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March 23, 2012

ECO ORO MINERALS CORP.


Updated Preliminary Economic
Assessment on the Angostura
Gold-Silver Underground
Project, Santander Department,
Colombia
Prepared by:
Golder Associates Per S.A
Edifcio Miracorp. Av. La Paz 1049 - Piso 7
Miraflores - Lima 18, Per
Effective Date: March 23, 2012
Golder Report Number: 12-03-27_026_119-415-5030_IF
Qualified Persons:
Marcelo Godoy, MAusIMM (CP), Golder Associates S.A.
Graeme Farr, MSAIMM, TWP Sudamerica S.A.
Rowan McKittrick, Schlumberger Water Services
Jonathan Engels, Knight Pisold S.A.
Prepared for:
Eco Oro Minerals Corp.
Suite 1430 - 333 Seymour Street
Vancouver, British Columbia
V6B 5A6
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF i
Table of Contents
1.0 SUMMARY .................................................................................................................................................................... 1
1.1 Scope ............................................................................................................................................................. 1
1.2 Property Location and Ownership .................................................................................................................. 1
1.3 Project History ................................................................................................................................................ 2
1.4 Deposit Geology ............................................................................................................................................ 3
1.5 Data Verification ............................................................................................................................................. 4
1.6 Mineral Resource Estimate ............................................................................................................................ 4
1.7 Preliminary Economic Assessment ................................................................................................................ 5
1.7.1 Metallurgy and Processing .......................................................................................................... 7
1.7.2 Underground Mining ................................................................................................................... 7
1.7.3 Infrastructure and Services ......................................................................................................... 8
1.7.4 Economic Evaluation .................................................................................................................. 9
1.8 Environmental .............................................................................................................................................. 11
1.9 Community ................................................................................................................................................... 11
1.10 Qualified Persons ......................................................................................................................................... 12
1.11 Conclusions and Recommendations ............................................................................................................ 12
2.0 INTRODUCTION ......................................................................................................................................................... 13
3.0 RELIANCE ON OTHER EXPERTS ............................................................................................................................. 14
4.0 PROPERTY DESCRIPTION AND LOCATION ........................................................................................................... 14
4.1 Location ....................................................................................................................................................... 14
4.2 Mineral Tenure ............................................................................................................................................. 17
4.3 Surface Rights, Easements and Rights of Way ........................................................................................... 21
4.4 Environment ................................................................................................................................................. 23
4.5 Water Rights ................................................................................................................................................ 25
4.6 Surface Lease Fees and Royalties .............................................................................................................. 25
5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ........................ 26
5.1 Accessibility ................................................................................................................................................. 26
5.2 Climate ......................................................................................................................................................... 26
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF ii
5.3 Local Resources and Infrastructure ............................................................................................................. 26
5.3.1 Proposed Infrastructure ............................................................................................................ 26
5.4 Physiography ............................................................................................................................................... 30
6.0 HISTORY ..................................................................................................................................................................... 31
7.0 GEOLOGICAL SETTING AND MINERALIZATION .................................................................................................... 32
7.1 Regional Geology ........................................................................................................................................ 32
7.2 Deposit Geology .......................................................................................................................................... 32
7.2.1 Lithology ................................................................................................................................... 32
7.2.1 Alteration ................................................................................................................................... 38
7.2.2 Structure ................................................................................................................................... 38
7.3 Mineralization ............................................................................................................................................... 38
8.0 DEPOSIT TYPES ........................................................................................................................................................ 40
9.0 EXPLORATION ........................................................................................................................................................... 40
9.1 Grids and Surveys........................................................................................................................................ 43
9.2 Geological and Structural Mapping .............................................................................................................. 43
9.3 Geochemistry ............................................................................................................................................... 44
9.4 Underground Workings ................................................................................................................................ 46
9.5 Drilling .......................................................................................................................................................... 46
9.6 Bulk Density ................................................................................................................................................. 46
9.7 Petrology, Mineralogy and Other Research Studies .................................................................................... 46
9.8 Exploration Potential .................................................................................................................................... 48
9.8.1 Angostura Deposit .................................................................................................................... 48
9.8.2 Regional Exploration ................................................................................................................. 48
9.8.2.1 Mngora ............................................................................................................. 48
9.8.2.2 Violetal ................................................................................................................ 50
9.8.2.3 La Plata .............................................................................................................. 50
9.8.2.4 Limestone ........................................................................................................... 50
10.0 DRILLING .................................................................................................................................................................... 50
10.1 Drill Contractors and Methods ...................................................................................................................... 51
10.2 Core Logging ............................................................................................................................................... 51
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF iii
10.3 Collar Surveys .............................................................................................................................................. 52
10.4 Down-Hole Surveys ..................................................................................................................................... 54
10.5 Recovery ...................................................................................................................................................... 54
10.6 Drilling Used to Support Mineral Resource Estimation................................................................................. 54
11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY ......................................................................................... 56
11.1 Sample Collection ........................................................................................................................................ 56
11.1.1 Surface Sampling ...................................................................................................................... 56
11.1.2 Adit Sampling ............................................................................................................................ 56
11.1.3 Core Samples ........................................................................................................................... 57
11.2 Analytical Laboratories ................................................................................................................................. 57
11.3 Density/Specific Gravity ............................................................................................................................... 58
11.4 Sample Preparation ..................................................................................................................................... 58
11.5 Sample Analysis .......................................................................................................................................... 59
11.6 Sample Security ........................................................................................................................................... 59
11.7 Sample Storage ........................................................................................................................................... 60
11.8 Quality Assurance and Quality Control ........................................................................................................ 60
11.9 Databases .................................................................................................................................................... 61
11.10 QAQC Golder Review, October 2011 .......................................................................................................... 61
11.10.1 Blank Samples .......................................................................................................................... 63
11.10.2 Standard Samples .................................................................................................................... 65
11.10.3 Duplicates Analysis ................................................................................................................... 68
11.11 Comment on Section 11 ............................................................................................................................... 69
12.0 DATA VERIFICATION................................................................................................................................................. 70
12.1 Mine Development Associates, 1998 ........................................................................................................... 70
12.2 Strathcona Mineral Services Limited, 2002, 2003 ........................................................................................ 70
12.3 Strathcona Mineral Services Limited, 2004 .................................................................................................. 71
12.4 Snowden, 2005 ............................................................................................................................................ 71
12.5 Strathcona Mineral Services Limited, 2006 .................................................................................................. 71
12.6 Hatch Limited, 2007 ..................................................................................................................................... 72
12.7 Metlica Consultores S.A., 2009 .................................................................................................................. 72
12.8 GRD Minproc Limited, 2009 ......................................................................................................................... 72
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March 23, 2012
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12.9 Smee Consultants, 20062010 .................................................................................................................... 72
12.10 NCL, 2010 .................................................................................................................................................... 73
12.11 Comment on Section 12 ............................................................................................................................... 73
13.0 MINERAL PROCESSING AND METALLURGICAL TESTING ................................................................................... 74
13.1 Mineralogical Testing ................................................................................................................................... 74
13.1.1 Mineralogical Composition ........................................................................................................ 74
13.1.2 Comminution Test work ............................................................................................................ 75
13.1.3 Cyanidation Tests ..................................................................................................................... 76
13.1.4 Flotation Tests .......................................................................................................................... 77
13.1.5 Flotation Concentrate and Flotation Tails Cyanidation .............................................................. 79
13.1.6 Solid/Liquid Separation Testing ................................................................................................ 83
13.1.7 Future Testing ........................................................................................................................... 84
13.2 Mineral Processing....................................................................................................................................... 84
13.2.1 Oxides Treatment Plant ............................................................................................................ 84
13.2.2 Sulphides Treatment Plant ........................................................................................................ 87
13.2.3 Oxides and Sulphides Combined Treatment ............................................................................ 93
14.0 MINERAL RESOURCE ESTIMATES .......................................................................................................................... 95
14.1 Introduction .................................................................................................................................................. 95
14.2 Software Used ............................................................................................................................................. 95
14.3 Database...................................................................................................................................................... 95
14.4 3D Modeling ................................................................................................................................................. 96
14.5 Population Analysis ...................................................................................................................................... 96
14.6 Oxidation Model ........................................................................................................................................... 98
14.7 Compositing ................................................................................................................................................. 99
14.8 Outlier Analysis .......................................................................................................................................... 100
14.9 Exploratory Data Analysis .......................................................................................................................... 104
14.10 Bivariate Analysis ....................................................................................................................................... 104
14.11 Specific Gravity Measurements ................................................................................................................. 107
14.12 Block Model Parameters ............................................................................................................................ 108
14.13 Variography ................................................................................................................................................ 109
14.14 Kriging Strategy ......................................................................................................................................... 114
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
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14.15 Veins Model Construction .......................................................................................................................... 115
14.16 Resource Classification .............................................................................................................................. 116
14.17 Model Validation ........................................................................................................................................ 116
14.18 Resource Reporting Criteria ....................................................................................................................... 118
14.19 Results ....................................................................................................................................................... 118
15.0 MINERAL RESERVE ESTIMATES ........................................................................................................................... 120
16.0 MINING METHODS ................................................................................................................................................... 120
16.1 Geotechnical Study .................................................................................................................................... 120
16.2 Mineable Shape Optimization .................................................................................................................... 123
16.2.1 Design Criteria ........................................................................................................................ 123
16.3 Mining Method Selection ............................................................................................................................ 125
16.3.1 Description of Selected Mining Methods ................................................................................. 126
16.3.2 Development, Preparation and Mine Infrastructure Design .................................................... 133
16.4 In-stope Mineral Resources ....................................................................................................................... 141
16.5 Mine Production Plan ................................................................................................................................. 142
16.5.1 Development Plan ................................................................................................................... 142
16.5.2 Production Plan ....................................................................................................................... 144
16.5.3 Backfill Requirement ............................................................................................................... 146
16.6 Mining Equipment Fleet ............................................................................................................................. 147
16.6.1 Drilling ..................................................................................................................................... 147
16.7 Manpower Estimation ................................................................................................................................. 151
16.7.1 Administration ......................................................................................................................... 151
16.7.2 Direct Development ................................................................................................................ 151
16.7.3 Total Mine Development ......................................................................................................... 152
17.0 RECOVERY METHODS ............................................................................................................................................ 153
17.1 Process Plant Description .......................................................................................................................... 153
17.1.1 Oxides Process Plant Description Option 1: Agitated Leaching .............................................. 153
17.1.2 Oxides Process Plant Description Option 2: VAT Leaching .................................................... 156
17.1.3 Sulphides Process Plant Description ...................................................................................... 157
17.2 Reagents Consumption .............................................................................................................................. 166
17.3 Plant Water Requirements ......................................................................................................................... 167
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
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17.4 Power Requirements .................................................................................................................................. 168
18.0 PROJECT INFRASTRUCTURE ................................................................................................................................ 169
18.1 Mining Services and Infrastructure ............................................................................................................. 169
18.1.1 Mine Services ......................................................................................................................... 169
18.1.2 Mine Infrastructure .................................................................................................................. 170
18.2 Process Plant Services and Infrastructure ................................................................................................. 170
18.2.1 Process Plant Services ........................................................................................................... 171
18.2.2 Process Plant Infrastructure .................................................................................................... 171
18.3 Water Supply ............................................................................................................................................. 171
18.3.1 Water Demand ........................................................................................................................ 172
18.3.2 Water Supply Criteria and Water Management Facilities ........................................................ 172
18.3.3 Mine Site Water Balance ........................................................................................................ 173
18.3.4 Water Balance Model Results ................................................................................................. 178
18.4 Mine water management ............................................................................................................................ 182
18.4.1 Groundwater Occurrence ........................................................................................................ 182
18.4.2 Groundwater Flow ................................................................................................................... 182
18.4.3 Groundwater Recharge and Discharge ................................................................................... 182
18.4.4 Groundwater Quality ............................................................................................................... 183
18.4.5 Conceptual Hydrogeological Model for the Study Area ........................................................... 184
18.4.6 Preliminary Dewatering and Depressurization Plan ................................................................ 186
18.5 Tailings Storage Facility ............................................................................................................................. 193
18.5.1 Design Criteria ........................................................................................................................ 193
18.5.2 Evaluated Sites ....................................................................................................................... 194
18.5.3 Sites Between 5 and 15 km from the Mine ............................................................................. 200
18.5.4 Remote Sites .......................................................................................................................... 200
18.5.5 Conceptual Design for the Selected Sites ............................................................................... 201
18.6 Comment on Section 18 ............................................................................................................................. 211
19.0 MARKET STUDIES AND CONTRACTS ................................................................................................................... 211
20.0 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT ........................................ 211
20.1 Artisanal Mining ......................................................................................................................................... 211
20.2 Exploration-level Activities ......................................................................................................................... 211
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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March 23, 2012
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20.3 Development Activities ............................................................................................................................... 213
20.4 Baseline Environmental Studies ................................................................................................................ 213
20.5 Project Design Principles ........................................................................................................................... 214
20.6 Preliminary Closure Plans .......................................................................................................................... 214
20.7 Socio-Economic ......................................................................................................................................... 215
21.0 CAPITAL AND OPERATING COST ......................................................................................................................... 216
21.1 Mining Capital and Operating Cost ............................................................................................................ 216
21.1.1 Capital Cost (CAPEX) ............................................................................................................. 216
21.1.2 Operating Cost (OPEX) .......................................................................................................... 218
21.2 Process Capital and Operating Cost .......................................................................................................... 223
21.2.1 Capital Cost (CAPEX) ............................................................................................................. 223
21.2.2 Operating Cost (OPEX) .......................................................................................................... 225
21.3 Additional Initial Infrastructure CAPEX ....................................................................................................... 225
21.4 Mine & Initial Infrastructure CAPEX ........................................................................................................... 227
22.0 ECONOMIC ANALYSIS ............................................................................................................................................ 227
22.1 Cash Flow and NPV ................................................................................................................................... 228
22.2 Summary Results of the Economic Analysis .............................................................................................. 257
22.3 Sensitivity Analysis..................................................................................................................................... 259
22.4 Summary .................................................................................................................................................... 259
23.0 ADJACENT PROPERTIES ....................................................................................................................................... 260
24.0 OTHER RELEVANT DATA INFORMATION ............................................................................................................. 260
24.1 Areas excluded from mining ....................................................................................................................... 260
24.2 Hydrology ................................................................................................................................................... 261
24.3 Water and Sediment Management (SWS) ................................................................................................. 264
25.0 INTERPRETATION AND CONCLUSIONS ............................................................................................................... 267
26.0 RECOMMENDATIONS ............................................................................................................................................. 267
27.0 REFERENCES .......................................................................................................................................................... 268
28.0 DATE AND SIGNATURE PAGE ............................................................................................................................... 270
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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TABLES
Table 1-1 Mineral Resource Estimates by Material Type (cut-off grade 1.5 g/t Au) ................................................................... 5
Table 1-2 Post-Tax Sensitivity to Gold Price (NPV 5%) ............................................................................................................. 6
Table 1-3 Metallurgical Test work for Angostura ........................................................................................................................ 7
Table 1-4 Economic Parameters ................................................................................................................................................ 8
Table 1-5 In-stope Mineral Resources ....................................................................................................................................... 8
Table 1-6 Economic Evaluation Base Case Scenario (gold price of 1,200 USD/oz and cut-off grade of 2.5 g/t AuEq) .......... 9
Table 1-7 Economic Evaluation Higher Grade Scenario (gold price of 1,200 USD/oz and cut-off grade of 3.0 g/t
AuEq) ...................................................................................................................................................................... 10
Table 1-8 Economic Evaluation Lower Grade Scenario (gold price of 1,200 USD/oz and cut-off grade of 2.0 g/t
AuEq) ...................................................................................................................................................................... 10
Table 4-1 List of Eco Oro`s Mining Titles ................................................................................................................................. 19
Table 4-2 Surface Rights Acquisition Summary Table ............................................................................................................. 21
Table 4-3 Water Rights granted by the CDMB ......................................................................................................................... 25
Table 9-1 Angostura Exploration Information by Period and Timing of Historical Resource Estimates. ................................... 42
Table 9-2 Research Studies for Angostura. ............................................................................................................................. 47
Table 10-1 Drill Summary Table to May 2011. ......................................................................................................................... 51
Table 10-2 Drill Contractors ..................................................................................................................................................... 51
Table 10-3 Drill Intercept Summary Table. ............................................................................................................................... 55
Table 11-1 Density Database used in Modeling ....................................................................................................................... 58
Table 11-2 Expected Mean Values and Acceptable Limits for Angostura Standard Samples. ................................................ 65
Table 13-1 Summary Comminution Test Results. .................................................................................................................... 76
Table 13-2 Bottle Roll Tests Results ........................................................................................................................................ 77
Table 13-3 Open Cycle Column leach test ............................................................................................................................... 77
Table 13-4 Locked Cycle Test (flotation test). .......................................................................................................................... 78
Table 13-5 Variability Flotation Test. ........................................................................................................................................ 78
Table 13-6 Effect of feed size in rougher flotation in sulphide ore. ........................................................................................... 78
Table 13-7 Effect of Feed Size in Cleaner Flotation in Sulphide Ore ....................................................................................... 79
Table 13-8 Flotation Test with and Without Depressant ........................................................................................................... 79
Table 13-9 Flotation Concentrate and Flotation Tails Cyanidation ........................................................................................... 79
Table 13-10 Tails Concentrate Cyanidation for Sulphide, Transitional and Oxide materials. ................................................... 80
Table 13-11 Autoclave Tests (POX). ........................................................................................................................................ 80
Table 13-12 Flotation and Tails Cyanidation Design Metal Recoveries, (Au)........................................................................... 81
Table 13-13 Flotation and Tails Cyanidation Design Metal Recoveries, (Ag)........................................................................... 81
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March 23, 2012
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Table 13-14 Overall Recoveries (Roasting alternative). ........................................................................................................... 81
Table 13-15 Overall Recoveries (POX alternative). ................................................................................................................. 82
Table 13-16 Overall Recoveries (BIOX alternative) ................................................................................................................. 82
Table 13-17 Overall Recoveries (after Roasting alternative) .................................................................................................... 82
Table 13-18 Quotation for BIOX Equipment Items ................................................................................................................... 90
Table 13-19 BIOX Main Consumables ..................................................................................................................................... 90
Table 13-20 Summary Roasting Plants. ................................................................................................................................... 92
Table 14-1 Database Basic Statistics ....................................................................................................................................... 95
Table 14-2 Information Inside The High Grade Veins. ............................................................................................................. 96
Table 14-3 High Grade Veins Directions. ................................................................................................................................. 98
Table 14-4 Parameters to Define the Oxidation Grade in the Core. ......................................................................................... 98
Table 14-5 Basic Statistics for Gold, Capping and Impact. .................................................................................................... 101
Table 14-6 Basic Statistics for Silver, Capping and Impact. ................................................................................................... 102
Table 14-7 Basic Statistics for Copper, Capping and Impact. ................................................................................................ 103
Table 14-8 Data Analysis of Specific Gravity of the Rock Basic Statistic of Specific Gravity. ................................................ 107
Table 14-9 Block Model Parameters. ..................................................................................................................................... 108
Table 14-10 Average Aptitude for the High-grade Veins. ....................................................................................................... 110
Table 14-11 Variogram Parameters by Populations - Veta de Barro. .................................................................................... 111
Table 14-12 Variogram Parameters by Populations Central. .............................................................................................. 111
Table 14-13 Variogram Parameters by Populations Silencio. ............................................................................................. 112
Table 14-14 Variogram Parameters by Populations - Los Laches. ........................................................................................ 112
Table 14-15 Search Ellipsoid Parameters for the Interpolation of Gold by Population. .......................................................... 114
Table 14-16 Kriging Strategy for the Interpolation of Elements. ............................................................................................. 115
Table 14-17 Eco Oro Mineral Resources @ 1.5 g/t COG. ..................................................................................................... 119
Table 14-18 Eco Oro Mineral Resources @ 2.0 g/t COG. ..................................................................................................... 119
Table 14-19 Eco Oro Mineral Resources @ 2.5 g/t COG. ..................................................................................................... 119
Table 14-20 Eco Oro Mineral Resources @ 3.0 g/t COG. ..................................................................................................... 119
Table 16-1 Summary of the Stope Sizes by RMR and Mining Method. ................................................................................. 121
Table 16-2 Distribution of Geotechnical Units at the Angostura deposit. ............................................................................... 122
Table 16-3 Metal price for Calculating the Equivalent Gold Grade. ........................................................................................ 123
Table 16-4 Development Mining length for 2.5 g/t de AuEq ................................................................................................... 137
Table 16-5 In-stope Mineral Resources. ................................................................................................................................ 141
Table 16-6 In-stope Mineral Resources Not Recovered from Stabilizing Crown, Sill and Rib Pillars ..................................... 141
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF x
Table 16-7 In-stope Mineral Resources brought to account ................................................................................................... 142
Table 16-8 Development plan to 2.5 g/t AuEq Base Case .................................................................................................. 143
Table 16-9 Summary production plan for the 2.5 g/t AuEq cut-off (price: 800USD/oz) .......................................................... 144
Table 16-10 Long-Term Planning (Production Plan for Mineral Resources at pessimistic 2.5 g/t AuEq) Base Case .......... 145
Table 16-11 Backfill Estimates ............................................................................................................................................... 146
Table 16-12 Backfill requirements for the 2.5 g/t AuEq scenario ............................................................................................ 147
Table 16-13 Features, production and fleet size of Long Hole Drill Machines........................................................................ 148
Table 16-14 Features, production and fleet size of horizontal drill machines ......................................................................... 148
Table 16-15 Features, production and fleet size of LHD machines ........................................................................................ 149
Table 16-16 Features of articulated trucks ............................................................................................................................. 149
Table 16-17 Production and fleet size of articulated trucks .................................................................................................... 150
Table 16-18 Mine Administration personnel ........................................................................................................................... 151
Table 16-19 Total Mine personnel .......................................................................................................................................... 152
Table 16-20 Tonnes per Man-day production. ....................................................................................................................... 152
Table 17-1 Configuration Flotation Cells ................................................................................................................................ 159
Table 17-2 Rougher Tails 3600 tpd Au Price 1400. ............................................................................................................... 163
Table 17-3 Total Reagents Consumptions. ............................................................................................................................ 166
Table 17-4 Plant Water Requirements ................................................................................................................................... 167
Table 17-5 Power Requirements. ........................................................................................................................................... 168
Table 18-1 Precipitation for Different Return Periods (mm).................................................................................................... 174
Table 18-2 Contact water volume treated at the AWTP normal scenario. .............................................................................. 178
Table 18-3 Principal Design Criteria. ...................................................................................................................................... 193
Table 18-4 Summary of Sites Considered for the Conceptual Design. .................................................................................. 195
Table 18-5 Summary of Sites Considered for the Conceptual Design (Continue from Table 18 4). ....................................... 197
Table 18-6 Conceptual Design Drawings. .............................................................................................................................. 201
Table 20-1 Summary of Project Permit Requirements ........................................................................................................... 212
Table 21-1 Initial Investment for Mining CAPEX to 2.5 g/t AuEq. ........................................................................................... 217
Table 21-2 Future CAPEX Investments ................................................................................................................................. 217
Table 21-3 U/G Infrastructure and Services Capital Expenses. ............................................................................................. 217
Table 21-4 Mine Equipment Capital Expenses. ..................................................................................................................... 218
Table 21-5 Mine Operating Expenses by Activities. ............................................................................................................... 218
Table 21-6 Drilling Operating Costs. ...................................................................................................................................... 219
Table 21-7 Blasting Operating Costs. .................................................................................................................................... 220
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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Table 21-8 Loading and Hauling Operating Costs. ................................................................................................................ 221
Table 21-9 Conveyor Belt Operating Expenses. .................................................................................................................... 221
Table 21-10 Ground Support Operating Expenses. ............................................................................................................... 222
Table 21-11 Preparation Operating Expenses. ...................................................................................................................... 222
Table 21-12 Processing Plant Initial Capital Expenses. ......................................................................................................... 223
Table 21-13 Plant Equipment Replace Capital Expenses. ..................................................................................................... 225
Table 21-14 Combined Process Plant Operating Expenditure. .............................................................................................. 225
Table 21-15 Additional Initial Infrastructure Capital Expenses ............................................................................................... 225
Table 21-16 Mine & Initial Infrastructure Capital Expenses .................................................................................................... 227
Table 22-1 Preliminary Economic Evaluation for OME BIOX Base Case (Cut-off grade of 2.5 AuEq) ................................... 229
Table 22-2 Preliminary Economic Evaluation for OME POX Base Case (Cut-off grade of 2.5 AuEq) .................................... 231
Table 22-3 Preliminary Economic Evaluation for OME ROAST - Base Case (Cut-off grade of 2.5 AuEq) ............................. 233
Table 22-4 Preliminary Economic Evaluation for OME CONCENTRATE SALES - Base Case (Cut-off grade of 2.5
AuEq) .................................................................................................................................................................... 235
Table 22-5 Summary of Preliminary Economic Evaluation for all Process Alternatives Base Case (Cut-off grade of
2.5 AuEq) .............................................................................................................................................................. 238
Table 22-6 Preliminary Economic Evaluation for OME BIOX Higher Grade Scenario (Cut-off grade of 3.0 AuEq) ............. 239
Table 22-7 Preliminary Economic Evaluation for OME POX Higher Grade Scenario (Cut-off grade of 3.0 AuEq) .............. 241
Table 22-8 Preliminary Economic Evaluation for OME ROAST Higher Grade Scenario Grade Case (Cut-off grade of
3.0 AuEq) .............................................................................................................................................................. 243
Table 22-9 Preliminary Economic Evaluation for OME SELL Higher Grade Scenario Grade Case (Cut-off grade of
3.0 AuEq) .............................................................................................................................................................. 245
Table 22-10 Summary of Preliminary Economic Evaluation for all Process Alternatives Higher Grade Scenario
Grade Case (Cut-off grade of 3.0 AuEq) ............................................................................................................... 247
Table 22-11 Preliminary Economic Evaluation for OME POX Lower Grade Scenario (Cut-off grade of 2.0 AuEq) ............ 249
Table 22-12 Preliminary Economic Evaluation for OME ROAST Lower Grade Scenario (Cut-off grade of 2.0 AuEq) ........ 251
Table 22-13 Preliminary Economic Evaluation for OME SALES Lower Grade Scenario (Cut-off grade of 2.0 AuEq) ........ 253
Table 22-14 Summary of Preliminary Economic Evaluation for all Process Alternatives Lower Grade Scenario (Cut-
off grade of 2.0 AuEq) ........................................................................................................................................... 256
Table 22-15 Economic Evaluation. ......................................................................................................................................... 258
Table 22-16 Post-tax sensitivity to gold price (NPV 5%). ....................................................................................................... 259
Table 24-1 Sub Catchment Areas. ......................................................................................................................................... 263
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FIGURES
Figure 4-1 Location of Angostura Project ................................................................................................................................. 16
Figure 4-2 Location of Eco Oros Mining Titles ........................................................................................................................ 20
Figure 5-1 Project Layout Plan. ................................................................................................................................................ 27
Figure 5-2 Project Access Plan ................................................................................................................................................ 28
Figure 7-1 Regional Geology Plan. .......................................................................................................................................... 33
Figure 7-2 California District Geology Plan. ............................................................................................................................. 34
Figure 7-3 Detailed Plan View, 2,850 Level. ............................................................................................................................ 36
Figure 7-4 Geological Section, 1,130,900 E. ............................................................................................................................ 37
Figure 9-1 Geochemical Sample Location Plan ....................................................................................................................... 45
Figure 9-2 Location Plan, Regional Exploration Targets .......................................................................................................... 49
Figure 10-1 Drillhole Location Plan. ......................................................................................................................................... 53
Figure 11-1 Angostura QAQC Protocol .................................................................................................................................... 62
Figure 11-2 Blank Results for Au. ............................................................................................................................................ 64
Figure 11-3 Assaying Results for all Standard Samples. ......................................................................................................... 66
Figure 11-4 Standard CDN-CGS-13 and CDN-CS-5C Au. .................................................................................................... 67
Figure 11-5 Field (core) and Pulp Duplicates Au ................................................................................................................... 68
Figure 13-1 Flow sheet for Oxides Treatment Plant with Two Options. ................................................................................... 85
Figure 13-2 Flow Sheet for Sulphides Treatment Plant ............................................................................................................ 88
Figure 14-1 Plain View of High Grade Veins Showing the Spatial Distribution of Sectors. ...................................................... 97
Figure 14-2 Oxidation State Level. Vertical Section. ................................................................................................................ 99
Figure 14-3 Histogram of Sampling Length Inside the High-Grade Veins. ............................................................................. 100
Figure 14-4 Graphical Method to Identify Outliers of Gold in the Silencio Area. ..................................................................... 100
Figure 14-5 Histogram of Gold El Silencio, NE Veins. ........................................................................................................... 104
Figure 14-6 Scatter Diagram Au-Ag for All Populations of Veins. .......................................................................................... 105
Figure 14-7 Scatter Diagram Au-Cu for All Populations of Veins. .......................................................................................... 105
Figure 14-8 Scatter Diagram Au-S for All Populations of Veins. ............................................................................................ 106
Figure 14-9 Scatter Diagram Au-Cu for All Populations of Veins. .......................................................................................... 106
Figure 14-10 Summary Density Data. .................................................................................................................................... 108
Figure 14-11 Veins Block Model Sub-Cells (Min: 1 m Max: 5 m). .......................................................................................... 109
Figure 14-12 Example of Average Variogram Calculated for Gold. Veins E-NE El Silencio. ................................................. 113
Figure 14-13 Search Ellipsoid. ............................................................................................................................................... 115
Figure 14-14 E-W Drift Analysis Composites Vs Block Model. ............................................................................................... 117
Figure 14-15: N-S Drift Analysis Composites Vs Block Model. .............................................................................................. 117
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Figure 16-1 Shapes Framework. ............................................................................................................................................ 124
Figure 16-2 Sub-Level Stoping. .............................................................................................................................................. 127
Figure 16-3 Sub-Level Stoping for 10-15 m wide veins. ......................................................................................................... 128
Figure 16-4 Figure 16 4 Sub-Level Stoping for 20 m wide veins. ........................................................................................... 129
Figure 16-5 Sub-Level Stoping for veins wider than 30. ......................................................................................................... 130
Figure 16-6 Bench-and-fill. ..................................................................................................................................................... 131
Figure 16-7 Plant and Section views of Bench-and-fill Stoping. ............................................................................................. 132
Figure 16-8 Level and sub-level sizes according to geomechanical recommendations. ........................................................ 134
Figure 16-9 Waste Rock Facility Locations at level 2900 and 3040. ...................................................................................... 135
Figure 16-10 East West View Design at 2.5 g/t AuEq. ..................................................................................................... 138
Figure 16-11 North-South View Design at 2.5 g/t AuEq. ..................................................................................................... 138
Figure 16-12 Isometric View Design at 2.5 g/t AuEq. .......................................................................................................... 139
Figure 16-13 Plan View, Level 2900 Design at 2.5 g/t AuEq-opt. ........................................................................................ 140
Figure 16-14 Plan View, Level 3040 Design at 2.5 g/t AuEq-opt. ........................................................................................ 140
Figure 16-15 Production Plan (2.5 g/t AuEq pessimistic scenario). ........................................................................................ 146
Figure 17-1 Average Gold Recovery for 19mm 1.7 Mm 106 microns and estimate Gold Recovery for 6 mm ....................... 157
Figure 18-1 Conceptual Water Balance Model. ...................................................................................................................... 173
Figure 18-2 Estimate of Total Flow Rates for Contact Waters. .............................................................................................. 175
Figure 18-3 Estimate of Total Flow Rates for Non-Contact Waters. ....................................................................................... 176
Figure 18-4 Schematic of Water Balance Model in Goldsim. ................................................................................................. 177
Figure 18-5 Demand Estimate for non-Contact Waters. ........................................................................................................ 179
Figure 18-6 Estimate of Contact Water Flows Requiring Water Treatment (AWTP). ............................................................. 180
Figure 18-7 Estimate of Treated Water Flows Rates to be Discharged to Environmental. ..................................................... 181
Figure 18-8 Hydrogeological Map of Rio Vetas catchment. ................................................................................................... 185
Figure 18-9 Schematic of Management of Groundwater Inflows to Underground Mine. ........................................................ 187
Figure 18-10 Sub-horizontal Drains from Perezosa Exploration Tunnel. ............................................................................... 189
Figure 18-11 Schematic of Cover and Probe Holes. .............................................................................................................. 191
Figure 18-12 Schematic of Sub-horizontal Drains Holes at Ramps. ...................................................................................... 192
Figure 18-13 Ore Production Locations of Alternatives TSF Sites near to the Mine Plan view. ............................................. 199
Figure 18-14 El Pozo Site Plan - View Sections and Details. ................................................................................................. 204
Figure 18-15 El Pozo Site Final Layout Plan View and Sections. .......................................................................................... 205
Figure 18-16 Carrizal Site, Plan Sections and Details. ........................................................................................................... 206
Figure 18-17 Ollada Site, Initial Platforms - Plan view and Sections. ..................................................................................... 207
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Figure 18-18 Ollada Site, Final Layout - Plan View and Sections. ......................................................................................... 208
Figure 18-19 Bucar Site, Initial Platforms - Plan view and Sections. .................................................................................... 209
Figure 18-20 Bucar Site, Final Layout - Plan View and sections. ......................................................................................... 210
Figure 24-1 Surface Water Monitoring Location. .................................................................................................................... 262
Figure 24-2 Non-contact Water Management Infrastructure. ................................................................................................. 265
Figure 24-3 Contact water and Sediment Management Infrastructure. .................................................................................. 266
APPENDICES
APPENDIX A
Certificates of Qualified Persons
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1.0 SUMMARY
1.1 Scope
Eco Oro Minerals Corp. (Eco Oro) commissioned Golder Associates Peru S.A. (Golder) to undertake a
Preliminary Economic Assessment (PEA) for the Angostura GoldSilver Underground Project (Project) in the
northern region of Santander, Colombia, and to prepare a Technical Report as defined in Canadian National
Instrument 43-101, Standards of Disclosure for Mineral Projects.
The updated PEA was prepared by a multidisciplinary team comprising Golder, TWP Sudamrica S.A. (TWP),
Schlumberger Water Services (Schlumberger) and Knight Pisold Consulting Ltd. (Knight Pisold). The
scope of work comprised the development of a conceptual mining operation that included the exploitation of the
Angostura gold and silver deposit by underground mining and the preliminary engineering design of the
associated processing and infrastructure facilities. Golder completed the mining studies and TWP completed
the metallurgical, process design and infrastructure components of the study. Golder also developed the pre
and post-tax preliminary cash flow analysis. Schlumberger developed the hydrological and hydrogeological
components and Knight Pisold was responsible for the development of the tailings management solution.
The Effective Date of this Report is March 23, 2012 (Effective Date). This Technical Report discloses the
results of a resource estimation update and of the updated preliminary economic assessment carried out to
assess the economic potential of the Project. As part of the work Golder undertook a detailed review of data
capture, sample storage, QAQC, core logging, geological modeling and grade estimation procedures carried out
by Eco Oro and their agents.
This report, the resource estimate, and the updated PEA have been prepared in compliance with the disclosure
and reporting requirements set forth in the current Canadian Securities Administrators National Instrument 43-
101, Companion Policy 43-101CP, and Form 43-101F1.
1.2 Property Location and Ownership
Eco Oros wholly owned Angostura gold and silver deposit is located in northeastern Colombia near the border
with Venezuela, some 400 km northnortheast of the capital city of Bogot, and approximately 67 km northeast
of the city of Bucaramanga in the Department of Santander.
The property is located in steep, mountainous and relatively rugged terrain at elevations ranging from 2,400 to
3,500 metres above sea level (m.a.s.l.). The geographic coordinates of the Angostura deposit are N7 23
latitude and W72 54 Longitude.
Current Project access from Bucaramanga is via the partially-paved MatanzaSurataCalifornia road, a distance
of 67 km and travel time of two to three hours by car, depending on weather conditions. Within the Project area,
access is by a network of unpaved roads, tracks and horse and foot trails.
Over the past fifteen years Eco Oro has acquired outright ownership of 14 mining titles either by purchase or by
application to governmental agencies (concession contracts, exploitation licenses, and exploration licenses)
covering approximately 30,000 hectares in the municipalities of California, Vetas, Surat, Charta and Tona in the
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Department of Santander, where the Angostura Project is located, and in the municipalities of Cucutilla and
Mutiscua in the Department of Norte de Santander.
1.3 Project History
Early gold mining activities are reported to have occurred in the general area of the Angostura deposit since pre-
colonial times and continued during Spanish rule with the mining of high-grade veins and placers. After
independence and throughout the last century, precious metals were mined on a small scale in the districts of
Vetas and California.
Eco Oro became involved in the project in 1994 and until 1999 conducted exploration work consisting of surface
mapping, sampling and diamond drilling. The drillhole database at the end of 1999 consisted of 181 diamond
drillholes totaling nearly 52,000 m. From 2000 to 2003 no fieldwork was undertaken due to security constraints.
Eco Oro re-started surface and underground exploration in 2003 and by May 2008 a total of 277,000 m of drilling
had been completed at Angostura.
From 2003, exploration work included geochemical sampling, geologic mapping, adit and tunnel excavation,
core drilling, and condemnation drilling. Mineral resource estimates were performed in 2005, 2006, 2007, 2008,
and 2010. A Preliminary Assessment (PA) for an open pit operation was completed in 2008.
A pre-feasibility study for an open pit operation was completed in 2009 by GRD Minproc. This study considered
two processing routes, cyanide heap leaching of oxide, transition and low sulfur material to produce dor, and
grinding and flotation of high sulfur/high gold content material to produce concentrate. The feasibility study was
commissioned during 2010 but Eco Oro decided it would not proceed with finalization of the study. In March
2011, Eco Oro filed requests with MAVDT and Ingeominas to desist from the administrative procedures of the
environmental licensing and evaluation and approval of the PTO. Eco Oro also decided not to proceed with
finalization and implementation of the feasibility study for the development of an open pit mine at the Angostura
Project as configured in the GRD MinProc Preliminary Feasibility Study. Eco Oro considered that the regional
and national governments and the community of Bucaramanga did not fully support the development of the
Angostura Project as configured in the GRD MinProc Preliminary Feasibility Study and decided to study the
viability of alternative options for the Angostura Project that addressed the governments and the communitys
concerns. and On May 26, 2011, Ingeominas notified Eco Oro of writ No. 27, 2011, by means of which the
administrative authority determined that a request to approve a PTO may not be withdrawn. Ingeominas
therefore completed their evaluation of the PTO and issued a report citing technical reasons for rejection of the
PTO. and On May 31, 2011, the Ministry of Environment and Sustainable Development, which, on May 4,
2011, assumed environmental matters for which MAVDT previously had responsibility, approved Resolution
1015, 2011 by means of which the administrative authority decided not to desist from the environmental
licensing procedure and denied the environmental license for the development of an open pit mine at the
Angostura Project as configured in the GRD MinProc Preliminary Feasibility Study citing substantive grounds for
this decision. On June 20, 2011, Eco Oro filed before the Ministry of Environment and Sustainable Development
a motion to reconsider some of the grounds for this decision. This motion to reconsider was decided by means of
Resolution 035, 2011 and was only partially successful.
In April 2011 an initial underground PEA carried out by NCL Consultores was released. The underground mining
potential and the preliminary mine production presented in this PEA were constrained by the terms of reference
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including a gold price of USD850/oz, a gold cut-off grade of 3.0 g/t and a resource estimation update with
effective date March 18, 2011. This resource estimation update included drill and assay data acquired up to July
2010.
1.4 Deposit Geology
The Angostura property is situated in the northern Andes ranges, within the western branch of the Eastern
Cordillera in northeastern Colombia, and more specifically within the Santander Massif. The oldest rocks in the
Massif are Precambrian gneisses and schists that were part of the Guyana Shield, and which have been
regionally metamorphosed to upper amphibolite grade in the Palaeozoic.
Gold mineralization occurs within the AngosturaCalifornia gold province, a belt of epithermal gold occurrences
that has developed along the regional-scale Rio La Baja fault in association with the Middle Miocene stocks.
The Angostura deposit has a strike extent of 2 km, a width of 1 km, and has recognized vertical extension from
the 2,400 to 3,470 m.a.s.l. The deposit is delimited to the northwest by the Angostura Fault and to the southeast
by the Mngora Fault. Mineralization continues southward across the Pez Fault, but the steep topography
provides an impediment to exploration drilling. To the north, the deposit appears to terminate fairly abruptly
against the Mortino Fault in the Cristo Rey area, beyond which only narrow, isolated veins have been identified.
A suite of porphyritic diorite to quartz monzonite bodies and dyke swarms of Triassic age, are intruded into the
amphibolite facies Bucaramanga Gneiss, a series of meta-sediments of Proterozoic age. These rocks have been
intersected by a swarm of generally eastnortheast trending, steeply north-dipping structures. More than 200
individual veins and composite veins have been identified to date by means of surface and underground
mapping, and interpretation of drillhole data.
Mineralization occurs in bands, veinlets, stringers, and silicified hydrothermal breccias within the structures. In
the upper parts of the mineralized system, alteration and mineralization are stronger in the intrusive host rocks,
and the meta-sediments appear to make a poorer host for the goldsilver mineralization.
Mineralized structures vary from less than 2 m for individual veins to over 40 m for composite structures, and
strike lengths range from less than 50 m to over 1 km. The intensity of fracturing, and the degree of secondary
porosity and permeability of the host rocks controls the density of structures, and therefore the mineralization.
Flexures along mineralized structures, veinvein intersections, and veinfault intersections are preferred
mineralization sites typically displaying higher gold and silver grades. Such higher-grade pods can display
ranges from >230 m in width, 30100 m in strike, and 30300 m down-dip.
The Angostura deposit is sub-divided geographically into a number of areas or zones that, from south to north,
are referred to as El Vivito, El Silencio, Nueva Alta, La Perezosa, El Diamante, La Alta and its eastern neighbor
La Alta Este, El Pozo, Veta de Barro, Veta de Barro Este, and Cristo Rey.
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1.5 Data Verification
A number of data verification programs and audits have been performed over the Projects history, primarily in
support of compilation of technical reports on the Project. Data checks were also performed in support of the
pre-feasibility and feasibility studies on the Project. A reasonable level of verification has been completed, and
no material issues would have been left unidentified from the programs undertaken.
Barry Smee (Smee and Associates Consulting Ltd) is an independent auditor of the preparation laboratory as
well as QAQC practices reviewer and has made three visits to the project site since 2004 with the most recent
review carried out in September 2010.
NCL conducted a review of the database quality, concluding that it was robust and well managed, and noted that
security measures precluded data tampering. In the opinion of NCL, Eco Oro used industry best practices to
explore for gold and silver on the Angostura project. The exploration data was collected with care and is
appropriately managed to ensure the safeguard of exploration information. The resulting exploration data was
considered reliable for the purpose of resource estimation.
In October 2011, as a part of Technical Studies for Underground Mine Golder issued the report Resource
Estimation Review for the Angostura Gold Project (Golder, 2011). The model was considered appropriate for a
conceptual level study.
1.6 Mineral Resource Estimate
The mineral resource estimation update was carried out by Eco Oro geologists and is dated June 30, 2011 and
includes drilling and assay data from up to May 2011. The mineral resource estimate includes information from
973 holes, 315,690 m of drilling and 186,976 gold samples of which 29,382 samples and 44,272 m are in
structures.
A total of 191 mineralized structures that host high grade were modeled. A wireframe based on mineralization
parameters, fractures, faults, more than 25 old tunnels and more than 3,500 m of exploratory tunnels was
constructed for each structure. In addition, previous models and previous studies of structures, rock types,
hydrothermal alterations and Au-Ag-Cu correlation were taken into consideration during geological interpretation.
To reduce dilution, wireframes were snapped to a cut-off grade of 2 g/t Au for structures up to 2 m thickness. For
structures with thickness greater than 2 m, wireframes were snapped to a cut-off grade of 1.5 g/t Au bearing in
mind the possibility of using different underground exploitation methods in different thicknesses of high grade
mineralization. The wireframes were projected 20 m laterally and up to 50 m vertically from the last correlated
vein intercept.
A total of 16 populations were defined according to the location and orientation of mineralized structures. Four
main geographic areas of mineralization were defined based on the geological knowledge of the zone, from
north to south, Veta de Barro, Central (including the Perezosa fault), Los Laches and El Silencio. In addition, the
areas were separated by four predominant directions of the high grade structures in order of priority (formation
time): E-NE, E-W, NE, E-SE. Codes were assigned to each block to indicate the oxidation degree as oxide,
transitional or sulphide material. A single density value was assigned for each of the weathered zones.
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Data inside the structures were composited to a standard 1.5 m length. Grade distributions were evaluated using
probability plots for all areas. Grade caps were applied to gold, silver, copper and sulfur grades. Variograms
were constructed to provide the appropriate distances for search ellipsoid radii for each vein family. Ordinary
Kriging was used to interpolate gold, silver, copper and sulfur grades. Each vein was interpolated with its own
data and using a search ellipse that follows its own spatial orientation (strike and dip).
The model was validated using visual methods, tabulations and comparison between floating window average
grades of composites and block estimates to ensure no bias was present. Block estimates were classified as
Indicated or Inferred using a combination of distance to the nearest sample and number of drillholes.
Reasonable prospects of economic underground extraction were applied and all the mineralized wireframes
were limited to 15 m below surface for resources reporting. Table 1-1 presents an estimate of mineral resources
based upon the above mentioned methodology for a cut-off grade of 1.5 g/t Au.
Table 1-1 Mineral Resource Estimates by Material Type (cut-off grade 1.5 g/t Au)
Material Type
Indicated
1,2
Inferred
1,2
Tonnage
(Mt)
Au Grade
(g/t)
Ag Grade
(g/t)
Tonnage
(Mt)
Au Grade
(g/t)
Ag Grade
(g/t)
Oxide 2.09 2.85 8.96 1.00 2.71 16.00
Transitional 7.33 3.15 18.25 1.97 2.87 18.60
Sulphide 21.20 3.10 14.24 19.26 3.05 15.32
Total 30.62 3.09 14.84 22.24 3.02 15.64
1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or
any part of the Mineral Resources will be converted into Mineral Reserves.
2. Mineral Resource tonnages and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may
not add due to rounding.
The mineral resources disclosed in this Technical Report were estimated using the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions.
1.7 Preliminary Economic Assessment
This updated PEA is based on the Mineral Resource Estimate of June 30, 2011 that includes drill and assay
data up to May 2011. A gold equivalence ratio of 42.5:1 between silver and gold was applied. Although mining
potential was constrained by a gold equivalent minimum average stope grade of 2.5 g/t (AuEq), the mine
production plan was based on a gold equivalent minimum average stope grade of 3.0 g/t (AuEq).
The updated PEA incorporates the evaluation of four alternatives for processing including sale of concentrate,
roasting, bio-oxidation (BIOX) and pressure oxidation (POX) as well as an agitated tank leach for oxides and
transitional resources. The updated PEA also addresses variation in the ability to mine selectively by evaluating
both higher grade (3.0 g/t gold equivalent (AuEq) cut-off) and lower grade scenarios (2.0 g/t AuEq cut-off).
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Highlights of the Base Case Scenario* (USD1,200/oz gold and a cut-off grade 2.5 g/t AuEq) include:

All four alternatives for concentrates produce positive returns with BIOX being the most economically
beneficial method evaluated.

Total recovery of 2.7 million gold equivalent ounces (90% Au).

Production between 222,000 and 303,000 gold equivalent ounces per annum for 10 years with average
annual production of 269,000 gold equivalent ounces.

Cash costs of USD494/oz (total costs of USD702/oz) over the life of mine including silver by-product
credits.

Estimated initial capital cost of USD529 million.

Sustaining capital cost of USD117 million.

Post-tax NPV (5% discount) of USD334 million.

Post-tax IRR of 14.8%.

Payback in 5.5 years.

Mine life of 10 years @ 6,000 tonnes production per day (tpd).


* Based on a gold price of USD1,200/oz and a silver price of USD18.25/oz in the first two years followed by a life of mine
price of USD1,200/oz for gold and USD15.85/oz for silver.
Project sensitivity analysis indicates that the project NPV is more sensitive to feed grade and metal price
followed by operating costs and then capital costs, Table 1-2 shows the post-tax sensitivity to gold price for the
base case scenario (cut-off grade 2.5 g/t AuEq).
Table 1-2 Post-Tax Sensitivity to Gold Price (NPV 5%)
BIOX USD1,200/oz USD1,400/oz USD1,700/oz
NPV USD (Million) 334.5 584.2 950.9
IRR (%) 14.8 20.7 28.1
Payback (years) 5.5 4.3 3.2
It should be noted that this updated PEA is preliminary in nature, that it includes inferred mineral resources that
are too speculative geologically to have the economic considerations applied to them that would enable them to
be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment and
project economics will be realized.
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1.7.1 Metallurgy and Processing
Extensive metallurgical test work has been performed over the years as detailed in Table 1-3.
Table 1-3 Metallurgical Test work for Angostura
Laboratory Scope of Work
McClelland Extensive column & bottle roll leach testing and flotation test work
G&T Extensive flotation test work
Metcom Extensive column & bottle roll leach testing and flotation test work
SGS (Chile & South Africa) Extensive flotation test work (pilot plant run) and mineralogical analysis
Barrick Goldstrike POX preliminary test work
Hazen Research Preliminary roasting & leach testing
Goldfields Extensive BIOX test work on flotation concentrate
Gold recoveries vary between 85.5% for sulphide and 84.0% for oxide and transitional material. Silver recoveries
vary between 52% for sulphide, 88% for oxide and 82% for transitional material. Despite this difference, for the
purpose of the updated PEA, gold recoveries have been applied to both metals as gold accounts for 89-91% of
AuEq recovery. Finally, a gold equivalence ratio of 42.5:1 between silver and gold was applied in the economic
evaluation.
The processing facility will generate three distinct residues:

Oxide CIP residues.

Oxidized/leached concentrate residues.

Flotation tailings.
Oxide CIP and oxidized/leached concentrate residues are considered to undergo full cyanide detoxification and
be combined with a portion of the flotation tailings to feed the backfill plant. In total, backfill will comprise 60% of
the flotation tailings produced. The remaining 40% will be filtered to less than 10% moisture content and will be
deposited at the tailings storage facility.
1.7.2 Underground Mining
Underground mine design work presented in the updated PEA is based on indicated and inferred resources.
The underground mining methods considered in the updated PEA vary according to rock quality domains and
vein width. Three sublevel stoping variations were considered including sublevel open stoping, bench & fill and
cut & fill. In-stope mineral resource estimates including planned dilution were determined from the selected
mineralized structures by generating wireframes that satisfy the 2.5 g/t AuEq average mining grade using a gold
equivalence ratio of 42.5:1 between silver and gold.
Contours were created from horizontal sections at 20 m intervals. These polygons were tied between levels to
delineate the corresponding solids representing the stopes. A minimum width of 2 m was applied for the
construction of the solids. Given the separation of the levels and the width of the structures, the delineation of
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the stopes does not accurately follow the limits of the high grade structures, incorporating dilution to the content
of stopes. The economic parameters used in the definition of the stopes are detailed in Table 1-4. Table 1-5
shows the indicated and inferred in-stope mineral resources for each cut-off grade scenario.
Table 1-4 Economic Parameters
Mining Cost USD/t 15-60 (Av. 40)
Processing Cost USD/t 24.3 (BIOX)
G&A USD/t 5
Selling USD/oz Au 5
Sulphide recovery AuEq % 85.56 (BIOX)
Oxides & Transitional recovery AuEq % 84.07
Table 1-5 In-stope Mineral Resources
Cut-off AuEq
Indicated Inferred
Tonnage Grade Grade Tonnage Grade Grade
(Mt) Au (g/t) Ag (g/t) (Mt) Au (g/t) Ag (g/t)
2 19.73 3.55 16.51 10.24 3.53 16.95
2.5 13.98 4.23 17.77 7.19 4.20 18.99
3 10.39 4.81 20.90 5.37 4.81 20.53
Note: In-stope mineral resources exclude stabilizing crown, sill and rib pillars
Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of
mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues. The quantity and grade of reported Inferred resources in this estimation are
uncertain in nature and there has been insufficient exploration to define these Inferred resources as an
indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to
an Indicated or Measured mineral resource category.
The updated PEA is preliminary in nature and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized.
Additional drilling will be required and is planned to better categorize these mineral resources.
1.7.3 Infrastructure and Services
All ancillary facilities required for mine and plant operations were considered in the updated PEA, including
access requirements, water supply and energy supply (including high tension electricity transmission lines).
Buildings and other facilities such as workshops, truck-shops, storage and communications have also been
taken into account. Some of the key strategic advantages for the development of the Project in terms of
infrastructure and services are:
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Located 67 km by road from Bucaramanga (city with population of 1.2 million).

All season access by roads.

Access to major power grid.

Abundant water and materials available.

Access to educated local work force.


1.7.4 Economic Evaluation
Economic results for the base case, higher grade and lower grade scenarios are summarized in Table 1-6, Table
1-7 and Table 1-8 respectively.
Table 1-6 Economic Evaluation Base Case Scenario (gold price of 1,200 USD/oz and cut-off grade of
2.5 g/t AuEq)
Item Unit Conc. sales Roaster POX BIOX
Dor incl Oxide Plant oz 12,872,089 13,488,099 12,995,291
Au in dor oz 2,428,374 2,540,803 2,450,860
Ag in dor oz 10,443,715 10,947,295 10,544,431
Mining cost USD/t 38.3 38.3 38.3 38.3
Processing cost USD/t 10.8 27.9 24.8 24.3
G&A USD/t 5 5 5 5
Selling USD/oz 5 5 5
Royalties % 3.2% 3.2% 3.2% 3.2%
Total USD/oz 703 687 702
Mine & Infrastructure USD (Million) 206.6 264.8 264.8 264.8
Plant USD (Million) 173.6 316.9 334.6 264.1
Total Capital USD (Million) 380.2 581.7 599.5 528.9
NPV 5% pre-tax USD (Million) 194.1 370.1 579.9 574.6
IRR pre-tax % 13.0% 14.9% 19.1% 20.5%
NPV 5% post-tax USD (Million) 87.1 193.2 332.3 334.5
IRR post-tax % 9.0% 10.5% 13.8% 14.8%
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Report No. 12-03-27_026_119-415-5030_IF 10
Table 1-7 Economic Evaluation Higher Grade Scenario (gold price of 1,200 USD/oz and cut-off grade of
3.0 g/t AuEq)
Item Unit Conc. sales Roaster POX BIOX
Dor incl Oxide Plant oz 12,704,842
13,287,614 12,821,396
Au in dor oz 2,019,639 2,113,866 2,038,485
Ag in dor oz 10,685,202 11,173,748 10,782,912
Mining cost USD/t 40.0 40.0 40.0 40.0
Processing cost USD/t 10.8 27.9 24.8 24.3
G&A USD/t 5 5 5 5
Selling USD/oz 5 5 5
Royalties % 3.2% 3.2% 3.2% 3.2%
Total USD/oz 638 628 650
Mine & Infrastructure USD (Million) 206.59 264.84 264.84 264.84
Plant USD (Million) 173.62 316.88 334.62 264.07
Total Capital USD (Million) 380.21 581.73 599.46 528.91
NPV 5% pre-tax USD (Million) 217.46 305.85 530.79 573.85
IRR pre-tax % 17.0% 15.9% 21.5% 24.3%
NPV 5% post-tax USD (Million) 41.76 148.41 302.60 340.14
IRR post-tax % 7.8% 10.6% 15.1% 17.4%
Table 1-8 Economic Evaluation Lower Grade Scenario (gold price of 1,200 USD/oz and cut-off grade of
2.0 g/t AuEq)
Item Unit Conc. Sales Roaster POX BIOX
Dor incl Oxide Plant oz 16,092,408 16,875,562 16,249,039
Au in dor oz 2,830,344 2,969,167 2,858,109
Ag in dor oz 13,262,064 13,906,395 13,390,930
Mining cost USD/t 36.0 36.0 36.0 36.0
Processing cost USD/t 10.8 27.9 24.8 24.3
G&A USD/t 5 5 5 5
Selling USD/oz 5 5 5
Royalties % 3.2% 3.2% 3.2% 3.2%
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Report No. 12-03-27_026_119-415-5030_IF 11
Item Unit Conc. Sales Roaster POX BIOX
Total USD/oz 763 740 756
Mine & Infrastructure USD (Million) 206.59 264.84 264.84 264.84
Plant USD (Million) 173.62 316.88 334.62 264.07
Total Capital USD (Million) 380.21 581.73 599.46 528.91
NPV 5% pre-tax USD (Million) -30.03 266.21 519.88 505.93
IRR pre-tax % 3.8% 11.1% 15.6% 16.4%
NPV 5% post-tax USD (Million) -75.39 106.41 276.96 274.84
IRR post-tax % 1.6% 7.6% 11.1% 11.7%
1.8 Environmental
The underground operation minimizes the surface foot print from mining activities:

Surface infrastructure at Angostura restricted to tailings impoundment (40% of mine production) & backfill
plant at El Pozo (3,400 m elevation) and pipelines, power and service roads to these facilities. Backfill
amounts to 60% of tailings production.

Initial waste development deposited in waste rock dumps on surface at La Perezosa (2,850 m elevation)
and La Herrera (3040 m elevation). Subsequent waste development disposed of in mined-out stopes.

Treatment plant footprint at Animas (3,200 m elevation).

Capture of contact waters (tailings impoundment, waste rock dumps and underground), treatment and
return to La Baja creek.
1.9 Community
Eco Oro is committed to developing the Angostura project in a socially and environmental responsible manner
that will be beneficial for the local and regional people, as well as Colombia as a whole:

Eco Oro has implemented a Business Practice founded on 3 pillars, Core Business, Support Business and
Social Investment Initiatives. All provide employment opportunities and freedom of movement between
them.

Eco Oro has implemented a Sustainable Social Responsibility ("SSR") model that seeks to provide human
and capital capacity within area of operations. Eco Oro is providing institutional capacity building with a
program co-financed with the International Finance Corporation - A member of the World Bank Group. The
SSR model includes:
Support Businesses that are often outsourced to small business in the area of operations.
Small Business Initiative established to build human and capital capacity for Support Business in the
area of operations.
Social Investment Initiatives managed through a Foundation which provides support to local and
regional communities in the area of operations.
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1.10 Qualified Persons
The updated PEA and this Technical Report ware prepared under the supervision and review of Dr. Marcelo
Godoy, MAusIMM (CP), with Golder; Mr. Graeme Farr, MSAIMM, with TWP; Mr. Rowan McKittrick, with
Schlumberger; and Mr. Jonathan Engels, with Knight Pisold, each of whom is a qualified person and
independent for the purposes of National Instrument 43-101.
1.11 Conclusions and Recommendations
Golder has reviewed the project data and the drillhole database and has visited the project site. Golder believes
that the data provided by Eco Oro, as well as the geological interpretations Eco Oro and their agents have
derived from the data, are generally an accurate and reasonable representation of the Angosturas mineralized
structures.
The block grade estimates have been derived using methodology and parameters that are appropriate for the
observed spatial continuity of grades and style of mineralization. The mineral resources disclosed in this
Technical Report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing
Committee on Reserve Definitions.
The findings of this updated PEA provide compelling arguments to complete exploration and infill drilling and
proceed with the development of a Preliminary Feasibility Study (PFS) for an underground only operation at
Angostura.
The compelling economics derived in this assessment support drilling aimed at upgrading the existing inferred
mineral resources and checking the extension of recognized mineralized structures. In this regard there is an
ongoing 45,000 m diamond drilling campaign designed to enhance the confidence level of some of the inferred
resources and expand the current underground resource.
The following studies should be carried out to support the next phase of project development:

A resource estimation update to include all information acquired during 2011.

Trade-off studies including different processing options and mining schedules.

Further metallurgical testing to optimize process parameters and project economics.

Geotechnical characterization program including oriented drilling to support mine design and costing.

Trade-off studies in phasing of initial capital investment such as delaying treatment of oxide and transitional
resources.
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Report No. 12-03-27_026_119-415-5030_IF 13
2.0 INTRODUCTION
Eco Oro Minerals Corp. (Eco Oro) commissioned Golder Associates Peru S.A. (Golder) to undertake a
Preliminary Economic Assessment (PEA) for the Angostura GoldSilver Underground Project (Project) in the
northern region of Santander, Colombia, and to prepare a Technical Report as defined in Canadian National
Instrument 43-101, Standards of Disclosure for Mineral Projects.
The updated PEA was prepared by a multidisciplinary team comprising Golder, TWP Sudamrica S.A. (TWP),
Schlumberger Water Services (Schlumberger) and Knight Pisold Consulting Ltd. (Knight Pisold).
The scope of work comprised the development of a conceptual mining operation that included the exploitation
of the Angostura gold and silver deposit by underground mining and the preliminary engineering design of the
associated processing and infrastructure facilities. Golder completed the mining studies and TWP completed
the metallurgical, process design and infrastructure components of the study. Golder also developed the pre-
and post-tax preliminary cash flow analysis. Schlumberger developed the hydrological and hydrogeological
components and Knight Pisold was responsible for the development of the tailings management solution.
The Effective Date of this Report is March 23, 2012 (Effective Date). This Technical Report discloses the
results of a resource estimation update dated June 30, 2011 and of the updated preliminary economic
assessment carried out to assess the economic potential of the Project. As part of the work Golder undertook a
detailed review of data capture, sample storage, QAQC, core logging, geological modeling and grade estimation
procedures carried out by Eco Oro and their agents.
This report, the resource estimate, and the updated PEA have been prepared in compliance with the disclosure
and reporting requirements set forth in the current Canadian Securities Administrators National Instrument 43-
101, Companion Policy 43-101CP, and Form 43-101F1.
Mineral resource reported in this document includes indicated and inferred mineral resources. The updated PEA
was based on Indicated and Inferred mineral resources.
The following professionals served as the Qualified Persons (QPs) as defined in National Instrument 43-101,
Standards of Disclosure for Mineral Projects, and in compliance with Form 43-101F1. The QPs responsible for
the preparation of the Report are:

Marcelo Godoy, PhD, Principal Geostatistician and Mining Engineer with Golder Associates S.A. and
Member of the AusIMM (CP) was responsible for the overall preparation of the report and is the author of
Sections 1-12, 14-16, 18.1, 18.2, 19-23 and 25-27 of this report. Dr. Godoy visited the property from 1 to 5
August 2011.

Graeme Farr, with TWP Sudamerica S.A. and Member of the SAIMM was responsible for the conceptual
level design of the processing and infrastructure facilities and Sections 13 and 17 of this report. Mr Farr
visited the property from 5 to 9 August 2011.

Rowan McKittrick, Principal Hydrologist with Schlumberger Water Services and Member of the Geological
Society of London and qualified as a Chartered Geologist was responsible for the hydrological and
hydrogeological components of the study and is the author of Sections 18.3, 18.4 and 24 of this report. Mr
McKittrick visited the property during the periods of 17 to 18 February 2011 and 29 November to 1
December 2011.
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Report No. 12-03-27_026_119-415-5030_IF 14

Jonathan Engels, PhD, Project Engineer with Knight Pisold S.A. Professional Member and Chartered
Engineer in good standing of the Institute of Materials, Minerals and Mining (IMMM) supervised and
reviewed the conceptual level design of the tailings storage facility and takes responsibility for Sections
18.5 of this report. Mr Jonathan has not directly inspected the property.
A Certificate of Qualified Person for each QP is provided in Appendix A.
In preparing this report, Golder has relied on various reports, maps and technical papers listed in the References
section at the conclusion of this report and on experience gained from similar deposits.
All measurement units used in this Report are metric, and currency is expressed in US dollars unless stated
otherwise.
3.0 RELIANCE ON OTHER EXPERTS
The authors have relied on the information, opinions and statements of other experts that are not QPs. The
authors are not experts in legal matters, such as the assessment of the legal validity of mining claims, private
lands, mineral rights, and property agreements in Colombia. The authors did not conduct any investigations of
the environmental or social-economic issues associated with the Project, and the authors are not experts with
respect to these issues.
The authors rely on information provided by Eco Oro as to the title of mining claims, the terms of property
agreements, and the existence of applicable royalty obligations, as well as all information concerning
environmental issues and permitting. Sections 4.2-4.7, 6.0, 20.0 and 24.1 are entirely based on information
provided by Eco Oro, and the authors offer no professional opinions regarding the provided information.
All reasonable endeavours have been made to ensure the accuracy and reasonableness of the information
supplied by other experts. No warranty or guarantee, be it express or implied, is made by Golder with respect to
the completeness or accuracy of such information provided.
4.0 PROPERTY DESCRIPTION AND LOCATION
4.1 Location
Eco Oros wholly owned Angostura gold and silver deposit is located in northeastern Colombia near the border
with Venezuela, some 400 km northnortheast of the capital city of Bogot, and approximately 67 km northeast
of the city of Bucaramanga in the Department of Santander.
The property is located in steep, mountainous and relatively rugged terrain at elevations ranging from 2,400 to
3,500 metres above sea level (m.a.s.l.). The geographic coordinates of the Angostura deposit are N7 23
latitude and W72 54 Longitude.
Current Project access from Bucaramanga is via the partially-paved MatanzaSurataCalifornia road, a distance
of 67 km and travel time of two to three hours by car, depending on weather conditions. Within the Project area,
access is by a network of unpaved roads, tracks and horse and foot trails.
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Over the past fifteen years Eco Oro has acquired outright ownership of 14 mining titles either by purchase or by
application to governmental agencies (concession contracts, exploitation licenses, and exploration licenses)
covering approximately 30,000 hectares in the municipalities of California, Vetas, Surat, Charta and Tona in the
Department of Santander, where the Angostura Project is located and in Cucutilla and Mutiscua in the
Department of Norte de Santander.
Figure 4-1 shows a map indicating the location of the property.
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Figure 4-1 Location of Angostura Project
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Report No. 12-03-27_026_119-415-5030_IF 17
4.2 Mineral Tenure
Under Colombian mining law, generally, all minerals, whether they are located on the soil or subsoil, are the
property of the State. Obtaining mining rights does not transfer ownership of the mineral estate, but creates a
temporary right to explore and benefit from exploitation of the minerals in exchange for royalty payments as long
as the mining title remains in good standing. In Colombia, mining titles are subject to the legal regime in force at
the time they were granted. Colombia has several mining regimes that currently have application, including: Law
685, 2001 (the 2001 Mining Code), amended by Law 1382, 2010 (the 2010 Amendment); Decree 2655, 1988
(the 1988 Mining Code); Law 20, 1969 and the Civil Code (prior to Law 20, 1969), which are applicable to
privately owned minerals. Eco Oro holds mining titles under the 1988 Mining Code and 2001 Code with certain
modifications of the 2010 Amendment. In May 2011, the Colombian Constitutional Court declared the 2010
Amendment unconstitutional and limited its enforcement to the following 2 years. Once that period has elapsed,
the 2010 Amendment will be abolished. In the meantime, favorable aspects of the 2010 Amendment are
applicable but whether they will continue to apply after this time is not clear.
The Ministry of Mines and Energy is the principal mining authority in Colombia and in charge of managing mining
resources and formulating mining polices. Currently, the Ministry of Mines and Energy has delegated the
administration of non-renewable resources to the Colombian Geological Service (Servicio Geolgico
Colombiano or SGC), which, prior to November 3, 2011, was known as Ingeominas) and some territorial
entities until the new mining authority known as National Mining Agency is operational, which is expected to
occur later this year. SGC currently has responsibility in the area of the Angostura Project.
Under the Colombian mining regime, exploration and exploitation activities require a mining license or
concession. Except for activities done in ethnic minority areas, prospecting activities do not require authorization
from the State.
Mining titles may be granted directly from the State or assigned from third parties who previously acquired title.
Filing a mining title request does not grant mining rights, however it does grant a preferential right over any
further filings in the same or overlapping areas. Mining title requests must be processed by the SGC or the
corresponding territorial entity within 180 calendar days but, in practice, processing often takes considerably
longer. Assignments of mining titles from third parties are deemed approved whenever the mining authority fails
to issue a response within the following 45 business days after filing of the assignment notice. Once a mining
title is granted or a mining title assigned, it must be registered before the national authority for the purpose of
inscription, authenticity, validity and publicity.
The 1988 Mining Code establishes four types of mining titles: exploration licenses, exploitation licenses, public
contributions and concession agreements. An exploitation license grants the right to exploit mineral resources for
a term of 10 years, with a right to apply for an additional 10 year extension upon its expiry. It may also be
converted into a concession agreement subject to the mining code in force. The conversion will be granted for a
20 year term, extendable according to the applicable regime (currently 20 years). 1988 Mining Code Concession
agreements are granted for 30 year terms without the right to extension. Eco Oro holds exploitation licenses and
concession agreements that are governed by the 1988 Mining Code.
The 2001 Mining Code provides for only one type of mining title, known as a concession, which is granted for a
term of 30 years. The concession is divided into 3 phases: (i) exploration, with a 3 year term, which may be
extended up to 8 years in 2 year extensions each, for a total of 11 years according to the 2010 Amendment; (ii)
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construction and installation, with a 3 year term which may be extended for an additional year according to the
2010 Amendment; and (iii) exploitation, comprising the remainder of the 30 year term. The concession may be
extended for an additional 30 years, unless granted under the 2010 Amendment, in which case it may only be
extended for an additional 20 years. Under the 2001 Mining Code, the extension is deemed approved whenever
the mining authority fails to issue a response before the termination of the phase. Eco Oro holds several
concessions, including its principal mineral titles that are governed by the 2001 Mining Code.
Holders of mining titles are required to pay an annual surface tax (canon superficiario) depending on the number
of hectares covered by each title and the mining regime applicable the title ranging from a daily minimum wage
(approximately $10) per hectare to three times the daily minimum wages per hectare. Pursuant to the 1988
Mining Code and 2001 Mining Code, surface taxes are as follows: (i) up to 2000 hectares, 1 daily minimum
wage; (ii) above 2000 to 5000 hectares, 2 daily minimum wages; and (iii) above 5,000 and 10,000 hectares, 3
daily minimum wages. Pursuant to the 2010 Amendment, surface taxes are dependent upon the extension and
time elapsed in the concession as follows: (i) years 1 to 5, 1 daily minimum wage; (ii) years 6 and 7, 1.25
minimum daily wages, and (iii) years 8 to 11, 1.5 minimum wages. Titles in the exploitation phase do not require
payment of surface taxes. All Eco Oros surface tax obligations are governed by the provisions of the 2001
Mining Code.
The 2001 Mining Code requires an environmental mining insurance policy for each concession to ensure
compliance with mining and environmental obligations as follows: (i) 5% of the budget for the annual investments
during the exploration and the construction phases, and (ii) 10% of the result of multiplying the estimate of
annual production (volume) and the price of the mineral at the mine head. The 2010 Amendment provides for the
possibility of substituting the insurance with a personal guarantee.
Surface rights are not considered a part of the mining titles or rights and are not governed by mining laws even
though the mining regime provides for expropriation of real property and the imposition of easements and rights
of way. Surface rights must be acquired directly from the owners of such rights but it is possible to request that
judicial authorities facilitate expropriation and/or grant easements or rights of way necessary for a mining
operation.
In order to initiate the construction phase, a company must file a PTO within the final three 3 months of the
exploration phase. The PTO is a technical document that describes, among others things, the area of operation,
the characteristics of reserves to be exploited, the location of facilities and mining works, the mining plan of
exploitation, the scale and duration of the expected production, the physical and chemical characteristics of
minerals that are going to be exploited and the closure plan of exploitation and abandonment of the assemblies
and the infrastructure. During the construction phase, the concessionaire may make changes and additions that
are necessary prior to filing with the environmental and mining authorities. During this phase, the concessionaire
is authorized to initiate anticipated exploitation and make use of provisional equipment and civil works.
Over the past fifteen years, Eco Oro has acquired outright ownership of a total of 14 mining titles by purchase or
by application to governmental agencies (concession contracts, exploitation licenses, and exploration licenses)
covering approximately 30.000 hectares in the municipalities of California, Vetas, Surat, Charta and Tona in the
Department of Santander, where the Angostura Project is located and in Cucutilla and Mutiscua in the
Department of Norte de Santander, as described in Table 4-1, and shown in Figure 4-2.
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Report No. 12-03-27_026_119-415-5030_IF 19
Table 4-1 List of Eco Oro`s Mining Titles
Mining
Title
Class of title Location
Area,
Ha
Date of
registration
3452 Mining concession contract
California, Vetas, Surat,
Cucutilla
5244.85 09/08/2007
101-68 Exploitation License California 5.66 19/04/2000
127-68 Exploitation License California 3.46 19/04/2000
6979 Mining concession contract California 40.00 10/07/2006
22346 Mining concession contract Vetas, Mutiscua 1184.12 17/06/2008
300-68 Exploration license California 9.19 14/10/2003
13921 Exploitation license California 78.63 18/12/2003
AJ5-142 Mining concession contract Charta, Tona 4061.12 15/11/2006
AJ5-143 Mining concession contract Charta, Tona, Vetas 3890.50 22/06/2007
AJ5-144 Mining concession contract Charta, Tona 4336.00 12/02/2008
EJ1-159 Mining concession contract Surat, California 814.95 09/03/2007
EJ1-163 Mining concession contract Surat, California, Cucutilla 8424.66 16/05/2007
EJ1-164 Mining concession contract Surat, Charta 1439.34 24/05/2007
343-54 Mining concession contract Cucutilla 600.00 09/02/2007
Regarding the mining titles it is important to point out that the Principal Mining Concession is Contract No. 3452
which was created by the consolidation of 11 previously existing titles and 3 area requests in February 14, 2007,
registered before the National Mining Register on August 9, 2007. This mining title is known as the Angostura
Block, and contains 2 of the 4 important mineral deposits, Angostura and Mngora. The total Permit area is
5,244.9 hectares. This mining title is currently undergoing its 5th year of the exploration phase which expires on
August 8, 2012. Nevertheless, the mining title is eligible for 3 additional extensions of 2 years each. At
expiration, the concession agreement is eligible for a 30 year extension of the exploitation phase.
Exploitation licenses 101-68 (5.65 hectares) and 127-68 (3.45 hectares) are adjacent to Contract No. 3452 and
contain a small part of the Angostura mineral deposit. Even though the exploration licences expired in 2010, Eco
Oro filed within time for the legal extension for an additional 10 years. Afterwards, and considering that the
extensions had not yet been resolved, Eco Oro made use of its preference right to convert the exploitation
licenses into concession agreements with a 20 year term.
Exploitation License 13921, known as La Plata mineral deposit, was acquired in 2009, and finally registered in its
entirety to Eco Oro in January, 2011. It comprises an area of 78.62 hectares. At the end of 2011, Eco Oro finally
obtained CDMBs authorization for assignment of the corresponding environmental management plan. The La
Plata mineral deposit is currently under exploration.
Finally, Concessin No. 6979 contains La Armenia mineral deposit, which is also adjacent to the Angostura
mineral deposit. It has an extension of 40 hectares. This mining title is currently undergoing environmental
evaluation.
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Report No. 12-03-27_026_119-415-5030_IF 21
4.3 Surface Rights, Easements and Rights of Way
Land acquisition in Colombia is subject to the compliance of certain formalities according to the Colombian Civil
Code, such as the execution of a public deed and further registry before the Public Acts Registry Office. Forms
of acquisition include, amongst others, acquisition agreements, hereditary rights, foreclosures, or by way of
prescriptive rights (statute of limitations on possession). Registry before the aforementioned office is required to
consolidate property upon the holder.
Mining is considered of public utility and an activity of public interest, therefore the owner of a mining concession
is also entitled to request from judicial authorities: (i) the imposition of easements or rights of way necessary for
the operation, and (ii) request expropriation of lands needed for the project, when it is not possible to have an
agreement with the land owner. In any case, Eco Oro has the obligation of paying the affected third party all
amounts determined as compensation by administrative and/or judicial authorities for this purpose. Easement
rights may be requested from the moment of the execution of the concession agreement. On the other hand,
expropriation will require prior approval of the Civil Works Program (PTO) by the mining authority in order to be
enforced.
The region in which the Angostura Project will be developed is characterized by a high degree of informality in
holding of land. Therefore, the most common forms of acquisition are acquisitions agreements with registered
owner(s), assignment agreements over owners hereditary rights from next of kin, and agreements over material
possession rights when there is informality in land property. To date Eco Oro has not filed for an imposition of an
easement or right of way, nor has it initiated expropriation legal actions against third parties.
As a consequence of informality, the acquisition of surface rights, easements or rights of way, is often a lengthy
process. Even though material possession of lands may be easily exercised, the process of property acquisition
can take several years when the owners do not have proper registered titles over land. Nevertheless, Colombian
law provides for the possibility of settling land titles by the application of a statute of limitations of prescriptive
right based on material possession of lands.
Currently Eco Oro has outright ownership of approximately 3,700 ha subject to certain deferred payments being
made. These are summarized in Table 4-2 and are shown in Figure 4-2 which shows the location of the Project
in relation to the acquired surface rights. Eco Oro has also executed several private agreements with third
parties for rights of way on to properties not owned by Eco Oro in order to perform exploration activities and
geological scoping.
Table 4-2 Surface Rights Acquisition Summary Table
# Land Property Name Area (ha) Municipality/Department
1 Angostura (consolidation of several lots) 736.09 California/Santander
2 Padilla 15.98 Surat/Santander
3 La Herrera 18.52 California/Santander
4 La Casita 31.00 California/Santander
5 Romeral-Carrizal 383.50 Cucutilla/Norte de Santander
6 Romeral 535.55 Cucutilla/Norte de Santander
7 La Armenia 175.24 California/Santander
8 Miraflores 36.95 California/Santander
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# Land Property Name Area (ha) Municipality/Department
9 La Casita 11.1 California/Santander
10 La Berenciana 16.23 California/Santander
11 Cruz 8.80 California/Santander
12 Los Llanitos 14.63 California/Santander
13 Esmeralda DIVISO 8.89 California/Santander
14 El Cadillal 68.95 California/Santander
15 El Bosque 9.00 California/Santander
16 El Salibal 28.83 California/Santander
17 Las Pavas 89.98 Vetas/Santander
18 El carbon- Lagunas coloradas 6.19 Vetas/Santander
19 Los Robles 14.57 California/Santander
20 Las Puentes (*) 1,034.35 Vetas/Santander
21 La Esmeralda (*) 86.38 California/Santander
22 El Jordn-El Carbn 34.85 Vetas/Santander
23 Laguna la Virgen 188.7 Vetas/Santander
24 La Venezuela 15.9 Vetas /Santander
25 Pajarito 147.8 Vetas/Santander
TOTAL 3717.98
(*) Right over the land property as part of a process of
succession
Purchased Urban Land (In California Town)
# Land Property Name Area (ha) Municipality/Department
1
Lot Cra 4 No 3-10-California (Greystars
House)
0.19 California/Santander
2 Lot San Francisco 6.37 California/Santander
3 Lot 6 0.07 California/Santander
4 Lot 7 0.07 California/Santander
5
Lot Cra 6 No. 3-26 and cll 4No. 5-41/45/49
(Core Shack)
0.3570 California/Santander
TOTAL 7.05
Agreement Signed Pending Judicial Process
# Land Property Name Area (ha) Municipality/Department
1 El Alta - Deed 2176 Reg. 300-242 30.68 California/Santander
2 Padillo 3.54 Surat/Santander
3 San Julian 18.00 California/Santander
4 La Rinconada 64.5 Vetas/Santander
TOTAL 116.72
(*) Right over the land property as part of a process of
succession
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 23
4.4 Environment
Mining activities are subject to environmental regulations promulgated by government agencies from time to
time. Environmental legislation generally provides for restrictions and prohibitions on spills, releases or
emissions of various substances produced in association with certain mining industry operations, such as
seepage from tailings disposal areas, which would result in environmental pollution. A breach of such legislation
may result in imposition of fines and penalties. The Constitution, the National Code of Renewable Natural
Resources and Protection of the Environment (Decree Law 2811 of 1974) as well as Law 99 of 1993, form the
basis of environmental regulations in Colombia.
Under the environmental legal regime, the use of water (superficial or underground), air, flora and fauna, as well
as the generation of solid and liquid discharges and waste dumps are subject to prior licenses, permissions and
concessions. Environmental legislation in Colombia is evolving and the general trend has been towards stricter
standards and enforcement, increased fines and penalties for noncompliance, more stringent environmental
assessments of proposed projects and increasing liability for companies and their officers, directors and
employees.
The principal environmental authority in Colombia is the Ministry of Environment and Sustainable Development,
with national jurisdiction, in charge of formulating environmental and renewable natural resources policies and
defining regulations focused on reclamation, conservation, management and use of natural resources and
surveillance of all activities that may have an environmental impact. Recently, all activities associated with
environmental permitting and control have been delegated to the National Environmental Licensing Authority
(Autoridad Nacional de Licencias Ambientales or ANLA). At a regional level, the Ministry of Environment and
Sustainable Development and ANLA functions are executed by Regional Autonomous Corporations (CAR).
Together they constitute the principal environmental authorities. In the Companys area of operation, the
Regional Autonomous Corporation in charge of environmental surveillance is the Corporacin de Defensa de la
Meseta de Bucaramanga (CDMB). The Ministry of Environment and Sustainable Development is entitled to take
control over Regional Autonomous Corporations at its discretion, on a case by case basis, when circumstances
require it to do so. Both authorities have the following functions: (i) prevent and/or suspend any activity it deems
contrary to environmental standards; (ii) reserve and define areas excluded from mining activities (i.e. forest
reserves and pramo ecosystem); and (iii) approve environmental instruments, such as environmental
management plans (Planes de Manejo Ambiental or PMAs), mining and environmental guides (Guas Minero
Ambientales or GMAs) and Environmental Impact Assessments (Estudios de Impacto Ambiental or EIAs),
environmental licences and permits.
PMAs, GMAs and EIAs are the principal environmental instruments that allow the Government to oversee
activities that have the potential to impact the environment. These documents must be adopted by the
concessionaire and define detailed measures and activities to be implemented for the mitigation, compensation
and prevention of adverse environmental effects of a project. They also include follow-up, monitoring,
contingency, and abandonment activities. The execution of activities under the exploration, construction and
exploitation phase require the approval of one of these instruments. Prospecting activities are not subject to
environmental permitting, without prejudice of any permit or concession necessary for the use of natural
renewable resources.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 24
Mining operations (in their exploration, construction and exploitation phases) that started activities before Law
99, 1993 was in force are subject to the application of a PMA previously approved by a Regional Autonomous
Corporation. After Law 99, 1993 came into force, construction and exploitation operations required the approval
of an environmental license and only exploration phase activities remained subject to the application of a PMA
previously approved by a Regional Autonomous Corporation. After Law 685, 2001 came into force, GMAs
replaced PMAs for exploration phase activities. Neither a PMA nor a GMA constitute permission to use natural
resources and therefore authorization of the corresponding environmental authority is required (e.g. water
concessions, dumping permits). Environmental licenses, however, include all necessary permits for the use of
natural resources. The initiation of the construction and exploitation phase requires granting of the environmental
license. Under the current mining regime, an environmental license for a gold project is granted by ANLA when
total tonnage of extracted ore material and waste material is equal or more than 2,000,000 tons per year.
Regional Autonomous Corporations will grant environmental licenses whenever total tonnage of extracted ore
material and waste material is less than 2,000,000 tons per year. The Angostura Project is expected to be
subject to ANLA jurisdiction.
An environmental license request may require public hearings at which the company presents the project and
allows the community to understand its scope, as well as to express their opinion on the feasibility of the project.
Public hearings have to be expressly requested by third parties. The request also requires filing of an EIA which
will contain elements, information, data and recommendations as may be required to describe and characterize
the physical, social and economic environment of the place or region of the works of exploitation; the impact of
such works with its corresponding evaluation; plans for prevention, mitigation, correction and compensation of
those impacts; specific measures to be applied to the abandonment and closure of the mining works and its
management plan; and the necessary investment and monitoring required with respect to these activities. Once
an environmental license has been granted, the company may initiate construction and exploitation activities.
The 2001 Mining Code, as well as the 2010 Amendment and the National Development Plan define the
existence of areas that may be excluded from mining activities, such as regional parks and pramo ecosystems.
For an area to be excluded from mining it the geographic boundary must have been determined by the relevant
environmental authority based on technical, social and environmental studies, which support the incompatibility
of mining activities, or in the specific case of pramo ecosystems, which support the existence of said
ecosystems. Currently both the Ministry of Environment and Sustainable Development and CDMB are working
on the definition of a regional park, as well as a pramo ecosystem in the area where the Angostura Project is
located. A final decision on the regional park and pramo ecosystem will be made by the Ministry of Environment
and Sustainable Development and the CDMB.
Eco Oro holds and has the corresponding PMA and GMA approved for its mining operation in the Angostura
block. In addition, it has filed a request to obtain terms of reference for the preparation of the corresponding EIA
for an underground operation. MADS has not issued a definitive response on the terms of reference.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 25
4.5 Water Rights
The use of surface or underground water requires prior concession from the Regional Autonomous Corporations
(CAR). For the Angostura project, the CAR is the Corporacin de Defensa de la Maseta de Bucaramanga
(CDMB). Likewise, water discharge requires permitting from the same authority. Both water concessions and
discharge permits require payment of fees to the Regional Autonomous Corporation. Eco Oro holds the following
Water Rights granted by the CDMB (Table 4-3):
Table 4-3 Water Rights granted by the CDMB
Resolution Creek L/S Allowed Uses Expiration
Res. 768, 2004 El Pozo 0.1764
Mining activities and human
consumption
August
2014
Res. 770, 2004 Angostura 4.0101
Industrial use and human
consumption
August
2016
Res. 771, 2004 La Venta 3.0174
Industrial use and human
consumption
August
2016
Eco Oro has filed requests for discharge which are currently under review by the CDMB.
4.6 Surface Lease Fees and Royalties
Holders of mining titles are required to pay an annual surface tax (canon superficiario) depending on the number
of hectares covered by each title and the mining regime applicable the title ranging from a daily minimum wage
(approximately $10) per hectare to three times the daily minimum wages per hectare. Pursuant to the 1988
Mining Code and 2001 Mining Code, surface taxes are as follows: (i) up to 2000 hectares, 1 daily minimum
wage; (ii) above 2000 to 5000 hectares, 2 daily minimum wages; and (iii) above 5,000 and 10,000 hectares, 3
daily minimum wages. Pursuant to the 2010 Amendment, surface taxes are dependent upon the extension and
time elapsed in the concession as follows: (i) years 1 to 5, 1 daily minimum wage; (ii) years 6 and 7, 1.25
minimum daily wages, and (iii) years 8 to 11, 1.5 minimum wages. Titles in the exploitation phase do not require
payment of surface taxes. All Eco Oros surface tax obligations are governed by the provisions of the 2001
Mining Code.
In addition, pursuant to the laws of Colombia, the Government of Colombia currently receives royalties on gold
and silver production equal to 4% of 80% of the value of the minerals extracted, which is calculated using the
average gold and silver prices published by the London Metal Exchange.
In addition, as a result of the acquisition of some of the mining titles, Eco Oro acquired the obligation to pay a
private royalty to third parties, as seen below:

For original permit No. 3452 Angostura (approximately 250 hectares and prior to its consolidation under
Concession No. 3452), 5% of net profits of the mining operations over 50% of the original mining title, and
10% net profit of the mining operations over the remaining 50%.

For original permit No. 47-68 Angostura (approximately 54 hectares and prior to its consolidation under
Concession No. 3452) a 10% net profits of the mining operations over 100% of the original mining title.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 26

For Exploitation License 13921 (La Plata) an advanced payment on Gold production, at a rate of USD7 per
ounce of gold with a maximum of 750,000 ounces and maximum payment of USD5.250.000. Payment of
this royalty may be enforceable once technical studies determine the feasibility of the project. For silver
production at a rate of USD0.10 per ounce of silver during the life of the mine.
The area under which the net profits royalty applies in original permits 3452, and 47-68 covers approximately
73% of the mineralized area, therefore, a total 5.5% net profits royalty is payable to these original vendors.
5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES,
INFRASTRUCTURE AND PHYSIOGRAPHY
5.1 Accessibility
Current Project access from Bucaramanga is via the partially-paved MatanzaSurataCalifornia road, a distance
of 67 km and travel time of two to three hours, depending on weather conditions. Within the Project area, the
access is through a network of unpaved roads, tracks, and horse and foot trails.
Bucaramanga has an airstrip, with daily flights to Bogota, Medellin and Panama City. Helicopter flights to the
Project are also conducted from Bucaramanga.
The closest port is Santa Marta, 550 km from the Project site.
5.2 Climate
The Project experiences two wet seasons, from April to June and from September to November. January is the
driest month, April the wettest. The climate is highland tropical, with the average annual temperature being
8.7- 9.8C, ranging between 0.8C and 26.9C. Rainfall averages 1,182 mm, and the evaporation rate is about
576 mm. Relative humidity averages 73%.
Although exploration activities can be weather-curtailed, it is expected that mining operations will be conducted
year-round.
5.3 Local Resources and Infrastructure
The Angostura Project is located in a relatively undeveloped region in the department of Santander. The closest
communities are the small towns of California (population 393), Vetas (417), Surat (436), Matanza, Tona (496)
and Cucutilla (451). These towns can provide basic services. Most supplies and services are sourced from
Bucaramanga. There is currently no existing Project infrastructure.
5.3.1 Proposed Infrastructure
The Project layout as envisaged in the updated PEA study is presented in Figure 5-1. The figure demonstrates
the current topographic surface in the area of the proposed infrastructure; the proposed underground mine,
tailings and waste rock facilities, and the general area of the processing.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 28
Access
The main access road to the project will be the Bucaramanga-BerlinAngostura route. The BucaramangaBerlin
stretch is a national paved road and covers a distance of 62 km. The existing road from Berlin to Meseton
(8 km past Vetas, a total of 31 km) will be repaired and widened. A new road will be planned and defined in next
level of study for the remaining distance to the project.
The secondary access road to the project will use the existing dirt road from the municipality of California to the
project. New access roads will be planned and defined in the next level of studies from La Bodega to Angostura
to maintain accessibility for personnel transport, and as an emergency alternative for delivery of operating
consumables. Figure 5-2 shows project access plan.
Buildings and Infrastructure
Buildings and infrastructure location will be more carefully studied and defined in the next level of studies, which
must include:

Underground mine developments.

Waste dump and tailings storage.

Process plant and plant offices.

General buildings: Administrative, Warehouse, Workshop, Laboratory, and operational offices.

Explosive warehouse.
Figure 5-2 Project Access Plan.
Note: Figure courtesy Eco Oro.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 29
Personnel and Accommodation
Although there are few trained personnel currently residing within the Santander Department, Eco Oro expects
that the majority of positions can be staffed by Colombian personnel, following suitable training programs.
The labour force will ramp up during the construction phase and will reach a peak of approximately
1,000 employees. The work roster for Angostura operations will be fourteen days on, seven days off for
operators and supervisors working shifts and five days on, two days off for administrative staff and management
not subject to shifts. The permanent camp will include facilities for accommodation, first aid, recreation, dining,
gym, sports facilities and services.
Transport
The transportation of employees to the Angostura project will be by two route options: one between the towns of
Matanza, Surat and California to Angostura, and the other from the permanent camp, which will be planned and
defined in next level of studies. The transportation service will be provided by a contractor in both cases. Eco
Oro will provide internal transport between the plant area and the mine.
Water
In an average rainfall year, all the water required by the project is expected to be sourced from capture of
contact waters from runoff and seepages at tailings impoundment, waste rock dumps and the underground mine
and the planned use of recycled water in the metallurgical process.
In dry years, surface water runoff will be collected from the mine site and stored in a reservoir, the location and
design of which will be planned and defined in next level of studies. During these periods, the reservoir would
supply make-up water to the process ponds.
All excess contact water will be treated prior to discharge into public streams.
Power
The estimated project demand of power supplied will be calculated in next level of studies, to supply the
Angostura substation.
Waste
A solid waste management policy for the Angostura project has not yet been fully defined; this will be completed
during the next level of studies. However, compliance with the current Colombian legislation, Eco Oros
corporate specifications regarding waste management, and International Finance Corporation guidelines, will be
the design criteria. Waste Management Practices will include:

A landfill site will be constructed to manage organic waste following receipt of the environmental permit
from ANLA.

Non-hazardous, recyclable solid waste will be transported to and stored in a recycling yard set up and
operated by a waste management company; this company will seek the best recycling alternatives for
wastes.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 30

Non-recyclable or non-reusable wastes will be collected in specific industrial containers in each generation
area. These wastes will be transported by a reputable waste management company to a landfill site
authorized by the Department of Santander Health Authority.
During normal operation there will be liquid effluents discharged from the Angostura project into the environment
depending on weather conditions and process water availability conditions:

Sewage treatment plants will be installed at the project site and the main camp.

Used oils will be disposed of in a storage tank provided by the supplier; the supplier will either recycle the
oil or burn it in an authorized facility.

Wash water at the maintenance shops will be sent to a pond where solids will be settled and floating oil
removed; the water will be re-used in the washing area.
In addition to the rock waste produced at the mine site, there will be topsoil and peat material from construction
and conditioning of main and secondary roads, administrative and operational offices, infrastructure and
easements, which will be stored in designated storage facilities.
Communications
A conventional VHF radio communications system will be installed, with three site repeaters located in the hills
around the plant area to facilitate communications. Portable radios will be used to link mine equipment and light
vehicles.
5.4 Physiography
The Project is located in steep and relatively rugged mountainous terrain at elevations ranging from 2,400 m.a.s.l
to 3,500 m.a.s.l.
The Project is situated at the upper end of the La Baja creek drainage basin, a catchment area of approximately
124 km
2
above the town of California. The local catchment area of the Angostura creek drains an area of
approximately 10 km
2
.
The principal economic activity in the area is the small-scale exploitation of gold, while agriculture, cattle
husbandry and basic commercial activities are of lesser significance. Agriculture is carried out using traditional
methods with low yields, and cattle are primarily grown for meat production for local demand.
Vegetation in the higher part of the Angostura project area can be described as light alpine scrub consisting of
grasses and shrubs such as romaine, agraz, etc. and "Frailejon" (espeletia humboldt), typical for the high
elevations of the northern Andes mountains of Venezuela, Colombia, and Ecuador. There is significant growth of
oak trees along the watercourses in the lower elevations on the Project.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 31
6.0 HISTORY
Early mining activity comprised artisanal activities that ranged from pre-Colombian time, and later Spanish
excavations. At the end of First World War, the British company Colombian Mining Association and French
company Francia Gold and Silver operated in the area.
In 1947, The Anaconda Company (Anaconda) completed detailed geologic surface and underground mapping
and core drilling (746 m) between the La Baja and La Alta areas. The Nippon Mining Company in 1967undertook
drilling in the La Baja area. Exploration activity was undertaken by Placer Development and Ingeominas in the
1970s and 1980s respectively.
Exploration by Eco Oro commenced in 1994, and to 1999, geologic mapping, surface rock sampling, core drilling
(181 drillholes, 52,000 m), and metallurgical test work were completed. A small part of the underground
development created by artisanal miners was mapped and sampled, and based on areas that were safely able
to be inspected; about 13,000 t at about 8 g/t Au has been extracted. Mineral resource estimates were
undertaken in 1997, and updated in 1999. An engineering study, termed a pre-feasibility study at the time was
also undertaken in 1998, and envisioned either; an open pit/ heap leach operation, or an open pit feeding
agitated leach and heap leach facilities.
After completion of the preliminary study, Kinross Gold Corporation, who at the time was a significant
shareholder in Eco Oro, performed a mineral resource estimate update in 1999.
From 2000 to 2003, due to security constraints, no work was undertaken. From 2003, work has included
geochemical sampling, geologic mapping, adit and tunnel excavation, core drilling, and condemnation drilling.
Mineral resource estimates were performed in 2005, 2006, 2007, 2008, and 2010. Preliminary assessment (PA)
studies for open pit were completed in 2008. Mineral reserve estimation was undertaken in 2009 together with
additional metallurgical test work.
The pre-feasibility study, completed in 2009 by GRD Minproc, envisaged open pit mining, followed by a
conventional processing facility using two process routes, cyanide heap leaching of oxide, transition and low
sulphur ore to produce dor, and grinding and flotation of high sulphur/high gold content ore to produce
concentrates. Based on the assumptions in the study, the Project returned positive economics.
A feasibility study for an open pit operation was commissioned during 2010. This study did not progress to
implementation and some of the technical studies executed in this phase are being used to support the
evaluation of underground mining exploitation option for the Angostura deposit.
Eco Oro withdrew the Environmental Impact Assessment (EIA) and the work and investment plan for exploitation
(PTO) from the MAVDT and Ingeominas respectively. Both studies were prepared based on open pit mining.
Eco Oro considered that regional and national government and the community of Bucaramanga did not support
the project as configured for an open pit operation. Eco Oro is currently studying the underground mining option
for the project, which is the objective of this updated PEA.
In April 2011 an initial underground PEA carried out by NCL Consultores was released. The underground mining
potential and the preliminary mine production presented in this PEA were constrained by the terms of reference
including a gold price of USD850/oz, a gold cut-off grade of 3.0 g/t and a resource estimation update with
effective date March 18, 2011. This resource estimation update included drill and assay data acquired up to July
2010
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 32
7.0 GEOLOGICAL SETTING AND MINERALIZATION
7.1 Regional Geology
The project is located in the area where the Eastern Cordillera separates into two mountain ranges, one that
goes in a north-easterly trending direction, which enters Venezuela forming the Cordillera de Merida, and a
second which is a north south trending mountain range which is located in Santander and Norte de Santander in
Colombia. The mountain range hosting the Project includes the Santander Massif. The oldest rocks in the Massif
are Precambrian gneisses and schists that were part of the Guyana Shield, and which have been regionally
metamorphosed to upper amphibolite grade in the Palaeozoic.
Intruding the metamorphic rocks is the diorite to granite composition rocks that belong to the TriassicJurassic
Santander Plutonic Group. These intrusions were accompanied by felsic to andesitic volcanism. During
subsequent back-arc development, a number of basins formed, and were filled with marine transgressive
sediments. During the Late Cretaceous to Paleocene/Eocene, folding and thrusting of the Eastern Cordillera
resulted in basin inversion and uplift, and intrusion of Middle Miocene porphyritic bodies of rhyodacitic and
dacitic composition.
Uplift and erosion occurred during the Late Eocene to Early Oligocene, with reactivation of older structures and
continued uplift during the Middle to Late Miocene. As a result of ongoing tectonic plate movements, the area is
currently undergoing additional deformation, with rapid basin inversion and uplift.
Gold mineralization occurs within the AngosturaCalifornia gold province, a belt of epithermal gold occurrences
that has developed along the regional-scale Rio La Baja fault in association with the Middle Miocene stocks.
A regional geology plan of the Project area is shown in Figure 7-1
7.2 Deposit Geology
7.2.1 Lithology
The Angostura deposit currently has a strike extent of 2 km, a width of 1 km, and extends from 2,400 m.a.s.l. to
3,470 m.a.s.l. The deposit is delimited to the northwest by the Angostura Fault and to the southeast by the
Mngora Fault. Mineralization continues southward across the Pez Fault, but the steep topography provides an
impediment to exploration drilling. To the north, the deposit appears to terminate fairly abruptly against the
Mortino Fault in the Cristo Rey area, beyond which only narrow, isolated veins have been encountered Figure
7-2.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 35
A suite of porphyritic diorite to quartz monzonite bodies and dyke swarms of Triassic age, are intruded into the
amphibolite facies Bucaramanga Gneiss, a series of meta-sediments of Proterozoic age. These rocks have been
intersected by a swarm of generally eastnortheast trending, steeply north-dipping structures. More than
200 individual veins and composite veins have been identified to date by means of surface and underground
mapping, and interpretation of drillhole data.
Mineralization occurs in bands, veinlets, stringers, and silicified hydrothermal breccias within the structures. In
the upper parts of the mineralized system, alteration and mineralization are stronger in the intrusive host rocks,
and the meta-sediments appear to make a poorer host for the goldsilver mineralization.
Mineralized structures vary from less than 2 m for individual veins to over 40 m for composite structures, and
strike lengths range from less than 50 m to over 1 km. The intensity of fracturing, and the degree of secondary
porosity and permeability of the host rocks controls the density of structures, and therefore of mineralization.
Flexures along mineralized structures, veinvein intersections, and veinfault intersections are preferred
mineralization sites typically display higher gold and silver grades. Such higher-grade pods can display ranges
from >230 m in width, 30100 m in strike, and 30300 m down-dip.
The Angostura deposit is sub-divided geographically into a number of areas or sections that, from south to north,
are referred to as El Vivito, El Silencio, Nueva Alta, La Perezosa, El Diamante, La Alta and its eastern neighbor
La Alta Este, El Pozo, Veta de Barro, Veta de Barro Este, and Cristo Rey.
Figure 7-3 shows an outline of the vein systems and sub-areas, at plan level 2,850 m. Figure 7-4 is a geological
section through the deposit at 1,130,900 E.
Surface oxidation has affected the rocks at Angostura to a depth of 1030 m at the edge of the deposit, and
attains depths that vary from 40 m to 100 m in its central parts. The oxidation profile is irregular, following
increased permeability along mineralized structures and later faults and fractures, sometimes exceeding 400 m
in depth along major fault related structures.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 38
7.2.1 Alteration
Hydrothermal alteration overprinting alteration processes related to regional metamorphism, such as
chloritization and epidotization, is complex. Different intensity levels of alteration are observed in the gneiss,
varying from partial alteration to a total replacement of the original constituents such as mafic minerals. The
highest degree of hydrothermal alteration is found surrounding quartzalunite veins, where alteration completely
replaces the original host rock. More distal to these veins sericite, illite, smectite, kaolinite and finally chlorite can
occur.
Illite was identified as the most common alteration mineral, followed by sericite. Alunite, kaolinite, chlorite and an
interlayer illitesmectite are also frequent mineral phases. Some supergene alunite was observed.
The process of formation of the quartz veins is associated with partial silicification that is superimposed on the
original altered rocks with patches of micro granular quartz. The most intensive alteration stage shows complete
silicification of the rock, assimilating the primary quartz remnants with a final product of granular, sometimes
vuggy, crustified quartz. A late event of high-temperature white quartz occurring in veinlets is observed in the
lower levels of the deposit.
7.2.2 Structure
Northeastsouthwest-trending right-lateral strike-slip faults are the major structural features of the Project area,
and have defined a dilation zone that had increased ground preparation (porosity and permeability) for
percolation of mineralizing fluids.
Five vein/fault stages were identified, from oldest to youngest:

Northeastsouthwest striking faults that have steep to moderate dips to the northwest and southeast.

Northwest and southwest striking structures that have dips from sub-vertical to about 60 to the northeast
and southwest.

Eastwest to eastnortheastwestsouthwest striking structures that have dips ranging from 85 to 65 to


the north and northeast, and south and southwest.

Northsouth and northeastsouthwest striking, low-angle (5020) structures that dip to the west, north
and south.

Northwestsoutheast, northsouth, and northeastsouthwest striking structures that have predominant


steep to moderate dips to the west; eastwest striking structures that dip steeply to the north and south.
7.3 Mineralization
At Angostura mineralization is controlled by a swarm of structures with generally NE-SW, E-W to ENE-WSW and
NW-SE trends and commonly steep dips (Figure 7-3). The intensity of fracturing, and thus the degree of
secondary porosity and permeability of the host rocks controls the density of mineralization containing important
enrichment in high grade shoots.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 39
Mineralized structures have been correlated either as single veins or as vein composites, the latter consisting of
a number of closely-spaced veins. More than 190 individual veins and composite veins have been identified to
date by means of surface mapping, mapping of underground workings, and interpretation of drillhole data.
The width of individual high grade mineralized structures (Veins) ranges from 2 m to more than 30 m, the
lengths vary from less than 30 m to more than 500 m. Flexures of mineralized structures as well as vein-vein or
vein-fault intersections are major sites for higher grade mineralization. The width of these high grade shoots is
variable depending on the intensity of fracturing. The extent of these zones ranges from less than 5 m up to 30
m in width, 30 to 100 m in strike, and 30 m up to 300 m down dip. In general, these high grade shoots are
irregular in shape and are flanked by lower grade material.
The mineralization is in bands, veinlets, stringers, silicified hydrothermal breccias and as stockwork composed
predominantly of quartz, pyrite and alunite entirely replacing the primary host rock. Other ore minerals
accompanying the pyrite dominant paragenesis include chalcopyrite, digenite, bornite, tetrahedrite (fahlore),
marcasite, pyrrhotite and bismuthinite, and minor sphalerite, arsenopyrite, calcosite and covelite. Typical
sulphide associations include pyrite-digenite-tethraedrite and pyrite-chalcopyrite (digenite, tetrahedrite); locally
pyrite is the only sulphide.
At least two stages of pyrite formation have been recognized. The older is represented by relatively large
crystals and does not appear to be associated with gold, or is so only moderately, while a younger, fine-grained
pyrite/marcasite phase is intimately correlated with the intense stages of silicification and with gold deposition.
Very fine-grained electrum and gold-silver tellurides occluded in pyrite are described by Thompson (2005b).
Similarly SGS Lakefield Research Africa Pty (Lakefield Africa) has reported on the deportment of gold in the
flotation concentrate from a composite sample of wide distribution within the Angostura deposit. Gold was only
found as gold-telluride (probably calaverite AuTe2) and as gold-silver telluride (probably petzite Ag3 AuTe2).
No native gold or electrum was seen (SGS Lakefield Africa 2007, page 6). Silver minerals identified included
hessite (Ag2Te) and pearceite, a complex silver-copper-arsenic sulphosalt. At a grind of 80% passing 106
microns, about 30% of the observed gold-silver tellurides were still completely locked in sulphides (mainly
pyrite). The fine grained character and the frequent occurrence of gold in tellurides together explain the partly
refractory nature of the primary mineralization at Angostura.
Numerous samples with native gold have been reported in various petrographic studies done on numerous drill
cores carried out at Vancouver Petrographics as well as other research labs.
For this study the mineralized structures have been correlated as single veins, modeling the higher grade part of
the structures. 191 individual veins were constructed using surface mapping, mapping of underground workings
and interpretation of drillhole data. Widths vary from less than two metres for individual veins to over 30 metres,
and identified strike lengths range from less than 50 metres to over 300 m. Figure 7-3 and Figure 7-4 depict the
interpreted economic geology of the deposit at the 2,850 m level and vertical section 1,130,900 E.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 40
8.0 DEPOSIT TYPES
The Angostura deposit is a typical example of a high-sulphidation epithermal deposit. Global examples of such
deposits include Summitville (Colorado, USA); Nansatsu (Japan), El Indio (Chile); Temora (New South Wales,
Australia), Pueblo Viejo (Dominica), and Lepanto (Philippines).
The Angostura gold-silver project is part of the Angostura-California gold province of the Eastern Cordillera in
northeastern Colombia, a belt of epithermal gold occurrences developed along the Rio La Baja regional fault that
trends in a northeasterly direction from the town of California (Felder et al., 2000). The fault transects pre-
Devonian granitoid bodies, high-rank metamorphic rocks and overlying Lower Cretaceous sediments quartzite,
shales, limestone and argillite. Middle Miocene (Tortonian) volcanic and subvolcanic stocks represent the last
magmatic event in the California-Angostura district (Mantilla, et al., 2009; Leal, et al., this volume). These small,
irregular shaped porphyritic bodies of rhyodacitic and dacitic composition have yielded radiometric ages of 8.4
0.2 Ma and 9.0 0.2 Ma (U-Pb) (Mantilla et al., 2009). Intense hydrothermal activity related with these porphyry
intrusions gives rise to the gold and silver mineralization. Figure 7-2 shows the geology of the district California
Angostura.
Angostura can be characterized as a structurally controlled, uplifted and deeply eroded, high-sulfidation
epithermal gold deposit. The deposit is interpreted as being the lower part of a lithocap, as defined by Sillitoe
(1995), that was eroded during uplift of the Northern Andes and that exposed the sericite illite quartz zone of
a Cu-Mo-Au porphyry system, containing important contents of gold and silver, mainly associated to pyrite.
Most of the gold is contained within several sets of anastomosing veins and tabular silicified zones. The
hydrothermal alteration in the center of the structures is mainly quartz-alunite, and more distal to this sericite,
illite, smectite, kaolinite and finally chlorite, showing a gradual change from acid to basic alteration moving away
from the veins.
The discovery of copper-molybdenum mineralization in an intrusive breccia some four kilometres to the south of
Angostura suggests that the gold mineralization at Angostura may be associated with a porphyry system at
depth. The exploratory works in this area have showed evidence of hydrothermal alteration, and contents of
pyrite that suggest a potential that have to be properly investigated
9.0 EXPLORATION
Table 9-1 summarizes all the exploration work by periods in Angostura and the data used for each resource
estimate made. Starting in 1994 the exploration has consisted of surface work which included geologic mapping,
superficial rock sampling, soil sampling, stream sediment sampling and diamond drilling completed until May
30th of 2011, of 314,946.8 meters in 973 diamond drillholes. 3,145 m of tunnel drifting has also been completed
as follows; Perezosa 1, 32 m; Perezosa 2, 2,500 m (Figure 7-3) Veta de Barro, 415 m (Figure 7-3) and Fuego
Verde, 198 m. All the underground openings created by artisan miners in the Eco Oros claims were also
mapped and sampled. In 2010 13,068 m were drilled in Angostura, focused in the evaluation of the extensions in
depth of the high grade structures in the areas of Los Laches, Cristo Rey, Veta de Barro and El Silencio. From
January to May 2011, 12,656 m have been completed continuing the drilling program, focused in the high grade
structures.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 41
An underground development program was started in early 1997 with 198 meter in the Fuego Verde tunnel on
3,056 meter elevation in the Silencio Area. In April 2004 at 2,850-metre elevation, 2500m of development
consisting of two parallel east-west drives some 350 meters apart, with two connecting cross-cut in the Perezosa
2 tunnel was approved. In 2008 415.3 meters and one cross cut were completed in the Veta de Barro tunnel
located in the northern part of the deposit at 3 095 meters elevation.
Geochemical soil sampling campaigns have been undertaken in the project and some surrounding areas, and
more than 4,000 samples have been taken on a grid with an initial spacing at 100 or 200 meters with later infill
sampling. Samples were taken at an average depth of 0.8 m. The samples were analysed for 37 elements using
ICP mass spectroscopy analysis of 15-gram aliquots after agua regia digestion. As a result of this work, gold
anomalies were identified in such areas as Animas, Mongora, Violetal and La Plata (Figure 7-2).
Similar to the Angostura deposit, the Mongora prospect hosts higher-grade gold mineralization including for
example 16.3 grams gold per tonne over 1.05 meters and 12.35 grams over 1.6 meters and 116 grams over
2 meters, within broader zones of lower-grade gold mineralization. The delineation for oxide and transitional gold
mineralization in the Mongora area could be very important for the Angostura project. The potential of outlining a
new oxide resource that could be added to the Angostura deposit resources could have favourable implications
for the overall economics of the entire Angostura project. In 2010 36 drillholes, measuring 13,263.95 meters and
in 2011 a further drillhole of 402.3 meters extent were completed; accumulating 56 drillholes measuring 19,557.3
meters since 2008.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 43
La Plata comprises 78 hectares of mineral rights contiguous on the majority of its borders with Eco Oro existing
mineral holdings (Figure 7-2).
The La Plata property lies within a mineralized belt related to the northeast-southwest trending La Baja Fault,
which has given rise to a number of mineralized occurrences. This mineralization, which has traditionally been
mined by local artisanal miners, is now the focus of more modern exploration methods. Within the La Baja
structural domain, gold and silver mineralization is associated with flexures along the main fault.
Exploration carried out by Eco Oro during the second quarter of 2009 and in early 2010 identified vein and
stockwork mineralization associated with strong alteration hosted in dacite porphyry. Rock samples from mine
tunnels on site returned gold assays ranging from no significant gold up to 9.66 grams per tonne gold and silver
assays ranging from no significant silver up to 94.3 grams per tonne silver. The delineation of the mineralized
structures was initiated in 2010 with a drilling program of 6,651 metres in 17 drillholes. From January to March
2011, 511.5 m were completed as part of the recognition of the mineralized structures to depth.
9.1 Grids and Surveys
The coordinate system used for the Project is based upon the Universal Transverse Mercator (UTM) projection
(datum Bogota Zone: 18N).
Topographic data used to delimit the Mineral Resources was provided by Eco Oro, and has a resolution of 5 m
within the areas of the mineral deposit. A regional topographic restitution was carried out in 2008 by the
Colombian company Aeroestudios Ltda. from Medellin, who took the aerial photographs for 16,000 hectares in
the surrounding area of the project covering the mine infrastructure foreseen in the open pit project of the
prefeasibility study. Detailed topography was carried out from 2008 to 2010 by Estudio-T Rural from
Bucaramanga, for the individual areas of the mine infrastructure, using total stations for surveying.
The drillhole collars measurement was performed by professional surveyor using total station equipment.
The topographic measuring method used for the Angostura project is considered appropriate.
9.2 Geological and Structural Mapping
Geological mapping has been performed by the geological staff of Eco Oro since 1995, at map scales that vary
from 1:25000 for the surrounding areas of the project and detailed mapping up to 1:5000 on the deposit and
infrastructure areas.
Results of the geological mapping of lithology, structure, hydrothermal alteration and mineralization supported
the geological interpretations used for resource estimation, and provided vectors for channel sampling and drill
targeting. Many old workings exploited by the miners of the region have been used as an important input for the
geological interpretation of the mineral deposit, including detailed mapping (scale 1:1000) and sampling. The
exploration tunnels constructed by Eco Oro since 1997, Fuego Verde, Perezosa 2 and Veta de Barro tunnels
have been mapped in detail for better understanding of grade variability and construction of the geological
model.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 44
9.3 Geochemistry
As part of exploration work, soil and stream geochemical samples were collected until May 2011 for a combined
total of 12,742 m sampled and 4,307 samples corresponding to the Angostura project and 1,106 samples in
different areas around the project. Mello and Felder (2010) report that:
Geochemical soil sampling campaigns have been undertaken in the project and some surrounding areas, and
more than 4,000 samples have been taken on a grid with an initial spacing at 100 or 200 metres with later in-fill
sampling. Samples were taken at an average depth of 0.8 m.
This work identified gold anomalies at Cristo Rey, La Alta Este, Los Laches, Animas, Mongora, Violetal and La
Plata within the Project area (refer to Figure 7-2 for prospect and anomaly locations).
Channel sampling from tunnels was performed on areas of single-lithology outcrop. Until 2010 a total of 3,316
channel samples had been taken.
5,625 soil samples and 769 stream sediment samples have been collected in all of the mining titles owned by
Eco Oro. The map of Figure 9-1 shows the rock (surface), soil and stream sediments samples collected in the
area of Angostura project.
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1
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 46
9.4 Underground Workings
Underground chip sampling was undertaken of adits and tunnels that had been excavated by artisanal miners,
and to December 2010, a total of 899 samples were taken.
Eco Oro has developed four drifts for sampling purposes, totalling 3,145 m. These are the Perezosa 1 (32 m),
Perezosa 2 (2,500 m), Veta de Barro (415 m) and Fuego Verde (198 m) drifts. Locations of these Eco Oro
workings are included in Figure 7-3.
The Fuego Verde adit was excavated in 1997. The construction of the Perezosa 1 tunnel started in February
2004 but stability problems due to its location on the Perezosa fault forced Eco Oro to start a new tunnel. The
Perezosa 2 Tunnel located 100 m to the southeast, started in early April 2004 at the 2,850 m elevation and
consists of two, parallel, eastwest drives some 350 m apart, with a connecting cross-cut in the Perezosa area.
These excavations served as a base for detailed underground core drilling and have provided access to some of
the known mineralized structures for additional underground drifting and sampling. A fourth adit 415.3 m long
was completed in 2008, in the Veta de Barro area at an elevation of 3,100 m.
To December 2008, when tunnel development was stopped, 1,768 (muck) samples had been taken from the
tunnels.
9.5 Drilling
Drilling completed on the Project is discussed in Section 10.
9.6 Bulk Density
Bulk density determinations are discussed in Section 11.3.
9.7 Petrology, Mineralogy and Other Research Studies
Petrography studies were performed in the late 1990s to elucidate details of the alteration petrogenesis
(Harris, 1998). Table 9-2 presents a summary of the research studies developed for Angostura.
X-ray fluorescence (XRF) studies, using a Niton XLt3 hand-sampler were performed on soil samples in some of
the areas as additional supportive information required for condemnation evaluation as these areas were
proposed infrastructure sites. Terraspec Mineral Spectrometer is being used for hydrothermal alteration minerals
characterization and for alteration mapping in all of the areas in exploration.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 47
Table 9-2 Research Studies for Angostura.
YEAR STUDY COMPANY SAMPLES
1998 Petrography Vancouver Petrographics 30
1999
Petrographic and Short-Wave
Infared Analysis
PetraScience Consultants Inc. 3
2000 Fluid Inclusions Study
Micrometra y Assesoria
Geologica-Minera S.A (Tawn
Albinson)
3
2004 Petrography PetraScience Consultants Inc. 5
2004 Petrography
Universidad Industrial de
Santander
3
2005 Petrography PetraScience Consultants Inc. 6
2005 SEM Analysis PetraScience Consultants Inc. 6
2005 Petrography PetraScience Consultants Inc. 10
2005 Petrography PetraScience Consultants Inc. 3
2005
Structural Geology and
Tectonics
iC Consulenten -
2006 SEM Analysis PetraScience Consultants Inc. 3
2006
Mineralogical Association
Study
Lissete A Diaz & Margareth
Gerrero A.
-
2007 Petrography
Universidad Industrial de
Santander
2
2007 Petrography
Universidad Industrial de
Santander
4
2007 Pyma Analysis of drill core Anglogold Ashanti -
2008 Petrography
Universidad Industrial de
Santander
7
2008
LA-ICP-MS Laser-Ablation-
Coupled Plasma-Mass
Spectrometry
Rhodes University 9
2011
Geocronogy, fluid inclusion,
ASD Terraspec, XRD
diffraction, SEM Microscopy
Alberta University 20
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 48
9.8 Exploration Potential
Significant additional exploration potential exists in the Project area.
9.8.1 Angostura Deposit
Ongoing drill program in Angostura is focused on targeting extensions and define their continuity in direction and
depth of high grade veins that exist within the Angostura deposit. In addition, the drill program will probe the
unexplored potential for the mineralization underlying Angostura, where the mineralization continues to depth,
and the depth limit has not been defined.
The drilling activities are also designed to upgrade the Inferred resources to Indicated and Measured categories
to support a pre-feasibility and a feasibility study of an underground exploitation project.
9.8.2 Regional Exploration
Three major regional targets have been identified, Mngora, Violetal, and La Plata, to the south of the Angostura
deposit (Figure 9-2).
9.8.2.1 Mngora
The Mngora prospect is located 3 km southwest of the planned Angostura pit and has many similarities with the
geological environment of Angostura. Structurally-controlled mineralization is hosted in TriassicJurassic
intrusive rocks in association with pyrite. The intensity of hydrothermal alteration does not appear to be as strong
as in Angostura, but sericite, illite and chlorite are common.
The MngoraAnimas trend is defined by a series of geochemical anomalies that form a semi-continuous
pattern starting 1 km south of Angostura and extending for over 3.5 km in a southerly direction on the west side
of the Mngora fault. The actual Mngora prospect is defined by a large, 500 m x 300 m gold-in-soil anomaly.
Core drilling to date consists of 56 drillholes, 19,557.3 m (May 2011), the majority of which have intercepted
anomalous gold grades. Eco Oro is continuing to evaluate the prospect, as it may potentially provide additional
resources.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE


ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 50
9.8.2.2 Violetal
Soil sampling extended the gold-in-soil anomaly south of Mngora to the Violetal area, where hydrothermal
alteration associated with porphyritic outcrops has been recognized. Elevated copper and molybdenum values
were also returned from the soil sampling. In 2008, 2,819 metres in six drillholes were completed and
encountered gold bearing mineralized structures with anomalous of copper and silver. Additional work is
required to define the extents of the mineralization.
9.8.2.3 La Plata
The gold, silver, copper mineralization discovered on the La Plata property is part of the mineralizing system
following the northeast faulting trend, parallel to La Baja creek. This mineralization gives rise to the Angostura
and La Mascota deposits some 4 kilometres to the northeast. Mineralization is structurally controlled and is
hosted in Triassic - Jurassic intrusives and in the Precambrian gneisses. The mineralization is associated with
hydrothermal fluids possibly generated by small irregular porphyry bodies of 8.4 0.2 Ma and 9.0 0.2 Ma (U-
Pb) (Mantilla et al., 2009) age. At La Plata this mineralization occurs in sheeted faulted veins striking to northeast
and east-west, steeply dipping to north and south. The veins are commonly silicified and allunitized with halos of
Illite-Sericite and Kaolin and smectite alterations. On surface, the mineralized structures have returned grab
sample values as high as 9.3 g/t gold, 2,030 g/t silver, 2% copper, 736 parts per million ("ppm") molybdenum,
0.4% lead and 1% zinc
Drilling, comprising 18 drillholes, 7,162.35 m (May 2011), has intersected anomalous gold and silver grades, and
additional work is in process to define the geometry of the mineralization.
9.8.2.4 Limestone
Cretaceous rocks that crop out to the west of the town of California and within the municipalities of Surat,
Matanza, Charta and Tona include limestones that could have potential for exploitation and production of lime or
limestone for metallurgical uses in processing facilities to be used in an Angostura mining operation. Limestone
in the area must be considered as a source for BIOX neutralization, Eco Oro may have to mine and process, but
cost trade-off needs to be performed in PFS.
10.0 DRILLING
Drilling completed between 1995 and 2011 comprises 1,162 drillholes (357,376.5 m). Drilling is summarized in
Table 10-1, and drillhole locations shown in Figure 10-1. Those numbers include the geotechnical,
hydrogeological and condemnation drilling in areas of infrastructure defined in the prefeasibility study for the
open pit project.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 51
Table 10-1 Drill Summary Table to May 2011.
Activity Area # Drillholes Metres
Exploration Angostura 973 314,946.8
Exploration Animas 7 2,630
Exploration Mongora 58 20,276
Exploration Violetal 6 2,819
Exploration La Plata 18 7,162
Geotechnical - Condemnation Feasibility studies 100 9,542.7
Totals 1,162 357,376.5
10.1 Drill Contractors and Methods
All drilling to date has been performed using diamond drills. Drill contractors used on the Project are summarized
in Table 10-2. A variety of drill rigs were utilized. Drill contractors also administered three hydraulic drill rigs
owned by Eco Oro, one Hagby 1,000, one Hagby 1,500 and one Atlas Diamec 180. The contractor has used
mainly Longyear drill rigs (38 and 44).
Core size varied from BQ (36.5 mm diameter) to NQ (47.6 mm) to HQ (63.5 mm). By far the majority of the core
size has been NQ (77% of the total), with HQ and BQ core making up 20% and 3% of the total, respectively.
Since November 2007, 2,981 m of PQ-size (85 mm) core has been drilled to collect material for metallurgical test
work, mainly within the oxide zone.
Table 10-2 Drill Contractors
Contractors Year on Project
Norbert Reinhart 1995
Terramundo Drilling 1996 to 1998
Major Drilling Inc 1999
Geominas S.A. 20032011
Perfotec Ltda 20032011
10.2 Core Logging
From 1997, all drill core has been photographed, with film records from 19971999, and digital records from
June 2003 to date.
After photography, the Eco Oro geologists log the core in detail. Data recorded include the major and minor
lithologies, mineralization style, intensity, and key minerals, the type and intensity of alteration, rock color, grain
size, structural information such as brecciation and faulting, rock quality designation (RQD) since November
1997, and the degree of oxidation and weathering. The data was initially entered into paper log sheets and later
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 52
into a computerized relational database. As a result of unsatisfactory logging procedures in the earlier years, a
major program of re-logging to improved standards set by Eco Oro was undertaken in early 1999.
From October 2009 a new oxidation level classification was introduced such that all core is classified as either
oxidized, transitional or sulphide (fresh rock).
10.3 Collar Surveys
Drillhole collars in the field are clearly marked by wooden stakes bearing the information of hole number,
azimuth, inclination, and coordinates. Drill collar locations have been verified by survey, and Eco Oro contracted
a professional surveyor to perform the survey readings using total station equipment.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 54
10.4 Down-Hole Surveys
Initial drillholes, until 1997, were measured using a Tropari instrument. From 1997 to 2003, a Sperry Sun
instrument was used. The original deviation measurement pattern was at 50 m intervals, starting at a depth of
150 m down-hole.
Starting in 2004, down hole surveys were completed at surface and then at 25 m intervals until the end of the
hole using a Reflex EZ-Shot instrument. Sometimes, when there were problems of hole stability, the
measurements were taken at different intervals.
In Eco Oros experience, the 25 m readings indicate a systematic steepening of the holes by about 1.5 in the
first 100 m. Azimuth deviations are of a similar order of magnitude, but can be in either direction, right or left. The
degree of steepening and change of azimuth at greater depths is somewhat smaller, reducing to 1 for the dip
and 0.3 for the azimuth per 100 m. These changes in drillhole attitude are small and reasonably predictable, so
that, despite the absence of deviation determinations above a depth of 150 m in the earlier drillholes, the actual
location of these holes will not be far from where they are plotted.
Golder considers that down-hole surveying carried out at Angostura is appropriate to provide the required
precision for the spatial location of drilling data.
10.5 Recovery
The average core recovery for the entire drill-hole database is approximately 93%. About 80% of the intervals
are above a 90% recovery, a figure which includes near-surface recoveries that are typically very poor to a depth
of about 510 m. Core recovery below a depth of approximately 20 m increases to an average 95%.
10.6 Drilling Used to Support Mineral Resource Estimation
Although up to May 2011, 973 drillholes have been carried out in Angostura, for the geological model and
resource estimation in this report; the data used was that available to July 2010, when the veins wireframes were
updated. A total of 973 drillholes were used to prepare the geological model and the resource estimation. The
average sample length of the core drillholes is approximately 1.68 m, the longest being 17.5 m long.
Drillholes were generally orientated perpendicular to the mineralization. Dips vary depending on the target and
range from -76 to 45. Average drill spacing in the core of the deposit is approximately 50 m; but in areas of
high-grade mineralization drillholes can be at 25 m spacing and in some small areas at 12.5 m. This widens to
150 m drill spacing on the deposit edges.
Example drill intercepts for the mineralization at Angostura, sourced from various drilling programs are
summarized in Table 10-3, and are illustrative of the nature of the mineralization. The example drillholes contain
oxide, transition, and sulphide intersections, including high-grade veins and disseminated mineralization
intervals, and are sourced from drilling programs conducted between 2003 and 2011.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 55
Table 10-3 Drill Intercept Summary Table.
HOLE ID
Intercept Depth
From (m)
Intercept Depth
To (m)
Drilled
Width (m)
Au Grade
(g/t Au)
Ag Grade
(g/t Au)
DM03-01 278.0 284.0 6.0 2.45 1.4
338.7 340.2 1.5 10.54 42.2
NA04-01 84.0 98.0 14.0 1.19 9.7
191.8 212.0 20.2 1.09 9.7
241.0 253.5 12.5 1.26 7.7
AL05-01 56.0 79.0 23.0 1.27 2.43
95.4 134.0 38.6 2.07 3.0
209.4 220.5 11.1 1.06 5.74
285.9 303.05 17.15 1.01 5.15
355.0 366.0 11.0 1.57 6.73
SI06-02 20.9 43.7 22.8 1.71 7.9
66.0 98.0 32.0 1.72 28.6
110.0 121.0 11.0 0.53 5.6
237.0 357.0 30.0 0.66 2.1
362.25 366.0 3.75 9.39 74.0
374.2 385.0 10.8 1.41 2.8
AL07-15 189.8 196.6 6.8 12.09 66.6
AL08-01 71.85 84.6 12.75 0.51 5.3
151.0 168.15 17.15 0.59 2.2
33.0 42.45 9.45 3.09 12.7
ALE07-39 275.0 294.55 19.55 0.51 8.0
344.0 358.0 14.0 1.48 18.9
DM08-01 94.0 106.0 12.0 1.01 5.0
143.05 180.1 37.05 0.71 0.8
USI07-08 245.35 246.85 7.5 13.65 136.0
36.0 48.0 12.0 1.19 9.7
QPO09-06 201.75 231.4 29.65 0.63 2.7
390 421.65 31.65 1.30 21.2
447 457.55 10.55 1.27 7.7
LL10-01 84 86.5 2.5 4.56 0.1
129 137.2 8.2 1.85 22.8
QPO10-02 530.5 537 6.5 11.79 263.7
537 552 15 1.21 6.2
DM11-10 93 96.5 3.5 10.4 13.2
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 56
11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY
From project acquisition to date, project staff employed by Eco Oro were responsible for the following:

Sample collection

Core splitting

Density determinations

Sample preparation from March 2004 to date

Sample storage

Sample security
11.1 Sample Collection
11.1.1 Surface Sampling
Surface and trench sampling was conducted by channel sampling. Discernible vein structures were sampled by
panel sampling, with individual panels measuring one to four square metres. Chip samples were collected over
pre-defined sections of outcrop showing no discernible difference in lithology or alteration. The sample locations
were determined by tape and compass, tying into surveyed drillhole collars. Figure 9-1 contains the information
of the surface rock sampling executed by periods.
In 2004, the channel samples constituted continuous rock chip sampling using chisels and sledge hammers.
Following the recommendations of Strathcona, from 2005 rock re-sampling using an electrical saw was
implemented to give a more representative sampling of the veins themselves. The surface channel samples are
used during resource estimation for geometrical purposes (Veins modeling), but not for the grade estimate.
11.1.2 Adit Sampling
The Perezosa 2 (2,850 level, 2,501 m length) and Veta de Barro (3,100 level, 415 m length) tunnels were
sampled as follows:

Continuous chip sampling was originally completed along the walls of the drifts and cross-cuts, but is
incomplete. Individual fractures with obvious mineralization were sampled separately to pinpoint the
location of the gold.

The broken material of the majority of the rounds on the Perezosa 2 tunnel and on the Veta de Barro tunnel
was systematically sampled by shovel from each mine car, creating 1,768 samples of typically 150160 kg
per round, a sample ratio of nearly 1%. A round was typically 2.3 m x 2.3 m x 1.3 m in dimension.

A program of systematic channel sampling using an electrical saw was performed along both walls of the
2,850 drifts and cross-cuts. Analysis of the comparative data (nearly 350 m of drift length) for channel and
muck sampling showed the muck samples to be systematically higher for gold as well as other elements
such as Ag, S, and As, on average by 1020%, indicating a systematic sampling bias between the two
types of samples.
Strathcona investigated this potential bias (Hendricksen, 2007) and concluded that:
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As the sample size increased so did the gold grade. This may be due to the fact that as the volume of material
increases so does the actual degree of systematic sampling of the microfractures containing the mineralization.
Thus the smaller samples including drill core tend to under estimate grade.
The results of the samples taken from the adits were used for geometrical modeling of the veins but not for the
resource estimate of the high grade veins, due to the differences in support.
11.1.3 Core Samples
Mineralized sections of core are sampled as follows:

Silicified rocks and zones of sulphides: 0.5 1.0 m.

Altered porphyry with between 1% and 10% alteration/sulphides: 1.0 2.0 m.

Porphyry and gneiss with minor alteration and sulphides 2.0 m.

Mafic gneiss and dyke without alteration: 2.0 - 3.0 m.


Sample intervals are marked on the core boxes and a paper ticket is placed with the core. The portion of core to
be assayed is placed in a plastic sample bag with a sample ticket. Before 2004, the plastic bags containing
individual samples were combined into larger heavy plastic bags, and three of these in turn are packed into
plastic fiber bags for transport. In 2004 a preparation laboratory was constructed in the Angosturas main
exploration camp and each sample is prepared as is described in the Section 11.4.
The average sampled core length was 1.3 m in the 1990s drilling, and has increased to nearer 1.7 m since 2003.
In general, longer samples were taken in areas believed to be of below economic cut-off grade. Few samples
are less than 0.5 m long. Sampling observes obvious lithological, alteration, and mineralization breaks.
11.2 Analytical Laboratories
Until the end of 1999, Rossbacher Laboratories Ltd. (Rossbacher) of Vancouver was the primary analytical
laboratory. The laboratory accreditations are not known for this period; however, the laboratory was independent
of Eco Oro.
Bondar Clegg Laboratories in Vancouver, now ALS Chemex Laboratories (ALS Chemex), performed check
assays on pulp duplicate materials during the period 1996 to 1999. The laboratory accreditations are not known
for this period. The laboratory was independent of Eco Oro.
ALS Chemex in Vancouver performed sample preparation during early 2004, was the umpire laboratory until
2007, and has performed assays on samples since 2007. ALS Chemex also re-assays all samples that return a
gold grade of >0.4 g/t Au. The laboratory is independent of Eco Oro, and holds both ISO:9001:2000 and
ISO17025 accreditation.
ACME Analytical Laboratories Ltd. in Vancouver (ACME) was the analytical laboratory that performed assays on
low-grade samples between 2004 and 2007; the laboratory was also the umpire laboratory for the period
between late 2007 and March 2010. The laboratory is independent of Eco Oro, and holds ISO:9001:2000
accreditation.
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Assayers Canada Limited performed umpire assays during the period April 2004 to March 2007. The laboratory
is independent of Eco Oro and holds ISO:9001:2000 accreditation.
11.3 Density/Specific Gravity
Eco Oro have undertaken 9,200 density measurements to May 2011 on drill core samples selected according
the lithology, alteration and mineralization, using a wax immersion (ASTM C914-98) methodology. Section 14.11
describes the use of the specific gravity measurements to the block model.
According to the estimation report provided by Eco Oro, the procedure to assign values included the exclusion of
outliers and selection of samples inside orebodies. The final database is comprised by 1,289 samples that were
separated according to the oxidation level. Over this data a correction factor for the porosity was applied to
define the final density.
Table 11-1 shows the density values that were applied to the model for the purpose of resource estimation
Table 11-1 Density Database used in Modeling
Ore type Density Correction factor Final density
Oxide 2.45 95% 2.33
Transition 2.56 98% 2.51
Sulfur 2.62 100% 2.62
11.4 Sample Preparation
Sample preparation has been performed by independent laboratories, and by an on-site sample preparation
facility staffed by Eco Oro personnel.
Golder has not performed a visit to the chemical analysis laboratory located in Canada. However analyses were
performed by accredited independent laboratories which ensure reliability to the process.
The Method used to assay is fire assay with atomic absorption spectrometer (FA/AS) at ALS Chemex
Laboratories (Vancouver, CA) or by geochemical inductively-coupled plasma (ICP) gold method after four acid
digestion at Acme Analytical Laboratories (Vancouver, CA).
Rossbacher, from 1995 to 1999, prepared all core, geochemical and tunnel samples. The preparation method
comprised drying the samples at 50 to 60 C and then crushing to minus 10 mesh (1.7 mm). A sub-sample of
250350 g was obtained from the crushed sample by Jones splitter and pulverized to 90% passing 150 mesh
(106 m) in a ring pulverizer.
From June 2003 to March 2004, sample preparation was initially undertaken by the Petroleum Institute
Reserarch laboratory in Piedescuesta; however, the laboratory could not keep up with the volume. Samples that
were considered to be non-mineralized were prepared by that laboratory, but all other samples were air-freighted
to ALS Chemex in that time period.
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In March 2004 a preparation laboratory was established on site. The site facility employs one Rhino and one
Terminator jaw crusher. A charge of barren limestone or granite is passed between samples. After crushing, the
sample, of an original mass of typically 1.5 kg to 3 kg, is blended and a sub-sample of nominally 250 g obtained
by riffle splitting. Quality control (QC) measures include the weighing and screen analysis of one in 10 samples.
Actual crusher output is usually close to 95% passing 1.7 mm. The sample preparation facility capacity is
currently around 150 samples per shift, and the facility employs six people.
11.5 Sample Analysis
At Rossbacher, samples were initially assayed for gold by aqua regia digest followed by atomic absorption
spectroscopy (AAS). Samples with gold values between 0.5 g/t Au and 1.5 g/t Au were reanalyzed, until 1996,
using a one assay-ton aliquot and fire assay (FA). The remainders of the pulps of those samples yielding above
1.5 g/t Au from the initial geochemical method were re-assayed using a pulp-and-metallics method, screening at
150 mesh.
Silver and copper were originally determined by Rossbacher, using AAS, based on a 0.5 g aliquot, with an aqua
regia digestion. Silver values equal to or greater than 15 g/t Ag were later re-assayed using Fire Assay.
A large number of samples from early drilling at Angostura (1996 to 1998) were also assayed by Rossbacher
using a cyanide-leach method, for the purpose of comparing total gold (as determined by FA or metallics assay)
to cyanide-soluble gold. A 30 g sample was shaken for three hours in 60 mL of a 0.5% NaCN solution, and the
dissolved gold was determined by AAS.
ACME performed assays using a 15 g aliquot and a 30 element geochemical inductively-coupled plasma (ICP)
gold method after aqua regia digestion.
ALS Chemex analyses are by fire assay digestion with an atomic absorption spectrometer (FA/AAS) finish using
a one assay-ton (29.2 g) aliquot (Code Au-AA23). Gold assays above 10 g/t Au and silver assays above 100 g/t
Ag are re-assayed by one assay-ton FA with a gravimetric finish (Codes Au-GRA21, Ag-OG62). Separate splits
of these samples are subjected to a multi-element ICP assay, including silver and sulfur, following a four-acid
digestion. The limit of the reported sulfur assays by this method is 10%. All samples with ICP results that show a
sulfur grade of >10% are re-assayed using the Leco method (Code S-IR08) with an upper limit of 50% S.
11.6 Sample Security
Sample security relied upon the fact that the samples were always attended or locked at the sample dispatch
facility. Sample collection and transportation have always been undertaken by company or laboratory personnel
using corporately-owned vehicles.
Chain of custody procedures consisted of filling out sample submittal forms that were sent to the laboratory with
sample shipments to make certain that all samples were received by the laboratory.
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11.7 Sample Storage
Core is stored in wooden core boxes that are numbered and ordered, and housed in three dry, clean, and well-
maintained permanent facilities near the village of California. Older drill core that was stored temporarily in
Bucaramanga for security reasons, were moved back to the facilities in California in late 2008.
11.8 Quality Assurance and Quality Control
There was no Eco Oro-sponsored quality assurance/quality control (QAQC) program in place for the drilling
campaigns from 1995 to 1999. However, a substantial program of check assaying of pulp duplicates was
undertaken at Bondar Clegg Laboratories during those years, and in 20032004 a number of high-grade core
intervals were re-sampled and rejects submitted for check assaying at ALS Chemex. Results of this program are
discussed in Section 12.
In June 2003, a QAQC program external to the assay laboratory was instituted, consisting of submission of
blanks and standard reference materials (SRMs).
A total of 12 different SRMs were employed. All of the standards were prepared and certified by CDN Resource
Laboratories Ltd. (CDN) of Vancouver, British Columbia. Standards are inserted into the sample stream every
1520 samples or when a particularly mineralization-prospective intersection is logged. Triggers for an individual
standard to have failed were generally set at reference value plus or minus three standard deviations (SD). If two
adjacent standards were both more than two SD values above or below the reference value, then both standards
were failures as well. The SD values were determined during the certification process. When Eco Oro receives
SRM results outside of an acceptable range, a request is made to the laboratory to re-analyze the affected batch
or batches.
From September 2003 to March 2004, the field blanks were core samples from Angostura drill core that had
previously been found to be barren; this was subsequently, to June 2006, changed to limestone or barren gneiss
material. There were no blanks inserted by Eco Oro from July 2006 to August 2007, so that a significant number
of samples cannot be assessed with respect to any contamination that may have occurred. Burns (2005) noted
that blank materials were crushed and bagged in 200 g portions at Eco Oros onsite preparation laboratory.
Blanks are inserted into the sample stream at the rate of one in 25 to 30 by the Project geologists.
From 2007, Eco Oro geologists have inserted control samples during core sampling. In October 2010, sampling
protocols were changed to ensure that control samples were inserted with each batch dispatched to the
laboratory: one blank, one SRM, one core duplicate and a pulp duplicate per batch (35 samples).
Collection of duplicate samples are triggered by a geologist inserting a repeat ticket into the sample stream;
this indicates to the preparation laboratory that a second split of the sample is required (Burns, 2005). Duplicate
samples have been collected at irregular intervals since early 2004.
Assayers Canada Limited performed secondary assays on pulp duplicate materials from April 2004 (with a three-
month interruption at the end of 2005) to March 2007 at the rate of one in 25 to 30 by batch. Evaluation of the
data indicated no analytical biases between the primary and umpire laboratories (Smee, 2007).
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Acme performed secondary assays on pulp duplicate materials from late 2007 to May 2011. Evaluation of the
data indicates a potential low bias at ALS Chemex in the gold range of 50100 g/t Au (Mello and Felder, 2010).
A total of 30 samples that submitted to the SGS test facility in South Africa for flotation test work were re-
analyzed. These indicated a close correlation between the flotation sample head grades and the original assay
data (Mello and Felder, 2010).
In October 2011 Golder preformed a QAQC review as part of a Resource Estimation Review for the Angostura
Gold Project (Golder, 2011), the results of which are discussed in Section 11.10.
11.9 Databases
Eco Oro data is stored on a SQL server and is managed by a system developed by Systemas Integrados de
Informacion y Digitalizacion (SIID), a local firm with base in Bugaramanga. The system is installed in the Eco
Oro Bucaramanga office and is directly linked to the project site by microwave. A strict, controlled and structured
set of fields and columns is used to manage the dataflow, and there are checks to alert the database manager of
any import issues (Burns, 2005).
Assays are received electronically from the laboratories and imported directly into the database. Drillhole
logging, collar and down hole survey data are manually entered into the database. Data are verified on entry to
the database by means of in-built program triggers and further checked on import to the mining software. Checks
are performed on surveys, collar co-ordinates, lithology data, and assay data.
Paper records are kept for all assay and QAQC data, geological logging and bulk density information, downhole,
and collar co-ordinate surveys.
11.10 QAQC Golder Review, October 2011
Quality Assurance (QA) is the system and set of procedures used to ensure that the sampling and assaying
results are of high quality. Quality Control (QC) is the data used to prove that the results of sample preparation
and chemical analysis are adequate. QAQC procedures at Angostura were updated in 2010. These include the
insertion of standards, field and coarse duplicates and blank samples into every batch of samples sent to the
laboratories. The QAQC procedures are detailed in the 2010 internal report A Review of Quality Control
Procedures and Data. This document details QAQC sample types, thresholds values for acceptance, reporting
requirements and QAQC samples insertion procedures. It does not specify responsibilities.
The insertion of standards, field and coarse duplicates and blank samples are made by the geologists and
technicians during sample preparation.
For a regular 36 sample batch, 1 blank, 1 reference standard, 1 field duplicate and 1 pulp duplicate are inserted
as part of the QAQC program (Figure 11-1). Assay values of Au and Ag are checked in the process. To ensure
the correct insertion of controls, the field geologist in addition to the normal sampling activities, marks a control
insertion in the core box near to the x8
th
sample (8
th
, 16
th
, 24
th
, 36
th
) and registers the insertion in the table of
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controls to check which of the 4 controls needs to be inserted. The controls do not follow the same sequence
and are not always exactly the x8
th
sample. Golder was provided with Au data for all Angostura QAQC samples.
Figure 11-1 Angostura QAQC Protocol
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11.10.1 Blank Samples
Blank samples are inserted into the sampling stream as a QAQC check for sample contamination and laboratory
cleanliness. Golder was provided with the results for the blanks analyses for Au.
Golder has noted (Figure 11-2) a decrease of blank sample insertions with no apparent explanation and this
should be attributed to a misunderstanding of the QAQC process as mentioned by Smee Consultants in
September 2010 (A Review of Quality Control Procedures and Data Angostura Project).
Eco Oro informed that since 3
rd
quarter 2010 blanks are inserted in the process with same frequency as stated in
the procedure.
The significant blank faults (47) maybe result of a weakly mineralized material (gneiss). A replacement for this
blank material is currently being considered.
Overall Golder concluded that the blank QAQC results for Au are acceptable and assay results are considered
suitable for resource estimation
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Figure 11-2 Blank Results for Au.
- Standard BLANK - Au
Mean
Standard Devn
Counts
Minimum
Maximum
Median
Average HRD%
0.010 ppm Au
0.023 ppm Au sq
1157
0.002 ppm Au
0.266 ppm Au
0.002 ppm Au
-29.81 %
Expected Mean
Expected Std Dev
% Bias (-ve when underestimated)
No of Outlier +/- 3 Std Dev
% Outside Tolerance
CV
Average HARD
0.010 ppm Au
0.013 ppm Au sq
3.76 %
47
4.06 %
2.19 %
44.23 %
CRM - Ordered Series
Sample ID
L
a
b

V
a
l
u
e
s
.05
.10
.15
.20
.25
B216999 B481646 B515526 B699455 E234896 G259762 G873685 G966042 H241163 I386633 J299122 J302721
Upper Limit
Std + 5%
Std
Std - 5%
Lower Limit
Lab Value
CRM - Time Series
Return Date
L
a
b

V
a
l
u
e
s
.05
.10
.15
.20
.25
15/12/2005 03/07/2006 19/01/2007 07/08/2007 23/02/2008 10/09/2008 29/03/2009 15/10/2009 03/05/2010 19/11/2010
Upper Limit
Std + 5%
Std
Std - 5%
Lower Limit
Lab Value
HRD% Ordered Series
Sample No.
H
R
D
%
-100
-80
-60
-40
-20
0
20
40
60
80
100
0 100 200 300 400 500 600 700 800 900 1000 1100
Cumulative HARD Plot
Percentile
H
A
R
D
%
0
10
20
30
40
50
60
70
80
90
100
0 10 20 30 40 50 60 70 80 90 100
10% HARD
9
0
%

R
A
N
K

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11.10.2 Standard Samples
Angostura routinely inserts standard samples into the analytical stream to assess the assay laboratorys
accuracy and to determine the presence of bias. Angostura has developed a suite of 15 standard samples,
which covered a range of Au grades. Table 11-2 summarises the expected mean and standard deviation values
of the standard samples.
Table 11-2 Expected Mean Values and Acceptable Limits for Angostura Standard Samples.
Au (g/t)
Standard Expected Mean Std Dev Accepted Lower Accepted Upper
CDN-CGS-13 1.01 0.055 0.84 1.18
CDN-CM-8 0.91 0.055 0.75 1.01
CDN-GS-14A 14.90 0.435 13.60 15.37
CDN-GS-15A 14.83 0.305 13.92 15.75
CDN-GS-1A 0.78 0.040 0.66 0.90
CDN-GS-1B 1.01 0.033 0.91 1.12
CDN-GS-1C 0.99 0.040 0.87 1.11
CDN-GS-30A 35.25 0.605 33.44 37.07
CDN-GS-5A 5.05 0.190 4.48 5.62
CDN-GS-5B 4.83 0.190 4.26 5.40
CDN-GS-5C 4.74 0.140 4.32 5.16
CDN-GS-5D 5.06 0.125 4.68 5.43
CDN-GS-5F 5.30 0.180 4.76 5.65
CDN-GS-8A 8.25 0.300 7.35 8.59
CDN-GS-P7A 0.77 0.030 0.68 0.86
Golder conducted an analysis of assaying results for all standard samples sent to the lab since 2005 (Figure
11-3). Some of these standards can be grouped to facilitate analysis and avoid misinterpretation of the results.
This was done to understand the distribution and use of standard samples throughout the project. It turns out
that there is predominance in the use of low Au standards (1 g/t and 5 g/t) through the years. The situation
seems to have improved in the 2011 campaign. Certificates of the standard samples are in Eco Oros
Bucaramanga office and were available on the CDN laboratories web site.
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Figure 11-3 Assaying Results for all Standard Samples.
The analyses of the Au values for the two standard samples show an acceptable accuracy and precision, all
samples have Au values within the tolerance limits adopted by Eco Oro as shown on Figure 11-4. All detected
failures were reported and the corrected values updated in the database.
0
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1
CDN-CGS-13
CDN-CM-8
CDN-GS-14A
CDN-GS-15A
CDN-GS-1A
CDN-GS-1B
CDN-GS-1C
CDN-GS-30A
CDN-GS-5A
CDN-GS-5B
CDN-GS-5C
CDN-GS-5D
CDN-GS-5F
CDN-GS-8A
CDN-GS-P7A
(en blanco)
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Figure 11-4 Standard CDN-CGS-13 and CDN-CS-5C Au.
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11.10.3 Duplicates Analysis
Field duplicates correspond to the second half of the core and are prepared and inserted on-site. Field
duplicates as well as 150 m and 10 m coarse and pulp duplicates are created.
The pulp duplicates present some anomalies and the graph HARD versus Percent Population shows 75% of the
population below 10% of HARD, this number is 55% for field duplicate. Both are considred below expected
industry standards (90%). Figure 11-5 presents the field and pulp duplicate results for Au.
Figure 11-5 Field (core) and Pulp Duplicates Au
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The analyses carried out by Golder indicated that the field and pulp duplicate results are relatively poor,
suggesting that there may be some issues with the preparation procedure. However, in a report from Smee &
Associates Consulting Ltd. dated April 17, 2011, Smee has the following clarification on the issue:
I have compared the preparation duplicate precision with the pulp duplicate precision calculated last fall during
my visit. Eco Oro has done a good job of calculation, but there are some nuances that also come out of the data.
The precision from the preparation duplicates, when one very high grade sample is removed because of its
influence on the remainder of the data, is extremely good. The duplicates do clearly show that there are two
populations of gold. One of the populations is probably fine grained and homogeneously distributed, and one is
coarse grained with a poorer precision. This is shown in the chart by the two linear lines in the Thompson
Howarth plot. The precision calculation shows that the sample preparation is being done correctly, as is the
splitting. When compared to the pulp duplicate precision, the preparation split is adding only an additional 3 %
sampling error. If there had been a field duplicate taken routinely, the actual sampling precision from the drill
core could have been determined. This would have produced an estimate of error on the mean grade of the
deposit, which could be used as an estimate of risk.
11.11 Comment on Section 11
All collection, splitting, and bagging of core samples were carried out by Eco Oro personnel from 1994 to 2011.
No material factors were identified with the drilling programs that could affect Mineral Resource estimation.
Data validation of the drilling and sampling program is discussed in Section 10 and 11, and includes review of
database audit results.
In the opinion of the QP, the sampling methods are acceptable, meet industry-standard practice, and are
adequate for the purpose of resource estimation and mine planning, based on the following:

Data are collected following Project-approved sampling protocols.

Sample collection and handling of core was undertaken in accordance with industry-standard practices,
with procedures to limit potential sample losses and sampling biases.

Sample intervals, which have been defined on the basis of lithology, alteration, and sulphide content, are
considered to be adequately representative of the true thicknesses of mineralization.

Specific gravity determination procedures completed are consistent with industry-standard procedures.
The QP is of the opinion that the quality of the gold analytical data collected during the Eco Oro drill programs
are sufficiently reliable (also see discussion in Section 12) to support Mineral Resource estimation and that
sample preparation, analysis, and security are generally performed in accordance with exploration best practices
and industry standards as follows:

Drill sampling has been adequately spaced to first define, then infill, gold and silver anomalies to produce
prospect-scale and deposit-scale drill data. Drillhole spacing varies with depth. Drillhole spacing increases
with depth as the number of holes decrease and holes deviate apart.

Sample preparation is in line with industry-standard methods for high- sulphidation epithermal deposits.
Preparation prior to 2004 was by independent laboratories; since 2004, preparation has been undertaken
by Eco Oro personnel at an on-site preparation laboratory.
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From 2004, Eco Oro drill programs have included insertion of blank and standard reference material
samples. Duplicate submission is irregular. QAQC submission rates meet industry-accepted standards of
insertion rates. The QAQC program results that have been validated by independent consultants do not
indicate any problems with the analytical programs, therefore the gold and silver analyses from the core
drilling are suitable for inclusion in Mineral Resource estimation.

Data that were collected were subject to validation, using in-built program triggers that automatically
checked data on upload to the database. This includes checks on surveys, collar co-ordinates, lithology
data, and assay data. The results of the checks were appropriate, and consistent with industry standards.

Sample security has relied upon the fact that the samples were always attended or locked in the on-site
sample preparation facility. Chain-of-custody procedures consist of filling out sample submittal forms that
are sent to the laboratory with sample shipments to make certain that all samples are received by the
laboratory.

Current sample storage procedures and storage areas are consistent with industry standards.
12.0 DATA VERIFICATION
A number of data verification programs and audits have been performed over the Project history, primarily in
support of compilation of technical reports on the Project.
12.1 Mine Development Associates, 1998
As part of the 1998 mineral resource estimate, Mines Development Associates (MDA) completed a database
audit on data collected at the end of 1998. Thalenhorst (2002) reports that MDA found the database to be
generally satisfactory. Thalenhorst and Barton (2003) also noted, in relation to the MDA audit results:
This audit detected a number of clerical errors and shortcomings, and addressed remnants of a problem that
had been recognized earlier, namely the duplication of a number of sample numbers by Rossbacher. The
problem was subsequently resolved, but a relatively small number of assay results could not be assigned to their
original drillhole intervals which therefore are labeled as not having been assayed.
12.2 Strathcona Mineral Services Limited, 2002, 2003
The analytical data undertaken by Rossbacher on original and coarse reject samples were compared with
analytical results from pulp duplicate assays performed by Bondar Clegg Laboratories. Thalenhorst and Barton
(2003) concluded that:
There is a tendency of the Rossbacher results to be high by around 10% as compared to Bondar Clegg. An
analysis of the data shows that this difference is mainly caused by data from the assay intervals >20 g/t where
there is a fairly large difference between the two labs.
A systematic QAQC program was recommended for implementation as was a systematic density determination
program.
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12.3 Strathcona Mineral Services Limited, 2004
In 20032004, a number of high-grade core intervals were re-sampled and rejects submitted for check assaying
at ALS Chemex. Thalenhorst (2004) examined the data, finding that:
There is a tendency of the Rossbacher results for gold to be high by around 10% as compared to Bondar Clegg
and Chemex. In contrast, the Rossbacher silver results may be slightly low, but how much of this is due to the
different digestion methods used is currently unclear. Most of the difference is in the assay population >10 g/t
gold.
Eco Oro reviewed this finding, and showed that the differences between the Rossbacher and Bondar Clegg
results were restricted to assays above about 2 g/t Au and appeared to be traceable to certain groups of
contiguous samples, where the Rossbacher results were consistently and obviously high (the bad set,
corresponding to 891 samples), while other batches did not show this bias. A total of 520 samples with a
Rossbacher mean gold value of 6.6 g/t Au were re-assayed at ALS Chemex who reported a mean of 6.2 g/t Au.
Kinross, in 1999, estimated the mineral resources with, and without, the Rossbacher data, and found little
impact.
The overall conclusions were that the data could support mineral resource estimation.
Thalenhorst (2004) recommended that Eco Oro replace those Rossbacher assays for which Bondar Clegg check
assays were available and re-assay those other samples assayed by Rossbacher that had a direct impact on the
mineral resource estimated gold grade.
12.4 Snowden, 2005
Burns (2005) reviewed Eco Oros database, the geological interpretation, the collection of drillhole data, surface
and underground showings, the preparation laboratory, the core logging facility and the core sheds in California
and Giron. Seven drillholes were inspected, and in all instances the lithologies, mineralization, alteration and
sample intervals were found to agree with the drill logs. Assay checks between the primary database and the
compiled Datamine database were undertaken, and selected analytical data were compared between ALS
Chemexs posted website results and the database values. No discrepancies were found. Burns (2005)
concluded that the data were acceptable to inform mineral resource estimation.
12.5 Strathcona Mineral Services Limited, 2006
QAQC data from blank, SRM and duplicate samples were reviewed and no significant biases or analytical errors
noted. Thalenhorst (2006) was of the opinion that:
The full QAQC system as practised since 2003 conforms to industry standards, with the available check assay
and standards assay data indicating the assay results for the years 2003 to 2006 as reliable, and that any
contamination is a short-lived problem. Because of the generally fine-grained nature of the gold at Angostura,
assay precision is uncommonly good, giving a high degree of confidence in individual assays.
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Thalenhorst (2006) noted that the Rossbacher data, by 2006, constituted <1% of the total analytical database,
and was therefore no longer of concern. The specific gravity determinations available were acceptable to support
mineral resource estimation.
12.6 Hatch Limited, 2007
No independent data verification was performed by Wells et al (2007), instead, the conclusions of Thalenhorst
(2006) were considered acceptable for the preliminary assessment completed.
12.7 Metlica Consultores S.A., 2009
As part of database verification for mineral resource estimation, Sironvalle (2009) concluded:
While the QAQC system as practiced since 2003 largely conforms to industry standards, it could have been
somewhat more systematic and regular. The available check assay and standards assay data indicate that the
assay results for the years 2003 to 2008 collectively are reliable, that they are fairly precise individually, and that
any contamination was a short-lived problem.
Bulk density data added since December 2007 confirmed the analyses made in 2007.
12.8 GRD Minproc Limited, 2009
Greig et al (2009) did not perform any independent verification, noting:
From the checks made by Eco Oro, previous consultants and Metalica, it is concluded that the data has been
verified to a sufficient level to permit its use in a 43-101 compliant resource estimate.
12.9 Smee Consultants, 20062010
Barry Smee inspected the preparation laboratory on three occasions, and prepared reports on the QAQC
programs in 2006, 2007, and 2008. Smee (2007) recommended that two high-grade standards be acquired;
these were incorporated into the QAQC program for the 2008 drill program.
Smee (2010) reviewed the QAQC program conducted between September 2008 and September 2010. The
program was conducted as part of exploration drilling at Angostura and Mngora. Smee recommended the
following:

Increase the frequency of control samples to 4 control sample (standard, blank, preparation duplicate and
core duplicate) per batch (35 samples).

Include a Standard Au > 10 g/t.

Prepare a custom standard (1.2 - 4 g/t Au).

Prepare and analyze 200 stored rejects to act as preparation duplicates for estimating sample preparation
representativeness.
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12.10 NCL, 2010
NCL conducted a review of the database quality, concluding that it was robust and well managed, and noted that
security measures precluded data tampering.
Four drillholes, representing approximately 1,000 assays, were randomly selected, and checked against the
corresponding database entries. No inconsistencies between digital and hardcopy data were identified.
NCL concluded, from these reviews, that:
While the QAQC system as practiced since 2003 conforms to industry standards. The available check assay
and standards assay data indicate that the assay results for the years 2003 to 2008 collectively are reliable, that
they are fairly precise individually, and that any contamination was a short-lived problem.
Considering the results of the verification completed by NCL and the extent of external quality assurance and
quality control measures implemented by Eco Oro as well as external data verification and QAQC controls
conducted by Barry Smee, NCL did not consider that further independent verification sampling was required.
In the opinion of NCL, Eco Oro used industry best practices to explore for gold and silver on the Angostura
project. The exploration data was collected with care and is appropriately managed to ensure the safeguard of
exploration information. The resulting exploration data is generally reliable for resource estimation.
In April 2011, Mr. Mello undertook a review of the block model used for the mine planning activities presented in
this study, checking all items necessary to allow him to act as Qualified Person (QP) for this mineral resource
evaluation.
This estimate used data available up to July 2010.
12.11 Comment on Section 12
The process of data verification for the Project has primarily been performed by external consultancies. The QP
considers that a reasonable level of verification has been completed, and that no material issues would have
been left unidentified from the programs undertaken.
The QP, who relies upon this work, has reviewed the appropriate reports, and is of the opinion that the data
verification programs undertaken on the data collected from the Project adequately support the geological
interpretations, the analytical and database quality, and therefore support the use of the data for Mineral
Resource estimation. The main conclusions of the review were:

No significant sample biases were identified from the QAQC programs undertaken by Eco Oro. A small
portion of the initial 1996 to 1999 Rossbacher data were identified as being biased high for gold values;
however, check analytical data by ALS Chemex are used instead of the original data in estimation, and the
remainder of the data are now a very minor component of the total assay database (<1%).

Sample data collected adequately reflect deposit dimensions, true widths of mineralization, and the style of
the deposit.

External reviews of the database were undertaken between 1998 and 2010, producing independent
assessments of the database quality. No significant problems with the database, sampling protocols,
flowsheets, check analysis program, or data storage were noted.
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Changes and adjustments the QAQC program suggested by Smee 2010 has been implemented, except
the preparation and introduction of a custom standard (1.2 4 g/t Au) that is in process of certification to
date.

Drill data are typically verified prior to Mineral Resource estimation, by running checking routines.
13.0 MINERAL PROCESSING AND METALLURGICAL TESTING
13.1 Mineralogical Testing
In order to design the process circuit, Eco Oro carried out several test work campaigns, including mineralogical
characterization, flotation, sulfur oxidation and cyanidation of three sample types: oxide, transitional and sulphide
minerals.
The main flotation and cyanidation test work campaigns were conducted by SGS, METCOM and McCLELLAND
Lab INC (the latter also carried out pressure oxidation tests), but the following laboratories also carried out some
other metallurgical tests: G&T (mineralogical characterization, flotation and ultra fine grind testing), Hazen
(roasting tests). Little Bear (bio-oxidation) and BIOMIN Technologies S.A (bio-oxidation tests).The following are
the main results and conclusions obtained from all test work.
13.1.1 Mineralogical Composition
Multiple mineralogical studies have been performed on core samples, column leached residues and flotation
concentrate samples from the Angostura Project. Ore studies have included petrographic analysis, X-ray
diffraction (XRD) analysis, diagnostic leach testing, modal analysis and gold liberation studies. Bottle leached
residue studies have included petrographic, XRD and SEM analysis. Concentrate mineralogical studies have
included XRD analysis, QEMSCAN analysis and bulk modal and trace mineral search analyses.
Results from the various programs included:

Gold contained in the oxide ore samples was mostly (79% to 100%) exposed and amenable to direct
cyanidation. Gold contained in the transitional ore samples was also mostly (72% to 95%) exposed and
amenable to direct cyanidation, but in some cases with a significant component (up to 21%) locked in
sulphide minerals. Gold contained in the sulphide ore samples was more variably distributed between being
exposed and cyanide amenable (29% to 81%), associated with sulphides (4% to 54%) and to a lesser
degree, encapsulated in silica (3% to 25%).

Dominant sulphide minerals were determined to be pyrite, with ancillary marcasite and traces of copper
sulphide. Liberation analysis studies indicated that liberation of the non-sulphide gangue minerals will not
be greatly influenced by a choice of grinding size in the range of 80% -150 m to 80% -50 m. Although the
sulphide minerals were not as completely liberated at the same grind sizes, it was noted that the
unliberated sulphides were present as readily floatable binary composites. AIDS analysis of gold
occurrence revealed that about one quarter of the observed gold particles were liberated, with average
grain sizes of 7 to 12 m. Almost all of the remaining observed gold was locked as adhesions or inclusions
with pyrite or marcasite, with the average grain size of those ranging from 4 to 80 m. Similar analysis of
the pyrite losses to flotation tailings indicated that about one-half of the pyrite lost occurred as fine (<15 m)
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liberated grains of pyrite and the remaining losses occurred as pyrite-gangue binary composites. Samples
tested were considered to be amenable to flotation processing.

Mineralogical analysis conducted in South Africa revealed that the rougher concentrate consisted mainly of
pyrite, quartz and muscovite. Contained gold was present mainly as gold-telluride and gold-silver-telluride,
of which about 71% was exposed or liberated and 29% was locked in sulphides. The likelihood of "invisible
gold" present as sub-microscopic grains in pyrite was also noted. The concentrate was noted to be
refractory to cyanidation treatment, and exhibited elevated cyanide consumption which was explained in
part by the presence of secondary copper minerals. Analysis of the five locked-cycle concentrates
evaluated in Chile revealed the main gangue mineral present was pyrite (representing 76% to 90% of the
concentrate weights). Gold occurred mainly as electrum (Au-Ag alloy) and calaverite (AuTe2). Gold
minerals were generally locked in pyrite and copper sulphides. Silver occurred mainly as electrum,
argentite/acanthite, freibergite/argentotennanite, tetrahedrite-Ag, Ag-Cu sulphide, stutzite and Ag-Au
telluride. Silver minerals were mostly locked and associated with copper sulphides, pyrite/marcasite or both.

General observations concerning mineralogy drawn from analysis of the bottle roll tailings were "The
gold/silver mineralization is typical of a low to moderate temperature hydrothermal vein deposit". In the
sulphide and transitional zone samples, refractory gold in the leach residues occurs mostly in complex
sulphosalt inclusions in pyrite grains. The presence of gold-silver tellurides was also noted along fractures
in and on the boundaries of pyrite grains. In the oxide zone samples gold occurred mostly as native gold
inclusions in goethite.
13.1.2 Comminution Test work
Comminution testing was conducted by Phillips Enterprises on multiple drill core composites as part of the
McClelland Laboratories testing program. Results are included in Table 13-1. Industry-standard Bond crusher
work index, Bond ball mill grindability work index and Abrasion Index testing procedures were used by Phillips
Enterprises, LLC.
Additional ball mill work index determinations were performed by CIMEX in November 2007 on seven samples
representing varied rock types. Reported work indices ranged from 8.007 to 16.940 and averaged
13.073 kWh/short ton. It was not clear that procedures followed during the CIMEX testing were consistent with
the Bond ball mill work index testing procedures, hence these results were not considered.
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Table 13-1 Summary Comminution Test Results.
Composite Description
Crusher
Work Index
kWh/t
Abrasion
Index
Ball Mill
Work Index
kWhr/t
HOX-01 Oxide
1)
12.12 0.149 N/A
HOX-02 Oxide
2)
7.07 0.1174 N/A
HOX-03 Oxide
3)
7.29 0.1272 N/A
COMM-1 Argillic 7.72 0.131 14.05
COMM-2 Silicified 8.63 0.2098 14.86
COMM-3 Sericitic 10.43 0.3509 15.81
COMM-4 Intrusive 2.24 0.0478 11.03
B-01 Med/Low Grade - Low Sulphide N/A 0.2515 15.5
B-02 Med/Low Grade - Med. Sulphide N/A 0.2557 15.7
Comm. F-07 Peresoza N/A N/A 15.1
Comm. F-08 Veta de Barro N/A N/A 14.4
Comm. F-09 Central N/A N/A 14.1
Comm. F-10 Silencio N/A N/A 14.8
Comm. F-11 Los Laches N/A N/A 15.3
Notes:
1) Barro West, Veta de Barro East and Cristo Rey oxide ore types.
2) Composite of La Peresoza and Central oxide ore types.
3) Composite of Silencio oxide ore type.
13.1.3 Cyanidation Tests
Table 13-2 and Table 13-3 show the results obtained in the direct cyanidation tests, the data corresponds to the
average results obtained from all the samples tested in each case. It indicates very little variation in recovery
with decreased particle size. Both Heap/VAT leaching and conventional Agitated leaching was considered as
viable options. Bottle Roll tests Results.
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Table 13-2 Bottle Roll Tests Results
Ore Type
Number of
sample
Particle
Size
Leach
time
(hr)
Extraction Reagent
Au Ag NaCN CaO
Oxide 7 P80 3/4 inch 96 82.7 56.3 1.07 1.14
Oxide 7 P100 35 Mesh 72 93.4 81.6 0.8 1.77
Oxide 7 P100 150 Mesh 72 93.7 88.1 0.92 2.21
Transition 4 P80 3/4 inch 96 69.9 60.6 1.12 0.77
Transition 5 P100 35 Mesh 72 75.1 74.2 1.31 1.28
Transition 5 P100 150 Mesh 72 83.2 82.3 1.34 1.38
Sulphide 13 P80 3/4 inch 96 34.5 43.5 2.33 1.19
Sulphide 13 P100 35 Mesh 72 41 60.3 3.28 1.68
Sulphide 13 P100 150 Mesh 72 49.8 64.8 3.54 2.02
Table 13-3 Open Cycle Column leach test
Ore Type
Number of
sample
Crush
Size
(P80 in)
Leach
Cycle
Days
Extraction Reagent
i
Au Ag NaCN CaO
Oxide 7 - 61 90.30 59.80 0.49 1.35
Transition 4 4 142 41.50 43.80 1.36 2.32
Transition 4 3/4 61 70.50 61.30 0.54 1.08
Sulphide 5 3/4 60 35.60 27.70 1.06 1.25
Sulphide 1 3/4 144 44.90 33.20 4.59 0.17
It can be noted for the above tables, poor results were obtained for the sulphide ore, with recoveries about 40%
and Ag recoveries are about 30%. This is totally in line with refractory deposits of this nature. The results do
however indicate that both transitional and oxides ores are amenable to recovery of precious metals by heap or
agitation leaching techniques.
For transitional samples, Au recoveries vary from 70 and 83%, while Ag recoveries vary from 60 to 82%. For
oxide samples Au recoveries are in the 90% range, while Ag recoveries are in the 70% range.
13.1.4 Flotation Tests
Tests performed for MLI show a recovery of 88% for both Au and Ag in the cleaner concentrate, with an 11%
total mass pull. The sulphide ore gave an average recovery of 83% for Gold and 82% for Silver obtained in
cleaner concentrate test (SGS). No tests were conducted using multiple cleaning stages which when aligned
with Cleaner Tails Re-grinding may provide a high grade product at a lower mass pull. The test performed for
MLI report values gave 87% Au and 84% Ag (Table 13-4, Table 13-5, and Table 13-6).
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Table 13-4 Locked Cycle Test (flotation test).
Locked Cycle Test
Weight Au grade Ag grade Au Ag
CL Ro CL Ro CL Ro CL Ro CL Ro
Lab.
Ore
Type
Number
of
samples
Con. Tail Con. Tail Con. Tail Con. Tail Con. Tail
MLI
Sulphide 4 11.1 88.9 37.1 0.64 103 2.38 87.1 12.9 84.3 15.7
Transition 2 10.7 89.4 67.8 0.74 166 3.40 90.4 9.6 84.3 15.7
Mixed 1 10.8 89.2 39.7 0.7 155 2.70 87.3 12.7 87.6 12.4
SGS
Sulphide 9 16.2 83.8 31.6 1.19 279 9.00 83.3 16.6 82.3 17.7
Transition 1 6.4 93.6 39.2 3.15 544 22.00 45.9 54.1 62.7 62.7
Table 13-5 Variability Flotation Test.
Variability
Flotation Test
Weight
Au grades
(g/t)
Au
distribution
(%)
Ag grades
(g/t)
Ag
distribution
(%)
Ore
Type
Number
of
Samples
CI
Conc.
Rougher
Tails
CI
Conc.
Rougher
Tails
CI
Conc.
Rougher
Tails
CI
Conc.
Rougher
Tails
CI
Conc.
Rough
er
Tails
Sulphide 6 14.10 85.90 26.30 0.38 90.70 9.30 149.00 1.70 85.50 14.00
Transition 6 11.00 89.00 51.80 1.38 73.80 26.30 640.00 16.30 77.50 22.50
Table 13-6 Effect of feed size in rougher flotation in sulphide ore.
Rougher
Flotation
Weight Au Recovery Ag Recovery
80%
106
m
80%
75
m
80%
106
m
80%
75
m
80%
106
m
80%
75
m
Central 15 13 93 87 75 89
Los Laches
- Silencio
12 8 84 74 82 78
Perezosa 15 10 89 76 92 89
Veta Barro 13 15 88 94 85 87
Average 14 12 88 83 84 86
For both rougher and cleaner flotation (Table 13-7 and Table 13-8), the recovery for Au and Ag decreased as the
feed size decreased. This may be due to rapid oxidation of the particle surface the smaller the particle the
higher the specific surface area. Consideration should be given to the use of flotation cells capable of creating
ultra-fine bubbles Jameson or G cells. In the interim conventional forced draught cells were used during the
costing exercise.
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Table 13-7 Effect of Feed Size in Cleaner Flotation in Sulphide Ore
Cleaner Flotation
Weight Au Recovery Ag Recovery
80% 106 m 80% 75 m 80% 106 m 80% 75 m 80% 106 m 80% 75 m
Central 62 49 85 58 79 58
Los Laches - Silencio 57 49 81 69 72 67
Perezosa 64 57 92 86 81 78
Veta Barro 54 45 86 91 83 85
Average 59 50 86 76 79 72
Table 13-8 Flotation Test with and Without Depressant
Weight Au % Au %
Ore Type
Number of
Samples
CI
Concentrate
Rougher
Tails
CI
Concentrate
Rougher
Tails
CI
Concentrate
Rougher
Tails
Sulphide 21 14.60 28.90 90.80 93.20 89.10 93.90
Transition 20 16.70 24.40 86.90 91.30 88.10 91.30
The pilot plant tests indicated a frothing problem which made the plant difficult to control. This was alleviated by
washing prior to flotation. It is our opinion that filtering etc. is not economic so we have included decantation in
the form of a thickener and then re-pulping before flotation. We would suggest this be tested in the laboratory
prior to implementation. The objective would be to reduce the current reagent consumption and obtain a higher
grade concentrate.
13.1.5 Flotation Concentrate and Flotation Tails Cyanidation
Cyanidation tests were performed on both, flotation concentrate and flotation tails, Table 13-9 and Table
13-10show the results obtained:
Table 13-9 Flotation Concentrate and Flotation Tails Cyanidation
Weight Au Recovery (%) Ag Recovery (%)
Ore Type
Number of
Samples
% CI Concentrate Rougher Tails CI Concentrate Rougher Tails
Oxide 4 61.00 74.90 78.80 91.90 61.00
Sulphide 8 37.70 79.70 77.80 73.90 72.40
Transition 22 31.8 83.2 74.9 41.3 50.3
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Report No. 12-03-27_026_119-415-5030_IF 80
Table 13-10 Tails Concentrate Cyanidation for Sulphide, Transitional and Oxide materials.
Au recovery (%) Ag recovery (%)
Lab Ore Type Number of Samples Flot Tails CN Combined Flot Tails CN Combined
MLI
Sulphide 4 87.10 43.10 92.80 84.30 55.20 93
Transition 1 93.10 91.90 99.00 90.70 65.40 97
Mixed 1 87.30 57.30 95.00 87.60 73.00 97
SGS
Sulphide 10 84.00 63.20 93.90 83.10 46.60 90.2
Transition 1 45.90 93.00 96.00 62.70 53.70 96
Rougher (Table 13-9) concentrates show low levels in cyanidation, in particular for sulphides samples. The
flotation tails cyanidation showed reasonable results and it is economics that will determine whether leaching of
the Flotation tails takes place either separately or in a combined treatment facility. The tables below show the
design values for the project. It was considered that the rougher concentrate shall be reground to 37 m. This
should allow the production of a reduced quantity of cleaner concentrate and would reduce the capacity, size
and cost, of the expensive refractory process unit operation. At the same time it would probably liberate more
gold from the pyrite concentrate. The chemistry has assumed a recovery of 90% gold and 80% silver in the
cleaner tailings cyanidation.
Table 13-11 Autoclave Tests (POX).
Test
Head
(g/t)
POX
Recovery
(%)
%
Cyanidatio
n (AuCN)
leach
Head
(g/t)
Roasting
Recovery
(%)
%
Cyanidatio
n (AuCN)
leach
Au Au
Sulphide
Oxidation
g/t Au Au
Sulphide
Oxidation
g/t
Baseline
A1
30.80 3.70 30.80 3.70
Baseline
A2
32.60 3.50 32.60 3.50
Baseline
A3
30.00 3.60 30.00 3.60
A1 3.90 95.20 94.90 0.87 2.90 84.90 99.40 0.60
A2 3.80 97.50 97.60 0.81 3.10 91.30 97.30 0.60
A3 3.70 95.20 96.40 0.87 3.10 91.80 99.70 0.60
Average 3.80 96.00 96.30 0.85 3.10 89.30 98.80 0.60
Table 13-11 Autoclave test (POX) shows gold recoveries in the mid 95% range; it must be noted that the
autoclave feeds were blended with silica because of the high fuel value (sulphide content). One needs to
question the need for a Cleaner/Recleaner circuit if the final concentrate produced is to be re-diluted with
gangue
Table 13-12 and Table 13-13 show the flotation and tails design by metal and Table 13-14 to Table 13-17 shows
the overall recoveries for each process under study.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 81
Table 13-12 Flotation and Tails Cyanidation Design Metal Recoveries, (Au).
Ore
Flotation recoveries Au Distribution flotation particles Recovery Tails cyanidation
Rougher
P80=106
m
Cleaner
P80=37m
Overall
CI
Concentrate
P80=37 m
Rougher
tails
P80=106
m
Scav tails
P80=37
m
Rougher
P80=106
m
Cleaner
P80=37
m
Cyanidation
recovery
Sulphide 93 65.1 60.5 60.5 7 32.5 58.5 90 93.8
Transition 75 45 33.8 33.8 25 41.3 92.3 95 96
Oxide 100 95 95 95
Table 13-13 Flotation and Tails Cyanidation Design Metal Recoveries, (Ag).
Ore
Flotation recoveries Au Distribution flotation particles Recovery Tails cyanidation
Rougher
P80=106
m
Cleaner
P80=37m
Overall
CI
Concentrate
P80=37 m
Rougher
tails
P80=106
m
Scav tails
P80=37
m
Rougher
P80=106
m
Cleaner
P80=37
m
Cyanidation
recovery
Sulphide 87 86.7 75.4 75.4 13 11.6 47.8 80 90.9
Transition 74.8 75 56.1 56.1 25.3 18.7 59.8 85 87
Oxide 100 84.5 85 84.5
Table 13-14 Overall Recoveries (Roasting alternative).
Ore
Au distribution
(%)
Cyanidation recoveries
(%)
Au Distribution
(%) after roasting
Overall
Recovery
Cleaner
Concentrate
P80=37
microns
Rougher
Tails
P80=106
microns
Scav
Tails
P80=37
micron
s
Sulfur
Oxidated
Concentrate
Rougher
Tails
P80=106
microns
Scav
Tails
P80=37
micron
s
Sulfur
Oxidated
Concentrate
Rougher
Tails
P80=106
microns
Scav
Tails
P80=37
microns
Cyanidation
recovery
Sulphide 60.50 7.00 32.80 91.00 58.50 90.00 55.10 4.10 29.20 88.40
Transition 33.80 25.00 41.30 91.00 92.30 95.00 30.70 23.10 39.20 93.00
Oxide 100.00 95.00 95.00 95.00
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 82
Table 13-15 Overall Recoveries (POX alternative).
Ore
Au distribution
(%)
Cyanidation recoveries
(%)
Au Distribution
(%) after POX
Overall
Recovery
Cleaner
Concentrat
e P80=37
microns
Roughe
r Tails
P80=106
microns
Scav
Tails
P80=37
micron
s
Sulfur
Oxidated
Concentrat
e
Roughe
r Tails
P80=106
microns
Scav
Tails
P80=37
micron
s
Sulfur
Oxidated
Concentrat
e
Roughe
r Tails
P80=106
microns
Scav
Tails
P80=37
micron
s
Cyanidatio
n recovery
Sulphide 60.50 7.00 32.50 96.00 58.50 90.00 58.10 4.10 29.20 91.40
Transitio
n
33.80 25.00 41.30 96.00 92.30 95.00 32.40 23.10 39.20 94.70
Oxide 100.00 95.00 95.00 95.00
Table 13-16 Overall Recoveries (BIOX alternative)
Au distribution
(%)
Cyanidation recoveries
(%)
Au Distribution
(%) after roasting
Overall
Recovery
Ore
Cleaner
Concentrat
e P80=37
microns
Roughe
r Tails
P80=106
microns
Scav
Tails
P80=37
micron
s
Sulfur
Oxidated
Concentrat
e
Roughe
r Tails
P80=106
microns
Scav
Tails
P80=37
micron
s
Sulfur
Oxidated
Concentrat
e
Roughe
r Tails
P80=106
microns
Scav
Tails
P80=37
micron
s
Cyanidatio
n recovery
Sulphide 60.50 7.00 32.50 92.00 58.50 90.00 55.70 4.10 29.20 89.00
Transitio
n
33.80 25.00 41.30 92.00 92.30 95.00 31.10 23.10 39.20 93.30
Oxide 100.00 95.00 95.00 95.00
Table 13-17 Overall Recoveries (after Roasting alternative)
Au distribution
(%)
Cyanidation recoveries
(%)
Au Distribution
(%) after roasting
Overall
Recovery
Ore
Cleaner
Concentrat
e P80=37
microns
Roughe
r Tails
P80=106
microns
Scav
Tails
P80=37
micron
s
Sulfur
Oxidated
Concentrat
e
Roughe
r Tails
P80=106
microns
Scav
Tails
P80=37
micron
s
Sulfur
Oxidated
Concentrat
e
Roughe
r Tails
P80=106
microns
Scav
Tails
P80=37
micron
s
Cyanidatio
n recovery
Sulphide 75.40 13.00 11.60 60.00 47.80 80.00 45.20 6.20 9.30 60.70
Transitio
n
56.10 25.30 18.70 60.00 59.80 85.00 33.60 15.10 15.90 64.60
Oxide 100.00 84.50 85.00 84.50 84.50
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 83
13.1.6 Solid/Liquid Separation Testing
Pocock Industrial conducted solids liquid separation (SLS) testing on flotation rougher concentrate and flotation
rougher tailings samples generated during the McClelland Laboratories flotation testing program in 2009.
No significant problems with particle flocculation were identified during flocculent screening testing. Test results
showed that both the concentrate and tailings could be flocculated efficiently to produce relatively clear overflow
and relatively dense underflow using a generic anionic polyacrylamide.
Static thickening test results showed that both the concentrate and tailings samples showed good thickening
characteristics in the feed solids concentration ranges recommended for design (15% to 20% for the tailing
material and 10% to 15% for the concentrate material). At feed solids concentrations above those recommended
for design, effective flocculation was much more difficult to achieve. This suggests that flocculation of solids
above these concentration ranges may also prove to be difficult in a full-scale plant and should be avoided.
Testing showed that underflow densities of these materials could exceed the maximum concentrations
suggested by rheological data. In the plant precautions should be taken to limit underflow solids concentrations
to below the maximum recommended for each material type. Excessive density by residence time or by over-
flocculation may prove problematic to thickener operation.
Dynamic thickening tests were performed on both materials to determine the recommended maximum hydraulic
design basis for each. Within design dosage ranges considered for design, the solids beds for each sample
tended to be very stable and fluid. At higher dosages, signs of over-flocculation were observed. Lower dosages
produced reasonable thickening results but at the expense of higher overflow suspended solids.
Under stable operating conditions, and at the parameters recommended for design, overflow suspended solids
in the plant should be less than 250 mg/L for the tailings material and 300 mg/L for the concentrate material. If
better overflow clarities are required, some sort of polishing filter should be considered.
Although standard in-line flocculation worked well for the tailings material, this method was less effective for the
concentrate. In testing, optimal performance was achieved by using a power-assisted flocculation system with a
total hydraulic residence time in the range of 15 to 30 seconds. Maintaining flocculent concentrations very near
0.1% (prior to contact with pulp) also helped to optimize flocculation efficiency and therefore thickening
performance. Solids residence times greater than 1 minute tended to produce sheared floccules resulting in
diminished settling and thickening performance and therefore should be avoided. Therefore, if high rate
thickeners are selected for design, some method of power-assisted flocculation would likely be required to
achieve good thickening performance.
Testing showed that underflow densities could exceed the maximum concentrations suggested by rheological
data. In the plant, precautions should be taken to limit underflow solids concentrations below the maximum
recommended for high rate thickeners. Excessive density by residence time or by over-flocculation may prove
problematic to thickener operation.
Pulp viscosity data were collected on underflow materials using a Fann (Model 35A) viscometer, and provided
data to determine maximum design underflow densities for standard conventional and high rate thickeners using
30 Pa as a maximum yield value for the sheared material, and for downstream pump and pipeline design.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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March 23, 2012
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Vacuum filtration tests and pressure filtration tests were conducted to examine the effect of cake thickness and
air-dry duration on production rate and filter cake moisture for the two flotation products, using the two filtration
methods. Test results were used to make recommendations for belt filter and pressure filter sizing and operating
conditions.
13.1.7 Future Testing
The following additional test work is recommended:

Flotation in the milling circuit.

Thickening, decantation and re-pulping prior to flotation - this is as per the design route suggested to
reduce the reagent consumption.

Use of Fine Bubble Flotation Cells - Jameson or G Cell.

Rougher concentrate regrind then cleaning.

Multiple cleaning stages.

Cleaner tails regrinding.

POX evaluation.

Roasting and Acid generation - if this is considered a viable option.

Samples to be prepared for concentrate sales option.


13.2 Mineral Processing
Process treatment considered three alternatives for the Angostura Underground project, Oxides treatment plant,
Sulphides treatment plant and combined ore treatment plant.
13.2.1 Oxides Treatment Plant
Two options have been considered, these being Agitated Leach and VAT leach. The former is the more
conventional method of gold recovery whereby the ore is crushed and milled to the appropriate liberation size, in
this case 80% passing 106 m, then leached in agitated vessels for a period (24hrs). The leached slurry is then
contacted with activated carbon in a counter current system (Carbon in Pulp - CIP). The carbon is periodically
removed and eluted; the CIP tailings are then detoxified and pumped to the tailings deposition site. If preg-
robbers are present in the ore, which they are not in this instance, Carbon in Leach is used whereby dissolution
and adsorption occur simultaneously. CIL involves less CAPEX but higher OPEX and as preg-robbing is not
considered an issue, CIP was the chosen route.
Innovat in the United States were used as the contact for the Vat leaching plant. This plant does not involve
milling, only crushing to an appropriate size. The majority of the test work was conducted at 19mm, 1.7mm and
106 m with the latter giving the best results and was the selected size for agitated leaching. A conventional
crushing plant cannot obtain a product of 1.7mm so we and Innovat selected 6mm as the feed size. Gold
recovery for 6 mm was calculated based on average gold recoveries for sizes tested (1.7 mm, 19 mm, and 106
microns). The plant incorporates carbon columns and filters with built in detoxification. Unfortunately we cannot
comment on its operability but, having conducted a general Internet search we are led to believe Vat Leaching
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 85
plants are affective but detailed consideration must be given to the ore removal from the system. The services
and common requirements are indicated in both options, this should be considered when the final CAPEX
figures are generated. Figure 13-1 shows the for oxide treatment with two options.
Figure 13-1 Flow sheet for Oxides Treatment Plant with Two Options.
Metallurgical Considerations for Oxide Treatment Process
Metallurgical test work has been conducted at numerous laboratories, the details of this test work and the results
are contained in numerous reports, which were provided electronically and reviewed by our Process Consultant.
The quantity of work and number of reports did not allow a detailed evaluation but sufficient information was
extracted to enable us to predict the plant required at this stage. The test work included rolling bottle leach
results on the oxides; but the results did not include time/recovery curves and therefore optimal leach time could
not be confirmed. The 12 trench samples tested had an average head grade of 1,17g/t and averaged 90%
dissolution during the bottle roll tests. A high value of 15.9g/t (possibly particular gold) and low value of 0.09g/t
were excluded from the mean calculations. Gold in the oxide zone is very fine grained and is associated with
quartz and other siliceous gangue. This was confirmed by Heavy liquid tests resulting in only 40% of the gold
reporting to the sinks fraction.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 86
Lime consumptions were high; probably as a result of Sulphide inclusion. Consideration should be given to
incorporating Flotation if Transitional material is going to be a major component of the feed. The recovered
concentrate can then be accounted and treated in the selected Concentrate treatment plant. This could take the
form of a unit flotation cell in the milling circuit; tests would need to be conducted to determine the economic
advantage of such cells.
Heap leaching was also tested over a 7 day period and gave similar dissolution results. The maximum
dissolution was achieved within 24-36hrs indicating the samples are suited to both tank leaching and heap
leaching. Unfortunately heap leaching (which was investigated in previous studies) is not considered an option
due to the location of the site in an environmentally sensitive area - the Pramo. It is for this reason all slurries
will be contained and any residues fully detoxified in accordance with internationally acceptable standards.
The design parameters used in the establishment of the Process plant are as follows:

Grind 80% - 106 m for the Agitated Leach.

Crushing to 6 mm for the VAT leach.

Inclusion of a unit flotation cell in the milling circuit to recover Tansitional Sulphides.

VAT leaching at 6 mm with Carbon Columns as per Innovat proposal or;

Agitated Leach and CIP.

Detoxification or SART for Copper recovery and Cyanide removal/recycle.


Carbon Elution in the Common Elution Plant
The initial plant design allows for a Primary Jaw Crusher, Secondary and Tertiary Crushing, Ball Milling in closed
circuit with a Hydrocyclone cluster, Pre-Leach Thickening, Leaching (Vat or Agitated), and Detoxification/SART.
The loaded carbon produced from CIP or VAT process columns will then pass to Acid wash and Elution with
Electrowinning of the Eluent and Dore Smelting. This section of the plant will also treat Carbon emanating from
the Sulphide CIP. CIP tailings will pass through a Detoxification/SART system and be pumped to the Tailings
Tank, where it will be combined with the Flotation tails (pre or post leach) and pumped to the tailings dam for
disposal. At this stage tailings pumping is included in both plants; the CAPEX and OPEX can be adjusted if
required. Figure 5.1 shows the block flow diagram which has been included below incorporating all the major
stages in the process with the option of VAT or Agitated Leach. The process sections indicated in yellow will be
common with the 5000 tpd Sulphide Plant.
The preliminary mass balance and equipment list have been attached as Appendices to this document. Process
Flow Diagrams are in the preliminary stage, these will be developed further and finalised within the PFS.
Ore Receiving and Crushing Oxides Circuit
Ore trucks will deliver the ROM ore from the Angostura mining operations. At present no ROM stockpile or
storage facility has been included in the design calculations. The Ore will be tipped or conveyed to a receiving
feed bin via a 600 mm square static grizzly. The receiving bin will discharge using a vibrating grizzly feeder into a
Jaw Crusher with a closed size setting of 100 mm. The Crushed product having a P80 of 90 mm will be
conveyed along with the grizzly undersize to the Primary Double Deck Screen.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 87
The top deck oversize (+40mm) will gravitate to a Secondary crusher and the bottom deck oversize (+10mm) will
gravitate to the Tertiary crusher. The crusher products will be re-cycled, using conveyors to the Primary screen.
The deck apertures will change to 30 and 6mm if the VAT leaching system is the preferred route. The screen
undersize will be conveyed to the crushed ore bin which will have a capacity of 2500t and the facility to create an
emergency stockpile for additional storage capacity. The crushed ore will fed, at a controlled rate either to the
Primary ROM Ball mill or the VAT leach plant. The Mill Feed Storage Bin offers a degree of decoupling between
Crushing and Milling Circuit. The primary ore storage will be ahead of the crusher. A full crusher simulation will
be used for circuit optimization. The following plant design factors were used to determine the throughput rate of
the Crushing section:

Availability 80%.

Utilisation 80%.

Operation Factor 0.64 (defined as Availability*Utilisation).


13.2.2 Sulphides Treatment Plant
Refractory type gold ores require a totally different approach to gold extraction compared with conventional non-
refractory oxide based ores where straight forward milling followed by leach /CIP yields recoveries of at least
95% or higher. Conventional leaching using cyanide yields low gold recoveries when treating refractory ores.
Refractory ores usually have high concentrations of pyrite, arsenopyrite or antimonide; or all three with various
gold particle sizes and degrees of occlusion within the sulphide matrix. The sulphide-based minerals need to be
removed / extracted in order to carry on with a conventional cyanide leach process. The process comprises
conventional crushing and milling followed by a sulphide flotation circuit to produce a concentrate. The sulphides
can then be ground finer to liberate the gold particles or they have to be chemically destroyed to liberate the
gold. The following methods can be used:

Pressure Oxidation and leaching of the reground concentrates.

Roasting the concentrate followed by cyanidation, this route usually requires the inclusion of a Sulphuric
Acid plant for removal of the roaster off gases produced during the roasting process.

Degrade the gold carriers using bio-oxidation (BIOX) followed by Leach and CIP.

Regrinding the concentrate to create access for a leaching solution and permit gold to be recovered, as per
the Mount Isa Albion process, was also considered but the recovery obtained was >20% lower than that
achieved with the above. It was therefore not pursued further.

It is felt however that the inclusion of Reactors such as those supplied by Atomaer or Maelgwyn may
improve this recovery by about 10% which is still a considerable loss in recovery when compared to that
obtained by items 1-3 above but may prove economically viable as the initial capital investment is
considerably lower. TWP were also requested to investigate the sale of Concentrate on the open market.
To date we have established the Chinese will purchase concentrate at the Spot price for included metals,
less transport and processing costs, at a fee of 10-20%. We are still proceeding with this investigation.
Figure 13-2 shows a proposed block Flow for Sulphides treatment:
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 88
Figure 13-2 Flow Sheet for Sulphides Treatment Plant.
Metallurgical Considerations for Sulphides Treatment Process
Metallurgical test work has been conducted at numerous laboratories, the details of this tests work and the
results are contained in numerous test work reports which were provided electronically and reviewed by our
Process Consultant. The results obtained during the mineralogical examination of the sulphides inferred that the
gold occurs mainly as inclusions in the sulphides. The majority of the gold is associated with pyrite (fast floating)
so the relationship between gold and sulphur is linear in nature, resulting in an overall gold recovery that is
directly related to the recovery of the sulphides. This affects the mass for further processing and hence the
overall CAPEX required since a high rougher mass pull is required to maximise the gold recovery to concentrate.
This high mass pull for recovery affects the overall sulphur content of the product and must be considered when
investigating the use of Roasting and POX as the subsequent process route. Mineralogical work indicated the
presence of locked gold-silver-telluride grains which were very small and would probably not all be liberated or
exposed even with ultrafine grinding (10 micron grains showed a 70 % recovery). An interesting point that came
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 89
to light in the test work was the loss of ultrafine sulphides and gold to tailings. One needs to question if this is a
result of overgrinding and should we include a unit flotation cell in the milling circuit. In addition we would like to
consider regrinding of the cleaner tails then flotation in a separate scavenger bank instead of recycle to the
rougher feed which could be a point of losses. We would aim at increasing the overall recovery and grade of the
final product using flexibility in the final design. If the overall mass of concentrate produced can be reduced the
cost of the subsequent Oxidation process will be greatly reduced. Design parameters used in the establishment
of the Process plant are as follows:

Grind 80% - 106 m.

Inclusion of a unit flotation cell in the milling circuit to reduce possible over grinding and fine particle losses
to tailings.

Classification cyclones overflow "washing" prior to flotation.

Rougher residence time 30mins.

Cleaner residence 15min.

Concentrate regrinding.

Rougher concentrate straight to POX.

Cleaner tails re-milling prior to re-flotation.


Flotation
Flotation test work indicated the ore was very amenable to flotation giving a gold recovery to concentrate of
>90% at concentrate grades of >40g/t Au and >31% S in a concentrate mass of 10-13%, 12% has been used in
the preliminary mass balance. The samples tested showed a degree of variability in the concentrate mass and
grade produced, so flexibility should be built in to the final plant design. Additional tests were conducted using
depressants to decrease the gangue reporting to the concentrate and reduce the over frothing experienced
during the pilot plant tests. The over frothing was thought to be caused by the presence of Alunite (Aluminium
Sulphate) in the sample; its affect was reduced by washing prior to flotation. It is therefore recommended that a
de-watering stage with subsequent re-dilution be included in the circuit prior to flotation. This can be achieved
with either cyclones or a conventional thickener. We have included this in the CAPEX cost. The Rougher
flotation tailings contained only 0.2g/t Au from a Head assay of 2.73 g/t. Consequently the disposal of the
flotation tails was considered as an economically viable process route. We have not estimated the cost of a
Rougher Tailings leach circuit as it appears to be uneconomic. Such a leach would not only require tankage,
reagents and power but additional Detoxification. With the flotation tails remaining neutral they can be blended
with the CIP tails thus reducing the overall processing cost. A full economic evaluation would be required.
BIOX
In the initial test work a cleaner concentrate assaying 42 g/t Au and 36 % S was produced from a bulk sample
during the Pilot Plant Test work conducted by SGS. We have included the relevant Table 13-18 and Table 13-19
below for immediate consideration.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 90
Table 13-18 Quotation for BIOX Equipment Items
PROJECT
Year of Study
Option description
Angostura
Aug-2011
2 Module 3/3/2 Config
Concentrate treatment rate (tpa) 184421
Sulphur oxidised (tpa) 66576
DIRECTS
Factor % of
Month
Price in D
Mechanical equipment supply (Month) 100 21,522,274
Mechanical equipment Installation 20 4,304,455
Earth works 5 1,076,114
Platework supply & Installation 8 1,721,782
Concrete supply and installation 10 2,152,227
Structural steel supply and installation 10 2,152,227
Piping supply and installation 23 4,950,123
Building supply and installation 5 1,076,114
Electrical supply and installation 11 2,367,450
Instrumentation supply and installation 5 1,076,114
Mob Demob & Misc. 1 215,223
Freight allowance 2 430,445
Plant Directs Total 200 43,044,547
INDIRECTS
EPCM(% of direct cost) 15 6,456,682
Spares (% of Month) 5 1,076,114
Total 50,557,343
The Indirect costs were treated as below the line items during the preparation of the updated PEA documents.
Table 13-19 BIOX Main Consumables
Operating Cost USD/t conc
Reagents 28.36
Labour 1.91
Power 38.42
Maintenance 6.87
Total 75.55
The total cost estimate is USD 75.55 per tonne if concentrate.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 91
Amenability Tests
A Diagnostic leach test was carried out on a blend of bio-oxidation product CIL residues. The results showed
that the majority of the gold not leached via conventional CIL was associated with pyrite and arsenopyrite thus
confirming the >93% gold dissolution achieved during the BIOX test program.
From the results obtained during the laboratory batch tests and the continuous neutralisation pilot runs, the
following conclusions and recommendations can be made:

Number of tanks: 6.

Retention time per tank: 1 h.

Limestone addition point: To Tank 2 (pH 4.0).

Limestone purity: 99 %.

Limestone consumption (kg/t BIOX Feed): 301 kg/t.

Lime addition point: To Tank 5 (pH 7.0).

Lime purity: 96 %.

Lime consumption (kg/t BIOX Feed): 35 kg/t.

Recycle configuration: 2:1 (Tank 3 to Tank 1).

Aeration: All vessels.


This circuit will allow operation of the neutralisation circuit using a combination of limestone and lime. The pH
set-point in tanks 2 and 5 can be evaluated on commissioning to optimise the reagent consumption rates. All the
TCLP tests on the neutralised products yielded extracts containing less than 0.5 ppm As. This is below the 5
ppm stipulated by the US EPA for waste solids disposal. The ferric arsenate precipitate can therefore be
considered as stable. Goldfields were requested to work in conjunction with TWP to prepare the budget
estimates for this part of the project.
Roasting with Acid Production
The relevant information was forwarded to Outotec for review with the object of them preparing a Budget
estimate for the Roasting and associated Acid plant. The circulating fluidized bed (CFB) was developed over 40
years ago for the high temperature treatment of fine and light particles.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 92
The following are roasting plants that were built for gold ores (Table 13-20).
Table 13-20 Summary Roasting Plants.
Start-Up Date Client Location
Roaster
Type
Capacity
t/d
2009 Syama Mali 1 X CFB 590
1996 Minahasa Indonesia 1 X CFB 2160
1994
Newmont
Gold
Nevada/USA 2 X CFB 7680
1990 Cortez Nevada/USA 1 X CFB 1960
1987 Gidji/W.A.
KC GM
Australia
2 X CFB 1150
1975 Ergo South Africa 3 X CFB 1500
1975 Welkom South Africa 2 X CFB 1000
1969 Goldfields South Africa 2 X CFB 250
Production and Consumption:

Raw materials and products.


Feed rate: 23 tph (dry basis).
178 300 tpa (at 340 operating days per year and 95% availability).
Calcine production: 18.3 tph.
141 862 tpa (at 340 operating days per year and 95% availability).
Acid production: 632 tpd (mono-hydrate).

Utilities.
Cooling/Process water: 3000 m/h (at deltaT = 10C).
Instrument Air: 100 Nm/h.
Compressed air: 1000 Nm/h.
Power: 4 MW.
Diesel: only for heating up.
The CAPEX for the equipment was converted to USD at the rate of Euro 1: USD 1.374. The total cost for the
equipment is USD 94.8 MM.
They were not able to provide an OPEX figure at this moment; we have therefore calculated a figure using the
4 MW power requirements as 15% of the overall operating cost and extrapolating using the other plant data. The
indicative figures are given below; these will be updated once the information is available from Outotec.
Pressure Oxidation (POX)
Discussions were held with Outotec and they were able to provide us with a CAPEX estimate based on a similar
size plant they had completed the costing for. It must be stressed however the sizing of the reactor is ore specific
and without adequate test work the price must be considered as indicative. Unfortunately the plant was never
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 93
constructed so we do not have access to operational data and are unable to provide an accurate operating cost.
The main costs for the POX will be the generation of oxygen, leaching plant, leaching residue treatment, steam
and sulphuric acid.
The capital equipment cost is predominately the Autoclave itself; the equipment costs are USD 108.6 MM. An
indicative OPEX would be USD 22.5 per ton. We are attempting to define these estimates. Once the POX test
work has been completed and the consumptions established we will be able to provide a more definitive
estimate.
The main consumables are:

CaO = 73 tph.

Ca (OH) 2 = 7 tph.

Electricity = 9 Mw.
Sale of Concentrate
As with the other options a report has been attached to this document. It constitutes a summary of the
information provided.
Ultra-Fine Grinding
This method (UFG) of extracting gold from refractory gold ores is not new. It is operated at Mount Isa and
referred to as the Albion Process, which is UFG with oxidative leach. The UFG process route has been tested on
a similar deposit in the DRC with the Albion Process test work indicating recoveries of up to 98% with 84%
oxidation of the sulphides. The response of the Tellurides and sub-microscopic gold within the Angostura
sulphides has to be confirmed with test work. The final grind necessary to achieve the required recoveries may
be <8m with power requirements that may be in the order of >80kwh/t. Test work will be required to confirm
these figures and the overall recovery that can be expected. It must be borne in mind that such a fine grind could
result in carbon blinding and settling/filtration problems on the CIP tailings.
13.2.3 Oxides and Sulphides Combined Treatment
As previously stated Refractory type gold ores require a totally different approach to gold extraction compared
with conventional non-refractory oxide based ores where straight forward milling followed by leach / CIP yields
recoveries of at least 95% or higher. However with the use of flotation to concentrate the sulphides and treat
them using one of the Oxidative techniques proposed and the use of a Sulphidising agent for the Transitional
material, a processing facility can be designed in such a way so it is capable of handling all ore types emanating
from the mine. The sulphide-based minerals need to be removed / extracted in order to carry on with a
conventional cyanide leach process on the flotation tails which will contain the oxides. The process facility
proposed would comprise of conventional crushing and milling followed by a sulphide flotation circuit to produce
a concentrate. The sulphides can then be ground finer to liberate the gold particles or be chemically destroyed to
liberate the gold. The oxidative techniques described in the Sulphide plant document would be used to process
the concentrates and a conventional agitated leach circuit would be used for the Flotation tails, which will contain
the oxides. Hence final grade would be the objective in the flotation circuit, and testing of cleaner tails regrind
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 94
and flotation would be beneficial and allow us to discard these flotation tailings thus reducing the volume
produced in the Roughing circuit and possibly the leach train.
Metallurgical Considerations for Combined Process
Metallurgical test work would need to be conducted on the combined ore with a view to establish the final
recoveries. At this stage we have used the recoveries and reagent suite for the unit plants in order to establish
parameters for calculation of the OPEX. The existing test work has been on the oxides, transitional and
sulphides. No blends were used as far as we could ascertain but the net results should be similar for the
combined plant.
The results obtained during the mineralogical examination of the sulphides inferred that the gold occurs mainly
as inclusions in the sulphides. The majority of the gold is associated with pyrite (fast floating) so the relationship
between gold and sulphur is linear in nature, resulting in an overall gold recovery that is directly related to the
recovery of the sulphides. This affects the mass for further processing and hence the overall CAPEX required
since a high rougher mass pull is required to maximise the gold recovery to concentrate. The high mass pull for
recovery of the gold into the sulphides will not be required on the Flotation Roughers with flexibility in the circuit.
Thus the overall recovery will not be affected and the advantage of a smaller oxidation step will make the route
economically viable. Design parameters used in the establishment of the Process plant are as follows:

Grind 80% - 106 m;

Inclusion of a unit flotation cell in the milling circuit to reduce possible over grinding

and fine particle losses to tailings;

Classification cyclones overflow washing prior to flotation;

Rougher residence time 30mins;

Cleaner residence 15min;

Re-cleaner residence 10min;

Cleaner tails re-milling prior to re-flotation.


Flotation
The flotation circuit has been designed as per the base case sulphides plant but additional cells for treating the
re-ground cleaner tails may be required if the test work proves successful. Only the size of the Roughers has
changed from the sulphide option, to handle the increased flow. The Cleaner and Re-cleaner circuits are
identical as the quantity of sulphides has not changed.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 95
14.0 MINERAL RESOURCE ESTIMATES
14.1 Introduction
The following sections describe the data, methodology and procedures related to the elaboration of the
geological model and block grade estimates for the June 2011 Resource estimation update.
The starting point for this model is the geological model constructed in 2006, the structural geology and tectonic
study by Horner, 2005, and the structural data captured in 2010. Support for the mineralization is provided by
surface and old tunnel galleries sampling. This geological and structural analysis concludes with the definition of
four zones: Veta de Barro, Central Perezosa fault, Silencio and Laches.
For the construction of the mineralized structures solids (wireframes) a correlation was made between the
contents of Au, Ag, Cu, alteration and rock type, as far as possible, for the drillholes completed with results of
chemical analysis and topography up to May 2011, The design criteria for the interpretation were defined with
the support of Mr. Frederick Felder, Mr. Giovanny Ortiz and the geology team.
14.2 Software Used
The geological modeling and the geostatistical analysis of the deposit was done using Datamine Studio 3
(Geological model, block model, geostatistics, Kriging and validation) and GSLIB (Variography, and statistical
analysis of exploratory data).
14.3 Database
The Database used for the geological modeling and the resources estimation contains 973 diamond drillholes
with more than 314,000 m drilled in the Angostura deposit area.
The tunnel advance samples and the channel samples in surface and tunnels were not taken into consideration
because they have different support. Table 14-1 shows the details of the general database and the data selected
within the high grade veins. Table 14-2 shows the information inside the High Grade Veins.
Table 14-1 Database Basic Statistics
Type N of Drillholes Metres
Core 973 314,946.8
N of Samples Metres
Au 186,976 314,946.8
Ag 186,034 313,452.6
Cu 186,033 313,451.5
S 149,035 267,136.3
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 96
Table 14-2 Information Inside The High Grade Veins.
Type N of Drillholes Metres
Core 973 314,946.8
N of Samples Metres
Au 29,382 44,272.2
Ag 29,307 44,156.5
Cu 29,307 44,156.5
S 22,407 36,214.0
14.4 3D Modeling
A total of 191 high grade mineralization structures (veins) were modeled. A wireframe was constructed for each
structure considering: mineralization parameters, fractures and faults in surface, more than 25 old tunnels and
more than 3,500 m of exploratory tunnels. In addition, previous models and previous studies of structures, rock
types, hydrothermal alterations and Au-Ag-Cu correlation were taken in consideration.
To reduce the dilution in the veins, a cut-off grade of 2 g/t Au was used for veins of 2m thickness. For veins with
thickness more than 2 m a cut-off grade of 1.5 g/t Au was considered; taking into consideration the possibility of
using different underground exploitation methods in different thickness of high grade veins. The solids were
projected 20 m in the vertical direction and up to 50 m vertically from the last correlated intercept inside the vein.
Figure 14-1 shows a plan view of the veins geological model and geographic areas of the mineralized body. An
Identifier was assigned to each vein according to the area where it is located and its direction.
Surfaces (DTM) were created to define the topographic surface and the limit between the fresh rock (sulphides)
and the oxides-transitional-sulphides mixed zone (detailed description is provided in the next section).
14.5 Population Analysis
Sixteen (16) populations were defined according to the veins location and their directions: 4 geographic areas of
mineralization were defined based on the geological knowledge of the zone, from north to south, Veta de Barro,
Central (including the Perezosa Fault), Los Laches and El Silencio (Figure 14-1) In addition, the areas were
separated by the 4 predominant directions of the high grade veins in order of priority (formation time): E-NE, E-
W, NE, E-SE (Figure 14-3).
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 97
Figure 14-1 Plain View of High Grade Veins Showing the Spatial Distribution of Sectors.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 98
Table 14-3 High Grade Veins Directions.
Interval of Direction
Azimuth ()
ID
55 - 70 E-NE
40 - 55 NE
70 - 95 E-O
>95 E-SE
Table 14-5, Table 14-6 and Table 14-7 present the basic statistics of the intercepts inside the veins for the 16
selected populations and the capping impact defined in the outlier analysis.
14.6 Oxidation Model
The grade of oxidation model of Angostura: oxide, transitional and fresh rock (sulphides) is based on the
physical characterization of the samples using the parameters presented in the Table 14-4.
Table 14-4 Parameters to Define the Oxidation Grade in the Core.
Zone Oxides- Limonite Total Sulfur (%)
% de Sulphides Present
(visual)
Oxide Present 1% Trace to 0.5%
Transition Present 1% 1%
Fresh Rock or Sulphides Absent - Present
The characterization was made by using core photos, core descriptions (logging), the total sulphur in the
samples and re-logging of some drillholes. After defining the oxidation grades (oxides, transition and fresh rock)
in the core, a DTM surface of the fresh zone limit was generated by using sections and plan views. Under this
limit, oxidation is absent. As shown in the Figure 14-2 above the fresh rock limit there are variations in the
oxidation grades with oxide, transition and sulphide zones without defined continuity. This makes the generation
of solids impossible. To assign the oxidation grade to the block model, an Indicator Kriging was used obtaining a
probabilistic model of the oxidation grade inside the veins. An Indicator (1,0) was assigned to each oxidation
grade inside the high grade veins solids. A variographic analysis was made for each indicator to obtain the
search ellipsoid dimension and the input data to perform the Kriging. The result of the Kriging of the three
indicators (oxide, transition and sulphide) is the probability of each block of being one of the oxidation grades.
The block is designated as oxide if the probability of the interpolated oxide is greater than 60% and the
probability of fresh rock is less than 10%. The block is designated as fresh rock if the proportion of fresh rock is
greater or equal to 45% and the proportion of oxidized rock is less or equal to 8%. Any block that cannot be
identified as oxide or fresh is automatically designed as transition. Under the fresh rock limit the blocks were
automatically designed as fresh rock (sulphides).
The modeling of the three oxidation state levels at Angostura oxide, transition and fresh (sulphide), is based on
the characterization of each Angostura assay interval using the indicators in Table 14-4.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 99
Figure 14-2 Oxidation State Level. Vertical Section.
Note: Colour codes for oxidation state levels in blocks and drillholes: Red: Oxide; Orange: Transition; Grey: Sulphides or Fresh. Apparent local discrepancies
between drill-hole information and block model are due to drillholes and blocks not being exactly in the same plane
14.7 Compositing
To obtain the values with similar support it is necessary to transform the samples to a constant length
(compositing). For this study the length of compositing was 1.5 m. This value was selected because it is the best
representation of the sampling length inside the veins. Figure 14-3 shows the frequency histogram of the
sampling length used to support the value selected. Also, Samples with recovery less than 40% were eliminated
before compositing.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 100
Figure 14-3 Histogram of Sampling Length Inside the High-Grade Veins.
14.8 Outlier Analysis
To reduce the impact of outliers capping limit values of gold, silver and copper were determined graphically for
the 16 populations that were defined by location and direction. Figure 14-4 illustrates the graphical method used
to obtain the capping for gold in the Silencio area. The percentile, the impact in the basic statistics and the
number of samples affected was determined to analyze the capping impact in the data. Figure 14-5, Table 14-6,
and Table 14-7 shows the basic statistics before and after applying the defined capping and the impact of the
application.
Figure 14-4 Graphical Method to Identify Outliers of Gold in the Silencio Area.
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-
N
E

8
3
6

6
7
.
5
8

2
.
4
3
0

5
.
2
5
7

2
.
1
6

3
0

0
.
9
9
4

3
0

2
.
2
8
6

3
.
9
2
8

1
.
7

6
%

5

N
E

3
9
9

5
2
.
0
0

1
.
7
8
2

3
.
7
0
2

2
.
0
8

3
0

0
.
9
9
7

3
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.
7
2
7

3
.
0
6

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.
8

3
%

1

E
-
O

1
6
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8

6
1
.
2
2

2
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4
4
3

5
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0
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4
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0
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2
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5
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9

3
%

8

G
e
n
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r
a
l

T
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t
a
l

2
9
5
9
9

3
0
5
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4
7

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.
6
8
7

5
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2
8
7

3
.
1
3

1
0
0

1
.
6
3
0

4
.
0
1
6

2
.
5

3
%

5
3

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
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M
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C

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S
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L
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a
r
c
h

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1
2

R
e
p
o
r
t

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.


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2
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0
3
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2
7
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0
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6
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1
1
9
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4
1
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5
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3
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F

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a
b
l
e

1
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t
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m
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D
a
t
a
(
C
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p
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g
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E
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A

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E

B
A
R
R
O

5
5
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0
9
9

8

3
3

4
.
1
6

3
3
0

7

2
2

3
.
0
5

8
%

1
5

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E

5
2
8

5
1
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0

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1

3
.
1
8

1
2
0

0
.
9
9
4

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2
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8

1
7

2
.
0
3

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3
%

3

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-
O

7
1
9

4
9
2

6

2
7

4
.
2
3

1
5
5

0
.
9
9
5

1
5
5

6

1
7

3
.
0
0

1
3
%

4

E
-
S
E

4
2
9
5

1
0
9
9

8

3
4

4
.
2
9

3
3
0

0
.
9
9
8

3
3
0

7

2
3

3
.
1
6

6
%

9

C
E
N
T
R
A
L

1
5
2
0
9

2
6
5

5

1
3

2
.
3
7

2
6
5

5

1
3

2
.
3
4

0
%

1
2

E
-
N
E

2
9
1
6

2
6
5

8

1
8

2
.
3
0

2
6
5

8

1
8

2
.
3

0
%

N
E

7
0
2

1
3
2

4

1
1

2
.
6
1

1
3
2

4

1
1

2
.
6
1

0
%

E
-
O

8
1
8
0

2
6
3

6

1
2

2
.
2
3

1
7
0

0
.
9
9
9

2
6
3

6

1
2

2
.
1
9

0
%

8

E
-
S
E

3
4
1
1

1
8
3

3

8

2
.
3
2

9
5

0
.
9
9
9

9
5

3

7

2
.
1
6

1
%

3

S
I
L
E
N
C
I
O

5
9
5
5

3
7
6

8

1
7

2
.
2
7

2
3
9

7

1
6

2
.
1
8

1
%

1
0

E
-
N
E

2
6
5
7

2
1
5

8

1
6

2
.
1
4

1
7
0

0
.
9
9
9

1
7
0

8

1
6

2
.
1
2

0
%

3

N
E

9
3
9

1
6
8

6

1
2

1
.
9
6

1
2
0

0
.
9
9
8

1
2
0

6

1
1

1
.
8
7

1
%

2

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-
O

2
0
2
1

3
7
6

9

2
1

2
.
3
5

1
9
0

0
.
9
9
8

2
3
9

9

1
9

2
.
2
1

1
%

4

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-
S
E

3
3
8

8
3

3

7

2
.
0
5

4
5

0
.
9
9
7

4
5

3

6

1
.
7
9

3
%

1

L
A
C
H
E
S

2
8
9
3

2
1
8
0

3
1

8
4

2
.
7
0

9
0
3

3
0

6
8

2
.
2
6

4
%

7

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-
N
E

8
3
6

2
1
8
0

2
6

1
0
3

3
.
9
5

5
1
5

0
.
9
9
5

5
1
5

2
3

5
6

2
.
5
0

1
3
%

4

N
E

3
9
9

3
1
1

3
0

5
2

1
.
7
2

3
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1

3
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5
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.
7
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0
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6
5
8

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1
3
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8
0

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.
3
4

6
7
5

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9
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8

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7
6

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l

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t
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l

2
9
5
9
9

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1
8
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3
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3
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7
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9
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3

9

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7

3
.
1
4

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%

4
4

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t

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f

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i
m
i
t
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d

D
a
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a

(
C
a
p
p
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n
g
)

V
E
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A

D
E

B
A
R
R
O

5
5
4
2

2
.
2
3
6

0
.
0
2
0

0
.
0
7
3

3
.
6
5

1
.
1
0
0

0
.
0
1
9

0
.
0
6
0

3
.
1
3

3
%

8

E
-
N
E

5
2
8

0
.
8
2
2

0
.
0
1
9

0
.
0
6
3

3
.
3
8

0
.
8
2
2

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.
0
1
9

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.
0
6
3

3
.
3
8

E
-
O

7
1
9

1
.
4
2
8

0
.
0
1
5

0
.
0
7
0

4
.
6
4

0
.
4
0

0
.
9
9
5

0
.
4
3
1

0
.
0
1
3

0
.
0
3
7

2
.
8
7

1
4
%

4

E
-
S
E

4
2
9
5

2
.
2
3
6

0
.
0
2
1

0
.
0
7
4

3
.
5
5

1
.
1
0

0
.
9
9
9

1
.
1
0
0

0
.
0
2

0
.
0
6
3

3
.
0
9

2
%

4

C
E
N
T
R
A
L

1
5
2
0
9

2
.
4
1
1

0
.
0
3
7

0
.
1
0
8

2
.
9
4

2
.
4
1
1

0
.
0
3
7

0
.
1
0
8

2
.
9
4

-

E
-
N
E

2
9
1
6

1
.
9
8
0

0
.
0
4
3

0
.
1
3
1

3
.
0
2

1
.
9
8
0

0
.
0
4
3

0
.
1
3
1

3
.
0
2

N
E

7
0
2

1
.
9
1
8

0
.
0
2
5

0
.
0
8
9

3
.
5
3

1
.
9
1
8

0
.
0
2
5

0
.
0
8
9

3
.
5
3

E
-
O

8
1
8
0

2
.
4
1
1

0
.
0
3
4

0
.
1
0
6

3
.
0
8

2
.
4
1
1

0
.
0
3
4

0
.
1
0
6

3
.
0
8

E
-
S
E

3
4
1
1

1
.
8
4
0

0
.
0
3
9

0
.
0
9
2

2
.
3
9

1
.
8
4
0

0
.
0
3
9

0
.
0
9
2

2
.
3
9

S
I
L
E
N
C
I
O

5
9
5
5

6
.
1
6
0

0
.
0
6
2

0
.
2
0
5

3
.
3
0

3
.
2
0
0

0
.
0
6
1

0
.
1
8
4

3
.
0
2

2
%

1
0

E
-
N
E

2
6
5
7

6
.
1
6
0

0
.
0
6
9

0
.
2
3
8

3
.
4
7

3
.
2
0

0
.
9
9
9

3
.
2
0
0

0
.
0
6
8

0
.
2
1
6

3
.
1
9

2
%

3

N
E

9
3
9

2
.
3
1
3

0
.
0
6
9

0
.
1
4
5

2
.
1
0

1
.
2
5

0
.
9
9
9

2
.
3
1
3

0
.
0
6
9

0
.
1
4
5

2
.
1
0

1

E
-
O

2
0
2
1

3
.
5
8
0

0
.
0
5
4

0
.
1
8
8

3
.
4
6

2
.
2
5

0
.
9
9
8

2
.
2
5
0

0
.
0
5
3

0
.
1
6
4

3
.
1
2

3
%

4

E
-
S
E

3
3
8

2
.
6
5
3

0
.
0
4
0

0
.
1
6
6

4
.
2
0

0
.
6
5

0
.
9
9
4

1
.
1
3
8

0
.
0
3
4

0
.
0
9
2

2
.
7
3

1
5
%

2

L
A
C
H
E
S

2
8
9
3

1
.
1
2
6

0
.
0
2
2

0
.
0
6
4

2
.
9
0

0
.
6
5
0

0
.
0
2
1

0
.
0
5
3

2
.
5
0

4
%

9

E
-
N
E

8
3
6

1
.
0
5
5

0
.
0
2
5

0
.
0
7
3

2
.
9
2

0
.
5
5

0
.
9
9
5

0
.
5
5
0

0
.
0
2
4

0
.
0
5
6

2
.
3
9

6
%

4

N
E

3
9
9

0
.
8
1
3

0
.
0
2
1

0
.
0
5
9

2
.
8
3

0
.
3
5

0
.
9
9
5

0
.
3
5
0

0
.
0
1
9

0
.
0
4
3

2
.
2
5

7
%

2

E
-
O

1
6
5
8

1
.
1
2
6

0
.
0
2
1

0
.
0
6
0

2
.
8
8

0
.
6
5

0
.
9
9
8

0
.
6
5
0

0
.
0
2

0
.
0
5
3

2
.
6
1

2
%

3

G
e
n
e
r
a
l

T
o
t
a
l

2
9
5
9
9

6
.
1
6
0

0
.
0
3
7

0
.
1
2
7

3
.
4
0

3
.
2
0
0

0
.
0
3
7

0
.
1
1
8

3
.
2
1

0
%

2
7

UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 104
14.9 Exploratory Data Analysis
Table 14-5, Table 14-6, and Table 14-7 shows the basic statistics for the composites of the intercepts within the
high grade veins before and after the capping. Figure 14-5 shows a histogram of gold in one of the populations
of veins analyzed.
Figure 14-5 Histogram of Gold El Silencio, NE Veins.
14.10 Bivariate Analysis
The analysis of the correlation between gold, silver and copper intercepts within the veins is presented in scatter
plots, and bivariate correlation coefficients (Figure 14-6, Figure 14-7, Figure 14-8, and Figure 14-9). This
analysis shows a strong correlation between gold and silver and moderate between gold and copper, between
gold and sulfur and between silver and copper. This correlation can be preserved using the search ellipse and
estimation parameters of gold for the estimation of the other elements.
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Figure 14-6 Scatter Diagram Au-Ag for All Populations of Veins.
Figure 14-7 Scatter Diagram Au-Cu for All Populations of Veins.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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Figure 14-8 Scatter Diagram Au-S for All Populations of Veins.
Figure 14-9 Scatter Diagram Au-Cu for All Populations of Veins.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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14.11 Specific Gravity Measurements
Eco Oro has collected more than 9,200 measurements of specific density from core of all kinds of rock types and
alterations using the wax immersion method (Archimedes principle). Outliers were removed because they were
considered irregular. In addition only data within the vein was considered. At the end only 1,289 values were
considered. Averages of the data were calculated according the oxidation grade and a porosity correction factor
was applied to obtain the apparent density (Bulk Density). The Table 14-8 and Figure 14-10 show the general
statistics of the specific gravity before and after the outlier treatment, the porosity correction factors, and the
apparent density according to the type of oxidation of each block.
Table 14-8 Data Analysis of Specific Gravity of the Rock Basic Statistic of Specific Gravity.
Oxidation
State
# of Data Minimum Maximum Mean Std. Dev.
Oxide 212 1.64 2.69 2.44 0.16
Transition 219 1.81 4.01 2.57 0.20
Fresh
(Sulphides)
872 1.85 3.85 2.62 0.23
Basic Statistics After Outliers Treatment.
Oxidation
State
# of Data Minimum Maximum Mean Std. Dev.
Oxide 206 2.11 2.69 2.45 0.14
Transition 213 2.16 3.01 2.56 0.13
Fresh
(Sulphides)
870 2.12 3.85 2.62 0.23
Data Correction to Obtain the Apparent Density.
Oxidation State Specific Gravity Correction Factor Apparent Density
Oxide 2.45 95% 2.33
Transition 2.56 98% 2.51
Fresh Rock (Sulphides) 2.62 100% 2.62
Data Correction to Obtain the Apparent Density.
Oxidation State Specific Gravity Correction Factor Apparent Density
Oxide 2.45 95% 2.33
Transition 2.56 98% 2.51
Fresh Rock (Sulphides) 2.62 100% 2.62
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Figure 14-10 Summary Density Data.
14.12 Block Model Parameters
The Parent Cell size of 10 x 10 x 10 m adopted for the block model, allowing sub-cells with minimum of 1 m and
maximum of 5 m to allow the adequate volumetric adjustment for the veins, as shown in Table 14-9. Figure
14-11 shows the block model parameter used to estimate the different elements.
Table 14-9 Block Model Parameters.
Angostura Vein Model
X Y Z
Min Coordinates 130,300 307,550 2,350
Max Coordinates 132,100 309,820 3,560
Number of Blocks 180 227 121
Parent Cell Size 10 10 10
Rotation 0 0 0
Model Extension 1,800 2,270 1,210
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Figure 14-11 Veins Block Model Sub-Cells (Min: 1 m Max: 5 m).
14.13 Variography
Datamine software was used to make the variographic analysis. This analysis was done for the 16 populations of
the selected veins (zone and direction). 16 variographic models were obtained (Pairwise relative semi-variogram
or traditional variogram) for each element, Gold, Silver, Copper and Sulfur.
Composites of 1.5 m were used for the variographic analysis using 30 m steps with a 15 m of tolerance, 22.5 m
of angular tolerance and 30 m of cylindrical radius, having in consideration that each variogram was made only
observing the intercepts in each vein. Variograms in different directions were made in the veins planes to identify
the directions with more continuity. Table 14-10 shows the average aptitude of the veins populations, this
information was used to give direction to the search parameter in the variographic analysis.
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Table 14-10 Average Aptitude for the High-grade Veins.
Azimuth (Interval)
Average
Azimuth
Average Dip
(To the North)
Veta de Barro
East-Northeast 55 - 70 63 81
East-West 70 - 95 83 82
East-Southwest > 95 103 81
Perezosa Central
East-Northeast 55 - 70 61 83
Northeast 40 - 55 46 78
East-West 70 - 95 82 81
East-Southwest > 95 102 85
Silencio
East-Northeast 55 - 70 63 86
Northeast 40 - 55 51 88
East-West 70- 95 84 84
East-Southwest > 95 106 84
Laches
East-Northeast 55 - 70 62 76
Northeast 40 - 55 49 79
East-Southwest 70 - 95 85.3 72.5
The variographic parameters used for the Kriging (Ordinary Kriging) are presented in Table 14-11, Table 14-12,
Table 14-13, and Table 14-14.The nugget effect was obtained from variograms along the drillholes using a step
of 1.5 m.
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Table 14-11 Variogram Parameters by Populations - Veta de Barro.
Veins
E-NE
Veins
NE
Veins
E-O
Veins
E-SE
Metal Au Au Au Au
1th Azimuth 59 73 99
1th Inclination 22 44 22
2nd Azimuth 84 91 126
2nd Inclination -66 -44 -65
Nugget 0.15 0.15 0.15
1th sill 0.50 0.50 0.65
Interval 1 44 31 14
Interval 2 11 20 16
2nd sill 0.35 0.35 0.20
Interval 1 88 121 65
Interval 2 73 72 30
Table 14-12 Variogram Parameters by Populations Central.
Vetas
E-NE
Vetas
NE
Vetas
E-O
Vetas
E-SE
Metal Au Au Au Au
1th Azimuth 60 46 352 100
1th Inclination 0 0 80 22
2nd Azimuth 330 316 82 116
2nd Inclination 82 77 0 -67
3rd Azimuth - - - 192
3rd Inclination - - - 6
Nugget 0.15 0.15 0.15 0.10
1th sill 0.50 0.45 0.50 0.60
Interval 1 15 41 11 21
Interval 2 13 7 23 23
Interval 3 - - - 22
2nd sill 0.35 0.40 0.35 0.30
Interval 1 450 180 400 500
Interval 2 320 42 250 220
Interval 3 - - - 53
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Table 14-13 Variogram Parameters by Populations Silencio.
Vetas
E-NE
Vetas
NE
Vetas
E-O
Vetas
E-SE
Metal Au Au Au Au
1th Azimuth 58 49 69 121
1th inclination 45 22 67 -66
2nd Azimuth 66 57 85 102
2nd inclination -45 -67 -22 22
Nugget 0.15 0.10 0.17 0.15
1th sill 0.50 0.25 0.30 0.30
Interval 1 40 32 11 13
Interval 2 49 11 12 15
2nd sill 0.35 0.65 0.30 0.55
Interval 1 204 600 26 141
Interval 2 200 430 47 64
3rd sill - - 0.22 -
Interval 1 - - 250 -
Interval 2 - - 154 -
Table 14-14 Variogram Parameters by Populations - Los Laches.
Vetas
E-NE
Vetas
NE
Vetas
E-O
Vetas
E-SE
Metal Au Au Au Au
1st Azimuth 32 319 122
1st dip 64 79 -61
2nd Az 68 49 78
2nd dip -22 0 21
nugget 0.15 0.20 0.20
1st sill 0.30 0.50 0.40
Interval 1 50 29 18
Interval 2 49 33 25
2nd sill 0.55 0.30 0.40
Interval 1 86 95 192
Interval 2 62 55 121
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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For instance, Figure 14-12 shows the average variogram for all the veins in El Silencio sector in direction E-NE.
Although in most cases the thickness of the veins is small, the variogram for the direction perpendicular to the
vein used was obtained from the Central area E-SE, where the thickness of the veins allow its modeling. This
analysis was also made for silver, copper and sulfur
Figure 14-12 Example of Average Variogram Calculated for Gold. Veins E-NE El Silencio.
The size of the search ellipsoids was defined visually from the obtained variograms using the variogram distance
considering a maximum of 100 m. Table 14-15 shows the search ellipsoids sizes according to the continuity of
the principal and secondary axes defined in the variograms (Table 14-11, Table 14-12, Table 14-13, and Table
14-14).
The same size of the ellipsoids defined for gold was used to estimate silver, copper and sulfur. Although for
sulfur, the interpolation was made separately above and below the fresh rock limit defined in the Section 14.8.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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Table 14-15 Search Ellipsoid Parameters for the Interpolation of Gold by Population.
Veins
E-NE
Veins
NE
Veins
E-O
Veins
E-SE
Metal Au Au Au Au
Veta de Barro
Radius- Ellipse Principal Axis 70 100 - 60
Radius- Ellipse Secondary Axis 60 60 - 40
Radius- Principal Perpendicular Axis 40 40 - 40
Central
Radius- Ellipse Principal Axis 100 100 60 85
Radius- Ellipse Secondary Axis 75 40 60 60
Radius- Principal Perpendicular Axis 40 40 40 40
El Silencio
Radius- Ellipse Principal Axis 90 100 90 100
Radius- Ellipse Secondary Axis 90 90 50 50
Radius- Principal Perpendicular Axis 40 40 40 40
Los Laches
Radius- Ellipse Principal Axis 80 80 100 -
Radius- Ellipse Secondary Axis 60 40 100 -
Radius- Principal Perpendicular Axis 40 40 40 -
14.14 Kriging Strategy
Ordinary Kriging was used to estimate gold, silver, copper and sulfur. Each vein was interpolated with its own
intercepts and the variograms obtained for each element in the 16 different populations.
A single pass was used to estimate the elements. Table 14-16 shows the estimation parameter used. Those
parameters are considered adequate although the measured category could be added because more drillholes
were used for this definition. Figure 14-13 shows the image of one search ellipsoid for the estimation in one vein
with its intercepts.
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Table 14-16 Kriging Strategy for the Interpolation of Elements.
Minimum Number of Drillholes 1
Minimum Number of Composites 2
Maximum Number of Composites per Drillhole 3
Maximum Number of Composites 12
Block Discretization 4 x 4 x 4
Figure 14-13 Search Ellipsoid.
14.15 Veins Model Construction
The sequence of construction and estimation in the block model is the following:

Construction of the block model inside the vein solids (wireframes) with sub-cell of minimum 1x1x1 m and a
maximum of 5x5x5 m with parental cell of 10x10x10 (WIREFILL command in Datamine Studio 3).

Subtract the blocks above the surface and outside the mining property.

Ordinary Kriging for Gold, Silver and Copper.

Ordinary Kriging for sulfur above and below the fresh rock limit separately.

Assign the oxidation level to the block model, using Indicator Kriging based on the data of grade of
oxidation (Section 14.8).
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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14.16 Resource Classification
The resource classification criteria used for Angostura is based on data density. A kriging search was designed
to identify blocks in areas with an equivalent drilling grid of 60 x 60 meters. The procedure visited each vein
separately and only used data from inside de veins. These blocks were assigned to the Indicated category. All
the other estimated blocks inside the veins that do not meet this criterion have been assigned to the Inferred
category.
No Measured Resource was defined at this time for Angostura.
14.17 Model Validation
To verify the estimate model results, a number of visual checks in vertical and plan sections were made along
with a drift analysis in the three dimensions. The visual validation of composite grades and blocks estimates
verifies that the data is respected and reflected by the estimation. The comparison between the means of
composite grades and estimated block grades in different directions (Figure 14-14 and Figure 14-15) showed
that the estimates honor the grade trends that can be inferred from the available data.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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Figure 14-14 E-W Drift Analysis Composites Vs Block Model.
Figure 14-15: N-S Drift Analysis Composites Vs Block Model.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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14.18 Resource Reporting Criteria
The criteria used for resource reporting was as follows:

Cut-off grades of 1.5, 2.0, 2.5 and 3.0 g/t Au were used to report the mineral resources.

The blocks of isolated veins (based on a visual analysis) and the blocks of veins with less than 1,000 Au
ounces were not reported.

Veins not reported are those identified with the following numbers: 2, 66, 128, 135, 137, 158, 62, 63, 64,
111, 122, 128, 169 and 170.

A crown pillar of 15 metres was used to exclude the material near the surface.
14.19 Results
The resource estimation work carried out by Eco Oro geologists was reviewed by Golder and was considered
appropriate for the purpose of public disclosure. Golder was responsible for resource classification and reporting.
Dr. Marcelo Godoy, MAusIMM (CP) and Principal Geostatistician with Golder has reviewed, verified and takes
responsibility of the 2011 Resource Estimation Update of the Angostura Gold-Silver Deposit. Dr. Godoy is a
qualified person and independent for the purposes of National Instrument 43-101.
The Mineral Resources for the Angostura deposit at the reporting cut-off of 1.5 g/t is presented in Table 14-18.
Table 14-19 to Table 14-22 show the results of the resource estimation for cut-off of 2.0, 2.5, and 3.0 g/t Au
respectively.
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Table 14-17 Eco Oro Mineral Resources @ 1.5 g/t COG.
Material Type
INDICATED INFERRED
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Oxides 2.09 2.85 8.96 1.00 2.71 16.00
Transition 7.33 3.15 18.25 1.97 2.87 18.60
Sulphides 21.20 3.10 14.24 19.26 3.05 15.32
Total 30.62 3.09 14.84 22.24 3.02 15.64
Table 14-18 Eco Oro Mineral Resources @ 2.0 g/t COG.
Material Type
INDICATED INFERRED
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Oxides 1.27 3.57 9.92 0.61 3.32 18.24
Transition 4.64 3.98 20.66 1.25 3.53 20.64
Sulphides 13.81 3.83 17.31 12.43 3.78 18.36
Total 19.72 3.85 17.62 14.29 3.74 18.55
Table 14-19 Eco Oro Mineral Resources @ 2.5 g/t COG.
Material Type
INDICATED INFERRED
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Oxides 0.84 4.25 10.97 0.38 3.99 20.22
Transition 3.15 4.81 22.47 0.83 4.20 21.78
Sulphides 9.70 4.51 19.99 8.74 4.43 20.57
Total 13.70 4.57 20.00 9.95 4.40 20.66
Table 14-20 Eco Oro Mineral Resources @ 3.0 g/t COG.
Material Type
INDICATED INFERRED
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Tonnes
(Mt)
Au
(g/t)
Ag
(g/t)
Oxides 0.61 4.82 11.64 0.26 4.58 20.46
Transition 2.31 5.56 24.24 0.59 4.78 22.90
Sulphides 7.16 5.15 22.27 6.49 5.03 22.30
Total 10.09 5.22 22.07 7.34 4.99 22.28
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no
certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.
Mineral Resource tonnages have been rounded to reflect the accuracy of the estimate, and numbers may
not add due to rounding.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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15.0 MINERAL RESERVE ESTIMATES
There are no reserves being reported for the Project.
16.0 MINING METHODS
16.1 Geotechnical Study
A preliminary geomechanical study has been conducted to assess guidelines for underground mining method
selection and preliminary stope design to be used in the updated PEA. In summary, from a geomechanical
perspective, the recommended mining methods are:

Longhole stoping with transverse filling (across strike) for economic widths greater than 10 m.

In areas where the mineralization is between 3 m to 10 m wide, longitudinal longhole stoping can be
applied in two ways; with good wall rock, the bench-and-fill or Avoca type retreat mining is applicable as
long as filling completely follows the mining front, and; where wall rocks are weak, longitudinal longhole
stoping with simultaneous filling.
If stope grades are sufficiently high to support more expensive mining methods in the narrowest areas, cut-and-
fill mining may be applicable. Considering the variable and sometimes extremely weak nature of the wall rocks, it
is not recommended at this stage that options such as shrinkage or alimak mining for the narrowest veins are
considered. These methods may be considered for particular areas at a later stage but are unlikely to be
applicable on a broad scale for this deposit.
Stope dimensions were analyzed using empirical open-stope design methodology known as Mathews/Potvin or
Stability Graph Method. Conditions were analyzed for the four geotechnical domains identified in the previous
studies: RM1 (RMR = 55-65, Q=3.4-10.3), RM23 (RMR = 50-55, Q=1.9-3.4), RM4 (RMR=33-41, Q=0.3-0.7),
RM5 (RMR=20-35, Q=0.1-0.4). Q values were calculated from RMR as the data was not available to evaluate
them independently. Based on the observed conditions in the Perezosa tunnel, Q ranges used are considered
to be reasonable.
Table 16-1 shows the recommendations for stope dimensions within each geotechnical unit defined in previous
studies. 25 m floor-to-floor sublevel intervals are recommended (30 m total exposed height). This spacing allows
for good control on drilling deviation while maintaining drilling efficiency. When stopes are excavated in primarily
RM1 material, and assuming good blasting conditions, double-lift stopes could be excavated prior to filling for a
total exposed height of 55 m.
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Table 16-1 Summary of the Stope Sizes by RMR and Mining Method.
Geotechnical
Units
RMR
Stope Size
Mining Method
Width
(m)
Length
(m)
High
(m)
RM1 55-65
<10
Not
limited
30-55 Bench-and-fill/Avoca mining
10 15 30 55 Transverse longhole stoping
20 20 55 Transverse longhole stoping in panels
RM23 50-55
<10 30 30
Longitudinal longhole mining with
simultaneous filling
10 15 20 30
Longitudinal or Transverse longhole
mining with simultaneous filling
20 15 30 Transverse longhole stoping in panels
RM4 33-41
<5 30 30
Cut-and-fill mining or another selective
mining method with simultaneous filling
and limited exposure
5 10 10 30
Longitudinal longhole mining with
simultaneous filling
10 - 15 8 30
Longitudinal or Transverse longhole
mining with simultaneous filling
20 6 30
Transverse longhole mining with
simultaneous filling
Distribution percentages of each geotechnical unit at the Angostura deposit have been analyzed for each zone
and are presented in Table 16-2. The overall participation of each unit are 12.22% of RM1, 54.12% of RM23,
32.26% of RM4 and 1.4% of RM5. Table 16-2 which is based on the current geotechnical model shows a greater
proportion of the geotechnical unit RM23 of Fair rock mass quality. This interpretation may vary significantly as a
more detailed geotechnical model is developed but it has been used as a preliminary basis for advancing stoping
design and cost estimation.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 123
16.2 Mineable Shape Optimization
The Mineable Shape Optimizer (MSO) from CAE Mining was used to identify potentially economic stopes at
Angostura. The MSO defines the optimal size, shape and location of stopes for underground mine design. MSO
works with an input resource model, economic parameters and a set of stope geometry and design rules.
16.2.1 Design Criteria
Equivalent Grade
Silver values have been taken into account in the updated PEA by estimating an equivalent gold grade for the
mineral deposit. The equivalent grade has been estimated in accordance with the following formula;
Fqu|ua|ent grade =
(P
Au
-Cxm
Au
) - 6
Au
- MR
Au
+ (P
Ag
-Cxm
Ag
) - L
Ag
- RM
Ag
(P
Au
-Cr
Au
) - RM
Au
Where:

P
Au, Ag
: Gold and Silver Price (USD/oz).

Csm
Au, Ag
: Cost of smelting of gold and silver (for analysis this value was considered zero).

G
Au, Ag
: Gold and silver grade (g/t).

RM
Au, Ag
: Metallurgical recovery for gold and silver.
At this stage 100% recovery of gold and silver has been assumed. Metallurgical recoveries are taken into
account in the mining schedule to determine gold and silver production and therefore in the economic evaluation.
Possible maximum and minimum gold and silver prices have been used to develop an optimistic scenario
(upper bound) and a pessimistic scenario (lower bound) for the estimate. These values are shown in Table
16-3.
Table 16-3 Metal price for Calculating the Equivalent Gold Grade.
Gold Price
(USD/oz-troy)
Silver Price
(USD/oz-troy)
Optimistic scenario 1500 40
Pessimistic scenario 850 20
Cut-off Grade
MSO Optimizations were produced for cut-off grades of 2.0, 2.5 and 3.0 g/t AuEq. These were carried out under
both optimistic and pessimistic scenarios.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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Report No. 12-03-27_026_119-415-5030_IF 124
Stope Design Parameters
The criteria applied to the definition of preliminary stope shapes were:

Shape Control:

Minimum Width equal to 5 m (for sub-level stoping and bench-and-fill mining method); for veins less
than 5 m in thickness the design was made by hand.

Minimum Waste Pillar Width equal to 10 m.

Near and Far Wall Dilution equal to 0.5 m.

Minimum Dip Angle equal to 60.

Maximum Strike Angle equal to 45.

Shape Framework (Figure 16-1):

YZ Section Spacing equal to 2.0 m.

Z level Spacing equal to 5.0 m.

Minimum / Maximum Coordinates: X: 130300 / 132100; Y: 307550 / 309820; Z: 2350 / 3560.


Figure 16-1 Shapes Framework.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 125
16.3 Mining Method Selection
Undergournd mining comprises the extraction of materials using an ensemble of operations that generally
includes drilling, blasting/breaking, loading and extraction of materials, where mine ventilation, ground control,
drainage, power, air and water supply are integral components. The range of underground mining methods
currently employed in the mining industry was analyzed according to the geological and geotechnical constraints
of the deposit. At this early stage of the study it is considered that the appropriate methods for mining this
deposit are:

Sub-level Stoping with Fill.

Bench-and-Fill Stoping.

Cut-and-Fill (with cement fill or waste material).


Based on the assessment that these methods are technically feasible it is possible to perform an economic
comparison between them, also taking into account flexibility of each to meet potential technical challenges.
Mining method selection and design depend on different factors such as:

Deposit geometry: shape, size, dip, continuity.

Geometric characteristics of the mineral and wall rock, in addition to the tectonic history of the deposit
(lithologies, structural systems and preferential orientation of structures).

Spatial distribution of mineralization, identification of higher and lower grade sectors.

Planned production rate.

Based on the spatial characteristics of the mineral deposit and the need to introduce mechanization to
reduce mining costs, the following methods have been considered; "Sub-level Stoping" (longitudinal or
transverse) with fill, within RM1, RM23 and RM4 rock types, for veins wider than 5 m.

"Bench-and-Fill Stoping" (longitudinal) within RM1 rock type, for 5 m - 10 m wide veins.

"Cut-and-Fill" within RM4 rock type, for veins narrower than 5 m or for veins in poor ground (RM5 rock
type).
In addition the following concepts have been applied at this stage:

Sub-level Stoping will be applied with fill, according to the geomechanical recommendations made by
Golder. Other method variants may be analyzed at a later stage.

Based on the existing geotechnical model overall (~54%) rock mass quality is expected to be fair.
Consequently general stope design at this stage of the study has been based on this premise, while noting
that mitigation measures such as ground support and dilution control through appropriate drilling and
blasting techniques would be implemented.

Sub-level Stoping and Bench-and-Fill Stoping methods enable production and/or development to be carried
out on different levels simultaneously , allowing for better control of production rates and for contingencies
arising from ground control issues in any part of the mine. Production zones and levels can be easily
isolated and more stable zones can be exploited while solutions to managing unstable sectors or those with
geometric challenges can be implemented.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 126

The Cut-and-Fill method will only be used to mine the RM5 rock type, which represents a small percentage
in the entire deposit according to preliminary geotechnical model information.

The Cut-and-Fill method will also be applied to the narrowest veins in RM4 rock type, which represents a
small percentage in the entire deposit according to preliminary geotechnical model information.
In addition the following factors have been taken into account in the conceptual design and mining method
selection:

Access requirements to the deposit which is comprised of various vein systems.

Analysis of stope geometry.

Mining cycle time.


16.3.1 Description of Selected Mining Methods
Sub-Level Stoping
The "Sub-level Stoping" mining method (longitudinal or transverse) with fill, is applied preferentially in tabular-
shaped, vertical or sub-vertical extremely thick deposits, generally for veins greater than 5 m and RM1, RM23
and RM4 rock type. It is desirable that orebody edges and contacts are regular, Figure 16-2.
Typical dilution of this method is in the order of 15%, and typical mining recovery is 85%. The mining cost ranges
from 20 to 40 USD/t approximately.
The principle of sub-level stoping is to excavate the ore in vertical slices leaving the stope empty particularly in
the vertical direction.
The broken ore is collected in trenches located at the stope base, from where it may be extracted in various
ways. The expression "sub-level" refers to the galleries or sub-levels from where the initial ore extraction is
carried out.
Base level or production level developments consist of a haulage gallery and loading drawpoints that allow the
drawpoints to operate. Drilling galleries or sub-levels are developed at regular intervals in accordance with the
ore body geometry.
Access to the drilling sub-levels is typically located in the footwall. A slot is initially developed vertically within the
orebody to provide a void for subsequent extraction.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 127
Figure 16-2 Sub-Level Stoping.
The ore extracted is directly loaded through loading bins arranged in the stope base into trucks. Control stations
(grizzlies) are necessary to be installed prior to the bins to control oversize.
The broken ore will be extracted from drawpoints using 6yd
3
capacity LHD (Load/Haul/Dump) loaders which will
haul the ore to the main ore passes, where the ore will be sent to silos built for each ore type (oxides,
transitional, and sulphides).
The ore from silos will feed to the crusher located on Level 2900. After crushing, the ore will be transported by
conveyor belt to the portal exit. For lowers levels, ore will be transported as explained above. From the main ore
passes, the ore will be dropped to shaft ore pockets and then hoisted by skip to the crusher located on Level
2900. After the crushing process, ore will be transported by the conveyor belt to the portal exit.
Figure 16-3,Figure 16-4 and Figure 16-5 illustrate the concept of this method in greater detail for various orebody
widths.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 128
Figure 16-3 Sub-Level Stoping for 10-15 m wide veins.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 129
Figure 16-4 Figure 16 4 Sub-Level Stoping for 20 m wide veins.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 130
Figure 16-5 Sub-Level Stoping for veins wider than 30.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 131
Bench-and-Fill Stoping
This mining method is recommended for use in RM1 rock type and for 5 -10 m wide veins. Main characteristics
of this method are:

It is used in narrow to medium-wide ore bodies with good quality wall rocks and strong continuity.

The stope is filled with waste (detritic material) as mining advances.

Approximate mining cost is15-45 USD/t.

Dilution is of the order of 10%.

Recovery is typically less than 80%.


The sequence of development is as follows:

Hauling level.

Drilling level.

Blast holes shorter than 40 m.


Figure 16-6 shows a typical isometric sketch of the mining method. Plan and section views of the mining method
applied to multiple parallel veins are detailed in Figure 16-7.
Figure 16-6 Bench-and-fill.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 132
Figure 16-7 Plant and Section views of Bench-and-fill Stoping.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 133
Cut-and-Fill Stoping
This method is recommended for veins less than 5 m and in RM4 / RM5 rock type. The characteristics of this
mining method are:

It is used for narrow deposits of poor quality wall rock or shallow dips that preclude the application of sub-
level stoping.

It is a highly selective method.

Typically high recovery (>90%) and low dilution (<10%).

Applicable to semi-vertical deposits but also for shallow dipping orebodies in good quality rock.

Used where wall rock is too poor to apply sub-level stoping methods.

The method consists of advancing with horizontal cuts moving upwards in the veins.

Stope filling is carried out simultaneously with mining advance using mechanized or captive equipment.
Variants of conventional Cut-and-Fill.
Mechanized:

The stope is accessed from the development levels with LHD equipment.

Stope sizes are up to 40 m long with heights up to 8 m.

Fill consists of rock fill or consolidated tailings.

Equipment used consists of drilling jumbos, LHDs, scalers and bolters.

The cost of this method ranges from 25 - 40 USD/t.


Captive:

The equipment is captive in the stope.

The method is very expensive and it is applied specifically to narrow veins.

Stopes are generally filled with hydraulic fill.

Equipment used consists of: jacklegs, rock drills, scrapers and winches.

The cost of this method ranges from 35 to 60 USD/t.


16.3.2 Development, Preparation and Mine Infrastructure Design
Design Criteria
The following considerations have been considered as constraints in this study:

50 m Crown Pillar to prevent subsidence following geomechanical recommendations.

Mine access to the surface must be kept below Level 3200, except for some main ventilation raises
considered.

According to the geomechanical recommendations, level and sublevel dimensions have been designed for
Sub-level Stoping and Bench-and-Fill stoping methods which are shown in Figure 16-8.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 134
Figure 16-8 Level and sub-level sizes according to geomechanical recommendations.
Underground Mine Design
Due to the geometry and spatial distribution of the different orebodies and in order to maintain fixed extraction
levels that allow for a reduction of preparation costs, optimization of mine recovery and reduction of stope
dilution, for the widest orebodies a transverse design has been chosen while for narrower veins a longitudinal
approach will be adopted.
The main extraction level will be at an elevation of 2,900 m.a.s.l. from which extraction will occur upwards to
Level 3320 and downwards to Level 2480.
The design shown is based on mining development required for the 2.5 g/t AuEq cut-off grade scenario using
metal prices of 1500 USD/oz Au and 40 USD/oz Ag.
The design has been based on the following concepts:

The use of 2 crushers on Level 2900 has been considered, with one being located in the north-east sector
and the other in the central sector. 3 Silos for each crusher system have been considered, one for oxide
and transitional materials, one for sulphides and the third for waste rock.

Below Level 2900, main ore passes connect to pockets located on Level 2480. In order to transport the ore
to the crusher (Level 2900) two alternatives are being considered. The first consists of hoisting the ore
through a shaft and the second considers using a conveyor belt within a ramp.

For veins of greater tonnage, as for Vein 114, a secondary ore pass has been considered. The ore will be
transported using LHD equipment for dumping to the secondary ore pass. From chutes located on the
Levels 2830 and 2620 ore will be transported by trucks to the main ore pass. The use of this secondary ore
passes will reduce loading and hauling equipment requirements.

The waste material produced by the mine development work will be extracted by trucks through Level 3040
to Waste Rock Dump N2 located close to "Quebrada Herrera", and through Level 2900 to Waste Rock
Dump N1 located close to the portal at La Perezosa . Figure 16-9 presents the waste rock facility
locations.

Dining areas, offices and equipment maintenance workshops will be located within the mine on Level 2900.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 135

The primary mine ventilation system will comprise two main raises connecting to the surface, where two
extractor fans of 200,000 CFM capacity will be located. The fresh air entry will be at the portals on Levels
2900 and 3040, and will be directed to all levels through secondary raises. A secondary forced-ventilation
system will be required for the furthest exploitation zones.

A second option for ore extraction from the mine is via a tunnel that would exit at Mongora. The tunnel
would extend from Level 2480 in the Angostura mine and would exit at 2450 m.a.s.l at Mongora. This would
provide an option for ore extraction from outside the Angostura zone while also permitting the process
infrastructure to be located at this lower elevation. Ore would be transported to the tunnel portal by belt
conveyor. The tunnel would also be used for mine ventilation and drainage. This alternative will be
developed further during the preliminary feasibility study.
Figure 16-9 Waste Rock Facility Locations at level 2900 and 3040.
Mining Development Dimensions
Mine development includes the mine main levels, ramps and infrastructure. The following dimensions have been
considered in the design:

Main levels will have a 5.0 x 4.0 m section and a 0.5% downward gradient.

Main ramps will have a 12% gradient and a 5.0 x 4.0 m section.

Main ventilation raises will be 3 m in diameter.

Ore passes will be 1.8 m in diameter.


UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 136

Main waste passes will be 1.8 m in diameter.


Mine Preparation considers:

Horizontal, 4.0 x 4.0 m section sub-levels.

4.0 x 4.0 m section cross-cuts or access to the veins.

4.0 x 4.0 m section galleries.

1.8 m diameter service raises.

1.8 m diameter ventilation raises.

Draw points.

4.0 x 4.0 m windows.


Infrastructure within the mine includes:

Workshops and dining rooms.

5 m diameter main ore extraction shaft.

4,000 tpd capacity crushers.

Ore pockets to meet daily production plus 50% overcapacity.


Design at 2.5 g/t AuEq Cut-off
The following designs have been considered:

Extraction on 13 levels at the 2480, 2550, 2620, 2690, 2760, 2830, 2900, 2970, 3040, 3110, 3180, 3250,
3320 Levels, and 2 exploitation sublevels for each level.

Infrastructure design required for the ore extraction (Crushers, Belts, Pockets) on the main extraction 2900
Level.

Communication ramp from the levels to the sub-levels for mining the main veins. Cross-cuts, by-passes,
and drifts to the orebodies.

For the ore and waste extraction from the lower 2480 Level a shaft and hoisting system has been
considered.

Principal and secondary raises of 3 m diameter connecting with the surface have been considered.

A second option for extraction of ore from the 2480 Level is via conveyor belt located in the ramp.

Ore/waste-pass system design for the lower levels.

For the 2.5 g/t AuEq design, there is a total of 108,407 m for horizontal and vertical development which is
shown in Table 16-4.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 137
Table 16-4 Development Mining length for 2.5 g/t de AuEq
Development Length (m)
Horizontal 91,488
By passes 11,393
Orebody Cross cuts 14,404
Main Cross cuts 29,100
Galleries 21,088
Ramps 8,167
Drawpoints 7,336
Vertical 16,919
Services raises 4,830
Main ventilation raises 1,378
Secondary ventilation raises 4,830
Main ore passes 3,398
Secondary ore passes 490
Ore Haulage shaft 280
Waste passes 1,713
Overall Total 108,407

Figure 16-10 presents a schematic East-West cross-section, showing the location of the access ramps at
different levels, as well as infrastructure comprising the 2 crushers, main and secondary ore passes, and
conveyor belt arrangement to carry the ore to the exterior on the 2900 Level and to carry the ore from the
lower levels to the 2900 Level crusher. Two main ventilation raises to the surface are shown. Figure 16-11
presents a design view projected in a North-South section.

Figure 16-12 presents an isometric view of the entire design for 2.5 g/t AuEq, where the spatial location of
all the mine development and levels can be appreciated.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 138
Figure 16-10 East West View Design at 2.5 g/t AuEq.
Figure 16-11 North-South View Design at 2.5 g/t AuEq.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 140
Figure 16-13 presents a plant view of the Level 2900; showing the galleries and locations of crushers, offices,
maintenance workshop and main mine access.
Figure 16-13 Plan View, Level 2900 Design at 2.5 g/t AuEq-opt.
Figure 16-14 presents a section view for 3040 Level where the main mine access located in the south can be
seen.
Figure 16-14 Plan View, Level 3040 Design at 2.5 g/t AuEq-opt.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 141
16.4 In-stope Mineral Resources
In-stope mineral resource estimates were determined from the selected mineralized structures by generating
wireframes that satisfy the 1.5, 2.0, 2.5 and 3 g/t gold equivalent average stope grades using a gold equivalence
ratio of 42.5:1 silver:gold.
Stopes were created using the CAE Minings MSO Application. A minimum width of 2 m was applied for the
construction of stope solids. Because of the separation of the levels and the width of the structures, the
delineation of the stopes does not accurately follow the limits of the high grade structures and as a result
incorporates dilution within the generated solids. For this reason, no additional dilution factors have been
applied to the calculation of the Mineral Resources.
Mining methods vary according to rock quality domains and vein width. Diluted Mineral Resources contained
within these delineated stopes are detailed in Table 16-5.
Table 16-5 In-stope Mineral Resources.
Cut-off AuEq
Indicated Inferred
Quantity Grade Grade Quantity Grade Grade
(Mt) Au (g/t) Ag (g/t) (Mt) Au (g/t) Ag (g/t)
1.5 29.68 2.90 14.04 15.86 2.89 14.47
2 25.31 3.55 16.51 5.52 3.54 16.95
2.5 14.38 4.23 17.77 7.40 4.20 18.99
3 10.69 4.82 18.10 5.53 4.81 20.51
Mineral Resources that will not be recovered from stabilizing crown, sill and rib pillars are shown in Table 16-6.
Table 16-6 In-stope Mineral Resources Not Recovered from Stabilizing Crown, Sill and Rib Pillars
Cut-off AuEq
Indicated Inferred
Quantity Grade Grade Quantity Grade Grade
(Mt) Au (g/t) Ag (g/t) (Mt) Au (g/t) Ag (g/t)
1.5 0.85 2.88 13.98 0.45 2.87 14.39
2
0.72 3.54 16.44 0.16 3.52 16.88
2.5
0.41 4.22 17.69 0.21 4.19 18.93
3
0.30 4.83 20.97 0.15 4.81 20.51
Table 16-7 which shows the difference after subtracting the quantities in Table 16-5 from those in Table 16-6
indicates the potentially recoverable mineral resources.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 142
Table 16-7 In-stope Mineral Resources brought to account
Cut-off AuEq
Indicated Inferred
Quantity Grade Grade Quantity Grade Grade
(Mt) Au (g/t) Ag (g/t) (Mt) Au (g/t) Ag (g/t)
1.5 28.83 2.90 14.03 15.40 2.89 14.46
2
19.73 3.55 16.51 10.24 3.53 16.95
2.5
13.98 4.23 17.77 7.19 4.20 18.99
3
10.39 4.81 20.90 5.37 4.81 20.53
The In-stope mineral resources shown in Table 16-7 were estimated using the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions. Mineral resources which are not mineral
reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The
quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been
insufficient exploration to define these Inferred resources as an indicated or measured mineral resource and it is
uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource
category.
The updated PEA is preliminary in nature and includes Inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized.
Additional drilling will be required and is planned to upgrade the category of these mineral resources.
16.5 Mine Production Plan
16.5.1 Development Plan
The development plan for the 2.5g/t AuEq scenario considers an 8 year mine life, with 2.5 years before the start
of production; development quantities are shown in Table 16-8.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 144
16.5.2 Production Plan
Production has been defined at 6,000 t of ore per day made up of 1,000 t of oxide and transitional and 5,000 t of
sulphides. The ratio of these quantities has been established considering the ratio of those mineral types in the
resource model which is approximately 1:5.
This production plan considers 2.5 years of mine development before start of ore production.
A continuous ROM production of 2,100,000 t of ore per year has been scheduled, which will be obtained from
the daily ore schedule of 6,000 t/day over 365 days per annum. A macro sequence was developed dividing the
exploitation into 5 phases or production stages as follows:

Phase 1: From the Level 2900 up to Level 3040.

Phase 2: From the Level 3040 up to Level 3180.

Phase 3: From the Level 2760 up to the Level 2900.

Phase 4: From the Level 3180 up to the surface (Level 3345).

Phase 5: From the Level 2760 to the lower levels (Level 2480).
Table 16-9 shows a summary of ounces produced for the pessimistic gold price scenario for an equivalent cut-off
grade of 2.5 g/t AuEq.
Table 16-9 Summary production plan for the 2.5 g/t AuEq cut-off (price: 800USD/oz)
Cut-off grade (g/t AuEq) 2.5
Production per day (t) 6,000
Production per year (t) 2,100,000
Mineral Resources (with 90% of "sill pillars ") (t) 21,160,000
Average Grade (g/t) 4.64
Mine Life (years) 10
Net ounces AuEq produced (oz) 2,692,307
Average net ounces AuEq produced (oz/y) 269,231
Pillars for the 2.5 g/t AuEq scenario amount to 0.62 Mt. These will be extracted in later stages once the stopes
have been filled. It has been assumed in the production plan that 90% of these pillars will be recovered.
Table 16-10 shows the production plan for 2.5 g/t AuEq scenario. The corresponding graphs are presented in
Figure 16-15.
The total in-stope mineral resource brought to account for Oxides + Transitional + Sulphides includes 13.98 Mt
of indicated resources with an average grade of 4.23 g/t Au and 17.77 g/t Ag and 7.19 Mt of inferred resources
with an average grade 4.20 g/t Au and 18.99 g/t Ag.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 146
Figure 16-15 Production Plan (2.5 g/t AuEq pessimistic scenario).
16.5.3 Backfill Requirement
Table 16-11 shows the estimates of backfill requirements in the mine for 2.5 g/t scenario.
Table 16-11 Backfill Estimates
Detritic backfill
Ore Density (t/m) 2.6
Developments per month in waste rock (m) 1,100
Average section (m x m) 4.0 x 4.0
Detritic backfill per month (m) 17,600
Detritic backfill per year (m) 211,200
Scenario 2.5 g/t
Total mine developments in waste rock (m) 87,319
Scenario 2.5 g/t
On-site waste rock (m) 1,397,104
Swelling factor 20%
Compaction factor (only in its upper section) 5%
Volume backfilled with detritic (m) 1,592,699
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 147
Detritic backfill
Ore production per year as scheduled (t) 1,800,000
Backfill requirements per year (m) (including dilution) 692,308
Years of backfill 9
Total ore production (t) 15,230,000
Total backfill requirement in mine (m) 5,857,692
External backfill (m) 4,264,994
Table 16-12 presents the backfill requirements per year for mining in the 2.5 g/t AuEq scenario. Detritic backfill
will provide approximately 28% of the backfill requirements needed per year for the mine up to year 8. The
difference will be covered by external backfill.
Table 16-12 Backfill requirements for the 2.5 g/t AuEq scenario
Year Volume required (m) Detritic backfill (m) External backfill (m)
1 692,308 193,846 498,462
2 692,308 193,846 498,462
3 692,308 193,846 498,462
4 692,308 193,846 498,462
5 692,308 193,846 498,462
6 692,308 193,846 498,462
7 692,308 193,846 498,462
8 692,308 193,846 498,462
9 319,231 41,929 277,301
Total 5,857,692 1,592,699 4,264,994
In order to meet this demand a backfill plant with a capacity of 500,000 m
3
/year will be required.
16.6 Mining Equipment Fleet
Mining equipment requirements have been based on the ore production plan. Estimation was made based on
10.5 hours/shift (6 effective operation hours), 2 shifts/day and 365 days/year. Hours between shifts will be used
for ventilation works. Main production equipment requirements are described in the following sections.
16.6.1 Drilling
The requirement for drilling machines was estimated based on the mining method proposed, and the meters of
development (ramp, access, draw points). Two models of drilling machine have been selected, horizontal drilling
machines (Jumbos) and vertical drilling machines (Simbas).
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 148
Long Hole Drilling
Drillholes between 15 to 30 meters long with a diameter between 2.5 to 3 inches have been considered in this
conceptual study. Table 16-13 provides logic and estimates of drilling equipment requirements.
Table 16-13 Features, production and fleet size of Long Hole Drill Machines
Equipment Drill (15-30m, 2.5- 3 inches)
Meters drilled/shift 120 m
N. shifts 2 unit
Meters drilled/day 240 m
Meters drilled/month 6000 m
Average length drill 21 m
N drillholes 285 holes
Mesh 1.5m x1.5m
Drillhole diameter 3 inch
Drillhole diameter 0.0762 m
Production 5.9 t/m
Production/month 35 100 t
Production + 50% slack time 225 000 t
N Drilling Machine 7 unit
Stand by (maintenance) 2 unit
Requirement of equipment 9 unit
Heading Face
For development drilling it is proposed to use single-boom jumbos; estimated heading advance is estimated at
3.5 m per shift. Table 16-14 provides estimates of machine requirements.
Table 16-14 Features, production and fleet size of horizontal drill machines
Equipment Single-boom jumbo
N drillholes/ 50 hole
Drilling length 3.5 m
Drilled length per blast hole 175 m
Penetration Rate 60 m/h
Effective drilling hours/shift 6 h
N shifts 2 u
Effective drilling hours x day 12 h
Progress/day 720 m
Advance/month 18,000 m/month
Monthly heading (scheduled) 2000 m
Heading/blast 3 m
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 149
Equipment Single-boom jumbo
N blasts 667 unit
Length drilled 116,725 M
N jumbos 7 unit
Jumbos on Standby (maintenance) 2 unit
Total jumbos 9 unit
Loading
LHDs with 6yd
3
capacity have been selected. The number of LHDs has been determined based on the mining
plan and the performance of the hauling equipment shown in Table 16-15.
Table 16-15 Features, production and fleet size of LHD machines
Equipment LHD 6yd3
Performance 50 tph
Production/day 600 t
Production/month 15,000 000 t
Face cleaning (development) 6 unit
Fill loading 2 unit
Ore loading + Cleaning 10 unit
Stand by (maintenance) 4 unit
Requirement of LHD 22 unit
Hauling
26 tonne articulated trucks are proposed for the main hauling duties. Table 16-16 and Table 16-17 show these
requirements.
Table 16-16 Features of articulated trucks
Equipment Articulate Truck
Payload 26 t
Machine Weight 22.7 t
Struck 10.2 m
3
Heaped 12 m
3
Turning radius 7.52 m
Length 9.45 m
Width 2.235 m
Height 2.44 m
Height at maximum dump angle 4.8 m
Maximum dump angle 65
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 150
Table 16-17 Production and fleet size of articulated trucks
Equipment Articulate Truck
Density 2.6 t/m
Swelling 30%
Bulk density 2 t/m
Loading factor 85%
Hauled weight 20 t
Production (cycle)
Max distance (back and forth) 3000 m
Velocity 10 km/h
Travel Time 0.3 h
Loading time 0.08 h
Unloading time 0.08 h
Waiting time 0.08 h
Cycle time 0.55 h
Effective time per shift 6 hr
N cycles per shift 10.0 trips
Production per day 408 t
Production per month 10,200 t
Monthly production 150,000 t
N trucks 15 unit
Trucks on Stand by (in maintenance) 3 unit
Total trucks 18 unit
Trucks with ore 18
Trucks with waste (2 on standby) 12
Total trucks required 30 unit
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 151
16.7 Manpower Estimation
The manpower estimates include all salaried supervisory staff working in mine operations, maintenance, and
engineering and geology departments, and the hourly paid workers required to operate and maintain the drilling,
blasting, loading, hauling, and mine support activities.
16.7.1 Administration
Table 16-18 summarizes the mine administrative personnel staff estimation:
Table 16-18 Mine Administration personnel
Administration Production
Operations Superintendent 1
Mine Captains 4
Head of Drill & Blasting 3
Shift Leaders 8
Senior Engineering 2
Engineers 4
Technician 4
Surveyor 2
Assistant 4
Service driver 3
Services 3
Geology Superintendent 1
Geologist 2
Draftsmen 2
Geology helper & sampler 4
Rock Mechanic Engineer 1
Maintenance Superintendent 1
Head of Maintenance 2
Maintenance Engineer 1
Maint. Shift Leaders 3
TOTAL 55
16.7.2 Direct Development
Machine operator numbers have been estimated based on equipment numbers and assuming 3 operators per
machine working in shifts. An allowance of 5 % for absenteeism, vacations and sickness has also been included
in the estimates.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 152
16.7.3 Total Mine Development
Personnel totals required in the mine are shown in Table 16-19. Number of mechanics has been estimated from
data from similar mining operations in S. America. Contractors service will be necessary for management
workers and some specifics tasks.
Table 16-19 Total Mine personnel
N Machines Personnel
Drilling (Jumbo + Simba) 18 57
Loading (Scoop 6 yd
3
) 22 70
Hauling (26 t) 30 95
Rock Bolting 3 9
Explosive Loaders 30
Mechanics 30
Contractors 200
TOTAL 491
Table 16-20 Tonnes per Man-day production.
Personnel
Administrative 55
Direct 491
TOTAL 546
t/man/day 11
The estimated productivity per man-day is 11 which is within the expected range based on similar operations
(Table 16-20).
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 153
17.0 RECOVERY METHODS
17.1 Process Plant Description
17.1.1 Oxides Process Plant Description Option 1: Agitated Leaching
Milling Circuit
The Milling Circuit serves as a final size reduction operated in closed circuit with a hydrocyclone cluster to
produce a P80 of 80% -106 m. The test work indicated recoveries were not directly related to the grind
achieved in the milling circuit. A P80 -106 m or P100 -150 m has little to no effect on the recovery of Gold.
This is borne out when one examines the Cyanidation testing conducted by McClelland Laboratories (MLI jobs
3553 and 3356) and is the logic behind the examination of the VAT leaching system as a process alternative.
The mill will operate in closed circuit with a cyclone cluster, the classification cyclone underflow will gravitate
back to the mill feed hopper and the overflow will gravitate via a woodchip removal screen to the Pre-Leach
Thickener. The following plant design factors were used to determine the throughput rate of the Milling and
subsequent plant:

Availability 95%.

Utilisation 90%.

Operation Factor 0.86 (defined as Availability*Utilisation).


Trash Screening and Thickening
Cyclone overflow from the Milling circuit will gravitate to Trash removal screen where slurry will be separated
from woodchips. The screen is sized at 600 m apertures to remove woodchips and any other foreign
material in the pulp. The screen overflow (woodchips) will be washed and bagged for disposal. The screen
underflow will gravitate to the Pre-Leach thickener where the slurry will be de-watered to nominal 45% solids for
further processing. The thickener overflow will be re-cycled to the milling circuit as dilution water.
Conditioning (Oxygen, Lime, Cyanide)
Lime/cyanide will be added to the tank to achieve a slurry pH of 10.5. The total residence time in the leach has
been set, from experience and previous test work at 24hrs. No enhanced oxidation has been included only air
injection. Air agitation was considered but is found to be less affective and more expensive than mechanically
agitated tanks.
Agitated Leach and CIP Circuit
The conditioning tank will overflow to the leach section which will consist of a series of flat bottom, mechanically
agitated tanks. The section is operated in a cascade mode whereby slurry gravitates from the first to the last
leach tank. The facility to bypass any of the tanks has been incorporated in the design. The facility to add Air,
Lime and Cyanide to each of the tanks is part of the design. Samples will be titrated on a regular basis to ensure
the pH is correct and adequate cyanide is present in the circuit.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 154
Adsorption Pump Cell Plant
A Kemix Pump cell plant was selected for the gold adsorption, the Pump Cell plant consists of 6 x 30m3 tanks
each containing activated carbon at a concentration of 50 g/l to achieve a predicted gold carbon loading of 4.6
kg/t. The tanks will be fitted with inter-stage screens to retain the carbon in each tank whilst the slurry gravitates
to the next tank. The circuit is designed such that activated carbon flows counter current to the slurry with carbon
being pumped up flow from the last tank to the first leach tank. The loaded carbon from the first leach tank will be
pumped to a loaded carbon screen which captures the loaded carbon in the overflow and returns the underflow
slurry back to a lead tank. The loaded carbon is then transferred to a loaded carbon measuring hopper at elution
circuit for gold removal.
Regenerated/fresh carbon will be introduced in the last tank to maintain the carbon loading of 50g/l in each tank.
SART
At this stage the SART process is being investigated and we have used a conventional detoxification circuit in
the development of the CAPEX and OPEX estimates.
The detoxification circuit will include the tailings and the water that is returned to the environment. The hydrogen
peroxide, CARO or INCO process can be used. We will base our decision on the reagents availability and
simplicity of method.
The SART process main objectives are to avoid contaminating the carbon with copper, copper recovery as a
sulphide and cyanide regeneration and recycling. The reactors and other equipment could be supplied as a
complete package or only the more complex parts such as the main reactor, scrubber and sealed parts and the
rest will have to be assembled by the construction team.
Elution and Electrowinning
Loaded carbon will be transferred from the loaded carbon measuring hopper to an acid wash column.
Approximately 3% diluted hydrochloric acid is pumped through the carbon to get rid of impurities which foul the
carbon surface. The spent hydrochloric acid is pumped to the final tailings tank and discarded by means of
residue disposal system.
Acid treated loaded carbon is then transferred to an elution column for gold removal from carbon. The Zadra
elution process will be used for gold elution. Barren Eluent with a 2% caustic strength is heated by steam heat
exchanger and is pumped through an elution column at temperature of approximately 130 C. The solution strips
the gold-cyanide complex from the carbon and exits the elution column as pregnant eluate. The pregnant eluate
solution passes continuously through the electrowinning cells which strip the gold from the solution. The stripped
solution then passes through heat exchangers and re-enters the elution as eluent. Once the gold has been
removed from the carbon, the column is emptied and carbon transported to the regeneration kiln feed hopper.
The carbon is then fed through a regeneration kiln at 750 C to get rid of volatiles caught up in the carbon. The
regenerated carbon is then transferred to a quench tank which then recirculates the carbon back to the last leach
circuit. The gold bearing steel wool cathodes will be periodically removed from the electro winning cell, filtered
and then calcined to oxide any metals other than precious. This then goes into a furnace which uses borax and
sodium nitrate to form a flux to carry a slag off. The gold is poured into gold bars whereas the slag and oxidized
materials are carried off to a sand pit.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 155
Concentrate Dispatch Area
The gold bars from the Smelter/Gold Room will be dispatched for final purification.
Tailings Disposal Area
The tailings from last CIL tank will gravitate into the first of two residue tanks where the slurry will undergo
detoxification. This tank will then overflow to the second from where the slurry will be pumped to the slimes
dams. Fine carbon capture screen are installed ahead of residue tanks to avoid loss of loaded carbon to residue.
Fine carbon is stockpiled and dispatched for toll refining. At this stage the final tailings deposition site is
unknown. We have allowed for 4 stages of pumping and 2km of piping in the CAPEX estimate. It is possible the
detoxified tailings will be pumped back to the mine, thickened or filtered and used as backfill. This aspect has not
been included in the CAPEX model by TWP. Contact was made with Patterson and Cooke to obtain a cost/km
for pumping. This was forwarded to Eco Oro for consideration. If the Backfill plant is required for the final model
we will do a preliminary design and evaluation.
Water Reticulation

Process water required in the milling and flotation circuit will be supplied from the pre-leach thickener
overflow. Fresh make-up water will be added to this tank as required.

The use of dam return water in the circuit will only be considered if the residual cyanide values are nil, this
is dependent on the degree of Detoxification required by the EIA.

Plant run off and storm water will be collected in dams and used in the process.

Potable water will be generated on site and stored for distribution to the required areas.

Filtered Raw water will be used for reagent make-up.


Reagent Storage, make-up and dosing
The following reagents will be used on the ANGOSTURA CIL Gold Plant:

Activated Carbon.

Sodium Cyanide (liquid).

Sodium Hydroxide 100%;

Hydrated Lime;

Hydrochloric Acid 30%;

Flocculent;

Borax;

Silica;

All are incorporated in the Reagents section that is common to both the Sulphide and Oxide plant. The
costs have been apportioned in accordance with the consumption figures tabulated below.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 156
Storm Water
Rain water run-off will be controlled and diverted to a storm water dam situated at the lowest point of the
Angostura plant site. This water will be contained and pumped to the plant process water tanks for use in the
circuit.
Spillage Handling
The spillage emanating from within the Angostura Gold plant will be contained within dedicated bunded concrete
areas. Floors are sloped towards a spillage sump, which will be protected with a 6 mm slotted wedge-wire
screen.
17.1.2 Oxides Process Plant Description Option 2: VAT Leaching
Crushing and Screening
The front end portion of the plant will remain as for the agitated leach plant with the exception of the CSSs on
the crushers. These will be adjusted to produce a -6mm product. In the next phases of the project the crusher
configuration will be optimized for this duty.
There are two configurations recommended for this stage, the first is work with a conventional crushing circuit
with 3 stages with one array of screens to reach the desired size of mineral (1.7 mm) and the second is working
with a SAG mill circuit to obtain the desired size. This assessment will be conducted in the next stage of the
study comparing the energy consumption of both systems for the proposed capacity.
VAT Leach and Carbon Columns
Innovat in the USA were contacted and supplied the necessary CAPEX and OPEX information for this section of
the operation. The Carbon Column option was chosen in preference to the Merrill Crowe plant as the Elution
circuit would already be on site to treat the Sulphide Pump Cell carbon.

Indicated CAPEX USD 7,650,000

Indicated OPEX USD 5.50/t feed.


UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 157
Figure 17-1 Average Gold Recovery for 19mm 1.7 Mm 106 microns and estimate Gold Recovery for 6 mm
Figure 17-1 was plotted from the Test work report prepared by McClelland Laboratories. It was used as the basis
for settling the 6 mm crusher product size because conventional crushing cannot be used to produce a -1.7mm
product.
For gold recovery determination to 6 mm, average recoveries for 106 m, 1.7 mm and 19 mm (oxides and
transitional ore that were subject to Bottle roll test) were plotted and recovery for 6 mm interpolated, knowing that
this recovery must be between recovery for 1.7 mm and recovery for 19 mm. However recommend confirmatory
work be conducted if Vat leaching is considered as a serious option.
17.1.3 Sulphides Process Plant Description
The initial plant design allows for a Primary Jaw Crusher, Secondary and Tertiary Crushing, Ball Milling in closed
circuit with a Hydrocyclone cluster, Pre-Flotation Washing (Thickener), and Flotation. The concentrate produced
will then be subjected to one of the following oxidative processes or sold under contract to a suitable Refinery:

BIOX.

POX.

Roasting and Acid Production.


The product from oxidation will then pass to Cyanide Leach and CIP, with the carbon passing to Acid wash and
Elution with Electrowinning of the Eluent and Dore Smelting. This section of the plant will also treat Carbon
emanating from the Oxide CIP or Carbon Columns depending on the Leaching route chosen. CIP tailings from
both plants will pass through a Detoxification (SART for the oxides) system and then be pumped to the Tailings
Tank where it will be combined with the Flotation tails (pre or post leach) and pumped to the tailings dam for
disposal.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 158
Crushing
Ore trucks will deliver the Run-of-Mine (ROM) ore from the Angostura mining operations. At present no ROM
stockpile or storage facility has been included in the design calculations. The Ore will be tipped/conveyed to a
receiving feed bin via a 600 mm square static grizzly. The receiving bin will discharge using a vibrating grizzly
feeder into a Jaw Crusher with a closed size setting of 100 mm. The Crushed product having a P80 of 90 mm
will be conveyed along with the grizzly undersize to the Primary Double Deck Screen. The top deck oversize
(+40mm) will gravitate to a Secondary crusher and the bottom deck oversize (+10mm) will gravitate to the
Tertiary crusher. The crusher products will be re-cycled, using conveyors to the Primary screen. The screen
undersize (-10mm) will be conveyed to the crushed ore bin which will have a capacity of 2500t and the facility to
create an emergency stockpile for additional storage capacity. The crushed ore will fed, at a controlled rate to
the Primary ROM Ball mill. The Mill Feed Storage Bin offers a degree of decoupling between Crushing and
Milling Circuit. The primary ore storage will be ahead of the crusher.
Milling Circuit
The mill has been provisionally sized as a 16.5 x 30 Ball mill, using a BWI of 15 kwhr/t for the calculations. The
Milling Circuit serves as a final size reduction operated in closed circuit with a Hydrocyclone to produce a P80 =
80% -106 m. The test work indicated recoveries were not directly related to the grind achieved in the milling
circuit. The P80 = -106 m or P100 = 150 m has little to no effect on the recovery of Gold to the flotation
concentrate. The classification cyclone underflow will gravitate back to the mill feed hopper and the overflow will
gravitate via a woodchip removal screen to the Pre-flotation Thickener. The assessment of the Flotation tails
indicated the presence of a large percentage of ultrafine sulphur particles and gold particles. We would like to
consider the installation of a unit flotation cell within the milling circuit to remove them prior to overgrinding. As
the sulphides are predominantly fast floating it is expected the concentrate produced would be pumped either to
the Re-cleaners or to Final concentrate. This will allow us to operate the Roughing section with a higher mass
pull aiming at the recovery of the slower floating minerals.
Flotation
Cyclone overflow from the Milling circuit will gravitate to trash removal screen where slurry will be separated from
woodchips. The screen is sized at 600 m apertures to remove woodchips and any other foreign material in the
pulp. The screen overflow (woodchips) will be washed and bagged for disposal. The screen underflow will
gravitate to the Pre-flotation thickener. The thickener/de-watering step has been included to provide a degree of
washing of the ore prior to flotation. The inclusion of this step in the pilot plant trials assisted in eliminating the
frothing problem that occurred during the pilot plant run. We have opted for Forced Draught flotation cells with
the appropriate blowers. The cell configuration is presented in Table 17-1.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 159
Table 17-1 Configuration Flotation Cells
Aeration Factor 0.8
Duty
Flow Rate
m/H
Quantity
Size
m
Capacity
m
Residence
Time
Roughers 577.17 4 70 224 23.29
Scavengers 519.64 2 70 112 12.93
Total 6 36.22
Cleaners 218.74 6 10 48 13.17
Re-Cleaners 105.86 2 10 16 9.07
Total 8 22.24
SGS conducted Depressant optimisation test work and it was found that 200g/t of starch and the addition of 500
g/t sodium silicate as a dispersant achieved the required froth control. We would like to ascertain the effect of the
inclusion of washing in the circuit.

Will the reagent dosages be reduced?

Will the grade improve?

Will the froth be more manageable?


We have also included the re-milling of the Cleaner tails (using the Primary mill) in the circuit. The flotation tails
will be pumped to the Tailings thickener and hence to the Final Tailings Dam. The flotation concentrate will be
cleaned; at this point in the design two cleaning stages have been incorporated. The Final cleaner concentrate
will be pumped to the concentrate thickener.
The thickener underflow will constitute the feed to the next stage of the process (POX, UFG, Filter pre Roast or
BIOX). If the decision is made to sell the concentrate it will be filtered and bagged for despatch.
Flotation Tailings
The flotation tails will be fed to a hydraulically driven high rate thickener with automated torque and bed mass
control system to settle the slurry to approximately 50% solids prior to being pumped to the tailings disposal
circuit.
Flocculent will be added to the prescribed rate assist with settling of the pulp. If the flotation tailings are to be
leached for further Gold recovery (test work indicated 50% recovery using conventional leaching) then the
thickener underflow will be pumped to a conventional agitated carbon-in-leach plant (CIL). The tails will then
undergo Detoxification and be pumped to the slimes dam for disposal. When one considers the CAPEX and
OPEX for running a 3600 tpd leach and subsequent Detox, the benefits of Flotation tails leaching for a recovery
of 0.1g/t will need to be fully evaluated. The question should also be raised of what effect the Transitional
material will have and how it should be handled. The transitional material is usually processed with the Oxides
and we feel this is the appropriate route. The treatment is discussed further in the Oxide plant document.
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Oxidation of Flotation Concentrate
The Concentrate Thickener underflow will be pumped to a surge tank, fitted with a mechanical agitator. From
there it will be fed to one of the specified sulphide oxidation process routes:

BIOX Goldfields.

POX Outotec.

Roasting and Acid Production Outotec.

Filtration and concentrate sale Eco Oro/TWP.


These areas have been dealt with individually and are included as Appendices to this document. This was done
as each is a specialist process and has been allocated in accordance with the test work conducted. Once the
concentrate has been oxidized it will pass to the concentrate leach and CIP for Gold dissolution and recovery.
Conditioning (Oxygen, Lime, Cyanide)
Lime/cyanide will be added to the tank to achieve a slurry pH of 10.5.
Concentrate Leach and CIP Circuit
The total residence time in the leach circuit has been set, from experience and previous test work, at 24hrs.
The conditioning tank will overflow to the leach section which will consist of a series of flat bottom, mechanically
agitated tanks. The initial total residence time in the leach has been estimated at 24hrs, this will be confirmed
with the test program. The section is operated in a cascade mode whereby slurry gravitates from the first to the
last leach tank. The facility to bypass and drain any of the tanks has been incorporated in the design. The facility
to add Lime and Cyanide to each of the tanks is part of the design. Samples will be titrated on a regular basis to
ensure the pH is correct and adequate cyanide is present in the circuit.
Pump Cell Plant
Each tank will contain activated carbon to achieve the required gold carbon loading. The tanks will be fitted with
inter-stage screens to retain the carbon in each tank whilst the slurry gravitates to the next tank. The circuit is
designed such that activated carbon flows counter current to the slurry with carbon being pumped up flow from
the last tank to the first leach tank. The loaded carbon from the first leach tank will be pumped to a loaded
carbon screen which captures the loaded carbon in the overflow and returns the underflow slurry back to a lead
tank. The loaded carbon is then transferred to a loaded carbon measuring hopper at elution circuit for gold
removal. Regenerated/fresh carbon will be introduced in the last tank to maintain the carbon loading of 20g/l in
each tank.
Elution and Electrowinning
Loaded carbon is transferred from the loaded carbon measuring hopper to an acid wash column. Approximately
3% diluted hydrochloric acid is pumped through the carbon to get rid of impurities which fouls the carbon
surface. The spent hydrochloric acid is discarded by means of residue disposal system. Acid treated loaded
carbon is then transferred to an elution column for gold removal from carbon. The Zadra elution process will be
used for gold elution. Barren Eluent with a 2% caustic strength is heated by steam heat exchanger and is
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pumped through an elution column at temperature of approximately 130 C. The solution strips the gold-cyanide
complex from the carbon and exits the elution column as pregnant eluate.
The pregnant eluate solution passes continuously through the electrowinning cells which strips the gold from the
solution. The stripped solution then passes through heat exchangers and re- enters the elution as eluent. Once
the gold has been removed from the carbon, the column is emptied and carbon transported to the regeneration
kiln feed hopper. The carbon is then fed through a regeneration kiln at 750 C to get rid of volatiles caught up in
the carbon. The regenerated carbon is then transferred to a quench tank which then recirculates the carbon back
to the last leach circuit. The gold bearing steel wool cathodes will be periodically removed from the electro
winning cell, filtered and then calcined to oxide any metals other than precious. This then goes into a furnace
which uses borax and sodium nitrate to form a flux to carry a slag off. The gold is poured into gold bars whereas
the slag and oxidized materials are carried off to a sand pit.
Concentrate dispatch area
The gold bars from the Smelter/Gold Room will be dispatched for final purification.
Tailings Disposal area
The tailings from the Pumps cells will gravitate into the first of two residue tanks where the slurry will undergo
detoxification. This tank will then overflow to the second from where it will be combined with the flotation tails (if
un-leached). The slurry will be pumped to the slimes dams. A Fine carbon capture screen will be installed ahead
of residue tanks to avoid loss of loaded carbon to residue. The Fine carbon will be bagged and smelted
periodically in the Gold Room. We have had experience in using a unit flotation cell on the recovery of fine
carbon from the tails. This is achieved using a small quantity of diesel as a collector; the concentrate is the
washed, filtered and burnt. This can be tested and if required included in addition to the Safety Screens.
Water Reticulation

Process water required in the milling and flotation circuit will be supplied from the pre-leach thickener
overflow. Fresh make-up water will be added to this tank as required.

The use of dam return water in the circuit will only be considered if the residual cyanide values are nil, this
is dependent on the degree of Detoxification required by the EIA.

Plant run off and storm water will be collected in dams and used in the process.

Potable water will be generated on site and stored for distribution to the required areas.

Filtered Raw water will be used for reagent make-up.


Reagent Storage, Make-Up and Dosing
The following reagents will be used at the Angostura Sulphide Gold Plant:

Copper Sulphate, includes Detox.

PAX (Potassium Amylxanthate).

Aero 208.

Frother.
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(SART or other) system and then be pumped to the Tailings Tank for disposal either as Backfill or onto the
Slimes Dam.
Crushing
Ore trucks will deliver the ROM ore from the Angostura mining operations. At present no ROM stockpile or
storage facility has been included in the design calculations. The Ore will be tipped/conveyed to a receiving feed
bin via a 600 mm square static grizzly. The receiving bin will discharge using a vibrating grizzly feeder into a Jaw
Crusher with a closed size setting of 100 mm. The Crushed product having a P80 of 90 mm will be conveyed
along with the grizzly undersize to the Primary Double Deck Screen.
The top deck oversize (+40mm) will gravitate to a Secondary crusher and the bottom deck oversize (+10mm) will
gravitate to the Tertiary crusher. The crusher products will be re-cycled, using conveyors to the Primary screen.
The screen undersize (-10mm) will be conveyed to the crushed ore bin which will have a capacity of 2500t and
the facility to create an emergency stockpile for additional storage capacity. The crushed ore will fed, at a
controlled rate to the Primary ROM Ball mill. The Mill Feed Storage Bin offers a degree of decoupling between
crushing and Milling Circuit the primary ore storage will be ahead of the crusher.
Milling Circuit
The Milling Circuit serves as a final size reduction operated in closed circuit with a Hydrocyclone to produce a
P80 = 80% -106 m. The test work indicated recoveries were not directly related to the grind achieved in the
milling circuit. The P80 = -106 m or P100 = 150 m has little to no effect on the recovery of Gold to the flotation
concentrate. The classification cyclone underflow will gravitate back to the mill feed hopper and the overflow will
gravitate via a woodchip removal screen to the Pre-flotation Thickener. The assessment of the Flotation tails
indicated the presence of a large percentage of ultrafine sulphur particles and gold particles. We would like to
consider the installation of a unit flotation cell within the milling circuit to remove them prior to overgrinding. As
the sulphides are predominantly fast floating it is expected the concentrate produced would be pumped either to
the Re-cleaners or to Final concentrate. This will allow us to operate the Roughing section with a higher mass
pull aiming at the recovery of the slower floating minerals.
Flotation
Cyclone overflow from the Milling circuit will gravitate to trash removal screen where slurry will be separated from
woodchips. The screen is sized at 600 m apertures to remove woodchips and any other foreign material in the
pulp. The screen overflow (woodchips) will be washed and bagged for disposal. The screen underflow will
gravitate to the Pre-flotation thickener. The thickener/de-watering step has been included to provide a degree of
washing of the ore prior to flotation. The inclusion of this step in the pilot plant trials assisted in eliminating the
frothing problem that occurred during the pilot plant run. We have opted for Forced Draught flotation cells with
the appropriate blowers.
Flotation Tailings Leaching
This will occur automatically with the combined circuit. The benefit would be as per in Table 17-2 below with
however an overall increase in CAPEX and OPEX.
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Table 17-2 Rougher Tails 3600 tpd Au Price 1400.
Head
g/t
Recovery
%
Au
Recovered
g Au
per Day
Troy
Ozs
Value
USD
0.2 59 0.118 424.8 13.66 19,121
0.45 50 0.225 810.0 26.04 36,459
Average Values
0.325 54.5 0.172 617.4 19.85 27,790
Oxidation of Flotation Concentrate
The Concentrate Thickener underflow will be pumped to a surge tank, fitted with a mechanical agitator. From
there it will be fed to one of the specified sulphide oxidation process routes:

BIOX Goldfields.

POX Outotec.

Roasting and Acid Production Outotec.

Filtration and concentrate sale Eco Oro/TWP.


These areas have been dealt with individually and are included as Appendices to the sulphide plant option. Once
the concentrate has been oxidized it will pass to the concentrate leach and CIP or CIL for Gold dissolution and
recovery. As the plant feed contains the same sulphide tonnage as the stand alone plant the quantity of
concentrate produced is assumed to be the same. Hence the oxidation costs will be the same.
Conditioning (Oxygen, Lime, Cyanide)
Lime/cyanide will be added to the tank to achieve a slurry pH of 10.5.
Leach and CIP Circuit
The total residence time in the leach circuit has been set, from experience and previous test work, at 24hrs. The
conditioning tank will overflow to the leach section which will consist of a series of flat bottom, mechanically
agitated tanks. The initial total residence time in the leach has been estimated at 24hrs, this will be confirmed
with the test program.
The section is operated in a cascade mode whereby slurry gravitates from the first to the last leach tank. The
facility to bypass and drain any of the tanks has been incorporated in the design. The facility to add Lime and
Cyanide to each of the tanks is part of the design. Samples will be titrated on a regular basis to ensure the pH is
correct and adequate cyanide is present in the circuit.
Pump Cell Plant
Each tank will contain activated carbon to achieve the required gold carbon loading. The tanks will be fitted with
inter-stage screens to retain the carbon in each tank whilst the slurry gravitates to the next tank. The circuit is
designed such that activated carbon flows counter current to the slurry with carbon being pumped up flow from
the last tank to the first leach tank. The loaded carbon from the first leach tank will be pumped to a loaded
carbon screen which captures the loaded carbon in the overflow and returns the underflow slurry back to a lead
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tank. The loaded carbon is then transferred to a loaded carbon measuring hopper at elution circuit for gold
removal. Regenerated/fresh carbon will be introduced in the last tank to maintain the carbon loading of 50g/l in
each tank.
Elution and Electrowinning
Loaded carbon is transferred from the loaded carbon measuring hopper to an acid wash column. Approximately
3% diluted hydrochloric acid is pumped through the carbon to get rid of impurities which fouls the carbon
surface. The spent hydrochloric acid is discarded by means of residue disposal system. Acid treated loaded
carbon is then transferred to an elution column for gold removal from carbon. The Zadra elution process will be
used for gold elution. Barren Eluent with a 2% caustic strength is heated by steam heat exchanger and is
pumped through an elution column at temperature of approximately 130 C. The solution strips the gold-cyanide
complex from the carbon and exits the elution column as pregnant eluate. The pregnant eluate solution passes
continuously through the electrowinning cells which strips the gold from the solution. The stripped solution then
passes through heat exchangers and re- enters the elution as eluent. Once the gold has been removed from the
carbon, the column is emptied and carbon transported to the regeneration kiln feed hopper. The carbon is then
fed through a regeneration kiln at 750 C to get rid of volatiles caught up in the carbon. The regenerated carbon
is then transferred to a quench tank which then recirculates the carbon back to the last leach circuit. The gold
bearing steel wool cathodes will be periodically removed from the electro winning cell, filtered and then calcined
to oxide any metals other than precious. This then goes into a furnace which uses borax and sodium nitrate to
form a flux to carry a slag off. The gold is poured into gold bars whereas the slag and oxidized materials are
carried off to a sand pit.
Concentrate Dispatch Area
The gold bars from the Smelter/Gold Room will be dispatched for final purification.
Tailings Disposal Area
The tailings from the Pumps cells will gravitate into the first of two residue tanks where the slurry will undergo
detoxification. The slurry will be pumped to the slimes dams. A Fine carbon capture screen will be installed
ahead of residue tanks to avoid loss of loaded carbon to residue. The Fine carbon will be bagged and smelted
periodically in the Gold Room. We have had experience in using a unit flotation cell on the recovery of fine
carbon from the tails. This is achieved using a small quantity of diesel as a collector; the concentrate is the
washed, filtered and burnt. This can be tested and if required included in place of the screens. The location and
EIA for the Mine, Plant and Tailings Disposal areas has been contracted out and we will liaise with the
appropriate consultants. This will be detailed in the PFS/FS stage of the project.
Water Reticulation

Process water required in the milling and flotation circuit will be supplied from the pre-leach thickener
overflow. Fresh make-up water will be added to this tank as required.

The use of dam return water in the circuit will only be considered if the residual cyanide values are nil, this
is dependent on the degree of Detoxification required by the EIA.

Plant run off and storm water will be collected in dams and used in the process.

Potable water will be generated on site and stored for distribution to the required areas.

Filtered Raw water will be used for reagent make-up.


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Reagent Storage, Make-Up and Dosing
The following reagents will be used at the Angostura Sulphide Gold Plant:

Copper Sulphate, includes Detox.

PAX (Potassium Amylxanthate).

Aero 208.

Frother.

Depressant.

Activated Carbon.

Sodium Cyanide (liquid).

Sodium Hydroxide 100%.

Hydrated Lime.

Hydrochloric Acid 30%.

Flocculant.

Sodium Metabisulphate.

Borax.

Silica.

Sodium Nitrate.
The reagent storage facility will be split between liquid and powder reagents. Sodium Cyanide will be mixed and
stored in the Oxide plant facility, similarly for the Caustic soda and hydrochloric acid. The concentrated liquid
flotation reagents will be transferred into mixing tank with raw water to dilute the reagent to the required strength.
Both reagent and water addition will be controlled by level indication and automatic valves. The mixing sequence
will be initiated by the control room operator. The powder reagents will be delivered in bulk bags or 25 kg; this
has yet to be confirmed. Flocculant will be mixed using a vendor supplied mixing facility. All reagent mixing,
storage and dosing tanks will be covered. Mixing and storage tanks will have sloped floors. Both the liquid and
powder mixing areas and the dosing area will be fitted with a safety shower and eye bath. Safety signs and
MSDSs are to be clearly displayed.
Storm Water
Rain water run-off will be controlled and diverted to a storm water dam situated at the lowest point of the
Angostura plant site.
Spillage Handling
The spillage emanating from within the Angostura Gold plant will be contained within dedicated bounded
concrete areas. Floors are sloped towards a spillage sump, which will be protected with a 6 mm slotted wedge-
wire screen.
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17.2 Reagents Consumption
Table 17-3 shows a summary for total reagents consumptions
Table 17-3 Total Reagents Consumptions.
Total Reagent Consumptions
Oxides Flotation Sulphides
Total
Total
Design
Combined
Plant
Consumed Kg/hr t/day Kg/hr t/day
Tpd 2000 4000 576 6000
Tph 97 196 24 291
Cyanide kg/hr 17.46 27.6 45.06 50 1.2 189 4.5
Lime kg/hr 239.59 52.8 292.39 300 7.2 600 14.4
Flocculant kg/hr 3.88 1.2 508 6 0.144 8.07 0.19368
Copper
Sulphate
kg/hr 7.8 7.8 0.19 11.6 0.28
Aero 208 kg/hr 13.7 13.7 0.33 20.3 0.49
Frother kg/hr 7.8 7.8 0.19 11.6 0.28
Depressant kg/hr 58.8 58.8 1.41 87.2 2.09
Detox
CuSO4
kg/hr 92.9 23 115.8 280 6.72 280 6.72
Sodium
Metabisulp
hate
kg/hr 144.2 35.7 179.9 436 10.46 436 10464
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17.3 Plant Water Requirements
Table 17-4 show a Plant Water Requirements
Table 17-4 Plant Water Requirements
UPDATED PEA ESTIMATE OF PLANT WATER REQUIREMENTS
Description
Combined
Plant T/Day
Solution
Strength
Combined Plant
m/Day
Water
Quality
NaCN 4.5 10% 5 FRW
LIME 14.4 10% 144 FRW
FLOCULANT 0.2 0.5% 40 FRW
CuSO4 68 10% 680 FRW
Aero 208 0.49 10% 4.9 FRW
Frother 0.28
DEPRESSANT 2.09 10% 20.9 FRW
SODIUM METABISULPHITE 104.64 10% 1046 FRW
CHANGE HOUSES and OFFICES 25 PW
CAMP and HOUSING 25 PW
MAKE UP WATER 120 RW
TOTAL 2111 m/day
Legend
Raw Water RW
Filtered Raw Water FRW
Potable Water PW

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17.4 Power Requirements
The installed power requirements are shown in Table 17-5:
Table 17-5 Power Requirements.
Power Requirements
USD/Kwhr 0.0563
Oxide options
VAT 4.035
Agitated Leach 3.941
Sulphide
Base Plant 8.933
BIOX 16.933
POX 14.933
Roast and Acid 18.933
Sell 9.313
Combined Plant
Base Plant 15.728
BIOX 23.728
POX 21.728
Roast and Acid 25.728
Sell 16.108
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18.0 PROJECT INFRASTRUCTURE
This Section describes the infrastructure required for the Angostura Gold Mine. The infrastructure planned has
been grouped in three main areas:

Mining Services and Infrastructure.

Process Plant Services and Infrastructure.

Tailings Storage Facility.


The mining and process infrastructure include administrative buildings.
18.1 Mining Services and Infrastructure
Mining services and infrastructure is based on underground mine design and mining supply for power, water,
access roads and buildings required for mining activities.
As a part of Technical Studies for the Angostura underground Mine Project, Golder undertook the conceptual
study for Mine services and infrastructure, based on previous data and information provided by Eco Oro, and
some from Golder experience in similar projects to determine the size of the infrastructure required and the
associated costs.
18.1.1 Mine Services
The following main items are considered as part of the mine services:
Power Supply
Power will be purchased from a particular company supplier every month to supply overall power consumption
on the project per operating hour. A power quantity must be considered for the plant consumption. The main
mine services to be supplied with power will be:

Electrical infrastructure

Crushers with rock breakers in the underground mine.

Ventilation systems.

Illumination (Mine Development, Dining Room, Workshops, others).

Electrical mining equipment (Shaft, Belt Conveyor, Rock Breaker, drainage, others).
This power consumption will be calculated in the next level of studies.
Power generation in Colombia is generated predominantly in large hydroelectrical schemes in major river
systems. As such, in the past the country was at risk of power shortages with long periods of abnormal dry
weather. Because of the potential water shortages, Colombian power generators have installed thermal plant
backup capacity based on regional thermal coal resources operated by small and medium scale mines that are
operated on an intermittent basis in the Western and Central mountain ranges of the interior of the country. This
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assures power supply even in the driest periods. Currently Colombia is a net power exporter and there are large
investment projects in the supply and distribution of power. Power supply remains as an important part of
Colombias industrial development and is being addressed with long term strategies by the government. During
the ownership of the project by Eco Oro, no significant interruption of power supply has occurred.
Water Supply
Water supply for processing and other requirements for mine operation will be sourced primarily from collection
and treatment of contact water from waste rock dumps, the tailings storage facility and the dewatering system for
the underground mine. A small water supply reservoir will be constructed to store surface water runoff from the
immediate mine site area for use during exceptionally dry years.
Communication System
Communication is by mobile telephone, wireless and by radio telephone. The project is linked to the national
optic fiber cable communications network via a microwave system.
18.1.2 Mine Infrastructure
Buildings
The main buildings, such as administration offices, warehouse, workshops, fuel station and others; are
considered in the mine layout.
Roads
Currently Eco Oro has a road system to access the project to the portals of all exploration tunnels. For the most
part these roads are semi-paved, but there are some unpaved roads.
For the next level of studies, the main access roads and secondary roads to the infrastructure access will be
reassessed.
18.2 Process Plant Services and Infrastructure
The considerations for this phase of the project are the process plants and various options being considered to
process the mineral. Without much definition on the processing methodology and plant location, it is impossible
to properly define the infrastructure required and the associated costs of that infrastructure. However, in this
update to the original April 2011 Preliminary Economic Assessment, where very little was considered in terms of
infrastructure, a reasonable level of definition was assumed in order to arrive at an indicative cost. TWP utilized
its database of a similar project to determine the size of the infrastructure required and the associated costs. It
must be clarified that no actual infrastructure was designed or priced as there is insufficient detail to locate the
infrastructure at this stage.
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18.2.1 Process Plant Services

Plant and Mine Lighting.

Water Treatment.

Site Water Reticulation.

Site Electrical Distribution.


18.2.2 Process Plant Infrastructure

Internal Roads and Drainage.

Plant and Mine Terraces.

Bulk Raw Water Storage.

Potable Water Storage Facilities.

Central Sewage Plant.

Pollution Control Dam.

Main Plant Substation, Control room, Offices, Workshops, Gatehouse, Weighbridge, Change house.

Overland Conveyor (Rope Conveyor).

Main Site Substation and Consumer Substation.

Construction Camp.

Assay Laboratory.

Security Head Quarters.

Medical Facilities.

Central Mine Offices, Office IT & Communication, Training Centre.

Shaft Workshop.

Mine Changehouse.

Lamp/SCSR Room.

Brake Test Ramp.

Shaft Store & Yard, Fuel Depot, Gas & Paint Store.

Fire Detection & Suppression.

Main Mine Gate House & Weigh Bridge.


18.3 Water Supply
This section describes the development of a preliminary water balance for the Angostura underground mine
project. It includes the mine water flows associated with the project facilities and the surface and groundwater
flows for the basins in which each of these facilities will be constructed and will operate.
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Two potential sources were considered in evaluating the project water supply: contact water (acid water) and
non-contact water (fresh water). Contact water collected from each of the mine facilities will be treated for
subsequent use at the process plant and/or release to the environment.
The water balance has taken into account the 2.5 g/t AuEq mining plan for an operation period of 9 years.
The water balance considers the following specific objectives:

To determine flows to be supplied by each of the various water sources.

To size the capacity of the acid water treatment plant (AWTP).

To determine the amount of treated water to be reused or released to the environment.

To estimate the fresh water demand.

To size the fresh water storage structures.


18.3.1 Water Demand
According to the conceptual level process engineering study prepared by TWP (2011), processing of oxides,
transitional and sulphide mineral resources will require make-up water supply of approximately 60 l/s throughout
the life of the mine.
Given the potential quality of contact water generated by the mining facilities, particularly mine waters discharge
from the underground mine dewatering system, all contact waters would require treatment in an acid water
treatment facility prior to use in mineral processing and/or discharge to the environment.
18.3.2 Water Supply Criteria and Water Management Facilities
The site-wide water balance for the Angostura underground mine project considers surface runoff and seepage
from all mine facilities and groundwater drainage from the underground mine. The following water supply
sources have been considered:

Contact water (acid water) from mine dewatering, waste rock dumps and tailings storage facilities.

Non-contact water (fresh water) from non-impacted zones within the project area. These correspond to
areas contributing to the surface water diversion channels located around the waste rock dumps and
tailings storage facilities.
The site water balance model was developed giving priority to the reuse of contact water, to minimize fresh
water consumption requirements and consequently to minimize impacts on surface water resources of local
tributaries of the upper Rio Vetas catchment.
In view of the multiple objectives for development of the mine water balance three scenarios were considered:
dry, normal and wet climatic conditions. The project water supply was evaluated for a scenario considering dry
climatic conditions equivalent to 1 in 10 dry years whilst sizing of facilities for handling of contact waters and
storm water run-off considers wet climatic condition equivalent to 1 in 10 wet years. The analysis of the overall
system behavior is performed under normal or mean climatic conditions.
Based on the above, the capacity of the acid water treatment plant for treatment of contact water was estimated
considering the wet climatic conditions scenario since this is the most restrictive operating scenario. On the other
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 173
hand, the project water supply as well as sizing of the associated fresh water storage structures was evaluated
for dry climatic conditions.
18.3.3 Mine Site Water Balance
Conceptual Model
A conceptual model for the mine site water balance is shown on Figure 18-1 and its key elements are
summarized as follows:

Two potential water supply sources available: contact water and non-contact water.

Construction and operation of an acid water treatment plant and a fresh water reservoir.

Three main sources of contact water: discharge from the underground mine dewatering system, seepage
from the La Herrera waste rock facility, and seepage recovery from the El Pozo tailings storage facility. It is
currently considered that all contact water will be conveyed to an acid water treatment plant.

Non-contact water collected within the basins contributing to the diversion channels at the La Herrera waste
rock dump and El Pozo tailings storage facility will be routed and stored in an emergency water supply
reservoir, for use during exceptionally dry years.

Priority will be given to use of treated contact water for and only in exceptional cases of extended dry
periods will water supply be supplemented for non-contact water stored in the emergency water supply
reservoir.

Treated contact water not required in processing will be released to the environment.
Figure 18-1 Conceptual Water Balance Model.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 174
Flow Estimate
The methodology applied in estimating flows for each element of the mine site water balance is described as
follows:
Surface runoff:
The following assumptions are made for estimation of surface water runoff:

Direct runoff is estimated based on a 30% runoff coefficient.

Of the remaining 70% of total precipitation. 50% is estimated to be lost to evaporation and 20% is
considered to infiltrate and form shallow subsurface runoff and groundwater recharge.
In the case of contact water from the waste rock and tailings storage facilities, the flow reporting downstream will
be the sum of direct and indirect runoff. For non-contact water, only surface water flow from direct runoff
collected by main diversion channels, upstream of the waste rock and tailings storage facilities, is considered.
Groundwater drainage:
Estimates of groundwater flow to the underground mine workings considers two components:

Groundwater recharge, corresponding to infiltration of net precipitation and contributing to groundwater flow
to the underground mine. For the underground mine area, recharge is estimated at 9% of mean annual
precipitation.

Drainable groundwater storage, equivalent to the volume of groundwater in storage that will drain under
gravity from the saturated rock mass above the underground mine workings.
Controlled and uncontrolled groundwater inflows to the underground mine workings will be conveyed to the main
access portals at levels 2,900 and 3,040.
Precipitation data used to estimate surface water flows was obtained from the Vivero Surata meteorological
station, with a record of 38 years (1968 2005). Table 18-1 shows the precipitation used to estimate flows with
different return periods. The 1 in 10 year dry precipitation data was used to estimate dry climatic condition flows,
1 in 2 precipitation data was used to estimated normal or average climatic conditions flows and the 1 in 10 year
wet precipitation applied to generated wet climatic condition flows.
Table 18-1 Precipitation for Different Return Periods (mm)
Probability
Of
Exceedance
Return
Period
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL
90% 10 Yr Dry 23 29 74 121 111 52 30 50 100 151 107 50 899
50% Average 31 39 97 160 146 68 40 66 131 199 141 65 1184
10% 10 Yr Wet 37 47 118 194 177 82 49 60 159 242 170 79 1433
Figure 18-2 shows the full series of estimated flows for contact water and Figure 18-3 shows the non-contact
water flow series. Both figures present estimated flow data for the normal, dry and wet climatic condition
scenarios.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 177
Water Balance Modeling
An analytical water balance model was developed using the GoldSim software. GoldSim is a flexible software
package that facilitates construction of simple and complex, integrated water balances.
Goldsim allows for the organization of all water balance elements showing the interrelation of each to
corresponding subsystems by means of arrows, allowing for easy visualization. Figure 18-4 presents the key
water balance elements used in model construction for the Angostura site wide water balance as defined in the
conceptual model in Figure 18-1.
Figure 18-4 Schematic of Water Balance Model in Goldsim.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 178
18.3.4 Water Balance Model Results
A summary of the main results of the water balance modeling in GoldSim is as follows:

Estimated contact water flows for both the wet and normal climatic condition scenarios will meet the current
estimated water supply requirements for mineral processing (60 l/s).

Use of non-contact water or fresh water for mineral processing will only be required in the event of dry
climatic conditions as estimated in the case of a 1 in 10 dry year event.

To meet the make-up water requirement for processing during dry climatic conditions, construction of an
emergency water supply reservoir with an estimated storage capacity of 75,000 m will be required.
To meet process water requirements during dry climatic conditions peak flows of up to 18 l/s will be required
from the emergency water supply reservoir during March of the first year of operation. For the remaining time,
fresh water demand for water from the reservoir is expected to decrease until disappearing in year seven. The
estimated requirement for non-contact water from the fresh water reservoir is shown in Figure 18-5. The
required maximum capacity for treatment of contact waters are estimated to vary as follows: up to 120 l/s
through to year 6 and up to 180 l/s for years 8 and 9 of production phases of mine operations. Under normal
climatic conditions, it is estimated that the volume of contact water requiring treatment will increase from
approximately 1.3 Mm3 / year to 4Mm / year.

Table 18-2 presents a summary schedule for the estimated volumes of contact water requiring treatment for
normal climatic conditions. Figure 18-6 shows the estimated flows to be treated at the AWTP.

For normal climatic conditions, the maximum estimated flow to be released to the environment from the
AWTP is 88.5 l/s. Figure 18-7 presents the estimated schedule of treated contact water flows to be
discharged into the environment.
Table 18-2 Contact water volume treated at the AWTP normal scenario.
Year Treated Volume (m)
Yr-1 1,296,193
Yr-2 1,296,171
Yr1 1,910,130
Yr2 2,126,050
Yr3 2,126,040
Yr4 2,126,060
Yr5 2,359,980
Yr6 2,359,980
Yr7 2,611,890
Yr8 3,635,130
Yr9 3,968,010
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 182
18.4 Mine water management
18.4.1 Groundwater Occurrence
A considerable amount of information on groundwater was collected from exploration boreholes, geotechnical
and groundwater investigation boreholes and piezometers constructed during the previous feasibility studies for
the open pit project at Angostura.
There are no other groundwater wells or boreholes in the general study area. A number of important inferences
were made regarding the occurrence of groundwater and hydrogeological conditions of the study area on the
basis of a regional water features survey also carried out as part of the open pit feasibility studies (SWS, 2010).
A hydrogeological map of the mine area and the Rio Vetas basin is illustrated in Figure 18-8.
18.4.2 Groundwater Flow
Relative elevations of groundwater and direction of groundwater flow generally reflect the topography of the Rio
Vetas basin. Depths to groundwater are closer to ground surface in the vicinity of streams, rivers and lakes and
increase towards the higher elevation interfluves and river basin divides. The main direction of groundwater flow
to the west and south-west generally mirrors the surface topography.
Groundwater flow occurs predominantly as porous flow in the shallow unconsolidated alluvial, colluvial and
glacial moraine deposits and is largely controlled by fractures and important fault zones in the underlying
bedrock units. Groundwater flow gradients are relatively high up to 0.33, again reflecting the steep topography
and the low permeability of the bedrock of the study area.
18.4.3 Groundwater Recharge and Discharge
Important zones of groundwater recharge are situated at higher elevations in upper U-shaped valleys and along
the major interfluves between surface water drainages of the Rio Vetas basin. In these zones, recharge occurs
as direct infiltration of precipitation and indirect infiltration of surface water along stream and river beds.
Water balance modeling of the Rio Vetas catchment and base flow analysis of long term stream flow data for the
Rio Vetas at the Puente Panega stream flow gauging station, indicate that groundwater recharge to the higher
altitude and steeper catchment areas is equivalent to approximately 9% of mean annual precipitation (MAP) and
for areas of lower elevation and more gentle topography groundwater recharge is estimated of up to 18% of
MPA.
Natural groundwater discharge is largely concentrated along the lower lying sections of the Rio Vetas and its
tributaries. During the dry season stream flow in the rivers and water levels in the lakes in the high elevation
headwaters of the Rio Vetas basin are sustained by local groundwater discharge. During wetter periods a
significant proportion of precipitation generates rapid runoff into the watercourses rather than moving through the
groundwater system.
No artificial abstractions of groundwater via pumping wells, drains or trenches were recorded during the SWS
(2010) regional water features survey in the study area. However there are a number of exploration tunnels,
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 183
such as the Perezosa and Veta de Barro tunnels, and artisanal mining tunnels in the Vetas basin which behave
as artificial focal points of groundwater discharge.
18.4.4 Groundwater Quality
During the 2010 water features survey a number of physico-chemical parameters (Temp, pH, TDS, EC) were
measured for surface water samples from key tributaries in the study area indicating that the quality is highly
variable and influenced significantly by existing land use practices and particularly artisanal mining.
Generally these parameters indicate that unaltered surface water, running over the Bucaramanga Gneiss and
Granodiorite and Quartzmonzonite host rocks at higher altitude, tends be of marginally acidic to neutral pH (7.1
to 6.5), relatively low temperatures (9.9 to 11.5C), and low Electrical conductivity (EC) (14 to 23 uS/cm) and
very low TDS (7 to 11 mg/l). In mid slope areas, pH of the surface water tends to be acidic to neutral,
temperature a little higher (12. to 15.4 C), and EC and TDS fairly low. At the lower end of the Rio Vetas
catchment where streams flow over and are fed by groundwater discharge from the Cretaceous limestones,
calcareous sandstones and mudstone, the surface water quality is far more alkaline with pH between 7.3 to 8.2
and low to moderate EC (118 to 293 uS/cm) and TDS (62 to 85 mg/l).
Impact of local artisanal mining activities on surface water quality were detected at two specific areas where low
pH values and relatively high EC and TDS values were recorded. These sites included the sample point (66) on
the Qda El Volcan stream and the lower Qda La Baja stream.
As reported in Gradex (2002), water quality studies of the Vetas river, conducted in 1997 and 1998, identified
important evidence of impacts from artisanal gold mining operations within the study area and specifically along
the lower Qda La Baja stream. The main indicators marking the impact of mining operations on surface water
quality are elevated concentrations of cyanide and mercury, both of which are used extensively in the
beneficiation process for gold extraction by small scale artisanal mining operations.
The 1998 study reported in Gradex (2002) indicated surface waters of high quality in the upper catchments of
Qda El Salado, Qda El Volcan and Rio Vetas upstream of the Qda El Salado confluence. All surface waters in
these streams were demonstrated to have low turbidity and suspended solids, and undetectable concentrations
of cyanide and mercury.
A number of samples were collected at points recognized to have been impacted by seepages from artisanal
mining operations on the Qda El Volcan stream, the Qda El Salado and at several points along the Rio Vetas,
upstream of the confluence with the Qda La Baja. Concentrations of mercury were recorded at 1000 times the
IFC (2007) effluent guideline value of 0.002 mg/l and 500 times the maximum admissible concentration of 0.04
mg/l for international potable water standards. Along the Rio Vetas, immediately downstream of the Qda El
Salado confluence, an average concentration of 0.055 mg/l mercury was recorded in 1998 with maximum
concentrations of up to 0.095 mg/l. In 1999 average concentrations of mercury at the same point on Rio Vetas
reduced to 0.014 mg/l as a result of the implementation of cleaner beneficiation technologies. At the same
sampling point on the Rio Vetas, an average total cyanide of 0.6 mg/l was recorded in 1998 and 0.85 mg/l in
1999, two to three times the maximum admissible concentration of 0.2 mg/l for international potable water
standards.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 184
For samples collected downstream along the Rio Vetas, immediately above the confluence of the Qda La Baja
stream, average mercury concentrations of 0.015 mg/l and 0.024 mg/l and total cyanide concentrations of 0.09
and 0.04 mg/l were recorded in 1998 and 1999 respectively.
At the start of the Qda La Baja stream, immediately downstream of the confluence of the Qda Angostura and
Qda Paez streams, the water quality of surface water clearly reflects the influence of artisanal mining with
concentrations of mercury at 0.032 mg/l and total cyanide at 0.01 mg/l and suspended solids at 600 mg/l. From
this point downstream the quality of the Qda La Baja deteriorates significantly as a result of the large number of
artisanal mining operations that border the river. At the downstream end of the La Baja stream, immediately
above the confluence with the Rio Vetas, water quality is significantly impacted by mining with 1998 and 1999
study results indicating average total suspended solids of up to 300 mg/l, average mercury concentrations of up
to 0.02 mg/l and average total cyanide of up to 0.5 mg/l.
18.4.5 Conceptual Hydrogeological Model for the Study Area
Hydrogeological conditions of the study area may be summarized as follows:

Groundwater resources in the area of the Angostura project are limited to:
Recent and Quaternary, unconsolidated glacial moraine and alluvial and colluvial deposits of limited
distribution.
Precambrian to Jurassic fractured bedrock units of metamorphic and intrusive igneous lithologies, of
low primary and secondary permeability and are therefore of very low potential in terms of groundwater
resource availability.

Groundwater flow direction in the area broadly reflects the topography and surface water drainage system,
with the main flow direction to the southwest. Porous groundwater flow is predominant in the
unconsolidated deposits and fracture and fissure flow predominant in the underlying bedrock units.

Depth to groundwater increases away from the lower elevation stream and river courses to the higher
elevation interfluves and ridges that form the main catchment divides.

Water balance modeling indicates that groundwater recharge in the upper and steeper subcatchments of
the proposed mine is equivalent to approximately 9% of mean annual precipitation.

Base flow analysis of long term stream flow data for the Rio Vetas, indicates that groundwater recharge to
the lower altitude catchment area is equivalent to approximately 18 % of mean annual precipitation or
1.03 m/s.

Groundwater discharge is largely concentrated along the base of the Rio Vetas and its tributaries. Perennial
stream flows in many of the upper tributaries show that groundwater discharge commences at relatively
high elevation within the drainage channels of the catchment.

No pumping wells or other methods of groundwater abstraction are deployed by third parties, in the study
area.

A number of important abstractions of surface water resources are found along some of the main tributaries
of the Rio Vetas in the study area, these include:
Small water supply reservoirs in the upper headwaters of the Qda El Salado, Qda El Volcan streams.
Numerous stream flow diversions on the Qda La Baja stream for artisanal mining operations.
Small scale stream flow diversions for trout farming on Qda La Vaca, the lower Qda Mongora stream,
and the Qda Agua de Pramo streams.
An important water abstraction and treatment facility on Qda La Venta for potable water supply to the
community of California.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 186
18.4.6 Preliminary Dewatering and Depressurization Plan
Design and Planning Criteria
The main criteria considered for the design and planning of an effective dewatering and depressurization
program for the underground mine are:

If cost effective, consider the use of the La Perezosa exploration tunnel (portal elevation 2,848) to initiate
dewatering and depressurization in advance of the development phase of the 2,900 and 3,040 access
levels.

The main access levels will be used as the principal arteries for routing of all groundwater inflows to access
portals at ground surface as shown in the schematic section in Figure 18-9. Underground infrastructure will
be utilized to maximize gravity drainage of all groundwater inflows to in-floor drains or pipelines along the
main ramps, extraction levels, associated sub-levels, and ultimately to the main access levels and surface
portals at3,040, 2,900, and 2,600 - 2,450 elevations via the ventilation raises.

Minimize the risk of unstable working conditions associated with areas of high ground water pore pressures
through implementation of cover and probe hole program during preproduction development of main
access levels, and subsequent advancement of main ramps and extraction levels during production phases
of underground mine development.

Where high relative groundwater inflows are encountered during probe and cover hole drilling campaigns,
particularly in highly fractured or faulted zones, pressure grouting may be implemented.

Maximize the opportunity for proactive control of groundwater inflows through implementation of sub-
horizontal drain hole program, targeting sub-vertical faults and fractures, along main access levels.

Minimize the direct inflow of all surface water runoff through diversion of natural drainage channels away
from the main access portals of the underground mine at 3,040, 2,900 and 2,450 levels.

Maximize the control of all acidic contact water from underground mine by routing all drainage water from
the main mine portals at the 3,040, 2,900 and 2,450 levels to lined storage and sediment settling ponds to
the acid water treatment plant (AWTP) prior to use in the mineral beneficiation process plant or discharge to
the environment.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 188
Pre Development Dewatering and Depressurization
Some advanced dewatering and depressurization of the main access levels at 2,900 and 3,040 may be achieved
by introducing sub-horizontal drain boreholes from the Perezosa exploration tunnel prior to the commencement
of the 2 year mine development phase. As shown Figure 18-10 the location and elevation of the Perezosa
tunnel, with portal at 2,848 m.a.s.l and northeast limit at 2,862 m.a.s.l, would allow sub-horizontal drain
boreholes to intercept and drain main fault structures such as the Perezosa fault.
As the Perezosa tunnel has suffered a number of important roof failures / collapses, resulting in many sections of
the tunnel becoming inaccessible, the cost of stabilization works to the tunnel, to allow safe access for
installation and maintenance of the drain boreholes would be a key consideration in determining the feasibility
and cost development phase.
If the installation of sub-horizontal drain boreholes is not considered to be cost effective given the tunnel
stabilization costs to allow safe access and working conditions in the Perezosa tunnel, vertical and inclined
drains may be drilled from the ground surface and into the Perezosa tunnel to facilitate predevelopment
dewatering and depressurization of the 2,900 and 3,040 level elevations. The potential effectiveness of this
alternative could be investigated during the prefeasibility and feasibility field investigation programs.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 190
Concurrent Dewatering and Depressurisation Measures
As practiced in underground mines of similar setting with sub-vertical to vertical mineralization and fault
structures, the following procedures may be implemented to facilitate control of groundwater inflows and to
depressurize specific areas of high groundwater pressure during development and production phases of
underground mining at Angostura:

Installation of cover holes ahead of the advancing development of main access levels, haulage (extraction)
levels, sublevels and ramps. The purpose of the cover holes is to reduce the volume and pressure of
groundwater at the advancing face, and to provide geotechnical information in advance of driving the levels.

Installation of probe holes, to be drilled from working face during development of access tunnels, ramps
and production levels and sublevels. The purpose of these is to identify conditions and induce concurrent
depressurization during development of the main access levels, haulage (extraction) levels and sublevels
and ramps. At the same, and to allow grouting of any fracture zones yielding high groundwater inflows prior
to further advancement of the corresponding level or ramp. Figure 18-11presents a schematic diagram with
the proposed location and purpose of cover and probe holes to be drilled during advancement of the
access levels, haulage (extraction) levels, sublevels and ramps.

Sub-horizontal drain boreholes from ramps drilled from the turns on the main ramps connecting main levels
and sublevels. These would be drilled as sub-horizontal boreholes from the drill stations within each of the
outside turns of the corresponding ramp. Their purpose is to control groundwater inflows during the ramp
construction and subsequent drift and stope development. As shown in Figure 18-12, groundwater is piped
directly from individual borehole collars to drill station sumps and subsequently lifted via a sump pumping
system to allow gravity flow along ramps and/or ventilation raises to lower elevation haulage and access
levels.

Sub-horizontal drain boreholes from the main access and haulage levels, drilled from muck bays or
purpose constructed stations along the main access and haulage levels. These would be drilled as radial
fans of sub-horizontal boreholes, targeting the main water bearing faults and associated fractures. Their
purpose is to minimize uncontrolled groundwater inflows to the main access and haulage levels and control
groundwater inflows during respective production phases.

All groundwater inflows from sub-horizontal borehole drain stations on each of the main access and
haulage levels are to be conducted by gravity.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 191
Figure 18-11 Schematic of Cover and Probe Holes.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 192
Figure 18-12 Schematic of Sub-horizontal Drains Holes at Ramps.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 193
18.5 Tailings Storage Facility
As part of the conceptual level development for the Angostura gold and silver Project, Eco Oro has
commissioned Knight Pisold to select the optimum potential tailings storage facility sites and to perform a
conceptual level design for the preferred options.
18.5.1 Design Criteria
The principal design criteria considered for the TSF for the Angostura Project are presented in Table 18-3:
Table 18-3 Principal Design Criteria.
Item Criteria Source
Site Characteristics
Design Storm Event
(Mine Site)
Return Period : Precipitation
10 years : 66.2 mm
100 years : 96.7 mm
Environmental and Social
Baseline
GRADEX
Seismicity
Return Period: Maximum Horizontal Acceleration.
200 years : 0.27 g
475 years : 0.35 g
1000 years : 0.40 g
Estimacin de Amenaza
Ssmica y Respuesta Local
INGEORIESGOS
Seismic Coefficient 0.20 Knight Pisold
Tailings Production and Characteristics
Production rate
5,000 tpd (sulphides) + 1,000 tpd (oxides)
8,000 tpd total maximum
Eco Oro
Design Life
14 years (Angostura only, potential expansion for
additional, regional mines)
Eco Oro
Design Capacity
14 Mt (Base Case), with up to 10 Mt to be returned to
mine as backfill
50 Mt (Expanded Case)
Eco Oro
Deposited Density
1.4 T/m (conventional tailings)
1.5 T/m (thickened/paste tailings)
1.6 T/m (filtered tailings)
Knight Pisold
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 194
In accordance with the indications of Eco Oro, separate sulphide and oxide ore plants are under evaluation, as
well as the possibility of a combined sulphide/oxide plant. The sulphide tailings will be produced from a flotation
circuit that will not require cyanidation of the tailings and will be fully neutralized prior to deposition to prevent
potential development of acid rock drainage. The oxide tailings will be treated for prior to deposition in order to
eliminate a minimum of 99% of free cyanide and cyanide compounds. Therefore, it has not been considered
necessary to install a geomembrane beneath the tailings.
18.5.2 Evaluated Sites
Initially, five sites were selected by Eco Oro for evaluation within this study, the locations of which are indicated
in Figure 18 1. However, during Knight Pisolds initial site visit to Angostura on August 01st to 04th, Eco Oro
indicated that all these sites were to be discarded due to their proposed locations lying across significant water
courses that ultimately lead into the fresh water supply system for the city of Bucaramanga.
A total of 15 additional sites were considered during the development of this study. The characteristics,
advantages and disadvantages of each are presented in Table 18-4. Sites less than 5 km from the Mine
A total of 6 sites within a 5 km radius of the mine were visited during the two site visits. These sites are
considered suitable for the base case capacity of approximately 4 Mt of tailings, which considers that the
majority of the tailings produced during the life of the mine would be returned into the abandoned stopes as
backfill.
Due to the extremely steep base slopes of all of the potential sites in this area, containment of conventional or
even paste tailings behind a structural retaining wall will be impractical, as the volume of the wall will be
significantly greater than the volume of stored tailings. Therefore, dry stacked, filtered tailings represent the most
economic potential storage capacity. Other potential sites do exist within the area that could meet with the
technical requirements of the TSF, but are either situated within the restricted high altitude Pramo ecosystem
or else lie across streams with catchment areas in excess of 2 km and peak flows that would require the
construction of major diversion channels in excess of 3 m in base width. Due to the significant difficulties in
ensuring against eventual blockage of the diversion channels from landslides, caused by the steep terrain and
heavy seasonal rainfall, these sites were not considered for analysis
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 200
Stability analyses conducted for the filtered tailings option indicate that the outer face of the filtered tailings
deposit cannot exceed a slope of 3.5H:1V. It has been assumed that the base platform for the facilities will be
constructed from locally quarried granular fill and, therefore, a maximum slope of 2.2H:1V for the face of this fill
has been determined.
The locations of the sites are indicated on Figure 18-13. The only site within this distance that will provide
adequate capacity for the TSF is the El Pozo site, which has been evaluated to the conceptual level. It should be
noted that this site lies largely above delimited altitude for the protected Pramo ecosystem, but it lies within
property owned by Eco Oro that has been intervened during the mine drilling program and lies within the area
considered for the original open pit mine.
18.5.3 Sites Between 5 and 15 km from the Mine
A total of 5 further sites were evaluated that lie at a distance of up to 15 km from the mine. Due to the increased
distance from the mine, the return of the tailings to the mine for backfill in the abandoned stopes would be
unlikely to remain sufficiently economical and, therefore, these sites have been evaluated for the maximum
ultimate capacity of 50 Mt of tailings. None of these sites lie entirely within property currently owned by Eco Oro.
As with the sites evaluated in Section 18.4.2, the steep base slopes of all but one of the potential sites
(Chmbula) in this area eliminate the potential for conventional or thickened tailings storage. Therefore, dry
stacked, filtered tailings represent the most economic potential storage solution for most of these cases. The
Chmbula site, however, lies across a river with a catchment area in excess of 16 km, resulting in a required
diversion channel capacity in excess of 10 m/s during the design storm event.
The locations of these sites are also indicated in Figure 18-13. The only sites within this distance that will provide
adequate capacity for the TSF are the Ollada and Bucar sites, both of which have been developed up to the
conceptual level. Also, the Carrazal site, which by itself does not provide adequate capacity, has been evaluated
up to the conceptual level as its proximity to Ollada enables the two sites to be operated concurrently.
18.5.4 Remote Sites
Several sites were identified by Eco Oro personnel that lie at distances of over 60 km from Angostura. These
sites were reviewed via helicopter and those showing the greatest potential were then visited by road. It should
be noted that these more remote sites were generally considered for conventional tailings deposition due to the
relatively high costs of thickening or filtering the tailings at a distance where the recovered water could not be
economically returned to the mine site. Conversely, the easy access from the public road network, assuming the
plant site will be near to the tailings facility, will significantly facilitate the import of all components required for by
the process plant and the export of concentrate.
It should be noted, however, that in order to reach the site, the tailings will most likely be transported via pipeline
from the mine site. The route is likely to exceed 100 km in length and will traverse several stretches of very
difficult terrain, where potential landslides may cause lengthy disruptions to the operation of the facility.
Two potential sites which present beneficial characteristics for the construction of the TSF are Marta and La
Putana. However, due to the lack of available topography for these sites at the time of preparation of this report
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 201
and the difficulties involved in the transport of the tailings to the site, these sites have not been evaluated further
at this stage.
18.5.5 Conceptual Design for the Selected Sites
This section presents a summary of the principal concepts considered in the design of the filtered tailings
deposits to be constructed at each of the three selected sites.
Slope stability
Due to the relatively steep natural slopes of the selected sites and the moderately high seismicity of the region, it
is of extreme importance to determine the maximum slope at which both the initial platform and the tailings
facility may be constructed. Therefore, slope stability analyses were performed for a typical section using the
software SLOPE/W, which uses limit equilibrium methods to determine the Factor of Safety for potential failure
surfaces.
In order to meet the minimum safety factor requirements for the pseudo-static conditions, which were determined
to represent the most critical condition, the outer face of the tailings platform cannot exceed 2.2H:1V and that of
the tailings cannot exceed 3.5H:1V. Should a geomembrane be required, the slope of the tailings must be
reduced to 4.5H: 1V.
All sites, with natural base slopes in excess of these values will not provide adequate storage capacities.
Design Components
The principal components of the design of the TSFs are presented below. The design drawings for the three
evaluated facilities are presented, in accordance with Table 18-6
Table 18-6 Conceptual Design Drawings.
Drawing No. Title
Figure 18-13 Location of Alternative TSF Sites near to the Mine Plan View
Figure 18-14 El Pozo Site Initial Platform - Plan View, Sections and Details
Figure 18-15 El Pozo Site Final Layout - Plan View and Sections
Figure 18-16 Carrazal Site Plan, and Sections and Details
Figure 18-17 Ollada Site Initial Platforms - Plan View and Sections
Figure 18-18 Ollada Site Final Layout - Plan View and Sections
Figure 18-19 Bucar Site Initial Platforms - Plan View and Sections
Figure 18-20 Bucar Site Final Layout - Plan View and Sections
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 202
Base Platform
This principal purpose of this platform is to provide stability to the tailings and enable the initial layers of tailings
to be placed. In the likely absence of suitable rockfill, this will be constructed from compacted granular soils. It
may be possible to use waste rock from the mine, but as the majority of the material will be required prior to
operation of the mine, sufficient material will not be available.
For the Ollada site, it has been envisaged that three separate platforms will be constructed during the design life
of the site. This will enable the distribution of the capital costs throughout the operational life of the site and
enable the first platform to be constructed nearer the top of the catchment, reducing the effect of the surface run-
off on the TSF. For the Bucar site, two separate platforms have been considered.
The second and third platforms for the Ollada and Bucar sites will be constructed downstream from the
previous platform and the tailings will ultimately cover part, or most, of the tailings placed upon the previous
platform.
Due to the terrain gradient of greater than 20% in all of the sites, it will be necessary to cut 2 m high benches
over the entire footprint of both the base platform and the tailings stack. These benches are shown in the
drawings for each of the sites
Drains
Rockfill drains will be constructed at the base of all naturally occurring channels in order to convey any
groundwater run-off beneath the facility. Due to the low expected moisture content of the filtered tailings and the
low deposition depths (generally < 50 m), it is not expected to be any extrusion of water from the tailings
themselves.
Tailings
It has been assumed that the tailings will be transported to the TSF via 20 ton trucks from a central stockpile,
located close to the perimeter of the facility. They will be placed in 1.0 thick lifts and nominally compacted by
bulldozer, grading equipment and the transit of the trucks. The top surface of the tailings will be sloped towards
the back of the deposit, in order to prevent run-off from cascading down the front face of the deposit. The run-off
will be directed towards the drainage system indicated above.
It is recommended that tests be performed on the tailings materials during the upcoming design stages to
confirm the physical properties of the materials. Some compaction of the tailings closest to the front face of the
deposit may be necessary to achieve the desired stability.
The form face of the tailings will be deposited to the natural angle of repose, estimated at 1.5H: 1V. A bench will
be introduced every 5 m, in order to provide the overall average face slope of 3.5H: 1V.
Tailings Cover
During construction of each 5 m lift of tailings, the face slope will be protected temporarily from wind and rain via
installation of a HDPE geomembrane. This will be anchored at the crown and base of the slope using sandbags.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 203
Upon completion of each 5 m lift, the face of the facility will be covered by a layer of rockfill, the face of which will
be profiled to 2.5H:1V, leaving a final 5 m bench between lifts.
Diversion Channels
Due to the steep terrain and high rainfall of the sites near to the mine, the construction and maintenance of
diversion channels is likely to be extremely difficult and costly. Therefore, the facilities will be constructed as
close as possible to the head of the catchment areas in order to minimize the effect of surface water run-off on
the operation of the TSF.
At this stage of the design, it has been assumed that the construction and operation of the diversion channels
will not be practical. However, geotechnical and geological investigations should be performed during the
upcoming design stages to determine whether it will be possible to construct any diversion channels.
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 211
18.6 Comment on Section 18

The methodology for transporting the mineral from the underground mine to the process needs to be
decided in order to obtain more accurate prices.

A process control philosophy needs to be decided in order to clarify costs for process control infrastructure.

The site water balance needs to be taken into account when sizing the water infrastructure.

The total number of people working on the site needs to be accurately calculated to enable a decision on
the size of offices, change houses, security installations, workshops etc.

There needs to be some definition on a maintenance philosophy to clarify the workshops requirements.

A philosophy for accommodating workings during construction needs to be agreed in order to clarify the
size of a potential accommodation camp.

An accurate power consumption calculation is required to decide on a substation size.


19.0 MARKET STUDIES AND CONTRACTS
The best process metallurgical method to metal recovery defined in the Technical Studies for Angostura
Underground Mine (Golder, 2011) is the BIOX (Bio-Oxidation) Process. Over the life of the mine, the process
plant will produce dor containing approximately 2.1 Moz of gold, 7.8 Moz of silver. The dor will be sold to a
refinery for separation into gold and silver bullion.
Eco Oro is of the opinion that sales contracts that may be entered into with refiners are expected to be typical of
and consistent with standard industry practice and are similar to contracts for the supply of dor elsewhere in the
world.
20.0 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR
COMMUNITY IMPACT
20.1 Artisanal Mining
The Project is located in an area where mining operations have taken place for centuries. When Eco Oro bought
the surface and mining rights in 1995, nine mines were in operation. There is an expectation that some
environmental damage may be associated with artisanal activity in the area as numerous excavations, tunnels,
and adits have been dug by the miners.
20.2 Exploration-level Activities
Field and exploration activities are permitted for the Angostura Project under an approved environmental
management plan or plan de manejo amiental (PMA). Nevertheless, PMA does not comprise all the necessary
permits for exploration. Other permits which may be needed during development of the project are included in
(Table 20-1).
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 213
20.3 Development Activities
Eco Oro developed an EIA for the previous open pit project which is no longer being considered as an option.
Rather, a reconfigured underground project is being developed, but the outcomes from this EIA were taken in
account for this updated PEA.
Eco Oro signed a contract for the preparation of the EIA with a joint venture consisting of Vector Peru (Vector)
and Ingetec Colombia (Ingetec). The joint venture was complemented by Gradex, a Colombian specialist group
which conducted the majority of the field work required as part of the baseline study. Eco Oro filed the EIA on
December 22, 2009.
The Ministerio de Ambiente, Vivienda y Desarrollo Territorial (MAVDT) initially requested that the EIA be
amended to comply with provisions of the 2010 Mining Code amendments, which prohibit mining and exploration
activity within any Pramo" ecosystem. In this instance, elevations above 3,200 m were defined as Pramo.
However, in early 2010, this decision was reversed, because as a pre-existing project as defined under Article
46 of the 2010 Mining Code amendments, Angostura qualified to be assessed under the 2001 Mining Code.
The competent environmental authority for Colombia has not formally defined the Pramo for the Project area;
as such a declaration is contingent upon technical, social, and environmental studies as prescribed in the Mining
Code. The Pramo definition will directly affect the Project and will be taken in consideration during
development.
Two public project information hearings have been held, on November 3 and 4 November, 2010, in the
municipalities of California and Vetas respectively. A public hearing was held in the municipality of California on
November 21, 2010. MAVDT requested an additional public consultation be held in Bucaramanga on March 4,
2011, which was undertaken, but terminated early.
Eco Oro concluded from the March meeting that there are divisions both within communities and within
authorities on this Project and Eco Oro is on record as stating that Eco Oro will only develop a project with the
support of both. Eco Oro plans to work with the relevant authorities in the review of the Project in order to
determine whether modifications are possible to address concerns whilst ensuring an economically viable and
environmentally sustainable Project. Eco Oro advises that Eco Oro will complete all necessary steps to ensure
that the Angostura Project will not affect the water supply or its quality to the town of Bucaramanga, the
surrounding metropolitan area, or the North Soto Province.
20.4 Baseline Environmental Studies
The Baseline environmental studies developed for the previous open pit project were performed by Ingetec and
sub-contractors in 20082009 in support of the EIA and Project design. Findings were:

The quality of air in areas near the project is good, with particle and gas concentrations well below
maximum permissible limits established by Colombian Regulations and by the World Bank.

Two species of birds and 33 species of flora that required management were identified.

There is a clear predominance of acid soils, low in base saturation, with aluminium at toxic levels for many
vegetation species, and with low levels of fertility. The pH range between 4.3 (extremely acid) and 5.4
(strongly acid).
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 214

A flow recording station in the Veta River was monitored. The multi-annual average monthly flow was 2.57
m3/s, but flows varied significantly in response to the wet and dry seasons.

Physio-chemical quality of the watercourses in the project area is good, with little presence of organic
contamination, despite the strong presence of artisanal mining in the area.
Eco Oro commissioned Knight Pisold to review the EIA document developed for the previous open pit project to
ensure that it complies with the current World Bank Equator Principals.
20.5 Project Design Principles
Eco Oro will apply environmental standards recognized by the international community for the Angostura Project
and has adopted these standards for the updated PEA engineering studies. Standard environmental design
criteria will be used in all stages of the project in order to meet both national and international requirements and
minimize the potential environmental and social impacts that might result from the project development.
International criteria being followed include those from the International Finance Corporation, the World Bank
Equator Principles and the International Cyanide Management Code. Eco Oro considers that the design criteria
used for the updated PEA stage and project design meets these codes and standards.
20.6 Preliminary Closure Plans
There is no Preliminary Closure Plan for the underground mining project developed. Based on the previous
open pit project a closure and abandonment plan will be required two years prior to mine closure, which
considers:

Facilities that will not be used by neighbouring communities after closure of the operation will be
dismantled.

An acid water treatment plant will operate for as long as acid waters drain from the underground mine and
the waste dump. Once the flow stops these facilities may be used as part of water treatment facilities for the
region; currently the facilities are not planned to be dismantled.

Internal plant roads not required for post-closure access will be decommissioned and surfaces rehabilitated.

Material and equipment contaminated with oil and oil-related substances or with hazardous waste (as
defined by Colombian law) will be removed and disposed in facilities licensed for final disposal of
hazardous wastes by certified disposal contractors. Other material and equipment will be recycled
(whenever possible) or properly disposed of.

Land will be covered with appropriate native vegetation immediately after mining operations stop in any
area of the project. Abandoned areas will be landscaped to generate a profile similar to the natural
surroundings with new ditches for rain and storm water. Topsoil removed prior to the commencement of
mining operations and stored in dedicated stockpiles will be spread on top of landscaped areas and native
species will be planted. These plants will be tended for three years thus allowing the plants to stabilize in
their environment.

The waste dump will be built during operations so that the final dump profile meets the closure
requirements.

Backfilling for the underground mine is planned, waste material and tailings are planned to be returned to
the mine as detritus fill and paste fill, respectively.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 215
Eco Oro will operate a biodiversity development programme in conjunction with internationally recognized
agencies and will rehabilitate an additional area six times the size of the area that is directly impacted by the
Project. This area will be protected and reclamation will begin from the moment it is accepted by the
environmental authorities as a valid offset area. The area will serve two purposes: it will constitute a learning
ground to develop the skills needed to reclaim the Project-affected areas, and it will provide shelter for species
that will likely colonize the affected areas during reclamation.
Eco Oro will ensure that sufficient funding is provided either in the form of a bond or other means so that
effective closure can be completed. Eco Oro will meet the requirements of the IFC recommendations which state
that funding should be by either a cash accrual system or a financial guarantee. The two acceptable cash
accrual systems are fully funded escrow accounts (including government managed arrangements) or sinking
funds. An acceptable form of financial guarantee must be provided by a reputable financial institution.
20.7 Socio-Economic
The project direct area of influence (DAI) includes:

The communities of Angostura, La Baja, Centro, Cerrillos, Santa rsula, and Pantanos in addition to the
town of California itself. The Project is within the California area.

The town of California, because it is the nearest inhabited area and has the best current access to the
Project.

The villages of San Francisco, Nueva Vereda, Palchal, Bchiga, Pnega and Santa Brbara; due to the
proximity to the main road from Bucaramanga to the Project, as this is the only major road in the area.

The settlement of Berlin in the town of Tona and the villages of Alizal, Tembladal and Cuestaboba; because
the access road to the project crosses this area.

The towns of Matanza, Surata and Vetas, because they are likely to be dormitory towns for labour.

The villages of El Salado, La Playa and La Quejera, because they are along the road corridor for the
Project.
A communications strategy was designed and put into motion using a methodological plan for community
participation. The plan is based on national and international standards for community relations within the areas
of influence of major projects. Information obtained from fieldwork and community discussions included
demographic, spatial, economic, cultural and political-organizational dimensions and archaeological aspects.
This provided the basis for carrying out the socio-economic analysis and development of the Project
communications and community relations plans. Eco Oro is committed to developing the Angostura project in a
socially and environmental responsible manner that will be beneficial for the local and regional people, as well as
Colombia as a whole:

Eco Oro has implemented a Business Practice founded on 3 pillars, Core Business, Support Business and
Social Investment Initiatives. All provide employment opportunities and freedom of movement between
them.

Eco Oro has implemented a Sustainable Social Responsibility ("SSR") model that seeks to provide human
and capital capacity within area of operations. Eco Oro is providing institutional capacity building with a
program co-financed with the International Finance Corporation - A member of the World Bank Group. The
SSR model includes:
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 216
Support Businesses that are often outsourced to small business in the area of operations.
Small Business Initiative established to build human and capital capacity for Support Business in the
area of operations.
Social Investment Initiatives managed through a Foundation which provides support to local and
regional communities in the area of operations.
21.0 CAPITAL AND OPERATING COST
21.1 Mining Capital and Operating Cost
21.1.1 Capital Cost (CAPEX)
Capital expenditures have been separated in three categories:

Mine development.

Equipment acquisition.

Infrastructure and services.


The following items are considered as mine development:

Main cross-cuts and ramps (all with a 5 m x 4 m section).

Main ventilation raises and ore passes.


Quantities of meters associated to each one of these items were estimated on a yearly basis, based on the 2.5 g/t
AuEq mine development design. Unit costs for development were estimated assuming that Eco Oro would use its
own equipment and personnel. Capital costs for equipment acquisition and replacement were defined based on
the fleet requirement estimation.
An initial Investment is planned for the years (-)2 and (-)1 for mining development, equipment and infrastructure,
as is shown in Table 21-1.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 217
Table 21-1 Initial Investment for Mining CAPEX to 2.5 g/t AuEq.
Item USDk
Development 31,224
Sub-Total 31,224
Equipment 53,686
Infrastructure and Services 22,768
Contingencies (35%) 26,920
Total Mine Initial CAPEX Investment 134,598
Table 21-2 shows the future investments planned to year 7 of production plan.
Table 21-2 Future CAPEX Investments
Item USDk
Developments charged to Investment 11,721
Contingencies (35%) 4,102
Total 15,823
Underground Infrastructure and service capital expenses estimates are shown in Table 21-3.
Table 21-3 U/G Infrastructure and Services Capital Expenses.
Item USDk
Warehouse, Workshop and Offices
10,000
Warehouse, Workshop in UG Mine
1,000
Main Shaft Infrastructure
2,418
Pumping System
4,000
Ventilation System (2 System)
200
Power Distribution System (Infrastructure)
150
Water Distribution System; Treatment Plant and Settlers
1,000
Infrastructure Crushers
4,000
Total
22,768
Additional infrastructure and works on surface (Survey, Roads and Drainage, Power Distribution, Fuel, and
general services) which are not included in the plant capital expenditure is estimated in 42,449 USDk. This value
includes a contingency of +35%. Equipment CAPEX estimates are shown in Table 21-4.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 218
Table 21-4 Mine Equipment Capital Expenses.
Equipment USDk
Fans (200,000cfm; 2 units) 100
Shaft (350m) 14,616
Main Winches 2,418
Conveyor Belt at Surface 9,430
Deepening Equipment 445
Metallic Structure 955
Electrical Equipment 318
Loading Pocket Equipment 255
Spillage Pocket Equipment 64
Supplies 732
Mine Equipment 38,970
Drilling (9 units @ 450 USDk) 4,050
Long Hole Drilling (9 units @ 700 USDk) 6,300
Loading (22 units @ 540 USDk) 11,880
Hauling (30 units @ 500 USDk) 15,000
Loosen Rock Equipment (scaler) (3 units @ 250 USDk) 750
Explosive Charger (explotruck) (3 units @ 150 USDk) 450
Services Truck (3 units @ 80 USDk) 240
Pickup (10 units @ 30 USDk) 300
Total 53,686
The mining equipment fleet is expected to be replaced after year 7, according to the mine production plan and
LOM.
21.1.2 Operating Cost (OPEX)
Mine operating expenses were calculated using unit prices and consumption factors for the estimation, assuming
owners equipment and based on Golder benchmarking database. Table 21-5 shows the OPEX for the mining
activities.
Table 21-5 Mine Operating Expenses by Activities.
Activity USD/t
Drilling 0.59
Blasting 0.46
Loading & Hauling 1.61
Transport 0.32
Ground Support 4.02
Backfill 9.10
Preparation 8.88
Services 3.39
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 219
Activity USD/t
Sub Total 28.36
Contingencies (35%) 9.92
Total 38.28
A contingency of 35% is assumed for the total operating expenses coverage.
Operating costs for the drilling machines were estimated based on the proposed mining methods and the
calculated meters of development (ramp, access, draw points). Two models of drilling machines have been
selected: horizontal drilling machines (Jumbos) and vertical drilling machines (Simbas). Table 21-6 shows the
OPEX for drilling activities.
Table 21-6 Drilling Operating Costs.
Input Parameters Unit
Stope
Drilling Length 21 m
Length 20 m
Width 10 m
Density 2.6 t/m
Production 14,196 t
Long Hole Drilling
Section 4mx4m
Hole Length 21 m
Mesh 1.5x1.5 m
Drilling area 200 m
Hole Numbers 107 u
Hole Diameter (2.5 inches) 0.0635 m
Total Hole Length 2240 m
Equipment OPEX 3.76 USD/m
Long Hole Drilling OPEX 8422 USD
Long Hole Drilling OPEX 0.59 USD/t
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 220
Blasting supplies have been estimated based on the drilling design and production for one stope Table 21-7
shows the OPEX for blasting activities.
Table 21-7 Blasting Operating Costs.
Quantity Unit Price (USD/unit) Total Price (USD)
Input Parameters
ANFO Confined Density 850 Kg/m
ANFO Charge Density 2.7 Kg/m
N Blasting 6 u
Explosives
NG 75 - 11/2x8" 107 u 0.3
32
Kg ANFO 5276 Kg 0.73 3,852
Carmex 12 u 0.52
6
Exel de 25m 107 u 1.4 149
Booster wire 3P 2464 m 0.15 370
Personnel (tasks) 24 task 33.54
805
Supervision (hours) 18 hr 12.5 225
Equipment
Anfoloader 18 hr 35 630
Accessories 400
Total Cost 6469
Unit Cost for Blasting USD/t 0.46
For loading activities, 6 yd
3
LHDs were selected. LHD numbers were estimated based on the mine plan and the
expected performance of the equipment in the different activities. The equipment is allocated for ore loading,
backfill dumping in the production stopes and mucking in the development tunnels. Different performance
estimations were made for LHDs in the following two loading conditions:

Ore Loading: Includes work in the ore stopes, loading into 26 t Dumpers, based on an average hauling
distance of 150 meters from the stope to the Dumper loading station.

Waste Loading: Includes work in development tunnels and backfill of stopes, and considers an average
hauling distance of 50 meters for ramps and accesses, and 100 meters for preparation developments, from
the face to the loading station.
For hauling activities 26 t Dumpers were estimated for ore transportation to the plant, backfill material to the
stopes and for waste from development drifts. The maximum hauling distance (round trip) estimated is 3000
meters to main ore passes.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 221
An estimate of the average performance of Loading and Hauling is shown in Table 21-8.
Table 21-8 Loading and Hauling Operating Costs.
Quantity Unit
Loading
Performance Scoop 6 yd3 80.00 tph
Operating Hours 177 H
Operating Cost 41.30 USD/h
Loading Operating Cost 7,328.7 USD
Sub Total 1.6 USD/t
Hauling
Performance Dumpers 26 t 36 tph
Operating Hours 390 h
Operating Cost 39.60 USD/h
Hauling Operating Cost 15,459 USD
Sub Total 1.09 USD/t
Total Loading and Hauling 2.69 USD/t
A total of 2000m of conveyor belt is expected to be used for UG ore transportation, from the primary crusher to
the portal exit, and 1750m for surface ore transportation to the secondary crusher. The conveyor belt operating
expenses for the U/G is show in Table 21-9.
Table 21-9 Conveyor Belt Operating Expenses.
Ore Transport Quantity Unit
UG Conveyor Belt OPEX 0.18 USD/t
Surface Conveyor Belt OPEX 0.14 USD/t
Total 0.32 USD/t
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 222
In weak rocks, ground support is expected to be used. Shotcrete, Formwork and Systematic Reinforcing Bolt,
are the main ground support alternatives used in determining the ground support operating cost, which is shown
in Table 21-10.
Table 21-10 Ground Support Operating Expenses.
Quantity Unit
Shotcrete
Length 90 m
Width 10 m
Area 900 m
Unit cost 11.19 USD/m
Total cost 10.071 USD
Sub Total 4.02 USD/t
Formwork
Cost 1,300 USD/u
Installation 150 USD
Unit cost 1,450 USD/u
Formwork number 10
Total cost 14,500 USD
Sub Total 1.02 USD/t
Systematic Reinforcing Bolt
Area 900 m
Installed Bolt Numbers 400 u
Conventional Bolt 15.50 USD/u
Total cost 6,200 USD
Sub Total 2.29 USD/t
Total Ground Support 4.02 USD/t
Backfill operating expenses is 9.10 USD/t and is estimated based on Golder benchmarking database and
according to backfill requirements. It is expected to use paste fill or structural backfill for mineral recovery from
pillars.
Table 21-11 shows the preparation operating expenses, which are estimated based on the mine plan and
Golders Benchmarking database.
Table 21-11 Preparation Operating Expenses.
Preparation Quantity Unit
Section 4mx4m
Length 180 m
Development price for 4x4m Section 700 USD/m
Total Cost 126,000 USD
Total 8.9 USD/t
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 223
Mining Services operating expenses is 3.40 USD/t and is estimated based on Golder benchmarking database
and according to the mining plan.
21.2 Process Capital and Operating Cost
21.2.1 Capital Cost (CAPEX)
The estimated process capital expenditure was based on the information prepared by TWP and submitted to
Golder; this information was reviewed and accepted by Eco Oro and was validated by Golder to be used in this
preliminary economic evaluation; this CAPEX was calculated with a precision of +/-30%, and has been prepared
according to the mining production rate. The capital cost includes the direct and indirect cost estimate for the
process plant, as well as, additional infrastructure cost due to mechanical and civil works.
A list of mechanical equipment was prepared for all the areas comprised in the process plant. The cost of the
main equipment, such as, crushers, mills, filters, etc., was based on TWP information and on historic data of
similar projects.
The total mechanical equipment capital cost was estimated in USD 24.372 million for BIOX, POX, and ROAST
process, and USD 24.479 million for concentrate SELL option; this capital was assumed to be 25% of total
mechanical equipment cost plus the cost of its construction and assembler works.
Civil, electrical, instrumentation, structural steel works, painting, platework, and piping costs, were calculated
based on a percentage of the total mechanical equipment cost plus the cost of its construction and assembler
works, as is shown in tables for each metallurgical process respectively.
Total direct cost is estimated on total mechanical equipment cost and the cost of its construction and assembler
works plus total BIOX plant and the cost of its construction and assembler works for each metallurgical process.
Total indirect cost was calculated based on a percent of total direct cost, as is shown in tables for each
metallurgical process respectively. Contingency was estimated as 30% of direct and indirect costs.
The Table 21-12 present summaries of every four alternatives process plant capital expenses (CAPEX).
Table 21-12 Processing Plant Initial Capital Expenses.
Initial Capital Expenses BIOX POX ROASTING SELL
CIVIL USD 11,789,672 11,336,223 11,336,223 11,298,120
MECHANICAL USD 24,561,817 24,561,817 24,561,817 24,479,260
ELECTRICAL USD 12,772,145 12,280,909 12,280,909 12,239,630
INSTRUMENTATION USD 7,859,782 6,612,797 6,612,797 6,590,570
STRUCTURAL STEELWORK USD 11,789,672 11,336,223 11,336,223 11,298,120
PAINTING USD 982,473 944,685 944,685 941,510
PLATEWORK USD 15,719,563 15,114,964 15,114,964 14,122,650
PIPING USD 12,772,145 12,280,909 12,280,909 13,181,140
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 224
Initial Capital Expenses BIOX POX ROASTING SELL
Elution Plant USD 2,200,000 2,200,000 2,200,000
Gold Room USD 1,000,000 1,000,000 1,000,000
Met Lab USD 5,000,000 5,000,000 5,000,000 5,000,000
Mobile Crane 30t USD 150,000 150,000 150,000 150,000
VAT LEACH Civils, etc.
BIOX USD 49,501,229
Oxidation Plant Civils USD 4,950,123
Elution Civils USD 220,000 220,000 220,000
Pump Cell Plant USD 4,600,000 4,600,000 4,600,000
Pump Cell Civils USD 460,000 460,000 460,000
Receiving Ramp USD 1,200,000 1,200,000 1,200,000 1,200,000
ROM Stockpile USD 2,300,000 2,300,000 2,300,000 2,300,000
POX: Leaching Plant USD 41,494,800
POX: Leaching Residue treatment
Plant
USD 40,533,000
POX: Oxygen Plant USD 12,366,000
Oxidation Plant Civils USD 9,439,380
USD
Roaster and Acid Plant USD 82,440,000
Plant Civils USD 8,244,000
CONSUMABLES (First fills, etc.) USD 5,094,859 6,462,951 6,068,476 3,084,030
TRANSPORT USD 5,094,859 6,462,951 6,068,476 3,084,030
ERECTION USD 8,491,431 10,771,585 10,114,126 5,140,050
ADMINISTRATION USD 1,698,286 2,154,317 2,022,825 1,028,010
REIMBURSABLES Client USD 3,396,572 4,308,634 4,045,651 2,056,020
EPCM Reimbursables USD 25,474,293 32,314,756 30,342,379 15,420,150
REIMBURSABLES NON FEE
ITEM - Insurance, etc.
USD 982,473 944,685 944,685 941,510
SUB TOTAL USD 220,061,394 278,851,589 261,889,147 133,554,802
CONTINGENCY % 20 20 21 30
TOTAL USD 264,073,673 334,621,907 316,885,867 173,621,242
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 225
The main plant equipment fleet is expected to be overhauled after year 7 according to the mine production plan
and LOM; the total capital expense for this replacement for the four alternatives of metallurgical process (BIOX,
POX, ROAST and CONCENTRATE SELL) is shown in Table 21-13. This value includes a contingency of +35%.
Table 21-13 Plant Equipment Replace Capital Expenses.
Item USDk
Over Haul Plant Equipment 575
Contingencies (35%) 201
Total 776
21.2.2 Operating Cost (OPEX)
The estimated process operating expenditure was based on the information prepared by TWP and submitted to
Golder (Table 21-14); this information was reviewed and accepted by Eco Oro and was reviewed by Golder to
be used in this preliminary economic assessment; this OPEX was calculated for a combined process plant with a
precision of +/-20%, and has been prepared according to the mining production rate.
Table 21-14 Combined Process Plant Operating Expenditure.
DESCRIPTION
Combined Plant 6000 tpd
BIOX POX ROAST CONCENTRATE SELL
Plant OPEX 18.86 19.34 21.85 7.63
Plant Contingency 20% 3.77 3.87 4.37 1.53
Total Plant Estimate 22.64 23.22 26.22 9.16
OPEX Tailing Disposal (KP) 1.63 1.63 1.63 1.63
Total OPEX Plant Estimate 24.27 24.85 27.85 10.79
21.3 Additional Initial Infrastructure CAPEX
Additional infrastructure had been considered for the initial CAPEX based on the information provided by TWP
(Table 21-15).
Table 21-15 Additional Initial Infrastructure Capital Expenses
Infrastructure USD
Survey 276,571
Roads & Drainage 1,825,772
Plant Terrace
Plant Lighting
Plant Parking
Magazine 84,266
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 226
Infrastructure USD
Bulk Water Supply - Construction 1,726,821
Pollution Control Dam 920,151
Main Plant Substation 1,143,826
Plant Control room 3,740,000
Plant Offices 451,509
Plant Workshops 901,079
Plant Gatehouse 77,838
Plant Weighbridge 190,312
Plant Changehouse 1,584,178
Electrical Distribution 1,073,577
Main Substation 5,310,811
Consumer Substation 1,311,509
Potable Water Storage 321,038
Water Treatment 500,647
Contractors Camp 5,440,000
Water Reticulation 2,620,410
Central Sewage Plant 1,325,012
Assay Laboratory
Security H.Q. 279,049
Medical Facilities 677,306
Central Mine Offices 1,041,282
Office IT & Communication 6,925,067
Training Centre 235,738
External access roads 25,000,000
Shaft Workshop 1,848,355
Mine Changehouse 1,393,504
Lamp/SCSR Room 663,151
Brake Test Ramp 55,978
Shaft Store & Yard 954,725
Shaft Fuel Depot 1,106,589
Shaft Gas & Paint Store 52,884
Service Ducts & Racks 180,510
Fire Detection & Suppression 1,519,493
Water Reticulation 1,328,396
Sewage Sump and Reticulation 913,861
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 227
Infrastructure USD
Gate House & Weigh Bridge 536,519
Subtotal 75,537,731
EPCM Allowance 9,064,528
Owners Cost 1,510,755
Total 86,113,014
Contingency 25%
107,641,267
Initial CAPEX Tailing Disposal 5,594,902
Initial CAPEX Water Management 17,011,051
Total Initial Additional Infrastructure CAPEX 130,247,220
21.4 Mine & Initial Infrastructure CAPEX
Table 21-16 shows the Mine and Initial Infraestructure Capital Expenses considered for the CAPEX.
Table 21-16 Mine & Initial Infrastructure Capital Expenses
DESCRIPTION
Combined Plant 6000 tpd
BIOX POX ROAST
CONCENTRATE
SELL
Mine Initial Investment 134.597.788 134.597.788 134.597.788 134.597.788
Additional Infrastructure 130,247,220 130,247,220 130,247,220 71,999,859
Mine & Infrastructure 264.545,008 264.545,008 264.545,008 206,597,647
22.0 ECONOMIC ANALYSIS
A preliminary economic analysis of the Project has been performed considering the data obtained from the
preliminary assessment of mining capital and operating expenses, benchmarking, and information from Eco Oro
and TWP about plant capital and operating expenses, as well as initial and future investment for the mine and
plant.
The preliminary economic analysis incorporates a mineral resource estimate utilizing a gold equivalent cut-off
grade for the evaluation of four alternatives for concentrates including sale of concentrate, roasting, bio-oxidation
(BIOX) and pressure oxidation (POX) as well as two alternatives for oxides and transitional ores, including
Agitated or VAT leach.
Readers are cautioned that this analysis is only a preliminary assessment based on conceptual mine plans and
process flowsheets, Indicated and Inferred mineral resources, which are considered to be highly speculative
geologically to have the economic considerations applied to them that would enable them to be categorized as
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 228
reserves. As such, there is no certainty that the preliminary economic assessment and project economics will be
realized.
22.1 Cash Flow and NPV
The results obtained from the preliminary economic analysis for the base case (pessimistic price scenario for 2.5
g/t AuEq, with 90% of pillar recovery), with a price of 1200 USD/oz Au are shown in Table 22-1 to Table 22-13.
These tables provide a summary of Preliminary Economic Evaluation for all process alternatives for the base
case. Also, two analyses (Higher Grade 3.0 g/t AuEq and Lower Grade 2.0 g/t AuEq) are presented for all
process alternatives. A 5% discount rate has been applied in assessment of NPV in each case.
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S
D

1
3
5
,
1
4
6
,
9
9
2

1
3
5
,
1
4
1
,
6
2
9

1
3
5
,
1
4
3
,
4
3
1

1
3
5
,
1
3
4
,
7
5
5

1
3
5
,
1
3
9
,
4
8
3

1
3
5
,
1
2
7
,
8
8
1

1
3
5
,
1
0
5
,
5
2
7

1
3
5
,
0
2
2
,
2
7
7

1
3
5
,
0
9
6
,
3
8
3

1
0
7
,
5
4
7
,
1
5
9

G
r
o
s
s

i
n
c
o
m
e


U
S
D

1
5
0
,
0
1
1
,
2
9
8

1
7
8
,
6
7
8
,
1
2
8

1
7
9
,
0
8
9
,
9
4
0

1
9
3
,
7
6
5
,
4
5
1

2
1
0
,
4
3
3
,
8
4
2

2
0
1
,
9
3
5
,
5
9
2

2
1
9
,
8
0
0
,
7
5
3

2
2
8
,
4
5
1
,
0
1
4

1
8
6
,
0
0
6
,
3
3
6

1
5
8
,
9
9
0
,
5
3
4

S
e
l
l
i
n
g

c
o
s
t


U
S
D

1
,
1
8
8
,
1
6
0

1
,
3
0
7
,
5
8
2

1
,
3
0
9
,
3
0
6

1
,
3
7
0
,
4
1
8

1
,
4
3
9
,
8
8
9

1
,
4
0
4
,
4
3
1

1
,
4
7
8
,
7
7
6

1
,
5
1
4
,
4
7
2

1
,
3
3
7
,
9
2
8

1
,
1
1
0
,
5
7
4

G
e
n
e
r
a
l

a
n
d

A
d
m
i
n
i
s
t
r
a
t
i
v
e

c
o
s
t
U
S
D
1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

8
,
6
0
0
,
0
0
0

F
u
t
u
r
e

i
n
v
e
s
t
m
e
n
t

U
S
D

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

2
6
,
8
3
9
,
6
7
6

1
0
,
2
4
0
,
0
7
6

9
,
1
0
1
,
6
6
7

9
,
1
0
1
,
6
6
7

R
o
y
a
l
t
i
e
s

(
3
.
2
%
)

U
S
D

9
,
1
2
5
,
0
6
5

1
0
,
0
4
2
,
2
3
2

1
0
,
0
5
5
,
4
6
8

1
0
,
5
2
4
,
8
0
7

1
1
,
0
5
8
,
3
4
6

1
0
,
7
8
6
,
0
3
1

1
1
,
3
5
7
,
0
0
1

1
1
,
6
3
1
,
1
4
5

1
0
,
2
7
5
,
2
8
7

8
,
5
2
9
,
2
0
6

D
e
p
r
e
c
i
a
t
i
o
n


U
S
D

5
3
,
9
1
5
,
8
7
6

5
5
,
0
5
3
,
6
6
2

5
6
,
3
3
3
,
6
7
2

5
7
,
7
9
6
,
5
4
0

5
9
,
5
0
3
,
2
1
9

6
1
,
5
5
1
,
2
3
4

6
8
,
2
6
1
,
1
5
3

7
1
,
6
7
4
,
5
1
2

7
6
,
2
2
5
,
3
4
6

8
5
,
3
2
7
,
0
1
3

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
3
0
C
o
s
t
s
I
n
c
o
m
e

b
e
f
o
r
e

t
a
x
e
s


U
S
D

7
4
,
9
8
2
,
1
9
7

1
0
1
,
4
7
4
,
6
5
1

1
0
0
,
5
9
1
,
4
9
5

1
1
3
,
2
7
3
,
6
8
7

1
2
7
,
6
3
2
,
3
8
8

1
1
7
,
3
9
3
,
8
9
5

1
2
7
,
9
0
3
,
8
2
2

1
3
2
,
8
3
0
,
8
8
5

8
7
,
3
6
7
,
7
7
5

5
5
,
4
2
3
,
7
4
1

T
a
x
e
s

%
3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

U
S
D
2
4
,
7
4
4
,
1
2
5

3
3
,
4
8
6
,
6
3
5

3
3
,
1
9
5
,
1
9
3

3
7
,
3
8
0
,
3
1
7

4
2
,
1
1
8
,
6
8
8

3
8
,
7
3
9
,
9
8
5

4
2
,
2
0
8
,
2
6
1

4
3
,
8
3
4
,
1
9
2

2
8
,
8
3
1
,
3
6
6

1
8
,
2
8
9
,
8
3
5

I
n
c
o
m
e

a
f
t
e
r

t
a
x
e
s

U
S
D

5
0
,
2
3
8
,
0
7
2

6
7
,
9
8
8
,
0
1
6

6
7
,
3
9
6
,
3
0
2

7
5
,
8
9
3
,
3
7
1

8
5
,
5
1
3
,
7
0
0

7
8
,
6
5
3
,
9
1
0

8
5
,
6
9
5
,
5
6
1

8
8
,
9
9
6
,
6
9
3

5
8
,
5
3
6
,
4
0
9

3
7
,
1
3
3
,
9
0
6

M
i
n
e

C
l
o
s
u
r
e

U
S
D

3
0
,
0
0
0
,
0
0
0

N
e
t

i
n
c
o
m
e

U
S
D

5
0
,
2
3
8
,
0
7
2

6
7
,
9
8
8
,
0
1
6

6
7
,
3
9
6
,
3
0
2

7
5
,
8
9
3
,
3
7
1

8
5
,
5
1
3
,
7
0
0

7
8
,
6
5
3
,
9
1
0

8
5
,
6
9
5
,
5
6
1

8
8
,
9
9
6
,
6
9
3

5
8
,
5
3
6
,
4
0
9

3
7
,
1
3
3
,
9
0
6


I
n
i
t
i
a
l

i
n
v
e
s
t
m
e
n
t

(
U
S
D
)



M
i
n
e

U
S
D

2
6
,
9
1
9
,
5
5
8

5
3
,
8
3
9
,
1
1
5

5
3
,
8
3
9
,
1
1
5

P
r
o
c
e
s
s

U
S
D

5
2
,
8
1
4
,
7
3
5

1
0
5
,
6
2
9
,
4
6
9

1
0
5
,
6
2
9
,
4
6
9

A
d
d
i
t
i
o
n
a
l

I
n
f
r
a
s
t
r
u
c
t
u
r
e

U
S
D

2
6
,
0
4
9
,
4
4
4

5
2
,
0
9
8
,
8
8
8

5
2
,
0
9
8
,
8
8
8

C
a
s
h

f
l
o
w

-
1
0
5
,
7
8
3
,
7
3
6

-
2
1
1
,
5
6
7
,
4
7
2

-
2
1
1
,
5
6
7
,
4
7
2

9
3
,
9
1
3
,
8
7
2

1
1
2
,
8
0
1
,
6
0
2

1
1
3
,
4
8
9
,
8
9
7

1
2
3
,
4
4
9
,
8
3
4

1
3
4
,
7
7
6
,
8
4
2

1
2
9
,
9
6
5
,
0
6
8

1
2
7
,
1
1
7
,
0
3
8

1
5
0
,
4
3
1
,
1
2
8

1
2
5
,
6
6
0
,
0
8
8

1
1
3
,
3
5
9
,
2
5
2

-
3
0
,
0
0
0
,
0
0
0

5
2
8
,
9
1
8
,
6
8
1

1

2

3

4

5

6

7

8

9

1
0

1
1

-
1
0
5
,
7
8
3
,
7
3
6

-
2
1
1
,
5
6
7
,
4
7
2

-
2
1
1
,
5
6
7
,
4
7
2

9
3
,
9
1
3
,
8
7
2

1
1
2
,
8
0
1
,
6
0
2

1
1
3
,
4
8
9
,
8
9
7

1
2
3
,
4
4
9
,
8
3
4

1
3
4
,
7
7
6
,
8
4
2

1
2
9
,
9
6
5
,
0
6
8

1
2
7
,
1
1
7
,
0
3
8

1
5
0
,
4
3
1
,
1
2
8

1
2
5
,
6
6
0
,
0
8
8

1
1
3
,
3
5
9
,
2
5
2

-
3
0
,
0
0
0
,
0
0
0

P
O
S
T

-
T
A
X
N
P
V

(
5
%
)

(
U
S
D
)

3
3
4
,
5
2
1
,
6
4
2

I
R
R

1
4
.
8
2
%

P
a
y
b
a
c
k

5
.
5

y
e
a
r
s

P
R
E

-
T
A
X
C
a
s
h

f
l
o
w

-
1
0
5
,
7
8
3
,
7
3
6

-
2
1
1
,
5
6
7
,
4
7
2

-
2
1
1
,
5
6
7
,
4
7
2

1
1
8
,
6
5
7
,
9
9
7

1
4
6
,
2
8
8
,
2
3
7

1
4
6
,
6
8
5
,
0
9
0

1
6
0
,
8
3
0
,
1
5
1

1
7
6
,
8
9
5
,
5
3
0

1
6
8
,
7
0
5
,
0
5
3

1
6
9
,
3
2
5
,
2
9
9

1
9
4
,
2
6
5
,
3
2
0

5
4
,
4
9
1
,
4
5
3

1
3
1
,
6
4
9
,
0
8
7

-
3
0
,
0
0
0
,
0
0
0

5
2
8
,
9
1
8
,
6
8
1

1

2

3

4

5

6

7

8

9

1
0

1
1
-
1
0
5
,
7
8
3
,
7
3
6

-
2
1
1
,
5
6
7
,
4
7
2

-
2
1
1
,
5
6
7
,
4
7
2

1
1
8
,
6
5
7
,
9
9
7

1
4
6
,
2
8
8
,
2
3
7

1
4
6
,
6
8
5
,
0
9
0

1
6
0
,
8
3
0
,
1
5
1

1
7
6
,
8
9
5
,
5
3
0

1
6
8
,
7
0
5
,
0
5
3

1
6
9
,
3
2
5
,
2
9
9

1
9
4
,
2
6
5
,
3
2
0

5
4
,
4
9
1
,
4
5
3

1
3
1
,
6
4
9
,
0
8
7

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

5
7
4
,
6
6
2
,
6
4
7

I
R
R

2
0
.
5
%

P
a
y
b
a
c
k

4
.
3

y
e
a
r
s

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
3
1
T
a
b
l
e

2
2
-
2

P
r
e
l
i
m
i
n
a
r
y

E
c
o
n
o
m
i
c

E
v
a
l
u
a
t
i
o
n

f
o
r

O
M
E

P
O
X

B
a
s
e

C
a
s
e

(
C
u
t
-
o
f
f

g
r
a
d
e

o
f

2
.
5

A
u
E
q
)

C
o
s
t
s
T
o
t
a
l

m
i
n
e

c
o
s
t

3
8
.
2
8

U
S
D
/
t

P
r
o
c
e
s
s

c
o
s
t

2
4
.
8
5

U
S
D
/
t

O
p
e
r
a
t
i
o
n
a
l

e
x
p
e
n
d
i
t
u
r
e
s

6
3
.
1
3

U
S
D
/
t

G
e
n
e
r
a
l

a
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Y
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P
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8
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A
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g
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A
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R
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%

P
r
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U
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1
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O
p
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5
5
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5
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8
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T
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7
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6
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s

p
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A
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1
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2
6
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8
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6
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6
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R
o
y
a
l
t
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e
s

(
3
.
2
%
)

U
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9
,
4
6
9
,
6
5
3

1
0
,
4
2
0
,
4
3
8

1
0
,
4
3
4
,
5
1
4

1
0
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9
1
9
,
8
2
2

1
1
,
4
7
4
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3
7
3

1
1
,
1
8
9
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4
5
1

1
1
,
7
7
6
,
9
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3

1
2
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0
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9
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1
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7

D
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p
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e
c
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a
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n

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6
0
,
9
7
0
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6
9
9

6
2
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1
0
8
,
4
8
5

6
3
,
3
8
8
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4
9
5

6
4
,
8
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1
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3
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6
6
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5
5
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0
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6
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6
0
6
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0
5
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7
5
,
3
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5
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9
7
7

7
8
,
7
2
9
,
3
3
6

8
3
,
2
8
0
,
1
6
9

9
2
,
3
8
1
,
8
3
6

I
n
c
o
m
e

b
e
f
o
r
e

t
a
x
e
s

U
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D

7
6
,
9
4
7
,
8
5
1

1
0
4
,
4
6
6
,
2
4
9

1
0
3
,
6
0
3
,
9
1
6

1
1
6
,
7
8
8
,
7
0
4

1
3
1
,
7
6
8
,
4
8
2

1
2
1
,
1
7
9
,
1
9
0

1
3
2
,
2
4
3
,
6
8
8

1
3
7
,
1
3
2
,
5
2
8

9
0
,
4
7
2
,
1
4
1

5
6
,
4
3
3
,
6
2
7

T
a
x
e
s

%
3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

U
S
D
2
5
,
3
9
2
,
7
9
1

3
4
,
4
7
3
,
8
6
2

3
4
,
1
8
9
,
2
9
2

3
8
,
5
4
0
,
2
7
2

4
3
,
4
8
3
,
5
9
9

3
9
,
9
8
9
,
1
3
3

4
3
,
6
4
0
,
4
1
7

4
5
,
2
5
3
,
7
3
4

2
9
,
8
5
5
,
8
0
7

1
8
,
6
2
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0
9
7

I
n
c
o
m
e

a
f
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r

t
a
x
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s

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5
1
,
5
5
5
,
0
6
0

6
9
,
9
9
2
,
3
8
7

6
9
,
4
1
4
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6
2
4

7
8
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2
4
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4
3
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8
8
,
2
8
4
,
8
8
3

8
1
,
1
9
0
,
0
5
7

8
8
,
6
0
3
,
2
7
1

9
1
,
8
7
8
,
7
9
4

6
0
,
6
1
6
,
3
3
5

3
7
,
8
1
0
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5
3
0

M
i
n
e

C
l
o
s
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r
e

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S
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3
0
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0
0
0
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0
0
0

N
e
t

i
n
c
o
m
e

U
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5
1
,
5
5
5
,
0
6
0

6
9
,
9
9
2
,
3
8
7

6
9
,
4
1
4
,
6
2
4

7
8
,
2
4
8
,
4
3
2

8
8
,
2
8
4
,
8
8
3

8
1
,
1
9
0
,
0
5
7

8
8
,
6
0
3
,
2
7
1

9
1
,
8
7
8
,
7
9
4

6
0
,
6
1
6
,
3
3
5

3
7
,
8
1
0
,
5
3
0


I
n
i
t
i
a
l

i
n
v
e
s
t
m
e
n
t

(
U
S
D
)

M
i
n
e

U
S
D

2
6
,
9
1
9
,
5
5
8

5
3
,
8
3
9
,
1
1
5

5
3
,
8
3
9
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1
1
5

P
r
o
c
e
s
s

U
S
D

6
6
,
9
2
4
,
3
8
1

1
3
3
,
8
4
8
,
7
6
3

1
3
3
,
8
4
8
,
7
6
3

A
d
d
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t
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o
n
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l

I
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f
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s
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r
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c
t
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2
6
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0
4
9
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4
4
4

5
2
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0
9
8
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8
8
8

5
2
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0
9
8
,
8
8
8

P
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T

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A
X

C
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1
1
9
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8
9
3
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3
8
3

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2
3
9
,
7
8
6
,
7
6
6

-
2
3
9
,
7
8
6
,
7
6
6

1
0
2
,
2
8
5
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6
8
3

1
2
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,
8
6
0
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7
9
6

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2
2
,
5
6
3
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4
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1
3
2
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8
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9
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7
1
8

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4
4
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6
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8
4
9

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3
9
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5
5
6
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9

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3
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5
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6
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3
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7
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8
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9

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3
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5
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9
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4
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6
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9
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5

1

2

3

4

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6

7

8

9

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0

1
1

-
1
1
9
,
8
9
3
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3
8
3

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2
3
9
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7
8
6
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7
6
6

-
2
3
9
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7
8
6
,
7
6
6

1
0
2
,
2
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5
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6
8
3

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2
1
,
8
6
0
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7
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6

1
2
2
,
5
6
3
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2

1
3
2
,
8
5
9
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7
1
8

1
4
4
,
6
0
2
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8
4
9

1
3
9
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5
5
6
,
0
3
9

1
3
7
,
0
7
9
,
5
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1

1
6
0
,
3
6
8
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1
3
4
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7
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4
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8
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7

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2
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0
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6
9
9

-
3
0
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0
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N
P
V

(
5
%
)

(
U
S
D
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3
3
2
,
3
9
9
,
6
1
1

I
R
R

1
3
,
7
7
%

P
a
y
b
a
c
k

5
.
8

y
e
a
r
s

P
R
E

-
T
A
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s
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f
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-
1
1
9
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8
9
3
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3
8
3

-
2
3
9
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7
8
6
,
7
6
6

-
2
3
9
,
7
8
6
,
7
6
6

1
2
7
,
6
7
8
,
4
7
4

1
5
6
,
3
3
4
,
6
5
8

1
5
6
,
7
5
2
,
3
3
4

1
7
1
,
3
9
9
,
9
9
1

1
8
8
,
0
8
6
,
4
4
8

1
7
9
,
5
4
5
,
1
7
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1
8
0
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7
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9
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9
8
8

2
0
5
,
6
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7
8
7

1
6
4
,
6
5
0
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6
4
3

1
3
9
,
7
1
3
,
7
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6

-
3
0
,
0
0
0
,
0
0
0
5
9
9
,
4
6
6
,
9
1
5

1

2

3

4

5

6

7

8

9

1
0

1
1
-
1
1
9
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8
9
3
,
3
8
3

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2
3
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7
8
6
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2
3
9
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7
8
6
,
7
6
6

1
2
7
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6
7
8
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4
7
4

1
5
6
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3
3
4
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6
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8

1
5
6
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7
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2
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3
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1
7
1
,
3
9
9
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9
9
1

1
8
8
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0
8
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4
4
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1
7
9
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5
4
5
,
1
7
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1
8
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7
1
9
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9
8
8

2
0
5
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6
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1
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7
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7

1
6
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6
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3
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3
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7
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6

-
3
0
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0
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0
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N
P
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(
5
%
)

(
U
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D
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5
7
9
,
9
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2
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3
1
9

I
R
R

1
9
.
0
8
%

P
a
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b
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k

4
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5

y
e
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r
s

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T
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h

2
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2

R
e
p
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t

N
o
.

1
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_
I
F

2
3
3
T
a
b
l
e

2
2
-
3

P
r
e
l
i
m
i
n
a
r
y

E
c
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c

E
v
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n

f
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r

O
M
E

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-

B
a
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e

C
a
s
e

(
C
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t
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o
f
f

g
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.
5

A
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m
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c
o
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3
8
.
2
8

U
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t

P
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c
e
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s

c
o
s
t

2
7
.
8
5

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t

O
p
e
r
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t
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l

e
x
p
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d
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t
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s

6
6
.
1
3

U
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/
t

G
e
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a
n
d

A
d
m
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c
o
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(
G
&
A
)

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t

V
a
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e
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c
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t

(
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)

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d
e

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u

C
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n
s
t
a
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t

P
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e

(
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/
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)

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2
.
5

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r
s

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t

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a
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y
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Y
e
a
r
s

u
n
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t

-
3

-
2

-
1

1

2

3

4

5

6

7

8

9

1
0

1
1

P
r
o
d
u
c
t
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n

o
x
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+

t
r
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t





3
3
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0
0
0

3
3
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0

3
3
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0

3
3
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3
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3
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3
3
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3
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3
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3
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P
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s
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1
,
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8
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3
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8
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8
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T
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P
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2
,
1
6
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0
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2
,
1
6
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0
0
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2
,
1
6
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2
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1
6
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2
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1
6
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2
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1
6
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2
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1
6
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0
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0

2
,
1
6
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,
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1
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7
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0
0
0

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q
.

R
e
c
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v
e
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y

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x
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s

+

t
r
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n
s
i
t
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o
n
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l

%

8
4
.
1
2
%

8
4
.
1
2
%

8
4
.
1
2
%

8
4
.
1
2
%

8
4
.
1
2
%

8
4
.
1
2
%

8
4
.
1
2
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1
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4
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1
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%

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q
.

R
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n

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s

%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

A
v
e
r
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g
e

g
r
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e

o
x
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s

+

t
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g
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t

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3
.
5
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3
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3
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9
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4
.
3
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4
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6
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3
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A
v
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4
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1
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7
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g
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3
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2
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3
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2
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2
.
4
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2
.
3
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2
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2
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T
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l

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z

2
7
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,
3
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3
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3
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1

3
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6
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7
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1

3
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0
8
9

3
3
7
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3
5
5

3
2
9
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0
7
5

3
4
6
,
5
5
3

3
5
5
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1
3
7

3
1
3
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5
6
6

2
6
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4
7
4

A
v
e
r
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R
e
c
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e
r
y

%

8
4
.
5
5
%

8
4
.
5
5
%

8
4
.
5
5
%

8
4
.
5
5
%

8
4
.
5
5
%

8
4
.
5
5
%

8
4
.
5
5
%

8
4
.
5
5
%

8
4
.
5
5
%

8
4
.
5
4
%

P
r
i
c
e


U
S
D
/
o
z

1
2
0
0

1
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

O
p
e
r
a
t
i
o
n
a
l

c
o
s
t


U
S
D
/
o
z

6
0
7

5
5
1

5
5
1

5
2
6

5
0
1

5
1
3

4
8
8

4
7
6

5
3
9

5
1
7

T
o
t
a
l

c
a
s
h

c
o
s
t


U
S
D
/
o
z

7
6
5

7
3
3

7
3
1

7
1
5

6
9
9

7
0
4

6
6
3

6
7
2

7
0
1

6
4
8

N
e
t

o
u
n
c
e
s

p
r
o
d
u
c
e
d

p
e
r

y
e
a
r

o
z

2
3
5
,
3
8
8

2
5
9
,
0
5
4

2
5
9
,
3
9
3

2
7
1
,
5
1
2

2
8
5
,
2
6
9

2
7
8
,
2
6
0

2
9
3
,
0
2
1

3
0
0
,
2
1
3

2
6
5
,
1
2
3

2
2
0
,
1
7
5

S
a
l
e
s


U
S
D

2
8
2
,
4
6
6
,
1
9
8

3
1
0
,
8
6
5
,
0
2
1

3
1
1
,
2
7
2
,
0
7
0

3
2
5
,
8
1
4
,
1
5
0

3
4
2
,
3
2
3
,
1
1
6

3
3
3
,
9
1
1
,
7
5
5

3
5
1
,
6
2
5
,
1
6
9

3
6
0
,
2
5
5
,
9
1
3

3
1
8
,
1
4
7
,
9
8
4

2
6
4
,
2
1
0
,
5
0
2

O
p
e
r
a
t
i
o
n
a
l

C
o
s
t

U
S
D

1
4
2
,
8
6
5
,
5
5
1

1
4
2
,
8
6
3
,
5
3
1

1
4
2
,
8
6
4
,
2
1
0

1
4
2
,
8
6
0
,
9
4
2

1
4
2
,
8
6
2
,
7
2
3

1
4
2
,
8
5
8
,
3
5
3

1
4
2
,
8
4
9
,
9
3
3

1
4
2
,
8
1
8
,
5
7
5

1
4
2
,
8
4
6
,
4
8
9

1
1
3
,
7
3
6
,
9
8
8

G
r
o
s
s

i
n
c
o
m
e


U
S
D

1
3
9
,
6
0
0
,
6
4
7

1
6
8
,
0
0
1
,
4
9
1

1
6
8
,
4
0
7
,
8
6
0

1
8
2
,
9
5
3
,
2
0
8

1
9
9
,
4
6
0
,
3
9
4

1
9
1
,
0
5
3
,
4
0
2

2
0
8
,
7
7
5
,
2
3
6

2
1
7
,
4
3
7
,
3
3
8

1
7
5
,
3
0
1
,
4
9
5

1
5
0
,
4
7
3
,
5
1
5

S
e
l
l
i
n
g

c
o
s
t


U
S
D

1
,
1
7
6
,
9
4
2

1
,
2
9
5
,
2
7
1

1
,
2
9
6
,
9
6
7

1
,
3
5
7
,
5
5
9

1
,
4
2
6
,
3
4
6

1
,
3
9
1
,
2
9
9

1
,
4
6
5
,
1
0
5

1
,
5
0
1
,
0
6
6

1
,
3
2
5
,
6
1
7

1
,
1
0
0
,
8
7
7

G
e
n
e
r
a
l

a
n
d

A
d
m
i
n
i
s
t
r
a
t
i
v
e

c
o
s
t


U
S
D

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

8
,
6
0
0
,
0
0
0

F
u
t
u
r
e

i
n
v
e
s
t
m
e
n
t

U
S
D

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

2
6
,
8
3
9
,
6
7
6

1
0
,
2
4
0
,
0
7
6

9
,
1
0
1
,
6
6
7

9
,
1
0
1
,
6
6
7

R
o
y
a
l
t
i
e
s

(
3
.
2
%
)

U
S
D

9
,
0
3
8
,
9
1
8

9
,
9
4
7
,
6
8
1

9
,
9
6
0
,
7
0
6

1
0
,
4
2
6
,
0
5
3

1
0
,
9
5
4
,
3
4
0

1
0
,
6
8
5
,
1
7
6

1
1
,
2
5
2
,
0
0
5

1
1
,
5
2
8
,
1
8
9

1
0
,
1
8
0
,
7
3
5

8
,
4
5
4
,
7
3
6

D
e
p
r
e
c
i
a
t
i
o
n


U
S
D

5
9
,
1
9
7
,
0
9
5

6
0
,
3
3
4
,
8
8
1

6
1
,
6
1
4
,
8
9
1

6
3
,
0
7
7
,
7
5
9

6
4
,
7
8
4
,
4
3
8

6
6
,
8
3
2
,
4
5
4

7
3
,
5
4
2
,
3
7
3

7
6
,
9
5
5
,
7
3
2

8
1
,
5
0
6
,
5
6
5

9
0
,
6
0
8
,
2
3
2

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
3
4
C
o
s
t
s
I
n
c
o
m
e

b
e
f
o
r
e

t
a
x
e
s


U
S
D

4
9
,
1
4
7
,
6
1
5

7
5
,
3
8
3
,
5
8
1

7
4
,
4
9
5
,
2
2
0

8
7
,
0
5
1
,
7
6
1

1
0
1
,
2
5
5
,
1
9
3

9
1
,
1
0
4
,
3
9
7

8
4
,
8
7
6
,
0
7
6

1
0
6
,
4
1
2
,
2
7
4

6
2
,
3
8
6
,
9
1
1

3
2
,
6
0
8
,
0
0
2

T
a
x
e
s

%
3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

U
S
D
1
6
,
2
1
8
,
7
1
3

2
4
,
8
7
6
,
5
8
2

2
4
,
5
8
3
,
4
2
2

2
8
,
7
2
7
,
0
8
1

3
3
,
4
1
4
,
2
1
4

3
0
,
0
6
4
,
4
5
1

2
8
,
0
0
9
,
1
0
5

3
5
,
1
1
6
,
0
5
1

2
0
,
5
8
7
,
6
8
1

1
0
,
7
6
0
,
6
4
1

I
n
c
o
m
e

a
f
t
e
r

t
a
x
e
s

U
S
D

3
2
,
9
2
8
,
9
0
2

5
0
,
5
0
6
,
9
9
9

4
9
,
9
1
1
,
7
9
7

5
8
,
3
2
4
,
6
8
0

6
7
,
8
4
0
,
9
7
9

6
1
,
0
3
9
,
9
4
6

5
6
,
8
6
6
,
9
7
1

7
1
,
2
9
6
,
2
2
4

4
1
,
7
9
9
,
2
3
0

2
1
,
8
4
7
,
3
6
1

M
i
n
e

C
l
o
s
u
r
e

U
S
D

3
0
,
0
0
0
,
0
0
0

N
e
t

i
n
c
o
m
e

U
S
D

3
2
,
9
2
8
,
9
0
2

5
0
,
5
0
6
,
9
9
9

4
9
,
9
1
1
,
7
9
7

5
8
,
3
2
4
,
6
8
0

6
7
,
8
4
0
,
9
7
9

6
1
,
0
3
9
,
9
4
6

5
6
,
8
6
6
,
9
7
1

7
1
,
2
9
6
,
2
2
4

4
1
,
7
9
9
,
2
3
0

2
1
,
8
4
7
,
3
6
1

I
n
i
t
i
a
l

i
n
v
e
s
t
m
e
n
t

(
U
S
D
)



M
i
n
e

U
S
D

2
6
,
9
1
9
,
5
5
8

5
3
,
8
3
9
,
1
1
5

5
3
,
8
3
9
,
1
1
5

P
r
o
c
e
s
s

U
S
D

6
3
,
3
7
7
,
1
7
3

1
2
6
,
7
5
4
,
3
4
7

1
2
6
,
7
5
4
,
3
4
7

A
d
d
i
t
i
o
n
a
l

I
n
f
r
a
s
t
r
u
c
t
u
r
e

U
S
D

2
6
,
0
4
9
,
4
4
4

5
2
,
0
9
8
,
8
8
8

5
2
,
0
9
8
,
8
8
8

P
O
S
T

-
T
A
X

C
a
s
h

f
l
o
w

-
1
1
6
,
3
4
6
,
1
7
5

-
2
3
2
,
6
9
2
,
3
5
0

-
2
3
2
,
6
9
2
,
3
5
0

8
1
,
8
8
5
,
9
2
1

1
0
0
,
6
0
1
,
8
0
4

1
0
1
,
2
8
6
,
6
1
2

1
1
1
,
1
6
2
,
3
6
2

1
2
2
,
3
8
5
,
3
4
1

1
1
7
,
6
3
2
,
3
2
3

1
0
3
,
5
6
9
,
6
6
8

1
3
8
,
0
1
1
,
8
7
9

1
1
4
,
2
0
4
,
1
2
8

1
0
3
,
3
5
3
,
9
2
6

-
3
0
,
0
0
0
,
0
0
0
5
8
1
,
7
3
0
,
8
7
6

1

2

3

4

5

6

7

8

9

1
0

1
1

-
1
1
6
,
3
4
6
,
1
7
5

-
2
3
2
,
6
9
2
,
3
5
0

-
2
3
2
,
6
9
2
,
3
5
0

8
1
,
8
8
5
,
9
2
1

1
0
0
,
6
0
1
,
8
0
4

1
0
1
,
2
8
6
,
6
1
2

1
1
1
,
1
6
2
,
3
6
2

1
2
2
,
3
8
5
,
3
4
1

1
1
7
,
6
3
2
,
3
2
3

1
0
3
,
5
6
9
,
6
6
8

1
3
8
,
0
1
1
,
8
7
9

1
1
4
,
2
0
4
,
1
2
8

1
0
3
,
3
5
3
,
9
2
6

-
3
0
,
0
0
0
,
0
0
0
N
P
V

(
5
%
)

(
U
S
D
)

1
9
3
,
2
9
5
,
4
0
7

I
R
R

1
0
.
5
4
%

P
a
y
b
a
c
k

6
.
9

y
e
a
r
s

P
R
E

-
T
A
X
C
a
s
h

f
l
o
w

-
1
1
6
,
3
4
6
,
1
7
5

-
2
3
2
,
6
9
2
,
3
5
0

-
2
3
2
,
6
9
2
,
3
5
0

9
8
,
1
0
4
,
6
3
3

1
2
5
,
4
7
8
,
3
8
6

1
2
5
,
8
7
0
,
0
3
4

1
3
9
,
8
8
9
,
4
4
3

1
5
5
,
7
9
9
,
5
5
5

1
4
7
,
6
9
6
,
7
7
5

1
3
1
,
5
7
8
,
7
7
3

1
7
3
,
1
2
7
,
9
2
9

1
3
4
,
7
9
1
,
8
0
9

1
1
4
,
1
1
4
,
5
6
7

-
3
0
,
0
0
0
,
0
0
0

5
8
1
,
7
3
0
,
8
7
6

1

2

3

4

5

6

7

8

9

1
0

1
1
-
1
1
6
,
3
4
6
,
1
7
5

-
2
3
2
,
6
9
2
,
3
5
0

-
2
3
2
,
6
9
2
,
3
5
0

9
8
,
1
0
4
,
6
3
3

1
2
5
,
4
7
8
,
3
8
6

1
2
5
,
8
7
0
,
0
3
4

1
3
9
,
8
8
9
,
4
4
3

1
5
5
,
7
9
9
,
5
5
5

1
4
7
,
6
9
6
,
7
7
5

1
3
1
,
5
7
8
,
7
7
3

1
7
3
,
1
2
7
,
9
2
9

1
3
4
,
7
9
1
,
8
0
9

1
1
4
,
1
1
4
,
5
6
7

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

3
7
0
,
2
0
8
,
0
1
9

I
R
R

1
4
.
8
8
%

P
a
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b
a
c
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5
.
5

y
e
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r
s

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D
A
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P
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E
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A
S
S
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A
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P
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M
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h

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3
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2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
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1
1
9
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4
1
5
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5
0
3
0
_
I
F

2
3
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T
a
b
l
e

2
2
-
4

P
r
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l
i
m
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r
y

E
c
o
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m
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c

E
v
a
l
u
a
t
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n

f
o
r

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C
O
N
C
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N
T
R
A
T
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S
A
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E
S

-

B
a
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C
a
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(
C
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g
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5

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t

3
8
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8

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/
t

P
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e
s
s

c
o
s
t

1
0
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7
9

U
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/
t

O
p
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r
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l

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4
9
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G
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a
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A
d
m
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c
o
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(
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&
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5

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t

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c
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(
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P
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(
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/
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5

y
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1
,
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0

a
n
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a
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s

Y
e
a
r
s

u
n
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t

-
3

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2

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1

1

2

3

4

5

6

7

8

9

1
0

1
1

P
r
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d
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s

+

t
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t

3
3
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0
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3
3
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3
3
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3
3
0
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0
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3
3
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3
3
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3
3
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3
3
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3
3
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3
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P
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1
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1
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8
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0
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0
0
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1
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8
3
0
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0
0
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1
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8
3
0
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0
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1
,
8
3
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0
0
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1
,
8
3
0
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0
0
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1
,
8
3
0
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0
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1
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8
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1
,
4
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T
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l

P
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t

2
,
1
6
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2
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1
6
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2
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1
6
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2
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1
6
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2
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6
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2
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1
6
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2
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1
6
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0
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2
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6
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2
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1
,
7
2
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0
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A
u

r
e
c
o
v
e
r

f
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m

c
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c
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n
t
r
a
t
e

%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
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%

9
3
.
0
0
%

9
3
.
0
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%

9
3
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0
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%

9
3
.
0
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9
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9
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0
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9
3
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%

A
g

r
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c
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f
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c
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%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

A
v
e
r
a
g
e

g
r
a
d
e

o
x
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s

+

t
r
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l

g
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t

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3
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3
.
9
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3
.
9
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4
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3
5

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4
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9
5

6
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3
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4
.
6
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5
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1

A
v
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g
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4
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1
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5
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9
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4
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2
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C
o
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R
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1
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C
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P
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d

2
1
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,
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2
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2
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2
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2
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2
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A
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G
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g
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3
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9
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A
g

G
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A
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G
e
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P
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P
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C
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0
0
0

1
9
,
2
2
4
,
0
0
0

1
9
,
2
2
4
,
0
0
0

1
9
,
2
2
4
,
0
0
0

1
9
,
2
2
4
,
0
0
0

1
9
,
2
2
4
,
0
0
0

1
5
,
3
0
8
,
0
0
0

T
r
e
a
t
m
e
n
t

C
h
a
r
g
e
s

(
T
/
C
)

U
S
D

5
8
,
3
2
0
,
0
0
0

5
8
,
3
2
0
,
0
0
0

5
8
,
3
2
0
,
0
0
0

5
8
,
3
2
0
,
0
0
0

5
8
,
3
2
0
,
0
0
0

5
8
,
3
2
0
,
0
0
0

5
8
,
3
2
0
,
0
0
0

5
8
,
3
2
0
,
0
0
0

5
8
,
3
2
0
,
0
0
0

4
6
,
4
4
0
,
0
0
0

P
e
n
a
l
t
y

A
s

U
S
D
3
.
7
5
/
t

f
o
r

e
v
e
r
y

0
.
1
%

a
b
o
v
e

0
.
0
5
%

A
s

U
S
D

7
5
7
,
3
5
0

7
5
7
,
3
5
0

7
5
7
,
3
5
0

7
5
7
,
3
5
0

7
5
7
,
3
5
0

7
5
7
,
3
5
0

7
5
7
,
3
5
0

7
5
7
,
3
5
0

7
5
7
,
3
5
0

6
0
3
,
0
7
5

S
e
l
l
i
n
g

C
o
s
t


U
S
D

9
0
,
1
8
1
,
3
5
0

9
0
,
1
8
1
,
3
5
0

9
0
,
1
8
1
,
3
5
0

9
0
,
1
8
1
,
3
5
0

9
0
,
1
8
1
,
3
5
0

9
0
,
1
8
1
,
3
5
0

9
0
,
1
8
1
,
3
5
0

9
0
,
1
8
1
,
3
5
0

9
0
,
1
8
1
,
3
5
0

7
1
,
8
1
1
,
0
7
5

S
a
l
e
s
U
S
D

1
9
0
,
1
7
9
,
8
8
8

2
1
8
,
6
4
8
,
3
1
7

2
1
3
,
5
6
1
,
6
8
3

2
3
1
,
6
0
3
,
3
2
0

2
4
6
,
0
9
0
,
9
4
3

2
3
7
,
6
3
7
,
1
9
7

2
5
8
,
1
9
5
,
9
0
1

2
6
6
,
4
8
6
,
2
9
0

2
2
4
,
4
3
7
,
8
0
3

1
8
8
,
9
8
8
,
4
5
0

O
p
e
r
a
t
i
o
n
a
l

C
o
s
t

U
S
D

1
0
5
,
9
8
2
,
8
4
7

1
0
5
,
9
8
2
,
8
4
7

1
0
5
,
9
8
2
,
8
4
7

1
0
5
,
9
8
2
,
8
4
7

1
0
5
,
9
8
2
,
8
4
7

1
0
5
,
9
8
2
,
8
4
7

1
0
5
,
9
8
2
,
8
4
7

1
0
5
,
9
8
2
,
8
4
7

1
0
5
,
9
8
2
,
8
4
7

8
4
,
3
9
3
,
7
4
8

G
r
o
s
s

I
n
c
o
m
e

U
S
D

8
4
,
1
9
7
,
0
4
1

1
1
2
,
6
6
5
,
4
7
0

1
0
7
,
5
7
8
,
8
3
6

1
2
5
,
6
2
0
,
4
7
3

1
4
0
,
1
0
8
,
0
9
6

1
3
1
,
6
5
4
,
3
5
1

1
5
2
,
2
1
3
,
0
5
4

1
6
0
,
5
0
3
,
4
4
3

1
1
8
,
4
5
4
,
9
5
6

1
0
4
,
5
9
4
,
7
0
1

G
e
n
e
r
a
l

a
n
d

A
d
m
i
n
i
s
t
r
a
t
i
v
e

C
o
s
t

U
S
D

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

8
,
6
0
0
,
0
0
0

F
u
t
u
r
e

I
n
v
e
s
t
m
e
n
t

U
S
D

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

1
0
,
2
4
0
,
0
7
6

2
6
,
8
3
9
,
6
7
6

1
0
,
2
4
0
,
0
7
6

9
,
1
0
1
,
6
6
7

9
,
1
0
1
,
6
6
7

R
o
y
a
l
t
i
e
s

(
3
.
2
%
)

U
S
D

6
,
0
8
5
,
7
5
6

6
,
9
9
6
,
7
4
6

6
,
8
3
3
,
9
7
4

7
,
4
1
1
,
3
0
6

7
,
8
7
4
,
9
1
0

7
,
6
0
4
,
3
9
0

8
,
2
6
2
,
2
6
9

8
,
5
2
7
,
5
6
1

7
,
1
8
2
,
0
1
0

6
,
0
4
7
,
6
3
0

D
e
p
r
e
c
i
a
t
i
o
n

U
S
D

3
9
,
0
4
5
,
8
9
7

4
0
,
1
8
3
,
6
8
3

4
1
,
4
6
3
,
6
9
2

4
2
,
9
2
6
,
5
6
0

4
4
,
6
3
3
,
2
4
0

4
6
,
6
8
1
,
2
5
5

5
3
,
3
9
1
,
1
7
4

5
6
,
8
0
4
,
5
3
3

6
1
,
3
5
5
,
3
6
7

7
0
,
4
5
7
,
0
3
4

I
n
c
o
m
e

b
e
f
o
r
e

t
a
x
e
s

U
S
D

1
8
,
0
2
5
,
3
1
1

4
4
,
4
4
4
,
9
6
5

3
8
,
2
4
1
,
0
9
3

5
4
,
2
4
2
,
5
3
0

6
6
,
5
5
9
,
8
7
0

5
6
,
3
2
8
,
6
2
9

5
2
,
9
1
9
,
9
3
5

7
4
,
1
3
1
,
2
7
3

3
0
,
0
1
5
,
9
1
3

1
0
,
3
8
8
,
3
7
0

T
a
x
e
s

%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

U
S
D

5
,
9
4
8
,
3
5
3

1
4
,
6
6
6
,
8
3
9

1
2
,
6
1
9
,
5
6
1

1
7
,
9
0
0
,
0
3
5

2
1
,
9
6
4
,
7
5
7

1
8
,
5
8
8
,
4
4
8

1
7
,
4
6
3
,
5
7
9

2
4
,
4
6
3
,
3
2
0

9
,
9
0
5
,
2
5
1

3
,
4
2
8
,
1
6
2

I
n
c
o
m
e

a
f
t
e
r

t
a
x
e
s

U
S
D

1
2
,
0
7
6
,
9
5
9

2
9
,
7
7
8
,
1
2
7

2
5
,
6
2
1
,
5
3
3

3
6
,
3
4
2
,
4
9
5

4
4
,
5
9
5
,
1
1
3

3
7
,
7
4
0
,
1
8
1

3
5
,
4
5
6
,
3
5
6

4
9
,
6
6
7
,
9
5
3

2
0
,
1
1
0
,
6
6
2

6
,
9
6
0
,
2
0
8

M
i
n
e

C
l
o
s
u
r
e

U
S
D

3
0
,
0
0
0
,
0
0
0

N
e
t

i
n
c
o
m
e

U
S
D

1
2
,
0
7
6
,
9
5
9

2
9
,
7
7
8
,
1
2
7

2
5
,
6
2
1
,
5
3
3

3
6
,
3
4
2
,
4
9
5

4
4
,
5
9
5
,
1
1
3

3
7
,
7
4
0
,
1
8
1

3
5
,
4
5
6
,
3
5
6

4
9
,
6
6
7
,
9
5
3

2
0
,
1
1
0
,
6
6
2

6
,
9
6
0
,
2
0
8

I
n
i
t
i
a
l

i
n
v
e
s
t
m
e
n
t

(
U
S
D
)



M
i
n
e
U
S
D
2
6
,
9
1
9
,
5
5
8

5
3
,
8
3
9
,
1
1
5

5
3
,
8
3
9
,
1
1
5

P
r
o
c
e
s
s
U
S
D
3
4
,
7
2
4
,
2
4
8

6
9
,
4
4
8
,
4
9
7

6
9
,
4
4
8
,
4
9
7

A
d
d
i
t
i
o
n
a
l

I
n
f
r
a
s
t
r
u
c
t
u
r
e

U
S
D
1
4
,
3
9
9
,
9
7
2

2
8
,
7
9
9
,
9
4
4

2
8
,
7
9
9
,
9
4
4

P
O
S
T

-
T
A
X

C
a
s
h

f
l
o
w

-
7
6
,
0
4
3
,
7
7
8

-
1
5
2
,
0
8
7
,
5
5
6

-
1
5
2
,
0
8
7
,
5
5
6

4
0
,
8
8
2
,
7
7
9

5
9
,
7
2
1
,
7
3
3

5
6
,
8
4
5
,
1
4
9

6
9
,
0
2
8
,
9
7
9

7
8
,
9
8
8
,
2
7
6

7
4
,
1
8
1
,
3
6
0

6
2
,
0
0
7
,
8
5
4

9
6
,
2
3
2
,
4
0
9

7
2
,
3
6
4
,
3
6
1

6
8
,
3
1
5
,
5
7
4

-
3
0
,
0
0
0
,
0
0
0

3
8
0
,
2
1
8
,
8
8
9

1

2

3

4

5

6

7

8

9

1
0

1
1

-
7
6
,
0
4
3
,
7
7
8

-
1
5
2
,
0
8
7
,
5
5
6

-
1
5
2
,
0
8
7
,
5
5
6

4
0
,
8
8
2
,
7
7
9

5
9
,
7
2
1
,
7
3
3

5
6
,
8
4
5
,
1
4
9

6
9
,
0
2
8
,
9
7
9

7
8
,
9
8
8
,
2
7
6

7
4
,
1
8
1
,
3
6
0

6
2
,
0
0
7
,
8
5
4

9
6
,
2
3
2
,
4
0
9

7
2
,
3
6
4
,
3
6
1

6
8
,
3
1
5
,
5
7
4

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

8
7
,
1
3
9
,
9
7
9

I
R
R

9
.
0
3
%

P
a
y
b
a
c
k

7
.
5
y
e
a
r
s

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
3
7
C
o
s
t
s
P
R
E

-
T
A
X
C
a
s
h

f
l
o
w

-
7
6
,
0
4
3
,
7
7
8

-
1
5
2
,
0
8
7
,
5
5
6

-
1
5
2
,
0
8
7
,
5
5
6

4
6
,
8
3
1
,
1
3
2

7
4
,
3
8
8
,
5
7
2

6
9
,
4
6
4
,
7
0
9

8
6
,
9
2
9
,
0
1
4

1
0
0
,
9
5
3
,
0
3
3

9
2
,
7
6
9
,
8
0
8

7
9
,
4
7
1
,
4
3
3

1
2
0
,
6
9
5
,
7
2
9

8
2
,
2
6
9
,
6
1
2

7
1
,
7
4
3
,
7
3
6

-
3
0
,
0
0
0
,
0
0
0

3
8
0
,
2
1
8
,
8
8
9

1

2

3

4

5

6

7

8

9

1
0

1
1
-
7
6
,
0
4
3
,
7
7
8

-
1
5
2
,
0
8
7
,
5
5
6

-
1
5
2
,
0
8
7
,
5
5
6

4
6
,
8
3
1
,
1
3
2

7
4
,
3
8
8
,
5
7
2

6
9
,
4
6
4
,
7
0
9

8
6
,
9
2
9
,
0
1
4

1
0
0
,
9
5
3
,
0
3
3

9
2
,
7
6
9
,
8
0
8

7
9
,
4
7
1
,
4
3
3

1
2
0
,
6
9
5
,
7
2
9

8
2
,
2
6
9
,
6
1
2

7
1
,
7
4
3
,
7
3
6

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

1
9
4
,
1
1
4
,
0
6
6

I
R
R

1
2
.
9
7
%

P
a
y
b
a
c
k

6
.
1

y
e
a
r
s

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
3
8
T
a
b
l
e

2
2
-
5

S
u
m
m
a
r
y

o
f

P
r
e
l
i
m
i
n
a
r
y

E
c
o
n
o
m
i
c

E
v
a
l
u
a
t
i
o
n

f
o
r

a
l
l

P
r
o
c
e
s
s

A
l
t
e
r
n
a
t
i
v
e
s


B
a
s
e

C
a
s
e

(
C
u
t
-
o
f
f

g
r
a
d
e

o
f

2
.
5

A
u
E
q
)

A
L
T
E
R
N
A
T
I
V
E
S

B
I
O
X

P
O
X

R
O
A
S
T
I
N
G

O
M
E

S
E
L
L

T
o
t
a
l

m
i
n
e

c
o
s
t

(
U
S
D
/
t
)

3
8
.
2
8

3
8
.
2
8

3
8
.
2
8

3
8
.
2
8

P
l
a
n
t

c
o
s
t

(
U
S
D
/
t
)

2
4
.
2
7

2
4
.
8
5

2
7
.
8
5

1
0
.
7
9

O
p
e
r
a
t
i
o
n
a
l

c
o
s
t

(
U
S
D
/
t
)

6
2
.
5
5

6
3
.
1
3

6
6
.
1
3

4
9
.
0
7

A
d
m
i
n
i
s
t
r
a
t
i
v
e

e
x
p
e
n
d
i
t
u
r
e
s

(
U
S
D
/
t
)

5
5
5
5
S
a
l
e
s

e
x
p
e
n
d
i
t
u
r
e
s

(
U
S
D
/
o
z

d
e

A
u
)


5
5
5
-
G
o
l
d

P
r
i
c
e

(
U
S
D
)

1
2
0
0

1
2
0
0

1
2
0
0

1
2
0
0

G
e
o
l
o
g
i
c
a
l

C
u
t
-
o
f
f

g
r
a
d
e

(
g
/
t

A
u
E
q
)

2
.
5

2
.
5

2
.
5

2
.
5

M
i
n
e
r
a
l

R
e
s
o
u
r
c
e
s

(
w
i
t
h

9
0
%

o
f

s
i
l
l

p
i
l
l
a
r
s
)

(
t
)

2
1
,
1
6
0
,
0
0
0

2
1
,
1
6
0
,
0
0
0

2
1
,
1
6
0
,
0
0
0

2
1
,
1
6
0
,
0
0
0

A
v
e
r
a
g
e

g
r
a
d
e

(
g
/
t
)

4
.
6
4

4
.
6
4

4
.
6
4

4
.
6
4

P
r
o
d
u
c
t
i
o
n

p
e
r

d
a
y

(
t
)

6
0
0
0

6
0
0
0

6
0
0
0

6
0
0
0

A
v
e
r
a
g
e

p
r
o
d
u
c
t
i
o
n

p
e
r

y
e
a
r

(
t
)

1
,
8
0
0
,
0
0
0

1
,
8
0
0
,
0
0
0

1
,
8
0
0
,
0
0
0

1
,
8
0
0
,
0
0
0

M
i
n
e

l
i
f
e

(
y
)

1
0

1
0

1
0

1
0

E
c
o
n
o
m
i
c

c
u
t
-
o
f
f

2
.
3
0

2
.
2
3

2
.
3
8

-

M
a
r
g
i
n
a
l

c
u
t
-
o
f
f

(
g
/
t
)

0
.
8
9

0
.
8
8

1
.
0
0

-

O
p
e
r
a
t
i
o
n
a
l

c
o
s
t

(
a
v
e
r
a
g
e
)

(
U
S
D
/
o
z
)

4
9
4

4
8
1

5
2
7

-
T
o
t
a
l

c
a
s
h

c
o
s
t

i
n

A
u
E
q

(
a
v
e
r
a
g
e
)

(
U
S
D
/
o
z
)

7
0
2

6
8
7

7
0
3

-
T
o
t
a
l

o
u
n
c
e
s

i
n

M
i
n
e
r
a
l

R
e
s
o
u
r
c
e
s

A
u
E
q

3
,
1
5
4
,
7
1
2

3
,
1
5
4
,
7
1
2

3
,
1
5
4
,
7
1
2
-
A
v
e
r
a
g
e

R
e
c
o
v
e
r
y

(
A
u
E
q
)

8
5
.
3
4
%

8
8
.
4
8
%

8
4
.
5
5
%

-

N
e
t

o
u
n
c
e
s

p
r
o
d
u
c
e
d

A
u
E
q

(
o
z
)

2
,
6
9
2
,
3
0
7
2
,
7
9
1
,
8
9
5

2
,
6
6
7
,
4
1
0

-
A
v
e
r
a
g
e

n
e
t

o
u
n
c
e
s

A
u
E
q

p
r
o
d
u
c
e
d

(
o
z
/
y
e
a
r
)

2
6
9
,
2
3
0

2
7
9
,
1
8
9

2
6
6
,
7
4
1

-
S
a
l
e
s

(
U
S
D
)

3
,
2
3
0
,
7
6
8
,
4
0
4

3
,
3
5
0
,
2
7
4
,
5
0
4

3
,
2
0
0
,
8
9
1
,
8
7
8

2
,
2
7
5
,
8
2
9
,
7
9
2

O
p
e
r
a
t
i
o
n
a
l

c
o
s
t

(
U
S
D
)

1
,
3
2
3
,
6
0
5
,
5
1
6

1
,
3
3
6
,
0
7
9
,
4
0
7

1
,
3
9
9
,
4
2
7
,
2
9
4

1
,
0
3
8
,
2
3
9
,
3
6
9

G
r
o
s
s

I
n
c
o
m
e

(
U
S
D
)

1
,
9
0
7
,
1
6
2
,
8
8
7

2
,
0
1
4
,
1
9
5
,
0
9
7

1
,
8
0
1
,
4
6
4
,
5
8
5

1
,
2
3
7
,
5
9
0
,
4
2
2

S
a
l
e
s

e
x
p
e
n
d
i
t
u
r
e
s

(
U
S
D
)


1
3
,
4
6
1
,
5
3
5

1
3
,
9
5
9
,
4
7
7

1
3
,
3
3
7
,
0
4
9

-

A
d
m
i
n
i
s
t
r
a
t
i
v
e

e
x
p
e
n
d
i
t
u
r
e
s

(
U
S
D
)

1
0
5
,
8
0
0
,
0
0
0

1
0
5
,
8
0
0
,
0
0
0

1
0
5
,
8
0
0
,
0
0
0

1
0
5
,
8
0
0
,
0
0
0

F
u
t
u
r
e

i
n
v
e
s
t
m
e
n
t

(
U
S
D
)

1
1
6
,
7
2
3
,
5
4
5

1
1
6
,
7
2
3
,
5
4
5

1
1
6
,
7
2
3
,
5
4
5

1
1
6
,
7
2
3
,
5
4
5

R
o
y
a
l
t
i
e
s

(
3
.
2
%
)

1
0
3
,
3
8
4
,
5
8
9

1
0
7
,
2
0
8
,
7
8
4

1
0
2
,
4
2
8
,
5
4
0

7
2
,
8
2
6
,
5
5
3

D
e
p
r
e
c
i
a
t
i
o
n

(
U
S
D
)

6
4
5
,
6
4
2
,
2
2
6

7
1
6
,
1
9
0
,
4
6
0

6
9
8
,
4
5
4
,
4
2
1

4
9
6
,
9
4
2
,
4
3
4

I
n
c
o
m
e

b
e
f
o
r
e

t
a
x
e
s

(
U
S
D
)

1
,
0
3
8
,
8
7
4
,
5
3
7

1
,
0
7
1
,
0
3
6
,
3
7
6

7
6
4
,
7
2
1
,
0
2
9

4
4
5
,
2
9
7
,
8
8
9

T
a
x
e
s

(
3
0
%
)

3
4
2
,
8
2
8
,
5
9
7

3
5
3
,
4
4
2
,
0
0
4

2
5
2
,
3
5
7
,
9
4
0

1
4
6
,
9
4
8
,
3
0
4

I
n
i
t
i
a
l

i
n
v
e
s
t
m
e
n
t

(
M
i
n
e

+

P
l
a
n
t
)

(
U
S
D
)

5
2
8
,
9
1
8
,
6
8
1

5
9
9
,
4
6
6
,
9
1
5

5
2
8
,
9
1
8
,
6
8
1

3
8
0
,
2
1
8
,
8
8
9

C
a
p
i
t
a
l

e
x
p
e
n
d
i
t
u
r
e
s

(
M
i
n
e

+

P
l
a
n
t
)

(
U
S
D
)

6
4
5
,
6
4
2
,
2
2
6

7
1
6
,
1
9
0
,
4
6
0

6
9
8
,
4
5
4
,
4
2
1

4
9
6
,
9
4
2
,
4
3
4

A
d
d
i
t
i
o
n
a
l

I
n
f
r
a
s
t
r
u
c
t
u
r
e

(
M
i
n
e

+

P
l
a
n
t
)

(
U
S
D
)

1
1
6
,
7
2
3
,
5
4
5

1
1
6
,
7
2
3
,
5
4
5

1
1
6
,
7
2
3
,
5
4
5

1
1
6
,
7
2
3
,
5
4
5

N
e
t

i
n
c
o
m
e

(
U
S
D
)

6
9
6
,
0
4
5
,
9
4
0

7
1
7
,
5
9
4
,
3
7
2

5
1
2
,
3
6
3
,
0
8
9

2
9
8
,
3
4
9
,
5
8
6

N
P
V

(
5
%
)

(
U
S
D
)

3
3
4
,
5
2
1
,
6
4
2

3
3
2
,
3
9
9
,
6
1
1

1
9
3
,
2
9
5
,
4
0
7

8
7
,
1
3
9
,
9
7
9

I
R
R
1
4
.
8
2
%

1
3
.
7
7
%

1
0
.
5
4
%

9
.
0
3
%

P
a
y
b
a
c
k

(
y
e
a
r
s
)

5
.
5

5
.
8

6
.
9

7
.
5

B
E
S
T

O
P
T
I
O
N
U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
3
9
T
a
b
l
e

2
2
-
6

P
r
e
l
i
m
i
n
a
r
y

E
c
o
n
o
m
i
c

E
v
a
l
u
a
t
i
o
n

f
o
r

O
M
E

B
I
O
X


H
i
g
h
e
r

G
r
a
d
e

S
c
e
n
a
r
i
o

(
C
u
t
-
o
f
f

g
r
a
d
e

o
f

3
.
0

A
u
E
q
)

C
o
s
t
s

T
o
t
a
l

m
i
n
e

c
o
s
t

4
0
.
0

U
S
D
/
t

P
r
o
c
e
s
s

c
o
s
t

2
4
.
3

U
S
D
/
t

O
p
e
r
a
t
i
o
n
a
l

e
x
p
e
n
d
i
t
u
r
e
s

6
4
.
2

U
S
D
/
t
G
e
n
e
r
a
l

a
n
d

A
d
m
i
n
i
s
t
r
a
t
i
v
e

c
o
s
t

(
G
&
A
)

5

U
S
D
/
t

V
a
r
i
a
b
l
e



S
e
l
l
i
n
g

c
o
s
t

(
U
S
D
/
o
z
)

5
U
S
D
/
o
z

d
e

A
u

C
o
n
s
t
a
n
t

P
r
i
c
e

A
u
(
U
S
D
/
o
z
)

1
2
0
0

2
.
5

y
e
a
r
s

a
t

f
i
r
s
t

1
2
0
0



Y
e
a
r
s

u
n
i
t

-
3

-
2
-
1

1

2

3

4

5

6

7

8

9

P
r
o
d
u
c
t
i
o
n

o
x
i
d
e
s

+

t
r
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3
6
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3
9

3
5
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3
4
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2
7
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3
6
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4
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3
8
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3
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1
3
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3
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P
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1
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1
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1
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7
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1
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7
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1
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1
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1
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1
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7
3
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5
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1
,
0
0
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0
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T
o
t
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P
r
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2
,
0
8
2
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2
,
1
1
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3
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2
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1
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2
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2
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9
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E
q
.

R
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+

t
r
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%

8
4
.
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4
.
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4
.
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8
4
.
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%

8
4
.
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R
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n

s
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8
5
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6
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.
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8
5
.
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8
5
.
5
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8
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.
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8
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%

8
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8
5
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A
v
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e

g
r
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5
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A
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4
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5
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8
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A
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G
e
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g
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C
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g
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2
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4
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2
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2
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M
a
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C
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T
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z

3
1
2
,
9
4
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3
7
9
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8
0
9

3
8
8
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3
4
5

3
4
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3
9
6
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3
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3
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A
v
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e

R
e
c
o
v
e
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y

%

8
5
.
3
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%

8
5
.
3
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%

8
5
.
3
1
%

8
5
.
3
0
%

8
5
.
2
9
%

8
5
.
4
6
%

8
5
.
3
1
%

8
5
.
4
7
%

P
r
i
c
e


U
S
D
/
o
z

1
2
0
0

1
2
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0

1
,
2
0
0

1
,
2
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,
2
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,
2
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1
,
2
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O
p
e
r
a
t
i
o
n
a
l

c
o
s
t


U
S
D
/
o
z

5
0
1

4
2
0

4
1
1

4
6
0

4
1
0

4
5
0

4
4
9

4
6
0

T
o
t
a
l

c
a
s
h

c
o
s
t

U
S
D
/
o
z

7
0
4

6
5
8

6
5
1

6
7
4

6
4
8

6
6
1

6
5
6

5
4
6

N
e
t

o
u
n
c
e
s

p
r
o
d
u
c
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d

p
e
r

y
e
a
r

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z

2
6
6
,
9
4
9

3
2
3
,
9
3
6

3
3
1
,
4
1
7

2
9
0
,
8
0
0

3
3
8
,
0
0
2

2
9
4
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1
7
0

2
9
7
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0
6

1
4
8
,
5
6
5

S
a
l
e
s


U
S
D

3
2
0
,
3
3
8
,
7
6
3

3
8
8
,
7
2
3
,
3
5
0

3
9
7
,
7
0
0
,
3
8
5

3
4
8
,
9
5
9
,
7
8
1

4
0
5
,
6
0
2
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1
7
6

3
5
3
,
0
0
4
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0
8
8

3
5
6
,
6
4
7
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5
5
5

1
7
8
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2
7
7
,
8
3
8

O
p
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t
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n
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l

C
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s
t


U
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1
3
3
,
7
7
0
,
8
1
7

1
3
6
,
1
1
7
,
0
5
9

1
3
6
,
1
3
9
,
4
0
5

1
3
3
,
6
9
8
,
7
1
0

1
3
8
,
6
6
5
,
4
8
4

1
3
2
,
3
0
7
,
1
6
5

1
3
3
,
5
5
6
,
1
1
6

6
8
,
3
0
7
,
0
8
9

G
r
o
s
s

i
n
c
o
m
e


U
S
D

1
8
6
,
5
6
7
,
9
4
6

2
5
2
,
6
0
6
,
2
9
1

2
6
1
,
5
6
0
,
9
7
9

2
1
5
,
2
6
1
,
0
7
0

2
6
6
,
9
3
6
,
6
9
2

2
2
0
,
6
9
6
,
9
2
3

2
2
3
,
0
9
1
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4
4
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0
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,
9
7
0
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7
4
9

S
e
l
l
i
n
g

c
o
s
t


U
S
D

1
,
3
3
4
,
7
4
5

1
,
6
1
9
,
6
8
1

1
,
6
5
7
,
0
8
5

1
,
4
5
3
,
9
9
9

1
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6
9
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0
0
9

1
,
4
7
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8
5
0

1
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4
8
6
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3
1

7
4
2
,
8
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4

G
e
n
e
r
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l

a
n
d

A
d
m
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n
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r
a
t
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c
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s
t


U
S
D

1
0
,
4
1
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1
5
2

1
0
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5
9
5
,
1
5
2

1
0
,
5
9
1
,
3
5
3

1
0
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4
0
6
,
9
2
3

1
0
,
7
9
5
,
1
5
2

1
0
,
2
9
5
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1
5
2

1
0
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3
9
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1

5
,
3
1
4
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2
7

F
u
t
u
r
e

i
n
v
e
s
t
m
e
n
t


U
S
D

1
0
,
6
4
6
,
3
5
7

1
0
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6
4
6
,
3
5
7

1
0
,
6
4
6
,
3
5
7

1
0
,
6
4
6
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3
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7

1
0
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6
4
6
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3
5
7

1
0
,
6
4
6
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3
5
7

1
0
,
6
4
6
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3
5
7

1
0
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6
4
6
,
3
5
7

R
o
y
a
l
t
i
e
s

(
3
.
2
%
)

%

1
0
,
2
5
0
,
8
4
0

1
2
,
4
3
9
,
1
4
7

1
2
,
7
2
6
,
4
1
2

1
1
,
1
6
6
,
7
1
3

1
2
,
9
7
9
,
2
7
0

1
1
,
2
9
6
,
1
3
1

1
1
,
4
1
2
,
7
2
2

5
,
7
0
4
,
8
9
1

D
e
p
r
e
c
i
a
t
i
o
n


U
S
D

6
7
,
4
4
5
,
6
3
0

6
8
,
9
6
6
,
5
3
8

7
0
,
7
4
0
,
9
3
1

7
2
,
8
7
0
,
2
0
2

7
5
,
5
3
1
,
7
9
1

7
9
,
0
8
0
,
5
7
7

8
4
,
4
0
3
,
7
5
5

9
5
,
0
5
0
,
1
1
2

I
n
c
o
m
e

b
e
f
o
r
e

t
a
x
e
s


U
S
D

9
7
,
1
2
6
,
5
7
9

1
5
8
,
9
8
5
,
7
7
3

1
6
5
,
8
4
5
,
1
9
8

1
1
9
,
3
6
3
,
2
3
4

1
6
5
,
9
4
0
,
4
7
0

1
1
8
,
5
5
4
,
2
1
3

1
1
5
,
3
9
3
,
1
3
0

3
,
1
5
8
,
0
9
5

T
a
x
e
s


%
3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

U
S
D

3
2
,
0
5
1
,
7
7
1

5
2
,
4
6
5
,
3
0
5

5
4
,
7
2
8
,
9
1
5

3
9
,
3
8
9
,
8
6
7

5
4
,
7
6
0
,
3
5
5

3
9
,
1
2
2
,
8
9
0

3
8
,
0
7
9
,
7
3
3

1
,
0
4
2
,
1
7
1

I
n
c
o
m
e

a
f
t
e
r

t
a
x
e
s

U
S
D

6
5
,
0
7
4
,
8
0
8

1
0
6
,
5
2
0
,
4
6
8

1
1
1
,
1
1
6
,
2
8
3

7
9
,
9
7
3
,
3
6
7

1
1
1
,
1
8
0
,
1
1
5

7
9
,
4
3
1
,
3
2
3

7
7
,
3
1
3
,
3
9
7

2
,
1
1
5
,
9
2
4

M
i
n
e

C
l
o
s
u
r
e

U
S
D

3
0
,
0
0
0
,
0
0
0

N
e
t

i
n
c
o
m
e

6
5
,
0
7
4
,
8
0
8

1
0
6
,
5
2
0
,
4
6
8

1
1
1
,
1
1
6
,
2
8
3

7
9
,
9
7
3
,
3
6
7

1
1
1
,
1
8
0
,
1
1
5

7
9
,
4
3
1
,
3
2
3

7
7
,
3
1
3
,
3
9
7

2
,
1
1
5
,
9
2
4

P
O
S
T

T
A
X
M
i
n
e

1
3
4
,
5
9
7
,
7
8
8

2
6
,
9
1
9
,
5
5
8

5
3
,
8
3
9
,
1
1
5

5
3
,
8
3
9
,
1
1
5

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
4
0
C
o
s
t
s

P
r
o
c
e
s
s

2
6
4
,
0
7
3
,
6
7
3

5
2
,
8
1
4
,
7
3
5

1
0
5
,
6
2
9
,
4
6
9

1
0
5
,
6
2
9
,
4
6
9

A
d
d
i
t
i
o
n
a
l

I
n
f
r
a
s
t
r
u
c
t
u
r
e

1
3
0
,
2
4
7
,
2
2
0

2
6
,
0
4
9
,
4
4
4

5
2
,
0
9
8
,
8
8
8

5
2
,
0
9
8
,
8
8
8

P
O
S
T
-
T
A
X

C
a
s
h

f
l
o
w


-
1
0
5
,
7
8
3
,
7
3
6

-
2
1
1
,
5
6
7
,
4
7
2

-
2
1
1
,
5
6
7
,
4
7
2

1
2
1
,
8
7
4
,
0
8
1

1
6
4
,
8
4
0
,
6
4
9

1
7
1
,
2
1
0
,
8
5
7

1
4
2
,
1
9
7
,
2
1
2

1
7
6
,
0
6
5
,
5
4
9

1
4
7
,
8
6
5
,
5
4
3

1
5
1
,
0
7
0
,
7
9
6

8
6
,
5
1
9
,
6
7
9

-
3
0
,
0
0
0
,
0
0
0

5
2
8
,
9
1
8
,
6
8
1

1
0
5
,
7
8
3
,
7
3
6
















1

2

3

4

5

6

7

8

9

-
1
0
5
,
7
8
3
,
7
3
6

-
2
1
1
,
5
6
7
,
4
7
2

-
2
1
1
,
5
6
7
,
4
7
2

1
2
1
,
8
7
4
,
0
8
1

1
6
4
,
8
4
0
,
6
4
9

1
7
1
,
2
1
0
,
8
5
7

1
4
2
,
1
9
7
,
2
1
2

1
7
6
,
0
6
5
,
5
4
9

1
4
7
,
8
6
5
,
5
4
3

1
5
1
,
0
7
0
,
7
9
6

8
6
,
5
1
9
,
6
7
9

-
3
0
,
0
0
0
,
0
0
0

P
O
S
T
-
T
A
X


N
P
V

(
5
%
)

(
U
S
D
)

3
4
0
,
1
4
2
,
1
5
6


I
R
R
1
7
.
3
9
%

P
a
y
b
a
c
k



4
.
1

y
e
a
r
s

P
R
E

-
T
A
X
C
a
s
h

f
l
o
w


-
1
0
5
,
7
8
3
,
7
3
6

-
2
1
1
,
5
6
7
,
4
7
2

-
2
1
1
,
5
6
7
,
4
7
2

1
5
3
,
9
2
5
,
8
5
2

2
1
7
,
3
0
5
,
9
5
4

2
2
5
,
9
3
9
,
7
7
2

1
8
1
,
5
8
7
,
0
7
9

2
3
0
,
8
2
5
,
9
0
4

1
8
6
,
9
8
8
,
4
3
3

1
8
9
,
1
5
0
,
5
2
9

8
7
,
5
6
1
,
8
5
0

-
3
0
,
0
0
0
,
0
0
0

5
2
8
,
9
1
8
,
6
8
1

1
0
5
,
7
8
3
,
7
3
6

0















1

2

3

4

5

6

7

8

9


-
1
0
5
,
7
8
3
,
7
3
6

-
2
1
1
,
5
6
7
,
4
7
2

-
2
1
1
,
5
6
7
,
4
7
2

1
5
3
,
9
2
5
,
8
5
2

2
1
7
,
3
0
5
,
9
5
4

2
2
5
,
9
3
9
,
7
7
2

1
8
1
,
5
8
7
,
0
7
9

2
3
0
,
8
2
5
,
9
0
4

1
8
6
,
9
8
8
,
4
3
3

1
8
9
,
1
5
0
,
5
2
9

8
7
,
5
6
1
,
8
5
0

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

5
7
3
,
8
5
1
,
2
9
2


I
R
R
2
4
.
3
5
%


P
a
y
b
a
c
k



3
.
1

y
e
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r
s

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D
A
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M
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Y

E
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C

A
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S
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T

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N
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G
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L
D
-
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D
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R
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P
R
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M
a
r
c
h

2
3
,

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0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
4
1
T
a
b
l
e

2
2
-
7

P
r
e
l
i
m
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n
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r
y

E
c
o
n
o
m
i
c

E
v
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l
u
a
t
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n

f
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r

O
M
E

P
O
X


H
i
g
h
e
r

G
r
a
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e

S
c
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n
a
r
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o

(
C
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t
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o
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f

3
.
0

A
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e

c
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t

4
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0

U
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/
t

P
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o
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e
s
s

c
o
s
t

2
4
.
8

U
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D
/
t

O
p
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r
a
t
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o
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l

e
x
p
e
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d
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t
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r
e
s

6
4
.
8

U
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t
G
e
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r
a
l

a
n
d

A
d
m
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n
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t
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a
t
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v
e

c
o
s
t

(
G
&
A
)

5
U
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t

V
a
r
i
a
b
l
e

S
e
l
l
i
n
g

c
o
s
t

(
U
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D
/
o
z
)

5
U
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o
z

d
e

A
u

C
o
n
s
t
a
n
t

P
r
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c
e

(
U
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/
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z
)

1
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0

2
.
5

y
e
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r
s

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t

f
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r
s
t

1
2
0
0



Y
e
a
r
s

u
n
i
t

-
3

-
2
-
1

1

2

3

4

5

6

7

8

9

P
r
o
d
u
c
t
i
o
n

o
x
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d
e
s

+

t
r
a
n
s
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t
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o
n
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l

t

3
6
2
,
4
3
9

3
5
9
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4
3
9

3
4
9
,
2
7
0

3
6
9
,
4
3
9

3
8
9
,
4
3
9

1
3
9
,
4
3
9

3
4
2
,
5
8
4

6
2
,
9
6
5

P
r
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d
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c
t
i
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n

s
u
l
p
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d
e
s

t

1
,
7
1
9
,
5
9
2

1
,
7
5
9
,
5
9
2

1
,
7
6
9
,
0
0
1

1
,
7
1
1
,
9
4
6

1
,
7
6
9
,
5
9
2

1
,
9
1
9
,
5
9
2

1
,
7
3
6
,
5
7
6

1
,
0
0
0
,
0
0
0

T
o
t
a
l

P
r
o
d
u
c
t
i
o
n

T

2
,
0
8
2
,
0
3
0

2
,
1
1
9
,
0
3
0

2
,
1
1
8
,
2
7
1

2
,
0
8
1
,
3
8
5

2
,
1
5
9
,
0
3
0

2
,
0
5
9
,
0
3
0

2
,
0
7
9
,
1
6
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1
,
0
6
2
,
9
6
5

E
q
.

R
e
c
o
v
e
r
y

o
x
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e
s
.

+

t
r
a
n
s
i
t
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o
n
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l

%

8
4
.
0
7
%

8
4
.
0
7
%

8
4
.
0
7
%

8
4
.
0
7
%

8
4
.
0
7
%

8
4
.
0
7
%

8
4
.
0
7
%

8
4
.
0
7
%

E
q
.

R
e
c
o
v
e
r
y

i
n

s
u
l
p
h
i
d
e
s

%

8
9
.
2
8
%

8
9
.
2
8
%

8
9
.
2
8
%

8
9
.
2
8
%

8
9
.
2
8
%

8
9
.
2
8
%

8
9
.
2
8
%

8
9
.
2
8
%

A
v
e
r
a
g
e

g
r
a
d
e

o
x
i
d
e
s

+

t
r
a
n
s
i
t
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n
a
l

g
/
t

A
u
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q

4
.
6
5

5
.
9
8

5
.
0
9

5
.
4
5

6
.
3
7

4
.
6
7

5
.
6
0

4
.
2
0

A
v
e
r
a
g
e

g
r
a
d
e

s
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l
p
h
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s

g
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t

A
u
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q

4
.
6
8

5
.
4
9

5
.
8
2

5
.
0
2

5
.
5
7

5
.
2
4

5
.
1
4

5
.
1
4

A
v
e
r
a
g
e

g
r
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d
e

g
/
t

A
u
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q

4
.
6
8

5
.
5
7

5
.
7
0

5
.
1
0

5
.
7
1

5
.
2
0

5
.
2
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5
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0
9

G
e
o
l
o
g
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c
a
l

C
u
t
-
o
f
f


g
/
t

A
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q

3
.
0
0

3
.
0
0

3
.
0
0

3
.
0
0

3
.
0
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3
.
0
0

3
.
0
0

3
.
0
0

E
c
o
n
o
m
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c

C
u
t
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o
f
f


g
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t

A
u
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q

2
.
2
8

2
.
3
6

2
.
3
7

2
.
3
1

2
.
3
3

2
.
2
5

2
.
2
5

2
.
0
2

M
a
r
g
i
n
a
l

C
u
t
-
o
f
f

g
/
t

A
u
E
q

0
.
8
7

0
.
9
1

0
.
9
1

0
.
8
8

0
.
8
9

0
.
8
6

0
.
8
6

0
.
7
7

T
o
t
a
l

o
u
n
c
e
s

o
z

3
1
2
,
9
4
6

3
7
9
,
8
0
9

3
8
8
,
3
4
5

3
4
1
,
0
0
5

3
9
6
,
4
3
6

3
4
4
,
1
8
2

3
4
8
,
4
3
9

1
7
3
,
7
8
6

A
v
e
r
a
g
e

R
e
c
o
v
e
r
y

%

8
8
.
3
7
%

8
8
.
4
0
%

8
8
.
4
2
%

8
8
.
3
6
%

8
8
.
3
4
%

8
8
.
9
3
%

8
8
.
4
2
%

8
8
.
9
7
%

P
r
i
c
e


U
S
D
/
o
z

1
2
0
0

1
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

O
p
e
r
a
t
i
o
n
a
l

c
o
s
t


U
S
D
/
o
z

4
8
8

4
0
9

4
0
0

4
4
8

4
0
0

4
3
6

4
3
7

4
4
6

T
o
t
a
l

c
a
s
h

c
o
s
t

U
S
D
/
o
z

6
8
6

6
4
4

6
3
7

6
5
9

6
2
0

6
2
9

6
2
5

5
2
3

N
e
t

o
u
n
c
e
s

p
r
o
d
u
c
e
d

p
e
r

y
e
a
r

o
z

2
7
6
,
5
7
3

3
3
5
,
4
9
5

3
4
3
,
7
3
7

3
0
1
,
0
7
7

3
4
9
,
7
8
0

3
0
6
,
1
9
5

3
0
7
,
8
7
4

1
5
4
,
7
1
4

S
a
l
e
s


U
S
D

3
3
1
,
8
8
7
,
4
5
1

4
0
2
,
5
9
3
,
7
6
6

4
1
2
,
4
8
3
,
9
7
8

3
6
1
,
2
9
2
,
3
2
7

4
1
9
,
7
3
6
,
0
8
0

3
6
7
,
4
3
3
,
6
2
0

3
6
9
,
4
4
8
,
7
9
7

1
8
5
,
6
5
6
,
2
3
0

O
p
e
r
a
t
i
o
n
a
l

C
o
s
t


U
S
D

1
3
4
,
9
7
8
,
5
9
0

1
3
7
,
2
7
1
,
6
6
0

1
3
7
,
4
6
4
,
7
9
1

1
3
4
,
8
3
2
,
4
2
0

1
3
9
,
7
9
1
,
2
7
2

1
3
3
,
5
3
5
,
3
0
3

1
3
4
,
6
8
9
,
3
5
9

6
8
,
9
5
0
,
8
9
8

G
r
o
s
s

i
n
c
o
m
e


U
S
D

1
9
6
,
9
0
8
,
8
6
1

2
6
5
,
3
2
2
,
1
0
6

2
7
5
,
0
1
9
,
1
8
7

2
2
6
,
4
5
9
,
9
0
7

2
7
9
,
9
4
4
,
8
0
8

2
3
3
,
8
9
8
,
3
1
6

2
3
4
,
7
5
9
,
4
3
8

1
1
6
,
7
0
5
,
3
3
2

S
e
l
l
i
n
g

c
o
s
t


U
S
D

1
,
3
8
2
,
8
6
4

1
,
6
7
7
,
4
7
4

1
,
7
1
8
,
6
8
3

1
,
5
0
5
,
3
8
5

1
,
7
4
8
,
9
0
0

1
,
5
3
0
,
9
7
3

1
,
5
3
9
,
3
7
0

7
7
3
,
5
6
8

G
e
n
e
r
a
l

a
n
d

A
d
m
i
n
i
s
t
r
a
t
i
v
e

c
o
s
t


U
S
D

1
0
,
4
1
0
,
1
5
2

1
0
,
5
9
5
,
1
5
2

1
0
,
5
9
1
,
3
5
3

1
0
,
4
0
6
,
9
2
3

1
0
,
7
9
5
,
1
5
2

1
0
,
2
9
5
,
1
5
2

1
0
,
3
9
5
,
8
0
1

5
,
3
1
4
,
8
2
7

F
u
t
u
r
e

i
n
v
e
s
t
m
e
n
t


U
S
D

1
0
,
6
4
6
,
3
5
7

1
0
,
6
4
6
,
3
5
7

1
0
,
6
4
6
,
3
5
7

1
0
,
6
4
6
,
3
5
7

6
9
,
6
0
4
,
3
2
8

1
0
,
6
4
6
,
3
5
7

1
0
,
6
4
6
,
3
5
7

1
0
,
6
4
6
,
3
5
7

R
o
y
a
l
t
i
e
s

(
3
.
2
%
)

%

1
0
,
6
2
0
,
3
9
8

1
2
,
8
8
3
,
0
0
1

1
3
,
1
9
9
,
4
8
7

1
1
,
5
6
1
,
3
5
4

1
3
,
4
3
1
,
5
5
5

1
1
,
7
5
7
,
8
7
6

1
1
,
8
2
2
,
3
6
1

5
,
9
4
0
,
9
9
9

D
e
p
r
e
c
i
a
t
i
o
n


U
S
D

7
6
,
2
6
4
,
1
5
9

7
7
,
7
8
5
,
0
6
7

7
9
,
5
5
9
,
4
6
0

8
1
,
6
8
8
,
7
3
1

9
9
,
0
8
9
,
8
1
3

1
0
2
,
6
3
8
,
5
9
9

1
0
7
,
9
6
1
,
7
7
7

1
1
8
,
6
0
8
,
1
3
4

I
n
c
o
m
e

b
e
f
o
r
e

t
a
x
e
s


U
S
D

9
8
,
2
3
1
,
2
8
7

1
6
2
,
3
8
1
,
4
1
2

1
6
9
,
9
5
0
,
2
0
4

1
2
1
,
2
9
7
,
5
1
4

1
5
4
,
8
7
9
,
3
8
8

1
0
7
,
6
7
5
,
7
1
6

1
0
3
,
0
4
0
,
1
2
8

-
1
3
,
9
3
2
,
1
9
6

T
a
x
e
s


%
3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

U
S
D

3
2
,
4
1
6
,
3
2
5

5
3
,
5
8
5
,
8
6
6

5
6
,
0
8
3
,
5
6
7

4
0
,
0
2
8
,
1
8
0

5
1
,
1
1
0
,
1
9
8

3
5
,
5
3
2
,
9
8
6

3
4
,
0
0
3
,
2
4
2

0

I
n
c
o
m
e

a
f
t
e
r

t
a
x
e
s

U
S
D

6
5
,
8
1
4
,
9
6
2

1
0
8
,
7
9
5
,
5
4
6

1
1
3
,
8
6
6
,
6
3
6

8
1
,
2
6
9
,
3
3
4

1
0
3
,
7
6
9
,
1
9
0

7
2
,
1
4
2
,
7
3
0

6
9
,
0
3
6
,
8
8
6

-
1
3
,
9
3
2
,
1
9
6

M
i
n
e

C
l
o
s
u
r
e


U
S
D

3
0
,
0
0
0
,
0
0
0

N
e
t

i
n
c
o
m
e

6
5
,
8
1
4
,
9
6
2

1
0
8
,
7
9
5
,
5
4
6

1
1
3
,
8
6
6
,
6
3
6

8
1
,
2
6
9
,
3
3
4

1
0
3
,
7
6
9
,
1
9
0

7
2
,
1
4
2
,
7
3
0

6
9
,
0
3
6
,
8
8
6

-
1
3
,
9
3
2
,
1
9
6

I
n
i
t
i
a
l

i
n
v
e
s
t
m
e
n
t

(
U
S
D
)

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
4
2
C
o
s
t
s

M
i
n
e

U
S
D

2
6
,
9
1
9
,
5
5
8

5
3
,
8
3
9
,
1
1
5

5
3
,
8
3
9
,
1
1
5

P
r
o
c
e
s
s

U
S
D

6
6
,
9
2
4
,
3
8
1

1
3
3
,
8
4
8
,
7
6
3

1
3
3
,
8
4
8
,
7
6
3

A
d
d
i
t
i
o
n
a
l

I
n
f
r
a
s
t
r
u
c
t
u
r
e

U
S
D

2
6
,
0
4
9
,
4
4
4

5
2
,
0
9
8
,
8
8
8

5
2
,
0
9
8
,
8
8
8

P
O
S
T
-
T
A
X

C
a
s
h

f
l
o
w


-
1
1
9
,
8
9
3
,
3
8
3

-
2
3
9
,
7
8
6
,
7
6
6

-
2
3
9
,
7
8
6
,
7
6
6

1
3
1
,
4
3
2
,
7
6
4

1
7
5
,
9
3
4
,
2
5
6

1
8
2
,
7
7
9
,
7
4
0

1
5
2
,
3
1
1
,
7
0
9

1
3
3
,
2
5
4
,
6
7
5

1
6
4
,
1
3
4
,
9
7
2

1
6
6
,
3
5
2
,
3
0
6

9
4
,
0
2
9
,
5
8
1

-
3
0
,
0
0
0
,
0
0
0

5
9
9
,
4
6
6
,
9
1
5

















1

2

3

4

5

6

7

8

9

-
1
1
9
,
8
9
3
,
3
8
3

-
2
3
9
,
7
8
6
,
7
6
6

-
2
3
9
,
7
8
6
,
7
6
6

1
3
1
,
4
3
2
,
7
6
4

1
7
5
,
9
3
4
,
2
5
6

1
8
2
,
7
7
9
,
7
4
0

1
5
2
,
3
1
1
,
7
0
9

1
3
3
,
2
5
4
,
6
7
5

1
6
4
,
1
3
4
,
9
7
2

1
6
6
,
3
5
2
,
3
0
6

9
4
,
0
2
9
,
5
8
1

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

3
0
2
,
6
0
5
,
1
9
2

I
R
R

1
5
.
0
9
%

P
a
y
b
a
c
k

4
.
5

y
e
a
r
s

P
R
E

-
T
A
X
C
a
s
h

f
l
o
w


-
1
1
9
,
8
9
3
,
3
8
3

-
2
3
9
,
7
8
6
,
7
6
6

-
2
3
9
,
7
8
6
,
7
6
6

1
6
3
,
8
4
9
,
0
8
9

2
2
9
,
5
2
0
,
1
2
2

2
3
8
,
8
6
3
,
3
0
7

1
9
2
,
3
3
9
,
8
8
8

1
8
4
,
3
6
4
,
8
7
3

1
9
9
,
6
6
7
,
9
5
8

2
0
0
,
3
5
5
,
5
4
9

9
4
,
0
2
9
,
5
8
1

-
3
0
,
0
0
0
,
0
0
0

5
9
9
,
4
6
6
,
9
1
5

















1

2

3

4

5

6

7

8

9

-
1
1
9
,
8
9
3
,
3
8
3

-
2
3
9
,
7
8
6
,
7
6
6

-
2
3
9
,
7
8
6
,
7
6
6

1
6
3
,
8
4
9
,
0
8
9

2
2
9
,
5
2
0
,
1
2
2

2
3
8
,
8
6
3
,
3
0
7

1
9
2
,
3
3
9
,
8
8
8

1
8
4
,
3
6
4
,
8
7
3

1
9
9
,
6
6
7
,
9
5
8

2
0
0
,
3
5
5
,
5
4
9

9
4
,
0
2
9
,
5
8
1

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

5
3
0
,
7
9
7
,
4
2
4


I
R
R

2
1
.
5
5
%


P
a
y
b
a
c
k

3
.
3

y
e
a
r
s

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
4
3
T
a
b
l
e

2
2
-
8

P
r
e
l
i
m
i
n
a
r
y

E
c
o
n
o
m
i
c

E
v
a
l
u
a
t
i
o
n

f
o
r

O
M
E

R
O
A
S
T


H
i
g
h
e
r

G
r
a
d
e

S
c
e
n
a
r
i
o

G
r
a
d
e

C
a
s
e

(
C
u
t
-
o
f
f

g
r
a
d
e

o
f

3
.
0

A
u
E
q
)

C
o
s
t
s

T
o
t
a
l

m
i
n
e

c
o
s
t

4
0
.
0

U
S
D
/
t

P
r
o
c
e
s
s

c
o
s
t

2
7
.
8

U
S
D
/
t

O
p
e
r
a
t
i
o
n
a
l

e
x
p
e
n
d
i
t
u
r
e
s

6
7
.
8

U
S
D
/
t
G
e
n
e
r
a
l

a
n
d

A
d
m
i
n
i
s
t
r
a
t
i
v
e

c
o
s
t

(
G
&
A
)

5

U
S
D
/
t

V
a
r
i
a
b
l
e



S
e
l
l
i
n
g

c
o
s
t

(
U
S
D
/
o
z
)

5
U
S
D
/
o
z

d
e

A
u

C
o
n
s
t
a
n
t

P
r
i
c
e

A
u

(
U
S
D
/
o
z
)

1
2
0
0

2
.
5

y
e
a
r
s

a
t

f
i
r
s
t

1
2
0
0



Y
e
a
r
s

u
n
i
t

-
3

-
2
-
1

1

2

3

4

5

6

7

8

9

P
r
o
d
u
c
t
i
o
n

o
x
i
d
e
s

+

t
r
a
n
s
i
t
i
o
n
a
l

t

3
6
2
,
4
3
9

3
5
9
,
4
3
9

3
4
9
,
2
7
0

3
6
9
,
4
3
9

3
8
9
,
4
3
9

1
3
9
,
4
3
9

3
4
2
,
5
8
4

6
2
,
9
6
5

P
r
o
d
u
c
t
i
o
n

s
u
l
p
h
i
d
e
s

t

1
,
7
1
9
,
5
9
2

1
,
7
5
9
,
5
9
2

1
,
7
6
9
,
0
0
1

1
,
7
1
1
,
9
4
6

1
,
7
6
9
,
5
9
2

1
,
9
1
9
,
5
9
2

1
,
7
3
6
,
5
7
6

1
,
0
0
0
,
0
0
0

T
o
t
a
l

P
r
o
d
u
c
t
i
o
n

T

2
,
0
8
2
,
0
3
0

2
,
1
1
9
,
0
3
0

2
,
1
1
8
,
2
7
1

2
,
0
8
1
,
3
8
5

2
,
1
5
9
,
0
3
0

2
,
0
5
9
,
0
3
0

2
,
0
7
9
,
1
6
0

1
,
0
6
2
,
9
6
5

E
q
.

R
e
c
o
v
e
r
y

o
x
i
d
e
s
.

+

t
r
a
n
s
i
t
i
o
n
a
l

%

8
4
.
0
7
%

8
4
.
0
7
%

8
4
.
0
7
%

8
4
.
0
7
%

8
4
.
0
7
%

8
4
.
0
7
%

8
4
.
0
7
%

8
4
.
0
7
%

E
q
.

R
e
c
o
v
e
r
y

i
n

s
u
l
p
h
i
d
e
s

%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

8
4
.
6
3
%

A
v
e
r
a
g
e

g
r
a
d
e

o
x
i
d
e
s

+

t
r
a
n
s
i
t
i
o
n
a
l

g
/
t

A
u
E
q

4
.
6
5

5
.
9
8

5
.
0
9

5
.
4
5

6
.
3
7

4
.
6
7

5
.
6
0

4
.
2
0

A
v
e
r
a
g
e

g
r
a
d
e

s
u
l
p
h
i
d
e
s

g
/
t

A
u
E
q

4
.
6
8

5
.
4
9

5
.
8
2

5
.
0
2

5
.
5
7

5
.
2
4

5
.
1
4

5
.
1
4

A
v
e
r
a
g
e

g
r
a
d
e

g
/
t

A
u
E
q

4
.
6
8

5
.
5
7

5
.
7
0

5
.
1
0

5
.
7
1

5
.
2
0

5
.
2
1

5
.
0
9

G
e
o
l
o
g
i
c
a
l

C
u
t
-
o
f
f


g
/
t

A
u
E
q

3
.
0
0

3
.
0
0

3
.
0
0

3
.
0
0

3
.
0
0

3
.
0
0

3
.
0
0

3
.
0
0

E
c
o
n
o
m
i
c

C
u
t
-
o
f
f


g
/
t

A
u
E
q

2
.
4
2

2
.
5
2

2
.
5
3

2
.
4
6

2
.
3
3

2
.
4
0

2
.
4
0

2
.
2
3

M
a
r
g
i
n
a
l

C
u
t
-
o
f
f

g
/
t

A
u
E
q

0
.
9
9

1
.
0
4

1
.
0
4

1
.
0
1

0
.
9
6

0
.
9
9

0
.
9
8

0
.
9
1

T
o
t
a
l

o
u
n
c
e
s

o
z

3
1
2
,
9
4
6

3
7
9
,
8
0
9

3
8
8
,
3
4
5

3
4
1
,
0
0
5

3
9
6
,
4
3
6

3
4
4
,
1
8
2

3
4
8
,
4
3
9

1
7
3
,
7
8
6

A
v
e
r
a
g
e

R
e
c
o
v
e
r
y

%

8
4
.
5
3
%

8
4
.
5
4
%

8
4
.
5
4
%

8
4
.
5
3
%

8
4
.
5
3
%

8
4
.
5
9
%

8
4
.
5
4
%

8
4
.
6
0
%

P
r
i
c
e


U
S
D
/
o
z

1
2
0
0

1
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

1
,
2
0
0

O
p
e
r
a
t
i
o
n
a
l

c
o
s
t


U
S
D
/
o
z

5
3
4

4
4
8

4
3
8

4
9
0

4
3
7

4
8
0

4
7
9

4
9
0

T
o
t
a
l

c
a
s
h

c
o
s
t

U
S
D
/
o
z

7
0
3

6
5
9

6
5
2

6
7
4

5
6
5

6
4
2

6
3
7

5
7
0

N
e
t

o
u
n
c
e
s

p
r
o
d
u
c
e
d

p
e
r

y
e
a
r

o
z

2
6
4
,
5
4
3

3
2
1
,
0
4
6

3
2
8
,
3
3
7

2
8
8
,
2
3
1

3
3
5
,
0
5
7

2
9
1
,
1
6
4

2
9
4
,
5
3
9

1
4
7
,
0
2
8

S
a
l
e
s


U
S
D

3
1
7
,
4
5
1
,
5
9
1

3
8
5
,
2
5
5
,
7
4
6

3
9
4
,
0
0
4
,
4
8
6

3
4
5
,
8
7
6
,
6
4
4

4
0
2
,
0
6
8
,
7
0
0

3
4
9
,
3
9
6
,
7
0
4

3
5
3
,
4
4
7
,
2
4
5

1
7
6
,
4
3
3
,
2
3
9

O
p
e
r
a
t
i
o
n
a
l

C
o
s
t


U
S
D

1
4
1
,
2
3
6
,
1
7
9

1
4
3
,
7
3
3
,
6
9
8

1
4
3
,
7
1
0
,
6
2
2

1
4
1
,
1
8
0
,
1
2
2

1
4
6
,
4
3
8
,
5
0
0

1
3
9
,
6
8
1
,
6
0
3

1
4
1
,
0
2
9
,
3
5
8

7
2
,
1
1
1
,
6
5
4

G
r
o
s
s

i
n
c
o
m
e


U
S
D

1
7
6
,
2
1
5
,
4
1
2

2
4
1
,
5
2
2
,
0
4
8

2
5
0
,
2
9
3
,
8
6
5

2
0
4
,
6
9
6
,
5
2
2

2
5
5
,
6
3
0
,
2
0
0

2
0
9
,
7
1
5
,
1
0
1

2
1
2
,
4
1
7
,
8
8
7

1
0
4
,
3
2
1
,
5
8
6

S
e
l
l
i
n
g

c
o
s
t


U
S
D

1
,
3
2
2
,
7
1
5

1
,
6
0
5
,
2
3
2

1
,
6
4
1
,
6
8
5

1
,
4
4
1
,
1
5
3

1
,
6
7
5
,
2
8
6

1
,
4
5
5
,
8
2
0

1
,
4
7
2
,
6
9
7

7
3
5
,
1
3
8

G
e
n
e
r
a
l

a
n
d

A
d
m
i
n
i
s
t
r
a
t
i
v
e

c
o
s
t


U
S
D

1
0
,
4
1
0
,
1
5
2

1
0
,
5
9
5
,
1
5
2

1
0
,
5
9
1
,
3
5
3

1
0
,
4
0
6
,
9
2
3

1
0
,
7
9
5
,
1
5
2

1
0
,
2
9
5
,
1
5
2

1
0
,
3
9
5
,
8
0
1

5
,
3
1
4
,
8
2
7

F
u
t
u
r
e

i
n
v
e
s
t
m
e
n
t


U
S
D

1
0
,
6
4
6
,
3
5
7

1
0
,
6
4
6
,
3
5
7

1
0
,
6
4
6
,
3
5
7

1
0
,
6
4
6
,
3
5
7

7
8
,
0
6
7
,
9
5
0

1
0
,
6
4
6
,
3
5
7

1
0
,
6
4
6
,
3
5
7

1
0
,
6
4
6
,
3
5
7

R
o
y
a
l
t
i
e
s

(
3
.
2
%
)

%

1
0
,
1
5
8
,
4
5
1

1
2
,
3
2
8
,
1
8
4

1
2
,
6
0
8
,
1
4
4

1
1
,
0
6
8
,
0
5
3

1
2
,
8
6
6
,
1
9
8

1
1
,
1
8
0
,
6
9
5

1
1
,
3
1
0
,
3
1
2

5
,
6
4
5
,
8
6
4

D
e
p
r
e
c
i
a
t
i
o
n


U
S
D

7
4
,
0
4
7
,
1
5
4

7
5
,
5
6
8
,
0
6
2

7
7
,
3
4
2
,
4
5
5

7
9
,
4
7
1
,
7
2
6

9
8
,
9
8
8
,
7
1
4

1
0
2
,
5
3
7
,
4
9
9

1
0
7
,
8
6
0
,
6
7
8

1
1
8
,
5
0
7
,
0
3
4

I
n
c
o
m
e

b
e
f
o
r
e

t
a
x
e
s


U
S
D

6
9
,
6
3
0
,
5
8
3

1
3
0
,
7
7
9
,
0
6
1

1
3
7
,
4
6
3
,
8
7
1

9
1
,
6
6
2
,
3
1
1

5
3
,
2
3
6
,
8
9
9

7
3
,
5
9
9
,
5
7
9

7
0
,
7
3
2
,
0
4
3

-
3
6
,
5
2
7
,
6
3
5

T
a
x
e
s


%
3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

U
S
D

2
2
,
9
7
8
,
0
9
2

4
3
,
1
5
7
,
0
9
0

4
5
,
3
6
3
,
0
7
7

3
0
,
2
4
8
,
5
6
3

1
7
,
5
6
8
,
1
7
7

2
4
,
2
8
7
,
8
6
1

2
3
,
3
4
1
,
5
7
4

0

I
n
c
o
m
e

a
f
t
e
r

t
a
x
e
s

U
S
D

4
6
,
6
5
2
,
4
9
1

8
7
,
6
2
1
,
9
7
1

9
2
,
1
0
0
,
7
9
3

6
1
,
4
1
3
,
7
4
8

3
5
,
6
6
8
,
7
2
2

4
9
,
3
1
1
,
7
1
8

4
7
,
3
9
0
,
4
6
9

-
3
6
,
5
2
7
,
6
3
5

M
i
n
e

C
l
o
s
u
r
e


U
S
D

3
0
,
0
0
0
,
0
0
0

N
e
t

i
n
c
o
m
e

4
6
,
6
5
2
,
4
9
1

8
7
,
6
2
1
,
9
7
1

9
2
,
1
0
0
,
7
9
3

6
1
,
4
1
3
,
7
4
8

3
5
,
6
6
8
,
7
2
2

4
9
,
3
1
1
,
7
1
8

4
7
,
3
9
0
,
4
6
9

-
3
6
,
5
2
7
,
6
3
5


U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
4
4
C
o
s
t
s

I
n
i
t
i
a
l

i
n
v
e
s
t
m
e
n
t

(
U
S
D
)

M
i
n
e

U
S
D

2
6
,
9
1
9
,
5
5
8

5
3
,
8
3
9
,
1
1
5

5
3
,
8
3
9
,
1
1
5

P
r
o
c
e
s
s

U
S
D

6
3
,
3
7
7
,
1
7
3

1
2
6
,
7
5
4
,
3
4
7

1
2
6
,
7
5
4
,
3
4
7

A
d
d
i
t
i
o
n
a
l

I
n
f
r
a
s
t
r
u
c
t
u
r
e

U
S
D

2
6
,
0
4
9
,
4
4
4

5
2
,
0
9
8
,
8
8
8

5
2
,
0
9
8
,
8
8
8

P
O
S
T
-
T
A
X

C
a
s
h

f
l
o
w

-
1
1
6
,
3
4
6
,
1
7
5

-
2
3
2
,
6
9
2
,
3
5
0

-
2
3
2
,
6
9
2
,
3
5
0

1
1
0
,
0
5
3
,
2
8
8

1
5
2
,
5
4
3
,
6
7
6

1
5
8
,
7
9
6
,
8
9
2

1
3
0
,
2
3
9
,
1
1
8

5
6
,
5
8
9
,
4
8
6

1
4
1
,
2
0
2
,
8
6
0

1
4
4
,
6
0
4
,
7
9
0

7
1
,
3
3
3
,
0
4
3

-
3
0
,
0
0
0
,
0
0
0

5
8
1
,
7
3
0
,
8
7
6

















1

2

3

4

5

6

7

8

9

-
1
1
6
,
3
4
6
,
1
7
5

-
2
3
2
,
6
9
2
,
3
5
0

-
2
3
2
,
6
9
2
,
3
5
0

1
1
0
,
0
5
3
,
2
8
8

1
5
2
,
5
4
3
,
6
7
6

1
5
8
,
7
9
6
,
8
9
2

1
3
0
,
2
3
9
,
1
1
8

5
6
,
5
8
9
,
4
8
6

1
4
1
,
2
0
2
,
8
6
0

1
4
4
,
6
0
4
,
7
9
0

7
1
,
3
3
3
,
0
4
3

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

1
4
8
,
4
1
1
,
6
2
8

I
R
R

1
0
.
5
5
%

P
a
y
b
a
c
k

5
.
7

y
e
a
r
s

P
R
E

-
T
A
X
C
a
s
h

f
l
o
w

-
1
1
6
,
3
4
6
,
1
7
5

-
2
3
2
,
6
9
2
,
3
5
0

-
2
3
2
,
6
9
2
,
3
5
0

1
3
3
,
0
3
1
,
3
8
1

1
9
5
,
7
0
0
,
7
6
6

2
0
4
,
1
5
9
,
9
6
9

1
6
0
,
4
8
7
,
6
8
0

7
4
,
1
5
7
,
6
6
3

1
6
5
,
4
9
0
,
7
2
1

1
6
7
,
9
4
6
,
3
6
4

7
1
,
3
3
3
,
0
4
3

-
3
0
,
0
0
0
,
0
0
0

5
8
1
,
7
3
0
,
8
7
6

















1

2

3

4

5

6

7

8

9


-
1
1
6
,
3
4
6
,
1
7
5

-
2
3
2
,
6
9
2
,
3
5
0

-
2
3
2
,
6
9
2
,
3
5
0

1
3
3
,
0
3
1
,
3
8
1

1
9
5
,
7
0
0
,
7
6
6

2
0
4
,
1
5
9
,
9
6
9

1
6
0
,
4
8
7
,
6
8
0

7
4
,
1
5
7
,
6
6
3

1
6
5
,
4
9
0
,
7
2
1

1
6
7
,
9
4
6
,
3
6
4

7
1
,
3
3
3
,
0
4
3

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

3
0
5
,
8
5
2
,
0
5
7

I
R
R

1
5
.
8
7
%

P
a
y
b
a
c
k

4
.
9

y
e
a
r
s

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
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3
2

1
0
9
,
6
0
9
,
2
4
5

1
0
4
,
5
3
2
,
4
6
4

1
0
5
,
5
5
4
,
4
0
7

5
3
,
9
6
4
,
4
2
4

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
4
6
C
o
s
t
s

G
r
o
s
s

i
n
c
o
m
e

U
S
D

1
2
4
,
9
3
8
,
0
1
7

1
9
0
,
9
6
9
,
0
3
8

1
9
4
,
6
9
1
,
4
6
1

1
5
1
,
0
1
3
,
2
4
9

1
9
9
,
1
7
3
,
7
0
0

1
5
4
,
3
2
2
,
9
7
9

1
5
8
,
7
3
0
,
2
9
0

7
6
,
1
3
6
,
3
8
9

G
e
n
e
r
a
l

a
n
d

A
d
m
i
n
i
s
t
r
a
t
i
v
e

c
o
s
t


U
S
D

1
0
,
4
1
0
,
1
5
2

1
0
,
5
9
5
,
1
5
2

1
0
,
5
9
1
,
3
5
3

1
0
,
4
0
6
,
9
2
3

1
0
,
7
9
5
,
1
5
2

1
0
,
2
9
5
,
1
5
2

1
0
,
3
9
5
,
8
0
1

5
,
3
1
4
,
8
2
7

F
u
t
u
r
e

i
n
v
e
s
t
m
e
n
t


U
S
D

1
0
,
9
2
0
,
0
6
5

1
0
,
9
2
0
,
0
6
5

1
0
,
9
2
0
,
0
6
5

1
0
,
9
2
0
,
0
6
5

7
8
,
8
1
4
,
6
0
3

1
0
,
9
2
0
,
0
6
5

1
0
,
9
2
0
,
0
6
5

1
0
,
9
2
0
,
0
6
5

R
o
y
a
l
t
i
e
s

(
3
.
2
%
)

%
7
,
3
8
0
,
4
2
0

9
,
5
5
3
,
5
2
2

9
,
6
7
1
,
4
0
5

8
,
2
1
3
,
7
7
9

9
,
8
8
1
,
0
5
4

8
,
2
8
3
,
3
7
4

8
,
4
5
7
,
1
1
0

4
,
1
6
3
,
2
2
6

D
e
p
r
e
c
i
a
t
i
o
n


U
S
D

3
0
,
7
0
7
,
9
6
9

3
0
,
7
0
7
,
9
6
9

3
0
,
7
0
7
,
9
6
9

3
0
,
7
0
7
,
9
6
9

3
0
,
7
0
7
,
9
6
9

3
0
,
7
0
7
,
9
6
9

3
0
,
7
0
7
,
9
6
9

3
0
,
7
0
7
,
9
6
9

I
n
c
o
m
e

b
e
f
o
r
e

t
a
x
e
s


U
S
D

6
5
,
5
1
9
,
4
0
9

1
2
9
,
1
9
2
,
3
2
9

1
3
2
,
8
0
0
,
6
6
7

9
0
,
7
6
4
,
5
1
3

6
8
,
9
7
4
,
9
2
0

9
4
,
1
1
6
,
4
1
8

9
8
,
2
4
9
,
3
4
4

2
5
,
0
3
0
,
3
0
1

T
a
x
e
s


%
3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

U
S
D

2
1
,
6
2
1
,
4
0
5

4
2
,
6
3
3
,
4
6
8

4
3
,
8
2
4
,
2
2
0

2
9
,
9
5
2
,
2
8
9

2
2
,
7
6
1
,
7
2
4

3
1
,
0
5
8
,
4
1
8

3
2
,
4
2
2
,
2
8
4

8
,
2
5
9
,
9
9
9

I
n
c
o
m
e

a
f
t
e
r

t
a
x
e
s

(
U
S
D
)

4
3
,
8
9
8
,
0
0
4

8
6
,
5
5
8
,
8
6
0

8
8
,
9
7
6
,
4
4
7

6
0
,
8
1
2
,
2
2
3

4
6
,
2
1
3
,
1
9
7

6
3
,
0
5
8
,
0
0
0

6
5
,
8
2
7
,
0
6
1

1
6
,
7
7
0
,
3
0
2

M
i
n
e

C
l
o
s
u
r
e

3
0
,
0
0
0
,
0
0
0

N
e
t

i
n
c
o
m
e

(
U
S
D
)

4
3
,
8
9
8
,
0
0
4

8
6
,
5
5
8
,
8
6
0

8
8
,
9
7
6
,
4
4
7

6
0
,
8
1
2
,
2
2
3

4
6
,
2
1
3
,
1
9
7

6
3
,
0
5
8
,
0
0
0

6
5
,
8
2
7
,
0
6
1

1
6
,
7
7
0
,
3
0
2

0

I
n
i
t
i
a
l

i
n
v
e
s
t
m
e
n
t

4
3
,
8
9
8
,
0
0
4

8
6
,
5
5
8
,
8
6
0

8
8
,
9
7
6
,
4
4
7

6
0
,
8
1
2
,
2
2
3

4
6
,
2
1
3
,
1
9
7

6
3
,
0
5
8
,
0
0
0

6
5
,
8
2
7
,
0
6
1

1
6
,
7
7
0
,
3
0
2

-
3
0
,
0
0
0
,
0
0
0

M
i
n
e
U
S
D

2
6
,
9
1
9
,
5
5
8

5
3
,
8
3
9
,
1
1
5

5
3
,
8
3
9
,
1
1
5

P
r
o
c
e
s
s

U
S
D

3
4
,
7
2
4
,
2
4
8

6
9
,
4
4
8
,
4
9
7

6
9
,
4
4
8
,
4
9
7

A
d
d
i
t
i
o
n
a
l

I
n
f
r
a
s
t
r
u
c
t
u
r
e

U
S
D

1
4
,
3
9
9
,
9
7
2

2
8
,
7
9
9
,
9
4
4

2
8
,
7
9
9
,
9
4
4

P
O
S
T
-
T
A
X
C
a
s
h

f
l
o
w

-
7
6
,
0
4
3
,
7
7
8

-
1
5
2
,
0
8
7
,
5
5
6

-
1
5
2
,
0
8
7
,
5
5
6

6
3
,
6
8
5
,
9
0
8

1
0
6
,
3
4
6
,
7
6
4

1
0
8
,
7
6
4
,
3
5
1

8
0
,
6
0
0
,
1
2
8

-
1
,
8
9
3
,
4
3
7

8
2
,
8
4
5
,
9
0
4

8
5
,
6
1
4
,
9
6
5

3
6
,
5
5
8
,
2
0
6

-
3
0
,
0
0
0
,
0
0
0

3
8
0
,
2
1
8
,
8
8
9


1

2

3

4

5

6

7

8

9

-
7
6
,
0
4
3
,
7
7
8

-
1
5
2
,
0
8
7
,
5
5
6

-
1
5
2
,
0
8
7
,
5
5
6

6
3
,
6
8
5
,
9
0
8

1
0
6
,
3
4
6
,
7
6
4

1
0
8
,
7
6
4
,
3
5
1

8
0
,
6
0
0
,
1
2
8

-
1
,
8
9
3
,
4
3
7

8
2
,
8
4
5
,
9
0
4

8
5
,
6
1
4
,
9
6
5

3
6
,
5
5
8
,
2
0
6

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

4
1
,
7
6
4
,
6
9
6


I
R
R
7
.
7
7
%


P
a
y
b
a
c
k
6
.
3

y
e
a
r
s

P
R
E

-
T
A
X
C
a
s
h

f
l
o
w

-
7
6
,
0
4
3
,
7
7
8

-
1
5
2
,
0
8
7
,
5
5
6

-
1
5
2
,
0
8
7
,
5
5
6

8
5
,
3
0
7
,
3
1
4

1
4
8
,
9
8
0
,
2
3
3

1
5
2
,
5
8
8
,
5
7
1

1
1
0
,
5
5
2
,
4
1
7

2
0
,
8
6
8
,
2
8
7

1
1
3
,
9
0
4
,
3
2
2

1
1
8
,
0
3
7
,
2
4
9

4
4
,
8
1
8
,
2
0
5

-
3
0
,
0
0
0
,
0
0
0

3
8
0
,
2
1
8
,
8
8
9


1

2

3

4

5

6

7

8

9

-
7
6
,
0
4
3
,
7
7
8

-
1
5
2
,
0
8
7
,
5
5
6

-
1
5
2
,
0
8
7
,
5
5
6

8
5
,
3
0
7
,
3
1
4

1
4
8
,
9
8
0
,
2
3
3

1
5
2
,
5
8
8
,
5
7
1

1
1
0
,
5
5
2
,
4
1
7

2
0
,
8
6
8
,
2
8
7

1
1
3
,
9
0
4
,
3
2
2

1
1
8
,
0
3
7
,
2
4
9

4
4
,
8
1
8
,
2
0
5

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

2
1
7
,
4
6
1
,
7
6
4


I
R
R
1
7
.
0
4
%


P
a
y
b
a
c
k

3
.
5

y
e
a
r
s

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
4
7
T
a
b
l
e

2
2
-
1
0

S
u
m
m
a
r
y

o
f

P
r
e
l
i
m
i
n
a
r
y

E
c
o
n
o
m
i
c

E
v
a
l
u
a
t
i
o
n

f
o
r

a
l
l

P
r
o
c
e
s
s

A
l
t
e
r
n
a
t
i
v
e
s


H
i
g
h
e
r

G
r
a
d
e

S
c
e
n
a
r
i
o

G
r
a
d
e

C
a
s
e

(
C
u
t
-
o
f
f

g
r
a
d
e

o
f

3
.
0

A
u
E
q
)

C
o
s
t
s

T
o
t
a
l

m
i
n
e

c
o
s
t

3
6
.
0
U
S
D
/
t

P
r
o
c
e
s
s

c
o
s
t

2
4
.
3
U
S
D
/
t

O
p
e
r
a
t
i
o
n
a
l

e
x
p
e
n
d
i
t
u
r
e
s


6
0
.
3
U
S
D
/
t

G
e
n
e
r
a
l

a
n
d

A
d
m
i
n
i
s
t
r
a
t
i
v
e

c
o
s
t

(
G
&
A
)

5
U
S
D
/
t

V
a
r
i
a
b
l
e

S
e
l
l
i
n
g

c
o
s
t

(
U
S
D
/
o
z
)


5
U
S
D
/
o
z

d
e

A
u
C
o
n
s
t
a
n
t

P
r
i
c
e

(
U
S
D
/
o
z
)

1
2
0
0

2
.
5

y
e
a
r
s

a
t

f
i
r
s
t
1
2
0
0



Y
e
a
r
s

u
n
i
t

-
3

-
2

-
1

1

2

3

4

5

6

7

8

9

1
0

1
1

1
2

1
3

1
4

1
5

P
r
o
d
u
c
t
i
o
n

o
x
i
d
e
s

+

t
r
a
n
s
i
t
i
o
n
a
l
t
2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
0
0
,
0
0
0

1
5
0
,
0
0
0

P
r
o
d
u
c
t
i
o
n

s
u
l
p
h
i
d
e
s

t

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
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0
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A
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A
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R
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P
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U
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O
p
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c
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U
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5
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T
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p
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O
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G
r
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S
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1
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G
e
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A
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c
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U
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1
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1
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8
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7
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F
u
t
u
r
e

i
n
v
e
s
t
m
e
n
t


U
S
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9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
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7
1
6

9
,
7
1
7
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1
6

9
,
7
1
7
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7
1
6

9
,
7
1
7
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7
1
6

9
,
7
1
7
,
7
1
6

3
5
,
7
2
7
,
8
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
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3
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7

8
,
5
7
9
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3
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
,
3
0
7

R
o
y
a
l
t
i
e
s

(
3
.
2
%
)

%

7
,
8
1
7
,
5
5
9

7
,
9
7
1
,
9
0
1

9
,
0
1
6
,
3
0
2

1
0
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0
4
5
,
6
9
5

9
,
8
7
9
,
0
5
3

9
,
0
1
3
,
3
3
5

8
,
5
9
5
,
2
4
4

8
,
4
8
2
,
0
2
0

9
,
0
8
8
,
8
1
0

1
0
,
1
1
6
,
3
7
4

8
,
9
4
7
,
5
1
3

8
,
9
5
7
,
7
5
4

8
,
5
5
0
,
8
2
1

3
,
9
5
4
,
7
7
8

D
e
p
r
e
c
i
a
t
i
o
n


U
S
D

3
8
,
4
7
4
,
0
2
8

3
9
,
2
2
1
,
5
4
5

4
0
,
0
3
1
,
3
5
5

4
0
,
9
1
4
,
7
8
3

4
1
,
8
8
6
,
5
5
5

4
2
,
9
6
6
,
3
0
1

4
4
,
1
8
1
,
0
1
6

4
5
,
5
6
9
,
2
6
1

5
1
,
5
2
3
,
8
9
5

5
3
,
2
3
9
,
7
5
7

5
5
,
3
8
4
,
5
8
3

5
8
,
2
4
4
,
3
5
2

6
2
,
5
3
4
,
0
0
6

7
1
,
1
1
3
,
3
1
3

I
n
c
o
m
e

b
e
f
o
r
e

t
a
x
e
s


U
S
D

5
5
,
9
5
6
,
2
1
3

5
9
,
8
6
5
,
7
5
2

9
0
,
5
2
8
,
0
5
0

1
2
0
,
6
4
7
,
7
8
0

1
1
4
,
6
2
7
,
8
5
2

8
7
,
4
6
2
,
1
8
0

7
3
,
6
9
0
,
3
7
0

6
8
,
9
0
1
,
9
8
5

8
1
,
2
0
6
,
0
9
2

1
1
0
,
4
7
1
,
0
5
1

7
3
,
1
3
5
,
7
6
8

7
0
,
5
2
4
,
3
7
4

5
7
,
9
2
4
,
9
4
6

-
1
4
,
0
1
4
,
7
7
0

T
a
x
e
s


%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
4
8
C
o
s
t
s

U
S
D
1
8
,
4
6
5
,
5
5
0

1
9
,
7
5
5
,
6
9
8

2
9
,
8
7
4
,
2
5
7

3
9
,
8
1
3
,
7
6
7

3
7
,
8
2
7
,
1
9
1

2
8
,
8
6
2
,
5
1
9

2
4
,
3
1
7
,
8
2
2

2
2
,
7
3
7
,
6
5
5

2
6
,
7
9
8
,
0
1
0

3
6
,
4
5
5
,
4
4
7

2
4
,
1
3
4
,
8
0
3

2
3
,
2
7
3
,
0
4
4

1
9
,
1
1
5
,
2
3
2

0

I
n
c
o
m
e

a
f
t
e
r

t
a
x
e
s

U
S
D

3
7
,
4
9
0
,
6
6
2

4
0
,
1
1
0
,
0
5
4

6
0
,
6
5
3
,
7
9
4

8
0
,
8
3
4
,
0
1
2

7
6
,
8
0
0
,
6
6
1

5
8
,
5
9
9
,
6
6
0

4
9
,
3
7
2
,
5
4
8

4
6
,
1
6
4
,
3
3
0

5
4
,
4
0
8
,
0
8
2

7
4
,
0
1
5
,
6
0
4

4
9
,
0
0
0
,
9
6
4

4
7
,
2
5
1
,
3
3
1

3
8
,
8
0
9
,
7
1
4

-
1
4
,
0
1
4
,
7
7
0

M
i
n
e

C
l
o
s
u
r
e


U
S
D

3
0
,
0
0
0
,
0
0
0

N
e
t

i
n
c
o
m
e

3
7
,
4
9
0
,
6
6
2

4
0
,
1
1
0
,
0
5
4

6
0
,
6
5
3
,
7
9
4

8
0
,
8
3
4
,
0
1
2

7
6
,
8
0
0
,
6
6
1

5
8
,
5
9
9
,
6
6
0

4
9
,
3
7
2
,
5
4
8

4
6
,
1
6
4
,
3
3
0

5
4
,
4
0
8
,
0
8
2

7
4
,
0
1
5
,
6
0
4

4
9
,
0
0
0
,
9
6
4

4
7
,
2
5
1
,
3
3
1

3
8
,
8
0
9
,
7
1
4

-
1
4
,
0
1
4
,
7
7
0

P
O
S
T
-
T
A
X

M
i
n
e

U
S
D

2
6
,
9
1
9
,
5
5
8

5
3
,
8
3
9
,
1
1
5

5
3
,
8
3
9
,
1
1
5

P
r
o
c
e
s
s

U
S
D

5
2
,
8
1
4
,
7
3
5

1
0
5
,
6
2
9
,
4
6
9

1
0
5
,
6
2
9
,
4
6
9

A
d
d
i
t
i
o
n
a
l
I
n
f
r
a
s
t
r
u
c
t
u
r
e

U
S
D
2
6
,
0
4
9
,
4
4
4

5
2
,
0
9
8
,
8
8
8

5
2
,
0
9
8
,
8
8
8

C
a
s
h

f
l
o
w


-
1
0
5
,
7
8
3
,
7
3
6

2
1
1
,
5
6
7
,
4
7
2

-
2
1
1
,
5
6
7
,
4
7
2

6
6
,
2
4
6
,
9
7
5

6
9
,
6
1
3
,
8
8
3

9
0
,
9
6
7
,
4
3
2

1
1
2
,
0
3
1
,
0
8
0

1
0
8
,
9
6
9
,
5
0
0

9
1
,
8
4
8
,
2
4
6

8
3
,
8
3
5
,
8
4
7

8
2
,
0
1
5
,
8
7
5

7
0
,
2
0
4
,
1
7
0

1
1
8
,
6
7
6
,
0
5
4

9
5
,
8
0
6
,
2
4
1

9
6
,
9
1
6
,
3
7
6

9
2
,
7
6
4
,
4
1
3

4
8
,
5
1
9
,
2
3
6

-
3
0
,
0
0
0
,
0
0
0

5
2
8
,
9
1
8
,
6
8
1























1

2

3

4

5

6

7

8

9

1
0

1
1

1
2

1
3

1
4

1
5

-
1
0
5
,
7
8
3
,
7
3
6

2
1
1
,
5
6
7
,
4
7
2

-
2
1
1
,
5
6
7
,
4
7
2

6
6
,
2
4
6
,
9
7
5

6
9
,
6
1
3
,
8
8
3

9
0
,
9
6
7
,
4
3
2

1
1
2
,
0
3
1
,
0
8
0

1
0
8
,
9
6
9
,
5
0
0

9
1
,
8
4
8
,
2
4
6

8
3
,
8
3
5
,
8
4
7

8
2
,
0
1
5
,
8
7
5

7
0
,
2
0
4
,
1
7
0

1
1
8
,
6
7
6
,
0
5
4

9
5
,
8
0
6
,
2
4
1

9
6
,
9
1
6
,
3
7
6

9
2
,
7
6
4
,
4
1
3

4
8
,
5
1
9
,
2
3
6

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

2
7
4
,
8
4
6
,
6
1
6

I
R
R

1
1
.
7
2
%

P
a
y
b
a
c
k

7
.
6
y
e
a
r
s

P
R
E

-
T
A
X

C
a
s
h

f
l
o
w

-
1
0
5
,
7
8
3
,
7
3
6

-
1
1
,
5
6
7
,
4
7
2

-
2
1
1
,
5
6
7
,
4
7
2

8
4
,
7
1
2
,
5
2
5

8
9
,
3
6
9
,
5
8
1

1
2
0
,
8
4
1
,
6
8
9

1
5
1
,
8
4
4
,
8
4
7

1
4
6
,
7
9
6
,
6
9
1

1
2
0
,
7
1
0
,
7
6
5

1
0
8
,
1
5
3
,
6
6
9

1
0
4
,
7
5
3
,
5
3
0

9
7
,
0
0
2
,
1
8
0

1
5
5
,
1
3
1
,
5
0
1

1
1
9
,
9
4
1
,
0
4
4

1
2
0
,
1
8
9
,
4
2
0

1
1
1
,
8
7
9
,
6
4
5

4
8
,
5
1
9
,
2
3
6

-
3
0
,
0
0
0
,
0
0
0

5
2
8
,
9
1
8
,
6
8
1























1

2

3

4

5

6

7

8

9

1
0

1
1

1
2

1
3

1
4

1
4


-
1
0
5
,
7
8
3
,
7
3
6

-
1
1
,
5
6
7
,
4
7
2

-
2
1
1
,
5
6
7
,
4
7
2

8
4
,
7
1
2
,
5
2
5

8
9
,
3
6
9
,
5
8
1

1
2
0
,
8
4
1
,
6
8
9

1
5
1
,
8
4
4
,
8
4
7

1
4
6
,
7
9
6
,
6
9
1

1
2
0
,
7
1
0
,
7
6
5

1
0
8
,
1
5
3
,
6
6
9

1
0
4
,
7
5
3
,
5
3
0

9
7
,
0
0
2
,
1
8
0

1
5
5
,
1
3
1
,
5
0
1

1
1
9
,
9
4
1
,
0
4
4

1
2
0
,
1
8
9
,
4
2
0

1
1
1
,
8
7
9
,
6
4
5

4
8
,
5
1
9
,
2
3
6

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

5
0
5
,
9
3
7
,
0
4
4

I
R
R

1
6
.
4
%

P
a
y
b
a
c
k

5
.
4
y
e
a
r
s

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
4
9
T
a
b
l
e

2
2
-
1
1

P
r
e
l
i
m
i
n
a
r
y

E
c
o
n
o
m
i
c

E
v
a
l
u
a
t
i
o
n

f
o
r

O
M
E

P
O
X


L
o
w
e
r

G
r
a
d
e

S
c
e
n
a
r
i
o

(
C
u
t
-
o
f
f

g
r
a
d
e

o
f

2
.
0

A
u
E
q
)

C
o
s
t
s


T
o
t
a
l
m
in
e

c
o
s
t

3
6
.
0

U
S
D
/
t

P
r
o
c
e
s
s

c
o
s
t

2
4
.
8

U
S
D
/
t

O
p
e
r
a
t
io
n
a
l

e
x
p
e
n
d
i
t
u
r
e
s

6
0
.
9

U
S
D
/
t

G
e
n
e
r
a
l
a
n
d

A
d
m
i
n
i
s
t
r
a
t
i
v
e

c
o
s
t

(
G
&
A
)

5
U
S
D
/
t

V
a
r
ia
b
le

S
e
l
l
i
n
g

c
o
s
t

(
U
S
D
/
o
z
)

5
U
S
D
/
o
z

d
e

A
u

C
o
n
s
t
a
n
t

P
r
i
c
e

(
U
S
D
/
o
z
)

1
2
0
0
2
.
5

y
e
a
r
s

a
t

f
i
r
s
t

1
2
0
0

Y
e
a
r
s

u
n
i
t

-
3

-
2

-
1

1

2

3

4

5

6

7

8

9

1
0

1
1

1
2

1
3

1
4

1
5

P
r
o
d
u
c
t
i
o
n

o
x
i
d
e
s

+

t
r
a
n
s
it
i
o
n
a
l
t

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
0
0
,
0
0
0

1
5
0
,
0
0
0

P
r
o
d
u
c
t
i
o
n

s
u
l
p
h
i
d
e
s

t

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
0
0
,
0
0
0

8
0
0
,
0
0
0

T
o
t
a
l

P
r
o
d
u
c
t
i
o
n

T

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

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+

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A
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A
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R
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c
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8
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7
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P
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U
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O
p
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6
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5
3
9

4
8
4

4
9
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5
3
9

5
6
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5
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T
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8
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7
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7
6
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N
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O
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2
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G
r
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s
s

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n
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S
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1
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G
e
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A
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m
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c
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U
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1
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1
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1
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8
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8
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1
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4
,
7
5
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F
u
t
u
r
e

in
v
e
s
t
m
e
n
t

U
S
D

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
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6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

3
5
,
7
2
7
,
8
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
,
3
0
7

R
o
y
a
l
t
i
e
s

(
3
.
2
%
)

%

8
,
1
2
5
,
0
4
6

8
,
2
8
4
,
1
9
1

9
,
3
6
6
,
9
1
9

1
0
,
4
3
6
,
7
1
8

1
0
,
2
6
9
,
0
6
2

9
,
3
7
1
,
0
1
0

8
,
9
3
0
,
4
4
9

8
,
8
1
1
,
1
6
3

9
,
4
4
4
,
5
7
1

1
0
,
5
0
6
,
3
8
3

9
,
2
8
9
,
8
1
6

9
,
3
1
0
,
7
6
8

8
,
8
8
6
,
9
8
5

4
,
0
9
9
,
9
0
7

D
e
p
r
e
c
i
a
t
i
o
n

U
S
D

4
3
,
5
1
3
,
1
8
8

4
4
,
2
6
0
,
7
0
5

4
5
,
0
7
0
,
5
1
4

4
5
,
9
5
3
,
9
4
3

4
6
,
9
2
5
,
7
1
5

4
8
,
0
0
5
,
4
6
1

4
9
,
2
2
0
,
1
7
5

5
0
,
6
0
8
,
4
2
0

5
6
,
5
6
3
,
0
5
5

5
8
,
2
7
8
,
9
1
6

6
0
,
4
2
3
,
7
4
3

6
3
,
2
8
3
,
5
1
2

6
7
,
5
7
3
,
1
6
5

7
6
,
1
5
2
,
4
7
2

I
n
c
o
m
e

b
e
f
o
r
e

t
a
x
e
s

U
S
D

5
8
,
8
7
7
,
4
4
6

6
2
,
9
5
1
,
8
5
5

9
4
,
8
0
5
,
0
0
8

1
2
6
,
1
3
6
,
9
8
8

1
2
0
,
0
1
6
,
1
4
7

9
1
,
8
5
0
,
5
8
7

7
7
,
4
8
8
,
9
0
8

7
2
,
5
4
2
,
5
8
4

8
5
,
6
0
5
,
4
9
3

1
1
5
,
9
7
7
,
0
0
6

7
7
,
2
4
2
,
3
5
6

7
4
,
8
0
7
,
2
3
1

6
1
,
8
0
7
,
9
9
9

-
1
5
,
2
3
0
,
9
4
6

T
a
x
e
s

%
3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

U
S
D
1
9
,
4
2
9
,
5
5
7

2
0
,
7
7
4
,
1
1
2

3
1
,
2
8
5
,
6
5
3

4
1
,
6
2
5
,
2
0
6

3
9
,
6
0
5
,
3
2
8

3
0
,
3
1
0
,
6
9
4

2
5
,
5
7
1
,
3
4
0

2
3
,
9
3
9
,
0
5
3

2
8
,
2
4
9
,
8
1
3

3
8
,
2
7
2
,
4
1
2

2
5
,
4
8
9
,
9
7
7

2
4
,
6
8
6
,
3
8
6

2
0
,
3
9
6
,
6
4
0

0

I
n
c
o
m
e

a
f
t
e
r

t
a
x
e
s

U
S
D

3
9
,
4
4
7
,
8
8
9

4
2
,
1
7
7
,
7
4
3

6
3
,
5
1
9
,
3
5
5

8
4
,
5
1
1
,
7
8
2

8
0
,
4
1
0
,
8
1
8

6
1
,
5
3
9
,
8
9
3

5
1
,
9
1
7
,
5
6
8

4
8
,
6
0
3
,
5
3
1

5
7
,
3
5
5
,
6
8
0

7
7
,
7
0
4
,
5
9
4

5
1
,
7
5
2
,
3
7
8

5
0
,
1
2
0
,
8
4
5

4
1
,
4
1
1
,
3
5
9

-
1
5
,
2
3
0
,
9
4
6

M
in
e

C
lo
s
u
r
e

U
S
D

3
0
,
0
0
0
,
0
0
0

N
e
t

in
c
o
m
e

3
9
,
4
4
7
,
8
8
9

4
2
,
1
7
7
,
7
4
3

6
3
,
5
1
9
,
3
5
5

8
4
,
5
1
1
,
7
8
2

8
0
,
4
1
0
,
8
1
8

6
1
,
5
3
9
,
8
9
3

5
1
,
9
1
7
,
5
6
8

4
8
,
6
0
3
,
5
3
1

5
7
,
3
5
5
,
6
8
0

7
7
,
7
0
4
,
5
9
4

5
1
,
7
5
2
,
3
7
8

5
0
,
1
2
0
,
8
4
5

4
1
,
4
1
1
,
3
5
9

-
1
5
,
2
3
0
,
9
4
6

0

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
5
0
C
o
s
t
s


I
n
i
t
ia
l

i
n
v
e
s
t
m
e
n
t

(
U
S
D
)

M
in
e

U
S
D

2
6
,
9
1
9
,
5
5
8

5
3
,
8
3
9
,
1
1
5

5
3
,
8
3
9
,
1
1
5

P
r
o
c
e
s
s

U
S
D

6
6
,
9
2
4
,
3
8
1

1
3
3
,
8
4
8
,
7
6
3

1
3
3
,
8
4
8
,
7
6
3

A
d
d
i
t
i
o
n
a
l

I
n
f
r
a
s
t
r
u
c
t
u
r
e

U
S
D

2
6
,
0
4
9
,
4
4
4

5
2
,
0
9
8
,
8
8
8

5
2
,
0
9
8
,
8
8
8

P
O
S
T

-
T
A
X
C
a
s
h

f
l
o
w


-
1
1
9
,
8
9
3
,
3
8
3

-
2
3
9
,
7
8
6
,
7
6
6

-
2
3
9
,
7
8
6
,
7
6
6

7
3
,
2
4
3
,
3
6
1

7
6
,
7
2
0
,
7
3
2

9
8
,
8
7
2
,
1
5
3

1
2
0
,
7
4
8
,
0
0
9

1
1
7
,
6
1
8
,
8
1
7

9
9
,
8
2
7
,
6
3
8

9
1
,
4
2
0
,
0
2
8

8
9
,
4
9
4
,
2
3
5

7
8
,
1
9
0
,
9
2
8

1
2
7
,
4
0
4
,
2
0
4

1
0
3
,
5
9
6
,
8
1
4

1
0
4
,
8
2
5
,
0
5
0

1
0
0
,
4
0
5
,
2
1
7

5
2
,
3
4
2
,
2
1
9

-
3
0
,
0
0
0
,
0
0
0

5
9
9
,
4
6
6
,
9
1
5























1

2

3

4

5

6

7

8

9

1
0

1
1

1
2

1
3

1
4

1
5


-
1
1
9
,
8
9
3
,
3
8
3

-
2
3
9
,
7
8
6
,
7
6
6

-
2
3
9
,
7
8
6
,
7
6
6

7
3
,
2
4
3
,
3
6
1

7
6
,
7
2
0
,
7
3
2

9
8
,
8
7
2
,
1
5
3

1
2
0
,
7
4
8
,
0
0
9

1
1
7
,
6
1
8
,
8
1
7

9
9
,
8
2
7
,
6
3
8

9
1
,
4
2
0
,
0
2
8

8
9
,
4
9
4
,
2
3
5

7
8
,
1
9
0
,
9
2
8

1
2
7
,
4
0
4
,
2
0
4

1
0
3
,
5
9
6
,
8
1
4

1
0
4
,
8
2
5
,
0
5
0

1
0
0
,
4
0
5
,
2
1
7

5
2
,
3
4
2
,
2
1
9

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

2
7
6
,
9
6
4
,
6
0
4

I
R
R

1
1
.
0
6
%

P
a
y
b
a
c
k

7
.
9

y
e
a
r
s

P
R
E

-
T
A
X

C
a
s
h

f
l
o
w

-
1
1
9
,
8
9
3
,
3
8
3

-
2
3
9
,
7
8
6
,
7
6
6

-
2
3
9
,
7
8
6
,
7
6
6

9
2
,
6
7
2
,
9
1
8

9
7
,
4
9
4
,
8
4
4

1
3
0
,
1
5
7
,
8
0
6

1
6
2
,
3
7
3
,
2
1
5

1
5
7
,
2
2
4
,
1
4
5

1
3
0
,
1
3
8
,
3
3
2

1
1
6
,
9
9
1
,
3
6
7

1
1
3
,
4
3
3
,
2
8
8

1
0
6
,
4
4
0
,
7
4
1

1
6
5
,
6
7
6
,
6
1
6

1
2
9
,
0
8
6
,
7
9
2

1
2
9
,
5
1
1
,
4
3
6

1
2
0
,
8
0
1
,
8
5
7

5
2
,
3
4
2
,
2
1
9

-
3
0
,
0
0
0
,
0
0
0

5
9
9
,
4
6
6
,
9
1
5























1

2

3

4

5

6

7

8

9

1
0

1
1

1
2

1
3

1
4

1
5


-
1
1
9
,
8
9
3
,
3
8
3

-
2
3
9
,
7
8
6
,
7
6
6

-
2
3
9
,
7
8
6
,
7
6
6

9
2
,
6
7
2
,
9
1
8

9
7
,
4
9
4
,
8
4
4

1
3
0
,
1
5
7
,
8
0
6

1
6
2
,
3
7
3
,
2
1
5

1
5
7
,
2
2
4
,
1
4
5

1
3
0
,
1
3
8
,
3
3
2

1
1
6
,
9
9
1
,
3
6
7

1
1
3
,
4
3
3
,
2
8
8

1
0
6
,
4
4
0
,
7
4
1

1
6
5
,
6
7
6
,
6
1
6

1
2
9
,
0
8
6
,
7
9
2

1
2
9
,
5
1
1
,
4
3
6

1
2
0
,
8
0
1
,
8
5
7

5
2
,
3
4
2
,
2
1
9

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

5
1
9
,
8
8
2
,
1
5
6

I
R
R

1
5
.
5
5
%

P
a
y
b
a
c
k

5
.
7

y
e
a
r
s

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
5
1
T
a
b
l
e

2
2
-
1
2

P
r
e
l
i
m
i
n
a
r
y

E
c
o
n
o
m
i
c

E
v
a
l
u
a
t
i
o
n

f
o
r

O
M
E

R
O
A
S
T


L
o
w
e
r

G
r
a
d
e

S
c
e
n
a
r
i
o

(
C
u
t
-
o
f
f

g
r
a
d
e

o
f

2
.
0

A
u
E
q
)

C
o
s
t
s
T
o
t
a
l
m
in
e

c
o
s
t

3
6
.
0

U
S
D
/
t

P
r
o
c
e
s
s

c
o
s
t

2
7
.
9

U
S
D
/
t

O
p
e
r
a
t
i
o
n
a
l

e
x
p
e
n
d
i
t
u
r
e
s

6
3
.
9

U
S
D
/
t

G
e
n
e
r
a
l
a
n
d

A
d
m
i
n
i
s
t
r
a
t
i
v
e

c
o
s
t

(
G
&
A
)

5
U
S
D
/
t

V
a
r
ia
b
le

S
e
l
l
i
n
g

c
o
s
t

(
U
S
D
/
o
z
)

5
U
S
D
/
o
z

d
e

A
u

C
o
n
s
t
a
n
t

P
r
i
c
e

(
U
S
D
/
o
z
)

1
2
0
0
2
.
5

y
e
a
r
s

a
t

f
i
r
s
t

1
2
0
0

Y
e
a
r
s

u
n
i
t

-
3

-
2

-
1

1

2

3

4

5

6

7

8

9

1
0

1
1

1
2

1
3

1
4

1
5

P
r
o
d
u
c
t
i
o
n

o
x
i
d
e
s

+

t
r
a
n
s
it
i
o
n
a
l
t

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
0
0
,
0
0
0

1
5
0
,
0
0
0

P
r
o
d
u
c
t
i
o
n

s
u
l
p
h
i
d
e
s

t

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
0
0
,
0
0
0

8
0
0
,
0
0
0

T
o
t
a
l

P
r
o
d
u
c
t
i
o
n

T

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
0
0
,
0
0
0

9
5
0
,
0
0
0

E
q
.

R
e
c
o
v
e
r
y

o
x
i
d
e
s
.

+

t
r
a
n
s
it
i
o
n
a
l
%

8
4
.
0
9
%

8
4
.
0
9
%

8
4
.
0
9
%

8
4
.
0
9
%

8
4
.
0
9
%

8
4
.
0
9
%

8
4
.
0
9
%

8
4
.
0
9
%

8
4
.
0
9
%

8
4
.
0
9
%

8
4
.
0
9
%

8
4
.
0
9
%

8
4
.
0
9
%

8
4
.
0
9
%

E
q
.

R
e
c
o
v
e
r
y

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n

s
u
lp
h
i
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e
s

%

8
4
.
6
3
%

8
4
.
6
3
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8
4
.
6
3
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8
4
.
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3
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8
4
.
6
3
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8
4
.
6
3
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8
4
.
6
3
%

8
4
.
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3
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8
4
.
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8
4
.
6
3
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8
4
.
6
3
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8
4
.
6
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8
4
.
6
3
%

8
4
.
6
3
%

A
v
e
r
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g
e

g
r
a
d
e

o
x
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+

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r
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A
u
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3
.
1
2

3
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9
9

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3
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3
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3
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3
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8
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8
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A
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G
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2
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M
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T
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A
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R
e
c
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%

8
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5
7
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8
4
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5
7
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4
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4
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4
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P
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U
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1
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O
p
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o
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U
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6
8
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5
9
3

5
3
3

5
4
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5
9
4

6
2
2

6
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5
8
9

5
2
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9
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5
9
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T
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8
3
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7
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7
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N
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S
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U
S
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3
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2
7
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2
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O
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G
r
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1
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S
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G
e
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A
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c
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1
0
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8
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8
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8
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1
0
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4
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7
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F
u
t
u
r
e

in
v
e
s
t
m
e
n
t

U
S
D

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

3
5
,
7
2
7
,
8
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
,
3
0
7

R
o
y
a
l
t
i
e
s

(
3
.
2
%
)

%

7
,
7
4
0
,
6
8
7

7
,
8
9
3
,
8
2
9

8
,
9
2
8
,
6
4
8

9
,
9
4
7
,
9
4
0

9
,
7
8
1
,
5
5
0

8
,
9
2
3
,
9
1
6

8
,
5
1
1
,
4
4
3

8
,
3
9
9
,
7
3
5

8
,
9
9
9
,
8
7
0

1
0
,
0
1
8
,
8
7
2

8
,
8
6
1
,
9
3
7

8
,
8
6
9
,
5
0
1

8
,
4
6
6
,
7
8
0

3
,
9
1
8
,
4
9
6

D
e
p
r
e
c
i
a
t
i
o
n

U
S
D

4
2
,
2
4
6
,
3
2
8

4
2
,
9
9
3
,
8
4
5

4
3
,
8
0
3
,
6
5
4

4
4
,
6
8
7
,
0
8
3

4
5
,
6
5
8
,
8
5
5

4
6
,
7
3
8
,
6
0
1

4
7
,
9
5
3
,
3
1
5

4
9
,
3
4
1
,
5
6
0

5
5
,
2
9
6
,
1
9
5

5
7
,
0
1
2
,
0
5
6

5
9
,
1
5
6
,
8
8
3

6
2
,
0
1
6
,
6
5
2

6
6
,
3
0
6
,
3
0
5

7
4
,
8
8
5
,
6
1
2

I
n
c
o
m
e

b
e
f
o
r
e

t
a
x
e
s

U
S
D

3
2
,
4
1
7
,
9
0
6

3
6
,
2
8
6
,
2
3
3

6
6
,
6
5
0
,
8
2
8

9
6
,
4
6
7
,
4
9
3

9
0
,
4
7
2
,
7
7
5

6
3
,
5
5
7
,
0
6
7

4
9
,
9
3
2
,
7
4
8

4
5
,
1
8
3
,
8
5
5

3
1
,
2
8
8
,
1
5
9

8
7
,
4
2
5
,
0
0
0

5
0
,
4
3
9
,
5
6
9

4
7
,
7
8
4
,
0
6
8

3
5
,
5
0
8
,
4
4
8

-
3
0
,
8
6
6
,
2
2
8

T
a
x
e
s

%
3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

U
S
D
1
0
,
6
9
7
,
9
0
9

1
1
,
9
7
4
,
4
5
7

2
1
,
9
9
4
,
7
7
3

3
1
,
8
3
4
,
2
7
3

2
9
,
8
5
6
,
0
1
6

2
0
,
9
7
3
,
8
3
2

1
6
,
4
7
7
,
8
0
7

1
4
,
9
1
0
,
6
7
2

1
0
,
3
2
5
,
0
9
2

2
8
,
8
5
0
,
2
5
0

1
6
,
6
4
5
,
0
5
8

1
5
,
7
6
8
,
7
4
2

1
1
,
7
1
7
,
7
8
8

0

I
n
c
o
m
e

a
f
t
e
r

t
a
x
e
s

U
S
D

2
1
,
7
1
9
,
9
9
7

2
4
,
3
1
1
,
7
7
6

4
4
,
6
5
6
,
0
5
5

6
4
,
6
3
3
,
2
2
1

6
0
,
6
1
6
,
7
5
9

4
2
,
5
8
3
,
2
3
5

3
3
,
4
5
4
,
9
4
1

3
0
,
2
7
3
,
1
8
3

2
0
,
9
6
3
,
0
6
6

5
8
,
5
7
4
,
7
5
0

3
3
,
7
9
4
,
5
1
1

3
2
,
0
1
5
,
3
2
6

2
3
,
7
9
0
,
6
6
0

-
3
0
,
8
6
6
,
2
2
8

M
in
e

C
lo
s
u
r
e

U
S
D

3
0
,
0
0
0
,
0
0
0

N
e
t

i
n
c
o
m
e

2
1
,
7
1
9
,
9
9
7

2
4
,
3
1
1
,
7
7
6

4
4
,
6
5
6
,
0
5
5

6
4
,
6
3
3
,
2
2
1

6
0
,
6
1
6
,
7
5
9

4
2
,
5
8
3
,
2
3
5

3
3
,
4
5
4
,
9
4
1

3
0
,
2
7
3
,
1
8
3

2
0
,
9
6
3
,
0
6
6

5
8
,
5
7
4
,
7
5
0

3
3
,
7
9
4
,
5
1
1

3
2
,
0
1
5
,
3
2
6

2
3
,
7
9
0
,
6
6
0

-
3
0
,
8
6
6
,
2
2
8

I
n
i
t
ia
l

i
n
v
e
s
t
m
e
n
t

(
U
S
D
)

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
5
2
C
o
s
t
s
M
in
e

U
S
D

2
6
,
9
1
9
,
5
5
8

5
3
,
8
3
9
,
1
1
5

5
3
,
8
3
9
,
1
1
5

P
r
o
c
e
s
s

U
S
D

6
3
,
3
7
7
,
1
7
3

1
2
6
,
7
5
4
,
3
4
7

1
2
6
,
7
5
4
,
3
4
7

A
d
d
i
t
i
o
n
a
l

I
n
f
r
a
s
t
r
u
c
t
u
r
e

U
S
D

2
6
,
0
4
9
,
4
4
4

5
2
,
0
9
8
,
8
8
8

5
2
,
0
9
8
,
8
8
8

P
O
S
T
-
T
A
X

C
a
s
h

f
l
o
w

-
1
1
6
,
3
4
6
,
1
7
5

-
2
3
2
,
6
9
2
,
3
5
0

-
2
3
2
,
6
9
2
,
3
5
0

5
4
,
2
4
8
,
6
0
9

5
7
,
5
8
7
,
9
0
5

7
8
,
7
4
1
,
9
9
3

9
9
,
6
0
2
,
5
8
8

9
6
,
5
5
7
,
8
9
8

7
9
,
6
0
4
,
1
2
0

7
1
,
6
9
0
,
5
4
1

6
9
,
8
9
7
,
0
2
7

4
0
,
5
3
1
,
4
5
5

1
0
7
,
0
0
7
,
5
0
0

8
4
,
3
7
2
,
0
8
7

8
5
,
4
5
2
,
6
7
1

8
1
,
5
1
7
,
6
5
9

3
5
,
4
4
0
,
0
7
7

-
3
0
,
0
0
0
,
0
0
0

5
8
1
,
7
3
0
,
8
7
6























1

2

3

4

5

6

7

8

9

1
0

1
1

1
2

1
3

1
4

1
5

-
1
1
6
,
3
4
6
,
1
7
5

-
2
3
2
,
6
9
2
,
3
5
0

-
2
3
2
,
6
9
2
,
3
5
0

5
4
,
2
4
8
,
6
0
9

5
7
,
5
8
7
,
9
0
5

7
8
,
7
4
1
,
9
9
3

9
9
,
6
0
2
,
5
8
8

9
6
,
5
5
7
,
8
9
8

7
9
,
6
0
4
,
1
2
0

7
1
,
6
9
0
,
5
4
1

6
9
,
8
9
7
,
0
2
7

4
0
,
5
3
1
,
4
5
5

1
0
7
,
0
0
7
,
5
0
0

8
4
,
3
7
2
,
0
8
7

8
5
,
4
5
2
,
6
7
1

8
1
,
5
1
7
,
6
5
9

3
5
,
4
4
0
,
0
7
7

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

1
0
6
,
4
1
3
,
9
1
0

I
R
R

7
.
5
9
%

P
a
y
b
a
c
k

1
0
.
4

y
e
a
r
s

P
R
E

-
T
A
X

C
a
s
h

f
l
o
w

-
1
1
6
,
3
4
6
,
1
7
5

-
2
3
2
,
6
9
2
,
3
5
0

-
2
3
2
,
6
9
2
,
3
5
0

6
4
,
9
4
6
,
5
1
8

6
9
,
5
6
2
,
3
6
2

1
0
0
,
7
3
6
,
7
6
6

1
3
1
,
4
3
6
,
8
6
0

1
2
6
,
4
1
3
,
9
1
3

1
0
0
,
5
7
7
,
9
5
2

8
8
,
1
6
8
,
3
4
8

8
4
,
8
0
7
,
7
0
0

5
0
,
8
5
6
,
5
4
7

1
3
5
,
8
5
7
,
7
5
0

1
0
1
,
0
1
7
,
1
4
5

1
0
1
,
2
2
1
,
4
1
3

9
3
,
2
3
5
,
4
4
6

3
5
,
4
4
0
,
0
7
7

-
3
0
,
0
0
0
,
0
0
0

5
8
1
,
7
3
0
,
8
7
6























1

2

3

4

5

6

7

8

9

1
0

1
1

1
2

1
3

1
4

1
5


-
1
1
6
,
3
4
6
,
1
7
5

-
2
3
2
,
6
9
2
,
3
5
0

-
2
3
2
,
6
9
2
,
3
5
0

6
4
,
9
4
6
,
5
1
8

6
9
,
5
6
2
,
3
6
2

1
0
0
,
7
3
6
,
7
6
6

1
3
1
,
4
3
6
,
8
6
0

1
2
6
,
4
1
3
,
9
1
3

1
0
0
,
5
7
7
,
9
5
2

8
8
,
1
6
8
,
3
4
8

8
4
,
8
0
7
,
7
0
0

5
0
,
8
5
6
,
5
4
7

1
3
5
,
8
5
7
,
7
5
0

1
0
1
,
0
1
7
,
1
4
5

1
0
1
,
2
2
1
,
4
1
3

9
3
,
2
3
5
,
4
4
6

3
5
,
4
4
0
,
0
7
7

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

2
6
6
,
2
1
4
,
6
5
3

I
R
R

1
1
.
0
9
%

P
a
y
b
a
c
k

7
.
7

y
e
a
r
s

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
E
R

U
N
D
E
R
G
R
O
U
N
D


P
R
O
J
E
C
T

M
a
r
c
h

2
3
,

2
0
1
2

R
e
p
o
r
t

N
o
.

1
2
-
0
3
-
2
7
_
0
2
6
_
1
1
9
-
4
1
5
-
5
0
3
0
_
I
F

2
5
3
T
a
b
l
e

2
2
-
1
3

P
r
e
l
i
m
i
n
a
r
y

E
c
o
n
o
m
i
c

E
v
a
l
u
a
t
i
o
n

f
o
r

O
M
E

S
A
L
E
S


L
o
w
e
r

G
r
a
d
e

S
c
e
n
a
r
i
o

(
C
u
t
-
o
f
f

g
r
a
d
e

o
f

2
.
0

A
u
E
q
)

C
o
s
t
s
T
o
t
a
l
m
in
e

c
o
s
t

3
6
.
0

U
S
D
/
t

P
r
o
c
e
s
s

c
o
s
t

1
0
.
8

U
S
D
/
t

O
p
e
r
a
t
i
o
n
a
l

e
x
p
e
n
d
i
t
u
r
e
s

4
6
.
8

U
S
D
/
t

G
e
n
e
r
a
l
a
n
d

A
d
m
in
is
t
r
a
t
iv
e

c
o
s
t

(
G
&
A
)

5
U
S
D
/
t

V
a
r
ia
b
le

S
e
l
l
i
n
g

c
o
s
t

(
U
S
D
/
o
z
)


U
S
D
/
t

c
o
n

C
o
n
s
t
a
n
t

P
r
i
c
e

A
u

(
U
S
D
/
o
z
)

1
2
0
0
2
.
5

y
e
a
r
s

a
t

f
i
r
s
t

1
2
0
0
a
n
o
t
h
e
r

y
e
a
r
s

Y
e
a
r
s

u
n
i
t

-
3

-
2

-
1

1

2

3

4

5

6

7

8

9

1
0

1
1

1
2

1
3

1
4

1
5
P
r
o
d
u
c
t
i
o
n

o
x
i
d
e
s

+

t
r
a
n
s
i
t
io
n
a
l
t
2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
3
0
,
0
0
0

2
0
0
,
0
0
0

1
5
0
,
0
0
0

P
r
o
d
u
c
t
i
o
n

s
u
l
p
h
i
d
e
s

t

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
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1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
3
0
,
0
0
0

1
,
9
0
0
,
0
0
0

8
0
0
,
0
0
0

T
o
t
a
l

P
r
o
d
u
c
t
i
o
n

t
2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
6
0
,
0
0
0

2
,
1
0
0
,
0
0
0

9
5
0
,
0
0
0

A
u

r
e
c
o
v
e
r

f
r
o
m

c
o
n
c
e
n
t
r
a
t
e

%
9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

A
g

r
e
c
o
v
e
r

f
r
o
m

c
o
n
c
e
n
t
r
a
t
e

%
9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

9
3
.
0
0
%

A
v
e
r
a
g
e

g
r
a
d
e

o
x
i
d
e
s

+

t
r
a
n
s
i
t
io
n
a
l
g
/
t

A
u
E
q

3
.
1
2

3
.
3
1

3
.
9
9

4
.
4
1

3
.
8
1

3
.
3
0

3
.
7
1

3
.
8
2

3
.
8
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1
8
3
,
1
9
1

1
8
5
,
7
9
0
,
0
0
6

2
1
7
,
6
2
5
,
7
3
2

1
7
7
,
6
7
4
,
4
9
8

1
8
0
,
7
1
1
,
2
2
9

1
6
7
,
9
0
9
,
8
7
0
7
8
,
8
9
1
,
0
6
3

O
p
e
r
a
t
io
n
a
l

C
o
s
t

U
S
D

1
0
1
,
0
9
1
,
3
8
5

1
0
1
,
0
9
1
,
3
8
5

1
0
1
,
0
9
1
,
3
8
5

1
0
1
,
0
9
1
,
3
8
5

1
0
1
,
0
9
1
,
3
8
5

1
0
1
,
0
9
1
,
3
8
5

1
0
1
,
0
9
1
,
3
8
5

1
0
1
,
0
9
1
,
3
8
5

1
0
1
,
0
9
1
,
3
8
5

1
0
1
,
0
9
1
,
3
8
5

1
0
1
,
0
9
1
,
3
8
5

1
0
1
,
0
9
1
,
3
8
5

9
8
,
2
8
3
,
2
9
1

4
4
,
4
6
1
,
4
8
9

G
r
o
s
s

i
n
c
o
m
e

U
S
D
4
6
,
6
5
2
,
1
3
3

5
0
,
4
4
8
,
6
0
2

7
8
,
7
3
4
,
0
7
6

1
1
4
,
8
4
9
,
4
7
4

1
0
6
,
6
3
2
,
8
6
6

7
8
,
9
5
0
,
7
9
3

6
7
,
5
4
2
,
1
0
9

6
3
,
0
9
1
,
8
0
6

8
4
,
6
9
8
,
6
2
1

1
1
6
,
5
3
4
,
3
4
7

7
6
,
5
8
3
,
1
1
3

7
9
,
6
1
9
,
8
4
4

6
9
,
6
2
6
,
5
7
9

3
4
,
4
2
9
,
5
7
4

G
e
n
e
r
a
l
a
n
d

A
d
m
in
is
t
r
a
t
iv
e

c
o
s
t


U
S
D
1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
8
0
0
,
0
0
0

1
0
,
5
0
0
,
0
0
0

4
,
7
5
0
,
0
0
0

F
u
t
u
r
e

in
v
e
s
t
m
e
n
t


U
S
D

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

9
,
7
1
7
,
7
1
6

3
5
,
7
2
7
,
8
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
,
3
0
7

8
,
5
7
9
,
3
0
7

R
o
y
a
l
t
i
e
s

(
3
.
2
%
)

%

4
,
7
2
7
,
7
9
3

4
,
8
4
9
,
2
8
0

5
,
7
5
4
,
4
1
5

6
,
9
1
0
,
1
0
7

6
,
6
4
7
,
1
7
6

5
,
7
6
1
,
3
5
0

5
,
3
9
6
,
2
7
2

5
,
2
5
3
,
8
6
2

5
,
9
4
5
,
2
8
0

6
,
9
6
4
,
0
2
3

5
,
6
8
5
,
5
8
4

5
,
7
8
2
,
7
5
9

5
,
3
7
3
,
1
1
6

2
,
5
2
4
,
5
1
4

D
e
p
r
e
c
i
a
t
i
o
n


U
S
D

2
7
,
8
5
2
,
6
1
5

2
8
,
6
0
0
,
1
3
1

2
9
,
4
0
9
,
9
4
1

3
0
,
2
9
3
,
3
7
0

3
1
,
2
6
5
,
1
4
1

3
2
,
3
4
4
,
8
8
7

3
3
,
5
5
9
,
6
0
2

3
4
,
9
4
7
,
8
4
7

4
0
,
9
0
2
,
4
8
2

4
2
,
6
1
8
,
3
4
3

4
4
,
7
6
3
,
1
7
0

4
7
,
6
2
2
,
9
3
9

5
1
,
9
1
2
,
5
9
2

6
0
,
4
9
1
,
8
9
9

I
n
c
o
m
e

b
e
f
o
r
e

t
a
x
e
s


U
S
D

-
6
,
4
4
5
,
9
9
0

-
3
,
5
1
8
,
5
2
5

2
3
,
0
5
2
,
0
0
4

5
7
,
1
2
8
,
2
8
1

4
8
,
2
0
2
,
8
3
3

2
0
,
3
2
6
,
8
4
0

8
,
0
6
8
,
5
2
0

2
,
3
7
2
,
3
8
1

-
8
,
6
7
6
,
9
4
8

4
7
,
5
7
2
,
6
7
4

6
,
7
5
5
,
0
5
2

6
,
8
3
4
,
8
3
9

-
6
,
7
3
8
,
4
3
6

-
4
1
,
9
1
6
,
1
4
5

T
a
x
e
s


%
3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

3
3
%

U
S
D
0

0

7
,
6
0
7
,
1
6
1

1
8
,
8
5
2
,
3
3
3

1
5
,
9
0
6
,
9
3
5

6
,
7
0
7
,
8
5
7

2
,
6
6
2
,
6
1
1

7
8
2
,
8
8
6

0

1
5
,
6
9
8
,
9
8
2

2
,
2
2
9
,
1
6
7

2
,
2
5
5
,
4
9
7

0

0

I
n
c
o
m
e

a
f
t
e
r

t
a
x
e
s


U
S
D

-
6
,
4
4
5
,
9
9
0

-
3
,
5
1
8
,
5
2
5

1
5
,
4
4
4
,
8
4
3

3
8
,
2
7
5
,
9
4
8

3
2
,
2
9
5
,
8
9
8

1
3
,
6
1
8
,
9
8
3

5
,
4
0
5
,
9
0
8

1
,
5
8
9
,
4
9
5

-
8
,
6
7
6
,
9
4
8

3
1
,
8
7
3
,
6
9
1

4
,
5
2
5
,
8
8
5

4
,
5
7
9
,
3
4
2

-
6
,
7
3
8
,
4
3
6

-
4
1
,
9
1
6
,
1
4
5

M
i
n
e

C
l
o
s
u
r
e

U
S
D
3
0
,
0
0
0
,
0
0
0

N
e
t

i
n
c
o
m
e


U
S
D

-
6
,
4
4
5
,
9
9
0

-
3
,
5
1
8
,
5
2
5

1
5
,
4
4
4
,
8
4
3

3
8
,
2
7
5
,
9
4
8

3
2
,
2
9
5
,
8
9
8

1
3
,
6
1
8
,
9
8
3

5
,
4
0
5
,
9
0
8

1
,
5
8
9
,
4
9
5

-
8
,
6
7
6
,
9
4
8

3
1
,
8
7
3
,
6
9
1

4
,
5
2
5
,
8
8
5

4
,
5
7
9
,
3
4
2

-
6
,
7
3
8
,
4
3
6

-
4
1
,
9
1
6
,
1
4
5

P
O
S
T
-
T
A
X
M
i
n
e
U
S
D

2
6
,
9
1
9
,
5
5
8

5
3
,
8
3
9
,
1
1
5

5
3
,
8
3
9
,
1
1
5

P
r
o
c
e
s
s

U
S
D

3
4
,
7
2
4
,
2
4
8

6
9
,
4
4
8
,
4
9
7

6
9
,
4
4
8
,
4
9
7

A
d
d
i
t
i
o
n
a
l

I
n
f
r
a
s
t
r
u
c
t
u
r
e

U
S
D

1
4
,
3
9
9
,
9
7
2

2
8
,
7
9
9
,
9
4
4

2
8
,
7
9
9
,
9
4
4

C
a
s
h

f
l
o
w

-
7
6
,
0
4
3
,
7
7
8

-
1
5
2
,
0
8
7
,
5
5
6

-
1
5
2
,
0
8
7
,
5
5
6

1
1
,
6
8
8
,
9
0
8

1
5
,
3
6
3
,
8
9
0

3
5
,
1
3
7
,
0
6
8

5
8
,
8
5
1
,
6
0
2

5
3
,
8
4
3
,
3
2
3

3
6
,
2
4
6
,
1
5
4

2
9
,
2
4
7
,
7
9
4

2
6
,
8
1
9
,
6
2
6

-
3
,
5
0
2
,
2
7
3

6
5
,
9
1
2
,
7
2
8

4
0
,
7
0
9
,
7
4
8

4
3
,
6
2
2
,
9
7
4

3
6
,
5
9
4
,
8
4
9

9
,
9
9
6
,
4
4
7

-
3
0
,
0
0
0
,
0
0
0

3
8
0
,
2
1
8
,
8
8
9























1

2

3

4

5

6

7

8

9

1
0

1
1

1
2

1
3

1
4

1
5

-
7
6
,
0
4
3
,
7
7
8

-
1
5
2
,
0
8
7
,
5
5
6

-
1
5
2
,
0
8
7
,
5
5
6

1
1
,
6
8
8
,
9
0
8

1
5
,
3
6
3
,
8
9
0

3
5
,
1
3
7
,
0
6
8

5
8
,
8
5
1
,
6
0
2

5
3
,
8
4
3
,
3
2
3

3
6
,
2
4
6
,
1
5
4

2
9
,
2
4
7
,
7
9
4

2
6
,
8
1
9
,
6
2
6

-
3
,
5
0
2
,
2
7
3

6
5
,
9
1
2
,
7
2
8

4
0
,
7
0
9
,
7
4
8

4
3
,
6
2
2
,
9
7
4

3
6
,
5
9
4
,
8
4
9

9
,
9
9
6
,
4
4
7

-
3
0
,
0
0
0
,
0
0
0

N
P
V

(
5
%
)

(
U
S
D
)

-
7
5
,
3
9
6
,
4
3
4

I
R
R

1
.
6
0
%

R
e
c
o
v
e
r
y

o
f

I
n
i
t
i
a
l

i
n
v
e
s
t
m
e
n
t


n
a
y
e
a
r
s

P
R
E

-
T
A
X

C
a
s
h

f
l
o
w

-
7
6
,
0
4
3
,
7
7
8

-
1
5
2
,
0
8
7
,
5
5
6

-
1
5
2
,
0
8
7
,
5
5
6

1
1
,
6
8
8
,
9
0
8

1
5
,
3
6
3
,
8
9
0

4
2
,
7
4
4
,
2
2
9

7
7
,
7
0
3
,
9
3
5

6
9
,
7
5
0
,
2
5
8

4
2
,
9
5
4
,
0
1
1

3
1
,
9
1
0
,
4
0
6

2
7
,
6
0
2
,
5
1
2

-
3
,
5
0
2
,
2
7
3

8
1
,
6
1
1
,
7
1
0

4
2
,
9
3
8
,
9
1
5

4
5
,
8
7
8
,
4
7
1

3
6
,
5
9
4
,
8
4
9

9
,
9
9
6
,
4
4
7

-
3
0
,
0
0
0
,
0
0
0

3
8
0
,
2
1
8
,
8
8
9























1

2

3

4

5

6

7

8

9

1
0

1
1

1
2

1
3

1
4

1
5

-
7
6
,
0
4
3
,
7
7
8

-
1
5
2
,
0
8
7
,
5
5
6

-
1
5
2
,
0
8
7
,
5
5
6

1
1
,
6
8
8
,
9
0
8

1
5
,
3
6
3
,
8
9
0

4
2
,
7
4
4
,
2
2
9

7
7
,
7
0
3
,
9
3
5

6
9
,
7
5
0
,
2
5
8

4
2
,
9
5
4
,
0
1
1

3
1
,
9
1
0
,
4
0
6

2
7
,
6
0
2
,
5
1
2

-
3
,
5
0
2
,
2
7
3

8
1
,
6
1
1
,
7
1
0

4
2
,
9
3
8
,
9
1
5

4
5
,
8
7
8
,
4
7
1

3
6
,
5
9
4
,
8
4
9

9
,
9
9
6
,
4
4
7

-
3
0
,
0
0
0
,
0
0
0

U
P
D
A
T
E
D

P
R
E
L
I
M
I
N
A
R
Y

E
C
O
N
O
M
I
C

A
S
S
E
S
S
M
E
N
T

O
N

T
H
E

A
N
G
O
S
T
U
R
A

G
O
L
D
-
S
I
L
V
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 257
22.2 Summary Results of the Economic Analysis
A summary of the preliminary economic analysis is shown in Table 22-15 and is as follows:

All four process alternatives for concentrates show positive returns with BIOX being the most economically
beneficial method evaluated.

Production between 222,000 and 303,000 gold equivalent ounces per annum for 10 years with average
annual production of 269,000 gold equivalent ounces (gold equivalence ratio of 42.5:1 between silver and
gold).

For the best option (BIOX) the updated PEA indicates the following:

Cash Costs of USD494/oz (Total costs of USD702/oz) over the life of mine including silver by-product
credits.

Pre-tax internal rate of return (IRR)* of 20.5%.

Post-tax IRR* of 14.8%.

Estimated initial capital cost of USD529 million.

Pre-tax net present value (NPV)* (5% discount) of USD574.6 million.

Post-tax NPV* (5% discount) of USD334.5 million.

An in-stope resource brought to account of 13.98 Mt @ 4.23g/t Au & 17.77g/t Ag of Indicated resource and
7.19 Mt @ 4.20 g/t Au &18.99 g/t Ag of Inferred resource (constrained by gold equivalent cut-off grade of
2.5 g/t).

Mine life of 10 years @ 6,000 tonnes production per day (tpd).


* Based on a gold price of USD1,200/oz and a silver price of USD18.25 in the first two years followed by a life of
mine price of USD1,200/oz for gold and USD15.85/oz for silver.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 258
Table 22-15 Economic Evaluation.
Concentrate
sales
Roaster POX BIOX
Dor incl Oxide Plant Oz 12,872,089 13,488,099 12,995,291
Au in dor Oz 2,428,374 2,540,803 2,450,860
Ag in dor Oz 10,443,715 10,947,295 10,544,431

Mine cost USD/t 38.3 38.3 38.3 38.3
Process cost USD/t 10.8 27.9 24.8 24.3
G&A USD/t 5 5 5 5
Selling USD/oz 5 5 5
Royalties % 3.2% 3.2% 3.2% 3.2%
Total Cost USD/oz 703 687 702

Mine & Infrastructure USD Million 206.6 264.8 264.8 264.8
Plant USD Million 173.6 316.9 334.6 264.1
Total Capital USD Million 380.2 581.7 599.5 528.9
NPV 5% pre-tax USD Million 194.1 370.1 579.9 574.6
IRR pre-tax % 13.0% 14.9% 19.1% 20.5%

NPV 5% post-tax USD Million 87.1 193.2 332.3 334.5
IRR post-tax % 9.0% 10.5% 13.8% 14.8%
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 259
22.3 Sensitivity Analysis
A sensitivity analysis of the Project is shown in Table 22-16 which indicates that the project NPV is most
sensitive to feed grade and metal price followed by operating costs and then capital costs
Table 22-16 Post-tax sensitivity to gold price (NPV 5%).
BIOX USD1,200/oz USD1,400/oz USD1,700/oz
NPV USD Million 334.5 584.2 950.9
IRR % 14.8 20.7 28.1
Payback yrs 5.5 4.3 3.2
22.4 Summary

According to the preliminary economic evaluation, the application of the OME-BIOX process results in the
highest NPV and IRR (NPV 5% post-tax). A summary of preliminary economic evaluations for the four
metallurgical process options (BIOX, POX, ROAST and Concentrate Sale) is shown in Table 22.15.

The preliminary economic evaluation was analyzed and estimated for a 2.5 g/t AuEq cut-off grade in the
base case scenario (1200 USD/oz Au price) and 90% of mineral recovery from pillars were considered.

Mining capital and operating expenses were estimated by Golder, based on benchmarking and used in
agreement with Eco Oro for this preliminary economic evaluation.

The estimated process capital and operating expenditure was based on information prepared by TWP and
submitted to Golder; this information was reviewed and accepted by Eco Oro and was validated by Golder
for use in the preliminary economic evaluation; the CAPEX and OPEX were calculated for a combined
process plant (Sulphide process and Oxide + Transitional process) with a precision of +/-30% for capital
expenses and +/-20% for operating expenses, and have been prepared according to the mining production
plan and rate.

Two and a half years have been considered for the mine development. In addition, construction of the mine
main infrastructure such as workshops, loading pockets, and primary crusher will have to be completed
during the same period, prior to the mining start-up.

Future investments for equipment replacement and additional infrastructure, as well as, works on surface
(Survey, Roads and Drainage, Power Distribution, Fuel, and general services) were considered in the Base
Case over the LOM. After year 7 overhaul for plant and mine equipment is considered.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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Report No. 12-03-27_026_119-415-5030_IF 260
23.0 ADJACENT PROPERTIES
There are a number of small-scale mining operations in the area of the Angostura project run by Colombian
nationals and cooperatives.
AUX Canada (AUX formerly Ventana Gold Corp) owns 96,7% of the mineral rights of La Bodega property
(Ventana Gold Corp., 2011) which immediately adjoins the Angostura property. AUX has drilled more than
104,774 metres in more than 306 drillholes defining 4 mineralized zones, La Bodega (Extension of Angostura),
La Mascota, Las Mercedes and Aserradero (www.ventanagold.com, 2010). On March 16, 2011 Ventana Gold
Corp, the previous owner of these properties was acquired by AUX.
AUX holds the California-Vetas property most of which is located well to the south of the Angostura deposit, to
the west of the municipality of Vetas. However, two small parcels, of concessions 328-68 and 0072-68 are
located immediately to the south-east of the Angostura deposit.
Galway Resources Ltd. (TSX-V:GWY) and Calvista Gold Corporation have agreements over the California-Vetas
district, including a land position along strike and adjacent to (south west) Ventanas La Mascota area and are
conducting a drilling program in California. Galway acquired the Reina de Oro gold property in Vetas
(www.galwayresources.com, 2010).
Leyhat Colombia and its subsidiary CB Gold has mineral properties in the California-Vetas distict, but this
company does not have adjacent properties.
24.0 OTHER RELEVANT DATA INFORMATION
24.1 Areas excluded from mining
The 2001 Mining Code, as well as the 2010 Amendment and Law 1450, 2011 (the National Development Plan)
define the existence of areas that may be excluded from mining activities, such as regional parks and pramo
ecosystems. For an area to be excluded from mining, the geographic boundary must have been determined by
the relevant environmental authority based on technical, social and environmental studies, which support the
incompatibility of mining activities, or in the specific case of pramo ecosystems, which support the existence of
said ecosystems. Currently both the Ministry of Environment and Sustainable Development and CDMB are
working on the definition of a regional park, as well as a pramo ecosystem in the area where the Angostura
Project is located. A final decision on the regional park and pramo ecosystem will be made by the Ministry of
Environment and Sustainable Development and the CDMB.
On this matter the Ministry of Mines and Energy issued a non-binding opinion to the CDMB regarding the
possible declaration of a regional park in the area of the Angostura Project. In the opinion, the Ministry of Mines
and Energy noted the importance of the mineral resources found in the area and specifically, the economic
importance of the Angostura deposit and recommended excluding the Angostura deposit from any regional park.
In addition, the Ministry of Mines and Energy considered that pramo ecosystem comprises 3 ecosystems:
superpramo, pramo and sub-pramo and therefore that the high Andean forest and the Andean forest (i.e. the
ecosystems below sub-pramo) should not be considered within the definition of pramo ecosystem. Based on
the Alexander von Humboldt Institutes Atlas of Pramos, the Angostura deposit is located in the high Andean
forest and the Andean forest.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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Report No. 12-03-27_026_119-415-5030_IF 261
24.2 Hydrology
The area of the proposed mine development at Angostura is located within the catchment of the Rio Vetas river
which has a total surface area of approximately 156 km2. The main tributaries and sub-catchments within the
Rio Vetas catchment and their respective surface areas are shown in Figure 24-1 and summarized in Table
24-1. The Rio Vetas and a majority of its constituent tributaries flow to the west joining the Rio Surata river
which in turn flows to the south west to join the major drainage system of the Lebrija River.
A majority of the head water tributary streams of the Rio Vetas are fed by more gently sloping, U shaped
hanging valleys such as the Qda Angostura, Qda Paez, Qda El Salado, Qda Cunta and Qda Agua Tendida,
(Figure 2.5). The lower lying areas of these hanging valleys are characterised by peaty organic soils and local
wetland areas. These upper hanging valleys also host small lakes which are important sources of surface water
and maintain continued downstream flow to these streams during the drier months of December through to
March and July and August.
A number of lakes are located along the eastern catchment boundary of the Rio Vetas, in the upper reaches of
the Qda Paez stream, Qda El Salado, Qda Cunta, and Qda Aguatendida streams. Two lakes are located in the
upper reaches of the Paez stream (Laguna de Paez) and the Mongora stream (Laguna la Virgin). These are
remnant glacial lakes which have formed following the retreat of valley glaciers
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UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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Report No. 12-03-27_026_119-415-5030_IF 263
Table 24-1 Sub Catchment Areas.
No Sub Catchment
Catchment
area (km)
1 Qda El Salado 22.89
2 Qda Cunta 10.27
3 Qda Mogotococo 5.87
4 Qda Agua de Pramo 14.97
5 Qda la Plata 13.21
6 Qda Mongora 13.79
7 Qda Mataperro 7.04
8 Qda Angostura 9.39
8b Qda Paez 9.39
8c Qda La Baja 15.55
9 Lower Vetas / Ramada Vieja 17.31
10 Qda Chumbulla Upper 8.22
10b Qda Chumbulla Lower 7.63
Total 155.5
The only continuous record of stream flow measurements in the Rio Vetas catchment is for the Puenta Panega
gauging station, located immediately upstream of the point of confluence of the Rio Vetas with the Rio Surata.
Over the period of 1971 to 2001 an average annual flow of 2.57m3/s was recorded at the Puente Panega station
on the Rio Vetas. Stream flow is in the Rio Vetas and many of its principal tributaries is perennial, with maximum
flows recorded during the wetter months of April to May and October to November and minimum flows occurring
during the drier months of January to February and July to August. The long term average stream flows for the
Rio Vetas river represent a catchment wide runoff coefficient of 0.44, relative to mean annual precipitation over
the catchment area. During the drier months, low flows in the Rio Vetas, and many of its principal tributaries, are
sustained through groundwater discharge. Base flow analysis of the stream flow data, indicates a mean annual
base flow of 1.03 m/s, equivalent to approximately 18% of the mean annual rainfall.
Although no continuous stream flow monitoring data is available for the streams in the project area, stream flow
has been monitored as part of the programme of baseline studies. These stream flow measurements have been
made by Eco Oro field staff at the following locations since August 2008.

Quebrada Angostura stream Q. Martino, Q Angostura.

Quebrada Paez stream Q. Paez, Q Paez Nevera, Q. Paez Escuela.

Quebrada El Pozo stream Q. El Pozo, Q. El Pozo Final.

Quebrada Mongora stream Q. Las Puentes, Q. La Virgen.


UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 264
Flows were also monitored on La Baja River, downstream of the confluence of the Angostura, Paez and El Pozo
streams. The measured flows at the La Baja vary from 845 l/s in November 2008 to 210 l/s in January 2009.
The individual stream flow measurements show clearly the direct response of runoff to increased precipitation
during the months of September and October and the reduction in flows during subsequent dry months of
December to February. Continued flow throughout drier months indicates the important contribution of local
groundwater discharge. The relatively high dry season baseflow observed at the Paez and Mongora (La Virgen)
monitoring points, is likely due to delayed yield or release of bank storage from the lake areas in each of the
respective headwaters of these streams.
24.3 Water and Sediment Management (SWS)
Separate and independent conveyance and storage systems were designed for management of non-contact and
contact water throughout the operating mine life:

Non-contact water comes from areas not disturbed by the mining project, regardless of its quality; this is
water from natural channels that will be intercepted, diverted and discharged into channels located downstream
the project facilities. Non-contact water will be managed mainly through diversion works around the mining
structures and eventually through water storage structures in case this is required by the project. As for the
Angostura project, this project will not change the sediment charge of water from the upper part of the involved
basins; therefore, no sediment control structures have been considered. Figure 24-2 shows the infrastructure
considered for non-contact water management.

Contact water: this is all water which through some mechanism will be affected by the mining activities,
and will require special handling or treatment prior to releasing it to a natural stream course to ensure
compliance with corresponding Colombian and international (IFC) water quality standards. Contact water is
generated when natural occurring waters come into contact with mining infrastructure or mining generated waste
rock materials that alter its physical-chemical properties. This classification also includes water from disturbed
mining activity areas with potential for generation of high sediment loads. In this case, contact water with high
sediment load will be conveyed to sediment ponds to facilitate settlement of suspended sediments.
Subsequently contact water will be conveyed to an acid water treatment plant (AWTP) prior to its use in mineral
processing or discharge to natural stream or river courses. Figure 24-3 presents a plan with the proposed layout
of all contact water management and sediment control infrastructure.
Due to the topographical layout of the facilities and sediment ponds considered, all contact water will be
conveyed to the AWTP via a pumping system, with the exception of contact water collected from the sediment
pond at the El Pozo tailings storage facility which will be conveyed by gravity.
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Figure 24-2 Non-contact Water Management Infrastructure.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 266
Figure 24-3 Contact water and Sediment Management Infrastructure.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
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Report No. 12-03-27_026_119-415-5030_IF 267
25.0 INTERPRETATION AND CONCLUSIONS
Golder has reviewed the project data and the drillhole database and has visited the project site. Golder believes
that the data provided by Eco Oro, as well as the geological interpretations Eco Oro and their agents have derived
from the data, are generally an accurate and reasonable representation of the Angosturas mineralized structures.
The block grade estimates have been derived using methodology and parameters that are appropriate for the
observed spatial continuity of grades and style of mineralization. The mineral resources disclosed in this
Technical Report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing
Committee on Reserve Definitions.
The preliminary economic evaluation was analyzed and estimated for a 2.5 g/t AuEq cut-off grade for the base
case scenario (1200 USD/oz Au price), and 90% of mineral recovery from pillars were considered.
Mining capital and operating expenses were estimated by Golder, based on benchmarking and used in
agreement with Eco Oro for this preliminary economic evaluation.
The estimated process capital and operating expenditure was based on information prepared by TWP and
submitted to Golder; this information was reviewed and accepted by Eco Oro and was validated by Golder for use
in the preliminary economic evaluation; the CAPEX and OPEX were calculated for a combined process plant
(Sulphide process and Oxide + Transitional process) with a precision of +/-30% for capital expenses and +/-20%
for operating expenses, and have been prepared according to the mining production plan.
The findings of this updated PEA provide compelling arguments to complete exploration and infill drilling and
proceed with the development of a Preliminary Feasibility Study (PFS) for an underground only operation at
Angostura.
26.0 RECOMMENDATIONS
The compelling economics derived in this assessment support drilling aimed at upgrading the existing Inferred
mineral resources and checking the extension of recognized mineralized structures. In this regard there is an
ongoing 45,000 m diamond drilling campaign designed to enhance the confidence level of some of the Inferred
resources and expand the current underground resource.
The following studies should be carried out to support the next phase of project development:

A resource estimation update to include all information acquired during 2011.

Trade-off studies including different processing options and mining schedules.

Further metallurgical testing to optimize process parameters and project economics.

Geotechnical characterization program including oriented drilling to support mine design and costing.

Trade-off studies in phasing of initial capital investment such as delaying treatment of oxide and transitional
resources.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
March 23, 2012
Report No. 12-03-27_026_119-415-5030_IF 268
27.0 REFERENCES

Bustos, K, Pizarro, J, 2011: Angostura Underground Mine, Metallurgical Assessment by Alquimia


Conceptos S.A.. Unpublished technical memorandum to Americo Delgado, April, 2011.

Canadian Institute of Mining, Metallurgy and Petroleum (CIM), 2000: CIM Standards for Mineral Resources
and Mineral Reserves, Definitions and Guidelines: Canadian Institute of Mining, Metallurgy and Petroleum,
August, 2000 http://www.jogmec.go.jp/mric_web/tani/cimstandard.pdf.

Canadian Institute of Mining, Metallurgy and Petroleum (CIM), 2003: Estimation of Mineral Resources and
Mineral Reserves, Best Practice Guidelines: Canadian Institute of Mining, Metallurgy and Petroleum,
November 23, 2003, http://www.cim.org/committees/estimation2003.pdf.

Canadian Institute of Mining, Metallurgy and Petroleum (CIM), 2005: CIM Standards for Mineral Resources
and Mineral Reserves, Definitions and Guidelines: Canadian Institute of Mining, Metallurgy and Petroleum,
December 2005, http://www.cim.org/committees/CIMDefStds_Dec11_05.pdf.

Canadian Securities Administrators (CSA), 2005: National Instrument 43-101, Standards of Disclosure for
Mineral Projects, Canadian Securities Administrators.

Einaudi, M.T., Hedenquist, J., and Inan, E., 2003: Sulfidation State Of Fluids In Active And Extinct
Hydrothermal Systems: Transitions From Porphyry To Epithermal Environments: in Simmons, S.F. and
Graham, I.J., eds., Volcanic, Geothermal, And Ore-Forming Fluids: Rulers And Witnesses Of Processes
Within The Earth (Giggenbach Volume): Society of Economic Geologists Special Publication 10, pp. 285
313.

Felder, F., 2004, Social Aspects of Developing a Mining Project in an Area of Conflict. Angostura Project
Colombia. Paper presented at Symposium de Oro, Lima, Peru on May 6, 2004.

Felder, F., Spat, A. & Silva, R., 2000: Angostura Project, A High Sulphidation Gold Silver Deposit located in
the Santander Complex of North Eastern Colombia. Paper presented at Simposio de Oro, Lima, Per, May
2000.

Felder, F., Ortiz, G., Campos, C, Monsalve, I., Silva, A. & Horner, J, 2005: Angostura Project, A High
Sulfidation Gold-Silver Deposit located in the Santander Complex of North Eastern Colombia. Paper given a
the Newgen Conference, Perth, Australia, November 2000.

Golder Associates, 1999: Prefeasibility Design Report, Angostura Project. Heap Leach Pad, Tailings
Impoundment, Waste Rock Storage and Surface Water Storage Area: unpublished report prepared by
Golder Associates for Eco Oro, 17 March, 1999.

Hedenquist, J.W., 2005: Epithermal Gold Deposits: Styles, Characteristics, and Exploration, XVI Congreso
Geologico Argentino, 1819 September, Mendoza, Argentina.

Hedenquist, J.W., Arribas, A., and Reynolds, T.J., 1998: Evolution of an Intrusion-centered Hydrothermal
System: Far Southeast Lepanto porphyry and epithermal Cu-Au deposits, Philippines: Economic Geology, v.
93, pp. 374404.

Hedenquist, J.W., Arribas, A.Jr., and Gonzalez-Urien, E., 2000, Exploration for epithermal gold deposits:
Reviews in Economic Geology, v. 13, pp. 245277.

Harris, F., 1998: Petrographic Examination of Thirty samples from the Angostura Project: unpublished report
prepared by Vancouver Petrographics for Eco Oro, September 23, 1998

Horner, J., 2005: Structural Geology and Tectonics of the Angostura Project Area: unpublished final draft
report prepared by iC consulenten for Eco Oro, May 4, 2005.
UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE
ANGOSTURA GOLD-SILVER UNDERGROUND PROJECT
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Report No. 12-03-27_026_119-415-5030_IF 269

Horner, J., 2008: Geological, Geotechnical and Rock Mechanical Services at Kinross Technical Services,
1999 Angostura Underground Mining Examination: unpublished report prepared by iC consulenten for Eco
Oro October 12, 1999.

Lavens, T., 1999: 1998 Audit of Drill Core Assay Results Contained in the Angostura Database: unpublished
memorandum to S. Ristorcelli of Mine Development Associates, February 15, 1999.

NCL, Alquimia, 2011: Eco Oro Resources, Angostura Underground Mine - Scoping Study, Final Report.
Unpublished internal study, January 2011.

Sillitoe, R.H., 1995: Exploration of porphyry copper lithocaps, in Pacific Rim Congress 95, 1922 November
1995, Auckland, New Zealand, proceedings: Carlton South, The Australasian Institute of Mining and
Metallurgy, p. 527532.

Sillitoe, R.H., and Hendenquist, J.W., 2003: Linkages between Volcanotectonic Settings, Ore-fluid
Compositions, and Epithermal Precious-metal Deposits: Society of Economic Geologists Special Publication
10, 2003, pp. 315343.

Smee, B., 2005a: Interim Recommendations for Quality Control Procedures, Angostura Project, Colombia:
unpublished report prepared by Smee Consultants for Eco Oro, August 2005.

Smee, B., 2005b: A Review of Quality Control Data, August to December, 2005: unpublished report
prepared by Smee Consultants for Eco Oro, December 2005.

Smee, B., 2007: A Review of Quality Control Data, January 2006 to May, 2007: unpublished report prepared
by Smee Consultants for Eco Oro, July 2007.

Smee, B., 2008: A Review of Quality Control Data, October 2008, Angostura Project, Colombia: unpublished
report prepared by Smee Consultants for Eco Oro, October 2008.

Smee, B., 2010: A Review of Quality Control Data, September 2010, Angostura Project, Colombia:
unpublished report prepared by Smee Consultants for Eco Oro, September 2010.

Thompson, A., 2004: Petrographic Report, Angostura Project: unpublished report prepared by PetraScience
Consultants Inc. for Eco Oro, 23 June 2004.

Thompson, A., 2005a: Petrographic Report, Angostura Project: unpublished report prepared by
PetraScience Consultants Inc. for Eco Oro 14 January 2005.

Thompson, A., 2005b: SEM Analysis of Gold- and Silver-Bearing Minerals from the Angostura Project:
unpublished report prepared by PetraScience Consultants Inc. for Eco Oro 30 June 2005.

Thompson, A., 2005c: Petrographic Report A & B (part 2), Angostura Project: unpublished report prepared
by PetraScience Consultants Inc. for Eco Oro 26 September 2005.

Thompson, A., 2005d: Petrographic Report, Angostura Project: unpublished report prepared by
PetraScience Consultants Inc. for Eco Oro, 16 December 2005.

Golder Associates, 2011: Resources Estimation Review for the Angostura Gold project, 5 December 2011.

Golder Associates, 2011: Technical Studies for the Underground Mine, October 2011.

Golder Associates, 2011: Preliminary Economical Evaluation for Base Case, October 2011
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28.0 DATE AND SIGNATURE PAGE
The effective date of this Technical Report, entitled Updated Preliminary Economic Assessment on the
Angostura Gold-Silver Underground Project, Santander Department, Colombia is March 23, 2012.
GOLDER ASSOCIATES PER S.A.
Marcelo Godoy Marivalda Marques
Principal, Ore Evaluation Services/QP Project Manager
MG/MM/lc
c:\users\mgodoy\desktop\12-03-27_016_119-415-5030_rev3.docx
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Report No. 12-03-27_026_119-415-5030_IF
APPENDIX A
Certificates of Qualified Persons
CERTIFICATE OF QUALIFIED PERSON
Marcelo Godoy, PhD
As principal author of the Technical Report entitled Updated Preliminary Economic Assessment on
the Angostura Gold-Silver Underground Project, Santander Department, Colombia, dated 23
March 2012, on the Angostura Property of Eco Oro Minerals Corporation (the Report), I hereby
make the following statements:
My name is Dr Marcelo Godoy and my title is Principal, Ore Evaluation Services with the firm of
Golder Associates S.A., with a business address at Magdalena 181 piso 3, Las Condes,
Santiago, Chile. My residential address is Onofre Jarpa 9476, La Reina, Santiago, Chile.
My formal education qualifications include PhD (Doctor of Philosophy) in Mining Engineering
from the University of Queensland (2002), MSc (Master of Science) in Mineral Economics from
the Federal University of Rio Grande do Sul, Brazil and BEng (Bachelor of Engineering) in
Mining from the Federal of Rio Grande do Sul (1995).
I am a practising Geostatistician and Mining Engineer and a Chartered Professional and
Member in good standing of the Australasian Institute of Mining and Metallurgy (MAusIMM).
I have practiced my profession continuously since 1996.
I have read the definition of qualified person set out in National Instrument 43-101 (NI 43-101)
and certify that, by reason of my education, affiliation with a professional association (as
defined in NI 43-101) and past relevant work experience, I fulfil the requirements to be a
Qualified Person for the purpose of NI 43-101.
My relevant experience with respect to the Angostura Gold Deposit includes over 15 years
experience in Mineral Resource and Mineral Reserve estimation for epithermal gold deposits,
grade control, sampling studies and evaluation of mining projects.
I have no prior involvement with the Property that is the subject of the Technical Report.
I have supervised and reviewed the work carried out by Eco Oro and their agents for the
estimation of mineral resources and mineral reserves for the Angostura underground project. I
am also responsible for the preparation of the Sections 1-12, 14-16, 18.1, 18.2, 19-23 and 25-
27 and take responsibility as a principal author of this Technical Report titled Updated
Preliminary Economic Assessment on the Angostura Gold-Silver Underground Project,
Santander Department, Colombia, dated 23 March 2012. I have personally visited the property
from 1 to 5 August 2011.
As of the date of this Certificate, to my knowledge, information and belief, the section of this
Technical Report for which I am responsible contain all scientific and technical information that
is required to be disclosed to make the Technical Report not misleading.
I am independent of the Issuer as defined by Section 1.5 of the Instrument.
I have read National Instrument 43-101 and the sections in this Technical Report have been
prepared in compliance with National Instrument 43-101, Companion Policy 43-101CP and
Form 43-101F1.
Signed and dated this 23
nd
day of March, 2012 at Santiago, Chile
Original Document signed by
Dr M C Godoy, MAusIMM (CP).
Principal, Ore Evaluation Services
Signature
CERTIFICATE OF QUALIFIED PERSON
Jonathan Engels, PhD
As reviewer of the sections corresponding to the Alternatives Analysis and Conceptual Design of the
Tailings Storage Facility, contained within the Updated Preliminary Economic Assessment on the
Angostura Gold-Silver Underground Project, Santander Department, Colombia, dated 23 March 2012, on the
Angostura Property of Eco Oro Minerals Corporation (the Report), I hereby make the following statements:
My name is Jon Engels and I am employed as Project Engineer II with Knight Pisold S.A. with a
business address at Vitacura 4380, Piso 17, Vitacura, Santiago, Chile.
I am a graduate of the Department of Mining and Mineral Engineering, University of Leeds, UK with
M. Eng in Mineral Industry Environmental Engineering.
I attained PhD in An Expert Management System for Surface Tailings Storage from the Energy &
Resources Research Institute, University of Leeds, UK.
I am practicing civil engineer and a Professional Member and Chartered Engineer in good standing of the
Institute of Materials, Minerals and Mining (IMMM).
I have practiced my profession continuously since graduation.
I have read the definition of Qualified Person set out in National Instrument 43-101 (NI 43-101) and
certify that, by reason of my education, affiliation with a professional association (as defined in NI 43-
101) and past relevant work experience, I fulfill the requirements to be a Qualified Person for the
purpose of NI 43-101.
My relevant experience with respect to the design of the Tailings Storage Facility for the Angostura
Project includes over 8 years in tailings facility design and management in Europe, Asia, Australia and
Latin America.
I have reviewed of all of the sections of the technical report titled Alternatives Analysis and Conceptual
Design of the Tailings Storage Facility, utilised within the technical report titled Updated Preliminary
Economic Assessment on the Angostura Gold-Silver Underground Project, Santander Department,
Colombia, dated 23 March, 2012.
I have had no other involvement with the Property that is the subject of the Technical Report.
As of the date of this Certificate, to my knowledge, information and belief, the sections of this Technical
Report for which Knight Pisold are responsible contains all scientific and technical information that is
required to be disclosed to make the Technical Report not misleading.
I am independent of the Issuer as defined by Section 1.5 of the Instrument.
I have read National Instrument 43-101 and the sections of the Technical Report for which Knight Pisold
is responsible have been prepared in compliance with National Instrument 43-101, Companion Policy 43-
101CP and Form 43-101F1.
Signed and dated this 23
nd
day of March 2012 at Santiago, Chile.
Original Document signed by
Jonathan Engels PhD, MIMMM CEng.
Project Engineer II, Knight Pisold
________________________________
Signature
Certificate of Rowan McKittrick
I, Rowan McKittrick, of Shrewsbury, Shropshire, UK, as contributing author to the technical report
entitled Updated Preliminary Economic Assessment on the Angostura Gold-Silver Underground
Project, Santander Department, Colombia, dated 23
rd
March 2012, do hereby certify the
following:
I am employed as a Principal Hydrogeologist with Schlumberger Water Services Ltd. with
a business address at The Pump House, Coton Hill, Shrewsbury, Shropshire, SY1 2DP,
UK.
I am a graduate of the University of Western Ontario, Canada (B.Sc. (Honours) Geology,
1985) and completed an M.Sc. in Hydrogeology at University College London in 1988.
I am a Fellow of the Geological Society of London and qualified as a Chartered Geologist
in 1992 (Fellowship No: 1000684).
I have been in practice as a professional geologist and hydrogeologist since graduation.
I have read the definition of Qualified Person set out in National Instrument 43-101 (NI
43-101) and certify that, by reason of my education, affiliation with a professional
association (as defined in NI 43-101) and past relevant work experience, I fulfill the
requirements to be a Qualified Person for the purpose of NI 43-101.
My relevant experience with respect to the Angostura underground mine project includes
over 15 years in development of water resource, mine dewatering and mine water
management assessments for precious and base metal mine feasibility projects and
operating mines in Africa Europe and Latin America.
I am responsible for the preparation of the hydrological, hydrogeological and geo-
environmental components of this technical report as described in Sections 18.3, 18.4 and
24 and dated 23
rd
March 2012.
As of the date of this Certificate, to the best of my knowledge, the sections of this technical
report for which I am responsible contain all scientific and technical information that is
required to be disclosed to make the technical report not misleading.
I am independent of the Issuer as defined by Section 1.4 of the Instrument. I have read
National Instrument 43-101 and the sections for which I am responsible in this Technical
Report have been prepared in compliance with National Instrument 43-101 and Form 43-
101F1.
Signed, stamped and dated this 23rd day of March 2012 at Shrewsbury, Shropshire, UK.
Rowan McKittrick, M.Sc., CGeol.
Golder Associates Per S.A.
Edificio Miracorp. Av. La Paz 1049
Piso 7, Miraflores
Lima 18
Per
T: +51 (1) 610 1700

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