As of December 31, 2011, Lapa had 2.4 million tonnes of proven and probable reserves grading 6.5 grams of gold per tonne and containing 501,000 ounces of gold.

Lapa Mine Mineral Reserve & Resource Data
As of December 31, 2011
CATEGORY & OPERATION	Au (g/t)	Ag (g/t)	Cu (%)	Zn (%)	Pb (%)	Ag (x000)	Au(oz) (x000)	Tonnes (x000)
Proven Reserves
Underground	6.45	-	-	-	-	-	217	1,044
Probable Reserves
Underground	6.61	-	-	-	-	-	285	1,340
Proven & Probable Reserves	6.54	-	-	-	-	-	501	2,384
Indicated Resources
Underground	4.08	-	-	-	-	-	258	1,964
Inferred Resources
Open Pit (Zulapa)	2.79	-	-	-	-	-	45	496
Underground	9.09	-	-	-	-	-	65	223
Total Inferred Resources	4.74	-	-	-	-	-	110	719

^{*Mineral reserves are not a subset of mineral resources.}

Please refer to the Company press release dated February 15, 2012 for further details on the mineral reserves and resources. The technical information has been prepared under the supervision of, and reviewed by, Marc Legault P.Eng., Senior Vice-president Project Evaluation, and a “Qualified Person” for the purposes of National Instrument 43-101. The Qualified Person responsible for the Lapa mineral reserves estimate is Normand Bédard, P.Geo., the Superintendent of Geology for the Lapa Division.