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As at 31 December 2015, the Company’s mineral resources are estimated to contain 1.0 million ounces of gold and 30.5 million ounces of silver in Indicated categories or above and 0.4 million ounces of gold and 3.5 million ounces of silver in Inferred categories. Mineral resources are reported inclusive of ore reserves. Company mineral resources as at 31st December 2015 include changes only for the Lomada de Leiva mine which reported a decrease of 100koz of gold from the Indicated resources reported in the 2014 resource statement.

INDICATED RESOURCES
Area Indicated Grade (g/t) Metal (oz)
Tonnes Au Ag AuEq Au Ag AuEq**
La Manchuria 425,705 2.95 135.00 4.07 40,380 1,848,211 55,684
COSE 49,000 27.80 1,466.00 52.20 44,000 2,325,000 83,000
Cap-Oeste 14,585,000 1.82 56.32 2.76 855,000 26,407,000 1,295,000
Lomada de Leiva 4,000,465 0.48 NA NA 61,919 NA 61,919
TOTAL Indicated 1,001,299 30,580,211 1,495,603
INFERRED RESOURCES
Area Inferred Grade (g/t) Metal (oz)
Tonnes Au Ag AuEq Au Ag AuEq**
La Manchuria 1,469,020 1.530 49.40 1.92 72,335 2,335,236 90,682
COSE 20,000 12.500 721.00 24.50 8,000 464,000 16,000
Cap-Oeste 8,392,000 1.000 25.79 1.43 269,000 696,000 385,000
Lomada de Leiva 3,412,270 0.672 NA NA 73,726 NA 73,726
TOTAL Inferred 423,061 3,495,236 565,408
INDICATED + INFERRED RESOURCES
Au Ag AuEq**
TOTAL IND + INF oz         1,424,360 34,075,447 2,061,011
*Lomada resource has not been depleted during 2016 to take account of production during the period, pending completion of third party estimation
** AuEq oz were calculated on the prevailing Au:Ag ratio at the date of publishing of the JORC/43-101 compliant resource reports for the individual projects

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