ALPAMARCA

RESOURCE ESTIMATION

Adam Wheeler

February 2011

Adam Wheeler,
Mining Consultant,
Cambrose Farm,
Redruth,
Cornwall, TR16 4HT,
England.
Tel/Fax: (44) 1209-890733
E-mail : adamwheeler@btinternet.com

th
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TABLE OF CONTENTS
Page

1 SUMMARY ......................................................................................................................3

1.1 Work Completed ......................................................................................................... 3

2 SAMPLE DATA PROCESSING ....................................................................................... 4

3 GEOSTATISTICS ............................................................................................................ 7

4 BLOCK MODELLING .................................................................................................... 10

4.1 Overview ................................................................................................................... 10

4.2 Geometry and Initialisation ........................................................................................ 10

4.3 Vein Modelling........................................................................................................... 11

4.4 Grade Estimation ...................................................................................................... 13

4.5 Resource Classification ............................................................................................. 14

4.6 Density ......................................................................................................................14

4.7 Block Model Summary .............................................................................................. 15

4.8 Model Validation ........................................................................................................ 15

4.9 Resource Evaluation ................................................................................................. 23

5 FILE REFERENCE ........................................................................................................ 27

APPENDICES

A Geostatistical Plots

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LIST OF TABLES

Table 2-1. Summary of Exploration Drilling .............................................................................. 4

Table 3-1. Statistical Summary of Vein Samples..................................................................... 7
Table 3-2. Ag Decile Analysis Example for Zone VFA.......................................................... 8
Table 3-3 Summary of Ag Top-Cut Levels ............................................................................... 8
Table 3-4. Statistical Summary of Composites ........................................................................ 9
Table 4-1. Model Prototype ...................................................................................................10
Table 4-2. Grade Estimation Parameters .............................................................................. 13
Table 4-3. Model Variogram Parameters .............................................................................. 14
Table 4-4. Average Number of Drillholes Used ..................................................................... 14
Table 4-5. Summary of Block Model Fields ........................................................................... 15
Table 4-6. Global Comparison of Average Grades................................................................. 20
Table 4-7. Resource Results Compared with Previous Study ............................................... 22
Table 4-8. Metal Value Calculation ....................................................................................... 23
Table 4-10. Resource Breakdown By Vein Thickness ........................................................... 23
Table 4-11. Overall Resource Evaluation Summary .............................................................. 24
Table 4-12. Resource Breakdown By Bench ......................................................................... 25
Table 4-13. Resource-Grade Tonnage Table ........................................................................ 26
Table 5-1. List of Files ........................................................................................................... 28

LIST OF FIGURES

Figure 2-1 Plan of Drillhole Data and Main Regions ................................................................. 5

Figure 2-2 Plan of Vein Groupings and ID ............................................................................... 6
Figure 4-1. Limit of Block Model Prototype............................................................................. 11
Figure 4-2 Example Horizontal Section of Orientation Strings and Vein Block Model ........ 12
Figure 4-3. Example Vertical Section of Orientation Strings and Vein Block Model............ 12
Figure 4-4. Example Block Model Cross-Section, Showing Ag Grades ................................. 16
Figure 4-5 Example Block Model Cross-Section, Showing Resource Classes ....................... 17
Figure 4-6 Example Horizontal Section, Showing Ag Grades ............................................... 18
Figure 4-7 Example Horizontal Section, Showing Resource Classes..................................... 19
Figure 4-8. Ag Swath Plot Vein Group VFA ....................................................................... 21
Figure 5-1. Modelling Flowsheet ............................................. Error! Bookmark not defined.

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1 SUMMARY

1.1 Work Completed

This report describes an updated resource modelled and estimation study for the Alpamarca
Pb-Zn-Ag deposit. All of the estimation work in the current study pertains to topographic and
sample data available up to the end of December, 2010. The resource modelling work was
done using Datamine software. The work completed in this study can be summarised as
follows:

Compilation of all available drillhole and trench sample data.

Compilation of all surface topography data and underground excavation data.

Use of defined dip and strike orientation data, pertaining to 16 different groups of veins, to
control the generation of veins from mineralised intersections into the block model.

Development of a geological block model, with extrapolation of veins based on

intersections above set cut-offs.

Resource estimation. The results from this are summarised in the table below.

Alpamarca Resource Estimation (as of 31/12/10)

Resource Tonnes Cu Pb Zn Ag Value

Class Kt % % % oz/t $/t
Measured 130 0.11 1.32 1.80 3.93 53.9
Indicated 5,496 0.14 1.57 2.10 3.89 57.2
Subtotal 5,626 0.14 1.56 2.10 3.89 57.1
Inferred 5,698 0.12 1.54 2.03 3.49 53.1
Potential 82 0.12 1.52 1.71 3.27 48.8

Notes
. Block cutoff of 1oz/t Ag applied
. Minimum block/vein width = 0.5m
. No other mining factors applied

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2 SAMPLE DATA PROCESSING

A summary of the supplied sample data is shown in Table 2-1 below. The drillholes were
initially laid out on 50m sections, but subsequent lines have now reduced some areas to 25m
spacing.

Table 2-1. Summary of Exploration Drilling

Drilling
2009 2010 Trenches Total
Number of holes/lines 179 71 102 322
Total drilled length m 22,399 10,596 953 33,947
Average length/hole(line) m 125 149 9 105
Total no. of samples 14,238 6,564 671 21,473

Vein projections were based on the following criteria:

Veins: Zn > 0.6% or Pb>0.5% or Ag>1oz/t

Samples above these thresholds were flagged as vein intersections. These samples were
also subsequently composited for modelling purposes. Where the veins were thicker than
1m, an approximate 1m composite length was used. Below a 1m thickness, composites were
fitted to the intersections, down to a minimum length of 0.5m.

A plan of the sample data, along with the horizontal vein interpretations, is shown in Figure
2-1. The different colours indicate the different vein groupings. An additional plan shown in
Figure 2-2 shows the identification of the different vein groups.

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Figure 2-1 Plan of Drillhole Data and Main Regions

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Figure 2-2 Plan of Vein Groupings and ID

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3 GEOSTATISTICS
A statistical summary of the vein-assigned samples is shown in Table 3-1. Log-probability
plots of these data are shown in Appendix A.

Table 3-1. Statistical Summary of Vein Samples

FIELD AZONE Num. Min Max Mean SD CV FIELD AZONE Num. Min Max Mean SD CV
AG_OZ EMR1 5 1.16 8.5 3.8 3.1 0.8 PB EMR1 5 0.01 0.1 0.0 0.0 0.9
AG_OZ R1DP 5 2.37 9.3 4.9 3.0 0.6 PB R1DP 5 0.01 0.3 0.1 0.1 1.1
AG_OZ RPF 93 0.26 35.0 3.8 4.9 1.3 PB RPF 93 0.01 10.2 2.0 2.3 1.1
AG_OZ RPM 9 0.39 3.6 1.8 0.9 0.5 PB RPM 9 0.16 1.8 0.9 0.6 0.7
AG_OZ RSF 325 0.00 18.2 2.0 2.5 1.3 PB RSF 325 0.01 32.9 1.6 2.3 1.5
AG_OZ RSM 3 1.16 10.7 4.7 4.4 0.9 PB RSM 3 0.29 9.3 3.5 4.2 1.2
AG_OZ VFA 776 0.00 20.0 3.2 3.7 1.2 PB VFA 776 0.01 10.6 1.0 1.3 1.3
AG_OZ VS1 316 0.00 20.0 3.3 3.9 1.2 PB VS1 316 0.01 11.2 1.7 2.0 1.2
AG_OZ VS2 27 0.36 12.0 3.0 2.9 1.0 PB VS2 27 0.11 5.9 1.8 1.5 0.8
AG_OZ R1 43 0.33 25.0 3.4 4.9 1.5 PB R1 43 0.02 13.4 2.1 2.3 1.1
AG_OZ R2 1 0.73 0.7 0.7 PB R2 1 1.59 1.6 1.6
AG_OZ RE 68 0.03 15.0 2.8 3.4 1.2 PB RE 68 0.01 7.5 1.1 1.5 1.3
AG_OZ RI 17 0.71 15.0 4.2 3.7 0.9 PB RI 17 0.02 7.6 1.8 1.4 0.8
AG_OZ RP 25 0.03 19.2 4.7 6.1 1.3 PB RP 25 0.01 12.9 2.3 3.1 1.3
AG_OZ RS 60 0.03 20.0 2.5 3.4 1.4 PB RS 60 0.01 14.5 1.1 2.2 2.0
AG_OZ VS 55 0.07 8.4 1.8 1.9 1.0 PB VS 55 0.21 7.9 1.7 1.7 1.0
CU EMR1 5 0.02 0.1 0.0 0.0 0.7 ZN EMR1 5 0.01 0.1 0.0 0.0 1.1
CU R1DP 5 0.01 0.1 0.1 0.0 0.7 ZN R1DP 5 0.02 0.5 0.2 0.2 1.1
CU RPF 93 0.01 4.7 0.2 0.6 3.0 ZN RPF 93 0.01 12.7 2.4 2.8 1.2
CU RPM 9 0.01 0.2 0.1 0.1 1.0 ZN RPM 9 0.22 2.7 1.0 0.9 0.9
CU RSF 325 0.01 2.4 0.1 0.2 2.8 ZN RSF 325 0.01 21.2 1.9 2.5 1.3
CU RSM 3 0.03 0.4 0.2 0.2 1.0 ZN RSM 3 0.33 12.3 4.7 5.5 1.2
CU VFA 776 0.01 2.0 0.1 0.2 1.8 ZN VFA 776 0.01 15.9 1.6 2.2 1.3
CU VS1 316 0.01 1.9 0.1 0.2 1.6 ZN VS1 316 0.01 27.4 2.1 3.2 1.5
CU VS2 27 0.01 0.6 0.1 0.2 1.2 ZN VS2 27 0.07 8.0 1.9 2.0 1.0
CU R1 43 0.01 1.9 0.2 0.4 2.5 ZN R1 43 0.04 9.6 2.2 2.5 1.2
CU R2 1 0.54 0.5 0.5 ZN R2 1 2.51 2.5 2.5
CU RE 68 0.01 0.8 0.1 0.2 1.9 ZN RE 68 0.07 8.6 1.5 1.7 1.2
CU RI 17 0.01 1.0 0.2 0.2 1.3 ZN RI 17 0.02 5.9 2.0 1.8 0.9
CU RP 25 0.01 1.0 0.2 0.3 1.7 ZN RP 25 0.01 16.4 3.6 4.5 1.2
CU RS 60 0.01 1.2 0.1 0.2 2.6 ZN RS 60 0.01 24.7 2.0 3.8 1.9
CU VS 55 0.01 0.3 0.1 0.1 1.2 ZN VS 55 0.08 7.6 1.8 1.7 1.0

Notes
SD = Standard deviation
CV = Coefficient of variation

The log-probability plots for silver indicate some higher outlier grades. To further analyse
these outlier grades, a decile analysis was also completed. An example for zone VAF is
shown in Table 3-2. From these analyses, silver top-cut levels were defined for the different
vein groups, as summarised in Table 3-3, which were applied prior to compositing. A
statistical summary of the resultant composites is shown in Table 3-4. These composites are
approximately 1m in length, down to a minimum of 0.5m. Directional variograms were
created from these composites as shown in Appendix A.

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Table 3-2. Ag Decile Analysis Example for Zone VFA

Table 3-3 Summary of Ag Top-Cut Levels

Zone Ag Topcut
oz/t
R1 25
RE 15
RI 15
RP 25
RPF 35
RS 20
RSF 20
VFA 20
VS 15
VS1 20
VS2 12
R2 20
R1DP 20
RSM 20
EMR1 20
RPM 20

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Table 3-4. Statistical Summary of Composites

FIELD AZONE Num. Min Max MeanSD CV FIELD AZONE Num. Min Max MeanSD CV
AG_OZ EMR1 5 1.16 8.5 3.8 3.1 0.8 PB EMR1 5 0.01 0.1 0.0 0.0 0.9
AG_OZ R1DP 5 2.37 9.3 4.9 3.0 0.6 PB R1DP 5 0.01 0.3 0.1 0.1 1.1
AG_OZ RPF 93 0.26 35.0 3.8 4.9 1.3 PB RPF 93 0.01 10.2 2.0 2.3 1.1
AG_OZ RPM 9 0.39 3.6 1.8 0.9 0.5 PB RPM 9 0.16 1.8 0.9 0.6 0.7
AG_OZ RSF 325 0.00 18.2 2.0 2.5 1.3 PB RSF 325 0.01 32.9 1.6 2.3 1.5
AG_OZ RSM 3 1.16 10.7 4.7 4.4 0.9 PB RSM 3 0.29 9.3 3.5 4.2 1.2
AG_OZ VFA 776 0.00 20.0 3.2 3.7 1.2 PB VFA 776 0.01 10.6 1.0 1.3 1.3
AG_OZ VS1 316 0.00 20.0 3.3 3.9 1.2 PB VS1 316 0.01 11.2 1.7 2.0 1.2
AG_OZ VS2 27 0.36 12.0 3.0 2.9 1.0 PB VS2 27 0.11 5.9 1.8 1.5 0.8
AG_OZ R1 43 0.33 25.0 3.4 4.9 1.5 PB R1 43 0.02 13.4 2.1 2.3 1.1
AG_OZ R2 1 0.73 0.7 0.7 PB R2 1 1.59 1.6 1.6
AG_OZ RE 68 0.03 15.0 2.8 3.4 1.2 PB RE 68 0.01 7.5 1.1 1.5 1.3
AG_OZ RI 17 0.71 15.0 4.2 3.7 0.9 PB RI 17 0.02 7.6 1.8 1.4 0.8
AG_OZ RP 25 0.03 19.2 4.7 6.1 1.3 PB RP 25 0.01 12.9 2.3 3.1 1.3
AG_OZ RS 60 0.03 20.0 2.5 3.4 1.4 PB RS 60 0.01 14.5 1.1 2.2 2.0
AG_OZ VS 55 0.07 8.4 1.8 1.9 1.0 PB VS 55 0.21 7.9 1.7 1.7 1.0
CU EMR1 5 0.02 0.1 0.0 0.0 0.7 ZN EMR1 5 0.01 0.1 0.0 0.0 1.1
CU R1DP 5 0.01 0.1 0.1 0.0 0.7 ZN R1DP 5 0.02 0.5 0.2 0.2 1.1
CU RPF 93 0.01 4.7 0.2 0.6 3.0 ZN RPF 93 0.01 12.7 2.4 2.8 1.2
CU RPM 9 0.01 0.2 0.1 0.1 1.0 ZN RPM 9 0.22 2.7 1.0 0.9 0.9
CU RSF 325 0.01 2.4 0.1 0.2 2.8 ZN RSF 325 0.01 21.2 1.9 2.5 1.3
CU RSM 3 0.03 0.4 0.2 0.2 1.0 ZN RSM 3 0.33 12.3 4.7 5.5 1.2
CU VFA 776 0.01 2.0 0.1 0.2 1.8 ZN VFA 776 0.01 15.9 1.6 2.2 1.3
CU VS1 316 0.01 1.9 0.1 0.2 1.6 ZN VS1 316 0.01 27.4 2.1 3.2 1.5
CU VS2 27 0.01 0.6 0.1 0.2 1.2 ZN VS2 27 0.07 8.0 1.9 2.0 1.0
CU R1 43 0.01 1.9 0.2 0.4 2.5 ZN R1 43 0.04 9.6 2.2 2.5 1.2
CU R2 1 0.54 0.5 0.5 ZN R2 1 2.51 2.5 2.5
CU RE 68 0.01 0.8 0.1 0.2 1.9 ZN RE 68 0.07 8.6 1.5 1.7 1.2
CU RI 17 0.01 1.0 0.2 0.2 1.3 ZN RI 17 0.02 5.9 2.0 1.8 0.9
CU RP 25 0.01 1.0 0.2 0.3 1.7 ZN RP 25 0.01 16.4 3.6 4.5 1.2
CU RS 60 0.01 1.2 0.1 0.2 2.6 ZN RS 60 0.01 24.7 2.0 3.8 1.9
CU VS 55 0.01 0.3 0.1 0.1 1.2 ZN VS 55 0.08 7.6 1.8 1.7 1.0

Notes
SD = Standard deviation
CV = Coefficient of variation

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4 BLOCK MODELLING

4.1 Overview
The following modelling procedure was applied.

1. Volcan personnel defined a complete set of orientation strings for the 16 different vein
systems, both for strike and dip variations.

2. Vein intersections were flagged in the sample data, based on the criteria of Zn>0.6% or
Pb>0.5% or Ag>1oz/t.

3. A volumetric block model was developed, with a rotated structure, with subcells being
projected from the vein intersections. These measured 5m along-strike, 0.5m across-
strike and 2.5m down-dip. The parent block size for the overall model, also incorporating
waste, was 5m x 5m x 5m.

4. The 0.5m 1m composites were then used to interpolate metal grades into the vein sub-
cells.

5. Resource classification was dominated by parameters derived chiefly from the

geostatistical analysis of the Ag grades, as well as from consideration of the two main
section grid spacings used: 25m and 50m.

4.2 Geometry and Initialisation

The block model parameters are summarised below in Table 4-1, and the overall framework
is displayed diagrammatically in Error! Reference source not found., along with the main
zones used for the vein groupings.

Table 4-1. Model Prototype

Parent Vein Sub-

Axis Origin Size Cells Number Extent
m m m
X 340,820 5 5 524 2,620
Y 8,759,730 5 0.5 252 1,260
Z 4,380 5 2.5 110 550

Notes
o
. Prototype is rotated, 32 about Z-axis

The overall size of the model prototype was chosen so as to include all potential resource
areas (with the exception of the Tapada region), as well as to allow enough waste modelling
around the edges for pit optimisation purposes.

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Figure 4-1. Limit of Block Model Prototype

4.3 Vein Modelling

The orientation strings were used to project sub-cells along the identified veins. Separate
strings were used for dip and along-strike variations. These strings were also referenced
against the underground level data, as many drives had been developed along vein
structures. These strings were also grouped according to the 16 different vein systems.

Overall limiting wireframes were also defined for each vein system, so as to limit extrapolation
of the projected veins. Example horizontal and vertical sections are shown in Figure 4-2 and
Figure 4-3, displaying the resultant structures of the veins in the resultant volumetric block
model.

At the same time as generating the vein sub-cells, the orientation strings were used to embed
dip and dip-direction values into the block model. These orientations were then subsequently
applied during grade estimation.

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Figure 4-2 Example Horizontal Section of Orientation Strings and Vein Block Model

Figure 4-3. Example Vertical Section of Orientation Strings and Vein Block Model

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4.4 Grade Estimation

The model variogram parameters derived from the vein composites were used for ordinary
kriging of metal grades. Important aspects of the grade estimation include:

In general 4 progressive searches were applied, using the vein composite data set. This
search mechanism was also used for resource classification. The first set of search
distances applied stemmed from the 2/3 level of the variability seen in the Ag model
variograms.

The applied search ellipses had a very small cross-strike length, corresponding with the
veins, the ellipses were oriented according to the embedded dip and dip direction values
registered for each block.

Additional nearest neighbour grade and inverse-distance-weighted values were also

estimated into the output block model, which were subsequently used for validation
purposes.

The grade estimation parameters are summarised in Table 4-2. The model variogram
parameters used are summarised in Table 4-3.

Table 4-2. Grade Estimation Parameters

Search Min. No. of

No. Distance (m) Drillholes Resource Class
1 2 3
1 20 30 2 2 Measured
2 20 30 2 1 Indicated
3 40 60 4 2
4 80 120 8 1 Inferred
5 80+ 120+ 8+ 1 Potential

Notes:
. Axes 1/2/3 are along-strike/down-dip/cross-strike
. Maximum number of composites used = 15
. Principal metal grades are interpolated using ordinary kriging (OK)
. Alternative grades also determined for comparison purposes:
Nearest neighbour (NN)
Inverse distance weighting (IPD ^2)

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Table 4-3. Model Variogram Parameters

METAL REF. VANGLE NUGGET 1st Structure 2nd Structure 3rd Structure
No. Rotation Ranges (m) Ranges (m) Ranges (m)
1 3 Co 1 2 3 C1 1 2 3 C2 1 2 3 C3
ZN 1 32 75 0.16 43 12 9 0.25 43 51 28 0.30 9999 9999 28 0.17
PB 2 32 75 0.22 12 12 4 0.15 38 38 20 0.24 9999 9999 21 0.08
AG 3 32 75 0.11 14 14 3 0.22 38 65 38 0.31 9999 9999 38 0.00
CU 4 32 75 0.11 51 15 3 0.23 51 37 26 0.26 9999 9999 26 0.07

In the final model, grade values were combined into an economic value, using the coefficients
shown in Table 4-8.

4.5 Resource Classification

The resource classification was applied during grade interpolation such that:

Measured Resources: At least 2 drillholes encountered within a 20m x 30m search (along
strike/down-dip), and only within the regions using a 25m spaced drilling grid.

Indicated Resources: At least 2 drillholes encountered within a 40m x 60m search, or one
drillhole within a 20m x 30m search.

Inferred Resources: At least 1 drillhole encountered within an 80m x 120m search.

Potential Resources: At least 1 drillhole encountered with a distance greater than 80m x
120m search, but within the interpreted vein structures.

The resultant average number of drillholes used, per resource category, are summarised
below in Table 4-4.

Table 4-4. Average Number of Drillholes Used

Class Number
Measured 2
Indicated 2
Inferred 3
Potential 4

4.6 Density
The applied rock density values were as follows:

Veins : 2.77 t/m3

Non-vein material : 2.54t/m3

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4.7 Block Model Summary

An overall summary of the fields in the final block model is shown in Table 4-5.

Table 4-5. Summary of Block Model Fields

Field Description
ZONE =1 vein; =0 outside vein
AZONE Name of zone grouping: VFA, EMR etc
MALLA Drilling grid size, 25m or 50m.
TRDIPDIR True dip direction
TRDIP True dip
DENSITY Density in t/m3
ZN/PB/AG/CU Main grade values from OK. AG in oz/t
ZN_NN, etc Grade values from nearest neighbour interpolation
ZN_IPD, etc Grade values from inverse distance weighting
NUM Number of composites/drillholes used in interpolation
SVOL Search volume used in interpolation
DIST Distance to nearest composite (as a ratio of search ellipse)
CLASS Resource classification:
1 Measured
2 Indicated
3 Inferred
4 Potential
THICK Horizontal vein thickness in m

4.8 Model Validation

Various steps were applied in model validation, outlined below.

1. Visual Inspection Sections and plans were examined, with composite grade values
superimposed, as shown in some examples from Figure 4-4 through to Figure 4-7. Some
of these sections also shown the assigned resource classification.

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Figure 4-4. Example Block Model Cross-Section, Showing Ag Grades

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Figure 4-5 Example Block Model Cross-Section, Showing Resource Classes

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Figure 4-6 Example Horizontal Section, Showing Ag Grades

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Figure 4-7 Example Horizontal Section, Showing Resource Classes

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2. Global Comparison The average kriged metal grades in each zone, for the measured
and indicated resources with no cut-off applied, were compared with the average grades
from nearest neighbour estimation, as well as with the average sample and composite
grades, as summarised in Table 4-6. In general the modelled and average composite
grades compare quite favourably.

Table 4-6. Global Comparison of Average Grades

Vein Zn % Pb % Ag oz/t Cu %
Group Samp Comp OK NN Samp Comp OK NN Samp Comp OK NN Samp Comp OK NN

EMR1 0.03 0.02 0.03 0.03 0.02 0.02 0.02 0.02 3.61 3.03 3.84 3.84 0.04 0.04 0.05 0.05

RE 1.45 1.42 1.53 1.41 1.10 1.15 1.29 1.14 3.26 2.75 2.84 2.76 0.08 0.08 0.08 0.08

RI 1.99 1.96 1.58 1.62 1.90 1.95 1.65 1.63 4.43 4.79 4.47 4.44 0.17 0.18 0.20 0.19

RP 3.41 3.29 3.40 3.33 2.19 2.01 1.78 1.76 7.49 4.29 4.97 5.11 0.18 0.14 0.22 0.23

RPF 2.30 2.40 2.37 2.41 1.91 2.01 1.84 1.92 3.83 3.90 4.48 4.86 0.18 0.20 0.29 0.33

RPM 0.85 0.91 0.71 0.73 0.81 0.81 0.71 0.75 1.91 1.77 1.69 1.84 0.07 0.07 0.05 0.06

RS 1.94 2.03 2.07 2.05 1.07 1.12 1.13 1.11 2.96 2.61 2.41 2.45 0.09 0.09 0.08 0.08

RSF 1.81 1.72 1.59 1.58 1.58 1.53 1.39 1.37 2.11 1.96 1.90 1.92 0.06 0.06 0.06 0.06

RSM 2.51 4.57 5.86 6.21 1.86 3.36 4.30 4.56 3.26 4.59 5.62 5.91 0.12 0.18 0.22 0.23

R1 2.18 2.15 2.30 2.34 2.02 2.21 2.08 2.08 3.69 3.60 2.97 2.93 0.16 0.15 0.15 0.16

R1DP 0.20 0.15 0.17 0.16 0.16 0.10 0.11 0.10 4.35 4.35 4.92 5.14 0.06 0.05 0.06 0.06

R2 2.51 2.51 2.51 2.51 1.59 1.59 1.59 1.59 0.73 0.73 0.73 0.73 0.54 0.54 0.54 0.54

VFA 1.61 1.58 1.70 1.77 1.06 1.03 1.10 1.14 3.77 3.19 3.49 3.56 0.09 0.09 0.11 0.11

VS 1.71 1.67 1.68 1.76 1.75 1.65 1.76 1.81 2.04 1.77 1.76 1.74 0.06 0.05 0.05 0.05

VS1 1.98 2.20 2.11 2.13 1.63 1.69 1.63 1.67 3.38 3.27 3.18 3.19 0.13 0.13 0.11 0.11

VS2 2.13 1.75 2.23 2.40 1.79 1.64 2.45 2.57 3.09 3.04 3.31 3.13 0.15 0.13 0.14 0.13

Notes
. Samp = average grade from original samples
. Comp = average grade from composites
. OK = grade from block model, by ordinary kriging
. NN = grade from block model, by nearest neighbour

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3. Local Comparison Swath plots were prepared, which compare the average grades on
each 100m thick slices across the vein block model. These plots compare for each slice :

- The average ordinary kriged model grades.

- The average nearest neighbour model grades.
- The average (declustered) composite grades.
- For reference, the total (measured + indicated) tonnage on each slice.

An of a resulting swath plot for silver, vein group VFA, is shown in Figure 4-8. The swath
plots for the other metals and vein groups are shown in Appendix A. The model grades
used for these plots only stem from the measured and indicated blocks. In general the
nearest neighbour and kriged grades correspond closely, indicating an absence of bias.
The composite grades also correspond closely, showing the overall longitudinal variation
of grade reflected in the block model.

Figure 4-8. Ag Swath Plot Vein Group VFA

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February 2011
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4. Comparison with Previous Evaluations The principal resource results from the
previous study have are compared with the updated resources in Table 4-7. These
figures show an increase in indicated resources and resources overall of approximately
30%, and is the result of the additional exploration drilling carried out during 2010.

Table 4-7. Resource Results Compared with Previous Study

Resource Sept 09 Evaluation, Cutoff $16/t Feb 11 Evaluation, Cutoff 1oz/t Ag

Class Tonnes Cu Pb Zn Ag Value Tonnes Cu Pb Zn Ag Value
kT % % % Oz/t $/t kT % % % Oz/t $/t
Measured 563 0.13 1.83 2.16 3.85 58.7 130 0.11 1.32 1.80 3.93 53.9
Indicated 3,724 0.13 1.77 2.12 3.85 58.1 5,496 0.14 1.57 2.10 3.89 57.2
Subtotal 4,287 0.13 1.78 2.13 3.85 58.2 5,626 0.14 1.56 2.10 3.89 57.1
Inferred 4,054 0.12 1.64 1.94 3.41 52.4 5,698 0.12 1.54 2.03 3.49 53.1
Potential 70 0.12 1.28 1.55 2.88 43.0 82 0.12 1.52 1.71 3.27 48.8
TOTAL 8,412 0.12 1.71 2.03 3.63 55.3 11,406 0.13 1.55 2.06 3.69 55.1

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February 2011
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4.9 Resource Evaluation

The resultant resource block model was evaluated, primarily using a 1oz/t Ag cut-off.
Contained $ values were also derived using the coefficients summarised below in Table 4-8.
These are the same coefficients as used in the April 09 study.

Table 4-8. Metal Value Calculation

Metal Base Price $ Factors

Cu $3,000/t 4.55 / 1%
Pb $1,500/t 5.63 / 1%
Zn $1,500/t 7.22 / 1%
Ag $12.0/Oz 8.37 / 1 Oz.

An initial breakdown by thickness is shown in Table 4-9. The main resource evaluations are
summarised in Table 4-10, with a breakdown by bench in Table 4-11 and a grade-tonnage
table in Table 4-12.

Table 4-9. Resource Breakdown By Vein Thickness

Thickness
Category Tonnes Cu Pb Zn Ag
m Kt % % % oz/t
0.51 2,240 0.13 1.43 1.90 3.71
12 2,222 0.13 1.54 2.03 3.81
23 752 0.16 1.76 2.42 4.41
34 261 0.14 2.00 2.65 4.21
45 81 0.11 2.30 3.12 4.03
56 69 0.19 1.92 3.93 5.55
TOTAL 5,626 0.14 1.56 2.10 3.89

Notes
. Just measured + indicated resources
. CutOff of 1oz/t Ag applied

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February 2011
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Table 4-10. Overall Resource Evaluation Summary

Measured+Indicated Inferred Total

Vein Tonnes Cu Pb Zn Ag Value Tonnes Cu Pb Zn Ag Value Tonnes Cu Pb Zn Ag Value
Group Kt % % % oz/t $/t Kt % % % oz/t $/t Kt % % % oz/t $/t
EMR1 20 0.05 0.02 0.02 3.75 31.9 52 0.05 0.02 0.03 3.87 33.0 72 0.05 0.02 0.03 3.84 32.7
R1 112 0.19 2.41 2.53 3.63 63.0 29 0.14 2.14 2.47 2.83 54.2 141 0.18 2.35 2.52 3.46 61.2
R1DP 19 0.06 0.11 0.17 4.68 41.3 19 0.06 0.11 0.17 5.15 45.2 38 0.06 0.11 0.17 4.92 43.3
RE 153 0.09 1.37 1.65 3.36 48.2 61 0.09 1.61 1.71 2.94 46.4 214 0.09 1.44 1.66 3.24 47.6
RI 71 0.21 1.67 1.71 4.68 61.9 15 0.21 1.74 1.27 4.75 59.6 86 0.21 1.69 1.63 4.69 61.5
RP 102 0.24 2.30 3.53 5.73 87.4 161 0.25 1.71 3.37 5.57 81.7 263 0.24 1.94 3.43 5.63 84.0
RPF 213 0.31 2.12 2.67 5.16 75.8 72 0.33 1.56 2.13 4.11 60.0 284 0.31 1.98 2.53 4.90 71.8
RPM 18 0.06 0.73 0.74 1.83 25.0 14 0.06 0.64 0.66 1.81 23.8 32 0.06 0.69 0.70 1.82 24.5
RS 213 0.13 1.42 2.58 3.50 56.4 258 0.07 1.10 2.06 2.34 41.0 471 0.10 1.24 2.30 2.86 48.0
RSF 446 0.08 1.70 1.86 2.53 44.5 181 0.07 1.26 1.75 2.20 38.5 627 0.08 1.57 1.83 2.44 42.8
RSM 4 0.26 5.34 7.17 6.65 138.7 14 0.21 4.04 5.53 5.36 108.5 17 0.22 4.30 5.86 5.62 114.6
VFA 2,393 0.12 1.20 1.75 3.96 53.0 1,834 0.13 1.14 1.79 3.77 51.5 4,227 0.12 1.17 1.76 3.88 52.3
VS 87 0.06 2.38 1.95 2.51 48.7 68 0.07 2.17 1.71 2.54 46.1 155 0.07 2.29 1.84 2.52 47.6
VS1 1,654 0.15 1.84 2.52 4.09 63.4 2,598 0.12 1.73 2.14 3.33 53.6 4,252 0.13 1.77 2.29 3.63 57.4
VS2 123 0.15 2.37 2.36 3.43 59.8 321 0.15 2.77 2.36 3.82 65.3 444 0.15 2.66 2.36 3.71 63.8
TOTAL 5,626 0.14 1.56 2.10 3.89 57.1 5,698 0.12 1.54 2.03 3.49 53.1 11,324 0.13 1.55 2.06 3.69 55.1

Notes
. Block cutoff of 1oz/t Ag applied
. Minimum block/vein width = 0.5m
. No other mining factors applied

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February 2011
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Table 4-11. Resource Breakdown By Bench
Measured+Indicated
BANCO Tonnes Cu Pb Zn Ag
Kt % % % oz/t
4720 6 0.10 1.96 1.86 3.38
4715 15.4 0.12 1.94 2.23 3.01
4710 28.5 0.12 1.62 2.18 3.06
4705 34.0 0.13 1.58 2.29 3.28
4700 47.4 0.13 1.43 2.04 3.41
4695 60.8 0.13 1.38 2.00 3.49
4690 72.7 0.14 1.54 2.19 3.84
4685 82.6 0.16 1.68 2.46 4.22
4680 90.1 0.16 1.67 2.43 4.23
4675 93.6 0.16 1.58 2.41 4.31
4670 116.0 0.16 1.68 2.39 4.38
4665 139.1 0.15 1.76 2.41 4.33
4660 155.6 0.15 1.79 2.48 4.24
4655 179.4 0.14 1.80 2.47 4.06
4650 207.3 0.14 1.73 2.34 4.01
4645 253.8 0.13 1.61 2.19 3.73
4640 282.0 0.13 1.58 2.11 3.65
4635 289.7 0.13 1.55 2.04 3.55
4630 281.6 0.13 1.54 2.06 3.55
4625 268.9 0.13 1.56 2.08 3.57
4620 258.4 0.13 1.53 2.00 3.59
4615 257.2 0.14 1.48 1.93 3.73
4610 248.8 0.14 1.52 1.93 3.81
4605 236.4 0.13 1.51 1.84 3.91
4600 217.1 0.13 1.45 1.81 3.93
4595 202.4 0.13 1.44 1.78 4.01
4590 184.0 0.13 1.41 1.80 4.19
4585 171.0 0.14 1.40 1.81 4.19
4580 157.1 0.14 1.42 1.82 4.28
4575 138.0 0.14 1.42 1.85 4.15
4570 114.5 0.15 1.47 1.91 4.12
4565 101.6 0.15 1.58 2.08 4.20
4560 87.0 0.15 1.52 2.07 4.07
4555 74.9 0.15 1.56 2.14 4.04
4550 61.5 0.14 1.48 2.04 3.81
4545 53.6 0.14 1.37 1.96 3.87
4540 49.5 0.13 1.45 2.08 3.88
4535 47.5 0.13 1.50 2.17 3.84
4530 43.3 0.12 1.50 2.28 3.93
4525 36.7 0.12 1.54 2.23 4.15
4520 30.4 0.11 1.62 2.41 4.11
4515 26.8 0.11 1.71 2.58 4.08
4510 24.3 0.10 1.91 2.89 3.87
4505 20.5 0.09 1.98 3.35 3.72
4500 17.8 0.08 2.07 3.51 3.48
4495 13.8 0.08 1.83 3.37 3.66
4490 9.1 0.10 2.03 3.64 3.98
4485 6.5 0.07 2.44 3.94 3.79
4480 6.0 0.06 2.68 4.27 4.05
4475 5.0 0.07 3.12 4.94 4.43
4470 4.2 0.06 1.69 2.52 3.69
4465 3.7 0.06 1.13 1.76 3.37
4460 3.0 0.05 1.09 1.77 2.95
4455 1.7 0.06 0.94 1.55 3.19
4450 1.1 0.06 0.92 1.31 3.25
4445 0.4 0.06 0.67 0.91 1.92
4440 0.2 0.07 0.41 0.64 1.97
4435 0.2 0.04 0.24 0.38 1.58
4430 0.2 0.02 0.01 0.02 2.84
4425 0.4 0.04 0.33 0.21 3.21
4420 0.5 0.06 0.73 0.53 4.25
4415 0.5 0.10 1.34 0.99 4.81
4410 0.7 0.09 1.11 0.81 4.64
4405 0.8 0.10 1.26 0.93 4.96
4400 0.7 0.10 1.36 1.00 5.03
4395 0.7 0.10 1.27 0.92 4.85
4390 0.7 0.10 1.27 0.95 4.77
4385 0.5 0.12 1.65 1.25 5.26
4380 0.1 0.01 0.01 0.03 1.06
TOTAL 5,626 0.14 1.56 2.10 3.89
Notes
. Block cutoff of 1oz/t Ag applied
. Minimum block/vein width = 0.5m
. No other mining factors applied
Adam Wheeler
25
Inferred Total
Value Tonnes Cu Pb Zn Ag Value Tonnes Cu Pb Zn Ag Value
$/t Kt % % % oz/t $/t Kt % % % oz/t $/t
53.1 12.6 0.14 1.35 2.07 4.46 60.5 18.8 0.13 1.55 2.00 4.10 58.1
52.7 28.2 0.13 1.50 2.09 3.72 55.2 43.6 0.12 1.65 2.14 3.47 54.3
51.0 50.3 0.12 1.43 2.05 3.63 53.8 78.7 0.12 1.50 2.10 3.42 52.8
53.5 73.8 0.13 1.39 2.12 3.72 54.9 107.8 0.13 1.45 2.18 3.58 54.4
52.0 104.6 0.13 1.38 2.14 3.75 55.2 152.1 0.13 1.40 2.11 3.64 54.2
52.0 115.5 0.13 1.44 2.17 3.76 55.7 176.2 0.13 1.42 2.11 3.66 54.5
57.3 119.1 0.12 1.48 2.19 3.74 56.1 191.8 0.13 1.50 2.19 3.78 56.5
63.3 120.1 0.12 1.54 2.23 3.62 55.6 202.8 0.14 1.60 2.32 3.86 58.7
63.1 120.5 0.12 1.60 2.20 3.62 55.7 210.5 0.14 1.63 2.30 3.88 58.9
63.1 116.2 0.12 1.65 2.25 3.68 56.9 209.9 0.14 1.62 2.32 3.96 59.6
64.1 130.2 0.13 1.65 2.20 3.78 57.4 246.2 0.14 1.66 2.29 4.06 60.5
64.2 138.5 0.13 1.68 2.25 3.73 57.6 277.6 0.14 1.72 2.33 4.03 60.9
64.1 147.2 0.13 1.67 2.22 3.58 56.0 302.9 0.14 1.73 2.35 3.92 60.2
62.5 155.0 0.13 1.69 2.21 3.58 56.0 334.4 0.14 1.75 2.35 3.83 59.5
60.8 153.7 0.13 1.68 2.17 3.54 55.4 360.9 0.13 1.71 2.27 3.81 58.5
56.7 154.5 0.13 1.67 2.15 3.66 56.1 408.3 0.13 1.64 2.17 3.70 56.5
55.3 159.6 0.13 1.63 2.09 3.64 55.3 441.6 0.13 1.60 2.10 3.65 55.3
53.7 162.2 0.13 1.67 2.11 3.59 55.3 451.9 0.13 1.59 2.06 3.56 54.3
53.8 163.6 0.13 1.66 2.09 3.54 54.7 445.2 0.13 1.59 2.07 3.54 54.1
54.3 168.0 0.13 1.67 2.09 3.60 55.2 437.0 0.13 1.60 2.09 3.58 54.6
53.7 170.2 0.13 1.64 2.02 3.54 54.0 428.6 0.13 1.57 2.01 3.57 53.8
54.1 173.0 0.13 1.66 1.99 3.50 53.6 430.1 0.13 1.55 1.96 3.64 53.9
55.0 173.7 0.13 1.60 1.95 3.37 51.8 422.5 0.13 1.55 1.94 3.63 53.7
55.1 175.6 0.13 1.61 1.94 3.39 52.0 412.0 0.13 1.55 1.88 3.69 53.8
54.8 176.1 0.13 1.62 1.97 3.40 52.4 393.2 0.13 1.53 1.88 3.69 53.7
55.2 182.6 0.12 1.60 1.92 3.36 51.5 385.1 0.13 1.52 1.85 3.70 53.4
56.6 174.7 0.12 1.58 1.93 3.37 51.5 358.7 0.13 1.49 1.86 3.79 54.1
56.7 170.5 0.12 1.58 1.97 3.40 52.1 341.5 0.13 1.49 1.89 3.79 54.4
57.6 161.3 0.12 1.55 1.95 3.39 51.8 318.3 0.13 1.49 1.89 3.83 54.7
56.6 157.5 0.11 1.51 1.94 3.35 51.1 295.4 0.13 1.47 1.90 3.72 53.7
57.3 155.2 0.12 1.47 1.94 3.45 51.8 269.7 0.13 1.47 1.93 3.74 54.1
59.7 148.0 0.12 1.38 1.84 3.46 50.5 249.6 0.13 1.46 1.94 3.76 54.3
58.2 146.5 0.12 1.33 1.83 3.47 50.3 233.6 0.13 1.40 1.92 3.69 53.2
58.7 140.3 0.12 1.27 1.78 3.36 48.7 215.2 0.13 1.37 1.91 3.60 52.2
55.6 126.2 0.12 1.35 1.83 3.36 49.5 187.8 0.13 1.39 1.90 3.51 51.5
54.9 110.3 0.12 1.38 1.80 3.30 48.9 163.9 0.13 1.37 1.85 3.49 50.9
56.3 98.8 0.11 1.36 1.79 3.33 48.9 148.3 0.12 1.39 1.89 3.51 51.4
56.9 87.4 0.12 1.41 1.84 3.39 50.2 134.9 0.12 1.44 1.96 3.55 52.5
58.4 79.8 0.12 1.40 1.83 3.31 49.3 123.1 0.12 1.43 1.99 3.53 52.5
60.1 72.6 0.12 1.40 1.96 3.36 50.7 109.3 0.12 1.45 2.05 3.62 53.8
61.5 54.7 0.12 1.34 1.79 3.32 48.8 85.1 0.12 1.44 2.01 3.61 53.3
62.9 49.7 0.12 1.34 1.86 3.24 48.7 76.5 0.12 1.47 2.11 3.53 53.6
64.4 44.2 0.12 1.33 1.91 3.27 49.2 68.5 0.11 1.53 2.26 3.48 54.6
66.9 43.0 0.10 1.39 2.07 3.23 50.3 63.6 0.10 1.58 2.48 3.39 55.6
66.4 39.6 0.11 1.52 2.19 3.39 53.2 57.4 0.10 1.69 2.60 3.42 57.3
65.6 30.9 0.12 1.36 2.05 3.45 51.8 44.8 0.11 1.50 2.46 3.51 56.1
71.5 24.9 0.09 1.19 1.94 3.20 47.9 34.0 0.09 1.41 2.40 3.41 54.2
74.2 18.2 0.08 1.16 2.13 3.40 50.8 24.8 0.08 1.50 2.61 3.51 57.0
80.2 17.5 0.08 1.31 2.47 3.61 55.8 23.4 0.07 1.66 2.93 3.72 62.0
90.6 15.1 0.06 1.34 2.38 3.37 53.2 20.0 0.07 1.78 3.01 3.63 62.4
58.9 12.8 0.05 1.49 2.50 3.09 52.6 17.0 0.06 1.54 2.51 3.24 54.1
47.5 10.7 0.04 1.78 2.83 2.69 53.2 14.4 0.05 1.62 2.55 2.87 51.7
43.8 9.9 0.05 1.70 2.65 2.79 52.3 12.9 0.05 1.56 2.44 2.83 50.3
43.5 9.3 0.05 1.76 2.61 2.91 53.3 11.0 0.05 1.63 2.44 2.95 51.7
42.1 8.4 0.05 1.69 2.65 2.77 52.1 9.5 0.05 1.60 2.49 2.83 50.9
26.7 7.7 0.06 1.89 2.89 2.99 56.8 8.2 0.06 1.82 2.79 2.94 55.2
23.7 6.7 0.07 1.23 1.72 3.02 44.9 6.9 0.07 1.20 1.69 2.99 44.3
17.5 5.1 0.07 1.13 1.54 3.13 44.0 5.3 0.07 1.09 1.49 3.06 42.8
24.0 4.4 0.07 1.07 1.38 3.07 42.0 4.6 0.06 1.03 1.32 3.06 41.3
30.5 3.9 0.07 1.11 1.57 3.07 43.6 4.2 0.07 1.04 1.45 3.08 42.5
43.7 1.0 0.11 1.16 1.89 3.64 51.2 1.5 0.09 1.02 1.45 3.84 48.8
55.3 0.9 0.12 1.16 1.78 4.06 53.9 1.4 0.11 1.23 1.48 4.34 54.4
51.3 0.8 0.08 0.81 0.91 3.86 43.8 1.5 0.08 0.95 0.86 4.22 47.3
55.7 0.8 0.06 0.59 0.68 3.65 39.1 1.6 0.08 0.92 0.80 4.30 47.3
57.5 0.9 0.07 0.80 0.71 4.04 43.7 1.6 0.08 1.05 0.84 4.49 49.9
54.9 1.0 0.08 1.02 0.86 4.19 47.4 1.7 0.09 1.13 0.89 4.47 50.6
54.4 0.8 0.05 0.50 0.38 3.27 33.2 1.5 0.07 0.84 0.63 3.93 42.4
63.0 0.5 0.05 0.50 0.36 2.97 30.5 1.0 0.08 1.06 0.80 4.09 46.3
9.2 0.5 0.01 0.01 0.03 1.06 9.2 0.5 0.01 0.01 0.03 1.06 9.2
57.1 5,697.84 0.12 1.54 2.03 3.49 53.1 11,324 0.13 1.55 2.06 3.69 55.1
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Table 4-12. Resource-Grade Tonnage Table

Measured + Indicated Only Meas + Ind +Inferred

Ag Cut
Off Tonnes Ag Cu Pb Zn Value Tonnes Ag Cu Pb Zn Value
oz/t Mt oz/t % % % $/t Mt oz/t % % % $/t
0 6.80 3.32 0.12 1.42 1.93 50.3 13.33 3.23 0.11 1.43 1.93 49.5
1 5.63 3.89 0.14 1.56 2.10 57.1 11.32 3.69 0.13 1.55 2.06 55.1
2 3.56 5.32 0.19 1.91 2.59 74.8 7.27 4.94 0.17 1.86 2.47 70.4
3 2.49 6.54 0.23 2.16 2.96 89.3 4.86 6.17 0.22 2.08 2.81 84.6
4 1.79 7.74 0.28 2.36 3.26 102.8 3.38 7.35 0.26 2.23 3.10 97.6
5 1.32 8.91 0.34 2.38 3.47 114.6 2.44 8.46 0.31 2.25 3.30 108.7
6 0.96 10.17 0.40 2.51 3.72 128.0 1.77 9.58 0.36 2.40 3.56 121.0
7 0.76 11.13 0.45 2.51 3.94 137.8 1.33 10.63 0.40 2.32 3.78 131.2
8 0.61 12.05 0.49 2.56 4.13 147.3 1.03 11.57 0.44 2.41 4.06 141.7
9 0.48 13.04 0.55 2.59 4.34 157.6 0.78 12.56 0.49 2.46 4.31 152.3
10 0.39 13.83 0.60 2.76 4.65 167.6 0.63 13.31 0.53 2.62 4.62 161.9
16.00

14.00

12.00

10.00
TONNES Mt

8.00
Mes+Ind
6.00 Mes+Ind+Inf

4.00

2.00

0 1 2 3 4 5 6 7 8 9 10

AG_OZ CutOff

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February 2011
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5 FILE REFERENCE

Adam Wheeler
February 2011
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Table 5-1. List of Files

Adam Wheeler
February 2011