January 14, 2016

George Town, January 14, 2016 - Endeavour Mining Corporation ('Endeavour Mining') (TSX:EDV) (OTCQX:EDVMF) announces 2015 gold production of 517,948 ounces, which includes 5,689 ounces from the newly acquired Ity Mine, to exceed the 2015 production guidance range. The 2015 AISC/oz is expected to be slightly below the $930 to $980 guidance range.

At December 31, 2015 the cash balance was $110 million and net debt was reduced to $143 million.

For 2016, Endeavour Mining is providing gold production guidance of 575,000 to 600,000 ounces and AISC/oz is expected to decrease to $875 to $925.

2015 Production and AISC Highlights

• 2015 production exceeded guidance of 475,000 to 500,000 ounces with 512,259 ounces from the Agbaou, Nzema, Tabakoto and Youga mines.
• Endeavour Mining's five mines, which now includes the Ity Mine, produced 593,066 ounces during 2015.
• The Ity Mine was acquired November 27, 2015 so the consolidated financial statements will only include Ity's post-acquisition results of 5,689 ounces for total gold production of 517,948 ounces during 2015, an increase of 11% over 2014.

Table 1: 2015 Gold Production and Guidance by Mine (in ounces, 100% basis)

Gold production is on a 100% consolidated basis. Actual mine ownership is Agbaou - 85%, Nzema - 90%, Tabakoto - 80%, Youga - 90%, Ity - 55%
Ity Mine is included for the post-acquisition period of November 28 to December 31, 2015. During 2015, the Ity Mine produced 80,807 ounces.

• The 2015 AISC/oz is expected to be slightly below the $930 to $980 guidance range, representing a cost improvement of at least 8% compared to 2014.
• At December 31, 2015, the net debt position has been reduced by 44% to $143 million, which compares to $254 million at the start of the year.
• The net debt to Operating EBITDA ratio has improved to 0.7 times, which compares to 1.8 times at the start of the year.
• The December 31, 2015 balance sheet includes $110 million of cash and $240 million of debt drawn from the $350 million revolving credit facility ('RCF'). During 2015, the RCF drawings were reduced by $60 million including $20 million in each of Q2, Q3 and Q4.
• Endeavour Mining has a sound balance sheet with strong liquidity including its cash position of $110 million, undrawn RCF capacity of $110 million, and its 2016 cash flow generation which is projected at $100 million, as shown in Table 5. The group is also supported by a $75 million in-principle commitment from La Mancha (Naguib Sawiris) to finance its development and growth projects.

Table 2 - Net Debt reduction during 2015 (US$ million)

* Operating EBITDA is all-in sustaining margin and operating earnings before interest and finance costs, tax, depreciation and amortization
** The preliminary Q4 2015 production and other financial information provided in this news release are approximate figures and may differ from the final results included in the 2015 annual audited statements and MD&A

Neil Woodyer, CEO, stated

'We are very pleased to report our above-guidance production performance for the group which was achieved with an outstanding health and safety record for the year. In addition to increasing production by 11% compared to 2014, we have reduced our costs by at least 8% as the group AISC/oz for 2015 is anticipated to remain below our 2015 guidance range of $930 to $980.

During 2015, the strong performance of our mining operations, the creation of a strategic partnership with Naguib Sawiris, the significant reduction in our net debt from $254 million to $143 million, our continued growth with the addition of Ity as our fifth gold mine, and the advancement of our strong project development pipeline have all been important contributors to the 80% increase in our share price, in an environment where the S&P TSX Global Gold Index declined by 10%.

For 2016, we are expecting continued cost improvements with an AISC/oz guidance range of $875 to $925 while our gold production is forecast to increase to 575,000 to 600,000 ounces. We are benefiting from our five mine platform that facilitates the sharing of costs, knowledge and risks. In addition, we are well positioned to continue our growth strategy at this low point in the gold price cycle with our reconstituted balance sheet giving us good downside protection.'

2016 Production and AISC/oz Guidance

• Endeavour Mining is providing 2016 production guidance of 575,000 to 600,000 ounces at an all-in sustaining cost per ounce of $875 to $925.
• While the mine production forecasts are largely in line with 2015 production rates: Agbaou production is expected to decline modestly due to changing ore feed; Nzema production is expected to increase with additional deliveries of high grade third-party ore during the Adamus pit push-back period; and Tabakoto production is expected to increase as the operating improvements of Q4 2015 are sustained in 2016.

Table 3: 2016 Production guidance by mine (ounces, 100% basis)

Gold production is on a 100% consolidated basis. Actual mine ownership is Agbaou - 85%, Nzema - 90%, Tabakoto - 80%, Youga - 90%, Ity - 55%

Table 4: 2016 AISC/oz guidance by mine ($/oz)

Figure 1: 2016 AISC Guidance Range and Historical Trend

2016 Derived AISC Margin and Free Cash Flow

• At a gold price of $1,150 per ounce and using the mid-point of 2016 production and AISC/oz guidance ranges, Endeavour Mining is projecting an AISC margin of approximately $148 million in 2016, or $250 per ounce.
• Exploration has been allocated $20 million toward programs focused on reserve replacement and mine life extensions, with $6 million or approximately $10 per 2016 production ounce toward sustaining exploration programs and $14 million toward non-sustaining exploration programs.
• Non-sustaining project capital has been allocated $48 million, which includes installation of a secondary crusher at the Agbaou Mine, a pit wall push-back at the Nzema Mine, non-sustaining exploration programs ($14 million mentioned earlier), and project-related investments at both Houndé and Ity CIL projects.
• Endeavour Mining is continuing to prepare the Houndé Project for a construction decision in the first half of 2016 and expects to complete the Ity CIL feasibility study by mid-year 2016.

Table 5: Derived 2016 AISC margin and Free Cash Flow (before working capital movement, tax and financing)

• At $1,150 gold price, and with the current allocations to non-sustaining capital, the free cash flow (before working capital movement, tax and financing costs) is projected to be $100 million or $170 per ounce, with a $30 million sensitivity for a $50 per ounce gold price movement.

Qualified Persons

Adriaan 'Attie' Roux, Pr.Sci.Nat, Endeavour Mining's Chief Operating Officer, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information in this news release.

About Endeavour Mining Corporation

Endeavour Mining is a TSX-listed intermediate gold mining company producing approximately 600,000 ounces per year from five mines in West Africa. Endeavour Mining is focused on effectively managing its existing assets to maximize cash flow as well as pursuing organic and strategic growth opportunities that benefit from its management and operational expertise.

On behalf of Endeavour Mining Corporation

Neil Woodyer
Chief Executive Officer

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

For additional information, contact:

Endeavour Mining Corporation

Vincent Benoit, EVP - Strategy & Business Development
+33 (0)1 70 38 36 96
[email protected]

Martino De Ciccio, VP - Strategy & Investor Relations
+33 (0)1 70 38 36 95
[email protected]

Brunswick Group LLP
Carole Cable, Partner
+44 7974 982 458
[email protected]

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