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Reserves & Resources

The following table shows the gold and silver Mineral Resources and Mineral Reserves at January 1, 2018. Mineral Resources are not 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.

Mineral Reserves and Mineral Resources1

Project
Category
Tonnes
(millions)
Au
Grade
(g/t)
Contained
Au
Ounces
(000s)
Ag
Grade
(g/t)
Contained
Ag
Ounces
(000s)
El Castillo(2) Proven 3.3 0.57 62    
El Castillo(2) Probable 33.7 0.39 419    
San Agustin(2) Probable 78.4 0.30 768 10.2 25,593
El Castillo Complex(2) Proven & Probable 115.4 0.34 1,249 10.2 25,593
La Colorada(3) Probable 18.7 0.66 398 11.6 6,937
Magino(4) Proven 24.2 1.03 804    
Magino(4) Probable 34.7 1.19 1,332    
Consolidated Mineral Reserves Proven & Probable 193.0 0.61 3,783 10.4 32,530
El Castillo(5) Measured 4.1 0.54 70    
El Castillo(5) Indicated 54.3 0.36 625    
San Agustin(5) Indicated 95.9 0.28 865 9.5 29,466
El Castillo Complex(5) Measured & Indicated 154.3 0.31 1,560 9.6 29,466
La Colorada(6) Indicated 29.1 0.61 568 10.3 9,655
Magino(7) Measured 37.4 0.84 1,010    
Magino(7) Indicated 106.6 0.93 3,187    
San Antonio(8) Measured 19.0 0.91 553    
San Antonio(8) Indicated 46.1 0.80 1,182    
Consolidated Mineral Resources Measured & Indicated 392.5 0.64 8,060 9.7 39,121
El Castillo(5) Inferred 1.5 0.36 17    
San Agustin(5) Inferred 11.0 0.21 74 9.0 3,161
             
El Castillo Complex(5) Inferred 12.5 0.23 91 9.0 3,161
La Colorada(6) Inferred 1.8 0.79 47 10.8 641
Magino(7) Inferred 33.2 0.83 886    
San Antonio(8) Inferred 6.2 0.34 67    
Consolidated Mineral Resources Inferred 53.7 0.63 1,091 9.2 3,802

(1) Mineral Resources are presented inclusive of Mineral Reserves. Numbers may not sum due to rounding.
(2) The Mineral Reserves for El Castillo and San Agustin, which together form the El Castillo Complex, set out in the above table were taken from the El Castillo Complex 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 rock and ore type, varied from 0.14 g/t AuEq for oxide to 0.57 g/t Au for silicified sulphide.
(3) 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.
(4) The Mineral Reserves for Magino set out in the table above were taken from the Magino Technical Report. The Mineral Reserve was estimated at a gold price of $1,200 per ounce.  The Mineral Reserve used a gold cutoff of 0.41 g/t.
(5) The M&I Mineral Resources and Inferred Mineral Resources for El Castillo and San Agustin, which together form the El Castillo Complex, set out in the above table were taken from the El Castillo Complex 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 $1,400 per ounce and silver price of $20 per ounce. Cut-off grades, depending on rock and ore type, varied from 0.09 g/t AuEq for oxide to 0.47 g/t Au for silicified sulphide.
(6) 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.
(7) The M&I Mineral Resources and Inferred Mineral Resource for the Magino Project set out in the table above were taken from the Magino Technical Report. The Mineral Resource was estimated at a gold price of $1,300 per ounce.  The Mineral Resource used a gold cutoff of 0.25 g/t.
(8) The Mineral Resources for the San Antonio Project set out in the table above were taken from the San Antonio Technical Report. The gold resource was estimated at a gold price of $1,500 per ounce using a cutoff grade of 0.11 g/t Au for oxide and transition and 0.15 g/t Au for sulphide.

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