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Operations
Operations

San Andres Mineral Reserves and Resources

Increase in Mineral Reserves and Mineral Resources announced in May 2014
  • a 44% increase in total Proven and Probable Mineral Reserves and a 1.7% increase in Measured and Indicated Mineral Resources
  • planned tonnage increase going forward to approximately 7 Mt of processed material per year
  • current and anticipated reduction in operating costs
SAN ANDRES (as of December 31, 2013)
 Mineral Reserve Category Tonnes (000) Gold Grade (g/t) Contained Gold Ounces (000)
 Proven  14,714  0.50  237
 Probable  53,388  0.52  892
 Proven and Probable  68,102  0.52  1,129


  1. The mineral reserve estimates are based on an optimized pit, which has been made operational, using $1,300/oz gold.
  2. The cut-off grade used was 0.28 g/t for oxide material and 0.37 g/t for mixed material.
  3. Contained metal figures may not add due to rounding.
  4. Surface topography as of December 31, 2013.

 Mineral Resource Category


 Measured  16,238  0.48  252
 Indicated  88,603  0.49  1,407
 Measured & Indicated  104,841  0.49  1,660
 Inferred  4,348  0.49  69



  1. The Mineral Resource estimate is based on an optimized shell using $1,600/oz gold.
  2. The cut-off grade used was 0.23 g/t for oxide material and 0.30 g/t for mixed material.
  3. Contained metal figures may not add due to rounding.
  4. Surface topography as of December 31, 2013, and a 200m river offset restriction have been imposed.
  5. Mineral Resources are inclusive of Mineral Reserves.
  6. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
  7. The Mineral Resources in this news release 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 and adopted by the CIM Council.

For additional information on the Mineral Reserves and Mineral Resources please see the San Andres technical report dated July 2, 2014, with an effective date of December 31, 2013, and entitled "Mineral Resource and Mineral Reserve Estimates on the San Andres Mine in the Municipality of La Union, in the Department of Copan, Honduras". A copy of the technical report may be found on the Company's profile on SEDAR at www.sedar.com and this website.