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Press Release

Endeavour Mining spins-out of Endeavour Financial its non-core debt and M&A advisory business

Canada NewsWire

Toronto Stock Exchange: EDV 

GEORGE TOWN, Grand Cayman, Nov. 9, 2011 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV) is pleased to announce the sale of the Corporation's Debt Finance and related M&A advisory business (the "Advisory Business") to a group of its senior professionals including a new managing partner.  This team will be led by David Rhodes, Endeavour's current Managing Director of Debt Finance, and Steve Smith, who is joining from WestLB where he is the Global Head of Metals & Mining.  George Pyper of Endeavour's Debt Finance business will become a senior partner. The Advisory Business will continue to be conducted under the Endeavour Financial name and will continue to advise Endeavour on its corporate debt financings.

Pursuant to the purchase agreement, the Corporation will receive payments of up to $20 million based on future profitability of the Advisory Business.  At closing, a new company established by the purchasers to conduct the Advisory Business will be assigned the current debt and M&A mandates (with limited exceptions), and the Advisory Business will take over the London office from the Corporation.  The Corporation will have the right to appoint two of five directors to the board of Endeavour Financial until it has received payment of $10 million.  Thereafter, the Corporation will appoint one of five directors until the remaining $10 million balance has been paid.

Neil Woodyer, CEO, commented "With the significant growth of our gold business, now is the appropriate time to adjust the ownership of the Advisory Business and establish Endeavour Financial as a completely independent business.  Endeavour immediately benefits from reduced corporate overhead with estimated savings of $2.5 million for 2012, while maintaining its participation in the future success of the Advisory Business through payments of up to $20 million.  This transaction completes our transition into a gold mining business in advance of the pending merger with Adamus Resources Limited, and allows for better comparison to our gold mining industry peers.  We anticipate a smooth transition for Advisory Business clients and we welcome Steve to the team.  We wish Endeavour Financial success as it builds an independent business over the next few years."

Frank Giustra, through Fiore Financial Corporation's ("Fiore") exclusive consulting arrangement, and Neil Woodyer remain with Endeavour's gold business and will not be participants in the Advisory Business.  Fiore provides significant strategic advice and guidance to the Corporation's gold business growth strategy.

About Endeavour Mining Corporation

Endeavour is a gold producer.  Endeavour also holds an extensive exploration land position and various advanced-stage development gold projects in West Africa.  Endeavour has a global strategy, supported by financial resources and management's company building expertise, to grow into an intermediate gold producer through strategic acquisitions.

On August 21, 2011, Endeavour and Adamus Resources Limited (ASX:ADU) announced they have entered into a definitive Merger Implementation Agreement to combine through an all-stock merger of equals transaction creating a new growth focused West African gold producer. The merger is scheduled to close during December 2011.

The common shares of Endeavour Mining Corporation are traded on the Toronto Stock Exchange under the symbol "EDV".

On behalf of Endeavour Mining Corporation

"Neil Woodyer"

Neil Woodyer
Chief Executive Officer

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The foregoing information may contain forward-looking information relating to the future performance of Endeavour Mining Corporation. Forward-looking information, specifically, that concerning future performance, is subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Corporation's filings with the appropriate securities commissions.

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