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Reserves & Resources

ATTRIBUTABLE PROVEN AND PROBABLE RESERVES (1,2,3,8,17)
As of December 31, 2012 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 144.5 29.4 136.4 121.2 20.8 80.9 265.7 25.5 217.4   53-65%
  Heap Leach 8.1 14.6 3.8 21.9 9.7 6.8 29.9 11.0 10.6   24%
  San Dimas(10, 14) - - - 4.6  267.5 39.4 4.6  267.5 39.4   94%
  Pascua-Lama (25%)(14) 9.9 59.5 18.9 86.3 54.1 150.2 96.2 54.7 169.1   82%
  Lagunas Norte(11) 3.4 3.2 0.4 38.6 3.2 4.0 42.1 3.2 4.3   22%
  Pierina(11) 2.8 9.0 0.8 20.6 9.0 6.0 23.3 9.0 6.8   37%
  Veladero(11) 4.7 10.6 1.6 62.4 10.6 21.2 67.1 10.6 22.8   6%
  Yauliyacu(11, 12) 1.1 96.0 3.3 2.9 100.0 9.4 4.0 98.9 12.7   85%
  777 (13, 14) 5.0  27.3 4.4 6.4  28.5 5.9  11.4 28.0 10.3   64%
Neves-Corvo                    
  Copper 6.1 40.0 7.8 18.0 40.0 23.2 24.1 40.0 31.0   35%
  Zinc 11.5 72.0 26.7 11.2 67.0 24.0 22.7 69.5 50.7   20%
  Rosemont(15) 279.5 4.1 37.0 325.8 4.1 43.1 605.3 4.1 80.1   80%
  Constancia 359.0 3.3 38.3 91.0 3.6 10.6 450.0 3.4 48.8   72%
  Mineral Park(15) 293.9 2.7 25.7 74.5 2.9 7.0 368.4 2.8 32.6   49%
  Zinkgruvan                    
  Zinc 8.4 95.0 25.8 2.4 54.0 4.2 10.9 85.9 30.0   70%
  Copper 3.9 32.0 4.0 0.1 34.0 0.1 4.0 32.0 4.1   78%
Aljustrel                    
  Copper 2.2 19.2 1.3 8.4 15.3 4.1 10.6 16.1 5.5   30%
  Campo Morado (75%) 0.8 158.2 4.0 0.2 133.3 0.6 0.9 154.3 4.7   55%
  Stratoni 0.8  195.0 4.9  0.1 107.0 0.4 0.9 184.0 5.3   83%
  Minto 6.0 5.1 1.0 7.0 5.2 1.2 13.0 5.1 2.2   78%
  Cozamin(11)                    
  Copper 1.8 61.3 3.6 3.2 45.4 4.6 5.0 51.2 9.8   74%
  Los Filos 72.6 5.3 12.3 224.1 5.6 40.2 296.7 5.5 52.5   5%
  TOTAL SILVER     360.8     486.8     847.6  
GOLD                    
  Salobo (25%)(16) 159.2 0.42 2.15 121.5 0.32 1.25 280.6 0.38 3.40   66%
  Sudbury (70%)(11) 37.2 0.36 0.43 25.8 0.36 0.30 63.0 0.36 0.72   81%
  777 (13, 14) 3.7 1.89 0.23 4.9 1.89 0.30 8.6 1.89 0.52   73%
  Minto 6.0 0.66 0.13 7.0 0.54 0.12 13.0 0.60 0.25   74%
TOTAL GOLD     2.93     1.96     4.90  

ATTRIBUTABLE MEASURED & INDICATED RESOURCES (1,2,3,4,5,9,17)
As of December 31, 2012 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 31.4 14.4 14.6 112.9 13.1 47.6 144.2 13.4 62.2
  Heap Leach 0.9 5.0 0.1 5.4 4.2 0.7 6.4 4.3 0.9
  Pascua-Lama (25%)(14) 5.3 24.5 4.2 55.9 23.4 42.1 61.2 23.5 46.3
  Yauliyacu(11, 12) 0.7 115.6 2.5 5.1 227.1 37.2 5.8 214.2 39.7
  Neves-Corvo                  
  Copper 4.1 49.3 6.4 23.1 50.7 37.6 27.1 50.5 44.1
  Zinc 13.0 59.7 25.0 51.6 55.4 92.0 64.6 56.3 117.0
  Rosemont(15) 38.5 3.0 3.7 197.7 2.7 17.1 236.2 2.7 20.8
  Constancia 119.0 2.3 8.6 344.0 2.0 21.9 463.0 2.1 30.5
  Mineral Park(15) 101.0 2.6 8.4 175.6 2.7 15.2 276.6 2.7 23.6
  Zinkgruvan                  
  Zinc 1.0 88.8 2.7 3.7 124.6 14.7 4.6 117.2 17.4
  Copper 1.5 21.2 1.0 0.5 33.8 0.6 2.0 24.3 1.6
  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
  Loma de La Plata (12.5%) - - - 3.6 169.0 19.8 3.6 169.0 19.8
  Minto 7.4 3.9 0.9 31.2 3.4 3.4 38.6 3.5 4.3
  Keno Hill (25%)                  
  Underground - - - 0.6 506.0 10.4 0.6 506.0 10.4
  Elsa Tailings - - - 0.6 119.0 2.4 0.6 119.0 2.4
  Los Filos 9.6 8.5 2.6 61.4 6.8 13.4 71.0 7.0 16.0
TOTAL SILVER     104.1     425.4     529.5
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) - - - 26.5 0.47 0.40 26.5 0.47 0.40
  Minto 7.4 0.44 0.10 31.2 0.32 0.32 38.6 0.34 0.42
TOTAL GOLD   0.29     1.30     1.59

ATTRIBUTABLE INFERRED RESOURCES (1,2,3,4,5,9,17)
As of December 31, 2012 unless otherwise noted(6) Inferred
Tonnage Grade Contained
Mt g/t Moz
SILVER      
Peñasquito (25%)(14)      
  Mill 31.7 9.1 9.3
  Heap Leach 12.7 1.6 0.7
  San Dimas(10,14) 6.1 327.2 64.6
  Pascua-Lama (25%)(14) 8.1 15.5 4.0
  Yauliyacu(11, 12) - - -
  777 (13, 14) 0.8 31.1 0.8
  Neves-Corvo      
  Copper 25.4 47.2 38.6
  Zinc 22.1 51.0 36.2
  Rosemont(15) 104.5 3.3 11.1
  Constancia 223.0 1.9 13.4
  Mineral Park(15) 320.1 2.3 23.9
  Zinkgruvan      
  Zinc 4.6 78.0 11.4
  Copper 0.6 31.0 0.6
  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 0.7 89.0 2.0
  Loma de La Plata (12.5%) 0.2 76.0 0.4
  Minto 16.2 3.2 1.7
  Keno Hill (25%)      
  Underground 0.2 340.8 1.9
  Los Filos 239.2 6.0 46.5
TOTAL SILVER     290.5
GOLD      
  Salobo (25%)(16) 37.0 0.31 0.37
  Sudbury (70%)(11) 12.6 0.47 0.19
  777 (13, 14) 0.4 1.75 0.02
  Minto 16.2 0.34 0.18
TOTAL GOLD   0.76
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 – Christopher Jacobs, CEng MIMMM (Vice President and Mining Economist), James Turner, CEng MIMMM (Senior Mineral Process Engineer), Barnard Foo, P.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, Campo Morado, Neves-Corvo, Zinkgruvan and Aljustrel mines 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, 2012 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. Resources and Reserves for Neves-Corvo and Zinkgruvan are reported as of June 30, 2012.
    2. Resources and Reserves for Rosemont are reported as of August 28, 2012.
    3. Resources for the Constancia and Pampacancha deposits are reported as of August 23, 2011 and April 2, 2012, respectively. Reserves for both Constancia and Pampacancha deposits are reported as of August 8, 2012.
    4. Resources for Mineral Park are reported as of December 29, 2006
    5. Resources and Reserves for Aljustrel’s Feitais and Moinho deposits are reported as of November 30, 2010, Resources for the Estaçao deposit are reported as of December 31, 2007.
    6. Resources for Campo Morado’s El Rey, Naranjo and Reforma deposits are reported as of October 13, 2005.  
    7. Resources for Keno Hill’s Elsa Tailings are reported as of April 22, 2010, Lucky Queen and Onek deposits as of July 27, 2011, Bermingham as of June 27, 2012 and Flame and Moth as of January 30, 2013.
    8. Resources for Loma de La Plata 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 and Los Filos -$24.00 per ounce silver.
    2. San Dimas $25.00 per ounce silver.
    3. Rosemont and Cozamin - $20.00 per ounce silver. 
    4. Pascua-Lama - $22.00 per ounce silver.
    5. Lagunas Norte, Veladero, Pierina – $28.00 per ounce silver.
    6. Yauliyacu - $30.00 per ounce silver.
    7. 777 – $25.00 per ounce silver and $1,250 per ounce gold.
    8. Neves-Corvo – 1.4% Cu cut-off for the copper Reserve and 5.0% Zn cut-off for all the zinc Reserves except for Lombador which was reported above a cut-off of 6.0% Zn.
    9. Constancia - $23.00 per ounce silver.
    10. Mineral Park – $7.50 per ounce silver.
    11. Zinkgruvan – 3.7% Zn equivalent cut-off for the zinc Reserve and 1.8% Cu cut-off for the copper Reserve.
    12. Aljustrel – 1.5% Cu cut-off for all copper Reserves, 4.5% Zn cut-off for all zinc Reserves.
    13. Campo Morado - $18.92 per ounce silver.
    14. Stratoni - $6.72 per ounce silver.
    15. Minto – $3.90 per ounce silver and $300 per ounce gold.
    16. Salobo - $1,150 per ounce gold.
    17. Sudbury - $975 per ounce gold.
  9. Mineral Resources are estimated using appropriate recovery rates and the following commodity prices:
    1. Penasquito and Los Filos - $27.00 per ounce silver.
    2. San Dimas - $25.00 per ounce silver.
    3. Pascua-Lama, Lagunas Norte, Veladero and Pierina – $28.00 per ounce silver.
    4. Yauliyacu – $30.00 per ounce silver.
    5. 777 – $25.00 per ounce silver and $1,250 per ounce gold.
    6. Neves-Corvo – 1.0% Cu cut-off for the copper Resource and 3.0% Zn cut-off for the zinc Resource.
    7. Rosemont and Cozamin – $20.00 per ounce silver.
    8. Constancia - $22.00 per ounce silver.
    9. Mineral Park – $7.50 per ounce silver.
    10. Zinkgruvan – 3.1% Zn equivalent cut-off for the zinc Resource and 1.5% Cu cut-off for the copper Resource.
    11. Aljustrel – 1.5% Cu cut-off for all copper Resources, 4.5% Zn cut-off for Feitais and Moinho zinc Resources and 4.0% for Estação zinc Resources.
    12. Campo Morado – $18.92 per ounce silver for the G-9 zones and 5% Zn cut-off for the El Rey, Naranjo and Reforma deposits.
    13. Stratoni - $6.72 per ounce silver.
    14. Minto – $3.90 per ounce silver and $300 per ounce gold
    15. Loma de La Plata – $12.50 per ounce silver.
    16. Keno Hill – $15.25 per ounce silver for the Southwest and 99 Zones, $14.50 per ounce silver for the East Zone, $17.00 per ounce silver for the Elsa Tailings, $18.50 per ounce silver for the Lucky Queen and Onek deposits, $23.00 per ounce silver for Bermingham and $24.00 per ounce silver for Flame and Moth.
    17. Salobo  and Sudbury- $1,150 per ounce gold.
  10. The San Dimas silver purchase agreement provides that from August 6, 2010 until August 5, 2014, Primero Mining Corp. (“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 Inc. (“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 Resources and Reserves for Pierina, Lagunas Norte, Veladero, Cozamin and Yauliyacu silver interests in addition to the Sudbury and 777 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 International AG 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 Minerals Inc. (“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 Resources and Reserves constrained to the production expected for the 777 contract.
  14. The scientific and technical information in this document regarding Penasquito, San Dimas, Pascua-Lama and 777 was sourced by the Company from the following SEDAR (www.sedar.com) filed documents:
    1. Penasquito – Goldcorp Annual Information Form filed on March 1, 2013;
    2. San Dimas – Primero annual Information Form filed on April 2, 2013;
    3. Pascua-Lama – Barrick Gold Corp. annual information Form filed on March 28, 2013; and
    4. 777 – Hudbay annual inforrmation Form filed on March 28, 2013.
    The Company QP’s have approved the disclosure of scientific and technical information in respect of Penasquito, San Dimas, Pascua-Lama and 777 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 Salobo, which is available on SEDAR at www.sedar.com 
  17. Silver and gold are produced as by-product metal at all operations with the exception of silver at the Keno Hill mine and Loma de La Plata project; therefore, the economic cut-off applied to the reporting of silver and gold Resources and Reserves will be influenced by changes in the commodity prices of other metals at the time.
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