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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001199073-10-000091.txt : 20100211
<SEC-HEADER>0001199073-10-000091.hdr.sgml : 20100211
<ACCEPTANCE-DATETIME>20100211103319
ACCESSION NUMBER:		0001199073-10-000091
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20100211
FILED AS OF DATE:		20100211
DATE AS OF CHANGE:		20100211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13727
		FILM NUMBER:		10590014

	BUSINESS ADDRESS:	
		STREET 1:		1500-625 HOWE STREET
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 2T6

	MAIL ADDRESS:	
		STREET 1:		1500 625 HOWE ST
		CITY:			VANCOUVER BC V6C 2T6
		STATE:			A1
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d6k.htm
<DESCRIPTION>PAN AMERICAN SILVER CORP. FORM 6-K
<TEXT>
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STATES</font></div>
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D.C. 20549</font></div>
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6-K&#160;</font></div>
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OF FOREIGN PRIVATE ISSUER</font></div>
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TO RULE 13a-16 OR 15d-16</font></div>
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THE SECURITIES EXCHANGE ACT of 1934</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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2010</font></div>
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American Silver Corp.</font></div>
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name of registrant as specified in its charter)</font></div>
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STREET</font></font></div>
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BC CANADA V6C 2T6</font></div>
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of principal executive offices)</font></div>
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File Number)</font></div>
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          <div>&#160;</div>
        </div>
        <div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.</font></div>
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                    <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
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by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1). _____</font></div>
            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          </div>
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<tr bgcolor="#ffffff">
                <td width="3%">&#160;</td>
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                  <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Note: </font>Regulation S-T
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      submitted solely to provide an attached annual report to security holders.
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by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): ____ </font></div>
        <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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<tr bgcolor="#ffffff">
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      Rule 101(b)(7) only permits the submission in paper of a Form 6-K if
      submitted to furnish a report or other document that the registrant
      foreign private issuer must furnish and make public under the laws of the
      jurisdiction in which the registrant is incorporated, domiciled or legally
      organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules of the
      home country exchange on which the registrant&#8217;s securities are traded, as
      long as the report or other document is not a press release, is not
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by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </font></div>
        <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
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        <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
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<tr bgcolor="#ffffff">
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      </font></div>
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                  <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings">o </font></font></div>
                </td>
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                  <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;No</font></div>
                </td>
                <td width="24%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">x</font></font></td>
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      <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">______</font></font>

        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div>
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        <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
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          <div style="TEXT-ALIGN: center; WIDTH: 100%">
            <hr style="COLOR: gray" align="left" noshade size="2" width="100%">
          </div>
        </div>
        <div id="HDR" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Signatures&#160;</font></font></div>
      </div>
    </div>
    <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized. </font></div>
    <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 9pt; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">
<tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
          </tr><tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font></td>
            <td colspan="2">
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                  <div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Pan American
      Silver Corp.</font></font></div>
                </div>
              </div>
            </td>
          </tr><tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;<br>&#160;</font></td>
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Registrant)</font></font></td>
          </tr><tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Date:&#160;<font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">February
      11,</font>&#160;2010</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">/s/&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">ROBERT
      PIROOZ</font></font></font></font></td>
          </tr><tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font size="1">&#160;</font></td>
            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="1" width="90%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Robert
      Pirooz</font></font></div>
              </div>
            </td>
          </tr><tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
            <td>
              <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <div style="TEXT-INDENT: 0pt; DISPLAY: block">
                  <div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">General Counsel and
      Secretary</font></font></div>
                </div>
              </div>
            </td>
          </tr></table>
    </div>
    <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <hr style="COLOR: gray" align="left" noshade size="2" width="100%">
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LIST</font></div>
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                  <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 8pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 9pt">Exhibit</font></div>
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                <td width="88%" style="BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 9pt">Description</font></td>
              </tr><tr bgcolor="white">
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                <td width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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                  <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font size="2" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.1</font></font></div>
                </td>
                <td width="4%">&#160;</td>
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                                                                                                    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 14.1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">      </font>
                                                                                                      <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 14.1pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">PAN AMERICAN SILVER&#8217;S PROVEN AND PROBABLE RESERVES
      INCREASE TO 234 MILLION
      OUNCES</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>PAN AMERICAN SILVER?S PROVEN AND PROBABLE RESERVES INCREASE TO 234 MILLION OUNCES
<TEXT>
<html>
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    <title>ex99_1.htm</title>
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<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font>

    <div>
      <hr style="COLOR: black" align="left" noshade size="1" width="100%">
    </div>
    <div style="TEXT-ALIGN: right"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Exhibit 99.1</font></div>
    <div style="TEXT-ALIGN: right">&#160;</div>
    <div style="TEXT-ALIGN: right">&#160;</div>
    <div style="TEXT-ALIGN: left"><img src="logo.jpg" alt="Graphic"></div>
    <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">PAN
AMERICAN SILVER&#8217;S PROVEN AND PROBABLE RESERVES </font></div>
    <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">INCREASE
TO 234 MILLION OUNCES</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 14.1pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Measured
and Indicated Silver Resources Climb to 711 Million Ounces</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(All
amounts in US dollars unless otherwise stated and all production figures are
approximate)</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Vancouver, British Columbia &#8211;
February 11, 2010 &#8211; Pan American Silver Corp.</font> (PAAS: NASDAQ; PAA: TSX)
(&#8220;Pan American&#8221; or the &#8220;Company&#8221;) is pleased to announce the results of its 2009
year end silver reserves and resources update.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2009,
the Company&#8217;s successful exploration programs added 36.8 million contained
ounces of proven and probable silver reserves at its operating
mines.&#160;&#160;The new reserves were more than sufficient to replace the 26.6
million contained silver ounces mined during the year.&#160;&#160;The net
result: Pan American increased its proven and probable silver reserves by
approximately 5% to 234 million ounces as at December 31, 2009.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
largest reserve increase was at the La Colorada mine, where the Company added
over 16 million ounces of silver from the discovery of an extension of the NC2
vein, the mine&#8217;s main source of sulphide ore.&#160;&#160;At December 31, 2009,
La Colorada&#8217;s reserves had grown by 67% to 30.4 million ounces (net of 2009
production) from 18.2 million ounces at the end of 2008.&#160;&#160;The NC2
vein, which remains open at depth and to the east, and the newly discovered NC3
vein and high-grade mantos, will continue to be the focus of extensive drilling
planned for 2010.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company also managed to more than replace the silver mined during the year at
its Peruvian operations.&#160;&#160;Silver reserves at the Morococha mine,
increased by 8% to 38 million ounces at year-end.&#160;&#160;&#160;Exploration
activities at Huaron yielded an increase of 4% or 6.7 million ounces of silver
net of the 4.5 million ounces mined during the year.&#160;&#160;Huaron continues
to have the largest proven and probable silver reserve in the Company&#8217;s
portfolio.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Last
year&#8217;s fourth quarter acquisition of Aquiline Resources Inc. with its Navidad
project in Argentina, had an enormous positive impact on the Company&#8217;s
resources.&#160;&#160;The Company&#8217;s aggregate measured and indicated silver
resources soared to 711 million ounces, from the 82 million ounces the Company
carried at the end of 2008, while inferred silver resources more than doubled to
229 million ounces.&#160;&#160;These resource numbers do not include the La
Preciosa joint venture project.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Commenting
on the results, Michael Steinmann, Executive VP Geology and Exploration said,
&#8220;2009 was an exceptional year.&#160;&#160;Between new exploration discoveries
and the acquisition of Aquiline, our measured and indicated silver resources,
plus proven and probable silver reserves, increased to almost one billion
ounces. Adding value through brownfield exploration is one of our core strengths
and we proved that again in 2009 with a solid reserve
increase.&#160;&#160;Brownfield exploration activities during 2010 will focus on
reserve replacement at our operations, where we expect to invest approximately
$8.2 million for 89,000 meters of diamond drilling.&#160;&#160;However, our main
focus will be on resource conversion and new discoveries at the Navidad and La
Preciosa projects.&#160;&#160;Consequently, we have stepped up our greenfield
exploration budget to a record of $15.4 million including over 94,000 meters of
drilling planned for 2010.&#8221;</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left"><br></div>
    <div style="TEXT-ALIGN: left">
      <div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
          <div style="TEXT-ALIGN: center; WIDTH: 100%">
            <hr style="COLOR: darkgray" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
following table illustrates the changes in Pan American&#8217;s estimated silver
reserves, year over year:</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
    </div>
    <div style="TEXT-ALIGN: left">&#160;</div>
    <div style="TEXT-ALIGN: left" align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman">
<tr>
            <td width="41%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Proven and probable
      silver reserves, as of December 31, 2008</font></td>
            <td width="9%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
            <td width="14%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">223.7 million
      ounces</font></td>
            <td width="36%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
          </tr><tr>
            <td width="41%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less mined ounces
      (contained) during 2009&#160;&#160;&#160;</font></td>
            <td width="9%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
            <td width="14%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(26.6) million
      ounces</font></td>
            <td width="36%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
          </tr><tr>
            <td width="41%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Additions due to
      exploration drilling during 2009&#160;</font></td>
            <td width="9%" style="PADDING-BOTTOM: 2px"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
            <td width="14%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">36.8&#160;&#160;million
      ounces</font></td>
            <td width="36%" style="PADDING-BOTTOM: 2px"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
          </tr><tr>
            <td width="41%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Proven and probable
      silver reserves, as of December 31, 2009&#160;</font></td>
            <td width="9%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
            <td width="14%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">233.9 million
      ounces</font></td>
            <td width="36%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
          </tr></table>
    </div>
    <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Complete
reserves and resource information for all metals, including tonnage and ore
grades is available at <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.panamericansilver.com</font>.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Complete
silver and gold reserves and resource information at December 31, 2009 is as
follows:</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">MINERAL
RESERVES &#8211; PROVEN AND PROBABLE</font></div>
    <div style="TEXT-ALIGN: left">
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman">
<tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Type</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Classification</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tonnes</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(000&#8217;s)</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ag</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(g/mt)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ag
      Cont.</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(000&#8217;s
      oz)</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Au</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(g/mt)</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Au
      Cont</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(oz)</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Huaron</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peru</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Proven</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6,471</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">185</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">38,385</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Probable</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4,371</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">184</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">25,845</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Morococha
      (92.2%)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peru</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein/Mantos</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Proven</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4,079</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">166</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">21,709</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein
      /Mantos</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Probable</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2,707</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">187</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">16,267</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">La
      Colorada</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mexico</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Proven</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,106</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">400</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">14,236</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.55</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19,496</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Probable</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,176</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">429</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">16,199</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.47</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">17,935</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Quiruvilca</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peru</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Proven</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">407</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">168</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2,201</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.77</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10,103</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Probable</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">363</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">148</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,725</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.56</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6,503</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Silver
      Stockpiles</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peru</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Flux
      Material</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Proven</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">189</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">318</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,935</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Alamo
      Dorado</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mexico</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Disseminated</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Proven</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6,468</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">100</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">20,779</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.34</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">70,491</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Disseminated</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Probable</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3,678</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">86</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10,116</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.31</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">36,656</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Manantial
      Espejo</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Argentina</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Proven</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4,308</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">163</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">22,631</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.33</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">322,749</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Probable</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3,033</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">138</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13,501</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.00</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">195,032</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">San
      Vicente (95%)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Bolivia</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Proven</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,548</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">423</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">21,059</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Probable</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">706</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">323</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7,329</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TOTALS</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Proven
      +</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Probable</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">40,609</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">179</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">233,916</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">--</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">678,966</font></div>
            </td>
          </tr></table>
    </div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">MINERAL
RESOURCES &#8211; MEASURED AND INDICATED</font></div>
    <div style="TEXT-ALIGN: left">
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman">
<tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Type</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Classification</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tonnes</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(000&#8217;s)</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ag</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(g/mt)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ag
      Cont.</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(000&#8217;s
      oz)</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Au</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(g/mt)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Au
      Cont</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(oz)</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Huaron</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peru</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Measured</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">819</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">159</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4,179</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicated</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">521</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">157</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2,638</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Morococha
      (92.2%)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peru</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein/Mantos</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Measured</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,091</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">145</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5,098</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein
      /Mantos</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicated</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,409</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">213</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9,667</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">La
      Colorada</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mexico</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Measured</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">129</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">232</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">960</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.26</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,088</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicated</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,259</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">215</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8,700</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.19</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7,839</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Quiruvilca</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peru</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Measured</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2,386</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">135</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10,392</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.76</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">58,163</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicated</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">986</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">124</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3,923</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.80</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">25,381</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Alamo
      Dorado</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mexico</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Disseminated</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Measured</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,468</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">73</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3,466</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.36</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">17,138</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Disseminated</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicated</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2,229</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">59</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4,203</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.52</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">37,550</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Manantial
      Espejo</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Argentina</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Measured</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">815</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">100</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2,618</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.02</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">26,723</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicated</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2,154</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">103</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7,099</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.98</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">67,866</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">San
      Vicente (95%)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Bolivia</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Measured</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,048</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">156</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5,256</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicated</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">569</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">187</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3,422</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Navidad</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Argentina</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mantos,
      Diss.</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Measured</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15,400</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">137</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">67,832</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mantos,
      Diss.</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicated</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">139,800</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">126</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">564,531</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pico
      Machay</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peru</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Disseminated</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Measured</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4,700</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.91</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">137,509</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Disseminated</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicated</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5,900</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.67</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">127,092</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Calcatreu</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Argentina</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicated</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7,995</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">26</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6,606</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.63</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">676,028</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TOTALS</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Measured
      +</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Indicated</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">190,678</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">116</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">710,590</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">--</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,182,377</font></div>
            </td>
          </tr></table>
    </div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left"><br></div>
    <div style="TEXT-ALIGN: left">
      <div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
          <div style="TEXT-ALIGN: center; WIDTH: 100%">
            <hr style="COLOR: darkgray" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">MINERAL
RESOURCES &#8211; INFERRED</font></div>
    <div style="TEXT-ALIGN: left">
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman">
<tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Type</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Classification</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tonnes</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(000&#8217;s)</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ag</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(g/mt)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ag
      Cont.</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(000&#8217;s
      oz)</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Au</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(g/mt)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Au
      Cont</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(oz)</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Huaron</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peru</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Inferred</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5,416</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">177</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">30,754</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Morococha
      (92.2%)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peru</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein/Mantos</font></div>
            </td>
            <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Inferred</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6,260</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">177</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">35,621</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">La
      Colorada</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mexico</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Inferred</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2,750</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">308</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">27,245</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.35</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">31,113</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Quiruvilca</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peru</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Inferred</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">923</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">113</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3,368</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.44</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12,951</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Alamo
      Dorado</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mexico</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Disseminated</font></div>
            </td>
            <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Inferred</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,146</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">44</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,622</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.59</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">21,885</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Manantial
      Espejo</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Argentina</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Inferred</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,410</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">103</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4,685</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.09</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">49,419</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">San
      Vicente (95%)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Bolivia</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Inferred</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">513</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">302</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4,977</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Navidad</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Argentina</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mantos,
      Diss.</font></div>
            </td>
            <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Inferred</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">45,900</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">81</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">119,386</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pico
      Machay</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peru</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Disseminated</font></div>
            </td>
            <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Inferred</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">23,900</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NA</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.58</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">445,673</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Calcatreu</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Argentina</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Vein</font></div>
            </td>
            <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Inferred</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3,413</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">17</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1,822</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.06</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">226,045</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TOTALS</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inferred</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">91,631</font></div>
            </td>
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">78</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">229,479</font></div>
            </td>
            <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">--</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">787,086</font></div>
            </td>
          </tr></table>
    </div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">HISTORICAL
ESTIMATES</font></div>
    <div style="TEXT-ALIGN: left">
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman">
<tr>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unclassified</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tonnes</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(000&#8217;s)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ag</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(g/mt)</font></div>
            </td>
            <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ag
      Cont.</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(000&#8217;s
      oz)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Au</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(g/mt)</font></div>
            </td>
            <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pb</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(%)</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Au
      Cont</font></div>
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(oz)</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Hog
      Heaven <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(iii)</font></font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">USA</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Historical
      <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(iii)
      (iv)</font></font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2,705</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">167</font></div>
            </td>
            <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">14,550</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.62</font></div>
            </td>
            <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Hog
      Heaven <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(iii)</font></font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">USA</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Historical
      <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(ii)
      (v)</font></font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7,639</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">133</font></div>
            </td>
            <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">32,730</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0.70</font></div>
            </td>
            <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Waterloo<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">
      (iv)</font></font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">USA</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Historical</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">33,758</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">93</font></div>
            </td>
            <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">100,937</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N/A</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TOTAL</font></div>
            </td>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Historical</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">44,102</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">104</font></div>
            </td>
            <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">148,217</font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
          </tr></table>
    </div>
    <div style="TEXT-ALIGN: left">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman">
<tr valign="top">
            <td style="WIDTH: 61px">
              <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notes:</font></div>
            </td>
            <td width="1576">
              <div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Mineral
      resources are in addition to reserves.&#160;&#160;Mineral reserves and
      resources are as defined by the CIM Definiton Standards on Mineral
      Resources and Mineral Reserves.</font></div>
              <div align="justify">
                <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Mineral
      resources do not have demonstrated economic viability.</font></div>
                <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">This
      table illustrates Pan American Silver Corp&#8217;s share of mineral reserves and
      resources. Properties in which Pan American has less than 100% interest
      are noted next to the property name.</font></div>
                <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Environmental,
      permitting, legal, title, taxation, socio-economic, political, marketing
      or other issues are not expected to materially affect the above estimates
      of mineral reserves.</font></div>
                <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
                <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Prices
      used to calculate December 31, 2009 ore reserves for all mines were Ag:
      $13.00/oz, Au: $875/oz, Pb: $1,600/tonne, Cu: $5,000/tonne, Zn:
      $1,600/tonne.</font></div>
                <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Prices
      used for Navidad were Ag: $12.52/oz and Pb: $1,100/tonne.</font></div>
                <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Prices
      used for Calcatreu were Ag: $12.50/oz and Au:
    $650/oz.</font></div>
              </div>
            </td>
          </tr></table>
    </div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

    </div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(ii)
</font>The historical estimate for Hog Heaven was calculated by Gregory Hahn,
Chief Geological Engineer for CoCa Mines Inc., a previous owner of the property,
in a report titled &#8220;Hog Heaven Project Optimization Study&#8221; dated May 1989, prior
to implementation of NI 43-101. The historical estimate was based on extensive
diamond drilling, and was calculated using a silver price of $6.50 per ounce and
a gold price of $400 per ounce (these were relevant prices at the time of the
calculation).&#160;&#160;Michael Steinmann, P.Geo., Qualified Person (&#8220;QP&#8221;) for
the Company, has reviewed the available data, including drill sections, surface
maps, and additional supporting information sources, and believes that the
historic calculation was conducted in a professional and competent manner and is
relevant for the purposes of the Company's decision to maintain its interest in
this property. In the study, the historic estimate was sub-categorized as
follows:</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left">
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman">
<tr>
            <td valign="bottom" width="24%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Category</font></font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Tons</font></font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">oz/ton
    Ag</font></font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">oz/ton
    Au</font></font></div>
            </td>
          </tr><tr>
            <td valign="bottom" width="24%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Proven
      reserves</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,981,690</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.88</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.018</font></div>
            </td>
          </tr><tr>
            <td valign="bottom" width="24%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Probable
      &amp; possible reserves</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">904,200</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.40</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.020</font></div>
            </td>
          </tr><tr>
            <td valign="bottom" width="24%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Heap
      leach ore</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">316,100</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.56</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.014</font></div>
            </td>
          </tr><tr>
            <td valign="bottom" width="24%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Possible
      resources</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,500,000</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.41</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.020</font></div>
            </td>
          </tr><tr>
            <td valign="bottom" width="24%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Inferred
      resources</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,700,000</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.44</font></div>
            </td>
            <td valign="bottom" width="9%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.022</font></div>
            </td>
          </tr></table>
    </div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">However,
the Company has not completed the work necessary to verify the historical
estimate. Accordingly, the Company is not treating the historical estimate as NI
43-101 compliant categories of mineral resources based on information prepared
by or under the supervision of a QP.&#160;&#160;These historical estimates
should not be relied upon.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman">
<tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(iii)</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
      Company believes that the historical estimate category of "proven
      reserves" for Hog Heaven most closely corresponds to 2,705,000 tonnes in
      the NI 43-101 category of "indicated
resources".</font></div>
            </td>
          </tr></table>
    </div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman">
<tr valign="top">
            <td style="WIDTH: 25px">
              <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(iv)</font></font></div>
            </td>
            <td width="1612">
              <div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
      Company believes that the historical estimate categories of "proven &amp;
      possible reserves", "heap leach ore stockpile", "possible resources" and
      "inferred resources" most closely correspond to 7,639,000 tonnes in the NI
      43-101 category of "inferred
resources."</font></div>
            </td>
          </tr></table>
    </div>
    <div style="TEXT-ALIGN: left"><br></div>
    <div style="TEXT-ALIGN: left">
      <div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
          <div style="TEXT-ALIGN: center; WIDTH: 100%">
            <hr style="COLOR: darkgray" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman">
<tr valign="top">
            <td style="WIDTH: 25px">
              <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(v)</font></font></div>
            </td>
            <td width="1612">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
      historical estimate for Waterloo was initially calculated by Asarco Inc.
      in 1968.&#160;&#160;In September 1994 Robert J. Rodger, P.Eng., reviewed
      the Asarco reports and prepared a Technical Evaluation Report on the
      Waterloo property, prior to the implementation of NI 43-101. The Technical
      Evaluation Report confirmed that the historical estimate was based on
      reverse circulation drilling and underground sampling, and concluded the
      estimate was based on sound methodology. The historical estimate at
      Waterloo was calculated using a silver price of $5.00 per ounce (the
      relevant price at the time of the calculation).&#160;&#160;Michael
      Steinmann, P.Geo., QP for the Company, has reviewed the Technical
      Evaluation Report and believes the historic calculation was conducted in a
      professional and competent manner and is relevant for purposes of the
      Company's decision to maintain its interest in the property. The Company
      believes that the historical estimate category of 37,235,000 tons (at 2.71
      ounces per ton silver) of "measured and indicated reserves" most closely
      correspond to 33,758,000 tonnes in the NI 43-101 category of "indicated
      resource."&#160;&#160;However, the Company has not completed the work
      necessary to verify the historical estimate. Accordingly, the Company is
      not treating the historical estimate as NI 43-101 compliant categories of
      mineral resources based on information prepared by or under the
      supervision of a QP. These historical estimates should not be relied
      upon.</font></div>
            </td>
          </tr></table>
    </div>
    <div style="TEXT-ALIGN: left"><br></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mineral
resource and reserve estimates for Huaron, Quiruvilca, San Vicente, La Colorada,
Manantial Espejo, Alamo Dorado and Morococha were prepared under the supervision
of Michael Steinmann, P. Geo., Executive Vice-President Geology &amp;
Exploration and Martin G. Wafforn, P. Eng., Vice-President Technical Services as
Qualified Persons as that term is defined in NI 43-101.&#160;&#160;Navidad
resource estimates were prepared by Snowden under the supervision of Pamela De
Mark, P. Geo., Sr. Consultant Snowden Mining Industry Consultants, John J.
Chulick, P. Geo., Dean K. Williams, Licensed Professional Geologist, Damian
Spring, Mining Engineer, and John. A. Wells, Independent Metallurgical
Consultant.&#160;&#160;Mineral resource estimates for Hog Heaven and Waterloo
are based on historical third party estimates.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">About
Pan American Silver</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pan
American Silver&#8217;s mission is to be the world&#8217;s largest and lowest cost primary
silver mining company by increasing its low-cost silver production and silver
reserves.&#160;&#160;The Company has eight mining operations in Mexico, Peru,
Argentina and Bolivia.&#160;&#160;Pan American also owns the Navidad project in
Chubut, Argentina and is the operator of the La Preciosa project in Durango,
Mexico.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Michael
Steinmann, P. Geo., Executive VP Geology &amp; Exploration, and Martin Wafforn,
P. Eng., VP Technical Services, each of whom are Qualified Persons, as the term
is defined in National Instrument 43-101 &#8220;NI 43-101&#8221;, have reviewed and approved
the contents of this press release.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Information
Contact</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Kettina
Cordero</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Coordinator,
Investor Relations</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(604)
684-1175</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">info@panamericansilver.com</font></font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">www.panamericansilver.com</font></font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">THIS
NEWS RELEASE CONTAINS &#8220;FORWARD-LOOKING STATEMENTS&#8221; WITHIN THE MEANING OF THE
UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND
&#8220;FORWARD-LOOKING INFORMATION&#8221; WITHIN THE MEANING OF APPLICABLE CANADIAN
SECURITIES LEGISLATION. STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION
EXPRESS, AS AT THE DATE OF THIS NEWS RELEASE, THE COMPANY&#8217;S PLANS, ESTIMATES,
FORECASTS, PROJECTIONS, EXPECTATIONS, OR BELIEFS AS TO FUTURE EVENTS OR RESULTS
AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION TO, UPDATE
SUCH STATEMENTS CONTAINING THE FORWARD-LOOKING INFORMATION.&#160;&#160;SUCH
FORWARD-LOOKING STATEMENTS AND INFORMATION INCLUDE, BUT ARE NOT LIMITED TO
STATEMENTS AS TO: THE ACCURACY OF ESTIMATED MINERAL RESERVES AND RESOURCES,
ANTICIPATED RESULTS OF FUTURE EXPLORATION, AND FORECAST FUTURE PRECIOUS METAL
PRICES. AND EXPECTATIONS THAT ENVIRONMENTAL, PERMITTING, LEGAL, TITLE, TAXATION,
SOCIO-ECONOMIC, POLITICAL, MARKETING OR OTHER ISSUES WILL NOT MATERIALLY AFFECT
ESTIMATES OF MINERAL RESERVES.&#160;&#160;THESE STATEMENTS REFLECT THE COMPANY&#8217;S
CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A
NUMBER OF ASSUMPTIONS AND ESTIMATES THAT, WHILE CONSIDERED REASONABLE BY THE
COMPANY, ARE INHERENTLY SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE,
POLITICAL AND SOCIAL UNCERTAINTIES AND CONTINGENCIES.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">THESE
STATEMENTS REFLECT THE COMPANY&#8217;S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND
ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS AND ESTIMATES THAT, WHILE
CONSIDERED REASONABLE BY THE COMPANY, ARE INHERENTLY SUBJECT TO SIGNIFICANT
BUSINESS, ECONOMIC, COMPETITIVE, POLITICAL AND SOCIAL UNCERTAINTIES AND
CONTINGENCIES.&#160;&#160;MANY FACTORS, BOTH KNOWN AND UNKNOWN, COULD CAUSE
ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM THE
RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT ARE OR MAY BE EXPRESSED OR IMPLIED BY
SUCH</font></div>
    <div style="TEXT-ALIGN: left"><br></div>
    <div style="TEXT-ALIGN: left">
      <div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
          <div style="TEXT-ALIGN: center; WIDTH: 100%">
            <hr style="COLOR: darkgray" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div style="TEXT-ALIGN: left"><br></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">FORWARD-LOOKING
STATEMENTS CONTAINED IN THIS NEWS RELEASE AND THE COMPANY HAS MADE ASSUMPTIONS
AND ESTIMATES BASED ON OR RELATED TO MANY OF THESE FACTORS.&#160;&#160;SUCH
FACTORS INCLUDE, WITHOUT LIMITATION: FLUCTUATIONS IN SPOT AND FORWARD MARKETS
FOR SILVER, GOLD, BASE METALS AND CERTAIN OTHER COMMODITIES (SUCH AS NATURAL
GAS, FUEL OIL AND ELECTRICITY); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE
PERUVIAN SOL, MEXICAN PESO, ARGENTINE PESO AND BOLIVIAN BOLIVIANO VERSUS THE
U.S. DOLLAR); RISKS RELATED TO THE TECHNOLOGICAL AND OPERATIONAL NATURE OF THE
COMPANY&#8217;S BUSINESS; CHANGES IN NATIONAL AND LOCAL GOVERNMENT, LEGISLATION,
TAXATION, CONTROLS OR REGULATIONS AND&#160;&#160;POLITICAL OR ECONOMIC
DEVELOPMENTS IN CANADA, THE UNITED STATES, MEXICO, PERU, ARGENTINA, BOLIVIA OR
OTHER COUNTRIES WHERE THE COMPANY MAY CARRY ON BUSINESS IN THE FUTURE; RISKS AND
HAZARDS ASSOCIATED WITH THE BUSINESS OF MINERAL EXPLORATION, DEVELOPMENT AND
MINING (INCLUDING ENVIRONMENTAL HAZARDS, INDUSTRIAL ACCIDENTS, UNUSUAL OR
UNEXPECTED GEOLOGICAL OR STRUCTURAL FORMATIONS, PRESSURES, CAVE-INS AND
FLOODING); RISKS RELATING TO THE CREDIT WORTHINESS OR FINANCIAL CONDITION OF
SUPPLIERS, REFINERS AND OTHER PARTIES WITH WHOM THE COMPANY DOES BUSINESS;
INADEQUATE INSURANCE, OR INABILITY TO OBTAIN INSURANCE, TO COVER THESE RISKS AND
HAZARDS; EMPLOYEE RELATIONS; RELATIONSHIPS WITH AND CLAIMS BY LOCAL COMMUNITIES
AND INDIGENOUS POPULATIONS; AVAILABILITY AND INCREASING COSTS ASSOCIATED WITH
MINING INPUTS AND LABOUR; THE SPECULATIVE NATURE OF MINERAL EXPLORATION AND
DEVELOPMENT, INCLUDING THE RISKS OF OBTAINING NECESSARY LICENSES AND PERMITS AND
THE PRESENCE OF LAWS AND REGULATIONS THAT MAY IMPOSE RESTRICTIONS ON MINING,
INCLUDING THOSE CURRENTLY IN THE PROVINCE OF CHUBUT, ARGENTINA; DIMINISHING
QUANTITIES OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE MINED; GLOBAL
FINANCIAL CONDITIONS; BUSINESS OPPORTUNITIES THAT MAY BE PRESENTED TO, OR
PURSUED BY, THE COMPANY; THE COMPANY&#8217;S ABILITY TO COMPLETE AND SUCCESSFULLY
INTEGRATE ACQUISITIONS AND TO MITIGATE OTHER BUSINESS COMBINATION RISKS;
CHALLENGES TO, OR DIFFICULTY IN MAINTAINING, THE COMPANY&#8217;S TITLE TO PROPERTIES
AND CONTINUED OWNERSHIP THEREOF; THE ACTUAL RESULTS OF CURRENT EXPLORATION
ACTIVITIES, CONCLUSIONS OF ECONOMIC EVALUATIONS, AND CHANGES IN PROJECT
PARAMETERS TO DEAL WITH UNANTICIPATED ECONOMIC OR OTHER FACTORS; INCREASED
COMPETITION IN THE MINING INDUSTRY FOR PROPERTIES, EQUIPMENT, QUALIFIED
PERSONNEL, AND THEIR COSTS; AND THOSE FACTORS IDENTIFIED UNDER THE CAPTION
&#8220;RISKS RELATED TO PAN AMERICAN&#8217;S BUSINESS&#8221; IN THE COMPANY&#8217;S MOST RECENT FORM 40F
AND ANNUAL INFORMATION FORM FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION AND CANADIAN PROVINCIAL SECURITIES REGULATORY
AUTHORITIES.&#160;&#160;INVESTORS ARE CAUTIONED AGAINST ATTRIBUTING UNDUE
CERTAINTY OR RELIANCE ON FORWARD-LOOKING STATEMENTS.&#160;&#160;ALTHOUGH THE
COMPANY HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY, THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS NOT
TO BE AS ANTICIPATED, ESTIMATED, DESCRIBED OR INTENDED.&#160;&#160;THE COMPANY
DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE THESE
FORWARD-LOOKING STATEMENTS OR INFORMATION TO REFLECT CHANGES IN ASSUMPTIONS OR
CHANGES IN CIRCUMSTANCES OR ANY OTHER EVENTS AFFECTING SUCH STATEMENTS OR
INFORMATION, OTHER THAN AS REQUIRED BY APPLICABLE LAW.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
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NOTE TO US INVESTORS CONCERNING ESTIMATES OF MEASURED AND INDICATED
RESOURCES</font></div>
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NEWS RELEASE HAS BEEN PREPARED IN ACCORDANCE WITH THE REQUIREMENTS OF CANADIAN
PROVINCIAL SECURITIES LAWS, WHICH DIFFER FROM THE REQUIREMENTS OF U.S.
SECURITIES LAWS. UNLESS OTHERWISE INDICATED, ALL MINERAL RESERVE AND RESOURCE
ESTIMATES INCLUDED IN THIS NEWS RELEASE HAVE BEEN PREPARED IN ACCORDANCE WITH
CANADIAN NATIONAL INSTRUMENT 43-101 &#8211; STANDARDS OF DISCLOSURE FOR MINERAL
PROJECTS (&#8216;&#8216;NI 43-101&#8217;&#8217;) AND THE CANADIAN INSTITUTE OF MINING, METALLURGY AND
PETROLEUM CLASSIFICATION SYSTEM. NI 43-101 IS A RULE DEVELOPED BY THE CANADIAN
SECURITIES ADMINISTRATORS THAT ESTABLISHES STANDARDS FOR ALL PUBLIC DISCLOSURE
AN ISSUER MAKES OF SCIENTIFIC AND TECHNICAL INFORMATION CONCERNING MINERAL
PROJECTS.</font></div>
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STANDARDS, INCLUDING NI 43-101, DIFFER SIGNIFICANTLY FROM THE REQUIREMENTS OF
THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE &#8220;SEC&#8221;), AND
INFORMATION CONCERNING MINERALIZATION, DEPOSITS, MINERAL RESERVE AND RESOURCE
INFORMATION CONTAINED OR REFERRED TO HEREIN MAY NOT BE COMPARABLE TO SIMILAR
INFORMATION DISCLOSED BY U.S. COMPANIES. IN PARTICULAR, AND WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, THIS PRESS RELEASE USES THE TERMS &#8216;&#8216;MEASURED
RESOURCES&#8217;&#8217;, &#8216;&#8216;INDICATED RESOURCES&#8217;&#8217; AND &#8216;&#8216;INFERRED RESOURCES&#8217;&#8217;. U.S. INVESTORS
ARE ADVISED THAT, WHILE SUCH TERMS ARE RECOGNIZED AND REQUIRED BY CANADIAN
SECURITIES LAWS, THE SEC DOES NOT RECOGNIZE THEM. UNDER U.S. STANDARDS,
MINERALIZATION MAY NOT BE CLASSIFIED AS A &#8216;&#8216;RESERVE&#8217;&#8217; UNLESS THE DETERMINATION
HAS BEEN MADE THAT THE MINERALIZATION COULD BE ECONOMICALLY AND LEGALLY PRODUCED
OR EXTRACTED AT THE TIME THE RESERVE DETERMINATION IS MADE. U.S. INVESTORS ARE
CAUTIONED NOT TO ASSUME THAT ANY PART OF A &#8220;MEASURED RESOURCE&#8221; OR &#8220;INDICATED
RESOURCE&#8221; WILL EVER BE CONVERTED INTO A &#8220;RESERVE&#8221;.&#160;&#160;U.S. INVESTORS
SHOULD ALSO UNDERSTAND THAT &#8220;INFERRED RESOURCES&#8221; HAVE A GREAT AMOUNT OF
UNCERTAINTY AS TO THEIR EXISTENCE AND GREAT UNCERTAINTY AS TO THEIR ECONOMIC AND
LEGAL FEASIBILITY. IT CANNOT BE ASSUMED THAT ALL OR ANY PART OF &#8220;INFERRED
RESOURCES&#8221; EXIST, ARE ECONOMICALLY OR LEGALLY MINEABLE OR WILL EVER BE UPGRADED
TO A HIGHER CATEGORY.&#160;&#160;UNDER CANADIAN SECURITIES LAWS, ESTIMATED
&#8220;INFERRED RESOURCES&#8221; MAY NOT FORM THE BASIS OF FEASIBILITY OR PRE-FEASIBILITY
STUDIES EXCEPT IN RARE CASES.&#160;&#160;DISCLOSURE OF &#8220;CONTAINED OUNCES&#8221; IN A
MINERAL RESOURCE IS PERMITTED DISCLOSURE UNDER CANADIAN SECURITIES
LAWS.&#160;&#160;HOWEVER, THE SEC NORMALLY ONLY PERMITS ISSUERS TO REPORT
MINERALIZATION THAT DOES NOT CONSTITUTE &#8220;RESERVES&#8221; BY SEC STANDARDS AS IN PLACE
TONNAGE AND GRADE, WITHOUT REFERENCE TO UNIT MEASURES.&#160;&#160;THE
REQUIREMENTS OF NI 43-101 FOR IDENTIFICATION OF &#8220;RESERVES&#8221; ARE ALSO NOT THE SAME
AS THOSE OF THE SEC, AND RESERVES REPORTED BY THE COMPANY IN COMPLIANCE WITH NI
43-101 MAY NOT QUALIFY AS &#8220;RESERVES&#8221; UNDER SEC STANDARDS. ACCORDINGLY,
INFORMATION CONCERNING MINERAL DEPOSITS SET FORTH HEREIN MAY NOT BE COMPARABLE
WITH INFORMATION MADE PUBLIC BY COMPANIES THAT REPORT IN ACCORDANCE WITH U.S.
STANDARDS.</font></div>
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    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">About
Pan American Silver</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pan
American Silver&#8217;s mission is to be the world&#8217;s largest and lowest cost primary
silver mining company by increasing its low-cost silver production and silver
reserves.&#160;&#160;The Company has eight mining operations in Mexico, Peru,
Argentina and Bolivia.&#160;&#160;Pan American also owns the Navidad project in
Chubut, Argentina and is the operator of the La Preciosa project in Durango,
Mexico.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Steinmann, P. Geo., Executive VP Geology &amp; Exploration, and Martin Wafforn,
P. Eng., VP Technical Services, each of whom are Qualified Persons, as the term
is defined in National Instrument 43-101 &#8220;NI 43-101&#8221;, have reviewed and approved
the contents of this press release.</font></div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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