Pinos Altos (including Creston Mascota) had approximately 47 million tonnes of proven and probable reserves grading 2.1 grams of gold per tonne and 58.8 grams of silver per tonne, containing 3.1 million ounces of gold and 89 million ounces of silver, as of December 31, 2011.
 

Pinos Altos & Mascota Mines Mineral Reserve & Resource Estimate
As of December 31, 2011
CATEGORY & OPERATION	Au (g/t)	Ag (g/t)	Cu (%)	Zn (%)	Pb (%)	Ag(oz) (x000)	Au(oz) (x000)	Tonnes (x000)
Proven Reserves
Open Pit (Stockpiles)	0.80	13.82	-	-	-	377	22	848
Underground	2.59	79.73	-	-	-	2,919	95	1,139
Total Proven Reserves	1.83	51.59	-	-	-	3,296	117	1,987
Probable Reserves
Open Pit	1.68	37.51	-	-	-	23,634	1,059	19,599
Underground	2.38	76.02	-	-	-	61,578	1,927	25,193
Total Probable Reserve	2.07	59.17	-	-	-	85,212	2,986	44,792
Total Proven & Probable Reserves	2.06	58.85	-	-	-	88,508	3,103	46,779
Indicated Resources
Open Pit	0.95	12.25	-	-	-	3,770	293	9,574
Underground	1.55	41.95	-	-	-	14,838	549	11,002
Total Idicated Resources	1.27	28.13	-	-	-	18,607	842	20,576
Inferred Resources
Open Pit	0.88	18.47	-	-	-	11,974	571	20,159
Underground	2.22	51.17	-	-	-	4,860	211	2,954
Total Inferred Resources	1.05	22.65	-	-	-	16,833	782	23,113

^{*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 Pinos Altos mineral reserves estimate is Dyane Duquette, P.Geo., Superintendent of Geology, Technical Services Group.