Reserves & Resources
Mineral Reserves & Resources as of December 31, 2012 (Based on internal Qualified Person results)
- The Reserve and Resources information provided above is based on internal qualified persons' (QP's) reporting as at December 31, 2012, as presented in the Annual Information Form of the Company. The information provided was reviewed and validated by the Company's QP's Mr. Ramon Davila and Mr. Carlos Wong, each of which has the appropriate relevant qualifications and experience in mining and resource geology.
- For La Encantada and La Parrilla, internal estimates use metal prices at $1,688.63/oz-Au, $31.96/oz-Ag, $1.05/lb-Pb, and $0.93/lb-Zn and based on internal Qualified Person results.
- For San Martin, the resulting numbers listed here are in the NI 43-101 results, dated May 23, 2013 with a cut-off date of December 31, 2012 using $28.82/oz-Ag, $1.00/lb-Pb, $0.95/lb-Zn. The technical report issued for San Martin was reviewed by Leonel Lopez, C.P.G., P.G. of RungePincockMinarco as the independent Qualified Person for the Company.
- For Del Toro, the resulting numbers listed here are in the NI 43-101 results, dated August 20, 2012 with a cut-off date of June 30, 2012 shown on an In-Situ basis using $25.00/oz-Ag, $0.90/lb-Pb, $0.90/lb-Zn and $1,600.00/oz-Au. The technical report issued for Del Toro was reviewed by Leonel Lopez, C.P.G., P.G. of Pincock Allen & Holt as the independent Qualified Person for the Company.
- For the La Luz Silver Project, there have been no changes since the Technical Report dated July 25, 2008.
- For La Frazada, the resource is a preliminary estimate and therefore does not fall under NI 43-101 guidelines and should be treated as a non-complaint resource.
- Management of First Majestic is not confident that the open pit mining plan contained in the La Guitarra Silver Mine technical reports is feasible. Accordingly, the reserve and resource calculations contained in the La Guitarra Silver Mine technical reports will need to be recalculated on the basis of an underground only mine. The results of this review may result in a revised mine plan which may necessitate the filing of a new technical report. Accordingly, the resource and reserve calculations contained in the La Guitarra Silver Mine technical reports have not been included in this table. Readers are cautioned against relying on the previously filed technical reports relating to the La Guitarra Silver Mine and upon the resource and reserve calculations therein.
- The reader should be cautioned the historic reserves and resources at Plomosas, previously called Rosarios, do not conform to National Instrument 43-101 for reporting purposes; as such the Company is not treating these historic estimates as current reserves or resources. The historical reserves do not have demonstrated current economic viability and are being treated as historical resources. These estimates should not be relied upon until they have been verified by further due diligence and by the Company's "Qualified Person".
Cautionary Notes to U.S. Investors Concerning Reserve and Resource Estimates
The definitions of Proven and Probable Reserves used in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") differ from the definitions in the United States Securities and Exchange Commission ("SEC") Industry Guide 7. Under SEC Guide 7 standards, a "Final" or "Bankable" feasibility study is required to report reserves, the three year history average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.
In addition, the terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into Reserves. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases.
Accordingly, information contained in this website containing descriptions of First Majestic's mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations there under.
To download the entire La Parrilla Silver Mine NI 43-101 Technical Report - Click here to view (PDF, 8.7MB)
To download the entire San Martin Silver Mine NI 43-101 Technical Report - Click here to view (PDF, 12.27MB)
To download the entire La Encantada Silver Mine NI 43-101 Technical Report - Click here to view (PDF, 21.7MB)
To download the entire La Luz Silver Project NI 43-101 Technical Report - Click here to view (PDF, 8.7MB)
To download the entire Del Toro Silver Mine NI 43-101 Technical Report - Click here to view (PDF, 20.6MB)
To download the entire Peñasco Quemado Silver Project NI 43-101 Technical Report - Click here to view (PDF, 5.1MB)
To download the entire La Frazada Silver Project Preliminary Resource Estimate (not NI 43-101 compliant) - Click here to view (PDF, 4.8MB)