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La Colorada Gold/Silver Mine

Status: Operating Mine
Location: Hermosillo, Mexico
Ownership: 100% Argonaut Gold
Acquisition: January 2011

Mineral Reserve and Mineral Resource estimates(1):

Category
Tonnes
(millions)
Au
Grade (g/t)
Contained Au
 Ounces
(000s)
Ag
Grade (g/t)
Contained Ag
Ounces
(000s)
Probable (2) 18.7 0.66 398 11.6 6,937
Indicated(1)(3) 29.1 0.61 568 10.3 9,655
Inferred(3) 1.8 0.79 47 10.8 641

(1)Mineral Resources are presented inclusive of Mineral Reserves. Numbers may not sum due to rounding.

(2) The Mineral Reserves for La Colorada set out in the above table were taken from the La Colorada Technical Report, including depletion from July 1, 2017 to December 31, 2017 through mining activities, are valid as of January 1, 2018 and used a gold price of $1,200 per ounce and silver price of $17 per ounce. Cut-off grades, depending on deposit, varied from 0.10 g/t AuEq to 0.16 g/t AuEq.

(3) The M&I Resource and Inferred Resource set out in the above table were taken from the La Colorada Technical Report, including depletion through mining activities from July 1, 2017 to December 31, 2017, are valid as of January 1, 2018 and used a gold price of $1,400 per ounce and silver price of $20 per ounce. Cut-off grades, depending on deposit, varied from 0.09 g/t AuEq to 0.12 g/t AuEq.

Technical Reports:

March 27, 2018 – 2018, NI 43-101 Technical Report on Resources and Reserves La Colorada Gold/Silver Mine, Hermosillo, Mexico
December 30, 2011 - 2011, N.I. 43-101 Technical Report On The La Colorada Project, Hermosillo, Mexico (PEA)
December 8, 2011 - 2011, N.I. 43-101 Technical Report On The La Colorada Project, Hermosillo, Mexico (Resource Report)
November 30, 2009 - 2009, N.I. 43-101 Technical Report On The La Colorada Project, Hermosillo, Mexico

Project Location and Summary:

The past producing La Colorada gold-silver mine property is located approximately 40 km southeast of Hermosillo, Sonora State, Mexico. La Colorada originally operated as a high-grade underground mine, which closed at the start of the Mexican Revolution in 1914. During the main historic mining period from 1876-1914 the production of more than three million ounces of gold was recorded.

In I990, the Mexican Geological Service (SGM) measured 1.5 million tons of tailings that were utilized at the start of the open pit production by Eldorado Gold Corp in 1993. During the period 1993-2000 Eldorado Gold Corp developed a bulk tonnage heap leach operation from several open pits; although the operation was sold in late 2000, production continued by a private Mexican owner until April 2002, yet La Colorada was never shut down for the lack of gold.

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