Reserves and Resources

Reserves and Resources as of December 31, 2011

Reserves Proven & Probable
Description	Tonnes	Ag g/t			Au g/t		Ag oz		Au oz
Proven
Guanacevi	773,000			304	0.65		7,555,500		16,200
Guanajuato	337,000			189	2.41		2,019,700		26,000
Total Proven	1,110,000			268	1.18		9,575,200		42,200
Probable
Guanacevi	799,000			231	0.39		5,935,400		10,100
Guanajuato	179,000			225	2.63		1,297,200		15,200
Total Probable	978,000			285	0.38		7,232,600		25,300
Total Proven & Probable	2,088,000			250	1.01		16,807,800		67,500

Resources Measured & Indicated
Description	Tonnes		Ag g/t			Au g/t		Ag oz	Au oz
Measured
Guanajuato	258,000		177			2.51		1,470,900	20,800
Total Measured	258,000		177			2.51		1,470,900	20,800
Indicated
Guanacevi	2,849,000		217			0.42		19,922,300	38,800
Guanajuato	2,539,000		161			2.20		13,154,500	179,600
San Sebastian	307,000		199			0.55		1,968,000	5,400
Total Indicated	5,695,000		175			1.09		35,044,800	223,800
Total Measured & Indicated	5,953,000		175			1.15		36,515,700	244,600

Resources Inferred
Description	Tonnes		Ag g/t			Au g/t		Ag oz	Au oz
Guanacevi	2,013,000		217			0.40		14,050,900	26,200
Guanajuato	1,783,600		167			1.92		9,586,700	110,200
San Sebastian	354,000		211			0.52		2,404,100	5,900
Total Inferred	4,150,600		195			1.07		26,041,700	142,300

Silver-Gold-Lead-Zinc Resources as of December 31, 2011
Resources Indicated
Description	Tonnes	Ag g/t	Au g/t	Ag oz	Au oz	Pb %	Zn%
Parral	1,631,000	49	0.90	2,589,900	47,200	2.87	2.86
Total Indicated	1,631,000	49	0.90	2,589,900	47,200	2.87	2.86

Resources Inferred
Description	Tonnes	Ag g/t	Au g/t	Ag oz	Au oz	Pb %	Zn%
Guanacevi	307,000	98	0.10	962,900	1,000	1.73	3.32
Parral	1,303,000	63	0.88	2,658,900	36,900	2.55	2.28
Arroyo Seco	738,000	220	0.07	5,220,000	1,700	0.65	0.18
Total Inferred	2,348,000	117	0.52	8,841,800	39,600	1.85	1.76

Notes:

1. Reserve cut-off at Guanacevi is 158 g/t Ag
2. Reserve cut-off at Guanajuato is 111 g/t Ag
3. Mining width is 2.0 meters
4. Dilution is 15% after it has been diluted to a minimum mining width if required
5. Resource cut-off for the Guanacevi and Guanajuato projects is 100 Ag eq
6. Reserve and Resource Silver equivalent is 55:1 for Silver to Gold
7. At the Parral project a cut-off using NSR of $40 is used with the prices listed below
8. The cut-off used for Arroyo Seco was 100 g/t Ag

Net Smelter Return (NSR) Cut-off Parameters for the Parral Project

These reserve and resource statements were classified following the definitions and guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum CIM standards and definitions on Mineral Resources and Reserves and the guidelines of NI 43-101.

• View Guanacevi NI 43-101 Report | March 30th, 2012


• View Guanajuato NI 43-101 Report | March 30th, 2012


• View Parral NI 43-101 Report | December 15th, 2010