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Reported Highlights

• Proven and Probable Reserves increase by 224% to 22.0 million silver ounces
• Life of Mine (LOM) increases to 9 ½ years at higher throughput rates of 1,300 tonnes per day (tpd)
• After-tax net present value (NPV 5%) of $52.0 million and 130% internal rate of return (IRR) both calculated using a 10% reduction to the three-year average silver price
• LOM average cash cost (co-product) is estimated at $11.45 per ounce, excluding any by-product credits
• LOM average operating cash flow is estimated at $22.8 million per year starting in 2014
• Operating costs per tonne estimated at $43.44 per tonne excluding third party smelting/refining charges, transportation and insurance costs over LOM
• At the increased rate of 1,300 tpd, the Company expects silver production to increase by approximately 50% to between 1.4 to 1.6 million ounces of silver doré per year