Mining

The Sao Vicente Mine is an open-pit operation that is designed to send a steady feed of CGO to the gravity circuit while the DLO travels directly to the leach pad together with the higher grade gravity tails and tertiary crusher oversize. In 2009, the Sao Vicente Mine began commercial production, processing 2,159,268 tonnes of ore during the year at an average grade of 0.43 grams per tonne and producing 49,584 ounces of gold. Gold production in 2010 was 48,397ounces (30,600 ounces attributable to Aura Minerals post acquisition on May 1, 2010) and production in 2011 was 43,003 ounces. The 2012 production is targeted to be 35,000 to 40,000 ounces. Production under the current mine plan will continue to the end of 2013, with total gold recovery in 2012 - 2013 expected to be between 55,000 to 60,000 ounces.

Improvements in mining productivity include a focus on blasting to improve fragmentation and mining conditions