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El Castillo Gold Mine

Status: Operating Mine
Location: Durango, Mexico
Ownership: 100% Argonaut Gold
Acquisition: December 2009
Gold reserve (at $1,200 gold) and resource (at $1,400 gold) estimates:
 
Category   Tonnes
(millions)
Au
Grade (g/t)
Contained Au
Ounces
(millions)

Proven & Probable

22.4

0.42

0.30

Measured &Indicated(1)

64.0

0.36

0.75
Inferred 1.6 0.36 0.02

(1) inclusive of reserves
Click here for full mineral reserve and resource disclosure at July 1, 2017

The Mineral Reserves for El Castillo set out in the above table were updated internally, are valid as of December 31, 2016 and reviewed by Mike Lechner and Richard Rhoades, each of whom is a "qualified person" for purposes of National Instrument 43-101 (“NI 43-101”). The reserve update used a gold price of $1,200. Cut-off grades, depending on rock and ore type, varied from 0.15 g/t for oxide to 0.44 g/t for silicified sulphide.

The M&I Resource and Inferred Resource for El Castillo in the above table were updated internally, are valid as of July 1, 2017 and reviewed Mike Lechner who is a "qualified person" for purposes of NI 43-101. The Mineral Resource update used a gold price of $1,400. Cut-off grades, depending on rock and ore type, varied from 0.093 g/t for oxide to 0.467 g/t for silicified sulphide.

Technical Reports:

February 24, 2011 - 2010, N.I. 43-101 Technical Report On The El Castillo Project, Durango, Mexico
July 31, 2008 - 2008, N.I. 43-101 Technical Report On The El Castillo Project, Durango, Mexico
 
El Castillo Gold Mine

Project Location and Summary:

The El Castillo gold mine is a producing gold mine located 100 km north of the city of Durango, in the State of Durango, Mexico. Access is excellent by paved highway and the last 1.5 km to the mine is well maintained gravel roads. The project contains approximately 1385 hectares of minerals concessions and surface rights. El Castillo was a grass roots discovery resulting from a regional exploration drilling program by Battle Mountain Gold during 1995 through 1998. Morgain Minerals conducted a program in 2006 and Castle Gold Corporation followed with a program in 2009.

The gold mine commenced construction and operations in 2007 with commercial production reported in 2008. With a $15 million investment in the infrastructure of the property, the production profile was brought up to a 72,000 ounce run rate by Q4 2010, within just one year of acquiring ownership of the company.

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