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SANTA ELENA UPDATED RESERVES AND RESOURCES

Note: All numbers are rounded. Underground and Leach Pad Reserves and Resources are based on 3 year historic metal price trends of US$28/oz silver, US$1450/oz gold and metallurgical recoveries of 92% Au and 67.5% Ag with a metal ratio of Ag:Au at 70:1. All Mineral Resources and Reserves conform to NI 43-101, 43-101CP, and CIM definitions for Resources and Reserves. Inferred Resources have been estimated from geological evidence and limited sampling and must be treated with a lower level of confidence than Indicated Resources.
*Open Pit and Leach Pad Probable Reserves were classified by SilverCrest. Underground Reserves and Resources were classified by EBA, a Tetra Tech Company.
**Underground Probable Reserve is based on a cutoff grade of 1.47 gpt AuEq with an average 11% dilution and 90% mine recovery. Average true thickness of the designed stopes is 13.4 metres.
***Open Pit Reserve is based on a cutoff grade of 0.20 gpt AuEq in a constrained pit shell with applied capping of 8 gpt Au and 300 gpt Ag.
****Leach Pad Reserve based on production and drill hole data for volumetrics and grade model using a cutoff grade of 0.5 gpt AuEq. No capping was applied.
*****Underground Resources are based on 1 gpt AuEq grade shell and cutoff grade of 1.4 gpt AuEq with applied capping of 12 gpt Au and 600 gpt Ag.

 

Cruz de Mayo & La Joya Resources

*Silver equivalency is based on Ag:Au is 55:1 and based on a silver cut-off grade of 30 gpt, 100% metallurgical recovery is assumed. This is presented in the 2007 Fier and Stewart Technical Report; PFS pending.
** Silver equivalency for La Joya includes silver, gold and copper and excludes lead, zinc, molybdenum and tungsten values. Ag:Au is 50:1, Ag:Cu is 86:1, based on 5 year historic metal price trends of US$24/oz silver, US$1200/oz gold, US$3/lb copper. 100% metallurgical recovery is assumed. Inferred Resources have been estimated from geological evidence and limited sampling and must be treated with a lower level of confidence than indicated Resources.