<SEC-DOCUMENT>0001157523-12-002641.txt : 20120508
<SEC-HEADER>0001157523-12-002641.hdr.sgml : 20120508
<ACCEPTANCE-DATETIME>20120508102038
ACCESSION NUMBER:		0001157523-12-002641
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120508
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120508
DATE AS OF CHANGE:		20120508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HECLA MINING CO/DE/
		CENTRAL INDEX KEY:			0000719413
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				770664171
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08491
		FILM NUMBER:		12820030

	BUSINESS ADDRESS:	
		STREET 1:		6500 N MINERAL DRIVE SUITE 200
		STREET 2:		NONE
		CITY:			COEUR D'ALENE
		STATE:			ID
		ZIP:			83815-9408
		BUSINESS PHONE:		2087694100

	MAIL ADDRESS:	
		STREET 1:		6500 N MINERAL DRIVE SUITE 200
		STREET 2:		NONE
		CITY:			COEUR D'ALENE
		STATE:			ID
		ZIP:			83815-9408
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50268623.htm
<DESCRIPTION>HECLA MINING COMPANY 8-K
<TEXT>
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      <br>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>WASHINGTON,
      DC 20549</b></font><br><br>
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    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>FORM 8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>C</b></font><b><font style="font-family: Times New Roman; font-size: 10pt">URRENT</font><font style="font-family: Times New Roman; font-size: 12pt">
      R</font><font style="font-family: Times New Roman; font-size: 10pt">EPORT</font><font style="font-family: Times New Roman; font-size: 12pt">
      P</font><font style="font-family: Times New Roman; font-size: 10pt">URSUANT</font><font style="font-family: Times New Roman; font-size: 12pt">
      </font><font style="font-family: Times New Roman; font-size: 10pt">TO</font><font style="font-family: Times New Roman; font-size: 12pt">
      S</font><font style="font-family: Times New Roman; font-size: 10pt">ECTION</font><font style="font-family: Times New Roman; font-size: 12pt">
      13 </font><font style="font-family: Times New Roman; font-size: 10pt">OR</font><font style="font-family: Times New Roman; font-size: 12pt">
      15(d) </font><font style="font-family: Times New Roman; font-size: 10pt">OF</font></b><br><font style="font-family: Times New Roman; font-size: 12pt"><b>T</b></font><b><font style="font-family: Times New Roman; font-size: 10pt">HE</font><font style="font-family: Times New Roman; font-size: 12pt">
      S</font><font style="font-family: Times New Roman; font-size: 10pt">ECURITIES</font><font style="font-family: Times New Roman; font-size: 12pt">
      E</font><font style="font-family: Times New Roman; font-size: 10pt">XCHANGE</font><font style="font-family: Times New Roman; font-size: 12pt">
      A</font><font style="font-family: Times New Roman; font-size: 10pt">CT</font><font style="font-family: Times New Roman; font-size: 12pt">
      </font><font style="font-family: Times New Roman; font-size: 10pt">OF</font><font style="font-family: Times New Roman; font-size: 12pt">
      1934</font></b><br>
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt">Date of
      Report (Date of earliest event reported): </font><font style="font-family: Times New Roman; font-size: 12pt"><b>May
      8, 2012</b></font>
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>HECLA
      MINING COMPANY</b></font><br><font style="font-family: Times New Roman; font-size: 12pt">(Exact
      Name of Registrant as Specified in Its Charter)</font><br><br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto">
      <tr>
        <td valign="bottom" style="width: 32%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; width: 32%; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>1-8491</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; width: 32%; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>77-0664171</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 32%; padding-left: 0.0px; text-align: center">
          (State or Other Jurisdiction
        </td>
        <td style="width: 2%">

        </td>
        <td valign="bottom" style="width: 32%; padding-left: 0.0px; text-align: center">
          (Commission File Number)
        </td>
        <td style="width: 2%">

        </td>
        <td valign="bottom" style="width: 32%; padding-left: 0.0px; text-align: center">
          (IRS Employer Identification No.)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 32%; padding-left: 0.0px; text-align: center">
          of Incorporation)
        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 32%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 32%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>6500 North Mineral Drive, Suite 200</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Coeur d'Alene, Idaho 83815-9408</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Address of Principal Executive Offices) (Zip Code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>(208)
      769-4100</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Registrant's
      Telephone Number, Including Area Code)</font><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>N/A</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt">(Former
      name or Former Address, if Changed Since Last Report)</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12(b))
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c)) </font>
    </p>
    <p>
      <br>

    </p>
    <hr style="width: 100%; color: #000000; height: 1.0 pt; text-align: center">
    <hr style="width: 100%; color: #000000; height: 1.0 pt; text-align: center">


    <p>

    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <br>
      <br>
      <b>Item 2.02&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On May 8, 2012, Hecla Mining Company (the &#8220;Company&#8221;) issued a
      news release announcing the Company&#8217;s first quarter 2012 financial
      results.&#160;&#160;A copy of the news release is attached hereto as Exhibit 99.1
      to this Form 8-K.
    </p>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In accordance with General Instruction B.2 of Form 8-K, the
      information in this Item 2.02, including Exhibit 99.1, shall not be
      deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities
      Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise
      subject to the liability of that section, and shall not be incorporated
      by reference into any of the Company&#8217;s filings or other document filed
      under the Securities Act of 1933, as amended, or the Exchange Act,
      except as shall be expressly set forth by specific reference in such
      filing.
    </p>
    <p style="white-space: nowrap; text-align: justify">
      <b>Item 8.01&#160;&#160;Other Events</b>
    </p>
    <p style="text-align: justify">
      <u>Stock Repurchase Program</u>
    </p>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On May 8, 2012, the Company issued a news release announcing
      its adoption of a stock repurchase program of up to 20 million shares of
      its outstanding common stock.
    </p>
    <p style="text-align: justify">
      <u>Quarterly Dividend</u>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      On May 8, 2012, the Company announced it would pay a dividend on its
      shares of common stock pursuant to its minimum annual dividend policy
      and its silver-linked common stock dividend policy.&#160;&#160;<br><br>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      A copy of the news release announcing the stock repurchase program and
      the quarterly dividend is attached as Exhibit 99.2 to this Form 8-K.
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits.</b><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
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          &#160;
        </td>
        <td valign="top" style="width: 10%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (d)&#160;&#160;Exhibits
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="width: 84%">

        </td>
      </tr>
      <tr>
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        </td>
        <td style="width: 10%">

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        <td style="width: 84%">
          &#160;
        </td>
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        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 10%; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit </b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Number</b>
          </p>
        </td>
        <td valign="bottom" style="width: 2%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="width: 84%; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="width: 10%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 84%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td valign="top" style="white-space: nowrap; width: 10%; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          99.1

          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            99.2
          </p>
        </td>
        <td valign="bottom" style="width: 2%; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="width: 84%; padding-left: 0.0px; text-align: left">
          News Release, dated May 8, 2012. *

          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            News Release, dated May 8, 2012. *
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            * Filed herewith
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-size: 10pt; font-family: Times New Roman; text-align: center">
          2
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURE</b></font><u><br></u>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized. </font>
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto">
      <tr>
        <td valign="top" style="width: 6%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="width: 44%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 3%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td style="width: 44%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Hecla Mining Company</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 44%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td valign="top" style="width: 3%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 44%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td valign="top" style="width: 3%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="width: 3%; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="width: 44%; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ David C. Sienko
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 44%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            David C. Sienko
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 44%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Vice President &amp; General Counsel
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      Dated: &#160;May 8, 2012<br><br>
    </p>
    <p style="text-align: center">
      3
    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50268623ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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    <title></title>
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<!--All rights reserved www.businesswire.com-->
  </head>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Hecla
      Reports First Quarter 2012 Results</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      COEUR D'ALENE, Idaho--(BUSINESS WIRE)--May 8, 2012--Hecla Mining Company
      (&#8220;Hecla&#8221;) (NYSE:HL) today announced first quarter net income applicable
      to common shareholders of $12.4 million, or $0.04 per basic share, and
      earnings after adjustments applicable to common shareholders of $16.9
      million, or $0.06 per basic share. First quarter silver production was
      1.3 million ounces at a cash cost of $2.24 per ounce, net of by-products.
    </p>
    <p>
      <b>FIRST QUARTER 2012 HIGHLIGHTS</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Sales of $91.2 million.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income applicable to common shareholders of $12.4 million, or
        $0.04 per basic share.
      </li>
      <li style="margin-bottom: 10.0px">
        Earnings after adjustments applicable to common shareholders (a
        non-GAAP measure) of $16.9 million, or $0.06 per basic share.
      </li>
      <li style="margin-bottom: 10.0px">
        Operating cash flow of $41.4 million.
      </li>
      <li style="margin-bottom: 10.0px">
        Silver production of 1.3 million ounces at a total cash cost (a
        non-GAAP measure) of $2.24 per ounce, net of by-products.
      </li>
      <li style="margin-bottom: 10.0px">
        Cash and cash equivalents of $279 million at March&#160;31, 2012.
      </li>
      <li style="margin-bottom: 10.0px">
        Lucky Friday rehabilitation advanced approximately 1,500 feet.
      </li>
      <li style="margin-bottom: 10.0px">
        Declaration of quarterly dividend of $0.0225 per share of common stock.
      </li>
      <li style="margin-bottom: 10.0px">
        Announced a share repurchase program.
      </li>
    </ul>
    <p>
      &quot;During the first quarter of 2012 we continued to invest in Hecla's
      strong and diversified assets, making excellent progress in the
      rehabilitation of our Lucky Friday Silver Shaft and record investment in
      our Greens Creek mine. We also advanced all three major pre-development
      projects, with the goal of increasing our silver production and reserves
      by moving into development quickly,&quot; said Hecla's President and Chief
      Executive Officer Phillips S. Baker,&#160;Jr.
    </p>
    <p>
      &quot;While our first quarter silver production at Greens Creek was impacted
      by ground support work that diverted equipment and personnel, we expect
      production to increase for the rest of the year,&quot; Mr. Baker added. &quot;The
      combination of Hecla's strong balance sheet, including a cash balance of
      $279 million and substantially no debt, and its long-lived, low cost
      mines which provide strong cash flow will allow us to deliver an
      expected 50% growth in silver production while also allowing the company
      to deliver value to shareholders through the Company's dividend and
      share repurchase programs.&quot;
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>FINANCIAL OVERVIEW</b>
    </p>
    <p>
      Net income applicable to common shareholders for the first quarter was
      $12.4 million, or $0.04 per share, compared to $43.2 million, or $0.15
      per share, for the same period a year ago and was impacted by the
      following items:
    </p>
    <ul style="text-align: left">
      <li style="margin-bottom: 10.0px">
        Exploration and pre-development expense increased to $9.0 million in
        the first quarter from $3.3 million in the same period in 2011, for
        exploration work at Greens Creek, the Company's extensive land package
        in Durango, Mexico, at San Juan Silver project in Colorado, and the
        Star complex in North Idaho's Silver Valley near the Lucky Friday mine.
      </li>
      <li style="margin-bottom: 10.0px">
        $6.2 million in suspension-related costs at the Lucky Friday mine.
      </li>
      <li style="margin-bottom: 10.0px">
        A $5.2 million loss on base metal derivative contracts for the first
        quarter, compared to a $2.0 million loss for the same period in 2011.
        A summary of the quantities of base metals committed at March 31,
        2012, is included on page 3 of this release.
      </li>
      <li style="margin-bottom: 10.0px">
        A $7.3 million tax provision compared to $23.5 million in the same
        period in 2011, as a result of higher pre-tax income in 2011. Our
        effective income tax rate is approximately 37% in 2012 compared to 33%
        in the same period in 2011.
      </li>
      <li style="margin-bottom: 10.0px">
        Gains of $6.1 million on provisional price adjustments compared to
        $7.2 million in the same period of 2011.
      </li>
    </ul>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-right: 0; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; margin-left: 0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="6">
          <b>First Quarter Ended</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <i><b>HIGHLIGHTS</b></i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="2">
          <b>March 31, 2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="2">
          March 31, 2011
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>FINANCIAL DATA</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Sales (000)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>91,153</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          136,364
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Gross profit (000)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>48,202</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          79,573
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Income applicable to common shareholders (000)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>12,434</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          43,219
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Basic income per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>0.04</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.16
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Diluted income per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>0.04</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.15
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net income (000)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>12,572</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          43,357
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cash provided by operating activities (000)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>41,426</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          60,910
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Capital expenditures (including non-cash capital lease additions) at the
      operations totaled $26.4 million for the first quarter ended March&#160;31,
      2012. Expenditures at the Lucky Friday were $11.7 million and
      expenditures at Greens Creek were $14.7 million. Capital expenditures
      are expected to be $140.0 million for the year, primarily due to an
      increase in projects at Greens Creek.
    </p>
    <p>
      Pre-development expenditures totaled $3.4 million in the first quarter
      of 2012. Pre-development expenditures in 2012 are expected to be
      approximately $11.0 million for infrastructure at the Star mine in the
      Silver Valley, San Juan Silver property in Creede Colorado, and the San
      Sebastian property in Mexico.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Exploration expenditures for the first quarter of 2012 were $5.6
      million. Exploration expenditures for 2012 are expected to be
      approximately $28.0 million.
    </p>
    <p>
      <b>Metals Prices</b>
    </p>
    <p>
      Realized silver prices in the first quarter of 2012 were $36.59 per
      ounce, consistent with average realized prices in the year ago period of
      $36.49 per ounce.
    </p>
    <p style="text-align: left">
      Overall first quarter realized metals prices were higher than those in
      the fourth quarter 2011, resulting in positive adjustments to
      provisional settlements of $6.1 million compared to net positive price
      adjustments to provisional settlements of $7.2 million in the same
      period in 2011. The adjustment to provisional settlements is largely due
      to an increase in prices in the time period between the shipment of
      concentrate and the final settlement. The provisional price adjustment
      related to zinc and lead contained in our concentrate shipments was
      largely offset by net losses on forward contracts of $1.0 million for
      those metals.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-right: 0; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; margin-left: 0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="6">
          <b>First Quarter Ended</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="2">
          <b>March 31, 2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="2">
          March 31, 2011
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" colspan="3">
          <b>AVERAGE METAL PRICES</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          Silver -
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          London PM Fix ($/oz)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>32.62</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          31.66
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Realized price per ounce
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>36.59</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          36.49
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          Gold -
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          London PM Fix ($/oz)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>1,691</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,384
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Realized price per ounce
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>1,751</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,405
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          Lead -
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          LME Cash ($/pound)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>0.95</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1.18
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Realized price per pound
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>1.00</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1.19
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          Zinc -
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          LME Cash ($/pound)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>0.92</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1.09
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Realized price per pound
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>0.95</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1.09
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>Base Metals Forward Sales Contracts</b>
    </p>
    <p style="text-align: left">
      The following table summarizes the quantities of base metals committed
      under financially settled forward sales contracts at March&#160;31, 2012:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-right: 0; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; margin-left: 0px">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" colspan="4">
          <b>Metric Tonnes Under</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" colspan="6">
          <b>Average Price per</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="4">
          <b>Contract</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="6">
          <b>Pound</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          <b>Zinc</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          <b>Lead</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="2">
          <b>Zinc</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="2">
          <b>Lead</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Contracts on provisional sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          2012 settlements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          6,250
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.94
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.96
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Contracts on forecasted sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          2012 settlements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          11,850
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          5,100
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1.12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1.13
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          2013 settlements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          8,675
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          13,250
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1.13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1.15
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">
      <b>OPERATIONS OVERVIEW</b>
    </p>
    <p>
      First quarter silver cash cost was $2.24 per ounce, net of by-products,
      compared to $1.03 per ounce in the same period in 2011. The following
      table provides the production summary on a consolidated basis for the
      first quarter ended March&#160;31, 2012 and 2011:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-right: 0; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; margin-left: 0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="6">
          <b>First Quarter Ended</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="2">
          <b>March 31, 2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="2">
          March 31, 2011
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" colspan="3">
          <b>PRODUCTION SUMMARY</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          Silver -
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Ounces produced
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>1,328,704</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,454,408
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Payable ounces sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>1,427,187</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,363,430
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          Gold -
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Ounces produced
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>12,652</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          14,430
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Payable ounces sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>11,860</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          11,590
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          Lead -
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Tons produced
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>4,854</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          9,655
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Payable tons sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>4,169</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          8,602
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          Zinc -
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Tons produced
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>15,943</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          17,681
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Payable tons sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>11,687</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          13,515
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="3">
          Total cash cost per ounce of silver produced <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>2.24</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1.03
        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="12">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup> See the attached schedule for a reconciliation to
            GAAP.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Greens Creek Mine - Alaska</b>
    </p>
    <p>
      Silver production at Greens Creek was 1.3 million ounces in the first
      quarter of 2012, compared to 1.7 million in the same period in 2011. The
      decrease in silver production year-over-year was due primarily to ground
      support rehabilitation work that diverted equipment and personnel away
      from production.
    </p>
    <p>
      Mining and milling costs per ton were up by 37% and 18%, respectively,
      in the first quarter compared to the same period in 2011 due to lower
      production, as mill throughput decreased by 13%. The mining costs
      variance is also attributed to higher maintenance costs during the 2012
      period.
    </p>
    <p>
      The cash cost per ounce of silver increased by $2.97 for the first
      quarter compared to the same period in 2011, mainly attributable to
      lower silver ounces produced due to the decrease in mill throughput and
      lower silver ore grades ($4.71 per ounce), treatment and freight costs
      ($2.68 per ounce), and mine license tax and other costs ($0.97 per
      ounce). These factors were partially offset by higher by-product credits
      of $5.39 per ounce due to higher average gold prices and higher zinc and
      lead ore grades.
    </p>
    <p>
      <b>Lucky Friday Mine - Idaho</b>
    </p>
    <p>
      At the Lucky Friday mine, the $19.9 million decrease in gross profit in
      the first quarter compared to the same period in 2011 resulted from the
      temporary suspension of production at the mine during the 2012 period.
      The mine's Silver Shaft is undergoing rehabilitation and extensive
      improvements, with operations and silver production expected to resume
      as planned in early 2013. Through the first quarter, all surface work
      needed for the rehabilitation project was completed, including winches,
      generators and revised shaft collar structure.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      As of early May, approximately 1,500 feet of rehabilitation work on the
      Silver Shaft had been completed, slightly ahead of plan. This work
      involves the removal of cementitious material along the main shaft, as
      well as installation of a metal brattice between the east and west
      halves of the shaft, repairing shaft steel, and installation of a new
      power cable, along with additional work, which is expected to improve
      the shaft's functionality and possibly improve its hoisting capacity.
      Work along the entire 6,100 foot Silver Shaft is expected to be
      completed in December 2012.
    </p>
    <p>
      According to the plan submitted and approved by MSHA, once restoration
      work in the Silver Shaft is complete through the 4900 level, work crews
      are expected to be brought back in for development work to prepare the
      mine for resumption of production.
    </p>
    <p>
      Care and maintenance costs incurred at the Lucky Friday totaled $6.2
      million for the first quarter of 2012.
    </p>
    <p>
      <b>Exploration</b>
    </p>
    <p>
      Exploration expenditures for the first quarter were $5.6 million with
      $1.8 million for exploration at San Juan Silver in Colorado, $1.5
      million for San Sebastian in Mexico, $0.6 million at Greens Creek, $0.5
      million at the Star and $0.4 million for the Silver Valley. Expenditures
      for 2012 are expected to be approximately $28.0 million.
    </p>
    <p>
      Drilling at Greens Creek continues to define ore-grade mineralization
      along trend of the Gallagher and 9a Zones and South West Bench. Drilling
      of the 9a Zone has likely extended the resource to the south and
      drilling of the South West Bench has defined ore-grade material to the
      north and the east of the existing reserve model. At the Gallagher,
      drilling continues to define two discrete high-grade zones that are
      strong to the south and to the east near the Gallagher Fault.
    </p>
    <p>
      At the north end of the recently expanded Star Complex resource, there
      are now two drills defining high-grade, northerly and down-dip
      extensions to the Moffitt, North Star and Noonday veins. Drilling of the
      Moffitt veins includes intersections of 8.0 opt silver, 26.9% lead, 6.7%
      zinc over 5.3 feet; 5.0 opt silver, 16.9% lead, 0.7% zinc over 1.5 feet;
      and 2.6 opt silver, 7.9% lead, 12.9% zinc over 4.3 feet. The North Star
      is a 42-foot wide stringer zone that includes four separate veins
      ranging from 1.0 to 2.2 opt silver and 6 to 20% lead-zinc across widths
      of 1.5 to 5.8 feet.
    </p>
    <p>
      Most of the exploration drilling in the first quarter occurred
      underground in the Equity at the San Juan Silver property in Colorado.
      Initial high-grade gold-silver results at the Equity mine were provided
      in a press release on February 27, 2012. New drilling has extended the
      strike length another 50 feet to 200 feet. The plunge of the mineralized
      zone has now doubled to about 450 feet. Drilling continues to identify
      strong breccia and vein mineralization that varies from 7 to 25 feet
      wide with fine-grained sulfides and silver sulfosalts-rich intervals. A
      second parallel mineralized structure appears in several drill holes.
    </p>
    <p>
      Assay results from drilling since the February 27 press release include
      several samples from the Equity vein; 0.17 opt gold and 16.8 opt silver
      over 6.4 feet; 0.09 opt gold and 23.5 opt silver over 5.2 feet; 0.38 opt
      gold and 40.2 opt silver over 6.8 feet; and 0.08 opt gold and 9.2 opt
      silver over 6.4 feet. A second drill is being mobilized to test
      additional targets.
    </p>
    <p>
      In Mexico, two drills have been actively drilling extensions to the
      Andrea vein resource and the Antonella, a parallel, subsidiary vein.
      Drilling of the Andrea vein to the southeast continues to define a
      strong vein and breccia varying in width from 4 feet to 16 feet with
      bands of precious metal bearing sulfides. Step-out holes to the
      southeast continue to intersect the wide-mineralized Andrea vein that
      extends 500 meters beyond the 1.7 km strike resource.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Pre-Development</b>
    </p>
    <p>
      Pre-development expenditures for the first quarter of 2012 were $3.4
      million with $2.2 million at the San Juan Silver property in Colorado,
      $1.1 million at the Star property in Idaho and the remaining funds in
      Mexico. Pre-development expenditures for 2012 are expected to total
      approximately $11.0 million.
    </p>
    <p>
      In Colorado at the Equity, crews are continuing to rehabilitate
      underground workings, install utilities down the decline and develop
      additional drill stations as drilling continues to intercept high-grade
      mineralization. At the Bulldog, the design of the decline is being
      finalized and steel sets for installation at the portal have been
      received. In addition, surface maintenance facilities have been
      completed at the Equity and Bulldog project sites.
    </p>
    <p>
      In Idaho's Silver Valley, as the result of completing Star&#8217;s mineability
      study, which has defined the mining method, a preliminary economic
      analysis is being prepared which is expected in the third quarter.
      Rehabilitation on the Star 2000 level continues around the shaft
      stations, the Star #4 hoist room and the Star #5 shaft where a
      connection to the Grouse 700 Level will provide secondary surface
      access. In addition, surface maintenance facilities have been completed.
    </p>
    <p>
      At the San Sebastian project in Mexico, options for accessing the
      existing resources at the Hugh Zone and a new mine plan have been
      completed. A preliminary economic analysis is expected to be completed
      during the third quarter of this year.
    </p>
    <p>
      A work plan and drill program to define the hydrology of the Andrea
      area, which is located on the same property package as the Hugh Zone,
      has been completed and preliminary mine designs have begun. Initial
      metallurgical testing indicates the Andrea ores are amenable to
      cyanidation and produce a high-grade gravity concentrate. Further
      studies will optimize grind versus recovery, leach time, cyanide
      concentration and consumption, gravity concentrations and carbon loading
      for a potential CIL circuit.
    </p>
    <p>
      <b>NEW STAFF APPOINTMENTS</b>
    </p>
    <p>
      During the first quarter, the Company announced the appointments of Ed
      Sutich as Vice President and General Manager of the Lucky Friday mine,
      John Jordan as the new Vice President of Technical Services, and Michael
      Wegleitner as Director of Health and Safety.
    </p>
    <p>
      &#8220;These professionals have a combined 88 years of mining experience, and
      we are confident in their ability to deliver on our continued and
      relentless focus on the highest levels of mine safety, planned mine
      development, and expected silver production increases,&#8221; said Hecla CEO
      Phillips S. Baker, Jr.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>CONFERENCE CALL AND WEBCAST</b>
    </p>
    <p>
      A conference call and webcast will be held Tuesday, May 8, at 1:00 p.m.
      Eastern Time to discuss these results. You may join the conference call
      by dialing toll-free 1-866-543-6407 or 1-617-213-8898 internationally.
      The participant passcode is HECLA. Hecla's live and archived webcast can
      be accessed at <u>www.hecla-mining.com</u> under Investors or via
      Thomson StreetEvents Network.
    </p>
    <p>
      <b>ABOUT HECLA</b>
    </p>
    <p>
      Established in 1891, Hecla Mining Company has distinguished itself as
      the largest and lowest cash cost silver producer in the U.S. The company
      has two operating mines and exploration properties in four world-class
      silver mining districts in the U.S. and Mexico. With a solid asset base,
      a strong cash position and no debt, Hecla is poised for growth.
    </p>
    <p>
      <b>Cautionary Statements</b>
    </p>
    <p>
      Statements made which are not historical facts, such as anticipated
      payments, litigation outcome (including settlement negotiations),
      production, sales of assets, exploration results and plans, costs, and
      prices or sales performance are &#8220;forward-looking statements&#8221; within the
      meaning of the Private Securities Litigation Reform Act of 1995. Words
      such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;projects,&#8221;
      &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;targets,&#8221; &#8220;anticipates&#8221; and similar
      expressions are used to identify these forward-looking statements.
      Forward-looking statements involve a number of risks and uncertainties
      that could cause actual results to differ materially from those
      projected, anticipated, expected or implied. These risks and
      uncertainties include, but are not limited to, metals price volatility,
      volatility of metals production and costs, litigation, regulatory and
      environmental risks, operating risks, project development risks,
      political risks, labor issues, ability to raise financing and
      exploration risks and results. Refer to the company's Form 10-K and 10-Q
      reports for a more detailed discussion of factors that may impact
      expected future results. The company undertakes no obligation and has no
      intention of updating forward-looking statements other than as may be
      required by law.
    </p>
    <p>
      <b>Cautionary Statements to Investors on Reserves and Resources</b>
    </p>
    <p>
      The United States Securities and Exchange Commission permits mining
      companies, in their filings with the SEC, to disclose only those mineral
      deposits that a company can economically and legally extract or produce.
      We use certain terms on this release, such as &#8220;resource,&#8221; &#8220;other
      resources,&#8221; and &#8220;mineralized materials&#8221; that the SEC guidelines strictly
      prohibit us from including in our filings with the SEC. U.S. investors
      are urged to consider closely the disclosure in our Form 10-K and Form
      10-Q. You can review and obtain copies of these filings from the SEC's
      website at <u>www.sec.gov</u>.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="12">
          <b>HECLA MINING COMPANY</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="12">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Condensed Consolidated Statements of Income
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="12">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (dollars and shares in thousands, except per share amounts -
            unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="8">
          First Quarter Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="3">
          <b>March 31, 2012</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="3">
          March 31, 2011
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Sales of products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>91,153</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          136,364
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cost of sales and other direct production costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>33,290</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          44,529
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Depreciation, depletion and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>9,661</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          12,262
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>42,951</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          56,791
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>48,202</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          79,573
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Other operating expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          General and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>4,501</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4,699
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Exploration
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>5,611</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3,301
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Pre-development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>3,366</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Other operating expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>944</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,817
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Provision for closed operations and reclamation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>2,178</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,021
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 5.0px; text-align: left">
          Lucky Friday suspension-related costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>6,166</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>22,766</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          10,838
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>25,436</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          68,735
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Other income (expense):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Gain on sale or impairment of investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          611
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Loss on derivative contracts
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(5,231</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (2,034
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Interest and other income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>149</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          18
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 5.0px; text-align: left">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>(467</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          (477
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>(5,549</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          (1,882
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>19,887</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          66,853
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Income tax provision
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>(7,315</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          (23,496
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>12,572</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          43,357
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Preferred stock dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>(138</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          (138
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Income applicable to common shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>12,434</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          43,219
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Basic income per common share after preferred dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>0.04</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          0.16
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Diluted income per common share after preferred dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>0.04</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          0.15
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Weighted average number of common shares outstanding - basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>285,292</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          278,448
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Weighted average number of common shares outstanding - diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>296,928</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          296,244
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="12">
          <b>HECLA MINING COMPANY</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="12">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Condensed Consolidated Balance Sheets
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="12">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (dollars and share in thousands - unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="3">
          <b>March 31, 2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="3">
          December 31, 2011
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>ASSETS</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Current assets:
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>278,504</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          266,463
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accounts receivable:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Trade
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>5,849</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          10,996
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Other, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>6,445</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          9,313
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>24,247</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          26,195
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Current deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>23,534</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          27,810
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>14,851</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          21,967
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>353,430</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          362,744
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Non-current investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>3,584</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3,923
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Non-current restricted cash and investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>866</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          866
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Properties, plants, equipment and mineral interests, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>938,879</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          923,212
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Non-current deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>89,478</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          88,028
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other non-current assets and deferred charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>11,496</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          17,317
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>1,397,733</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          1,396,090
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>LIABILITIES</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Current liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accounts payable and accrued liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>30,125</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          37,831
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accrued payroll and related benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>9,008</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          12,878
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accrued taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>13,244</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          10,354
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Current portion of capital leases
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>4,797</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4,005
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Current portion of accrued reclamation and closure costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>40,230</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          42,248
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>97,404</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          107,316
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Capital leases
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>8,826</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          6,265
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Accrued reclamation and closure costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>111,706</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          111,563
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other noncurrent liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>30,476</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          30,833
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>248,412</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          255,977
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>SHAREHOLDERS&#8217; EQUITY</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Preferred stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>39</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          39
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>71,422</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          71,420
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Capital surplus
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>1,215,785</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,215,229
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Accumulated deficit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(111,688</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (120,557
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(23,717</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (23,498
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Treasury stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>(2,520</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          (2,520
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <b>Total shareholders&#8217; equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>1,149,321</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          1,140,113
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Total liabilities and shareholders&#8217; equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>1,397,733</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          1,396,090
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>285,298</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          285,290
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="12">
          <b>HECLA MINING COMPANY</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="12">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Condensed Consolidated Statements of Cash Flows
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="12">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (dollars in thousands - unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" colspan="8">
          Three Months Ended
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="3">
          <b>March 31, 2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="3">
          March 31, 2011
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>OPERATING ACTIVITIES</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>12,572</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          43,357
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Non-cash elements included in net income:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Depreciation, depletion and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>11,269</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          12,327
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Gain on sale of investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (611
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Gain on disposition of properties, plants, equipment and mineral
          interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(28</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Provision for reclamation and closure costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>1,427</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          279
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Stock compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>558</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          377
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>2,826</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          23,135
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Amortization of loan origination fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>100</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          166
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          (Gain) loss on derivative contracts
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>12,140</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (5,186
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Other non-cash charges, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>270</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          324
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Change in assets and liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accounts receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>8,014</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (13,395
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>1,948</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,310
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Other current and non-current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>549</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,683
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accounts payable and accrued liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(5,580</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,043
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accrued payroll and related benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(3,870</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (1,188
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accrued taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>2,890</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (1,333
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Accrued reclamation and closure costs and other non-current
          liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>(3,659</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          (1,378
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <b>Cash provided by operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>41,426</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>60,910</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>INVESTING ACTIVITIES</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Additions to properties, plants, equipment and mineral interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(24,652</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (21,831
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Proceeds from sale of investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,366
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Proceeds from disposition of properties, plants and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>35</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          112
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Purchases of investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (3,200
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Changes in restricted cash and investment balances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <b>Net cash used in investing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>(24,617</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>(23,548</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>FINANCING ACTIVITIES</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Proceeds from exercise of stock options and warrants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4,739
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Acquisition of treasury shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (18
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Dividends paid to common shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(3,566</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Dividends paid to preferred shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(138</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (3,408
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Repayments of capital leases
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>(1,064</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          (619
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <b>Net cash (used in) provided by financing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>(4,768</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>694</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>12,041</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          38,056
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Cash and cash equivalents at beginning of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>266,463</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          283,606
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Cash and cash equivalents at end of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>278,504</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          321,662
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="11">
          <b>HECLA MINING COMPANY</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="11">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Production Data
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="7">
          Three Months Ended
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="2">
          <b>March 31, 2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="3">
          March 31, 2011
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>GREENS CREEK UNIT</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Tons of ore milled
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          165,516
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          189,767
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Mining cost per ton
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          64.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          46.64
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Milling cost per ton
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          32.58
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          27.64
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Ore grade milled - Silver (oz./ton)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          11.08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          12.50
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Ore grade milled - Gold (oz./ton)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.12
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Ore grade milled - Lead (%)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3.84
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3.28
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Ore grade milled - Zinc (%)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          11.00
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          9.38
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Silver produced (oz.)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,328,704
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,697,584
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Gold produced (oz.)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          12,652
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          14,430
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Lead produced (tons)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4,854
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4,711
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Zinc produced (tons)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          15,943
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          15,526
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total cash cost per ounce of silver produced (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2.24
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (0.73
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          Capital additions (in thousands)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          14,713
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          4,860
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>LUCKY FRIDAY UNIT</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Tons of ore processed
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          88,760
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Mining cost per ton
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          58.51
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Milling cost per ton
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          15.40
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Ore grade milled - Silver (oz./ton)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          9.27
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Ore grade milled - Lead (%)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          6.08
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Ore grade milled - Zinc (%)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2.85
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Silver produced (oz.)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          756,824
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Lead produced (tons)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4,944
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Zinc produced (tons)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,155
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total cash cost per ounce of silver produced (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4.99
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Capital additions (in thousands)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          11,697
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          14,410
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="11">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (1) Total cash cost per ounce of silver represents a non-U.S.
            Generally Accepted Accounting Principles (GAAP) measurement. A
            reconciliation of total cash costs to cost of sales and other
            direct production costs and depreciation, depletion and
            amortization (GAAP) can be found in the cash costs per ounce
            reconciliation section of this news release. Gold, lead and zinc
            produced have been treated as by-product credits in calculating
            silver costs per ounce.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Non-GAAP Measures
    </p>
    <p>
      (Unaudited)
    </p>
    <p>
      This release contains references to a non-GAAP measure of cash costs per
      ounce. Cash costs per ounce of silver represent non-U.S. Generally
      Accepted Accounting Principles (GAAP) measurements that the Company
      believes provide management and investors an indication of net cash
      flow. Management also uses this measurement for the comparative
      monitoring of performance of mining operations period-to-period from a
      cash flow perspective. &quot;Total cash cost per ounce&quot; is a measure
      developed by gold companies in an effort to provide a comparable
      standard; however, there can be no assurance that our reporting of this
      non-GAAP measure is similar to that reported by other mining companies.
      Cost of sales and other direct production costs and depreciation,
      depletion and amortization was the most comparable financial measures
      calculated in accordance with GAAP to total cash costs.
    </p>
    <p>
      The following table calculates cash cost per ounce:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="8">
          Three Months Ended March 31,
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="3">
          <b>2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="3">
          2011
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>RECONCILIATION TO GAAP, ALL OPERATIONS</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total cash costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>2,976</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,530
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Divided by ounces produced
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>1,329</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          2,455
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 5.0px; text-align: left">
          Total cash cost per ounce produced
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>2.24</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          1.03
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Reconciliation to GAAP:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Total cash costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>2,976</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,530
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Depreciation, depletion and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>9,661</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          12,262
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Treatment costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(17,695</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (24,236
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          By-product credits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>46,353</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          64,511
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Change in product inventory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>1,805</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,533
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 5.0px; text-align: left">
          Reclamation and other costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>(149</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          191
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 5.0px; text-align: left">
          Cost of sales and other direct production costs and depreciation,
          depletion and amortization (GAAP)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>42,951</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          56,791
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>GREENS CREEK UNIT</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total cash costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>2,976</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (1,245
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Divided by ounces produced
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>1,329</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          1,698
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 5.0px; text-align: left">
          Total cash cost per ounce produced
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>2.24</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          (0.73
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Reconciliation to GAAP:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Total cash costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>2,976</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (1,245
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Depreciation, depletion and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>9,661</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          10,680
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Treatment costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(17,695</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (19,116
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          By-product credits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>46,353</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          50,063
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Change in product inventory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>1,805</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,858
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 5.0px; text-align: left">
          Reclamation and other costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>(149</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          167
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 5.0px; text-align: left">
          Cost of sales and other direct production costs and depreciation,
          depletion and amortization (GAAP)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>42,951</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          42,407
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>LUCKY FRIDAY UNIT (1)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total cash costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3,775
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Divided by silver ounces produced
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          757
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 5.0px; text-align: left">
          Total cash cost per ounce produced
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          4.99
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Reconciliation to GAAP:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Total cash costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3,775
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Depreciation, depletion and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,582
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Treatment costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (5,120
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          By-product credits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          14,448
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Change in product inventory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (325
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 5.0px; text-align: left">
          Reclamation and other costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          24
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 5.0px; text-align: left">
          Cost of sales and other direct production costs and depreciation,
          depletion and amortization (GAAP)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          14,384
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="12">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="12">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (1)&#160;Production has been temporarily suspended at the Lucky Friday
            Unit as work is performed to rehabilitate the Silver Shaft, the
            primary access from surface to the underground workings at the
            Lucky Friday mine. See the Lucky Friday Segment section above for
            further discussion of the Silver Shaft work and temporary
            suspension of operations. Care and maintenance costs incurred at
            the Lucky Friday during the suspension of production are included
            in a separate line item under Other operating expenses on the
            Condensed Consolidated Statement of Operations and Comprehensive
            Income (Unaudited), and have been excluded from the calculation of
            total cash costs for the three month period ended March 31, 2012.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      This release also refers to a non-GAAP measure of earnings after
      adjustments. Earnings After Adjustments and Earnings After Adjustments
      per share are non-GAAP measures which are indicators of our performance.
      They exclude certain impacts which are of a nature which we believe are
      not reflective of our underlying performance. Management believes that
      earnings after adjustments per common share provides investors with the
      ability to better evaluate our underlying operating performance. The
      following table reconciles net income applicable to common shareholders
      to earnings after adjustments applicable to common shareholders:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="8">
          Three Months Ended March 31,
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="3">
          <b>2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="3">
          2011
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net income applicable to common shareholders (GAAP)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>12,434</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          43,219
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Adjusting items:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Losses on derivatives contracts
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>5,231</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,034
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Environmental accruals
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>769</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Provisional price gains
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(5,137</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (7,822
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Lucky Friday suspension-related costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>6,166</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 5.0px; text-align: left">
          Income tax effect of above adjustments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          <b>(2,530</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt">
          2,084
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Earnings after adjustments applicable to common shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          <b>16,933</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt">
          39,515
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Weighted average shares - basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>285,292</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          278,448
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Weighted average shares - diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>296,928</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          296,244
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Basic earnings after adjustments per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>0.06</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.14
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Diluted earnings after adjustments per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>0.06</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.13
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>Assay Results - Q1 2012</b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          Gold
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          Zinc
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          Lead
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          MINE / PROJECT
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Zone
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Width (Feet)
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Silver (oz/ton)
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          (oz/ton)
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          (%)
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          (%)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          GREENS CREEK
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          200 South
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          16.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          32.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.02
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          8.1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          4.0
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          200 South
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9.9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          17.9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.05
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          7.6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          3.7
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          5250 South
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          2.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.16
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          10.6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          6.0
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Southwest Bench
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          4.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          25.6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.03
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          5.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          3.3
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Southwest Bench
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          6.5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          19.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.23
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          5.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          2.8
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9a Zone
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          16.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          32.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.02
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          8.1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          4.0
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9a Zone
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          10.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          15.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.02
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          1.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.4
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9a Zone
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          8.7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          20.7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.02
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          18.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          8.7
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9a Zone
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          19.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          26.1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.02
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          11.5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          6.6
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9a Zone
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          21.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9.7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.04
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          33.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          10.9
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9a Zone
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          8.9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          18.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.02
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          8.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          4.8
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9a Zone
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          22.9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          11.6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.07
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          5.9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          3.5
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9a Zone
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          6.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          16.5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.04
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          12.9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          2.8
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9a Zone
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          3.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          46.6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.52
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          2.4
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          MINE / PROJECT
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Vein Area
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Width (Feet)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Gold (oz/ton)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Silver (oz/ton)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          SAN JUAN SILVER (CREEDE)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          18.5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.45
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          36.8
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          including
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          6.1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          1.14
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          90.9
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          29.6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.11
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          11.3
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          including
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          12.5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.20
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          19.6
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          4.6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.07
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          8.3
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          6.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.17
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          16.8
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          5.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.09
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          23.5
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          6.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.38
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          40.2
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          6.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.08
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          9.2
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          4.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.23
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          10.7
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          4.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.08
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          8.2
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          6.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.05
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          12.4
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          8.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.10
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          14.4
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          MINE / PROJECT
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Vein Number / Area
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Width (Feet)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Silver (oz/ton)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Zinc (%)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Lead (%)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          SILVER VALLEY DRILLING
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          STAR COMPLEX
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Moffitt
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          4.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          10.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          6.6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          34.9
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Moffitt
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          4.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          2.6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          12.9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          7.9
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Moffitt
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          4.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          2.7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          5.2
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Moffitt
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          1.1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          12.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          16.9
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          North Star
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          5.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          2.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          7.9
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          North Star
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          1.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          2.1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          5.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          3.8
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          North Wall
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          1.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          3.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          11.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          13.6
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Noonday Split
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          1.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          4.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          18.9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          7.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          MINE / PROJECT
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Area
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Width (Meters)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Silver (g/tonne)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Gold (g/tonne)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt">
          MEXICO - SAN SEBASTIAN
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Andrea
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          1.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          160.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.8
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Andrea
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          1.6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          298.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.5
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Andrea
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          1.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          199.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          2.4
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Andrea
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          354.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.4
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Andrea
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          4.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          159.1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          3.8
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Andrea
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          1.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          98.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          3.2
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Andrea
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          4.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          36.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          1.2
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          Andrea
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          0.5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          481.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt">
          3.0
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Hecla Mining Company<br>Sr. Vice President &#8211; CFO<br>Jim
      Sabala, 208-209-1255<br>Direct Main: 800-HECLA91 (800-432-5291)<br><u>hmc-info@hecla-mining.com</u><br><u>www.hecla-mining.com</u>
    </p>
    <p style="white-space: nowrap; text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a50268623ex99_2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.2</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Hecla
      Declares Silver-Linked and Regular Dividends and Announces Stock
      Repurchase Program</b></font>
    </p>
    <p>
      COEUR D&#8217;ALENE, Idaho--(BUSINESS WIRE)--May 8, 2012--Hecla Mining Company
      (NYSE:HL) is pleased to announce its Board of Directors has declared the
      third consecutive quarterly dividend of $0.0225 per share of common
      stock for a total amount of approximately $6.4 million.
    </p>
    <p>
      The Company&#8217;s Board of Directors has also approved a stock repurchase
      program. Under the program, Hecla is authorized to repurchase up to 20
      million shares of its outstanding common stock from time to time, with
      the purchases expected to occur over the next 24 months.
    </p>
    <p>
      &#8220;Our Board&#8217;s action to declare the third consecutive silver-linked
      dividend, continue our regular quarterly dividend, as well as approve a
      stock repurchase program, reflects Hecla&#8217;s excellent operating margin
      and strong financial position,&#8221; said Hecla&#8217;s President and Chief
      Executive Officer, Phillips S. Baker, Jr. &#8220;We believe our cash balances
      and ongoing cash flow generation allows Hecla to deliver shareholder
      value in three ways: by growing production 50% over the next five years,
      paying dividends and repurchasing shares.&#8221;
    </p>
    <p>
      Any purchases made under Hecla&#8217;s repurchase program may be made from
      time to time in open market or privately negotiated transactions, upon
      such terms as the Company deems appropriate, commencing at the
      conclusion of its current quarterly blackout period. All purchases are
      subject to stock price, market conditions, corporate and legal
      requirements and other factors. Hecla intends to comply with Rule 10b-18
      under the Securities Exchange Act of 1934. In the future, repurchases of
      common stock may be made under a Rule 10b5-1 trading plan. This will
      allow the Company to repurchase shares in the open market during periods
      in which the stock trading window is otherwise closed for the Company.
      The repurchase program may be modified, suspended or discontinued at any
      time. The Company currently has approximately 285 million common shares
      outstanding.
    </p>
    <p>
      <b>Third Consecutive Silver-linked Dividend and Regular Dividend</b>
    </p>
    <p>
      The dividend is part of Hecla&#8217;s common stock dividend policy, which
      consists of a silver-linked dividend of $0.02 per share based on an
      average realized silver price of $36.59 for the first quarter of 2012,
      and a minimum annual dividend of $0.01 per share of common stock,
      payable quarterly.
    </p>
    <p>
      The cash dividend is payable June 8, 2012, to common shareholders of
      record on May&#160;30, 2012. There are approximately 285 million shares of
      common stock outstanding. Under Hecla&#8217;s silver price-linked dividend
      policy, it is expected that any quarterly common stock dividend declared
      by the Company will be based on Hecla&#8217;s average realized silver price
      for the preceding quarter. Realized prices are calculated by dividing
      gross revenues by the payable quantities of each metal included in
      concentrate and dor&#233; sold during the period. As noted above, the average
      realized silver price per ounce was $36.59 in the first quarter of 2012
      compared to the average market price of $32.66 (London PM Fix). Any
      quarterly common stock dividend declared by Hecla will increase or
      decrease by $0.01 per share ($0.04 annually) for each $5.00 per ounce
      incremental increase or decrease in the average realized silver price in
      the preceding quarter.
    </p>
    <p>
      The declaration and payment of dividends remains at the sole discretion
      of the Board of Directors and will depend on Hecla&#8217;s financial results,
      cash requirements (including for preferred dividends, operations,
      capital projects, exploration and development, litigation and
      settlements, acquisitions, and other items), future prospects and other
      factors deemed relevant by the Board. Investors are cautioned that this
      new policy is not a guarantee that a dividend will be declared or paid
      in any particular period in the future.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Preferred Dividend</b>
    </p>
    <p>
      The Board of Directors has also elected to declare the regular quarterly
      dividend of $0.875 per share on the outstanding Series B Cumulative
      Convertible Preferred Stock, on a total of 157,816 shares outstanding.
      This represents a total amount to be paid of approximately $138,000. The
      cash dividend is payable July 2, 2012, to shareholders of record on June
      15, 2012.
    </p>
    <p>
      <b>Cautionary Statements</b>
    </p>
    <p>
      Statements made which are not historical facts, such as anticipated
      payments, litigation outcome, production, sales of assets, exploration
      results and plans, prospects and opportunities including reserves,
      resources, and mineralization, costs, and prices or sales performance
      are &quot;forward-looking statements&quot; within the meaning of the Private
      Securities Litigation Reform Act of 1995. Words such as &#8220;may,&#8221; &#8220;will,&#8221;
      &#8220;should,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;projects,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221;
      &#8220;targets,&#8221; &#8220;anticipates&#8221; and similar expressions are used to identify
      these forward-looking statements. Forward-looking statements involve a
      number of risks and uncertainties that could cause actual results to
      differ materially from those projected, anticipated, expected or
      implied. These risks and uncertainties include, but are not limited to,
      metals price volatility, volatility of metals production and costs,
      environmental and litigation risks, operating risks, project development
      risks, political and regulatory risks, labor issues, ability to raise
      financing and exploration risks and results. Refer to the company's Form
      10-K and 10-Q reports for a more detailed discussion of factors that may
      impact expected future results. The company undertakes no obligation and
      has no intention of updating forward-looking statements other than as
      may be required by law.
    </p>
    <p>
      CONTACT:<br>Hecla Mining Company<br>Jim Sabala, 208-209-1255<br>Sr. Vice
      President - CFO<br>Direct Main: 800-HECLA91 (800-432-5291)<br>Email: <u>hmc-info@hecla-mining.com</u><br>Website:
      <u>www.hecla-mining.com</u>
    </p>
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