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Reserves and Resources

Mineral Reserves - Proven and Probable Contained Metal
Property Classification Tonnes
(000)
Au
(g/t)
Au
(koz)
Lindero Project, Argentina Proven 26,349 0.78 661
Probable 56,184 0.57 1,022
Proven + Probable 82,533 0.63 1,684


Mineral Resources - Measured and Indicated Contained Metal
Property Classification Tonnes
(000)
Au
(g/t)
Au
(koz)
Lindero Project, Argentina Measured 2,051 0.59 39
Indicated 32,716 0.40 418
Measured + Indicated 34,767 0.41 456


Mineral Resources - Inferred Contained Metal
Property Classification Tonnes
(000)
Au
(g/t)
Au
(koz)
Lindero Project, Argentina Inferred 46,500 0.41 610

  1. Mineral Reserves and Mineral Resources are as defined by CIM Definition Standards on Mineral Resources and Mineral Reserves

  2. Mineral Resources are exclusive of Mineral Reserves

  3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

  4. There are no known legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resources or Mineral Reserves at Lindero

  5. Mineral Resources and Mineral Reserves are reported as of October 23, 2015

  6. Mineral Reserves for Lindero are reported based on open pit mining within designed pit shells based on variable gold cut-off grades and gold recoveries by metallurgical type. Met type 1 cut-off 0.25 g/t Au, recovery 67.9%; Met type 2 cut-off 0.23 g/t Au, recovery 73.6%; Met type 3 cut-off 0.24 g/t Au, recovery 69.3%; and Met type 4 cut-off 0.27 g/t Au, recovery 61.7%

  7. The cut-off grades and pit designs are considered appropriate for long term gold prices of US$1,200/oz

  8. Mineral Resources are reported above a 0.2 g/t Au cut-off grade with internal dilution appropriate for a 10 x 10 x 8 m selective mining unit and no external dilution

  9. Mineral Resources are reported using a long-term gold price of US$1,350/oz, mining costs at US$1.80 per tonne of material, with total processing and process G&A costs of US$5.72 per tonne of ore and an average process recovery of 70%. The refinery costs net of pay factor were estimated to be US$10.21 per ounce gold

  10. Mineral Resources are reported within a conceptual pit shell using a slope angle (52) consistent with geotechnical consultant recommendations

  11. Totals may not add due to rounding procedures