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Reserves & Resources

ATTRIBUTABLE PROVEN AND PROBABLE RESERVES (1,2,3,8,18)
As of December 31, 2013 unless otherwise noted(6) Proven Probable Proven & Probable  
Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Process Recovery(7)
Mt g/t Moz Mt g/t Moz Mt g/t Moz %
SILVER                    
Peñasquito (25%)(14)                    
  Mill 83.8 34.7 93.4 48.7 24.7 38.7 132.5 31.0 132.1   53-65%
  Heap Leach 10.5 32.7  11.0 10.4 24.6 8.2 20.9 28.7 19.2   22-28%
San Dimas(10, 14)  0.9 345.2 10.3  4.0  307.3 39.2 4.9  314.5 49.5   94%
Pascua-Lama (25%)(14) 8.0 69.8 17.9 73.2 64.1 150.8 81.2 64.7 168.7   82%
Lagunas Norte(11) 9.8 3.8 1.2 52.1 3.8 6.4 61.9 3.8 7.6   19%
Veladero(11) 7.3 14.3 3.4 92.0 14.3 42.2 99.4 14.3 45.6   6%
Yauliyacu(11, 12) 1.1 106.0 3.6 3.3 110.0 11.7 4.4 109.0 15.3   85%
777 (13, 14) 4.9 24.7 3.9 5.7 24.7 4.5  10.6 24.7 8.4   64%
Neves-Corvo                    
  Copper 5.8 41.0 7.7 21.2 36.0 24.5 27.0 37.1 32.2   35%
  Zinc 10.7 74.0 25.5 12.6 67.0 27.1 23.3 70.2 52.6   20%
Rosemont(15) 279.5 4.1 37.0 325.8 4.1 43.1 605.3 4.1 80.1   76%
Constancia 506.0 3.1 50.3 114.0 2.9 10.8 620.0 3.1 61.1   71%
Mineral Park(15) 189.5 2.8 16.9 145.2 3.0 14.0 334.7 2.9 30.9   49%
Zinkgruvan                    
  Zinc 8.5 86.0 23.5 3.3 51.0 5.4 11.8 76.2 28.9   87%
  Copper 3.8 31.0 3.8 0.1 35.0 0.1 3.9 31.1 3.9   78%
Aljustrel                    
  Copper 2.2 19.2 1.3 8.4 15.3 4.1 10.6 16.1 5.5   25%
Campo Morado (75%) 0.8 158.2 4.0 0.2 133.3 0.6 0.9 154.3 4.7   45%
Stratoni 0.8  172.0 4.2  0.4 176.0 2.1 1.1 173.3 6.3   84%
Minto 3.8 5.9 0.7 5.7 5.7 1.0 9.5 5.7 1.8   78%
Cozamin(11)                    
  Copper 1.0 60.0 2.0 2.9 40.2 3.8 3.9 45.3 5.7   72%
Los Filos 67.2 5.6 12.2 243.2 5.4 42.3 310.4 5.5 54.5   5%
TOTAL SILVER     333.7     480.7     814.4  
GOLD                    
Salobo (25%)(16) 160.4 0.41 2.12 123.7 0.32 1.27 284.1 0.37 3.39   66%
Sudbury (70%)(11) 33.9 0.38 0.41 31.7 0.38 0.39 65.5 0.38 0.80   81%
777 (13, 14) 3.5 1.81 0.21 4.1 1.81 0.24 7.7 1.81 0.45   73%
Constancia (50%)  253.0 0.05 0.42 57.0 0.07 0.14 310.0 0.06 0.56 61%
Minto 3.8 0.80 0.10 5.7 0.60 0.11 9.5 0.68 0.21   74%
Toroparu (10%) (17)  3.0 1.10 0.10 9.7 0.98 0.31 12.7 1.01 0.41 89%
TOTAL GOLD     3.36     2.45     5.81  

ATTRIBUTABLE MEASURED & INDICATED RESOURCES (1,2,3,4,5,9,18)
As of December 31, 2013 unless otherwise noted(6) Measured Indicated Measured & Indicated
Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained
Mt g/t Moz Mt g/t Moz Mt g/t Moz
SILVER                  
Peñasquito (25%)(14)                  
  Mill 8.1 23.5 6.1 62.1 30.8 61.5 70.2 30.0 67.6
  Heap Leach 0.1 11.1 0.02 1.0 15.8 0.5 1.0 15.6 0.5
Pascua-Lama (25%)(14) 3.7 26.4 3.1 35.7 22.3 25.5 39.4 22.7 28.7
Yauliyacu(11, 12) 0.7 120.4 2.6 5.4 228.5 39.6 6.1 216.5 42.2
Neves-Corvo                  
  Copper 4.8 49.4 7.7 24.6 52.8 41.7 29.4 52.2 49.4
  Zinc 13.3 60.5 25.9 55.3 55.3 98.3 68.6 56.3 124.2
Rosemont(15) 38.5 3.0 3.7 197.7 2.7 17.1 236.2 2.7 20.8
Constancia 73.0 2.4 5.6 299.0 2.0 19.4 372.0 2.1 25.0
Mineral Park(15) - 539.4 2.3 40.5 539.4 2.3 40.5
Zinkgruvan                  
  Zinc 0.7 146.4 3.5 3.4 123.5 13.5 4.1 127.6 17.0
  Copper 1.4 23.3 1.0 0.6 37.0 0.7 1.9 27.2 1.7
Aljustrel                  
  Zinc 1.3 65.6 2.7 20.5 60.3 39.7 21.8 60.7 42.4
  Copper - - - 0.1 11.7 0.04 0.1 11.7 0.04
Campo Morado (75%) 5.0 128.9 20.6 2.4 123.5 9.7 7.4 127.1 30.2
Stratoni  0.2 213.9 1.1  0.2  224.3  1.3  0.3 219.4  2.3
Minto 7.5 3.6 0.9 32.3 3.4 3.5 39.8 3.4 4.3
Keno Hill (25%)                  
  Underground - - - 0.7 479.0 10.0 0.7 479.0 10.0
  Elsa Tailings - - - 0.6 119.0 2.4 0.6 119.0 2.4
Los Filos 9.9 11.5 3.6 71.4 7.1 16.2 81.3 7.6 19.8
Loma de La Plata (12.5%)  3.6  169.0  19.8  3.6  169.0  19.8 
TOTAL SILVER     88.1     460.8     548.9
GOLD                  
Salobo (25%)(16) 12.3 0.47 0.19 48.8 0.37 0.58 61.1 0.39 0.77
Sudbury (70%)(11) - - - 23.1 0.34 0.25 23.1 0.34 0.25
Constancia (50% 36.5 0.05 0.06 149.5  0.04 0.18 186.0 0.04 0.23
Minto 7.5 0.42 0.10 32.3 0.32 0.33 39.8 0.34 0.43
Toroparu (10%) (17)  0.9 0.87 0.03 7.9  0.83 0.21 8.8 0.84 0.24
TOTAL GOLD   0.37     1.55     1.92

ATTRIBUTABLE INFERRED RESOURCES (1,2,3,4,5,9,18)
As of December 31, 2013 unless otherwise noted(6) Inferred
Tonnage Grade Contained
Mt g/t Moz
SILVER      
Peñasquito (25%)(14)      
  Mill 10.2 30.8 10.1
  Heap Leach 0.4 14.5 0.2
San Dimas(10,14) 7.3 309.5 73.0
Pascua-Lama (25%)(14) 4.9 20.1 3.2
Yauliyacu(11, 12) 5.8  180.8  33.5
777 (13, 14) 0.8 30.6 0.8
Neves-Corvo      
  Copper 24.7 44.7 35.5
  Zinc 22.5 51.0 36.9
Rosemont(15) 104.5 3.3 11.1
Constancia 200.0 1.9 12.0
Mineral Park(15) 362.2 2.7 31.1
Zinkgruvan      
  Zinc 5.0 83.0 13.3
  Copper 0.6 34.0 0.7
Aljustrel      
  Zinc 8.7 50.4 14.0
  Copper 4.7 16.0 2.4
Campo Morado (75%) 1.7 128.9 7.1
Stratoni 0.5 169.0 2.7
Minto 16.2 3.2 1.7
Keno Hill (25%)      
  Underground 0.2 368.9 2.5
  Los Filos 191.7 6.0 36.8
Loma de La Plata (12.5%)  0.2  76.0  0.4
TOTAL SILVER     328.8
GOLD      
Salobo (25%)(16) 37.0 0.31 0.37
Sudbury (70%)(11) 7.2 0.27 0.06
777 (13, 14) 0.4 1.77 0.02
Constancia (50%)  100.0 0.03 0.10
Minto 16.2 0.30 0.16
Toroparu (10%) (17)  13.0 0.74 0.31
TOTAL GOLD   1.02

Notes:
  1. All Mineral Reserves and Mineral Resources have been calculated in accordance with the CIM Standards and NI 43-101, or the AusIMM JORC equivalent.
  2. Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes (“Mt”), grams per metric tonne (“g/t”) and millions of ounces (“Moz”).
  3. Individual qualified persons (“QPs”), as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) for the following operations are as follows:
    1. Salobo Mine – Christopher Jacobs, CEng MIMMM (Vice President and Mining Economist), James Turner, CEng MIMMM (Senior Mineral Process Engineer), Barnard Foo, P.Eng., M.Eng., MBA (Senior Mining Engineer) and Jason Ché Osmond, FGS C.Geol, EurGeol (Senior Geologist) all of whom are employees of Micon International Ltd.
    2. All other operations and development projects: the Company’s QPs Neil Burns, M.Sc., P.Geo. (Vice President, Technical Services); Samuel Mah, M.A.Sc., P.Eng. (Senior Director, Project Evaluations), both employees of the Company (the “Company’s QPs”).
  4. The Mineral Resources reported in the above tables are exclusive of Mineral Reserves. The Minto Mine, Campo Morado Mine, Neves-Corvo Mine, Zinkgruvan Mine and Aljustrel Mine report Mineral Resources inclusive of Mineral Reserves. The Company’s QPs have made the exclusive Mineral Resource estimates for these mines based on average mine recoveries and dilution.
  5. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
  6. Other than as detailed below, Mineral Reserves and Mineral Resources are reported as of December 31, 2013 based on information available to the Company as of the date of this document, and therefore will not reflect updates, if any, after such date.
    1. Mineral Resources and Mineral Reserves for Campo Morado's G-9 Mine are reported as of December 31, 2012.
    2. Mineral Resources and Minearl Reserves for Toroparu Project are reported as of March 31, 2013.
    3. Mineral Resources and Mineral Reserves for Neves-Corvo Mine and Zinkgruvan Mine are reported as of June 30, 2013. 
    4. Mineral Resources and Mineral Reserves for Mineral Park Mine are reported as of June 1, 2013.
    5. Mineral Resources and Mineral Reserves for Rosemont Project are reported as of August 28, 2012.
    6. Mineral Resources for the Constancia Project (including Pampacancha Deposit) are reported as of September 30, 2013.
    7. Mineral Resources and Mineral Reserves for Aljustrel's Feitais and Moinho mines are reported as of November 30, 2010. Mineral Resources for the Estaçao project are reported as of December 31, 2007.
    8. Resources for Campo Morado's El Largo, El Rey, Narajo and Reforma projects are reported as of October 13, 2005.
    9. Mineral Resources for Keno Hill's Elsa Tailings project are reported as of April 22, 2010, Lucky Queen and Onek projects as of July 27, 2011, Bermingham project as of June 27, 2012, Flame and Moth project as of January 30, 2013, Bellekeno Mine Inferred Mineral Resources as of May 31, 2012 and Bellekeno mine Indicated Mineral Resources as of September 30, 2013.
    10. Mineral Resources for Loma de La Plata Project are reported as of May 20, 2009.
  7. Process recoveries are the average percentage of silver or gold in a saleable product (doré or concentrate) recovered from mined ore at the applicable site process plants as reported by the operators.
  8. Mineral Reserves are estimated using appropriate process recovery rates and the following commodity prices:
    1. Penasquito Mine - $1,300 per ounce gold, $22 per ounce silver $3.00 per pound copper, $0.90 per pound lead and $0.90 per pound zinc.
    2. San Dimas Mines - 2.7 grams per tonne gold equivalent cut-off assuming $1,250 per ounce gold and $20.00 per ounce silver.
    3. Pascua-Lama Project, Lagunas Norte and Veladero mines - $1,100 per gold ounce, $21.00 per ounce silver and $3.00 per pound copper. 
    4. Yauliyacu Mine – $22.00 per ounce silver, $3.27 per pound copper, $0.98 per pound lead and $0.91 per pound zinc.
    5. 777 Mine – $1,250 per ounce gold, $25.00 per ounce silver, $2.75 per pound copper and $1.01 per pound zinc.
    6. Neves-Corvo Mine – 1.6% copper cut-off for the copper Resource and 4.8% zinc cut-off for all the zinc Reserves.
    7. Rosemont Project - $4.90 per ton NSR cut-off assuming $20.00 per ounce silver, $2.50 per pound copper and $15.00 per pound molybdenum.
    8. Constancia Project - $1,250 per gold ounce, $25.00 per ounce silver, $3.00 per pound copper and $14.00 per pound molybdenum.
    9. Mineral Park Mine – 0.21% copper equivalent cut-off assuming $3.90 per ounce silver, $2.60 per pound copper and $9.95 per pound molybdenum.
    10. Zinkgruvan Mine– 3.8% zinc equivalent cut-off for the zinc Reserve, assuming $2.50 per pound copper and $1.00 per pound lead and zinc and 1.5% copper cut-off for the copper Reserve.
    11. Aljustrel Mine – 1.5% copper cut-off for all copper Reserves, 4.5% zinc cut-off for all zinc Reserves.
    12. Campo Morado Mine - $18.92 per ounce silver.
    13. Stratoni Mine - 16.85% zinc equivalent assuming $1,250 per ounce gold, $16.50 per ounce silver, $3.00 per pound copper, $0.95 per pound lead and $0.86 per pound zinc. 
    14. Minto Mine – 0.5% copper cut-off for the Open Pit and $64.4 per tonne NSR cut-off for Underground assuming $300 per ounce gold, $3.90 per ounce silver and $2.50 per pound copper.
    15. Cozamin Mine - $40 per tonne NSR cut-off assuming $20.00 per ounce silver, $2.50 per pound copper, $0.85 per pound lead and $0.80 per pound zinc.
    16. Los Filos Mine - $1,300 per ounce gold and $22.00 per ounce silver.
    17. Salobo Mine - 0.249% copper equivalent cut-off assuming $1,200 per ounce gold and $3.45 per pound copper.
    18. Sudbury Mines - $1,543 per ounce gold, $8.34 per pound nickel, $3.64 per pound copper, $1,590 per ounce platinum, $718 per ounce palladium and $13.75 per pound cobalt.
    19. Toroparu Project - $1,070 per ounce gold for fresh rock and $970 per ounce gold for saprolite
  9. Mineral Resources are estimated using appropriate recovery rates and the following commodity prices:
    1. Penasquito Mine - $1,500 per ounce gold, $24.00 per ounce silver, $3.50 per pound copper, $1.00 per pound lead and $1.00 per ound zinc.
    2. San Dimas Mines - 0.2 grams per tonne gold equivalent assuming $1,300 per ounce gold and $20.00 per ounce silver.
    3. Pascua-Lama Project - $1,500 per ounce gold, $24.00 per ounce silver and $3.50 per pound copper.
    4. Yauliyacu Mine – $30.00 per ounce silver.
    5. 777 Mine – $1,250 per ounce gold, $25.00 per ounce silver, $3.00 per pound copper and $1.06 per pound zinc.
    6. Neves-Corvo Mine - 1.0% copper cut-off for the copper Resource and 3.0% zinc cut-off for the Zinc Resource.
    7. Rosemont Project - 0.30% copper equivalent cut-off for Mixed and 0.15% copper equivalent for Sulfide assuming $20.00 per ounce silver, $2.50 per pound copper and $15.00 per pound molybdenum.
    8. Constancia Project - 0.12% copper cut-off for Constancia and 0.10% Cu cut-off for Pampacancha.
    9. Mineral Park Mine – 0.126% copper equivalent assuming $3.90 per ounce silver, $3.66 per pound copper and $13.65 per pound molybdenum.
    10. Zinkgruvan Mine – 3.8% zinc equivalent cut-off for the zinc Resource, assuming $2.50 per pound copper and $1.00 per pound lead and zinc and 1.0% copper cut-off for the copper Resource.
    11. Aljustrel Mine – 1.5% copper cut-off for all copper Resources, 4.5% zinc cut-off for Feitais and Moinho zinc Resources and 4.0% for Estação zinc Resources.
    12. Campo Morado Mine – $18.92 per ounce silver for the G-9 zones and 5% zinc cut-off for the El Rey, Naranjo and Reforma projects.  
    13. Stratoni Mine - $1,250 per ounce gold, $16.50 per ounce silver, $3.00 per pound copper, $0.95 per pound lead and $0.86 per pound zinc.
    14. Minto Mine – 0.5% copper cut-off.
    15. Cozamin Mine - $35 per tonne NSR cut-off assuming $20.00 per ounce silver, $2.50 per pound copper, $0.85 per pound lead and $0.80 per pound zinc.
    16. Keno Hill Mines – i) Bellekeno mine and Flame and Moth projects - $185 per tonne NSR cut-off assuming $1,400 per ounce gold, $22.50 per ounce silver, $0.95 per ounce lead and $0.85 per ounce zinc. ii) Bermingham project - $185 per tonne NSR cut-off  assuming $1,350 per ounce gold, $23.00 per ounce silver, $0.95 per pound lead and $0.85 per pound zinc. iii) Lucky Queen and Onek projects - $185 per tonne NSR cut-off assuming $1,100 per ounce gold, $18.50 per ounce silver, $0.95 per pound lead and $0.90 per pound zinc. iv) Elsa Tailings project - 50 grams per tonne silver cut-off.
    17. Los Filos Mine - $1500 per ounce gold and $24.00 per ounce silver.
    18. Loma de La Plata Project - $12.50 per ounce silver and $0.50 per pound lead.
    19. Salobo Mine - 0.296% copper equivalent assuming $1,500 per ounce gold $3.67 per pound copper.
    20. Sudbury Mines - $1,590 per ounce gold, $8.34 per pound nickel, $3.64 per pound copper, $1,590 per ounce platinum, $718 per ounce palladium and $13.75 per pound cobalt.
    21. Toroparu Project - $1,350 per ounce gold.
  10. The San Dimas Silver Purchase Agreement provides that from August 6, 2010 until August 5, 2014, Primero will deliver to the Company a per annum amount equal to the first 3.5 million ounces of payable silver produced at San Dimas and 50% of any excess, plus the Company will receive an additional 1.5 million ounces of silver per annum to be delivered by Goldcorp. Beginning August 6, 2014, Primero will deliver to the Company a per annum amount equal to the first 6.0 million ounces of payable silver produced at San Dimas and 50% of any excess, for the life of the mine.
  11. The Company’s attributable Mineral Resources and Mineral Reserves for Lagunas Norte Mine, Veladero Mine, Cozamin Mine and Yauliyacu silver interests in addition to the Sudbury Mines and 777 Mine gold interests, have been constrained to the production expected for the various contracts.
  12. The Company’s Yauliyacu silver purchase agreement (March 2006) with Glencore provides for the delivery of up to 4.75 million ounces of silver per year for 20 years. In the event that silver sold and delivered to Silver Wheaton in any year totals less than 4.75 million ounces, the amount sold and delivered to Silver Wheaton in subsequent years will be increased to make up for any cumulative shortfall, to the extent production permits. Depending upon production levels it is possible that the Company’s current attributable tonnage may not be mined before the agreement expires.
  13. The 777 Purchase Agreement provides that Hudbay will deliver 100% of the payable silver for the life of the mine and 100% of the payable gold until completion of the Constancia Project, after which the gold stream will reduce to 50%. The gold figures in this table represent the attributable 777 Mine Mineral Resources and Mineral Reserves constrained to the production expected for the 777 Purchase Agreement.
  14. The scientific and technical information in this document regarding Penasquito Mine, San Dimas Mines and Pascua-Lama Project was sourced by the Company from the following SEDAR (www.sedar.com) filed documents:
    1. Penasquito – Goldcorp annual information Form filed on March 31, 2014;
    2. San Dimas – Primero annual information Form filed on March 31, 2014; and
    3. Pascua-Lama – Barrick Gold Corp. annual information Form filed on March 31, 2014.
    The Company QP’s have approved the disclosure of scientific and technical information in respect of Penasquito Mine, San Dimas Mines, and Pascua-Lama Project in this document 
  15. The Mineral Park and Rosemont Resources and Reserves do not include the SX/EW leach material since this process does not recover silver.
  16. The Company has filed a technical report for the Salobo Mine, which is available on SEDAR at www.sedar.com 
  17. The Company's agreement with Sandspring is an early deposit structure whereby the Company will have the option to secure a 10% gold stream on the Toroparu Project following the delivery of a bankable definitive feasibility study.
  18. Silver and gold are produced as by-product metal at all operations with the exception of silver at the Keno Hill Mines and Loma de La Plata Project and gold at the Toroparu Project; therefore, the economic cut-off applied to the reporting of silver and gold Mineral Resources and Mineral Reserves will be influenced by changes in the commodity prices of other metals at the time.