Joaquin
A total of 3,450 meters (11,319 feet) of drilling was completed at the Joaquin joint venture property, located
approximately 70 kilometers (43 miles) north of the Company's Martha mine, to complete infill drilling at the La Negra
and La Morocha deposits and test new targets on the property. Data from this drilling, and drilling completed in the
second half of 2011, were used to update the 2011 resource estimates at La Negra and La Morocha.
As a result, the August 2012 mineral estimate for Joaquin (shown in table 4 below) reflects a 102% increase in contained
silver ounces and an 18% increase in contained gold ounces in measured and indicated resources compared to the May
2011 mineral estimate. The estimated silver and gold ounces contained in inferred resources were reduced from May
2011 levels as material was upgraded from the inferred category to measured and indicated categories. The August
2012 resource estimate used metal prices of $30 per silver ounce and $1,500 per gold ounce compared with $20 per
silver ounce and $1,300 per gold ounce in May 2011.
The new mineral resource estimate incorporates results from 123 new core drill holes (16,707 meters) designed to
upgrade inferred mineral resources in the May 2011 estimate to measured and indicated levels. In addition to the new
drilling, results from 43 drill holes (6,231 meters) were received after the model was completed and are expected to
be incorporated into the next update in early 2013.
                                                            5
Table 4: Joaquin Project Mineral Resources (100% Basis)
                                                                Average Grade (grams/tonne)                    Contained Ounces
 August 20121,2,3,4      Classification      Tonnes (000s)           Gold                Silver              Gold           Silver (000)
                           Measured               1,800               0.10                95.8               6,000              5,600
                           Indicated             11,900               0.10                89.2              36,600             34,100
                         Measured &
                           Indicated             13,700               0.10                90.1              42,600             39,700
                            Inferred              8,300               0.07               118.3              19,800             31,700
                                                                Average Grade (grams/tonne)                    Contained Ounces
   May 20113,4,5,6,7     Classification      Tonnes (000s)           Gold                Silver              Gold           Silver (000)
                           Measured                 —                  —                   —                   —                  —
                           Indicated              7,200               0.16                 85               36,200             19,700
                         Measured &
                           Indicated              7,200               0.16                 85               36,200             19,700
                            Inferred             13,800               0.10               108.1              43,600             48,000
1.  Metal prices used were $30 per silver ounce and $1,500 per gold ounce.
2.  Oxide mineral resources estimated using a cutoff grade of 25 grams per tonne silver and sulfide mineral resources with a cutoff grade of
    37 grams per tonne silver within Whittle®-estimated, surface mine, scoping level parameters.
3.  Mineral resources estimated by the consulting firm of NCL Ingeniería y Construcción Ltda. in Santiago, Chile.
4.  Mineral resources that are not mineral reserves have not demonstrated economic viability.
5.  Metal prices used were $20 per silver ounce and $1,300 per gold ounce.
6.  Oxide mineral resources estimated using a cutoff grade of 33 grams per tonne silver equivalent and sulfide mineral resources with a cutoff
    grade of 51.9 grams per tonne silver equivalent within Whittle®-estimated, surface mine, scoping level parameters.
7.  Silver equivalent = gold grade in grams per tonne times 65 + silver grade in grams per tonne.