Resources

INDICATED RESOURCES1,2,3,4
Deposits	Cut-off	Tonnes	Au g/t	Au Ounces	Ag g/t	Ag Ounces	Update
San Miguel Vein	25 g/t AgEq	3,916,000	0.68	86,000	56	7,005,000	MDA, April 2011
La Veroncia	25 g/t AgEq	476,000	0.08	1,000	61	930,000	MDA, April 2011
Monte Cristo-Sangre De Cristo							MDA, April 2011
Don Ese							MDA, April 2011
San Francisco							MDA, April 2011
Total MDA April 2011		4,392,000	0.61	87,000	57	7,935,000	MDA, April 2011
La Union	25g/t AgEq	564,000	0.48	8,800	45	807,000	MDA, Dec 2011
San Antonio	25g/t AgEq	3,049,000	0.03	3,000	72	7,017,000	MDA, Dec 2011
Total MDA December 2011		3,613,000	0.10	11,800	68	7,824,000	MDA, Dec 2011
Total San Miguel		8,005,000	0.38	98,800	62	15,759,000

INFERRED RESOURCE1,2,3,4
Area	cut-off	Tonnes	Au g/t	Au Ounces	Ag g/t	Ag Ounces	Update
San Miguel Vein	25 g/t AgEq	10,300,000	0.57	188,000	30	9,809,000	MDA, April 2011
La Veroncia	25 g/t AgEq	3,104,000	0.09	9,000	47	4,658,000	MDA, April 2011
Monte Cristo-Sangre de Cristo	25 g/t AgEq	3,520,000	0.13	14,000	40	4,503,000	MDA, April 2011
Don Ese	90 g/t AgEq	1,844,000	2.87	170,000	145	8,587,000	MDA, April 2011
San Francisco	25 g/t AgEq	15,312,000	0.69	342,000	16	7,842,000	MDA, April 2011
Total MDA April 2011		34,080,000	0.66	723,000	32	35,399,000	MDA, April 2011
La Union	25 g/t AgEq	6,270,000	0.73	147,000	45	9,030,000	MDA, Dec 2011
San Antonio	25 g/t AgEq	5,540,000	0.04	7,700	70	12,419,000	MDA, Dec 2011
Total MDA December 2011		11,810,000	0.41	154,700	57	21,449,000	MDA, Dec 2011
Total San Miguel		45,890,000	0.60	877,700	38	56,848,000