Reserves/Resources



La Parrilla Silver Mine - 43-101 Resources dated September, 2011

UNDERGROUND PROVEN AND PROBABLE RESERVES
Mineralization Category Tonnes Grade Recoverable Silver (1)
Type Gold g/tonne Silver g/tonne Lead, % Zinc, % Silver Only (1) Silver Equiv (2)
Oxides Proven 241,800 0.00 210.72 0.80 0.11 1,065,000 1,090,200
Oxides Probable 895,100 0.06 210.16 0.18 0.04 3,931,300 4,024,800
Sulfides Proven 397,800 0.00 247 1.71 0.96 2,595,000 3,025,000
Sulfides Probable 3,727,200 0.01 195 1.32 1.87 19,175,700 24,889,100
Oxides + Sulfides Proven+Probable 5,261,900 0.02 202 1.13 1.41 26,767,000 33,029,100
Notes: Rounded totals
(1).-Recoverable Silver= Ag -Recovery (65%-oxides; 82%-sulfides)-S&R charges (Oxides=0.005%; Sulfides=0.05%); Payable Pb=39 g/t-Eq Ag; Zn = 2 g/t-Eq Ag.
(2).- Oxides = Silver(Met recov=65%)-Smelter & Ref (0.995) + Payable Gold=5 g/t-Eq Ag
(2).-Sulfides = Recoveries Ag (82%; payable 95%); Payable Pb=39 g/t-Eq Ag; Zn = 2 g/t-Eq Ag (Vacas 97.8 g/t-Eq Ag).
(*) Reserves are exclusive of Resources

OPEN PIT PROVEN AND PROBABLE RESERVES (1)
Mineralization Category Tonnes Grade Recoverable Silver (1)
Type Gold g/tonne Silver g/tonne Lead, % Zinc, % Silver Only (1) Silver Equiv (2)
Oxides Proven 505,600 0.00 114 0.00 0.00 1,196,200 1,277,400
Oxides Probable 1,268,600 0.00 98 0.00 0.00 2,583,600 2,787,500
Oxides Proven + Probable 1,774,200 0.00 102 0.00 0.00 3,779,800 4,064,900
Notes: Rounded totals
(1).- Oxides = Silver(Met recov=65%)-Smelter & Ref (0.995) + Payable Gold=5g/t-Eq Ag; Cutoff = 33 g/t-Ag only.

UNDERGROUND MEASURED AND INDICATED RESOURCES
Mineralization   Tonnes Grade Contained Silver "In Situ" (1)
Type Category Gold g/t Silver g/t Lead, % Zinc, % Silver only (1) Silver equiv (2)
Oxides M & I 250,000 0.01 153 1.91 1.49 1,229,000 1,269,100
Sulfides M & I 837,100 0.03 143 1.88 5.46 3,860,500 6,807,500
TOTAL UNDERGROUND M & I 1,087,100 0.03 146 1.89 4.54 5,089,500 8,076,600
Notes: Cutoff = Sulfides $74.12/tonne (Ag only - 124g/t; Pb only - 3.96%; Zn only - 4.16%; Zn Vacas - 6.65%); Oxides Ag only = 87 g/t; Ag + Au = 82 g/t.
(1) Contained Silver "In Situ" only. No recoveries are considered in the Resources. Rounded totals.
(2).-Contained Silver Equivalent "In Situ"= Oxides Ag + Payable Au=5 g/t-Eq Ag. Sulfides = Payable Pb=39 g/t-Eq Ag; Zn = 2 g/t-Eq Ag (Vacas 97.8 g/t-Eq Ag).

UNDERGROUND INFERRED RESOURCES
Mineralization   Tonnes Grade Contained Silver "In Situ" (1)
Type Category Gold g/t Silver g/t Lead, % Zinc, % Silver only (1) Silver equiv (2)
Oxides Inferred 1,605,600 0.04 206 0.31 0.14 10,653,500 10,905,800
Sulfides Inferred 6,447,600 0.00 170 1.26 1.59 35,105,200 46,033,500
TOTAL UNDERGROUND Inferred 8,053,200 0.01 177 1.02 1.30 45,758,700 56,939,300
Notes: Inferred Resources do not have economic value
(1) Contained Silver "In Situ" only. Rounded totals. No recoveries are considered. Rounded totals.
(2).-Contained Silver Equivalent "In Situ"= Oxides Ag + Payable Au=5 g/t-Eq Ag. Sulfides = Payable Pb=39 g/t-Eq Ag; Zn = 2 g/t-Eq Ag (Vacas 97.8 g/t-Eq Ag).

OPEN PIT INFERRED RESOURCES
Mineralization   Tonnes Grade Contained Silver "In Situ" (1)
Type Category Gold g/t Silver g/t Lead, % Zinc, % Silver only (1) Silver equiv (2)
Oxides Inferred 1,293,600 0.00 99 0.00 0.00 4,100,400 4,308,300
TOTAL UNDERGROUND Inferred 1,293,600 0.00 99 0.00 0.00 4,100,400 4,308,300
Notes: Inferred Resources do not have economic value. Rounded figures.
(1) Conatined Silver "In Situ" only. Rounded totals.
(1).-No recoveries are considered in the Resources
(2).-Contained Silver Equivalent "In Situ"= Oxides Ag + Credits Au=5 g/t-Eq Ag. Cutoff grade Ag-33g/t only.

To download the entire La Parrilla 43-101 Technical Report - Click here to view (PDF, 8.7 MB)
 
 
San Martin Silver Mine - 43-101 Resources dated January 2009.

Total Proven + Probable Mineral Reserves (Mineable Reserves) (1, 2, 3, 4, 5)

Category Tonnes Grade Metal Contained
Silver
g/tonne		 Lead
%		 Zinc (4)
%		 Silver only
oz.		 Silver (oz.) including
Lead Credit
Proven Reserves
(Oxides)		 527,373 273     4,636,211 4,805,765
Probable Reserves
(Oxides)		 243,091 276     2,154,571 2,232,727
Total Proven and
Probable Reserves		 770,464 274     6,790,782 7,038,492

Total Measured + Indicated Resources (2, 3, 5)

Category Tonnes Grade Metal Contained
Silver
g/tonne		 Lead
%		 Zinc (4)
%		 Silver only
oz.		 Silver (oz.) including
Lead Credit
Measured Resources
(Oxides) 		122,404 233     915,774 955,128
Measured Resources
(Sulfides)		 415,771 97 0.87 2.07 1,292,213 1,292,213
Indicated Resources
(Oxides)		 294,361 288     2,729,201 2,823,840
Indicated Resources
(Sulfides)		 670,684 116 0.94 1.64 2,498,639 2,498,639
Total Measured and
Indicated Resources
(Oxides plus Sulfides)		 1,503,220 154 0.91 1.80 7,435,827 7,569,820
Proven and Probable
Reserves
Plus
Measured and
Indicated Resources		 2,273,684 195 0.91 1.80 14,226,609 14,608,312

Total Inferred Resources (2, 3, 5)

Category Tonnes Grade Metal Contained
Silver
g/tonne		 Lead
%		 Zinc (4)
%		 Silver only
oz.		 Silver (oz.) including
Lead Credit
Total Inferred Resources
(Oxides plus Sulfides) 		8,200,000 185 1.40 1.60 48,900,000 50,037,365

  1. Estimated Reserves are exclusive of Resources.
  2. Cut Off estimates as 146 g/tonne Ag for oxides, and 87 g/tonne Ag for dump recovered; Ageq=Au/Pb credits= 10g/tonne Ag
  3. Metal prices at $708/oz-Au, $12.00/oz-Ag, $0.75/lb-Pb, $0.50/lb-Zn.
  4. Mine dilution is included at a minimum mining width of 2.00m. Estimates do not include mining recovery.
  5. Base metals, Lead and Zinc are not recovered due to low market prices.
To download the entire San Martin 43-101 Technical Report - Click here to view (PDF, 9.34 MB)

La Encantada Silver Mine - 43-101 Resources dated January 2009.

Total Proven + Probable Mineral Reserves (Mineable Reserves) (4)

 

Category

 

Tonnes

Grade

Metal Contained (3)

Silver
g/tonne

Lead
%

Zinc (5)
%

Silver only
oz.

Silver (oz.) including Lead Credit

Proven Reserves

683,992

354

2.23

0.92

7,777,602

8,261,401

Probable Reserves

4,511,686

186

2.45

2.54

26,936,651

27,287,462

Total Proven + Probable Reserves

5,195,677

208

2.42

2.33

34,714,253

35,548,863

Total Measured + Indicated Resources (4)

 

Category

 

Tonnes

Grade

Metal Contained (3)

Silver
g/tonne

Lead
%

Zinc (5)
%

Silver only
oz.

Silver (oz.) including Lead Credit

Measured Resources

445,650

399

4.15

0.65

5,710,055

6,025,271

Indicated Resources
(6, 7, 8)

4,931,103

156

1.15

0.87

24,774,263

27,082,017

Total Measured + Indicated Resources

5,376,753

176

1.40

0.85

30,484,318

33,107,288

Total Proven and Probable Reserves plus Measured and Indicated Resources (9)

10,572,000

192

1.90

1.58

65,199,000

68,700,000

Total Inferred Resources (1, 2, 3, 4)

 

Category

 

Tonnes

Grade

Metal Contained (3)

Silver
g/tonne

Lead
%

Zinc(5)
%

Silver only
oz.

Silver (oz.) including Lead Credit

Total Inferred Resources (5, 9)

2,557,000

220

1.00

1.00

18,226,765

20,034,145
  1. Cut Off Grade (COG) estimated as 250 g/tonne Ag only; and 228g/tonne Ag eqv net of Pb credit.
  2. Estimated Reserves are exclusive of Resources.
  3. Silver equivalent includes Pb credit, at prices US$12.00/oz-Ag, US$0.75/lb-Pb. Pb credit=22 g/tonne-Ag.
  4. Mining dilution is included at over 2.00m width. Estimates do not include mining recovery.
  5. Zinc is not recovered.
  6. Dump stockpile is considered as Measured Resource because the average grade is below COG -- 203 g/tonne Ag only and 186 g/tonne Ag eqv however with pre-screening may be processed.
  7. La Morena sulphide deposit requires additional metallurgical test work to prove its economic recovery. La Encantada mill does not have an operating zinc circuit at this time.
  8. Tailings are included within the Indicated Resources due to required additional test work and grade below Cut-off grade - 111 g/tonne Ag.
  9. Rounded figures

To download the entire La Encantada 43-101 Technical Report - Click here to view (PDF 21.7MB)

Del Toro Silver Mine - 43-101 Resources estimate dated October 8, 2008

Category

Tonnes

Grade

Contained Silver Eqv. Ounces

Silver
g/tonne

Lead
%

Zinc
%

Measured + Indicated - Oxides

728,444

194

2.45

2.71

2,947,000

Measured + Indicated - Sulphides

649,528

353

7.20

7.14

17,996,000

Total Measured + Indicated Resources

1,377,972

269

4.69

4.80

20,943,000

Total Inferred Resources

1,831,738

306

5.77

5.94

35,970,000
  1. Resource estimated "in situ"
  2. Price considerations $12.70/oz Ag, $0.90/lb-Pb and $0.85/lb-Zn.
  3. Mill recovery estimated: Oxides -- Ag 65%: Sulphides -- Ag 85%, Pb 85% and Zn 80%.
  4. Minimum mining width -- 2.00 m.
  5. Rounded figures.
To download the entire Del Toro 43-101 Technical Report - Click here to view (PDF 8.24MB)


La Luz Silver Project - 43-101 Mineral Resources Estimate dated July 25, 2008
    Update Resource Calculation November 10, 2008
Category Grade Metal Contained (2, 5)
Tonnes
(6,7,8) 		Silver
g/tonne
(3,4) 		Lead
% 		Zinc
%		 Silver
Oz.
Measured Resources (oxides) 2,656,428 222 0.08 0.06 18,938,779
Indicated Resources (sulphides) 1,052,170 316 0.73 0.74 10,675,742
Measured in Tailings 1,403,233 90     4,075,305
Total Measured and Indicated Resources 5,111,831 205 0.27 0.25 33,689,826

Total Inferred Resources

Category Grade Metal Contained (2, 5)
Tonnes Silver
g/tonne		 Lead
% 		Zinc
%		 Silver
Oz.
Total Inferred Resources 1,854,963 220 0.22 0.17 13,097,701
  1. Estimated are exclusive of Resources.
  2. Metal contained is Silver only.
  3. Grade capping at 605 g/t Ag for oxides and 1500 g/t Ag for sulphides.
  4. Cut Off Grade (COG) estimated as 100 g/tonne Ag.
  5. Metal contained not include credits derived from the lead and zinc.
  6. Mining dilution is included at over 1.50 m width. Estimates do not include mining recovery.
  7. The datebase for resource estimate consist of diamond drilling (surface grid 50 x 50 m-underground) and surface channel sampling.
  8. Method; polygons maximum radius 50 m.
To download the entire Real de Catorce 43-101 Technical Report - Click here to view