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Reserves & Resources

Mineral Reserve and Resource Estimates

Mineral Reserve and Resource estimates at November 6, 2017. Mineral Resources are presented inclusive of Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

Consolidated Mineral Reserve and Resource Estimates(1)

Project
Category
Tonnes
(millions)
Au
Grade (g/t)
Contained Au
Ounces (millions)
Ag
Grade (g/t)
Contained Ag
Ounces
(millions)
El Castillo(2)
Proven & Probable
22.4
0.42
0.30
 
 
Magino(3)
Proven & Probable
59.0
1.13
2.14
 
 
Consolidated Mineral Reserves
Proven & Probable
81.4
0.93
2.44
 
 
El Castillo(4)
Measured & Indicated
64.0
0.36
0.75
 
 
San Agustin(5)
Indicated
82.2
0.32
0.85
10.7
28.26
La Colorada(6)
Indicated
29.9
0.61
0.59
10.3
9.91
Magino(7)
Indicated
144.0
0.91
4.20
 
 
San Antonio(8)
Measured & Indicated
65.1
0.83
1.74
 
 
Consolidated Mineral Resources
Measured & Indicated
385.2
0.66
8.13
10.6
38.17
El Castillo(4)
Inferred
1.6
0.36
0.02
 
 
San Agustin(5)
Inferred
7.0
0.29
0.06
11.0
2.46
La Colorada(6)
Inferred
1.2
0.80
0.03
12.3
0.49
Magino(7)
Inferred
33.2
0.83
0.89
 
 
San Antonio(8)
Inferred
6.2
0.34
0.07
 
 
Consolidated Mineral Resources
Inferred
49.2
0.68
1.07
11.2
2.95

(1) Mineral Resources are presented inclusive of Mineral Reserves.
(2) 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.
(3) The Mineral Reserves for Magino set out in the table above were taken from the Magino Feasibility Study press release dated November 6, 2017 (NI 43-101 Technical Report will be filed within 45 days of the press release announcement). The Mineral Reserve was estimated at a gold price of $1,200. The Mineral Reserve estimate used a gold cutoff of 0.41 g/t. These amounts have been reviewed and confirmed by Mike Lechner, who is a “qualified person” for purposes of NI 43-101.
(4) 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.
(5) The Mineral Resources for the San Agustin Gold-Silver Project set out in the table above were taken from the San Agustin Technical Report dated June 10, 2016 (effective date of April 29, 2016). The Mineral Resource was estimated at a gold price of $1,300 and silver price of $20. A gold equivalent cutoff of 0.18 g/t was utilized for the resource. These amounts have been reviewed and confirmed by Thomas Burkhart, who is a "qualified person" for purposes of NI 43-101.
(6) 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.
(7) The Mineral Resources for the Magino Project set out in the table above were taken from the Magino Feasibility Study press release dated November 6, 2017 (NI 43-101 Technical Report will be filed within 45 days of the press release announcement). The Mineral Resource was estimated at a gold price of $1,300 and used a cutoff of 0.25 g/t gold. These amounts have been reviewed and confirmed by Mike Lechner, who is a "qualified person" for purposes of NI 43-101.
(8) The Mineral Resources for the San Antonio Project set out in the table above were taken from the San Antonio Technical Report dated October 10, 2012 (effective date of September 1, 2012). The gold resource was estimated at a gold price of $1,500 using a cutoff grade of 0.11 g/t Au for oxide and transition and 0.15 g/t Au for sulphide. These amounts have been reviewed and confirmed by Thomas Burkhart, who is a "qualified person" for purposes of NI 43-101.

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