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Exploration Program & Resource Estimate

The San Ignacio Project is located in the La Luz vein system of the Guanajuato silver-gold district, in central Mexico, 22 kilometres by vehicle from the Company's Guanajuato Mine milling facility. Processing of some low grade dump material from the San Ignacio property demonstrates satisfactory gold and silver recoveries and good concentrate quality. A program of metallurgical testwork has been initiated to establish optimal performance requirements relating to the Guanajuato processing plant.

During the first quarter of 2013, the Company received the explosives permit and began the rehabilitation of the San Ignacio surface infrastructure (offices, electrical installations, etc.) to prepare for the commencement of mining development activities.  The Environmental Impact Assessment Permit was received in October 2013.    The EIA permit allowed for the initiation of site preparation and underground development. Since then the construction of a two-kilometre road has been completed and provides access to the new portal for ramp and mine development.   

The Company’s latest mineral resource estimate for San Ignacio (as at March 31, 2012) was released on May 9, 2012 (refer to May 9, 2012 news release and the corresponding technical report filed on SEDAR dated June 25, 2012). The new Inferred mineral resource is estimated to contain 6,894,000 Ag eq oz in 826,000 tonnes averaging 121g/t silver and 2.28g/t gold (using a 125g/t Ag Eq cut-off). Version 2 fills in and expands the strike length of the mineralized zones to 650 metres. This estimate increases the tonnage by 35%, and the Ag eq oz by 53% over the previous estimate.

This mineral resource estimate includes data up to drill hole ESI12-073. The estimate was classified as an Inferred Resource according to the CIM Definition Standards on Mineral Resources and Mineral Reserves and is consistent with the requirements of NI43-101. The mineral resource estimate was prepared by Michael Waldegger , P. Geo., Senior Resource Geologist, MFW Geoscience Inc., under contract to, and independent from, the Company.

San Ignacio Project: Mineral Resource Estimate and Contained Silver Equivalent, Gold and Silver
San Ignacio Tonnage Grade g/t Contained koz
Vein kt AgEq Au Ag AgEq Au Ag
DIOS1 178 224 1.99 103 1,287 11.4 591
DIOS2 147 285 2.38 141 1,346 11.2 663
INT 330 309 2.71 144 3,274 28.8 1,526
MELL 171 180 1.68 77 987 9.3 425
Totals Inferred 826 260 2.28 121 6,894 60.7 3,205


  1. Company provided wireframes constructed to a minimum horizontal width of 1.0 metre.
  2. Reported Inferred cut-off grade 125g/t Ag Eq.
  3. Specific gravity of 2.63 based on 250 drill core samples captured by the wireframes.
  4. Totals may not agree due to Rounding.
  5. Tonnages and grades in metric units.
  6. Contained silver and gold in troy ounces.
  7. Silver equivalence was based on a 60.8 to 1 ratio of gold to silver value.
1.11 +0.00 +0% Volume: 103,179 April 24, 2014
1.00 -0.02 -1.96% Volume: 382,647 April 24, 2014
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