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SANTA ELENA UPDATED RESERVES AND RESOURCES

SANTA ELENA RESERVES (DECEMBER 31, 2014)

CLASSIFICATION TONNES AU GPT AG GPT CONTAINED
AU OZ
CONTAINED
AG OZ

SANTA ELENA UNDERGROUND DILUTED AND RECOVERABLE RESERVES*

PROBABLE 3,981,557 1.67 115.0 214,000 14,724,000

SANTA ELENA OPEN PIT RESERVES**

PROBABLE 121,706 2.75 117.0 11,000 458,000

SANTA ELENA LEACH PAD RESERVES (PAD ORE)***

PROBABLE 3,344,652 0.65 33.3 70,000 3,582,000

TOTAL SANTA ELENA RESERVES

PROBABLE 7,447,915 1.23         78.4 295,000 18,764,000

SANTA ELENA RESOURCES (DECEMBER 31, 2014) ****

INDICATED 1,117,033 1.39 89.7 50,000 3,220,000
INFERRED 564,074 1.69 106.53 31,000 1,932,000

Note: All numbers are rounded. Underground and Leach Pad Reserves and Resources are based on LOMP metal price trends of $19.50/oz silver, $1,300/oz gold and metallurgical recoveries of 92% Au and 67.5% Ag. All Mineral Resources and Reserves conform to NI 43-101 and Canadian Institute of Mining, Metallurgy and Petroleum 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.
* Underground Probable Reserve is based on a cutoff grade of 2.49 gpt AuEq with an estimated average 10% dilution and 90% mine recovery. Average true thickness of the designed stopes is 10 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 is 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.
****Mineral Resources exclude Mineral Reserves and are based on a 1.5 gpt AuEq cut off grade using assumptions for prices and recoveries as stated in note above. Capping was applied at 12 gpt Au and 700 gpt Ag.

 

La Joya Resources

** 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.