testwork SECTION 27. REFERENCES May 2012 Agbaou Gold Project Page XVII

19 LIST OF TABLES Table 1.1: Summary of Initial Feasibility Metallurgical Testwork Table 1.2: Summary of Head Assays and SG Table 1.3: Summary of Gravity Recoveries Table 1.4: Optimum Leach Parameters Table 1.5: Selected Design Values 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 Table 1.7: Summary of Agbaou Mineral Reserves Table 1.8: Capital Cost Summary Table 1.9: Overall Operating LOM Costs Table 1.10: Assumptions Used in the Financial Evaluation Table 1.11: Summary of Financial Analysis Results Table 4.1: Corner Co-ordinates for Proposed Agbaou Exploitation Permit Area Table 6.1: Goldivoire, Resource Estimate (ID2. July, 1998) Table 6.2: Goldivoire, Resource Estimate (MIK. February, 1999) Table 6.3: DRD, Resource Estimate (April, 2000) Table 6.4: Coffey Mining, Resource Estimate (February, 2008) Table 10.1: Summary of Drilling and Sampling at the Agbaou Gold Project Table 11.1: Average Densities Applied per Weathering Zone in the Tonnage Calculation Table 12.1: Summary Statistics for Field Duplicate Samples Table 12.2: Summary Statistics for Field Duplicate Samples Table 12.3: Summary Statistics of CRM s Analysed by BV Laboratory Table 12.4: Summary Statistics of Blank Materials Analysed by BV Laboratory Table 12.5: Summary Statistics for Umpire Laboratory Duplicate Samples Table 12.6: Descriptive Statistics of Final Dataset of Umpire Laboratory Duplicates Table 12.7: Summary of CRM Results Submitted to Referee Laboratory Table 12.8: Summary Statistics for Referee Laboratory 2 Duplicate Pulp Samples Table 12.9: Descriptive Statistics of Referee Laboratory 2 Duplicate Pulp Samples (<20g/t) Table 12.10: Summary of CRM Results Submitted to Referee Laboratory Table 13.1: Head Assays Table 13.2: Comminution Results Table 13.3: Recovery Results Table 13.4: Comminution Results Summary Table 13.5: Viscosity & Shear Rate Summary Table 13.6: Head Assays Table 13.7: Gravity Gold Recovery Table 13.8: Summary Results: Effect of using a HSR Table 13.9: Effect of Sparging Air / Oxygen on Gold Extraction Table 13.10: Saprolite Leach Kinetics at Varied Percent Solids Table 13.11: Bedrock Leach Kinetics at Varied Percent Solids Table 13.12: Effect of Preg-Robbing Table 13.13: Variability Preg-Robbing Results Summary Table 13.14: Thickening and Rheology Results Table 13.15: Variability Leach Results on Middles and Tails May 2012 Agbaou Gold Project Page XVIII

20 Table 13.16: Optimum Leach Parameters Table 13.17: Selected Design Values Table 14.1: Gold Grade and Sample Length Statistics for Samples Within Mineralised Zones Table 14.2: Statistics of Standard and Non-Standard Length Composites Table 14.3: Statistics of Composites for Gold by Mineralised Zone Table 14.4: Summary of Capping Applied in Ordinary Kriged Estimate Per Zone Table 14.5: Statistics of Gaussian Gold Variables per Zone Table 14.6: Modelled Semi-Variogram Parameters per Zone Table 14.7: Block Size Optimisation Scenarios Table 14.8: Summary of Search Neighbourhood Parameters Table 14.9: Samples and Composites Versus Kriged Means Per Zone Table 14.10: Declustering Statistics for Gaussian Anamorphosis Modelling Table 14.11: Statistics of the Gaussian Variables Table 14.12: Support Correction Parameters Table 14.13: Comparison of the OK and UC Estimation Results at a 0.5 g/t Cut-Off Table 14.14: Comparison of the OK and UC Estimation Results at a 1.0 g/t Cut-Off Table 14.15: Zone 1 Semi-Variogram Model Parameters Table 14.16: Zone 2 Semi-Variogram Model Parameters Table 14.17: Zone 9 Semi-Variogram Model Parameters Table 14.18: Volume Variance Ratios for Each MIK Zone Table 14.19: Statistics of OK Estimates and MIK e-type Means Table 14.20: Assumptions Considered for Conceptual Open Pit Optimization Table 14.21: Mineral Resource Statement, Agbaou Project, SRK Consulting (Pty) Ltd., 30 th March 2012 using MIK at a 0.3 g/t cut-off Table 14.22: Mineral Resource Reported at Incremental Cut-off Grades, Agbaou Project, SRK Consulting (Pty) Ltd, 30 th March 2012 using MIK Table 15.1: Mineral Resource Input for Optimisation (Using a 0.5g/t Au cut-off) Table 15.2: Processing Operating Cost for the Open Pit Optimization Table 15.3: Whittle Optimisation Results (Contractor Option) Table 15.4: Summary of Agbaou Mineral Reserves Table 15.5: Comparison of Practical Pit with Whittle Shell Table 15.6: Details of Waste Dumps Table 15.7: Waste Dumping Volumes Table 16.1: Equipment Selection for Mine Operation by Contractor Table 16.2: Scheduled Working Periods Table 17.1: Design Criteria Ore Characteristics Table 17.2: Design Criteria Operating Schedule Table 17.3: Design Criteria Recovery Table 17.4: Design Criteria Crushing and Ore Stockpiling Table 17.5: Design Criteria Milling Table 17.6: Design Criteria Classification and Trash Handling Table 17.7: Design Criteria Gravity Table 17.8: Design Criteria CIL Table 17.9: Design Criteria Cyanide Detoxification Table 17.10: Design Criteria Acid Wash, Elution and Regeneration May 2012 Agbaou Gold Project Page XIX

21 Table 17.11: Design Criteria Electrowinning and Smelting Table 17.12: Design Criteria Lime Table 17.13: Design Criteria Sodium Cyanide Table Design Criteria Caustic Table 17.15: Design Criteria Sodium Metabisulphite Table 17.16: Design Criteria Copper Sulphate Table 17.17: Design Criteria Hydrochloric Acid Table 17.18: Design Criteria Activated Carbon Table 17.19: Design Criteria Water Services Table 18.1: Water Storage Dams Catchment and Storage Capacities Table 18.2: Design Criteria Tailings Storage Facility Table 18.3: TSF Available Capacity per Ore Feed Type Table 18.4: TSF Construction Sequencing Table 18.5: Material Properties Table 18.6: Definitions of the Analyses Scenarios Table 18.7: Results of Analysis Table 18.8: Abidjan Port Facilities / Storage Capacities Table 21.1: Exchange Rates Table 21.2: Capital Cost Summary Table 21.3: Summarised Construction Quantities Table 21.4: Structural Steel and Platework Masses Table 21.5: Typical Shipping Costs of Container Types Table 21.6 : Cost Breakdown Summary Table 21.7: Cost of Drilling, Pump Installation and Aquifer Testing at the Agbaou Camp Table 21.8: Water Supply and Storage Capital Cost Summary Table 21.9: Mining Rehabilitation and Closure Costs Table 21.10: Rehabilitation and Closures Costs Table 21.11: Overall Operating LOM Costs Table 21.12: Overall Mining LOM Operating Cost Table 21.13: Overall Process Plant LOM Operating Costs Table 21.14: LOM Reagents and Consumables Costs Table 21.15: LOM Power Costs Table 21.16: LOM Tailings Operating Costs Table 21.17: LOM G&A Costs Table 21.18: LOM Assay Cost Summary Table 21.19: Refining and Royalty Cost Summary Table 22.1: Assumptions Used in the Financial Evaluation Table 22.2: Summary of LOM Production, Capital and Operating Costs Table 22.3: Summary of Financial Analysis Results Table 22.4: LOM Project Cashflow Table 22.5: Gold Price Sensitivity Table 22.6: Capex Sensitivity Table 22.7: Operating Costs Sensitivity May 2012 Agbaou Gold Project Page XX

22 LIST OF FIGURES Figure 4.1: Map Showing the Location of the Agbaou Project Figure 4.2: Mineral Tenure Figure 5.1: Topography of the Project Area Figure 7.1: Regional Geology Figure 7.2: Local Geology Figure 8.1: Mottled Quartz Vein in Drill Core in Fresh Rock Figure 8.2: Results of the Down-hole Sereoscopic Structural Analysis Figure 8.3: Chipboard from RC Drilling Intersection of a Mineralized Quartz Vein Figure 8.4: Mineralized Quartz Vein Intersected by Diamond Drilling in Saprolite Figure 9.1: Distribution of Gold in Soil Samples Figure 10.1: Distribution of Drilling by BHP and Goldivoire Figure 10.2: Distribution of Drilling by ERCI (2005 to 2008) Figure 10.3: Distribution of Drilling by ENDEAVOUR (2010 to 2011) Figure 10.4: Final Distribution of Drilling Relative to the Designed Main Pit Outline Figure 12.1: Scatter Plot of Field Duplicates in Reduced Dataset Figure 12.2: H.A.R.D Plot of Field Duplicates in Reduced Dataset Figure 12.3: Scatter Plot of Umpire Laboratory Duplicate Analyses in the Reduced Dataset Figure 12.4: H.A.R.D Plot of Umpire Laboratory Duplicate Analyses in the Reduced Dataset Figure 12.5: QQ Plot of Umpire Laboratory Duplicate Analyses in the Reduced Dataset Figure 12.6: Scatter Plot of the Original Analyses Versus the Results of Referee Laboratory Figure 12.7: H.A.R.D Plot of the Original Analyses Versus the Results of Referee Laboratory Figure 12.8: QQ Plot of Original and Referee Laboratory 2 Results (<20 g/t Au) Figure 13.1: EOS Testwork Flowsheet Figure 13.2: Bedrock Rate of Gold Dissolution With and Without High Shear Reactor Figure 13.3: Saprolite Rate of Gold Dissolution With and Without High Shear Reactor Figure 13.4: Slurry Yield Stress vs. Percent Solids Curves Figure 14.1: Primary Mineralisation Wireframe Models Figure 14.2: Zone 1 Capping Analysis Charts Figure 14.3: Histograms of Gold Grade for the Zone 1 Group of Zones Figure 14.4: Histograms of Gold Grade for the Zone 2 Group of Zones Figure 14.5: Histograms of Gold Grade for the Individual Zones Figure 14.6: Histograms of Gold Grade for the Western Area Zones Figure 14.7: Gaussian Semi-variograms for Modelled Zones Figure 14.8: QKNA Results for Block Size Selection on Zone Figure 14.9: QKNA Results for Block Size Selection on Zone Figure 14.10: QKNA Results for Sample Number Selection on Zone Figure 14.11: QKNA Results for Sample Number Selection on Zone Figure 14.12: QKNA Results for Sample Number Selection on Zone 3 and Figure 14.13: QKNA Results for Sample Number Selection on Zone 11 and Figure 14.14: Search Domains Main, Main/Central, South/Central and South for Zones 1 to Figure 14.15: Search Domains West for Zones 51 to Figure 14.16: Swath Plots of the Main and South Areas for Zones Figure 14.17: Swath Plots of the Main and South Areas for Zone Figure 14.18: Swath Plots of the Main and South Areas for Zone May 2012 Agbaou Gold Project Page XXI

23 Figure 14.19: Swath Plots of the Laterite (Zone 11) Figure 14.20: Grade Tonnage Curves for Zone 1 and Zone Figure 14.21: Grade Tonnage Curves for Zone 3 and Zone Figure 14.22: Grade Tonnage Curves for Zone 7 and Zone Figure 14.23: Zone 1 Indicator Semi-Variograms for Indicators up to 3 g/t Figure 14.24: Zone 2 Indicator Semi-Variograms for Indicators up to 3 g/t Figure 14.25: Zone 9 Indicator Semi-Variograms for Indicators up to 3 g/t Figure 14.26: Grade Tonnage Curves Comparison Between MIK and UC for Zones 1 and Figure 15.1: Whittle Pit by Pit Graph Optimisation Results (Contractor Option) Figure 15.2: Optimised Pit Shell Selected for Practical Pit Design Figure 15.3: Sensitivity Analysis Graph Figure 15.4: Haul Road Widths Figure 15.5: View of the Agbaou Intermediate Pits Figure 15.6: View of the Agbaou Final Pits Figure 15.7: View of the Agbaou Final Pits Showing the Plant Area and the Waste Dump Figure 15.8: Vertical Sections Through Waste Dumps Figure 16.1: Layout of Surface Access Roads, Explosive Magazine and ROM Stockpile Location Figure 17.1: Process Flow Diagram Figure 17.2: Plant General Layout Figure 18.1: Site General Layout Figure 18.2: Water Storage Dams Options 1 to Figure 18.3: Water Storage Dam Option 3 Capacity Curves Figure 18.4: TSF Phase Figure 18.5: Map of Country Figure 18.6: Abidjan Port Map Figure 18.7: Logistics Transit Time Summary Figure 18.8: Map Showing Travel Route Options to Agbaou Figure 22.1: NPV Sensitivity at 5% Discount Rate Figure 22.2: IRR Sensitivity at 5% Discount Rate Figure 24.1: Owner s Project Implementation Team Figure 24.2: Project Execution Schedule May 2012 Agbaou Gold Project Page XXII

24 LIST OF APPENDICES Appendix 3-A: Opinion from Theodore Heogan and Michel Ette Advocates Associes. Appendix 4-A: Decree and Exploitation License May 2012 Agbaou Gold Project Page XXIII

25 SECTION 1. 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; 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 22 nd March 2007, but in terms of a legal opinion (19 th August 2011) the permit remains valid since renewal applications have been submitted and recognized on 22 nd March 2007 and 6 th October 2009 and with a Modified Map submitted in October A ministerial approval to commence with the development of the mine was given on 16 th August 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 May 2012 Agbaou Gold Project Page 1-1

26 Resources NL (88.4%), a wholly owned subsidiary of Diversified Mineral Resources NL which was taken over by Hargraves Resources NL in mid Hargraves Resources were in turn taken over by Durban Roodepoort Deeps of South Africa in December Goldivoire undertook exploration during the period 1996 to The government of Côte d Ivoire withdrew the Agbaou permit and on 27 th 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 ). 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 Following this, Etruscan continued with a sterilization and 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 volcano-sedimentary 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 quartzvein 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. May 2012 Agbaou Gold Project Page 1-2

27 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. 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 May 2012 Agbaou Gold Project Page 1-3

28 Table 1.1: Summary of Initial Feasibility Metallurgical Testwork Saprolite HEAD ASSAY RESULTS Bedrock Units South North South North Ore grade g/t Moisture content % Specific gravity t/m Bulk density t/m COMMINUTION RESULTS UCS-Average Mpa BBWi(106µm)-Max kwh/t BRWi-Max kwh/t Ai-Max kwh/t JK A B Ta RECOVERY RESULTS Gravity recoverable gold % CIL dissolution (no oxygen) % CIL dissolution (with oxygen) % Overall gold recovery % Cyanide consumptions No oxygen kg/t With oxygen kg/t Lime consumptions No oxygen kg/t With oxygen kg/t 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; May 2012 Agbaou Gold Project Page 1-4

29 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 Testwork Units Saprolite Bedrock HEAD ASSAYS Au-composite g/t Au-variability g/t SG-composite SG-variability 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 Testwork Units Saprolite Bedrock GRAVITY RECOVERY GRG (lab) % Mass pull % Conc. grade g/t Au GRG (plant predicted) % 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. May 2012 Agbaou Gold Project Page 1-5

30 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. 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 % 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 preg-robbing characteristic, variability preg-robbing tests were conducted to see if the pregrobbing 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 Solids ( m/m) 40% 42% Gravity Recovery (Lab) 44.1% 31.1% Au Dissolution (CIL)(Midds and Tails) 97.14% Overall Lab Au Recovery - Gravity & CIL 98.40% 95.08% May 2012 Agbaou Gold Project Page 1-6

31 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 Final Residue (Gravity-CIL) g/t Au Cyanide Consumption kg/t Lime Consumption kg/t Leach Time Hrs Oxygen Sparge During Leach yes yes CIL Percent Solids % m/m Thickening Flux Rate t/(m 2.h) 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 semivariograms from zones with similar grade characteristics. SRK completed a Quantitative Kriging Neighbourhood analysis to select the optimal search and estimation parameters for each zone. May 2012 Agbaou Gold Project Page 1-7

32 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 (27 th 2010) defines a mineral resource as: November 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. May 2012 Agbaou Gold Project Page 1-8

33 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. May 2012 Agbaou Gold Project Page 1-9

34 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, , , Total Measured 7, Indicated 1 2, , Total Indicated 9, Total Measured and Indicated 17, ,192 Inferred Total Inferred 1, May 2012 Agbaou Gold Project Page 1-10

35 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 kt Grade (Au g/t) kozs g/t) Measured 0.3 7, , , , , Indicated 0.3 9, , , , , Measured and Indicated , , , , , , , , , Inferred 0.3 1, , The mineral resources are reported in a manner that is consistent with CIM Definition Standards as set out in NI MINERAL RESERVE ESTIMATES AND MINING METHODS The mining section of the report includes discussion on the open pit optimisation, practical pit 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 May 2012 Agbaou Gold Project Page 1-11

36 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 11.1Mt with contained gold of about Moz. The mineral reserves are reported in a manner that is consistent with CIM Definition Standards as set out in NI 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 Probable Agbaou Total Proven and Probable Mineral Reserves 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, May 2012 Agbaou Gold Project Page 1-12

37 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 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 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 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). May 2012 Agbaou Gold Project Page 1-13

38 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. 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. May 2012 Agbaou Gold Project Page 1-14

39 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 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. May 2012 Agbaou Gold Project Page 1-15

40 Table 1.8: Capital Cost Summary US$ % US$ Process Plant Direct Costs Machinery & Equipment % Civils & Earthworks % Structural Steel & Platework % Piping & Valves % Electrical & Instrumentation % Transportation % Subtotal Infrastructure Costs Tailings (Start-up only) % Standby Power Plant % OHL Grid Power to Plant % Access Roads % Main Camp % Onsite Infrastructure Buildings etc % Raw Water Supply % Mining Facilities % Communications % Vehicles % Mobile Plant % Subtotal Plant Pre-production Plant First Fill % Spares % Subtotal Mining Capital Costs Mining Contractor Mobilisation % Mining Pre-Strip % Mining Management - Pre-Strip Period % Subtotal Other Insurances % Relocation Cost % Import Tax % Vendor Services % Subtotal Management Costs Project Management % Owner's Preproduction Costs % Working Capital % Steel, Plate, Mech & Piping Construction % Electrical Construction % Instrumentation Construction % Infrastructure Construction % Construction Equipment Hire & Power % Subtotal GRAND TOTAL May 2012 Agbaou Gold Project Page 1-16

41 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$/t Plant US$/t Tailings Storage Facility (TSF) US$/t G&A US$/t Assay US$/t Refining US$/t Government Royalties US$/t Total Operating Costs US$/t 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. May 2012 Agbaou Gold Project Page 1-17

42 Table 1.11: Summary of Financial Analysis Results Financial Summary Units 2 nd Q 2012 LOM Tonnage Ore Processed t ,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 Total Production Costs US$/oz 895 Post Tax NPV US$ million IRR % 27.7% UnDiscounted Payback Period years 2.53 Project Nett Cash Flow after Tax and Capex US$ million 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 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 mineralization has been re-modeled to include the new intersections, but the Coffey interpretation was also revised as follows: May 2012 Agbaou Gold Project Page 1-18

43 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 semi-variograms they were grouped together along with better informed zones with robust semi-variograms, 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. May 2012 Agbaou Gold Project Page 1-19

44 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 resources 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 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. 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 May 2012 Agbaou Gold Project Page 1-20

45 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. May 2012 Agbaou Gold Project Page 1-21

46 SECTION 2. INTRODUCTION 2.1 PROJECT OVERVIEW The Agbaou Project is an advanced stage gold project, located in Côte d Ivoire, West Africa. The property is 200km north-west of Abidjan, the country s former capital and major port city. The exploration permit for the Agbaou Project is fully owned by Etruscan Resources Côte d Ivoire SARL ( ERCI ). Endeavour Mining Corporation (Cayman Islands), a TSX-listed and ASX-listed company, owns 100% of ERCI through its subsidiary companies. A feasibility study was completed in September 2009 by MDM and Coffey. In September 2011, ENDEAVOUR commissioned various consultants (SRK Consulting, SENET and Knight Piésold) to review the previous feasibility study and conduct an Engineering Optimization Study (EOS) incorporating updated resource and reserve estimates and taking into account some of the limitations that had been noted in the previous study. The findings of the EOS are summarized this technical report and are valid with an effective date of 25 th May This report was prepared following the guidelines of the Canadian Securities Administrators National Instrument , CP and Form F1. This technical report documents a mineral resource and reserves statement for the Agbaou Project prepared by SRK. The mineral resource and reserves statement reported herein was prepared in conformity with generally accepted CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines dated 23 November 2003 and Definition Standards on Mineral Resources and Mineral Reserves dated 27 November This report summarizes the technical information available on the Agbaou Project and demonstrates that the Agbaou Project clearly qualifies as an Advanced Property as defined by the Toronto Stock Exchange. In the opinion of the authors of this report, this property has merit warranting additional development expenditures. This report summarizes the capital expenditures required to construct the project. Operating costs and other project parameters that were used to derive the mineral reserves are summarized within this report. 2.2 PURPOSE OF TECHNICAL REPORT 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). May 2012 Agbaou Gold Project Page 2-1

47 2.3 SCOPE OF SERVICES SRK s Scope of Services The scope of work, as defined in a letter of engagement executed on 17 th November 2011 between ENDEAVOUR and SRK includes the construction of a mineral resource model for the gold mineralization delineated by drilling on the Agbaou Exploration Permit and the preparation of an independent technical report in compliance with National Instrument and Form F1 guidelines. SRK is responsible for all or part of sections 1 to 12, 14 to 16, 18, 21 to 23, 25 to 27 of this technical report. The SRK work included the assessment of the following aspects of the project: Topography, landscape, access; Regional and local geology; Exploration history; Audit of exploration work carried out on the project; Geological modeling; Mineral resource estimation and validation; Preparation of a mineral resource statement; Recommendations for additional work. The mineral reserve estimates were also prepared by SRK. The preparation of the mining and reserve estimation portion of the study includes the following activities: Mining approach and methods; Geotechnical data; Hydrological data; Open pit optimization and design; Waste dumps design; Fleet and haulage requirements; Scheduling and production schedule; Manpower requirements; Mine capital costs; Mine operating costs SENET s Scope of Services SENET is responsible for all or part of sections 1, 2, 3, 13, 17 to 22, 24 to 27 of this technical report. The SENET scope of work included the following: Process Design Review and Optimization Review the existing testwork and identify any shortfalls; Manage the additional testwork program; Produce a design criteria; Produce revised datasheets, calculations and schedules (pump/valve/line); Compare the SENET datasheets, calculations and schedules to the existing process design datasheets, equipment specifications and schedules, and flag any major differences; Review the differences with ENDEAVOUR, and depending on the severity and May 2012 Agbaou Gold Project Page 2-2

48 potential impact on other disciplines, amend the process design; Oversee a comminution specialist to review comminution circuit design with a view to evaluate and optimise the specified circuit; Review and update process flow diagrams (PFD) and piping & instrumentation diagrams (P&ID); Review and update the process plant operating cost estimate with updated reagent costs and changes to reagent consumptions where changes to the process circuits were made as a result of the review and optimisation process. Engineering Design Review and Optimization (Process Plant) The engineering design associated with the process plant was reviewed and optimized (where deemed necessary). The level of completeness of the existing engineering design was evaluated against the requirements of the estimating accuracy associated with a feasibility study. All identified shortcomings were discussed with ENDEAVOUR, and any additional work associated with addressing these shortcomings was addressed. The following activities formed the basis of the engineering design review and optimization: Review of plant layout and general arrangement drawing; Review of plant-wide electrical single-line diagrams; Review of civil/structural bulk earthworks and surface infrastructure drawings; Review of civil design and civil quantities associated with the process plant; Review of primary steelwork / structural designs and quantities. Infrastructure, Utilities and Services Review and Optimization SENET reviewed the existing specified process plant infrastructure and optimized the infrastructure where possible. This review was characterized by the following key activities: Revision of the existing material take-offs for earthworks, civil design and roads based on the existing process plant capacity of 1.2Mtpa, previous geotechnical reports and previous work carried out; Revision of process plant infrastructure layout drawings; Assessment of local availability of bulk construction materials. Revalidation of the Capital Cost Estimate The capital cost estimate associated with the processing plant and associated infrastructure was revalidated, generally in accordance with the following activities: Re-pricing of the existing material take-offs and schedules for civil works, earthworks, buildings, structural steel, piping, valves and major electrical items; Obtaining a minimum of 3 written quotations for all major mechanical equipment and single quotations for minor mechanical equipment; Reviewing and updating (re-price only) of existing estimates for freight and construction/installation costs for mechanical, civil, structural, piping and electrical disciplines; Estimating EPCM costs including engineering, procurement, construction management and insurances. Additional Inclusions To Scope of Work Any activity or work associated with the overall coordination, assembly, formatting and filing of the NI report or any press releases associated with the study. May 2012 Agbaou Gold Project Page 2-3

49 Development of a Project Implementation Plan A project implementation plan was prepared which included critical activities and labour resources for the completion of the project for: Detailed design; Procurement long lead items; Construction; Commissioning Knight Piésold s Scope of Services Knight Piésold is responsible for all or part of sections 1, 3, 18, 21, 25 to 27 of this technical report. Knight Piésold was retained to complete a Hydrogeological Bankable Feasibility Study (HBFS) of the Agbaou Project to estimate the impact of the proposed mining activities and an Engineering Optimization Study (EOS) of the Tailings Storage Facility (TSF) for the Agbaou Project Hydrogeological Study (HS) The following scope of work for the HBFS was included in Purchase Order No. C / E0002 / 2011 that was executed on 30 th September 2011 between Endeavour Mining Corporation and Knight Piésold: Site Related Tasks Site visit; Drilling supervision; Aquifer testing; Office Related Tasks Desktop study; Appointment of drilling subcontractor; Aquifer test analysis; Data coding and computerization; Define conceptual hydrogeological model; Source and liner optimization modeling (TSF); Unsaturated zone modeling (TSF); Saturated zone aquifer characterization modeling; Contaminant transport modelling; Preliminary dewatering design Engineering Optimization Study of Tailing Storage Facility and Water Supply Dam The following scope of work for the EOS was included in Purchase Order No. C / E0004 / 2011 that was executed on 29 th November 2011 between Endeavour Mining Corporation and Knight Piésold: Tailings Storage Facility Site selection and confirmation of design criteria; Complete capacity analysis according to design criteria; Preliminary geotechnical investigation at the TSF site; May 2012 Agbaou Gold Project Page 2-4

50 Hydrology analysis; Water balance according to hydrology analysis; Preliminary design including seepage analysis and stability analysis; Risk assessment; Closure design; TSF Capital and operating cost estimates; Gap analysis of open pit: o Review of 2008 report produced by Golder Associates Inc.; o Report on review findings. In addition to the scope of work outlined in the purchase order, ENDEAVOUR requested KP to identify site locations for potential water storage sites. Five sites were located with two locations identified as suitable sites by ENDEAVOUR. This of work entailed: Water Supply Dam (WSD) Identify suitable locations and provide estimated water storage capacities; Preliminary WSD capital The work for the WSD did not include specific design elements required for the water dams or any piping facilities to or from the WSD. May 2012 Agbaou Gold Project Page 2-5

51 SECTION 3. RELIANCE ON OTHER EXPERTS SENET, SRK and Knight Piésold have not performed an independent verification of land title and tenure as summarized in Section 4 of this report. The authors of this report did not verify the legality of any underlying agreement(s) that may exist concerning the permits or other agreement(s) between third parties, but have relied on an opinion dated 20 th August 2010, from Theodore Hoegan of Theodore Hoegan and Michel Ette, Advocates Associes (Appendix 3-A). The authors were informed by ENDEAVOUR that there are no known litigations potentially affecting the Agbaou Project. May 2012 Agbaou Gold Project Page 3-1

52 SECTION 4. PROPERTY DESCRIPTION AND LOCATION The Agbaou Project is located in Côte d Ivoire, West Africa, approximately 200km north-west of the port city of Abidjan. Travelling time between Abidjan and the Agbaou Project area is approximately 3 hours by car. The concession is reached by tarred and secondary gravel roads and is within 10km of the national electrical power grid. The small town of Agbahou is located approximately 12km north-east of the regional town of Divo (Figure 4.1). Figure 4.1: Map Showing the Location of the Agbaou Project Agbaou Gold Project Locality Map Project No May 2012 Agbaou Gold Project Page 4-1

53 4.1 MINERAL TENURE Figure 4.2 shows the original Agbaou Exploration Permit outline and the subsequent decrease in the total area to the current Agbaou Exploration Permit after first renewal. The corner co-ordinates of the area applied for in the application for an Exploitation Permit are given in Table 4.1. The project falls within the Agbaou Exploration Permit 177 of 939km 2, which was reduced in the subsequent application for renewal to 469km 2. These permit areas refer to the granted exploration permits whereas the area of the exploitation permit application is 334km 2. The Exploration Permits were granted for all minerals. The permit holder is not entitled to surface rights and is required to pay compensation for crop damage and other losses to land holders. In terms of known royalties, back-in rights, payments, or other agreements and encumbrances to which the property is subject SRK is only aware of a 10% free carried interest of the Ivorian government and a 5% free carried interest held by Société pour la Development Minier de la Côte d Ivoire (SODEMI). Table 4.1: Corner Co-ordinates for Proposed Agbaou Exploitation Permit Area Corner UTM Co-ordinates, Zone 30,WGS 84 X I 249, ,523 II 252, ,119 III 252, ,907 IV 263, ,861 V 267, ,002 VI 262, ,419 VII 262, ,055 VIII 249, ,108 Y May 2012 Agbaou Gold Project Page 4-2

54 Figure 4.2: Mineral Tenure Agbaou Gold Project License Areas Project No May 2012 Agbaou Gold Project Page 4-3

55 4.2 UNDERLYING AGREEMENTS The security of tenure for the Agbaou Project is based on the legal opinion, provided as a letter to SRK, by Theodore Hoegan of Theodore Hoegan and Michel Ette, Advocates Associes, on a Ministerial (Ministere Des Mines et de L Energie) authorization (No 1625) to commence with the development work for the project, dated 20 th August 2010 (Appendix 4- A). The different licenses are discussed above and shown in Figure 4.1 and Figure 4.2 with corner coordinates of the exploitation permit area listed in Table 4.1. Due to the fact that the licenses expired and as yet none of the new licenses have been awarded, SRK is reliant on the legal opinion expressed by Theodore Hoegan in the following terms: Under the provisions of article 2 of the Mining Code all minerals contained in the ground and bedrock are the property of the State de Côte d'ivoire. The State may, however, authorize any person or entity, to carry out exploration or exploitation of minerals. This authorization is granted under a mining title (exploration or exploitation permit), and this pursuant to the provisions of article 4 of the Mining Code; Pursuant to the provisions of article 4 referred to above, the State of Côte d'ivoire awarded to ERCI, the exploration Permit 177 (Agbaou), listed on the special register of the land conservation of the State of Côte d'ivoire under number 177, and relates to a surface area of nine hundred and thirty-nine (939) km 2 ; The Exploration Permit 177 (Agbaou) was renewed, by decree n0011/mme/dm on 22 nd March 2007, by the minister for the Mines and Energy for a period of two (2) years, beginning on November 27, 2006 and ending on 27 th November The surface area was supposed to be reduced by half to equal 469km 2, in accordance with the provisions of article 13 of the mining Code. However it was maintained with 939km 2, in the First Decree of Renewal; In order to conform to the provisions of the Mining Code, ERCI communicated to the director of the Mines, in a letter dated 17 th March 2008 new coordinates of the Exploration Permit 177 (Agbaou), reducing its surface to 469km 2. The Exploration Permit 177 (Agbaou) coming to expiry, on 26 th November 2008, ERCI lodged a request for second renewal of the permit relating to 469km 2, which was received and accepted at the same time as it payment of the fixed rights of renewal; The decree for the second renewal of Exploration Permit 177 (Agbaou) has not, at present, been issued by the minister of Mines and Energy; The provisions of article 25, subparagraph 3 of the Mining Code provides, in such circumstances, that a request for renewal of a mining title, made before the expiry of its period of validity, extends the validity of this mining title automatically, without formality. In addition, under the provisions of article 22 of the Decree of the Mining Code, the renewal of the exploration permit shall be effective on the date of the original validity of the permit. The decree specifies the original date of renewal; Exploration work carried out on the Exploration Permit 177 (Agbaou) having identified an economically viable deposit, ERCI filed by letter dated 25 th October 2009, an application for an exploitation permit which was attached to a file containing the documents specified by the provisions of article 28 of the Decree of the Mining Code; It should be noted that the exploration permit holder is entitled to the exploitation permit granted by Council of Ministers decree on a proposal from the Minister of Mines, after the exploration permit holder provided evidence of the existence of a deposit within its exploration permit. This evidence is furnished with a feasibility study; The feasibility study was carried out by ERCI, and was filed with the mining administration, on 30 th September The application for an exploitation permit May 2012 Agbaou Gold Project Page 4-4

56 was examined by the Commission Mine Interministérielle (COMINE), which approved the feasibility study, at its meeting of 7 th September ERCI is now awaiting the Decree from the Council of Ministers granting it the exploitation permit; The exploitation permit, once granted, will confer on ERCI, the exclusive right of exploration and exploitation of the deposits within, with all rights attached therein including, transport or to cause the transport of extracted minerals, and disposal of extracted minerals on domestic or export markets, and to export them; Possession of a land title or ownership of the land, subject of the exploitation permit is not necessary to conduct exploitation operations. However, if the conduct of the exploitation operations requires the occupation of land belonging to third parties, the latter will be entitled to compensation under conditions fixed by the provisions of decree of 29 th September 1995 establishing the rules of compensation for destruction for cultures and the inter-ministerial decree Na 028 MINAGRNMEF of bearing 12 th March 1996 fixing the scale of compensation for destroyed crops. The owner of the Agbaou Exploration Permit and, if converted, the Agbaou Exploitation Permit is ERCI. Although, ERCI has applied for the Exploitation Permit, it has given its consent for another subsidiary of Endeavour Mining Corporation, Agbaou Gold Operations SA, to be granted the Exploitation Permit. Endeavour Mining Corporation (Cayman Islands), a TSX-listed and ASX-listed company, owns 100% of ERCI through its subsidiary companies and will own 84.8% of Agbaou Gold Operations SA through its subsidiary companies. The remaining 15.2% of Agbaou Gold Operations SA will be held by the State of Côte d Ivoire (10% free carried interest), Société pour le Dévelopement Minier de la Côte d Ivoire ( SODEMI ; 5% free carried interest) and two individual shareholders holding each one qualifying share (0.2%). The two individual shareholders are not free carried interest. 4.3 PERMITS AND AUTHORIZATION The following documents are included in Appendix 4-A: The original decree awarding Agbaou to ENDEAVOUR; Application for the amended Exploitation License. 4.4 ENVIRONMENTAL AND SOCIAL CONSIDERATIONS An environmental and social impact assessment has been 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 have also been investigated. The potential negative environmental and social impacts of the project include: land clearing that will result in the loss of natural habitat for local flora and fauna; displaced local subsistence agriculture; contamination and degradation of soils through exposure and land clearance; contamination and degradation of surface waters through industrial spills; siltation and flow modifications to local streams will impact aquatic life; dewatering activities around open pits will impact local groundwater levels; degradation of local air quality resulting from increased vehicle presence, increased noise associated with mining and processing; increased traffic volumes; mine blasting in open pits may generate vibrations that could negatively impact local infrastructure; potential for acid mine drainage; increased prevalence of HIV and AIDS through the changes in the demography of the local populations, possible May 2012 Agbaou Gold Project Page 4-5

57 conflicts between immigrants and local communities for mine jobs; relocation of the affected communities in the project area to Agbahou Village may lead to economic upheaval, hardships and tensions between the relocated population and their host communities. The loss of agricultural land in the project area is expected to impact on 76 farmers whom will require compensation. Other significant factors and risks that may affect access, title, or the right or ability to perform work on the property are: Côte d Ivoire has been experiencing a period of political unrest; ENDEAVOUR management continues to believe that the political situation in Côte d Ivoire will not have a significant impact on the long-term of the project or the recoverability of its investments in the Agbaou property; should the current political unrest continue or worsen, it may have a negative effect on the recoverability of this investment. 4.5 MINING RIGHTS IN CÔTE D'IVOIRE A mining right was applied for on 6 th October 2008 as stated above but has not yet been awarded. May 2012 Agbaou Gold Project Page 4-6

58 SECTION 5. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 5.1 ACCESSIBILITY The nearest town to the Agbaou site is Divo. Divo has a population of approximately 128,000 and is located 200km from Abidjan on highway A2. The permit is accessed from Divo by taking an asphalt road north approximately 25km to the village of Didoko and then an unpaved secondary road east for 12km to the village of Agbahou. The Agbaou gold project is adjacent to the Agbahou village and is accessed by a series of dirt roads, tracks and footpaths (Figure 4.2). 5.2 LOCAL RESOURCES AND INFRASTRUCTURE The national electrical grid runs along the main road that connects the town of Divo to Didoko. A secondary, high voltage electrical line branches off the national grid at Didoko and passes through the village of Agbahou. Mobile phone coverage has increased significantly in recent years and a telecommunications tower has been located adjacent to the ENDEAVOUR Mining Exploration Camp. The nearest medical clinic and police station are located in Divo, where food and general supplies can be purchased. 5.3 CLIMATE Agbaou is within the Sud Bandama climate region. The Sud Bandama region is located within the Southern tropical zone which runs inland from the coastline and is characterized by three seasons; hot and dry (November to February), hot and wet (March to May) and warm and wet (June to October). The average temperature range in the region is between 21 C and 33 C. The precipitation estimate was taken from data at Gagnoa, about 80km west of the Agbaou permit area. The data indicates there are two, distinct wet seasons March to June, and September to October. June is the wettest month where rainfall can reach 300mm and the average annual rainfall is estimated at between 950mm and 1,900mm per annum (Canty and Associates LLC, 2012). The area is predominantly subsistence farmland producing mainly food crops such as plantain, corn, cassava, yam, tomatoes and some cash crop such as coffee, cocoa and palm oil. 5.4 PHYSIOGRAPHY The general topography of the Agbaou permit is undulating hills that range from 130m to 420m above mean sea-level. May 2012 Agbaou Gold Project Page 5-1

59 Figure 5.1: Topography of the Project Area Agbaou Gold Project General Topography Project No May 2012 Agbaou Gold Project Page 5-2

60 SECTION 6. HISTORY 6.1 PRIOR OWNERSHIP OF THE PROPERTY AND EXPLORATION Alluvial gold has been known and exploited by local orpailleur (artisanal miners) for some time. Gold mineralization in bedrock was first reported in the Agbaou area during the late 1980 s, while the ground was held by a joint-venture between BHP Minerals and SODEMI. The joint-venture controlled the ground between 1988 and 1994 and significant exploration was undertaken during this period including regional and detailed soil sampling, pit sampling, ground geophysics and a program of eight diamond drillholes (1,680 meters). Based on this work BHP outlined an unclassified resource of 125,000 ounces and recommended no further work. Between 1996 and 2000 the property was held by Goldivoire S.A.R.L. ( Goldivoire ). Goldivoire was an Australian - Ivoirian owned company controlled by Jandera Resources NL (88.4%) which was a wholly owned subsidiary of Diversified Mineral Resources NL ( DMR ). DMR was subsequently taken over by Hargraves Resources NL in mid Hargraves Resources were in turn taken over by Durban Roodepoort Deeps ( DRD ) of South Africa in December During the period 1996 to 2000, Goldivoire undertook an exploration program that included semi-regional soil sampling, pit sampling, 36 Rotary-Air-Blast ( RAB ) drillholes (1,682 meters) and a program of 203 Reverse Circulation ( RC ) drillholes (22,149 meters) of which 25 were extended with a diamond drill hole tail (1,535 meters). Internal difficulties within DRD subsequently resulted in funds not being available for Goldivoire to complete further work on the permit and as a result, the government of Côte d Ivoire withdrew the Agbaou permit. On 27 th November 2003, after the completion of a bidding process, the Ministry of Mines and Energy for Côte d Ivoire granted the Agbaou exploration permit to Etruscan Resources Côte d Ivoire (Decree Number ). 6.2 HISTORICAL MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES A number of resource estimations have been completed on the Agbaou Gold deposit since The initial resource estimate carried out by Resource Services Group ( RSG ) in July 1998 was based on the BHP drilling plus 42 RC drill holes completed by Goldivoire. An inverse distance squared method ( ID2 ) was used and resulted in an estimate totalling Mt at a grade of 2.8g/t Au for 564 Koz Au being outlined based on a 1.0 g/t Au cut-off grade (Table 6.1). This grade estimate was unclassified. Note that in SRK s opinion the tonnage and grade estimates and the quantity of gold should be rounded to an appropriate level of confidence. May 2012 Agbaou Gold Project Page 6-1

61 Table 6.1: Goldivoire, Resource Estimate (ID2. July, 1998) Lower Cut-off Grade Unclassified Mineral Inventory g/t Au Tonnage (Mt) Grade Au g/t Koz Au A second grade estimate was carried out by RSG in February 1999 and included an additional 106 RC drill holes (some with diamond tails) completed by Goldivoire. The Multiple Indicator Kriging ( MIK ) method was used for estimation and resulted in an Indicated resource of Mt at a grade of 2.9g/t Au for 237 Koz Au plus an Inferred resource of 6.397Mt at 2.3g/t Au for 515 Koz Au being outlined based on a 1.0g/t Au cut-off grade (Table 6.2). A block size of 10m E x 20m N x 5m RL was selected to reflect the Selective Mining Unit. This historic resource estimate is not compliant with CIM Definition Standards or NI requirements. These numbers should be rounded off to an appropriate level of confidence. Table 6.2: Goldivoire, Resource Estimate (MIK. February, 1999) Lower Cut-off Grade Indicated Inferred Au g/t Tonnage (Mt) Au g/t k oz Au Tonnage (Mt) Au g/t k oz Au DRD commissioned a resource estimate through RSG in A total resource was reported at a 1g/t cut-off of Indicated 9.684Mt at an in-situ grade of 2.1g/t Au for 654Koz Au plus Inferred 2.562Mt at an in-situ grade of 2.3 for 189Koz Au (Table 6.3). This historic resource estimate is also not compliant with CIM Definition Standards or NI requirements. The numbers should be rounded off to an appropriate level of confidence. Table 6.3: DRD, Resource Estimate (April, 2000) Lower Cut-off Grade Indicated Inferred Au g/t Tonnage (Mt) Au g/t k oz Au Tonnage (Mt) Au g/t k oz Au These estimates are considered historic and are not current and should not be relied upon. The issuer is not treating the historical estimates as current mineral resources or mineral reserves. No verification of the historical resource estimates was undertaken. More recently an estimate of the Agbaou Mineral Resources was completed by Coffey Mining Pty Ltd ( Coffey ) 21 st February 2008 for ERCI. The Ordinary Kriging method was used for estimating the laterite resources and Multiple Indicator Kriging was used for saprolite, sap-rock and fresh rock. A total resource was reported at a 1g/t cut-off of Indicated Mt at an in-situ grade of 2.6g/t Au for 871koz Au plus Inferred 2.754Mt at an in-situ May 2012 Agbaou Gold Project Page 6-2

62 grade of 2.5 for 248Koz Au (Table 6.3). A block size of 5m E x 10m N x 5m RL was selected to best reflect the Selective Mining Unit. The results of this exercise are presented as a grade tonnage report in Table 6.4. These numbers should be rounded off in SRK s opinion. Table 6.4: Coffey Mining, Resource Estimate (February, 2008) Lower Cut-off Grade Indicated Inferred Au g/t Tonnage (Mt) Au g/t k oz Au Tonnage (Mt) Au g/t k oz Au , , This estimate by Coffey was previously reported under NI but is no longer current and should not be relied upon. This report provides a current update of the resource estimate as prepared by SRK and presented in Section 14. So far the only gold produced from the area is the small amounts recovered from artisanal workings on the streambeds draining the Agbaou deposit. May 2012 Agbaou Gold Project Page 6-3

63 SECTION 7. GEOLOGICAL SETTING AND MINERALIZATION 7.1 REGIONAL GEOLOGY Coffey (2008) states that the Côte d Ivoire is largely underlain by a Paleoproterozoic Early Eburnean plutonic and anatectic granite gneiss terrain with enclosed tectonic fragments of older Birimian sedimentary and volcano-sedimentary rock types, forming greenstone belts (Figure 7.1). Collectively these greenstone belts and surrounding granite gneisses form part of the Man Shield (also known as the Leo Shield), which in turn forms the Southern half of the larger West African Craton. The Birimian Supergroup in Côte d Ivoire have been sub-divided into an older, thick sequence of metasedimentary basins and a series of greenstone belts consisting of metavolcanic rocks with intercalated meta-sediments (Junner, 1946). The greenstone belts occur as relatively narrow (15-40km wide) but often long (< 200km) features with generally a NE/SW trend. The effect of the Eburnean Orogeny on the Birimian Supergroup is best described from studies undertaken in Ghana by Blenkinsop et al. (1984), Eisenlohr (1989), and Eisenlohr & Hirdes (1992). Here a protracted event initially formed a regionally penetrative S1 foliation which was followed by formation of high strain shear zones (S2) along basin/belt contacts. Stress analysis suggests the direction of maximum compression was sub-horizontal in a NW/SE direction and minimum compressive stress was vertical. The metamorphic grade of the greenstone belts ranges from lower greenschist to amphibolite facies, depending on the distance from the enveloping granitoids. Extensive recent weathering has produced large areas of laterite over the region, which effectively masks the underlying geology of these areas. As a result of the deep weathering, outcrop is rare and even when it occurs is often difficult to characterize (Coffey, 2008). May 2012 Agbaou Gold Project Page 7-1

64 Figure 7.1: Regional Geology Agbaou Gold Project Structural Analysis Project No May 2012 Agbaou Gold Project Page 7-2

65 7.2 PROPERTY GEOLOGY The Agbaou gold deposit is hosted within the Birimian, Oumé-Fetekro Greenstone Belt and the rocks within the permit are dominantly deformed, mafic volcanic rocks, metamorphosed to greenschist to lower amphibolite facies (Figure 7.2). The greenstone belt is folded into an anticline and the Agbaou deposit lies near the hinge of the fold on the eastern limb (Eisenlohr, 1998). Bedding, foliation and the dominant vein-set are oriented along the strike of the fold (roughly north-east/south-west) and dip to the south-east at a moderate to steep attitude. Because of the very poor outcrop, a geological map based on a magnetic survey has been done and the results are shown in Figure 7.2. May 2012 Agbaou Gold Project Page 7-3

66 Figure 7.2: Local Geology Agbaou Gold Project Local Geology Project No May 2012 Agbaou Gold Project Page 7-4

67 SECTION 8. DEPOSIT TYPES The target deposit type being explored for is the mesothermal auriferous sulphide (pyrite +pyrrhotite) and quartz vein style mineralization. The gold mineralization within Agbaou deposit is hosted within a specific quartz vein type that occurs along a broad area and can be characterized by a wide range of quartz-vein types, brecciation, boudinage, sericitic and carbonate alteration. The mineralized quartz veins have a very distinctive texture that has been described as mottled (Figure 8.1). Gold mineralization is also associated with variable amounts of sulphides, mainly pyrrhotite and pyrite. These veins are easily identifiable in the diamond drilling core intersections from the fresh rock below the saprolite/fresh rock boundary. Figure 8.1: Mottled Quartz Vein in Drill Core in Fresh Rock Agbaou Gold Project Mottled Quartz Vein Material Project No A down-hole stereoscopic structural analysis (Terratec Borehole Scanning) of the lithological layering, foliation, fractures and veins indicate that all these features have a sub-parallel attitude. The results of the Borehole Scanning analysis are illustrated in Figure 8.2. This illustrates the sub-parallel nature of all structural features with a predominant north-east to south-west strike, dipping to the south-east. The fractures and veins appear to have a shallower average dip than the lithology and foliation. May 2012 Agbaou Gold Project Page 8-1

68 Figure 8.2: Results of the Down-hole Stereoscopic Structural Analysis Agbaou Gold Project Structural Analysis Project No May 2012 Agbaou Gold Project Page 8-2

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