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San Martin Gold Reserves and Resources*

Proven and Probable Reserves: Grading: Ounces:

586,318 tonnes 2.29 g/t Au, 39 g/t Ag 57,866 Au Eq.

Inferred Resources: Grading: Ounces:

1.31 million tonnes 2.37 g/t Au, 27 g/t Ag 122,285 Au Eq.

Total Resource Calculation:

180,151 Au Eq.

Mine life**

7.5 years

Successfully developed sufficient reserves for the past 20 years of continuous production

*Inferred Mineral Resources are not known to the same degree of certainty as Mineral Reserves and do not have demonstrated economic viability

San Martin NI 43-101 report ‘'Reserves and Resources in the San Martin Mine, Mexico as of July 31, 2011, Amended and Restated December 19, 2011‘ Gunning and Campbell December 19, 2001.

**Mine life is based on 24,000 ounces annul production using total resource calculation.

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