<SEC-DOCUMENT>0001341004-13-001137.txt : 20131224
<SEC-HEADER>0001341004-13-001137.hdr.sgml : 20131224
<ACCEPTANCE-DATETIME>20131031142048
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001341004-13-001137
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20131031

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">October 31, 2013</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">United States Securities and Exchange Commission</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">100 F Street, N.E.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Washington, D.C. 20549-7010</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Attention: Tia L. Jenkins, Senior Assistant Chief Accountant</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Pan American Silver Corp.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Form 40-F for the Fiscal Year Ended December 31, 2012</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">File No. 0-13727</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Dear Ms. Jenkins,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Set forth below are the responses of Pan American Silver Corp., a corporation organized under the laws of British Columbia, Canada (the "Company"), to the comments of the staff (the "Staff") of the Securities and Exchange Commission (the &#8220;Commission&#8221;) contained in the letter dated October 21, 2013 (the "Comment Letter") with respect to the Annual Report on Form 40-F for the fiscal year ended December 31, 2012, filed with the Commission on March 28, 2013 via EDGAR.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">For the convenience of the Staff, we have numbered each of our responses to correspond to the numbered comments in the Comment Letter.&#160;&#160;Additionally, the text of each of the numbered comments in the Comment Letter has been duplicated in italics type to precede each of the Company's responses.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;Form 40-F for the Year Ended December 31, 2012</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 1.2 &#8211; Management&#8217;s Discussion and Analysis for the Year Ended December 31, 2012</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Alternative Performance (non-GAAP) Measures, page 41</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Cash and Total Costs per Ounce of Silver, page 41</font></font></div>

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<div align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">We note your response to our prior comment 1. Please modify your disclosure in regards to your non-GAAP measures (including cash costs, total costs, cash costs per ounce and total costs per ounce) in future filings to:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Compute and disclose these non-GAAP measures both gross and net of by-product credits, either through a separate computation or as a subtotal in your current computation (for example: cash costs gross of by-product credits; less by-product credits; cash costs net of by-product credits);</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Revise the titles of your non-GAAP measures throughout your filings to clarify that the measures are net of by-product credits (e.g.: &#8220;cash costs, net of by-product credits&#8221; or &#8220;total costs, net of by-product credits);</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Disclose why you believe presenting a cost measure net of revenue is useful to your investors;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Explain why you consider these other metals to be by-products despite their significance; and</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Quantity and dollar amount of by-product credits attributable to each metal, if material, and reconcile these amounts to the total by-product credits included in your non-GAAP measure.</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 12pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Cash and Total Costs per Ounce of Silver, </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">net of by-product credits</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Pan American produces by-product metals incidentally to our silver mining activities. For the three months ended xxxxxx, 20xx, sales of silver contributed approximately xx% of our total revenues while by-products were responsible for the remaining xx%. &#160;We have adopted the practice of calculating the net cost of producing an ounce of silver, our primary payable metal, after deducting revenues gained from incidental by-product production, as a performance measure. This performance measurement has been commonly used in the</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">mining industry for many years and was developed as a relatively simple way of comparing the net production costs of the primary metal for a specific period against the prevailing market price of that metal.&#160; &#160;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Cash costs per ounce, net of by-product credits, are utilized extensively in our internal decision making processes and we believe are useful to investors as these metrics facilitate comparison, on a mine by mine basis, notwithstanding the unique mix of incidental by-product production at each mine, of our operations&#8217; relative performance on a period by period basis, and against the operations of our peers in the silver industry on a consistent basis.&#160;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">The alternative performance measures of cash and total cost per ounce of silver are used by the Company to manage and evaluate operating performance at each of the Company&#8217;s mines and are widely reported in the silver mining industry as benchmarks for performance, but do not have a standardized meaning.</font>&#160;&#160;To facilitate a better understanding of these measures as calculated by the Company, the following table provides the detailed reconciliation of these measures to the production costs, as reported in the consolidated income statements for the respective periods:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; COLOR: #ffffff; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Cash and Total Cost per ounce Reconciliation</font></div>
</td>
<td colspan="4" valign="bottom" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; COLOR: #ffffff; FONT-SIZE: 9pt; FONT-WEIGHT: bold">XXX months e nded XXX 30,</font></div>
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<td colspan="4" valign="bottom" width="24%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; COLOR: #ffffff; FONT-SIZE: 9pt; FONT-WEIGHT: bold">XXX months ended XXX 30,</font></div>
</td>
</tr><tr bgcolor="#1f497d">
<td align="left" colspan="3" valign="bottom" width="32%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; COLOR: #ffffff; FONT-SIZE: 9pt; FONT-WEIGHT: bold">(in thousands of USD)</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right">
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<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; COLOR: #ffffff; FONT-SIZE: 9pt; FONT-WEIGHT: bold">20XX</font></div>
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<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right">
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<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right">
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<td align="left" colspan="3" valign="bottom" width="32%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Production Costs</font></div>
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<td valign="bottom" width="2%" bgcolor="#dbe5f1" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$</font></div>
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<td align="right" valign="bottom" width="11%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX,XXX</font></div>
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<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX,XXX</font></div>
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<td align="right" valign="bottom" width="10%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX,XXX</font></div>
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<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="10%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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</td>
<td valign="top" width="2%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">X,XXX</font></div>
</td>
</tr><tr>
<td align="left" colspan="3" valign="bottom" width="32%">
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Cash Operating Costs before by-product credits</font></div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="11%" bgcolor="#dbe5f1" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX,XXX</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX,XXX</font></div>
</td>
<td valign="bottom" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX,XXX</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX,XXX</font></div>
</td>
</tr><tr>
<td valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="11%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="bottom" width="23%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">Less gold credit</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">&#160;</font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="11%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(XX,XXX)</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(XX,XXX)</font></div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(XX,XXX)</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(XX,XXX)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="23%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">Less zinc credit</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">&#160;</font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="11%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="23%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">Less lead credit</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">&#160;</font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="11%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="23%" style="BORDER-BOTTOM: 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: arial, sans-serif; FONT-SIZE: 8pt">Less copper credit</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">&#160;</font></td>
<td valign="top" width="8%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="11%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
<td valign="top" width="2%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
<td valign="top" width="2%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
</tr><tr>
<td align="left" colspan="3" valign="top" width="32%">
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Cash Operating Costs net of by-product credits</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="11%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX,XXX</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX,XXX</font></div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX,XXX</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX,XXX</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="23%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">Add/(Subtract)</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">&#160;</font></td>
<td valign="bottom" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">A</font></div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="11%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" colspan="3" valign="bottom" width="32%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">Depreciation and amortization</font></div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="11%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX,XXX</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX,XXX</font></div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX,XXX</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX,XXX</font></div>
</td>
</tr><tr>
<td align="left" colspan="3" valign="bottom" width="32%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">Closure and decommissioning provision</font></div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="11%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX</font></div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX</font></div>
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</tr><tr>
<td align="left" colspan="3" valign="bottom" width="32%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">Change in inventories</font></div>
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<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="11%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX</font></div>
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<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX</font></div>
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<td align="left" colspan="3" valign="bottom" width="32%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">Other</font></div>
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<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="11%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(XXX)</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
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<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(XXX)</font></div>
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<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(XXX)</font></div>
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<td align="left" colspan="3" valign="bottom" width="32%" style="BORDER-BOTTOM: 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: arial, sans-serif; FONT-SIZE: 8pt">Non-controlling interest</font></div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(XXX)</font></div>
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<td valign="top" width="2%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(XXX)</font></div>
</td>
<td valign="top" width="2%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(XXX)</font></div>
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<td valign="top" width="2%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(XXX)</font></div>
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</tr><tr>
<td align="left" valign="bottom" width="23%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total Production Costs net of by-product credits</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">B</font></div>
</td>
<td align="right" valign="bottom" width="2%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="11%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX,XXX</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX,XXX</font></div>
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<td align="right" valign="bottom" width="2%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="10%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX,XXX</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XXX,XXX</font></div>
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</tr><tr>
<td colspan="3" valign="top" width="32%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="11%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="bottom" width="23%" style="BORDER-BOTTOM: black 0.5pt solid">
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Payable Silver Production (oz.)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">C</font></div>
</td>
<td valign="bottom" width="2%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="11%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">X,XXX,XXX</font></div>
</td>
<td valign="bottom" width="2%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">X,XXX,XXX</font></div>
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<td valign="bottom" width="2%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">X,XXX,XXX</font></div>
</td>
<td valign="bottom" width="2%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">X,XXX,XXX</font></div>
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<td valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="11%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%" bgcolor="#dbe5f1"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="bottom" width="23%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">Total Cash Costs per ounce net of by-product credits</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">&#160;</font></td>
<td valign="bottom" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(A*$1000)/C</font></div>
</td>
<td align="right" valign="bottom" width="2%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="11%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX.XX</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX.XX</font></div>
</td>
<td align="right" valign="bottom" width="2%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="10%" bgcolor="#dbe5f1">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX.XX</font></div>
</td>
<td align="right" valign="bottom" width="2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX.XX</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="23%" style="BORDER-BOTTOM: #375f91 1.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">Total Production Costs per ounce net of by-product credits</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #375f91 1.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt">&#160;</font></td>
<td valign="bottom" width="8%" style="BORDER-BOTTOM: #375f91 1.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(B*$1000)/C</font></div>
</td>
<td align="right" valign="bottom" width="2%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: #375f91 1.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="11%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: #375f91 1.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9.3pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX.XX</font></div>
</td>
<td valign="bottom" width="2%" style="BORDER-BOTTOM: #375f91 1.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #375f91 1.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX.XX</font></div>
</td>
<td align="right" valign="bottom" width="2%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: #375f91 1.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="10%" bgcolor="#dbe5f1" style="BORDER-BOTTOM: #375f91 1.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX.XX</font></div>
</td>
<td align="right" valign="bottom" width="2%" style="BORDER-BOTTOM: #375f91 1.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$</font></div>
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<td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #375f91 1.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">XX.XX</font></div>
</td>
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</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-RIGHT: black 0.5pt solid">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="16%" style="BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">Less lead credit</font></div>
</td>
<td valign="top" width="7%" style="BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">b3</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="top" width="1%" style="BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-RIGHT: black 0.5pt solid">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="16%" style="BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">Less copper credit</font></div>
</td>
<td valign="top" width="7%" style="BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">b4</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="top" width="1%" style="BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(X,XXX)</font></div>
</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-RIGHT: black 0.5pt solid">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">(X,XXX)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="16%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">Sub-total by-product credits</font></div>
</td>
<td valign="top" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">B=( b1+ b2+ b3+ b4)</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(XX,XXX)</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(XX,XXX)</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(XX,XXX)</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt 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: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(XX,XXX)</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(XX,XXX)</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt 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: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(XX,XXX)</font></div>
</td>
<td valign="top" width="1%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">(XX,XXX)</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt 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: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 0.5pt solid">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">(XX,XXX)</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="16%" style="BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">Cash Costs net of by-product credits</font></div>
</td>
<td valign="bottom" width="7%" style="BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">C=(A+B)</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XXX,XXX</font></div>
</td>
<td valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XXX,XXX</font></div>
</td>
<td valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XXX,XXX</font></div>
</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XXX,XXX</font></div>
</td>
<td valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XXX,XXX</font></div>
</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XXX,XXX</font></div>
</td>
<td valign="top" width="1%" style="BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XXX,XXX</font></div>
</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-RIGHT: black 0.5pt solid">
<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">XXX,XXX</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="16%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">Depreciation, amortization &amp; reclamation</font></div>
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<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">D</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
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<div style="TEXT-INDENT: 6pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">XX,XXX</font></div>
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<td valign="bottom" width="16%" style="BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="bottom" width="1%" style="BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="bottom" width="1%" style="BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="1%" style="BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="6%" style="BORDER-RIGHT: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="bottom" width="16%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt">Total Cash Cost per ounce net of by-product credits</font></div>
</td>
<td valign="bottom" width="7%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt">=C*1000/F</font></div>
</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XX.XX</font></div>
</td>
<td valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XX.XX</font></div>
</td>
<td valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XX.XX</font></div>
</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XX.XX</font></div>
</td>
<td valign="bottom" width="1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XX.XX</font></div>
</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XX.XX</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XX.XX</font></div>
</td>
<td valign="bottom" width="1%" style="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: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-RIGHT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">XX.XX</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="16%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">Total production cost per ounce net of by-product credits</font></div>
</td>
<td valign="bottom" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">=E *1000/F</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XX.XX</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
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<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XX.XX</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
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<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XX.XX</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt 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: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
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<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XX.XX</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
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<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XX.XX</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt 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: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">XX.XX</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt">$</font></div>
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<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid">
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</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt 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: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">$</font></div>
</td>
<td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: arial narrow, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">XX.XX</font></div>
</td>
</tr></table>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">We hope the above adequately responds to the Staff&#8217;s Comment Letter. Furthermore, in connection with this letter, the Company hereby acknowledges that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 11pt">It is responsible for the adequacy and accuracy of the disclosure in its Form 40-F filing;</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 18pt">
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</td>
<td style="WIDTH: 18pt">
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</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 11pt">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the Company&#8217;s Form 40-F filing; and</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 11pt">It may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Please feel free to contact the undersigned should you have any questions or comments.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Yours truly,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PAN AMERICAN SILVER CORP.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Rob Doyle&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Rob Doyle</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Chief Financial Officer</font></div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
