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NI-43-101 Compliant Reserves and Resources as at December 31, 2007.

Reserves - Proven & Probable

Description

Tonnes

Ag g/t

Au g/t

Ag oz

Au oz

Proven

 

 

 

 

 

Guanacevi

82,941

447

0.65

1,192,567

1,724

Total Proven

82,941

447

0.65

1,192,567

1,724

Probable

 

 

 

 

 

Guanacevi

1,140,933

354

0.61

13,002,592

22,309

Guanajuato

103,000

209

1.40

694,000

4,650

Total Probable

1,243,933

342

0.67

13,696,592

26,959

Total Proven & Probable

1,326,874

349

0.67

14,889,159

28,684

* Cut-off grade for Proven & Probable Reserves is 250 g/t Ag for Guanacevi & 215 g/t Ag-Equivalent for Guanajuato

Resources - Measured and Indicated

Description

Tonnes

Ag g/t

Au g/t

Ag oz

Au oz

Measured

 

 

 

 

 

Guanacevi

15,046

224

0.35

108,524

167

Total Measured

15,046

224

0.35

108,524

167

Indicated

 

 

 

 

 

Guanacevi

1,187,452

347

0.73

13,248,207

27,928

Guanajuato

42,000

194

2.10

262,000

2,900

Cometa

600,000

39

1.00

752,000

19,000

Total Indicated

1,829,452

242

0.85

14,262,207

49,828

Total Measured & Indicated

1,844,498

242

0.84

14,370,730

49,995

Resources - Inferred

 

Tonnes

Ag g/t

Au g/t

Ag oz

Au oz

Guanacevi

844,754

313

0.58

8,512,517

15,862

Guanajuato

321,000

218

2.00

2,245,000

21,060

Cometa

1,150,000

39

1.00

1,440,000

37,000

Total Inferred

2,315,754

164

0.99

12,197,517

73,922

* Cut-off grade for Indicated & Inferred Resources is 200 g/t Ag for Guanacevi & 215 g/t Ag-Equivalent for Guanajuato