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  Don Mario Upper Mineralized Zone (UMZ)

In May 2009 the Board approved development of the Don Mario UMZ, following completion of a detailed operational study that incorporates a feasibility summary based on an updated mine model. The UMZ mine plan contemplates a flotation plant with a mill throughput of 1,900 tonnes per day over a nine year mine life.

Commercial production commenced in January of 2012.

In January of 2012 the company reported a revised resource estimate.  This new estimate incorporated a revised mine plan designed to minimize the metallurgical challenges being experienced in the Leach-Precipitation-Flotation process.

Throughput was revised to 1,800 tonnes per day over 320 days per year, but as more sulphide-bearing ore is opportunistically sent directly to the flotation circuit, both throughput and availability could increase. The revised mine plan accelerates mining and processing of the transition and sulphide ores on the reasonable expectation, based on testing, that metal recoveries will improve given that the mineralization is more amenable to flotation.
 
The current mine stockpile will then be processed in Year 9. Inferred resources within the pit shell are not included in the reserve estimate or the mine plan. These resources will be mined opportunistically at the discretion of the geologists on site as such resources become exposed.

UMZ Reserves
    Tonnes Au, gpt Ag,gpt Cu,%
Sulphide Proven
Probable
Inferred into pit 		577,976
862,014
6,426 		1.01
0.99
0.70 		36.33
37.22
27.28 		1.19
1.14
0.78
Transitional Proven
Probable
Inferred into pit 		969,586
950,007
80,472 		1.50
1.32
0.87 		52.45
47.81
47.37 		1.38
1.22
1.01
Oxide Proven
Probable
Inferred into pit 		856,738
628,224
126,670 		1.67
1.47
1.36 		47.35
51.89
51.00 		1.82
1.78
1.74
Porous Proven
Probable
Inferred into pit 		298,570
83,089
9,413 		1.72
1.14
1.38 		28.89
46.60
53.10 		1.92
1.94
3.36
TOTAL Proven
Probable		 2,702,870
2,523,334 		1.47
1.24 		44.78
45.17 		1.54
1.36
TOTAL P&P 5,226,204 1.36 44.97 1.45
Plant Stockpile included in P&P 88,270 1.92 64.71 1.82
Inferred into pit 222,981 1.16 49.09 1.52
NI 43-101 Report  dated November 10, 2011
UPDATED RESERVE ESTIMATES FOR THE DON MARIO UPPER MINERALIZED ZONE PROJECT, EASTERN BOLIVIA
Gino Zandonai, B.Sc. Mining, M.Sc. and William C. Williams, Ph.D., CPG