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La Colorada Gold/Silver Mine

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

Gold and silver resource estimates at $1,400 gold and $20 silver

Category
Tonnes
(millions)
Au
Grade (g/t)
Contained Au
 Ounces
(millions)
Ag
Grade (g/t)
Contained Ag
Ounces
(millions)
Indicated
29.9
0.61
0.59
10.3
9.91
Inferred
1.2
0.80
0.03
12.3
0.49

The M&I Resource and Inferred Resource used for La Colorada in the above table were updated internally, are valid as of July 1, 2017 and reviewed by Mike Lechner who is a "qualified person" for purposes of NI 43-101. The Mineral Resource update used a gold price of $1,400 and a silver price of $20. The gold equivalent cutoff grade varied depending on deposit and ranged from 0.085 to 0.118 g/t.

Click here for full mineral reserve and resource disclosure at July 1, 2017

Technical Reports:

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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