<SEC-DOCUMENT>0001062993-11-003201.txt : 20110811
<SEC-HEADER>0001062993-11-003201.hdr.sgml : 20110811
<ACCEPTANCE-DATETIME>20110811163355
ACCESSION NUMBER:		0001062993-11-003201
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20110811
FILED AS OF DATE:		20110811
DATE AS OF CHANGE:		20110811

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST MAJESTIC SILVER CORP
		CENTRAL INDEX KEY:			0001308648
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34984
		FILM NUMBER:		111028148

	BUSINESS ADDRESS:	
		STREET 1:		925 WEST GEORGIA STREET
		STREET 2:		SUITE 1805
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L2
		BUSINESS PHONE:		604-688-3033

	MAIL ADDRESS:	
		STREET 1:		925 WEST GEORGIA STREET
		STREET 2:		SUITE 1805
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST MAJESTIC RESOURCE CORP
		DATE OF NAME CHANGE:	20041115
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
<HTML>
<HEAD>
<TITLE>First Majestic Silver Corp.: Form 6K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF" style="font-size: 10pt;">
<hr noshade align="center" width="100%" size=3 color="black">


<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<P align=center>For the month of <B><U>August, 2011</U></B></P>
<P align=center>Commission File Number <B><u>001-34984</u></B></P>
<p align="center"><b><u><font size=5>FIRST MAJESTIC SILVER CORP. </font></u></b> <br>(Translation of registrant's name into English) </p>

<p align="center"><b><u>925 West Georgia Street, Suite 1805, Vancouver BC V6C 3L2</u></b><br>(Address of principal executive offices) </p>

<p align="center">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.<br>
[<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>] Form 20-F &nbsp;&nbsp;[ x ] Form 40-F</p>
<p align="center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;____</p>



<p align="center"> Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;____</p>
<p align="center">Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&rsquo;s &ldquo;home country&rdquo;), or under the rules of the home country exchange on which the registrant&rsquo;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&rsquo;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. </p>
<p align="center">Indicate by check mark whether by furnishing the information
  contained in this Form, the registrant is also thereby furnishing the information
  to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
  of 1934.<br>
  Yes [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>] No [ x ]</p>

<p align="center"> If &quot;Yes&quot; is marked, indicate below the file number
  assigned to the registrant in connection with Rule 12g3-2(b): 82-
  _________
</p>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<p align="center"><img src="fmlogo.jpg"></p>
<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
  <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
  <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td>
  <td bgcolor="#EEEEEE"><A href="exhibit99-1.htm">Consolidated Interim Financial Statements for the   Quarter Ended June 30, 2011</A></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr><td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
  <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm">99.2</a></td>
<td bgcolor="#EEEEEE"><A href="exhibit99-2.htm">Management's Discussion and Analysis for the Quarter   Ended June 30, 2011</A><a href="exhibit99-1.htm"></a></td>
</tr>
</table>

<p>&nbsp;</p>

<hr noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><B>SIGNATURES </B></p>

<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
  1934, the registrant has duly caused this report to be signed on its behalf by
  the undersigned, thereunto duly authorized. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>FIRST MAJESTIC SILVER CORP. </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>/s/ Connie
      Lillico</I> </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Connie Lillico </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Corporate Secretary </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>August 11, 2011</TD>
    <TD align=left width="60%"
>&nbsp;</TD>
  </TR>
</TABLE>
<p>&nbsp; </p>

<hr noshade align="center" width="100%" size=5 color="Black"></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE QUARTER ENDED JUNE 30, 2011
<TEXT>
<HTML>
<HEAD>
   <TITLE>First Majestic Silver Corp.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<br>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-TOP: #000000 2px solid" align=center>&nbsp;<img src="fmlogo.jpg" width="194" height="116"></TD>
  </TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B> </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>FOR THE SIX MONTHS ENDED </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>JUNE 30, 2011 </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>(UNAUDITED) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
  align=center>&nbsp;</TD></TR></TABLE>
<P align=center><B></B>&nbsp;</P>
<P align=center><B>MANAGEMENT&#146;S COMMENTS ON<BR></B><B>UNAUDITED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS</B></P>
<P align=center>The accompanying unaudited interim financial statements of the
Company have been prepared by and are the <BR>responsibility of the Company&#146;s
management.</P>
<P align=center>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1px solid" align=center>925 West Georgia
      Street, Suite 1805, Vancouver, B.C. Canada V6C 3L2 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Phone: 604.688.3033 | Fax: 604.639.8873 | Toll Free:
      1.866.529.2807 | Email: info@firstmajestic.com </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>www.firstmajestic.com </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED INTERIM STATEMENTS OF INCOME</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE PERIODS ENDED JUNE 30, 2011 AND 2010</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 9pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD colSpan=4
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Three Months Ended June 30,</B> </TD>
    <TD
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD colSpan=4
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Six Months Ended June 30,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Note</B> </TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2010</B> </TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2010</B> </TD>
    <TD  width="1%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Revenues</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff><a href="#note_6">6 </a></TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>&nbsp;68,040</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>&nbsp;27,456</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>&nbsp;123,306</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>&nbsp;45,202</B> </TD>
    <TD bgColor=#e6efff align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Cost of sales </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">18,112    </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">12,324    </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">34,931    </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">20,953    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Gross margin</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>49,928</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>15,132</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>88,375</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>24,249</B> </TD>
    <TD bgColor=#e6efff align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Depletion,
      depreciation and amortization </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">3,134    </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,483    </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">5,938    </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">4,433    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Mine operating earnings</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>46,794</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>12,649</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>82,437</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>19,816</B> </TD>
    <TD bgColor=#e6efff align=left>&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>General and administrative expense </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>3,638 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>2,143 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>7,528 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>4,013 </TD>
    <TD bgColor=#e6efff align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Share-based payments </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">1,772 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">828 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">3,661 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">1,686 </TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Accretion of decommissioning liabilities</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>112 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>123 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>231 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>182 </TD>
    <TD bgColor=#e6efff align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Foreign exchange loss (gain) </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">284 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">(1,616</TD>
    <TD align=left valign="bottom">) </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">309 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">1,567 </TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Other (income) expenses </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=center valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(292</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">731 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">10 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,064 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Operating earnings</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>41,280</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>10,440</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>70,698</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>11,304</B> </TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Investment and other income </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom"><a href="#note_7">7 </a></TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">381 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">620 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">3,856 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">654 </TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Finance costs </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=center valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(388</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(88</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(506</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(396</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Earnings before income taxes</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>41,273</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>10,972</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>74,048</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>11,562</B> </TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Income taxes</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Current income tax expense </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">9,445 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">43 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">13,668 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">61 </TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Deferred income tax expense (recovery) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=center valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,235 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(49</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">5,917 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">81 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">10,680    </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(6</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">19,585    </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">142</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>Net earnings for the period attributable</B> <B>to equity
      holders of the Company</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=center valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;30,593</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;10,978</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;54,463</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;11,420</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left>&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Earnings per common share</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;<B>Basic</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom"><B>$</B></TD>
    <TD align=right valign="bottom"><B>&nbsp;0.30</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom"><B>$</B></TD>
    <TD align=right valign="bottom"><B>&nbsp;0.12</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom"><B>$</B></TD>
    <TD align=right valign="bottom"><B>&nbsp;0.54</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom"><B>$</B></TD>
    <TD align=right valign="bottom"><B>&nbsp;0.12</B> </TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp;<B>Diluted</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>&nbsp;0.29</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>&nbsp;0.12</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>&nbsp;0.51</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>&nbsp;0.12</B> </TD>
    <TD bgColor=#e6efff align=left>&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Weighted average shares outstanding</B>    </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;<B>Basic</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom"><a href="#note_8">8 </a></TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom" nowrap><B>103,396,753</B> </TD>
    <TD align=left valign="bottom" nowrap>&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp;</TD>
    <TD align=right valign="bottom" nowrap><B>92,804,715</B> </TD>
    <TD align=left valign="bottom" nowrap>&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp;</TD>
    <TD align=right valign="bottom" nowrap><B>101,633,552</B> </TD>
    <TD align=left valign="bottom" nowrap>&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp;</TD>
    <TD align=right valign="bottom" nowrap><B>92,758,113</B> </TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp;<B>Diluted</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff><a href="#note_8">8 </a></TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" nowrap bgColor=#e6efff><B>107,279,976</B> </TD>
    <TD align=left valign="bottom" nowrap bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" nowrap bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" nowrap bgColor=#e6efff><B>95,076,336</B> </TD>
    <TD align=left valign="bottom" nowrap bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" nowrap bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" nowrap bgColor=#e6efff><B>106,528,441</B> </TD>
    <TD align=left valign="bottom" nowrap bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" nowrap bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" nowrap bgColor=#e6efff><B>94,421,176</B> </TD>
    <TD bgColor=#e6efff
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>APPROVED BY THE BOARD OF DIRECTORS</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><I>Keith
      Neumeyer (signed)</I></B> </TD>
    <TD width="25%" align=left>&nbsp;&nbsp;&nbsp;&nbsp; Director </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=left><B><I>Douglas Penrose (signed)</I></B> </TD>
    <TD width="25%" align=left>&nbsp;&nbsp;&nbsp;&nbsp; Director
</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of the consolidated
interim financial statements</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE
      INCOME</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE PERIODS ENDED JUNE 30, 2011 AND 2010</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD colSpan=4
    align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Three Months Ended June 30,</B> </TD>
    <TD
    align=center style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=center style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD colSpan=4
    align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Six Months Ended June 30,</B> </TD>
  <TD
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD
    align=center style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=center style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center style="BORDER-BOTTOM: #000000 1px solid"><B>2010</B> </TD>
    <TD
    align=center style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=center style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD
    align=center style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=center style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center style="BORDER-BOTTOM: #000000 1px solid"><B>2010</B> </TD>
  <TD
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp; </TD>
  <TD width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Net earnings for the period
      attributable</B> <B>to equity holders of the Company</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>$</B></TD>
    <TD bgColor=#e6efff vAlign=bottom
      align=right><B>&nbsp;30,593</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>$</B></TD>
    <TD bgColor=#e6efff vAlign=bottom
      align=right><B>&nbsp;10,978</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>$</B></TD>
    <TD bgColor=#e6efff vAlign=bottom
      align=right><B>&nbsp;54,463</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>$</B></TD>
    <TD bgColor=#e6efff vAlign=bottom
      align=right><B>&nbsp;11,420</B> </TD>
  <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
  <TD vAlign=bottom>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Other comprehensive income</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
  <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Available for sale investments: </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
  <TD vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Unrealized gain (loss) in fair value
      of investments </TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right>1,721 </TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right>(78</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right>1,634 </TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right>112 </TD>
  <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Currency
      translation gain </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=right>226 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=right>24 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=right>719 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=right>675 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>Other comprehensive income</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom align=right>1,947 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom align=right>(54</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom align=right>2,353 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom align=right>787 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Comprehensive
      income for the period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=right><B>&nbsp;32,540</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=right><B>&nbsp;10,924</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=right><B>&nbsp;56,816</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=right><B>&nbsp;12,207</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    align=left>&nbsp;</TD>
  </TR></TABLE>
<P align=center>The accompanying notes are an integral part of the consolidated
interim financial statements</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED INTERIM STATEMENTS OF CASH FLOW</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE PERIODS ENDED JUNE 30, 2011 AND 2010</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 9pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" colSpan=4
    align=center><B>Three Months Ended June 30,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" colSpan=4
    align=center><B>Six Months Ended June 30,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Note</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2010</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2010</B> </TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>OPERATING ACTIVITIES</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net earnings for the period </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;30,593 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;10,978 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;54,463 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;11,420 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Adjustments for: </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Share-based payments </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,772 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>828 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3,661 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,686 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Depletion, depreciation and
      amortization </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>3,134 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>2,483 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>5,938 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>4,433 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Accretion of decommissioning liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>112 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>123 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>231 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>182 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Investment income from derivative
      financial instruments </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(320</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(201</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(3,545</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(626</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Deferred taxes </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,235 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(49</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>5,917 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>81 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Finance costs </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>388 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>160 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>506 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>395 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Unrealized
      foreign exchange loss (gain) and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>7 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(1,566</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>523
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>1,464
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Operating cash flows before movements in
      working capital </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>36,921 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>12,756 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>67,694 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>19,035 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Net change in
      non-cash working capital items </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><a href="#note_24">24
    </a></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>1,028
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(1,382</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>4,678
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(1,359</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>Cash generated by operating activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>37,949</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>11,374</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>72,372</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>17,676</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>INVESTING ACTIVITIES</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Expenditures on mineral property interests (net of
      accruals) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(6,355</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(3,323</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(11,582</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(5,359</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff colSpan=3 align=left>Acquisition of property, plant,
      and equipment (net of accruals) </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(12,360</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(1,106</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(16,815</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(2,774</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Realized gain on derivative financial instruments </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>186 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>201 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3,411 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>626 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Decrease (increase) in deposits on
      long-term assets </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(6,657</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(13</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(10,418</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(415</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Proceeds from disposal of marketable securities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>38 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>66 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Investment in marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(24</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Cash used in
      investing activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>(25,186</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>(4,203</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>(35,404</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>(7,880</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FINANCING ACTIVITIES</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Proceeds from exercise of stock options and
      share warrants </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>4,974 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>516 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>22,911 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>681 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Proceeds from lease financing </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2,474 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Payment of lease obligations </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(566</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(404</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(892</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(1,038</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Payment of other long-term liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(39</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(76</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Finance costs paid </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(388</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(160</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(506</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(395</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Prepayment
      facility, net of repayments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>2,280
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
align=right>(414</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>2,280
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>305
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>Cash generated by financing activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>6,261</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>(462</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>26,191</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>(447</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Increase in cash and cash
      equivalents</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right><B>19,024</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right><B>6,709</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right><B>63,159</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right><B>9,349</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Effect of exchange rate on cash held in foreign currency
</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>330 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(45</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>656 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(13</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Cash and cash equivalents, beginning of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=center><a href="#note_9">9 </a></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>85,624 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>8,281 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>41,163 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>5,609 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Cash and cash
      equivalents, end of period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><a href="#note_9">9 </a></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;104,978</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;14,945</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;104,978</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;14,945</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Supplemental
      cash flow information</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><a href="#note_24">24
    </a></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;
    </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of the consolidated
interim financial statements</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL
      POSITION</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>AS AT JUNE 30, 2011 AND DECEMBER 31, 2010</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Note</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Assets</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>(Note 27) </TD>
    <TD  width="2%" align=center></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Current assets</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash and cash equivalents </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><a href="#note_9">9 </a></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;104,978 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;41,163 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Trade and other receivables </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center><a href="#note_10">10 </a></TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>10,534 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>8,354 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Inventories </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><a href="#note_11">11 </a></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>10,161 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>8,651 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Other financial assets </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center><a href="#note_12">12 </a></TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>8,335 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>357 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Prepaid expenses
      and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><a href="#note_13">13</a></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>2,782    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>1,572    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Total current assets</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>136,790</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>60,097</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%" align="center">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Non-current assets</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mining interests </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><a href="#note_14">14 </a></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>131,350 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>119,660 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Property, plant and equipment </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center><a href="#note_15">15 </a></TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>92,109 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>72,383 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Deferred tax asset </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,163 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,065 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Deposits on long-term assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center><a href="#note_16">16 </a></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>10,418 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>2,426 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Total
      assets</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=center>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;371,830</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;257,631</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD width="10%" align="center" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Liabilities and Equity</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Current liabilities</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Trade payables and accrued liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><a href="#note_17">17 </a></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;21,815 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;12,400 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Current portion of debt facilities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center><a href="#note_18">18 </a></TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>2,280 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Current portion of lease obligations </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><a href="#note_19">19 </a></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2,654 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,160 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Taxes payable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>9,120 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>440 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Total current liabilities</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>35,869</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>14,000</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD width="10%" align="center" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Non-current liabilities</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Lease obligations </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center><a href="#note_19">19 </a></TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>6,705 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>2,417 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Decommissioning liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>7,358 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>6,795 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Other long term liabilities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>945 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>893 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred tax
      liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>26,110 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>22,071 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left><B>Total liabilities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>76,987</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>46,176</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Equity</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Shareholders' equity</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Share capital </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center><a href="#note_20">20</a> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>265,923 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>239,770 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Equity reserves </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><a href="#note_21">21 </a></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>28,581 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>25,809 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Retained earnings (Accumulated deficit) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center><a href="#note_22">22 </a></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>339 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(54,124</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total
      equity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>294,843</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>211,455</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left><B>Total liabilities and equity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;371,830</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;257,631</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Contingent liabilities (Note <a href="#note_25">25</a>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Subsequent events
      (Note <a href="#note_26">26</a>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;    </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of the consolidated
interim financial statements</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE PERIODS ENDED JUNE 30, 2011 AND 2010</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 7pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left valign="bottom" >&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="24%" colSpan=7
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Share Capital</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="33%" colSpan=10
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Equity Reserves</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap><B>Retained</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap><B>Available for</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap><B>Foreign</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap><B>earnings</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap><B>Share-based</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap><B>sale</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap><B>currency</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap><B>Total equity </B></TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="6%"
      align=center valign="bottom" nowrap><STRONG>(Accumulated</STRONG>&nbsp;&nbsp;</TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
      >&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Shares</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Amount</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>To
      be issued</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>payment</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>revaluation</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>translation</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>reserves</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>deficit)</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total equity</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom" >&nbsp; </TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff ><B>Balance at January 1,
      2010</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>92,648,744 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;218,608 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;247 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;24,971 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;(55</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;24,916 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;(89,255</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;154,516 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Net earnings </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>11,420 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>11,420 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff >Share-based payment </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>1,686 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>1,686 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>1,686 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Other comprehensive income </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>112 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>675 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>787 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>787 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff >Shares issued for: </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >&nbsp;Exercise of options </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>277,500 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>602 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>602 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff >&nbsp;Exercise of warrants</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>25,000 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>78 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>78 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
      >Transfer of equity reserve upon<br>
      exercise of options and
      warrants </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>221 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>(221</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>(221</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"
    ><B>Balance at June 30, 2010</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>92,951,244</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;219,509</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;247</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;26,436</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;57</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;675</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;27,168</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;(77,835</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;169,089</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom" >&nbsp; </TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" nowrap bgColor=#e6efff ><B>Balance at December 31,
      2010</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>97,560,417 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;239,525 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;245 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;25,170 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;18 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;621 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;25,809 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;(54,124</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;211,455 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Net earnings </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>54,463 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>54,463 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff >Share-based payment </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>3,661 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>3,661 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>3,661 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" nowrap >Other comprehensive income </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>1,634 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>719 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>2,353 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>2,353 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff >Shares issued for: </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >&nbsp;Exercise of options </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>1,540,800 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>6,017 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>6,017 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff >&nbsp;Exercise of warrants</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>4,806,593 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>16,894 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>16,894 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >&nbsp;Conversion of shares to be issued </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>2,500 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>12 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(12</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"
    >Transfer of equity reserve upon <br>
      exercise of options and
      warrants </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>3,242 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(3,242</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(3,242</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
      ><B>Balance at June 30, 2011</B> </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right><B>103,910,310</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right><B>&nbsp;265,690</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right><B>&nbsp;233</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right><B>&nbsp;25,589</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right><B>&nbsp;1,652</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right><B>&nbsp;1,340</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right><B>&nbsp;28,581</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right><B>&nbsp;339</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right><B>&nbsp;294,843</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR></TABLE></DIV>
<P align=center>The accompanying notes are an integral part of the consolidated
interim financial statements</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD>
      <P align=justify><B>NATURE OF OPERATIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>First Majestic Silver Corp. (the &#147;Company&#148; or &#147;First
      Majestic&#148;) is a publicly listed company incorporated in Canada with
      limited liability under the legislation of the Province of British
      Columbia. The Company is in the business of silver production,
      development, exploration, and acquisition of mineral properties with a
      focus on silver production in Mexico. The Company&#146;s shares trade on the
      New York Stock Exchange under the symbol &#147;AG&#148; and on the Toronto Stock
      Exchange under the symbol &#147;FR&#148;.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s head office, principal address and
      registered and records office are located at 925 West Georgia Street,
      Suite 1805, Vancouver, British Columbia, Canada, V6C 3L2.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>2.</B> </TD>
    <TD>
      <P align=justify><B>BASIS OF PREPARATION AND FIRST-TIME ADOPTION OF
      IFRS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Statement of Compliance</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These consolidated financial statements, including
      comparatives, have been prepared in accordance with International
      Accounting Standard (&#147;IAS&#148;) 34, &#147;Interim Financial Reporting&#148; using
      accounting policies consistent with International Financial Reporting
      Standards (&#147;IFRS&#148;) as issued by the International Accounting Standards
      Board (&#147;IASB&#148;) and Interpretations issued by the International Financial
      Reporting Interpretations Committee (&#147;IFRIC&#148;) and using the accounting
      policies the Company expects to adopt in its consolidated financial
      statements as at and for the year ending December 31, 2011.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These consolidated interim financial statements should be
      read in conjunction with the Company&#146;s 2010 GAAP annual financial
      statements, the consolidated interim financial statements as at and for
      the three months ended March 31, 2011, and in consideration of the
      disclosures regarding the transition from Canadian GAAP to IFRS are
      included in note 27. Certain disclosures that are required to be included
      in annual financial statements prepared in accordance with IFRS are not
      included in these interim financial statements nor in the Company&#146;s most
      current annual GAAP financial statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Basis of Consolidation and Presentation</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The consolidated financial statements have been prepared
      on a historical cost basis except for certain items that are measured at
      fair value including derivative financial instruments and available for
      sale investments. All dollar amounts presented are in United States
      dollars unless otherwise specified. The accounting policies in Note 3 of
      the consolidated interim financial statements for the three months ended
      March 31, 2011 have been applied in preparing these consolidated interim
      financial statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These consolidated financial statements incorporate the
      financial statements of the Company and its controlled subsidiaries.
      Control exists when the Company has the power, directly or indirectly, to
      govern the financial and operating policies of an entity so as to obtain
      benefits from its activities. The consolidated financial statements
      include the accounts of the Company and its direct wholly-owned
      subsidiaries: Corporaci&#243;n First Majestic, S.A. de C.V. (&#147;CFM&#148;), First
      Silver Reserve Inc. (&#147;First Silver&#148;) and Normabec Mining Resources Ltd.
      (&#147;Normabec&#148;) as well as its indirect wholly-owned subsidiaries: First
      Majestic Plata, S.A. de C.V. (&#147;First Majestic Plata&#148;), Minera El Pilon,
      S.A. de C.V. (&#147;El Pilon&#148;), Minera La Encantada, S.A. de C.V. (&#147;La
      Encantada&#148;), Majestic Services S.A. de C.V. (&#147;Majestic Services&#148;), Minera
      Real Bonanza, S.A. de C.V. (&#147;MRB&#148;) and Servicios Minero-Metalurgicos e
      Industriales, S.A. de C.V. (&#147;Servicios&#148;). First Silver underwent a wind up
      and distribution of its assets and liabilities to the Company in December
      2007 but First Silver has not been dissolved for legal purposes pending
      the outcome of litigation. Intercompany balances and transactions are
      eliminated on consolidation.</P></TD></TR></TABLE>
<P align=center>Notes Page 1</P>
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width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>3.</B> </TD>
    <TD>
      <P align=justify><B>SIGNIFICANT ACCOUNTING ESTIMATES AND
    JUDGMENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The preparation of financial statements in conformity
      with IFRS requires management to make estimates and assumptions that
      affect the reported amounts of assets and liabilities at the date of the
      financial statements and the reported amounts of revenue and expenses
      during the reporting period.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Although management uses historical experience and its
      best knowledge of the amount, events or actions to form the basis for
      judgments and estimates, actual results may differ from these
      estimates.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The most significant accounts that require estimates as
      the basis for determining the stated amounts include: recoverability of
      accounts receivable, valuation of inventories, valuation and depreciation
      of property, plant and equipment and mining interests, valuation of
      share-based payments, recognition of deferred income tax amounts and
      provision for restoration, rehabilitation and environmental
  costs.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>There are also significant judgments exercised in order
      to arrive at the stated amounts. Depreciation and depletion of property,
      plant and equipment is determined based on estimates of useful lives and
      reserves, both of which require significant judgment. The assessment of
      impairment of any property, plant and equipment assets depends on
      estimates of recoverable amounts, which takes into account factors
      requiring significant judgment including reserves, economic and market
      conditions and the useful lives of assets. The evaluation of mining
      interests and determination of commissioning date, determination of
      functional currency, provision for restoration, rehabilitation and
      environmental costs are dependent on various judgments, including the
      nature, estimate of future cost and timing of the work to be completed,
      which may change based on changes in future costs and environmental laws
      and regulations.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>4.</B> </TD>
    <TD>
      <P align=justify><B>RECENT ACCOUNTING PRONOUNCEMENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Financial instruments disclosure</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In October 2010, the IASB issued amendments to IFRS 7 &#150;
      <I>Financial Instruments: Disclosures </I>that improve the disclosure
      requirements in relation to transferred financial assets. The amendments
      are effective for annual periods beginning on or after July 1, 2011, with
      earlier adoption permitted. The Company does not anticipate this amendment
      to have a significant impact on its consolidated financial
    statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Financial instruments</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The IASB intends to replace IAS 39 &#150; <I>Financial
      Instruments: Recognition and Measurement </I>(&#147;IAS 39&#148;) in its entirety
      with IFRS 9 &#150; <I>Financial Instruments </I>(&#147;IFRS 9&#148;) in three main
      phases. IFRS 9 will be the new standard for the financial reporting of
      financial instruments that is principles-based and less complex than IAS
      39, and is effective for annual periods beginning on or after January 1,
      2013, with earlier adoption permitted. In November 2009 and October 2010,
      phase 1 of IFRS 9 was issued and amended, respectively, which addressed
      the classification and measurement of financial assets and financial
      liabilities. IFRS 9 requires that all financial assets be classified as
      subsequently measured at amortized cost or at fair value based on the
      Company&#146;s business model for managing financial assets and the contractual
      cash flow characteristics of the financial assets. Financial liabilities
      are classified as subsequently measured at amortized cost except for
      financial liabilities classified as at FVTPL, financial guarantees and
      certain other exceptions. The IASB has issued exposure drafts addressing
      impairment of financial instruments, hedge accounting and the offsetting
      of financial assets and liabilities. The complete IFRS 9 is anticipated to
      be issued during the second half of 2011. The Company will evaluate the
      impact the final standard will have on its consolidated financial
      statements when issued.</P></TD></TR></TABLE>
<P align=center>Notes Page 2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>4.</B> </TD>
    <TD>
      <P align=justify><B>RECENT ACCOUNTING PRONOUNCEMENTS (continued)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Consolidated Financial Statements</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In May 2011, the IASB issued IFRS 10 - <I>Consolidated
      Financial Statements </I>(&#147;IFRS 10&#148;) and IFRS 12 - <I>Disclosure of
      Interests in Other Entities </I>(&#147;IFRS 12&#148;). IFRS 10 establishes
      principles for the presentation and preparation of consolidated financial
      statements when an entity controls one or more other entities. This IFRS
      defines the principle of control and establishes control as the basis for
      determining which entities are consolidated in an entity&#146;s consolidated
      financial statements. IFRS 12 outlines the disclosure requirements for
      interests in subsidiaries and other entities to enable users to evaluate
      the risks associated with interests in other entities and the effects of
      those interests on an entity&#146;s financial position, financial performance
      and cash flows. IFRS 10 and IFRS 12 supersede IAS 27, Consolidated and
      Separate Financial Statements and SIC-12, Consolidation &#150; Special Purpose
      Entities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS 10 and IFRS 12 are effective for annual periods
      beginning on or after January 1, 2013, with earlier application permitted
      if adopted along with IFRS 11, IFRS 12, IAS 27 (revised) and IAS 28
      (revised). The Company is evaluating the impact of these new standards on
      its consolidated financial statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Joint Arrangements</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In May 2011, the IASB issued IFRS 11 - <I>Joint
      Arrangements </I>(&#147;IFRS 11&#148;), which provides guidance on accounting for
      joint arrangements. If an arrangement has joint control, IFRS 11
      classifies joint arrangements as either joint operations or joint
      ventures, depending on the rights and obligations of the parties involved.
      A joint operation is an arrangement where the jointly controlling parties
      have rights to the assets and obligations in respect of the liabilities
      relating to the arrangement. An entity accounts for a joint operation by
      recognizing its portion of the assets, liabilities, revenues and expenses.
      A joint venture is an arrangement where the jointly controlling parties
      have rights to the net assets of the arrangement. A joint venture is
      accounted for using the equity method and proportionate consolidation is
      no longer permitted.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This standard is effective for annual periods beginning
      on or after January 1, 2013, with early adoption permitted. The Company
      does not anticipate these new standards to have a significant impact on
      its consolidated financial statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Fair Value Measurement</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In May 2011, the IASB issued IFRS 13 - <I>Fair Value
      Measurement </I>(&#147;IFRS 13&#148;). This standard defines fair value as the price
      that would be received to sell an asset or paid to transfer a liability in
      an orderly transaction between market participants at the measurement
      date. IFRS 13 sets out a single IFRS framework for measuring fair value
      and outlines disclosure requirements about fair value measurements. IFRS
      13 does not determine when an asset, a liability or an entity&#146;s own equity
      instrument is measured at fair value. Rather, the measurement and
      disclosure requirements of IFRS 13 apply when another IFRS requires or
      permits the item to be measured at fair value.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS 13 is effective for annual periods on or after
      January 1, 2013, with earlier application permitted. This IFRS is to be
      applied prospectively as of the beginning of the annual period in which it
      is initially applied and the disclosure requirements do not need to be
      applied in comparative periods before initial application. The Company is
      currently assessing the impact of this standard on its financial
      statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Items of Other Comprehensive Income</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In June 2011, the IASB issued an amendment to IAS 1 &#150;
      <I>Presentation of Items of Other Comprehensive Income </I>(&#147;amendments to
      IAS1&#148;). The amendments to IAS1 are the result of a joint project with the
      US Finanical Accounting Standards Board and provide guidance on
      presentation of items contained in other comprehensive income (&#147;OCI&#148;) and
      their classification within OCI. The amendments to IAS1 require items of
      OCI, along with their tax effects, to be grouped into those that will and
      will not subsequently be reclassified to profit or loss. The measurement
      and recognition of items of profit or loss and OCI are not affected by the
      amendments. This amendment is effective for annual periods beginning on or after July 1, 2012 with
      earlier application permitted. The Company does not anticipate this
      amendment to have a significant impact on its consolidated financial
  statements.</P></TD></TR></TABLE>
<P align=center>Notes Page 3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>4.</B> </TD>
    <TD colSpan=2>
  <P align=justify><B>RECENT ACCOUNTING PRONOUNCEMENTS</B><B> (continued)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The IASB is expected to publish new IFRSs on the
      following topics during 2012. The Company will assess the impact of these
      new standards on the Company&#146;s operations as they are published:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Leases</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Revenue recognition</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>Stripping costs</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>SEGMENTED INFORMATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company has three operating segments located in
      Mexico, one retail market segment in Canada and one corporate segment with
      locations in Canada and Mexico. The San Martin operations consist of the
      San Martin Silver Mine, the San Martin property and the Jalisco Group of
      Properties. The La Parrilla operations consist of the La Parrilla Silver
      Mine, the Del Toro Silver Mine, the La Parrilla properties and the Del
      Toro properties. The La Encantada operations consist of the La Encantada
      Silver Mine and the La Encantada property. All of the Company&#146;s operations
      are within the mining industry and its major products are silver dor&#233; and
      silver concentrate.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>An operating segment is defined as a component of the
      Company that:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>engages in business activities from which it may earn
      revenues and incur expenses;</P></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD>
      <P align=justify>whose operating results are reviewed regularly by the
      entity&#146;s chief operating decision maker; and for which discrete financial
      information is available.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Transfer prices between business segments are set on an
      arms-length basis in a manner similar to transactions with third
      parties.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Significant information relating to the Company&#146;s
      reporting operating segments are summarized in the table
  below:</P></TD></TR></TABLE><BR>
<DIV align=right>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="37%" colSpan=13><B>Mexico</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="29%" colSpan=10><B>Canada</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center
width="5%"><STRONG>Consolidated</STRONG>&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" width="1%" align=left>&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><B>Corporate and</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><B>Corporate and</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#999999>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" width="1%" align=left>&nbsp;</TD>
    <TD noWrap align=center width="5%"><B>San Martin</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><B>La Parrilla </B></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><STRONG>La
    Encantada</STRONG>&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><B>Other</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><B>Other</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#999999>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><B>operations&nbsp;</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><STRONG>operations</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><B>operations&nbsp;</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><STRONG>Eliminations</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="5%"
    bgColor=#999999><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><B>Coin Sales</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><B>Dore Sales</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><B>Eliminations</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="5%"
    bgColor=#999999><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><B>Three Months Ended June 30, 2011</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#999999>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee>Revenue </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;9,780 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;15,994 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;42,926 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>&nbsp;68,700 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#999999 vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;2,635 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;6,465 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;(9,760</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>)&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>&nbsp;(660</TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#999999>)</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left><STRONG>$</STRONG></TD>
    <TD vAlign=bottom align=right width="5%"
      bgColor=#eeeeee>&nbsp;<STRONG>68,040</STRONG> </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Cost of sales </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>3,473 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>4,173 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>10,569 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(8</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>18,207 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>2,244 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>6,200 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(8,539</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>(95</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#999999>) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right><B>18,112</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee>Depletion, depreciation and
      amortization</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>480 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>982 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>1,379 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>33 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>2,874 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#999999 vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>260 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>260 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right><B>3,134</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Mine operating earnings (loss) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>5,827 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>10,839 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>30,978 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(25</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>47,619 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>390 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>266 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(1,480</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>(824</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#999999>) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right><B>46,794</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#eeeeee>Finance cost </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right>80 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right>114 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right>208 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#999999>402 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right>(14</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#999999>(14</TD>
    <TD
    width="2%" align=left vAlign=bottom bgColor=#999999 style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>388</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Capital
      expenditures </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">5,693 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">17,664 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">5,457 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">845 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#999999>29,659 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">70 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#999999>70 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%"><B>29,729</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%">&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%">&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%">&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%">&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%">&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom width="5%" bgColor=#999999>&nbsp; </TD>
    <TD width="2%" vAlign=bottom bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%">&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><B>Three Months Ended June 30, 2010</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#999999>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee>Revenue </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;4,973 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;6,701 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;15,063 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>&nbsp;26,737 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#999999 vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;1,606 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;- </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>&nbsp;(887</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>&nbsp;&nbsp;719
    </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left><STRONG>$</STRONG></TD>
    <TD vAlign=bottom align=right width="5%"
      bgColor=#eeeeee>&nbsp;<STRONG>27,456</STRONG> </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Cost of sales </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>2,999 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>2,928 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>6,342 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>12,269 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>1,261 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(1,206</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>55 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right><B>12,324</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee>Depletion, depreciation and
      amortization</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>337 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>556 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>1,002 </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>199 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>2,094 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#999999 vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>389 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>389 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right><B>2,483</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Mine operating earnings (loss) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>1,637 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>3,217 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>7,718 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(199</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>12,374 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>345 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(69</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#999999>276 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right><B>12,649</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#eeeeee>Finance cost </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>24 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>24 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>155 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>(115</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#999999>88 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#999999>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#eeeeee><B>88</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Capital
      expenditures </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">746 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">1,088 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">3,512 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#999999>5,346 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%">205 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#999999>205 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%"><B>5,551</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV align=right>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="37%" colSpan=13><B>Mexico</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="29%" colSpan=10><B>Canada</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="5%"><B>Consolidated</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><B>Corporate and</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><B>Corporate and</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><B>San Martin</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><B>La Parrilla </B></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><STRONG>La
    Encantada</STRONG>&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><B>Other</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><B>Other</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" noWrap align=center width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><B>operations&nbsp;</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><STRONG>operations</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><B>operations&nbsp;</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><STRONG>Eliminations</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="5%"
    bgColor=#999999><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><B>Coin Sales</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><B>Dore Sales</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><B>Eliminations</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="5%"
    bgColor=#999999><B>Total</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="5%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><B>Six Months Ended June 30, 2011</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee>Revenue </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;19,316 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;26,041 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;77,016 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;- </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#999999>$</TD>
    <TD align=right width="5%" bgColor=#999999>&nbsp;122,373 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;5,232 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;13,216 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;(17,515</TD>
    <TD align=left width="2%" bgColor=#eeeeee>)&nbsp; </TD>
    <TD align=left width="1%" bgColor=#999999>$&nbsp;</TD>
    <TD align=right width="5%" bgColor=#999999>933 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee><B>$</B></TD>
    <TD align=right width="5%" bgColor=#eeeeee><B>&nbsp;123,306</B> </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Cost of sales </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">6,782 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">7,490 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">20,604 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">(5</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#999999>34,871 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">4,354 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">12,302 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">(16,596</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#999999>60 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%"><B>34,931</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee>Depletion, depreciation and
      amortization</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>826 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>1,836 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>2,763 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>33 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#999999>5,458 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>- </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>- </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>480 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#999999>480 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee><B>5,938</B> </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Mine operating earnings (loss) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">11,708 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">16,715 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">53,649 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">(28</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#999999>82,044 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">878 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">914 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">(1,399</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#999999>393 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%"><B>82,437</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#eeeeee>Finance cost </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>92 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>144 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>245 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#999999>481 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>25 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#999999>25 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee><B>506</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Capital
      expenditures </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">7,496
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">23,060
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">9,335
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">1,155
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#999999>41,046 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">107
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#999999>107 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="5%"><B>41,153</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap bgColor=#eeeeee>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="1%" bgColor=#999999>&nbsp;</TD>
    <TD width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="1%" bgColor=#999999>&nbsp;</TD>
    <TD width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><B>Six Months Ended June 30, 2010</B> </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#999999>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee>Revenue </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;10,359 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;12,742 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;22,070 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;- </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#999999>$</TD>
    <TD align=right width="5%" bgColor=#999999>&nbsp;45,171 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;2,881 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;- </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>$</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;(2,850</TD>
    <TD align=left width="2%" bgColor=#eeeeee>) </TD>
    <TD align=left width="1%" bgColor=#999999>$</TD>
    <TD align=right width="5%" bgColor=#999999>31 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee><B>$</B></TD>
    <TD align=right width="5%" bgColor=#eeeeee><B>&nbsp;45,202</B> </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Cost of sales </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">5,837 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">5,922 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">9,584 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">(6</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#999999>21,337 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">2,472 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">(2,856</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#999999>(384</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%"><B>20,953</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee>Depletion, depreciation and
      amortization</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>786 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>1,162 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>1,237 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>391 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#999999>3,576 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>- </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>- </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>857 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#999999>857 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee><B>4,433</B> </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Mine operating earnings (loss) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">3,736 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">5,658 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">11,249 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">(385</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#999999>20,258 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">409 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%">(851</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%" bgColor=#999999>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#999999>(442</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#999999>) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="5%"><B>19,816</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#eeeeee>Finance cost </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>41 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>44 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>311 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#999999>396 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#999999>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#eeeeee><B>396</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Capital
      expenditures </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">1,353
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">2,421
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">8,467
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#999999>12,241 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%">309
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"
    bgColor=#999999>309 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#999999>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="5%"><B>12,550</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV>
<P align=center>Notes Page 4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.</B> </TD>
    <TD>
      <P align=justify><B>SEGMENTED INFORMATION
(continued)</B></P></TD></TR></TABLE><BR>
<DIV align=right>
  <TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 7pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">
    <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 2px solid; BORDER-TOP: #000000 1px solid"
    width="1%" align=left>&nbsp;</TD>
    <TD
    width="37%" colSpan=13 align=center nowrap style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"><B>Mexico</B> </TD>
    <TD
    width="2%" align=center nowrap
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
    width="29%" colSpan=10 align=center nowrap style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"><B>Canada</B> </TD>
    <TD
    width="2%" align=center nowrap
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
    width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"><B>Consolidated</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B>Corporate and</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
      <TD width="1%" align=center nowrap bgcolor="#999999">&nbsp;</TD>
      <TD width="5%" align=center nowrap bgcolor="#999999">&nbsp; </TD>
      <TD width="2%"
    align=center nowrap bgcolor="#999999" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B>Corporate and</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
      <TD width="1%" align=center nowrap bgcolor="#999999">&nbsp;</TD>
      <TD width="5%" align=center nowrap bgcolor="#999999">&nbsp; </TD>
      <TD width="2%"
    align=center nowrap bgcolor="#999999" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B>San Martin</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B>La Parrilla</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B>La Encantada</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B>Other</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
      <TD width="1%" align=center nowrap bgcolor="#999999">&nbsp;</TD>
      <TD width="5%" align=center nowrap bgcolor="#999999">&nbsp; </TD>
      <TD width="2%"
    align=center nowrap bgcolor="#999999" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B>Other</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
      <TD width="1%" align=center nowrap bgcolor="#999999">&nbsp;</TD>
      <TD width="5%" align=center nowrap bgcolor="#999999">&nbsp; </TD>
      <TD width="2%"
    align=center nowrap bgcolor="#999999" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 2px solid"
    width="1%" align=left>&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>operations</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>operations</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>operations</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Eliminations</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="1%"
    align=center nowrap bgcolor="#999999" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="5%"
      align=center nowrap bgcolor="#999999" style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
      <TD
    width="2%" align=center nowrap bgcolor="#999999"
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Coin Sales</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Coin Sales</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Eliminations</B> </TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="1%"
    align=center nowrap bgcolor="#999999" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="5%"
      align=center nowrap bgcolor="#999999" style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
      <TD
    width="2%" align=center nowrap bgcolor="#999999"
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap><B>June 30, 2011</B> </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
      <TD width="1%" align=left bgcolor="#999999">&nbsp;</TD>
      <TD width="5%" align=left bgcolor="#999999">&nbsp; </TD>
      <TD width="2%"
align=left bgcolor="#999999" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
      <TD width="1%" align=left bgcolor="#999999">&nbsp;</TD>
      <TD width="5%" align=left bgcolor="#999999">&nbsp; </TD>
      <TD width="2%"
align=left bgcolor="#999999" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#eeeeee>Total assets </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" bgColor=#eeeeee width="1%"
    align=left>$</TD>
    <TD bgColor=#eeeeee width="5%" align=right>&nbsp;69,407 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="5%" align=right>&nbsp;101,434 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="5%" align=right>&nbsp;106,363 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="5%" align=right>&nbsp;40,793 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
      <TD bgColor=#999999 width="1%" align=left>$</TD>
      <TD bgColor=#999999 width="5%" align=right>&nbsp;317,997 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#999999 width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="5%" align=right>&nbsp;- </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="5%" align=right>&nbsp;- </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="5%" align=right>&nbsp;53,833 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
      <TD bgColor=#999999 width="1%" align=left>$</TD>
      <TD bgColor=#999999 width="5%" align=right>&nbsp;53,833 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#999999 width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="5%" align=right><B>&nbsp;371,830</B> </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">Total liabilities    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 2px solid"
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>18,800
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>15,648
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>13,117
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>20,778
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
      <TD width="1%"
    align=left bgcolor="#999999" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="5%" align=right bgcolor="#999999" style="BORDER-BOTTOM: #000000 1px solid">68,343
      </TD>
      <TD
    width="2%" align=left bgcolor="#999999"
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>8,644
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
      <TD width="1%"
    align=left bgcolor="#999999" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
      <TD width="5%" align=right bgcolor="#999999" style="BORDER-BOTTOM: #000000 1px solid">8,644
      </TD>
      <TD
    width="2%" align=left bgcolor="#999999"
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right><B>76,987</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#eeeeee><B>December 31, 2010</B> </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" bgColor=#eeeeee width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
      <TD bgColor=#999999 width="1%" align=left>&nbsp;</TD>
      <TD bgColor=#999999 width="5%" align=left>&nbsp; </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#999999 width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
      <TD bgColor=#999999 width="1%" align=left>&nbsp;</TD>
      <TD bgColor=#999999 width="5%" align=left>&nbsp; </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#999999 width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Total assets </TD>
    <TD style="BORDER-LEFT: #000000 2px solid" width="1%" align=left>$</TD>
    <TD width="5%" align=right>&nbsp;53,325 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="5%" align=right>&nbsp;68,070 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="5%" align=right>&nbsp;76,198 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="5%" align=right>&nbsp;36,765 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
      <TD width="1%" align=left bgcolor="#999999">$</TD>
      <TD width="5%" align=right bgcolor="#999999">&nbsp;234,358 </TD>
      <TD width="2%"
align=left bgcolor="#999999" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="5%" align=right>&nbsp;- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="5%" align=right>&nbsp;- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="5%" align=right>&nbsp;23,273 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
      <TD width="1%" align=left bgcolor="#999999">$</TD>
      <TD width="5%" align=right bgcolor="#999999">&nbsp;23,273 </TD>
      <TD width="2%"
align=left bgcolor="#999999" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="5%" align=right><B>&nbsp;257,631</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left nowrap bgColor=#eeeeee style="BORDER-BOTTOM: #000000 1px solid">Total liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 2px solid"
    bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="5%"
    align=right>16,118 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="5%"
    align=right>6,643 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="5%"
    align=right>15,373 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="5%"
    align=right>1,885 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#999999 width="1%"
    align=left>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#999999 width="5%"
    align=right>40,019 </TD>
      <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#999999 width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="5%"
    align=right>6,157 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#999999 width="1%"
    align=left>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#999999 width="5%"
    align=right>6,157 </TD>
      <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#999999 width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="5%"
    align=right><B>46,176</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_6></A>6.</B> </TD>
    <TD>
      <P align=justify><B>REVENUES</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2010</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Gross revenue from payable ounces of silver
      equivalents </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;69,741 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;29,277 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;126,668 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;49,702 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Less: refining,
      smelting, net of intercompany eliminations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
    align=right>(1,701</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
    align=right>(1,821</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
    align=right>(3,362</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
    align=right>(4,500</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>Revenues</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;68,040</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;27,456</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;123,306</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;45,202</B> </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_7></A>7.</B> </TD>
    <TD>
      <P align=justify><B>INVESTMENT AND OTHER
INCOME</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s investment and other
income is comprised of the following:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2010</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Gain from investment in derivative
      investments </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;320 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;622 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;3,545 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;649 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Interest income
      and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>61
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>(2</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>311
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>5 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;381</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;620</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;3,856</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;654</B> </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_8></A>8.</B> </TD>
    <TD>
      <P align=justify><B>EARNINGS PER SHARE</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The calculations of basic and diluted earnings per share
      for the three and six months ended June 30, 2011 and 2010 are based on the
      following:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2010</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Net income for the period attributable to
      shareholders </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;30,593 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;10,978 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;54,463 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;11,420 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Weighted average number of shares on issue - basic </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>103,396,753 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>92,804,715 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>101,633,552 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>92,758,113 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Adjustments for: </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Share options </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,806,350 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,593,195 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,677,569 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,224,044 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Warrants </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>76,873 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>678,426 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>1,217,320 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>439,019 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Weighted average number of shares on issue - diluted </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>107,279,976 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>95,076,336 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>106,528,441 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>94,421,176 </TD>
<TD  width="2%" align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_9></A>9.</B> </TD>
    <TD>
      <P align=justify><B>CASH AND CASH EQUIVALENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Cash and cash equivalents of the Company are comprised of
      bank balances and short-term investments, which are convertible to cash,
      with a term of 90 days or less as follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Cash </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;104,891 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;34,951 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Short-term
      investments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>87
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>6,212
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;104,978</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;41,163</B> </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=center>Notes Page 5</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_10></A>10.</B> </TD>
    <TD>
      <P align=justify><B>TRADE AND OTHER RECEIVABLES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Trade and other receivables of the Company are comprised
      of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Trade receivables </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;4,511 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;2,748 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Value added taxes recoverable </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4,850 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4,001 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Other taxes and value added taxes on
      accounts payable </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>570 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,299 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Loan receivable
      from supplier and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>603
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>306
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;10,534</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;8,354</B> </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company does not hold any
collateral for any receivable amounts outstanding at June 30, 2011. The Company
expects full recovery of the amounts outstanding and therefore no impairment has
been recorded against these receivables.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_11></A>11.</B> </TD>
    <TD>
      <P align=justify><B>INVENTORIES</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Silver coins and bullion including in
      process shipments </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;772 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;396 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Finished product - dor&#233; and concentrates </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>45 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,823 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Work in process </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>3,052 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,233 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Stockpile </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,148 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>959 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Materials and supplies </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>5,144 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>4,240 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;10,161</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;8,651</B> </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The amount of inventories recognized as an expense during
      the period is equivalent to cost of sales for the period and no inventory
      write-downs were recorded or reversed during the periods
  presented.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><A name=note_12></A>12.</B> </TD>
    <TD>
      <P align=justify><B>OTHER FINANCIAL ASSETS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Other financial assets of the Company are comprised
      of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Marketable securities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>5,399 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>357 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Derivative
      financial instruments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>2,936
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right>&nbsp;<STRONG>8,335</STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;357</B> </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_13></A>13.</B> </TD>
    <TD>
      <P align=justify><B>PREPAID EXPENSES AND OTHER</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Prepaid expenses and other of the Company are comprised
      of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Prepayments to suppliers and contractors
</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;2,466 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;1,336 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>316
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>236
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;2,782</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;1,572</B> </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=center>Notes Page 6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_13></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_14></A>14.</B> </TD>
    <TD>
      <P align=justify><B>MINING INTERESTS</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s mining interest is
composed of the following:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Producing properties </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;69,189 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;62,741 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Exploration
      properties (non-depletable) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>62,161 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>56,919 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;131,350</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;119,660</B> </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Producing properties are allocated as
follows:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>La Encantada</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>La Parrilla</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>San Martin</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Producing
      properties</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#eeeeee align=left><B>Cost</B> </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>At January 1, 2010</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;12,423</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;21,286</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;37,016</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;70,725</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#ffffff align=left>Additions </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="10%" align=right>4,601 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="10%" align=right>5,396 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="10%" align=right>1,053 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="10%" align=right>11,050 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Change in decommissioning liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>488 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>770 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>268 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>1,526 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#ffffff align=left><B>At December 31, 2010</B> </TD>
    <TD bgColor=#ffffff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#ffffff width="10%" align=right><B>&nbsp;17,512</B> </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#ffffff width="10%" align=right><B>&nbsp;27,452</B> </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#ffffff width="10%" align=right><B>&nbsp;38,337</B> </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#ffffff width="10%" align=right><B>&nbsp;83,301</B> </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Additions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>3,343 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>4,011 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>1,343 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>8,697 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff
      align=left><B>At June 30, 2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff width="10%"
    align=right><B>&nbsp;20,855</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff width="10%"
    align=right><B>&nbsp;31,463</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff width="10%"
    align=right><B>&nbsp;39,680</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff width="10%"
    align=right><B>&nbsp;91,998</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD bgColor=#ffffff  width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff width="10%">&nbsp; </TD>
    <TD bgColor=#ffffff  width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff width="10%">&nbsp; </TD>
    <TD bgColor=#ffffff  width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff width="10%">&nbsp; </TD>
    <TD bgColor=#ffffff  width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff width="10%">&nbsp; </TD>
    <TD bgColor=#ffffff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#eeeeee align=left><B>Accumulated depletion and
      amortization</B> </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>At January 1, 2010</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;(2,747</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;(2,863</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;(10,742</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;(16,352</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      align=left>Depletion and amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=right>(1,453</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=right>(966</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=right>(1,789</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=right>(4,208</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>At December 31, 2010</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;(4,200</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;(3,829</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;(12,531</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;(20,560</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      align=left>Depletion and amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=right>(792</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=right>(732</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=right>(725</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=right>(2,249</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left><B>At June 30, 2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;(4,992</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;(4,561</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;(13,256</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;(22,809</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD bgColor=#ffffff  width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff width="10%">&nbsp; </TD>
    <TD bgColor=#ffffff  width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff width="10%">&nbsp; </TD>
    <TD bgColor=#ffffff  width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff width="10%">&nbsp; </TD>
    <TD bgColor=#ffffff  width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff width="10%">&nbsp; </TD>
    <TD bgColor=#ffffff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#eeeeee align=left><B>Carrying value</B> </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>At December 31, 2010</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;13,312</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;23,623</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;25,806</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;62,741</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      align=left><B>At June 30, 2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=right><B>&nbsp;15,863</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=right><B>&nbsp;26,902</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=right><B>&nbsp;26,424</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=right><B>&nbsp;69,189</B> </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Exploration properties are allocated as
follows:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 9pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>La Encantada</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>La Parrilla</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>San Martin</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Del Toro</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>La Luz</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Exploration
      properties</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver Project</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#eeeeee align=left><B>Cost</B> </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>At January 1, 2010</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;2,383</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;7,465</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;13,863</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;11,280</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;16,479</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;51,470</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#ffffff align=left>Exploration and evaluation expenditures </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>552 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>325 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>1,569 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>360 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>2,107 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>4,913 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Change in decommissioning liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>536 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>536 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#ffffff align=left><B>At December 31, 2010</B> </TD>
    <TD bgColor=#ffffff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#ffffff width="8%" align=right><B>&nbsp;2,935</B> </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#ffffff width="8%" align=right><B>&nbsp;7,790</B> </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#ffffff width="8%" align=right><B>&nbsp;15,432</B> </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#ffffff width="8%" align=right><B>&nbsp;11,640</B> </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#ffffff width="8%" align=right><B>&nbsp;19,122</B> </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#ffffff width="8%" align=right><B>&nbsp;56,919</B> </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Exploration and evaluation expenditures </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>744 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>2,886 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>895 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>3,520 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>597 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>8,642 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      align=left>Proceeds from option payment (c) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="8%"
    align=right>(3,400</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="8%"
    align=right>(3,400</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>At June 30, 2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;3,679</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;10,676</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;12,927</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;15,160</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;19,719</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;62,161</B> </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=center>Notes Page 7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_14></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>14.</B> </TD>
    <TD colSpan=3>
      <P align=justify><B>MINING INTERESTS (continued)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>La Encantada Silver Mine, Coahuila State</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The La Encantada Silver Mine is a producing underground
      mine located in Northern Mexico accessible via a 1.5 hour flight from
      Torreon, Coahuila. The La Encantada Silver Mine consists of a 3,750 tonnes
      per day cyanidation plant, a 1,000 tonnes per day flotation plant
      (currently in care-and-maintenance), an airstrip, and a village with 180
      houses as well as administrative offices and infrastructure required for
      such an operation. The mine is comprised of 4,076 hectares of mining
      rights and surface land ownership of 1,343 hectares. The closest town,
      Muzquiz, is 225 km away via mostly paved road. The Company owns 100% of
      the La Encantada Silver Mine. On April 1, 2010, the mill expansion project
      achieved commercial stage production and all revenues and costs from that
      date are recorded in the mine operating earnings.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>La Parrilla Silver Mine, Durango State</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The La Parrilla Silver Mine is a system of connected
      underground producing mines consisting of the La Rosa/Rosarios/La Blanca,
      the San Marcos mine and the Quebradillas mine. La Parrilla is located
      approximately 65 km southeast of the city of Durango, in the State of
      Durango, Mexico. Located at the mine are: an 850 tonnes per day milling
      facility consisting of a 425 tpd cyanidation circuit and a 425 tpd
      flotation circuit, mining equipment, buildings and infrastructure related
      to the operation and mining concessions covering an area of 69,867
      hectares. The Company owns 100% of the La Parrilla Silver Mine. The
      Company owns 45 hectares and leases an additional 69 hectares of surface
      rights. During 2010, the Company staked an additional 16,630 hectares of
      mining rights at Quebradillas, which created a 69,867 hectare contiguous
      block of mining rights surrounding the La Parrilla mining
    operations.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>There is a net smelter royalty (&#147;NSR&#148;) agreement of 1.5%
      of sales revenue associated with the Quebradillas Mine, with a maximum
      payable of $2.5 million. The Company has an option to purchase the NSR at
      any time for an amount of $2.0 million. For the three and six months ended
      June 30, 2011, the Company paid royalties of $44,000 (June 30, 2010 -
      $21,000) and $71,000 (June 30, 2010 - $65,000), respectively. As at June
      30, 2011, the sum of total royalties paid to date for the Quebradillas NSR
      is $392,000.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>San Martin Silver Mine, Jalisco State</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The San Martin Silver Mine is a producing underground
      mine located adjacent to the town of San Martin de Bola&#241;os in Northern
      Jalisco State, Mexico. The operation consists of a 900 tonne per day
      cyanidation mill, flotation circuit, mine buildings, administrative
      offices and all related infrastructure. The mine is comprised of
      approximately 7,841 hectares of mineral rights, approximately 1,300
      hectares of surface rights surrounding the mine, and another 104 hectares
      of surface rights where the mill is located. The Company owns 100% of the
      San Martin Silver Mine.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company also owns the Jalisco Group of Properties
      which consist of 5,240 hectares of mining claims in Jalisco State, Mexico.
      On April 15, 2011, a definitive agreement was entered into with Sonora
      Resources Corp. (the &#147;Optionee&#148;) whereby the Optionee has an option to
      acquire up to 90% in the Jalisco Group of Properties (the &#147;Properties&#148;)
      located in the Jalisco State, Mexico. The Optionee is to issue 10 million
      shares of common stock with a fair value of $3.4 million to the Company
      and is committed to spend $3 million over the first three years to earn a
      50% interest and $5 million over five years to earn a 70% interest. In
      order to obtain a 90% interest, the Optionee is required to complete a
      bankable feasibility study within seven years. First Majestic will retain
      a 10% free carried interest and a 2.375% NSR. The fair value of common
      shares received from the Optionee was recorded with a corresponding
      reduction in the carrying value of the Minera El Pilon mining interests
      during the period.</P></TD></TR></TABLE>
<P align=center>Notes Page 8</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_15></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>14.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>MINING INTERESTS (continued)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Del Toro Silver Mine, Zacatecas State</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Del Toro Silver Mine is located 60 km to the
      southeast of the Company&#146;s La Parrilla Silver Mine and consists of 393
      contiguous hectares of mining claims and 129 hectares of surface rights
      covering the area surrounding the San Juan mine. The Del Toro Silver Mine
      consists of two old silver mines, the San Juan and Perseverancia mines,
      which are approximately one kilometre apart. The Company owns 100% of the
      Del Toro Silver Mine. In July 2008, the Company acquired 46 hectares of
      mining rights (&#147;Fatima&#148;) for $387,500 in option payments due between 2008
      and 2010. During 2010, the Company completed the acquisition by paying the
      remaining $225,000 in option payments.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(e)</B> </TD>
    <TD>
      <P align=justify><B>La Luz Silver Project (formerly called &#147;Real de
      Catorce Silver Project&#148;), San Luis Potosi State</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The La Luz Silver Project is located 25 km west of the
      town of Matehuala in San Luis Potosi State, Mexico. The La Luz property
      consists of 35 mining concessions covering 5,738 hectares. The Company
      owns 100% of the La Luz Silver Project. In November 2010, the Company
      agreed to acquire the 3% NSR, the surface rights of the property, the
      buildings located thereon covering the location of the previous mining
      operations, and all technical and geological information collected
      pertaining to the area, in consideration for $3.0 million. Consideration
      for the purchase consisted of a cash payment of $1.05 million and $1.5
      million in shares of the Company in November 2010, and a cash payment of
      $0.45 million which was paid by January 31, 2011.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%"><B><A name=note_15></A>15.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>PROPERTY, PLANT AND EQUIPMENT</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Property, plant and equipment is composed of the
      following:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Land and</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Machinery and</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Assets under</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Corporate</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>buildings</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>equipment</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>construction</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>assets</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Total</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#eeeeee><B>Cost</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>At January 1, 2010</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;7,827</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;25,387</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;32,113</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;1,415</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;66,742</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#ffffff>Additions </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff>641 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff>11,741 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff>7,007 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff>663 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff>20,052 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Transfers </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">6,485 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">29,904 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(36,389</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#ffffff><B>At December 31, 2010</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff><B>&nbsp;14,953</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff><B>&nbsp;67,032</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff><B>&nbsp;2,731</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff><B>&nbsp;2,078</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff><B>&nbsp;86,794</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Additions </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">832 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">10,603 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">11,760 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">380 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">23,575 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>At June 30, 2011</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;15,785</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;77,635</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;14,491</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;2,458</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;110,369</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#eeeeee><B>Accumulated depreciation and
      amortization</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>At January 1, 2010</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(2,566</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(5,177</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;-</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(892</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(8,635</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">Depreciation and amortization </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(919</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(4,624</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(233</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(5,776</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>At December 31, 2010</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(3,485</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(9,801</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;-</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(1,125</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(14,411</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">Depreciation and amortization </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(634</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(2,231</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(984</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(3,849</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>At June 30, 2011</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;(4,119</B></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;(12,032</B></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;-</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;(2,109</B></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;(18,260</B></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#eeeeee><B>Carrying value</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>At December 31, 2010</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;11,468</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;57,231</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;2,731</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;953</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;72,383</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>At June 30, 2011</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;11,666</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;65,603</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;14,491</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;349</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;92,109</B> </TD>
<TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P align=center>Notes Page 9</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_16></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>15.</B> </TD>
    <TD>
      <P align=justify><B>PROPERTY, PLANT AND EQUIPMENT
(continued)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Mining assets, including land and buildings, machinery
      and equipments, assets under construction and corporate assets above are
      allocated as follow:</P></TD></TR></TABLE><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="95%">

  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>La Encantada</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>La Parrilla Silver</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>San Martin</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Del Toro</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>La Luz</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Corporate</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Total</B> </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Mine</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver Project</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#eeeeee><B>Cost</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>At January 1, 2010</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;40,118</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>16,161</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;9,331</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;324</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;60</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>748</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;66,742</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#ffffff>Additions </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff>11,658 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff>3,011 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff>2,124 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff>1,620 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff>1,297 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff>342 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff>20,052 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Transfers </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">12 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">374 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(387</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#ffffff><B>At December 31, 2010</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff><B>&nbsp;51,788</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff><B>19,546</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff><B>&nbsp;11,068</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff><B>&nbsp;1,944</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff><B>&nbsp;1,357</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" bgColor=#ffffff><STRONG>$</STRONG></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff>&nbsp;<STRONG>1,091</STRONG></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#ffffff><B>&nbsp;86,794</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Additions </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">5,252 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">12,092 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">5,258 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">296 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">434 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">243 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">23,575 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>At June 30, 2011</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;57,040</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>31,638</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;16,326</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;2,240</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;1,791</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>1,334</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;110,369</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#eeeeee><B>Accumulated depreciation and
      amortization</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>At January 1, 2010</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(1,854</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%"
    align=left valign="bottom" bgColor=#e6efff><STRONG>$</STRONG></TD>
    <TD width="8%"
align=right valign="bottom" bgColor=#e6efff>&nbsp;<STRONG>(3,629</STRONG></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><STRONG>)</STRONG>    </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(2,765</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;-</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(25</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;$(362</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(8,635</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">Depreciation and amortization </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(2,370</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(1,910</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(1,241</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(12</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(243</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(5,776</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>At December 31, 2010</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(4,224</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>(5,539</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(4,006</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;-</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(37</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD  width="1%"
    align=left valign="bottom" bgColor=#e6efff><STRONG>$</STRONG></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;<STRONG>(605</STRONG></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><STRONG>)</STRONG>    </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;(14,411</B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">Depreciation and amortization </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(2,140</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(1,150</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(388</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(20</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(151</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">(3,849</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>At June 30, 2011</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;(6,364</B></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>(6,689</B></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;(4,394</B></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;-</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;(57</B></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>(756</B></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;(18,260</B></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
  </TR>
  <TR>
    <TD valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#ffffff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#eeeeee><B>Carrying value</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#eeeeee>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>At December 31, 2010</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;47,564</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>14,007</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;7,062</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;1,944</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;1,320</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" bgColor=#e6efff><STRONG>$</STRONG></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;<STRONG>486</STRONG> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;72,383</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>At June 30, 2011</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;50,676</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>24,949</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;11,932</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;2,240</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;1,734</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><STRONG>$</STRONG></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;<STRONG>578</STRONG> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;92,109</B> </TD>
  <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>No items of property, plant and
equipment have been pledged as security for liabilities. Certain components of
property, plant and equipment in the comparative periods have been reclassified
to conform to current presentation.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_16></A>16.</B> </TD>
    <TD>
      <P align=justify><B>DEPOSITS ON LONG-TERM
ASSETS</B></P></TD></TR></TABLE>
<p style="margin-left:5%"> The Company&#146;s deposits on long-term assets are comprised of the
following:</p>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Deposits on equipment </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;9,830 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;2,056 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deposits on
      services </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>588
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>370
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;10,418</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;2,426</B> </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_17></A>17.</B> </TD>
    <TD>
      <P align=justify><B>TRADE PAYABLES AND ACCRUED LIABILITIES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s trade payables and accrued liabilities are
      primarily comprised of amounts outstanding for purchases relating to
      mining operations, exploration and evaluation activities and corporate
      office expenses. The usual credit period for trade purchases is between 30
      to 90 days.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Trade payables and accrued liabilities are comprised of
      the following items:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Trade payables </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;6,502 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;6,023 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Accrued liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>15,214 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>6,279 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Unearned revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>99 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>98 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;21,815</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;12,400</B> </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=center>Notes Page 10</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_17></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_18></A>18.</B> </TD>
    <TD>
      <P align=justify><B>DEBT FACILITIES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In April 2011, the Company entered into an agreement for
      a six-month pre-payment facility for advances on the sale of lead in its
      concentrate production. Under the terms of the agreement, $3.0 million was
      advanced against the Company&#146;s lead concentrate production from the La
      Parrilla Silver Mine for a period of twelve months. Interest accrues at an
      annualized floating rate of one-month LIBOR plus 5%. Interest is payable
      monthly and the principal amount is repayable based on the volume of lead
      concentrate shipped with minimum monthly quotas valued at US$250,000. As
      at June 30, 2011, after delivering monthly quotas of lead concentrates and
      payments of interest charges, the Company had a remaining balance payable
      on the pre-payment facility of $2,280,000 (December 31, 2010 -
    $nil).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><A name=note_19></A>19.</B> </TD>
    <TD>
      <P align=justify><B>LEASE OBLIGATIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has entered into leases for various mining
      and plant equipment. These leases have terms of 36 to 48 months with
      interest rates ranging between 7.9% to 12.5%.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following is a schedule of future minimum lease
      payments under the capital leases:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="27%" colSpan=4
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>Minimum Lease Payments</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2010</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Less than one year </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp;3,326 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1,409 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">More than one year
      but not more than five years </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">7,481    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,687    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>10,807 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>4,096 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Less: future
      finance charges </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(1,448</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(519</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>Present value of minimum lease payments</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="12%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;9,359</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="12%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;3,577</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Included in the financial statements as:</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of
      lease obligations </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,654 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,160 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp; &nbsp; &nbsp;Lease obligations </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">6,705 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">2,417 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Present value
      of minimum lease payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;9,359</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;3,577</B> </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=center>Notes Page 11</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_18></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_20></A>20.</B> </TD>
    <TD>
      <P align=justify><B>SHARE CAPITAL</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Authorized and issued
capital</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Company has unlimited authorized
common shares with no par value. The movement in the Company&#146;s issued and
outstanding capital during the period is as follows:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="10%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="10%" align=center valign="bottom"><B>Shares</B> </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="10%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Shares</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Amount</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>to be issued</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Total</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Balance at January 1, 2010</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>92,648,744 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;218,608 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;247 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;218,855 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom">Shares issued for: </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;Exercise of options </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>277,500 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>602 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>602 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;Exercise of warrants </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">25,000 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">78 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">- </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">78 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Transfer of equity reserve upon exercise of options and warrants </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">221 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">221 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Balance at June
      30, 2010</B> </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>92,951,244</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;219,509</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;247</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;219,756</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom"><B>Balance at December 31, 2010</B> </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">97,560,417 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;239,525 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;245 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;239,770 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Shares issued for: </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;Exercise of options </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">1,540,800 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">6,017 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">- </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">6,017 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;Exercise of warrants </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>4,806,593 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>16,894 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>16,894 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;Conversion of shares to be issued </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">2,500 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">12 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(12</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">- </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Transfer of equity reserve upon exercise of options and warrants </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">3,242 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">3,242 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Balance at June
      30, 2011</B> </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>103,910,310</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;265,690</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;233</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;265,923</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Stock options</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Under the terms of the Company&#146;s Stock Option Plan, the
      maximum number of shares reserved for issuance under the Plan is 10% of
      the issued shares on a rolling basis. Options may be exercisable over
      periods of up to five years as determined by the board of directors of the
      Company and the exercise price shall not be less than the closing price of
      the shares on the day preceding the award date, subject to regulatory
      approval. All stock options granted prior to May 19, 2011 are subject to
      vesting with 25% vesting upon issuance and 25% vesting each six months
      thereafter. All stock options granted thereafter are subject to vesting
      with 25% vesting on first anniversary from the date of grant, and 25%
      vesting each six months thereafter.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table summarizes the information about
      stock options outstanding and exercisable as at June 30,
  2011:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="30%" colSpan=7
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>Options Outstanding</B> </TD>
    <TD  width="2%"
    align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="30%" colSpan=7
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>Options Exercisable</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Weighted</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Weighted</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Weighted</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Weighted</B> </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Average</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Average</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Average</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Average</B> </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Number of</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Exercise Price</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Remaining Life</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Number of</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Exercise Price</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Remaining Life</B> </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Exercise prices
      (CAD$)</B> </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Options</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(CAD$/Share)</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(Years)</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Options</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(CAD$/Share)</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(Years)</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>2.01 - 3.00 </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>601,250 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2.07 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1.56 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>601,250 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2.07 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1.56 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom">3.01 - 4.00 </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,543,125 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">3.64 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1.69 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,490,625 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">3.63 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1.68 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>4.01 - 5.00 </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,363,800 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>4.37 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1.13 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,301,300 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>4.38 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1.09 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">10.01 - 20.03 </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,443,400 </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">12.64    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">3.10    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">695,025 </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">12.52    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">3.10    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp; </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">4,951,575 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">6.27 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">1.93 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">4,088,200 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">5.15 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">1.72 </TD>
<TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P align=center>Notes Page 12</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_19></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>20.</B> </TD>
    <TD>
      <P align=justify><B>SHARE CAPITAL
(continued)</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Stock options (continued)</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>As of June 30, 2011, incentive stock
options represent 5% (December 31, 2010 - 7%) of issued and outstanding common
capital. The aggregate intrinsic values of vested share options (the market
value less the exercise value) at June 30, 2011 and December 31, 2010 were $53.8
million (CAD$51.9 million) and $47.6 million (CAD$47.4 million),
respectively.</P>
<P style="MARGIN-LEFT: 10%" align=justify>The changes in stock options issued
during the period ended June 30, 2011 and the year ended December 31, 2010 are
as follows:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center nowrap><B>Year Ended</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="23%" colSpan=4
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="23%" colSpan=4
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2010</B> </TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Weighted Average</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Weighted Average</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Exercise Price</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Exercise Price</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Number of Options</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(CAD$/Share)</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Number of Options</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(CAD$/Share)</B> </TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Balance, beginning of the period </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>6,464,875 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>5.61 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>8,603,750 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3.50 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Granted </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>42,500 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>19.26 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2,003,000 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>10.03 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Exercised </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(1,540,800</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3.80 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(3,573,125</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3.16 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(15,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>12.44
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(568,750</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>4.63
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Balance, end of the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>4,951,575 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>6.27 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>6,464,875 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>5.61 </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>During the six months ended June 30,
2011, 1,540,800 (June 30, 2010 &#150; 277,500) stock options were exercised. The
weighted average closing share price at date of exercise for the six months
ended June 30, 2011 was CAD$18.21 (June 30, 2010 - CAD$4.13) .</P>
<P style="MARGIN-LEFT: 10%" align=justify>During the six months ended June 30,
2011, 42,500 (June 30, 2010 &#150; 460,000) stock options were granted for an
aggregate fair value of CAD$394,000 (June 30, 2010 &#150; CAD$740,000).</P>
<P style="MARGIN-LEFT: 10%" align=justify>The fair value of stock options
granted is estimated using the Black-Scholes Option Pricing Model with the
following weighted average assumptions:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Six Months Ended June 30,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Weighted average fair value at grant date
      ($) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>9.28 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1.61 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Expected dividend yield (%) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Average risk-free interest rate (%) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1.77 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1.56 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Expected life (years) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2.99 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1.88 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Expected volatility (%) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>77.54 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>84.40 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Forfeiture rate
      (%) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right>5.00
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right>5.00
    </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The expected volatility assumption is
based on the historical and implied volatility of the Company&#146;s Canadian dollar
common share price on the Toronto Stock Exchange. The risk-free interest rate
assumption is based on yield curves on Canadian government zero-coupon bonds
with a remaining term equal to the stock options&#146; expected life. </P>
<P align=center>Notes Page 13</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_20></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>20.</B> </TD>
    <TD>
      <P align=justify><B>SHARE CAPITAL
(continued)</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Share purchase warrants</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The following table summarizes the
information about share purchase warrants outstanding:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="36%" colSpan=7
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Warrants Outstanding</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Weighted Average</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Weighted Average</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Number of</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Exercise Price</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Remaining Life</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Exercise prices
      (C$)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Warrants</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(CAD$/Share)</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(Years)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>3.30 </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>224,000 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3.30 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>0.14 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>3.30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>87,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>3.30
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>0.21
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>311,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>3.30 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>0.16 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The changes in share purchase warrants
during the periods ended June 30, 2011 and the year ended December 31, 2010 are
as follows:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center nowrap><B>Year Ended</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="23%" colSpan=4
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Weighted Average</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Weighted Average</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Number of</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Exercise Price</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Number of</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Exercise Price</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Warrants</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(CAD$/Share)</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Warrants</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(CAD$/Share)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Balance, beginning of the period </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>5,142,277 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3.44 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>11,357,465 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>5.04 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Exercised </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(4,806,593</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3.45 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(1,185,250</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3.41 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Cancelled or expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(24,184</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>3.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(5,029,938</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>7.06 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Balance, end of
      the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>311,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>3.30
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>5,142,277 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>3.44
    </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Share capital to be issued</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On June 5, 2006, pursuant to the acquisition of First
      Silver Reserve Inc. and the San Martin mine, First Majestic and First
      Silver entered into a business combination agreement whereby First
      Majestic acquired the 36.25% remaining minority interest in securities of
      First Silver resulting in First Silver becoming a wholly owned subsidiary
      of First Majestic.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At June 30, 2011, the prior shareholders of First Silver
      had yet to exchange 110,754 shares (December 31, 2010 &#150; 113,254 shares) of
      First Silver, exchangeable for 56,627 shares (December 31, 2010 &#150; 56,627
      shares) of First Majestic resulting in a remaining value of shares to be
      issued of $233,000 (December 31, 2010 - $245,000). During the six months
      ended June 30, 2011, a total of 2,500 shares were redeemed by prior
      shareholders of First Silver. An additional 1,500 shares were redeemed
      subsequent to June 30, 2011.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Any certificate formerly representing First Silver shares
      not duly surrendered on or prior to September 14, 2012 shall cease to
      represent a claim or interest of any kind or nature, including a claim for
      dividends or other distributions against First Majestic or First Silver by
      any former First Silver shareholder. After such date, all First Majestic
      shares to which the former First Silver shareholder was entitled shall be
      deemed to have been cancelled.</P></TD></TR></TABLE>
<P align=center>Notes Page 14</P>
<!--$$/page=--><A name=page_21></A>
<hr style="PAGE-BREAK-AFTER: always" align=center color=black size=5
width="100%" noshade>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_21></A>21.</B> </TD>
    <TD>
      <P align=justify><B>EQUITY RESERVES</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=center valign="bottom" nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="10%" align=center valign="bottom" nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="10%" align=center valign="bottom" nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="10%" align=center valign="bottom" nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2010</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2010</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Available for sale revaluation reserve
      (a)</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom">Balance at beginning of period </TD>
    <TD  width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;(69</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;135 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;18 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;(55</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Gain (loss) on available for sale securities </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,721 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(78</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,634 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">112 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Balance at end of
      period </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,652    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">57</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,652    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">57</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom"><B>Share-based payments reserve (b)</B> </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Balance at beginning of period </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>25,532 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>25,787 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>25,170 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>24,971 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom">Share-based payments recognized in profit and loss </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">1,772 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">828 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">3,661 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">1,686 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Reclassed to share capital for exercise of stock options and
      warrants </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(1,715</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(179</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(3,242</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(221</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">Balance at end of
      period </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">25,589 </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">26,436 </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">25,589 </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">26,436 </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom"><B>Foreign currency translation reserve (c)</B> </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Balance at beginning of period </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>1,114 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>651 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>621 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Currency
      translation gain </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">226    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">24</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">719    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">675    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">Balance at end of period </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">1,340 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">675 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">1,340 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">675 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>Total equity reserves per statement of financial
      position</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;28,581</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;27,168</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;28,581</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;27,168</B> </TD>
<TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The available for sale reserve principally records the
      fair value gains or losses related to available-for-sale financial
      instruments.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The share-based payments reserve records the cumulative
      amount recognized under IFRS 2 in respect of options granted but not
      exercised to acquire shares of the Company.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The foreign currency translation reserve represents
      exchange differences arising on the translation of non-US dollar
      functional currency operations within the Company into the US dollar
      presentation currency.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_22></A>22.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>RETAINED EARNINGS / ACCUMULATED DEFICIT</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>At June 30, 2011, the Company has retained earnings of
      $339,000 (December 31, 2010 &#150; accumulated deficit of
  $54,124,000).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>No dividends have been paid or declared by the Company
      since its inception.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><A name=note_23></A>23.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>FINANCIAL RISK MANAGEMENT</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>There are no significant changes in financial risk
      management compared to the Company&#146;s 2010 annual financial statements
      except for the following:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Liquidity Risk</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Liquidity risk is the risk that the Company will not be
      able to meet its financial obligations as they arise. The Company has in
      place a planning and budgeting process to help determine the funds
      required to support the Company&#146;s normal operating requirements on an
      ongoing basis and to support its expansion plans. As at June 30, 2011, the
      Company has outstanding trade payables of $6.5 million (December 31, 2010
      - $6.0 million) which are generally payable in 90 days or less and accrued
      liabilities of $15.2 million (December 31, 2010 - $6.3 million) which are
      generally payable within 12 months.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company believes it has sufficient cash on hand to
      meet operating requirements as they arise for at least the next twelve
      months.</P></TD></TR></TABLE>
<P align=center>Notes Page 15</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_22></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>23.</B> </TD>
    <TD>
      <P align=justify><B>FINANCIAL RISK
MANAGEMENT</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Liquidity Risk (continued)</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s liabilities and commitments have maturities
      which are summarized below:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="52%" colSpan=13
    align=center><B>Payments Due By Period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Balances in USD$'000 </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>Total </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>Less than </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>1 to 3 </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>4 to 5 </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>After 5 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>1
      year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>years
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>years
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>years
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Finance Lease Obligations </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;9,359 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;2,654 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;5,021 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;1,684 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Purchase Obligations </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>24,391 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>24,391 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Decommissioning liabilities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>7,358 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>7,358 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Trade payables and
      accrued liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>21,815
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>21,815
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>Total Obligations</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;62,923</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;48,860</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;5,021</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;1,684</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;7,358</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Currency Risk</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Financial instruments that impact the Company&#146;s net
      earnings or other comprehensive income due to currency fluctuations
      include Canadian dollar and Mexican peso denominated assets and
      liabilities. The sensitivity of the Company&#146;s net earnings and other
      comprehensive income due to changes in the exchange rate between the
      Canadian dollar and the Mexican peso against the U.S. dollar is included
      in the table below:</P></TD></TR></TABLE><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 7pt; "
border=0 cellSpacing=0 cellPadding=0 width="90%">

  <TR vAlign=top>
    <TD align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="19%" colSpan=4
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2010</B> </TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left nowrap><B>Balances in USD$'000</B> </TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Trade payables</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Net assets</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Net assets</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Cash and cash</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Trade and</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>and accrued</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>(liabilities)</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Effect of +/- 10%</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>(liabilities)</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Effect of +/- 10%</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>equivalents</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>other receivable</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>liabilities</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>exposure </B></TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="8%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><STRONG>change in currency</STRONG>&nbsp;&nbsp;</TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>exposure </B></TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="8%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><STRONG>change in currency</STRONG>&nbsp;&nbsp;</TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Canadian dollar </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;67,493 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;110 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;(2,596</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;65,007 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;6,501 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;8,174 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;817 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Mexican peso </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>3,708
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>4,022
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(17,164</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(9,434</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
align=right>(943</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(10,726</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(1,073</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;71,201</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;4,132</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(19,760</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;55,573</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;5,558</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(2,552</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(256</B></TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_24></A>24.</B> </TD>
    <TD>
      <P align=justify><B>SUPPLEMENTAL CASH FLOW
  INFORMATION</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=center valign="bottom" nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="10%" align=center valign="bottom" nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="10%" align=center valign="bottom" nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="10%" align=center valign="bottom" nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2010</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2011</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2010</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Net change in non-cash working capital
      items:</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;Decrease (increase) in trade and other receivables</TD>
    <TD  width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;(297</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;435 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;(2,180</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;(113</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;Increase in inventories </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>(1,166</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>(1,569</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>(1,510</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>(1,892</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;Increase in prepaid expenses and other </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(3,318</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(198</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(4,010</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(667</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;Increase (decrease) in trade payables
      and </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;accrued liabilities </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">1,832 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(133</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">3,699 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">1,180 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;Increase (decrease) in taxes payable </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">3,977 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">83 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">8,679 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">133 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;1,028</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;(1,382</B></TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;4,678</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;(1,359</B></TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom"><B>Non-cash investing and financing activities:</B> </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp; Transfer of
      contributed surplus upon exercise of options and warrants </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1,713 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;184 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;3,242 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;225 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp; &nbsp;
      &nbsp;Assets acquired by capital lease </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">(1,726</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">(4,200</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom"><B>Cash payments for interest and taxes:</B> </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Interests paid </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;388 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;160 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;506 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;395 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp;
      &nbsp;Taxes paid </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">5,458    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">5,802    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
<TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR></TABLE>
<P align=center>Notes Page 16</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_23></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><A name=note_25></A>25.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>CONTINGENT LIABILITIES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Due to the size, complexity and nature of the Company&#146;s
      operations, various legal and tax matters arise in the ordinary course of
      business. The Company accrues for such items when a liability is both
      probable and the amount can be reasonably estimated. In the opinion of
      management, these matters will not have a material effect on the
      consolidated financial statements of the Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><A name=note_26></A>26.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>SUBSEQUENT EVENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>From July 1, 2011 to August 10, 2011:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>503,750 options and 150,000 warrants were exercised for
      gross proceeds of CAD$2,676,000;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>10,000 options were granted with an exercise price of
      CAD$17.80 and expire in five years from the grant date;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>1,500 options expired unexercised; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>1,500 shares were issued in connection with the First
      Silver Reserve Inc. acquisition (see note 20(d)).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%"><B><A name=note_27></A>27.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>FIRST TIME ADOPTION OF IFRS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company adopted IFRS on January 1, 2011 with a
      transition date of January 1, 2010. The accounting policies set out in
      Note 3 of the consolidated interim financial statements as at and for the
      three months ended March 31, 2011 have been applied in preparing te
      consolidated interim financial statements for the three and six months
      ended June 30, 2011. In note 24 of the March 31, 2011 consolidated interim
      financial statements, the Company reported the impact of the transition to
      IFRS at January 1, 2010 and December 31, 2010. There were no changes to
      the reconciliations as previously reported.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company applied the following exemptions to its
      opening statement of financial position dated January 1, 2010 in
      accordance with IFRS 1, &#147;<I>First-time adoption of International Financial
      Reporting Standards</I>&#148;, provides guidance for the initial adoption of
      IFRS. IFRS 1 requires retrospective application of the standards in the
      transition statement of financial position, with all adjustments to assets
      and liabilities taken to accumulated deficit unless certain exemptions are
      applied:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Business combinations</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has elected to not apply IFRS 3 to business
      combinations that occurred before the date of transition to IFRS. IFRS 3
      has been applied by the Company to business combinations that occurred on
      or after January 1, 2010.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Cumulative translation differences</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As permitted by the IFRS 1 election for cumulative
      translation differences, the Company has deemed cumulative translation
      differences for foreign operations to be zero at the date of transition.
      Any gains and losses on subsequent disposal of foreign operations will not
      be impacted by translation differences that arose prior to the date of
      transition.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Decommissioning liabilities included in the cost of
      property, plant and equipment</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has elected to apply the exemption related to
      decommissioning liabilities included in the cost of property, plant and
      equipment. This exemption allows a first-time adopter to apply the
      requirements of IFRIC 1, dealing with changes in decommissioning
      liabilities, on a prospective basis from the date of
  transition.</P></TD></TR></TABLE>
<P align=center>Notes Page 17</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_24></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>27.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>FIRST TIME ADOPTION OF IFRS (continued)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Share-based payment</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS 1 encourages, but does not require, first-time
      adopters to apply IFRS 2 <I>Share-based Payment </I>to equity instruments
      that were granted on or before November 7, 2002, or equity instruments
      that were granted subsequent to November 7, 2002 and vested before the
      date of transition to IFRS. The Company has elected not to apply IFRS 2 to
      awards which had vested at the date of transition.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(e)</B> </TD>
    <TD>
      <P align=justify><B>Fair value as deemed cost</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS 1 allows an entity to measure individual items of
      mining interests and property, plant and equipment at fair value as deemed
      cost at the date of transition. The Company has elected to apply this
      exemption to the carrying value of mining interest for the San Martin mine
      at the date of transition. As a result, an adjustment of $48,945,000, net
      of deferred income tax recovery of $13,705,000, was recorded to
      accumulated deficit to adjust the aggregate carrying value of mining
      interests under previous GAAP to its fair value at January 1,
  2010.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(f)</B> </TD>
    <TD>
      <P align=justify><B>Estimates</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS 1 requires that an entity&#146;s estimates under IFRS at
      the date of transition to IFRS must be consistent with estimates made for
      the same date under the entity&#146;s previous GAAP, unless there is objective
      evidence that those estimates were in error. The Company&#146;s IFRS estimates
      as of January 1, 2010 are consistent with its Canadian GAAP estimates for
      the same date.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS employs a conceptual framework that is similar to
      Canadian GAAP. However, significant differences exist in certain matters
      of recognition, measurement and disclosure. While adoption of IFRS has not
      changed the Company&#146;s actual cash flows, it has resulted in changes to the
      Company&#146;s reported financial position and results of operations. In order
      to allow the users of the financial statements to better understand these
      changes, the Company&#146;s Canadian GAAP statements of income and statements
      of financial position for the six months ended June 30, 2010 and year
      ended December 31, 2010 have been reconciled to IFRS, with the resulting
      differences explained below.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The adoption of IFRS does not have a significant impact
      on the statement of cash flows for the six months ended June 30, 2010 and
      the year ended December 31, 2010. Therefore, no reconciliation is
      presented in these consolidated interim financial
  statements.</P></TD></TR></TABLE>
<P align=center>Notes Page 18</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_25></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>27.</B> </TD>
    <TD>
      <P align=justify><B>FIRST TIME ADOPTION OF IFRS
  (continued)</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The June 30, 2010 Canadian GAAP
statement of financial position has been reconciled to IFRS as follows:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Canadian</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Canadian</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>Effect of</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>GAAP</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>GAAP</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="8%" align=center valign="bottom" nowrap><STRONG>Transition to
      IFRS</STRONG>&nbsp;</TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>IFRS</B> </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>June 30, 2010</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>June 30, 2010</B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="8%" align=center valign="bottom" nowrap><STRONG>June 30, 2010</STRONG>    </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B>June 30, 2010</B> </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>CAD$</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>USD$</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Note</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>USD$</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>USD$</B> </TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>ASSETS</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom"><B>Current assets</B> </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;15,850 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;14,945 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%"
      align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;- </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;14,945 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom">Trade and other receivables </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">9,152 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">8,627 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">8,627 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Inventories </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>5,801 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>5,470 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>5,470 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Prepaid expenses
      and other </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,250    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,122    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,122    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Total current assets</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>33,053</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>31,164</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>-</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>31,164</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Non-current assets</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom">Mining interests </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">174,085 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">161,625 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">(v)(vi) </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(52,804</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">108,821 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Property, plant and equipment </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>68,304 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>63,398 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>(i) </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(193</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>63,205 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Deposits on
      long-term assets </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,972    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,859    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,859    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>Total assets</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;277,414</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;258,046</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=center valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><STRONG>$</STRONG></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;<STRONG>(52,997</STRONG></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><STRONG>)</STRONG> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;205,049</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>LIABILITIES AND EQUITY</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom"><B>Current liabilities</B> </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Trade payables and accrued liabilities </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;14,940 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;14,018 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;- </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;14,018 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom">Current portion of debt facilities </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">2,045 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,929 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,929 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Current portion of lease obligations </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,373 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,294 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,294 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Taxes payable </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">264</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">249</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">249</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Total current liabilities</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>18,622</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>17,490</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>-</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>17,490</B> </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Non-current liabilities</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom">Debt facilities </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">2,881 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">2,716 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">2,716 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Lease obligations </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>369 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>348 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>348 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom">Decommissioning liabilities </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">4,661 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">4,392 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">4,392 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Other long-term liabilities </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>775 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>731 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>731 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Deferred tax
      liabilities </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">31,969    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">28,827    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(v)(vi) </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(18,544</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">10,283    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>Total liabilities</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>59,277</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>54,504</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=center valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>(18,544</B></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>35,960</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD  width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Equity</B> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom"><B>Shareholders' Equity</B> </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Share capital </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>245,455 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>219,756 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>219,756 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom">Equity reserves </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">28,932 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">26,158 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">(iii) </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">278 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">26,436 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Accumulated other comprehensive income
      (loss) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(34,985</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(25,593</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>(ii) </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>26,325 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>732 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Accumulated
      deficit </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(21,265</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(16,779</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(i)(ii)(iii)(v)(vi) </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(61,056</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(77,835</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>Total liabilities and equity</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;277,414</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;258,046</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><STRONG>$</STRONG></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;<STRONG>(52,997</STRONG></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><STRONG>)</STRONG> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;205,049</B> </TD>
<TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR></TABLE>
<P align=center>Notes Page 19</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_26></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>27.</B> </TD>
    <TD>
      <P align=justify><B>FIRST TIME ADOPTION OF IFRS (continued)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s Canadian GAAP income statement and
      consolidated statement of income for the three months ended June 30, 2010
      have been reconciled to IFRS as follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="52%" colSpan=13
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Three Months Ended June 30, 2010</B> </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>Effect of</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>Canadian</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>Canadian</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><STRONG>Transition to</STRONG> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>GAAP</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>GAAP</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>Note</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>IFRS</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>IFRS</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>CAD$</B> </TD>
    <TD width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>USD$</B> </TD>
    <TD width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>USD$</B> </TD>
    <TD width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>USD$</B> </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Revenues</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;28,963</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;27,456</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%"
      align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%"
      align=right valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;<B>-</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;27,456</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Cost of sales </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">13,435    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">12,324    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">12,324    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Gross margin</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>15,528</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>15,132</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>-</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>15,132</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Depletion,
      depreciation and amortization </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,380    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,284    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(i)    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">199</TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,483    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Mine operating earnings</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>13,148</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>12,848</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>(199</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>12,649</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>General and administration expense </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2,407 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2,143 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2,143 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">Share-based payments </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">644 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">624 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">(iii) </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">204 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">828 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Accretion of decommissioning liabilities</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>94 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>123 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>123 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">Foreign exchange gain </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(344</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(1,616</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(1,616</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Other expenses </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">570 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">731 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=center valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">731 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom"><B>Operating earnings</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>9,777</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>10,843</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>(403</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>10,440</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">Investment and other income </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">640 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">620 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">620 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Finance costs </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(118</TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(88</TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=center valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(88</TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom"><B>Earnings before income taxes</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>10,299</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>11,375</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>(403</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>10,972</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">Current income tax expense </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">45 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">43 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">43 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Deferred income tax expense (recovery) </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,367 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,266 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=center valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(vi) </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(1,315</TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(49</TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,412    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,309    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(1,315</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(6</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">)</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>Net earnings for the period</B> </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;8,887</B> </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;10,066</B> </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>912</B> </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;10,978</B> </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom"><B>EARNINGS PER COMMON SHARE</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>BASIC</B> </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;0.10</B> </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;0.12</B> </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>DILUTED</B> </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;0.09</B> </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;0.12</B> </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P align=center>Notes Page 20</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_27></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>27.</B> </TD>
    <TD>
      <P align=justify><B>FIRST TIME ADOPTION OF IFRS (continued)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s Canadian GAAP income statement and
      consolidated statement of income for the six months ended June 30, 2010
      have been reconciled to IFRS as follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="52%" colSpan=13
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Six Months Ended June 30, 2010</B> </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>Effect of</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>Canadian</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>Canadian</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><STRONG>Transition to</STRONG></TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>GAAP</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>GAAP</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>Note</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>IFRS</B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>IFRS</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>CAD$</B> </TD>
    <TD width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>USD$</B> </TD>
    <TD width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>USD$</B> </TD>
    <TD width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>USD$</B> </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Revenues</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;47,181</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;45,202</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff><STRONG>$</STRONG></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;<STRONG>-</STRONG> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;45,202</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Cost of sales </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">22,409    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">20,953    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">20,953    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Gross margin</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>24,772</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>24,249</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>-</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>24,249</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Depletion,
      depreciation and amortization </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">4,178    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">4,041    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(i)    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">392</TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">4,433    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Mine operating earnings</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>20,594</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>20,208</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>(392</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>19,816</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>General and administration expense </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>4,394 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>4,013 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>4,013 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">Share-based payments </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,344 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,294 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">(iii) </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">392 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,686 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Accretion of decommissioning liabilities</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>188 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>182 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>182 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">Foreign exchange loss (gain) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(416</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,567 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,567 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Other expenses </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">885 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,064 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=center valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,064 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom"><B>Operating earnings</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>14,199</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>12,088</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>(784</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>11,304</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">Investment and other income </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">672 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">654 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">654 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Finance costs </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(410</TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(396</TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=center valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(396</TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom"><B>Earnings before income taxes</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>14,461</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>12,346</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>(784</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>11,562</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">Current income tax expense </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">64 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">61 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">61 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Deferred income tax expense (recovery) </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">2,494 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">2,376 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=center valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(vi) </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(2,295</TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">81 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,558    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,437    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(2,295</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">142</TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>Net earnings for the period</B> </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;11,903</B> </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;9,909</B> </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
    align=center valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><STRONG>$</STRONG></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;<STRONG>1,511</STRONG> </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;11,420</B> </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom"><B>EARNINGS PER COMMON SHARE</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>BASIC</B> </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;0.13</B> </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;0.12</B> </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>DILUTED</B> </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;0.13</B> </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;0.12</B> </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P align=center>Notes Page 21</P>
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border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>27.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>FIRST TIME ADOPTION OF IFRS (continued)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(i)</B> </TD>
    <TD>
      <P align=justify><B>Change in functional currency</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Effective January 1, 2010, the Company has changed its
      presentation currency from the Canadian dollar to US dollar. The Company
      has determined that the functional currency of its Mexican subsidiaries is
      the U.S. dollar effective January 1, 2010. Previously, the Company&#146;s
      subsidiaries had a functional currency of the Mexican peso. The Company
      has accounted for this change in functional currency on a prospective
      basis in accordance with the requirements of IAS21, <I>&#147;The Effects of
      Changes in Foreign Exchange Rates&#148;</I>. With the successful expansion of
      the La Encantada plant, the Company has achieved consistent profitability
      in 2010 and the need to access additional financing from the Canadian
      public markets has been significantly reduced. Also, a substantial portion
      of the Company&#146;s revenue stream and a significant portion of expenditures
      are now incurred in U.S. dollars.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(ii)</B> </TD>
    <TD>
      <P align=justify><B>Cumulative translation differences</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As permitted by the IFRS 1 election for cumulative
      translation differences, the Company has deemed cumulative translation
      differences for foreign operations to be zero at the date of transition.
      Cumulative translation loss at January 1, 2010 was re-allocated from
      accumulated other comprehensive loss to accumulated deficit.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(iii)</B> </TD>
    <TD>
      <P align=justify><B>Share-based payments</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS requires each tranche of a share-based award with
      different vesting dates to be considered a separate grant for purpose of
      fair value calculation, and the resulting fair value is amortized over the
      vesting period of the respective tranches. Furthermore, forfeiture
      estimates are recognized in the period they are estimated.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Under Canadian GAAP, the fair value of share-based awards
      with graded vesting was calculated as one single grant and the resulting
      fair value was recognized on a straight-line basis over the longest
      vesting period. Forfeitures of awards were only recognized in the period
      the forfeiture occurred.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(iv)</B> </TD>
    <TD>
      <P align=justify><B>Decommissioning liabilities</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS requires provision for decommissioning liabilities
      to be estimated based on constructive cash flow discounted based on
      liability specific risk-free discount rate. The discount rate should be
      updated periodically at each period end date. Under Canadian GAAP,
      provision for decommissioning liabilities was estimated based on legal
      cash flow and discounted based on a risk-adjusted discount rate.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Historical net book value of costs of the related mining
      properties when the first decommissioning liabilities first arose was
      adjusted to reflect historical difference in the decommissioning
      liabilities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(v)</B> </TD>
    <TD>
      <P align=justify><B>Fair value as deemed cost</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS 1 allows an entity to measure individual items of
      property, plant and equipment at fair value at the date of transition. The
      Company has elected to apply the IFRS 1 exemption to measure its mining
      interest for the San Martin mine at fair value as deemed cost at January
      1, 2010 using a discounted cash flow model under IFRS compared to Canadian
      GAAP which determines fair value based on undiscounted cash flows. Based
      on silver prices ranging from $14.50 to $19.30 per ounce and a discount
      rate of 14.75% used in the discounted cash flow model, an adjustment of
      $48,945,000, net of future income tax recovery of $13,705,000, was
      recorded to accumulated deficit to adjust the aggregate carrying value of
      mining interests under previous Canadian GAAP to its aggregate fair value
      at January 1, 2010.</P></TD></TR></TABLE>
<P align=center>Notes Page 22</P>
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<TABLE
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border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>First Majestic Silver Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(tabular amounts
      are expressed in thousands of United States dollars, except share and per
      share amounts - unaudited) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>27.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>FIRST TIME ADOPTION OF IFRS (continued)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(vi)</B> </TD>
    <TD>
      <P align=justify><B>Deferred tax liabilities</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>IFRS does not allow recognition of deferred taxes for
      acquisition of assets that do not qualify as a business combination. There
      is no similar prohibition under Canadian GAAP. As a result, deferred tax
      liabilities related to the Company&#146;s previous asset acquisitions that did
      not qualify as business combination were derecognized at
  transition.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As part of the transition to IFRS, the carrying value of
      the Company&#146;s property, plant and equipment and mining interests were
      changed without a change in their respective tax value. Deferred taxes
      were updated to reflect the change in temporary differences between the
      carrying value and tax value of these assets.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%"><B><A name=note_28></A>28.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>APPROVAL OF FINANCIAL STATEMENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Consolidated Interim Financial Statements of First
      Majestic Silver Corp. for the period ended June 30, 2011 were approved and
      authorized for issue by the Board of Directors on August 10,
  2011.</P></TD></TR></TABLE>
<P align=center>Notes Page 23</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE QUARTER ENDED JUNE 30, 2011
<TEXT>
<HTML>
<HEAD>
   <TITLE>First Majestic Silver Corp.: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">


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<P align="center">
<IMG src="exhibit99-2x1x1.jpg" border=0 width="185" height="126"> <br>
<B><font size="4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS<br>
</font><font size="3">FOR THE QUARTER ENDED JUNE 30, 2011</font></B><font size="3"><BR>
</font>
</P>
<P align="justify">
<B><I>Forward</I></B><B><I>-</I></B><B><I>Looking Statements</I></B><BR>
</P>
<P align="justify">
<I>Certain information contained herein constitutes forward</I><I>-</I><I>looking statements. Forward</I><I>-</I><I>looking statements are frequently characterized by words such as &#147;plan&#148;, &#147;expect&#148;, &#147;forecast&#148;,
&#147;project&#148;, &#148;intend&#148;, &#148;believe&#148;, &#148;anticipate&#148;, &#147;outlook&#148; and other similar words, or statements that certain events or conditions &#147;may&#148; or &#147;will&#148; occur.
Forward</I><I>-</I><I>looking statements are based on the opinions and estimates of management at the dates the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results
to differ materially from those projected in the forward</I><I>-</I><I>looking statements. These factors include the inherent risks involved in the mining, exploration and development of mineral properties, the uncertainties involved in interpreting
drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties related to the availability of and costs of financing needed in the future and other
factors described in the Company&#146;s Annual Information Form under the heading &#147;Risk Factors&#148;. The Company undertakes no obligation to update forward</I><I>-</I><I>looking statements if circumstances or management&#146;s estimates or
opinions should change other than as required by securities laws.  The reader is cautioned not to place undue reliance on forward</I><I>-</I><I>looking statements.</I></P>
<P align="justify">
<B>PRELIMINARY INFORMATION </B></P>
<P align="justify">
First Majestic Silver Corp. (&#147;First Majestic&#148; or &#147;the Company&#148;) is in the business of producing silver, and developing, exploring and acquiring mineral properties with a focus on silver production in Mexico.  The Company&#146;s
shares trade on the New York Stock Exchange under the symbol &#147;AG&#148; and on the Toronto Stock Exchange under the symbol &#147;FR&#148;. The Company&#146;s common shares are also quoted on the Frankfurt, Berlin, Munich and Stuttgart Stock
Exchanges under the symbol &#147;FMV&#148;. Silver producing operations of the Company are carried out through three operating mines:  the La Encantada, La Parrilla, and San Martin Silver Mines, all located in Mexico. </P>
<P align="justify">
The following Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) should be read in conjunction with the unaudited consolidated interim financial statements of the Company for the three and six months ended June 30, 2011 and for the
three months ended March 31, 2011, which are prepared in accordance with International Financial Reporting Standards (&#147;IFRS&#148;), and the audited consolidated annual financial statements for the year ended December 31, 2010, which were
prepared in accordance with Canadian Generally Accepted Accounting Principles. Additional information on the Company, including the Company&#146;s Annual Information Form, is also available on SEDAR at <U><FONT
color="#0000ff">www.sedar.com</FONT></U>, and on the Company&#146;s website at www.firstmajestic.com. </P>
<P align="justify">
This MD&amp;A relates to the consolidated operations of the Company and its wholly-owned direct subsidiaries: Corporaci&oacute;n First Majestic, S.A. de C.V. (&#147;CFM&#148;), First Silver Reserve Inc. (&#147;First Silver&#148;) and Normabec Mining
Resources Ltd. (&#147;Normabec&#148;) as well as its indirect wholly-owned subsidiaries: First Majestic Plata, S.A. de C.V. (&#147;First Majestic Plata&#148;), Minera El Pilon, S.A. de C.V. (&#147;El Pilon&#148;), Minera La Encantada, S.A. de C.V.
(&#147;La Encantada&#148;), Majestic Services S.A. de C.V. (&#147;Majestic Services&#148;), Minera Real Bonanza, S.A. de C.V. (&#147;MRB&#148;) and Servicios Minero-Metalurgicos e Industriales, S.A. de C.V. (&#147;Servicios&#148;).  First Silver
underwent a wind up and distribution of its assets and liabilities to the Company in December 2007 but First Silver has not been dissolved for legal purposes pending the outcome of litigation in which it is involved as the plaintiff.<B> </B></P>
<P align="justify">
<B>QUALIFIED PERSON</B><B><I>S </I></B></P>
<P align="justify">
Leonel Lopez, C.P.G., P.G. of Pincock Allen &amp; Holt is the independent Qualified Person for the Company, and Ramon Davila, Ing, the Company&#146;s Chief Operating Officer and Florentino Mu&#241;oz, the Company&#146;s Chief Geologist, are also certified Qualified Person. Leonel Lopez has reviewed the
technical information reported in the National Instrument 43-101 technical reports regarding the La Parrilla Silver Mine, the La Encantada Silver Mine, the San Martin Silver Mine and the Del Toro Silver Mine. Ramon Davila has reviewed this MD&amp;A
for QP technical disclosures. All National Instrument 43-101 technical reports can be found on the Company&#146;s website at www.firstmajestic.com or on SEDAR at www.sedar.com. </P>
<hr color="#000000" size="1">
<P align="center" style="margin-top: 0"><font style="font-size: 9pt">925 West Georgia Street, Suite 1805, Vancouver, B.C., Canada V6C 3L2
<br>
Phone: 604.688.3033 | Fax: 604.639.8873| Toll Free: 1.866.529.2807 | Email: info@firstmajestic.com
<br>
www.firstmajestic.com</font></P>

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<P align=center><B><font size="3">FIRST MAJESTIC SILVER CORP. </font> </B>
<font size="3"><BR></font><B>MANAGEMENT&#146;S
DISCUSSION &amp; ANALYSIS</B><BR></P>
<P align=justify><B>CAUTION </B><B>-</B><B> </B>All financial information in
this MD&amp;A is prepared in accordance with IFRS and all dollar amounts are
expressed in United States (&#147;US&#148;) dollars unless otherwise indicated. The
Company&#146;s accounting policies have changed and the presentation, financial
statement captions and terminology used in this MD&amp;A and the accompanying
unaudited consolidated interim financial statements are consistent with those
presented for the quarter ended March 31, 2011. The new policies have been
consistently applied to all of the years presented in this MD&amp;A and all
prior period information has been restated or reclassified for comparative
purposes unless otherwise noted. The comparatives for 2010 differ from those
previously issued in the second quarter of 2010 and the annual reports. Further
details on the conversion to IFRS are provided in this MD&amp;A and in the notes
to our unaudited consolidated interim financial statements for the three and six
month period ended June 30, 2011 and for the three months ended March 31, 2011.
All information contained in this MD&amp;A is current as of August 10, 2011
unless otherwise stated. </P>
<P><STRONG>2011 SECOND QUARTER HIGHLIGHTS</STRONG> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=1 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center><BR><B>HIGHLIGHTS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>Second Quarter<BR></B> <B>2011</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>Second Quarter</B> <BR><B>2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>Change</B> <BR><B>Year-on-Year</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>First Quarter</B> <BR><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>Change from</B> <B>First Quarter</B> <B>2011</B>
    </TD></TR>
  <tr>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#e6efff>Revenues </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>$68.0 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>$27.5 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>Up 148% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>$55.3 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>Up 23% </TD>
  </tr>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Mine
      Operating Earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">$46.8 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">$12.6 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">Up 270% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">$35.6 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">Up 31% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#e6efff>Net Earnings after Taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>$30.6 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>$11.0 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>Up 179% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>$23.9 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>Up 28% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Cash Flow
      Per Share (a non-IFRS measure) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">$0.37 per share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">$0.12 per share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">Up 199% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">$0.34 per share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">Up 6% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#e6efff>Earnings Per Share - basic </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>$0.30 per share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>$0.12 per share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>Up 150% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>$0.24 per share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>Up 24% </TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P>Silver Ounces Produced <BR>(excluding equivalent ounces of gold, zinc
      and lead) </P></TD>
    <TD vAlign=bottom align=center width="10%">1,780,379 oz. Ag </TD>
    <TD vAlign=bottom align=center width="10%">1,538,798 oz. Ag </TD>
    <TD vAlign=bottom align=center width="10%">Up 16% </TD>
    <TD vAlign=bottom align=center width="10%">1,769,208 oz. Ag </TD>
    <TD vAlign=bottom align=center width="10%">Up 1% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#e6efff>Payable Silver Ounces Produced </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>1,761,697 oz. Ag </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>1,519,888 oz. Ag </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>Up 16% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>1,751,312 oz. Ag </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>Up 1% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#ffffff>Silver Equivalent Ounces Produced </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>1,843,830 eq. oz. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>1,656,165 eq. oz. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>Up 11% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>1,825,366 eq. oz. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>Up 1% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#e6efff>Silver Equivalent Ounces Sold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>1,829,732 eq. oz. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>1,623,844 eq. oz. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>Up 13% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>1,762,123 eq. oz. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>Up 4% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#ffffff>Total Cash Costs per Ounce </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>$8.32 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>$7.75 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>Up 7% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>$8.26 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>Up 1% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#e6efff>Average Revenue per Payable Equivalent Ounces Sold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>$39.08 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>$18.38 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>Up 113% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>$32.60 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>Up 20% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#ffffff>Cash and Cash Equivalents (as at June 30) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>$105.0 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>$14.9 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>Up 602% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>$85.6 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#ffffff>Up 23% </TD></TR></TABLE></DIV>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <p style="margin-top: 0; margin-bottom: 12">Generated Revenues of $68.0 million for the second quarter of 2011, an
  increase of $12.8 million or 23% compared to $55.3 million in the first
  quarter of 2011 and an increase of 148% or $40.6 million compared to the
  second quarter of 2010. Smelting and refining charges decreased to 2% of gross revenue in the second quarter of 2011 compared to 6%
  of gross revenue in the second quarter of 2010 and 3% in first quarter of
  2011. Average smelting charges for dor&#233; in the second quarter of 2011 were
  $0.39 per silver ounce produced whereas for concentrates they were $5.43 per
  silver ounce produced.
  <LI>
  <p style="margin-top: 0; margin-bottom: 12">Recognized Mine Operating Earnings of $46.8 million for the second quarter
  of 2011 compared to $12.6 million in the second quarter of 2010, an increase
  of $34.1 million or 270%, and an increase of $11.2 million or 31% compared to
  the first quarter of 2011. The increase was attributed to an increase in sales
  volume from 1,623,844 ounces of silver equivalent in the second quarter of
  2010 to 1,829,732 ounces of silver equivalent in the second quarter of 2011,
  combined with an increase in sales revenue per payable equivalent ounces from
  $18.38 in the second quarter of 2010 to $39.08 (Comex average of $38.42) in
  the second quarter of 2011.
  <LI>
  <p style="margin-top: 0; margin-bottom: 12">Earned cash flows from operations of $37.9 million ($0.37 per share) (a
  non-IFRS measure) for the second quarter of 2011 compared to $11.4 million
  ($0.12 per share) for the second quarter of 2010, an increase of 234%.
  <LI>
  <p style="margin-top: 0; margin-bottom: 12">The Company generated net earnings of $30.6 million for the second quarter
  of 2011 compared to net earnings of $11.0 million in the second quarter of
  2010 and net earnings of $23.9 million in the first quarter of 2011.
  <LI>
  <p style="margin-top: 0; margin-bottom: 12">EPS for the second quarter of 2011 was $0.30, compared to EPS of $0.12 for
  the second quarter of 2010 and $0.24 for the first quarter of 2011. </LI></UL>
<P align=center>-2-<BR></P>
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noShade SIZE=5>


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<A name="page_3"></A>

<UL style="text-align:justify;">
<LI>
<p style="margin-top: 0; margin-bottom: 12">Increased production from 1,656,165 silver equivalent ounces in the second quarter of 2010 to 1,843,830 silver equivalent ounces in the second quarter of 2011, an increase of 11%. Production was consistent with the first quarter of 2011 with a 1%
increase in silver production.</LI>
<LI>
<p style="margin-top: 0; margin-bottom: 12">Total Cash Costs per ounce (a non-IFRS measure) increased by 1% from &#36;8.26 in the first quarter of 2011 to &#36;8.32 in the second quarter of 2011, due to increased costs of cyanide, electricity and diesel, and a 3% appreciation of the Mexican
Peso relative to the US dollar.</LI>
<LI>
<p style="margin-top: 0; margin-bottom: 12">Cash and cash equivalents increased to &#36;105.0 million compared to &#36;41.2 million as at December 31, 2010 and improved working capital to &#36;100.9 million from &#36;46.1 million as at December 31, 2010.</LI>
</UL>
<P align="justify">
<B>Results of Operations</B><BR>
</P>
<P align="justify">
Revenues (after smelting and refining charges) for the second quarter of 2011 was &#36;68.0 million, an increase of 148% compared to &#36;27.5 million for the second quarter of 2010 and an increase of &#36;12.8 million or 23%
compared to the first quarter of 2011. The increase in revenues is primarily attributable to a 113% increase in average revenue per ounce sold and 13% increase in ounces of silver equivalents sold compared to the second quarter of 2010 and a 20%
increase in average revenue per ounce sold and 4% increase in ounces of silver equivalents sold in the first quarter of 2011.  Smelting and refining charges also decreased to 2% of gross revenue in the second quarter of 2011
compared to 3% of gross revenue in the first quarter of 2011, due to the rate of increase in silver prices exceeding smelting and refining charges in the production of silver. Average smelting and refining charges for dor&eacute; in
the second quarter of 2011 were &#36;0.39 per silver ounce compared to &#36;5.43 per silver ounce for concentrates. </P>
<P align="justify">
Production of silver, excluding any equivalents from gold, lead or zinc, increased 16% compared to the second quarter of 2010 and 1% compared to the first quarter of 2011. The Company produced 1,780,379 ounces of silver in the second quarter of 2011
compared to 1,538,798 ounces of silver in the second quarter of 2010 and 1,769,208 ounces for the quarter ended March 31, 2011, respectively. In the second quarter of 2011, 97% of First Majestic&#146;s revenue resulted from the sale of pure silver
making it the purest silver producer relative to its peers. </P>
<P align="justify">
In the second quarter of 2011, the Company sold 1,829,732 ounces of silver
equivalent at an average price of $39.08 per ounce compared to 1,623,844 ounces
of silver equivalent in the second quarter of 2010 at an average price of $18.38
per ounce, representing an increase of 13% in shipments over the same quarter in
2010 and an increase of 4% compared to 1,762,123 ounces of silver equivalent in
the shipments in the first quarter of 2011. </P>
<P align="justify">
Total production for the second quarter of 2011 was 1,843,830 ounces of silver
equivalents consisting of 1,780,379 ounces of silver, 337 ounces of gold,
1,392,132 pounds of lead and 26,103 pounds of zinc. Silver equivalent production
increased 11% compared to the 1,656,165 ounces of silver equivalents produced in
the second quarter of 2010, which consisted of 1,538,798 ounces of silver, 541
ounces of gold and 1,494,548 pounds of lead. </P>
<P align="justify">
The Company generated net earnings of &#36;30.6 million, or EPS of &#36;0.30 compared to a net earnings of &#36;23.9 million, or EPS of &#36;0.24, in the first quarter of 2011, an increase of &#36;6.7 million or 28%.</P>
<P align="justify">
Total cash costs per ounce (including smelting, refining, transportation and other selling costs, and byproduct credits, which is a non-IFRS measure) for the second quarter was &#36;8.32 per ounce of silver compared to &#36;8.26 in the first quarter
of 2011 and &#36;7.75 in the second quarter of 2010. The cost increase was attributed to an increase in cost of cyanide, electricity and diesel, and a 3% and 6% stronger Mexican peso relative to the US dollar compared to the respective periods. The
average head grade for the second quarter of 2011 was 198 g/t, 13 g/t lower than the first quarter of 2011 and 26 g/t lower than the second quarter of 2010. Recoveries for the second quarter were 58%, which were 1% higher than the first quarter of
2011 and 5% higher than the second quarter of 2010. </P>
<P align="center">
-3-</P>

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<P align=justify>Management was notified in early May by the Company&#146;s primary
supplier of cyanide that there would be an estimated one month disruption of
deliveries from its plant in southern USA due to the flooding of the Mississippi
River. The Company&#146;s immediate response was to locate additional suppliers to
ensure the stability of this essential ingredient in the processing of oxides
ores. A secondary supplier was already in place at the San Martin mine so
additional tonnage of cyanide was sourced through this supplier as well as an
additional supplier that supplied potassium cyanide for the La Parrilla
operations. Additional cyanide was flown in from the USA to keep a continuous
supply at La Encantada. As a result of the constrained supply of cyanide and
increasing petroleum prices, the costs per
kilogram of cyanide increased significantly in the second quarter and some of
the higher price inventory will be consumed as well in the third quarter of
2011. By the end of the third quarter all of the higher priced cyanide will be
consumed, however, the prices for cyanide on average have increased
approximately 19% from our budgeted amounts at the beginning of the year, and
this converts to an increase in costs of approximately $0.16 per ounce of
silver, related to silver ounces production from oxide ore. The impact on costs
at La Encantada are mitigated due to the installation of an automated cyanide
feed which caused the rate of cyanide consumption to be reduced by 30% from the
rate budgeted for the year. </P>
<P align=justify>Mine operating earnings for the second quarter of 2011
increased by 270% to $46.8 million, compared to mine operating earnings of $12.6
million for the second quarter of 2010. The increases are associated with an
increase in revenues due to higher silver prices and increased production. </P>
<P align=justify>Operating earnings increased by 295%, or $30.8 million, to
$41.3 million for the quarter ended June 30, 2011, compared to $10.4 million for
the quarter ended June 30, 2010, due to the 13% increase in payable equivalent
ounces sold and the 113% increase in average revenue per ounce of payable silver
equivalent ounces sold. For the six month period ended June 30, 2011, operating
earnings was $70.7 million, an increase of 525% or $59.4 million compared to the
six month period ended June 30, 2010. </P>
<P align=justify>During the quarter ended June 30, 2011, the Company spent $6.4
million on its mineral properties and a further $12.4 million on plant and
equipment on a cash basis. This compares to $3.3 million invested in mineral
properties and $1.1 million in plant and equipment in the second quarter of
2010. In the first half of 2010, the focus of the Company was the completion of
the La Encantada cyanidation plant and building up its treasury by deferring
non-essential exploration and development costs. In 2011, the Company has
resumed its capital investment and also commenced the expansion project on the
La Parrilla Silver Mine and construction of the Del Toro Silver Mine. </P>
<P align=justify>The material subsidiaries, mines, mills and properties in
Mexico are as follows: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=1 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-color:#000000; border-left-width:1" noWrap
      align=left><B>Subsidiaries</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="33%"><B>Mine and Mill</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-color:#000000; border-right-width:1" noWrap align=left
      width="33%"><B>Exploration Properties</B> </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-bottom-style: none; border-bottom-width: medium">First Majestic Plata, S.A. de C.V.
    </TD>
    <TD noWrap align=left width="33%" bgColor=#e6efff style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: none; border-bottom-width: medium">La Parrilla Silver Mine
    </TD>
    <TD noWrap align=left width="33%" bgColor=#e6efff style="border-right-style: solid; border-right-width: 1; border-bottom-style: none; border-bottom-width: medium">La Parrilla properties
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left style="border-left-color: #000000; border-left-width: 1; border-top-style: none; border-top-width: medium" bgcolor="#E6EFFF">&nbsp; </TD>
    <TD noWrap align=left width="33%" style="border-top-style: none; border-top-width: medium" bgcolor="#E6EFFF">Del Toro Silver Mine </TD>
    <TD noWrap align=left width="33%" style="border-right-color: #000000; border-right-width: 1; border-top-style: none; border-top-width: medium" bgcolor="#E6EFFF">Del Toro properties </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF style="border-left-color: #000000; border-left-width: 1">Minera El Pil&#243;n, S.A. de C.V. </TD>
    <TD align=left width="33%" bgColor=#FFFFFF>San Martin Silver Mine </TD>
    <TD align=left width="33%" bgColor=#FFFFFF style="border-right-color: #000000; border-right-width: 1">
    <p dir="rtl">San Martin property <br>
      Jalisco
      Group of Properties </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-color:#000000; border-left-width:1" noWrap align=left bgcolor="#E6EFFF">Minera La
      Encantada, S.A. de C.V. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="33%" bgcolor="#E6EFFF">La Encantada Silver Mine </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-color:#000000; border-right-width:1" noWrap align=left
      width="33%" bgcolor="#E6EFFF">La Encantada property </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-color:#000000; border-left-width:1" noWrap align=left
    bgColor=#FFFFFF>Minera Real Bonanza, S.A. de C.V. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="33%"
    bgColor=#FFFFFF>La Luz Silver Project </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-right-color:#000000; border-right-width:1" noWrap align=left width="33%"
    bgColor=#FFFFFF>La Luz property </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-left-color: #000000; border-left-width: 1" bgcolor="#E6EFFF">Majestic Services, S.A. de C.V. (a labour services company)
    </TD>
    <TD align=left width="33%" bgcolor="#E6EFFF">(services for all of the above) </TD>
    <TD align=left width="33%" style="border-right-color: #000000; border-right-width: 1" bgcolor="#E6EFFF">(services for all of the above) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#FFFFFF style="border-left-color: #000000; border-left-width: 1">Corporaci&#243;n First Majestic, S.A. de C.V.
      (holding company for First Majestic Plata, Minera El Pilon, Minera La
      Encantada and Majestic Services) </TD>
    <TD align=left width="33%" bgColor=#FFFFFF>(holding company for First
      Majestic Plata, Minera El Pilon, Minera La Encantada and Majestic
      Services) </TD>
    <TD align=left width="33%" bgColor=#FFFFFF style="border-right-color: #000000; border-right-width: 1">(holding company for First
      Majestic Plata, Minera El Pilon, Minera La Encantada and Majestic
      Services) </TD></TR></TABLE></DIV>
<P align=justify>Certain financial results in this MD&amp;A, regarding
operations and cash costs are presented in the Mine Operating Results table
below to conform with industry peer company presentation standards.</P>
<P align=center>-4- </P>
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<!--$$/page=-->
<p align="center">&nbsp;&nbsp;<B>MINING OPERATING RESULTS</B>&nbsp;&nbsp; <BR>
</p>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=1 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      colSpan=2><B>Quarter Ended June 30,</B> </TD>
    <TD noWrap align=center width="20%" style="border-bottom-style: none; border-bottom-width: medium"><B>CONSOLIDATED FIRST MAJESTIC</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="40%"
    colSpan=2><B>Year to Date June 30,</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap
      align=center><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%"><B>2010</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" noWrap align=center
      width="20%"><B>RESULTS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%"><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%"><B>2010</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>482,077 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>404,350 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Ore processed/tonnes milled <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>938,583 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>741,460 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>198 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">224 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Average silver grade (g/tonne) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">205 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">223 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>58% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>53% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Recovery (%) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>58% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>55% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>1,780,379
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">1,538,798 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Total silver ounces produced <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">3,549,587 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">2,948,623 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>337 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>541 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Gold ounces produced <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>688 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>1,398 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>15,825
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">38,555 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Equivalent ounces from gold <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">32,576 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">98,245 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>1,392,132 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>1,494,548 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Pounds of lead produced <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>2,580,044 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>4,036,618 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>42,305
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">78,814 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Equivalent ounces from lead <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">80,645 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">228,701 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>26,103 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Pounds of zinc produced <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>26,103 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>680 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Equivalent ounces from zinc <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">680 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>1,843,830 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>1,656,165 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Total production - ounces silver equivalent <SUP>(4)</SUP>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>3,669,196 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>3,275,569 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>1,761,697
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">1,519,888 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Payable silver ounces produced </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">3,513,008 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">2,632,180 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>1,829,732 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>1,623,844 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Ounces of silver equivalent sold <SUP>(1)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>3,591,855 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>2,922,503 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>$8.32 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">$7.75 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Total cash cost per ounce <SUP>(2)(6)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">$8.29 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">$7.72 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>8,708 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>5,063 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Underground development (m) <SUP>(5)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>15,733 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>10,163 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>12,446
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">3,090 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Diamond drilling (m) <SUP>(5)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">18,239 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">3,399 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>$30.03 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>$29.11 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Total production cost per tonne <SUP>(3)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>$30.03 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>$32.78 </TD></TR>
  </TABLE></DIV>
<P align=center>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=1 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#ffffff colSpan=2><B>Quarter Ended June 30,</B> </TD>
    <TD noWrap align=center width="20%" bgColor=#ffffff style="border-bottom-style: none; border-bottom-width: medium"><B>LA ENCANTADA</B>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="40%"
    bgColor=#ffffff colSpan=2><B>Year to Date June 30,</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#ffffff><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff><B>2010</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" noWrap align=center width="20%"
    bgColor=#ffffff><B>RESULTS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff><B>2010</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>333,710 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>264,552 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Ore processed/tonnes milled <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>648,422 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>459,302 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#ffffff>208 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>248 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#ffffff>Average silver grade (g/tonne) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>216 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>244 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>51% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>44% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Recovery (%) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>50% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>46% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#ffffff>1,133,654 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>921,078 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#ffffff>Total silver ounces produced <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>2,270,073 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>1,644,700 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>24 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Gold ounces produced <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>50 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>25 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#ffffff>1,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>897 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#ffffff>Equivalent ounces from gold <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>2,180 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>1,669 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>549,461 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Pounds of lead produced <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>2,095,246 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>28,249 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#ffffff>Equivalent ounces from lead <SUP>(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>119,062 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>1,139,336 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>950,223 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Total production - ounces silver equivalent <SUP>(4)</SUP>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>2,277,960 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>1,765,431 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#ffffff>1,127,985 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>915,312 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#ffffff>Payable silver ounces produced </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>2,258,722 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>1,354,620 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>1,139,205 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>889,676 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Ounces of silver equivalent sold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>2,234,897 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>1,465,899 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#ffffff>$7.61 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>$7.20 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#ffffff>Total cash cost per ounce <SUP>(2)(6)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>$7.39 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>$7.49 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>2,784 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>1,964 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Underground development (m) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>5,621 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>3,997 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#ffffff>3,493 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>1,898 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#ffffff>Diamond drilling (m) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>4,534 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#ffffff>1,898 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>$24.09 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>$23.34 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Total production cost per tonne <SUP>(3)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>$23.95 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>$26.95 </TD></TR></TABLE>
<P align=center>-5-</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=1 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      colSpan=2>&nbsp;<B>Quarter Ended June 30,</B> </TD>
    <TD noWrap align=center width="20%" style="border-bottom-style: none; border-bottom-width: medium"><B>LA PARRILLA</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="40%"
    colSpan=2><B>Year to Date June 30,</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap
      align=center><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%"><B>2010</B> </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" noWrap align=center
      width="20%"><B>RESULTS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%"><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%"><B>2010</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>77,363 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>75,271 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Ore processed/tonnes milled </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>151,866 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>148,714 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>208 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">205 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Average silver grade (g/tonne) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">196 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">209 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>76% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>76% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Recovery (%) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>75% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>75% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>395,716
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">375,465 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Total silver ounces produced </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">715,121 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">750,911 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>62 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Gold ounces produced </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>162 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>219 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>4,603 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">9,955 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Equivalent ounces from gold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">10,506 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">21,038 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>1,392,132 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>945,087 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Pounds of lead produced </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>2,580,044 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>1,941,372 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>42,305
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">50,565 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Equivalent ounces from lead </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">80,645 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">109,639 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>26,103 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Pounds of zinc produced </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>26,103 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>680 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Equivalent ounces from zinc </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">680 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>443,304 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>435,983 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Total production - ounces silver equivalent </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>806,952 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>881,588 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>383,957
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">363,532 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Payable silver ounces produced </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">692,714 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">727,313 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>445,785 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>429,773 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Ounces of silver equivalent sold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>812,422 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>874,985 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>$8.84 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">$7.57 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Total cash cost per ounce <SUP>(2)(6)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">$9.65 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">$7.70 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>3,579 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>1,780 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Underground development (m) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>5,900 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>3,484 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>2,764 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="20%">Diamond drilling (m) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">5,157 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="20%">37 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    bgColor=#e6efff>$45.88 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>$37.34 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"
    bgColor=#e6efff>Total production cost per tonne <SUP>(3)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>$44.27 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"
    bgColor=#e6efff>$38.64 </TD></TR>
  </TABLE></DIV>
<P align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=1 width="100%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#ffffff colSpan=2>&nbsp;<B>Quarter Ended June 30,</B> </TD>
    <TD vAlign=top noWrap align=center width="20%" bgColor=#ffffff style="border-bottom-style: none; border-bottom-width: medium"><B>SAN
      MARTIN</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="40%" bgColor=#ffffff colSpan=2><B>Year to Date June 30,</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#ffffff><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff><B>2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff><B>RESULTS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff><B>2010</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#e6efff>71,004 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>64,527 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="20%" bgColor=#e6efff>Ore processed/tonnes milled </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>138,295 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>133,444 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#ffffff>141 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>150 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="20%" bgColor=#ffffff>Average silver grade (g/tonne) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>159 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>166 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#e6efff>78% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>78% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="20%" bgColor=#e6efff>Recovery (%) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>80% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>78% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#ffffff>251,009 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>242,255 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="20%" bgColor=#ffffff>Total silver ounces produced </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>564,393 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>553,012 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#e6efff>251 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>428 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="20%" bgColor=#e6efff>Gold ounces produced </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>476 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>1,154 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#ffffff>10,180 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>27,703 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="20%" bgColor=#ffffff>Equivalent ounces from gold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>19,890 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>75,538 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#e6efff>261,190 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>269,958 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="20%" bgColor=#e6efff>Total production - ounces silver equivalent
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>584,284 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>628,550 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#ffffff>249,755 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>241,044 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="20%" bgColor=#ffffff>Payable silver ounces produced </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>561,572 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>550,247 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#e6efff>244,742 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>286,297 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="20%" bgColor=#e6efff>Ounces of silver equivalent sold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>560,652 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>633,274 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#ffffff>$10.72 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>$10.13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="20%" bgColor=#ffffff>Total cash cost per ounce <SUP>(2)(6)</SUP>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>$10.24 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>$8.32 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#e6efff>1,944 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>1,319 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="20%" bgColor=#e6efff>Underground development (m) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>3,441 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>2,682 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#ffffff>4,488 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>1,192 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="20%" bgColor=#ffffff>Diamond drilling (m) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>6,142 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#ffffff>1,464 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    bgColor=#e6efff>$40.67 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>$43.13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=left
    width="20%" bgColor=#e6efff>Total production cost per tonne <SUP>(3)</SUP>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>$42.94 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top noWrap align=center
    width="20%" bgColor=#e6efff>$40.91 </TD></TR></TABLE>
<P align=justify><EM>(1)</EM>&nbsp;<EM>Includes 19,907 ounces in the quarter
ended June 30, 2011 and 36,023 ounces in the six month period ended June 30,
2011 (after adjustments for</EM> <EM>intercompany eliminations) sold as coins,
ingots and bullion from Canadian operations and minesite transfers.</EM> </P>
<P align=justify><I>(2) The Company reports non</I><I>-</I><I>IFRS measures
which include production costs per tonne and total cash cost (including smelting
and refining charges) per ounce of payable silver, in order to manage and
evaluate operating performance at each of the Company&#146;s mines. These measures,
established by the Silver Institute (Production Cost Standards, June 2011), are
widely used in the silver mining industry as a benchmark for performance, but do
not have a standardized meaning, and are non</I><I>-</I><I>IFRS measures. See
Reconciliation to IFRS on pages 7 and 8.</I></P>
<P align=justify><I>(3) Total production cost per tonne includes mining,
processing and direct overhead at the mill site and does not include smelting
and refining, transportation and other selling costs.</I></P>
<P align=justify><I>(4) The La Encantada mill expansion project achieved
commercial production effective April 1, 2010. During the
pre</I><I>-</I><I>commercial stage, the tables above included the production
from the mill expansion, however, average silver grade, recovery, total cash
cost per ounce, and total production cost per tonne were based on production
excluding pre</I><I>-</I><I>commercial stage production of 261,957 silver
equivalent ounces during the quarter ended March 31, 2010.</I></P>
<P align=justify><I>(5)</I><I> </I><I>Includes 402 metres of underground
development and 1,700 metres of diamond drilling at the Del Toro project for the
quarter ended June 30, 2011 and 772 metres of underground development and 2,405
metres of diamond drilling for the six months ended June 30, 2011</I></P>
<P align=justify><I>(6) Effective in the first quarter of 2011, the Company has
changed its method of calculating total cash cost per ounce by using "payable
silver ounces" (i.e. net of metal ounces deducted by the refinery) instead of
"silver ounces produced". Consequently, total cash costs are after removing the
value of metal deductions. Total cash costs per ounce for comparative periods
have been restated to conform with the current presentation.</I></P>
<P align=center>-6-</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=center><B>RECONCILIATION OF COST OF SALES TO CASH COSTS <BR></B><B>FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2011 AND 2010</B></P>
<P align=justify>&#147;Total Cash Cost per ounce&#148; is a measure developed by precious
metals companies in an effort to provide a comparable standard; however, there
can be no assurance that our reporting of this non-IFRS measure is similar to
that reported by other mining companies. Cash costs per ounce is a measure used
by the Company to manage and evaluate operating performance at each of the
Company&#146;s operating mining units, and is widely reported in the silver mining
industry as a benchmark for performance, but does not have a standardized
meaning and is disclosed in addition to IFRS measures. To facilitate a better
understanding of these measures as calculated by the Company, we have provided a
detailed reconciliation of these measures to our cost of sales, as reported in
our consolidated interim statements of income.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">(expressed in thousands of U.S. dollars,
    </P></TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="40%" colSpan=12>
      <P align=center><B>Three Months Ended June 30, 2011</B> </P></TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="39%" colSpan=11><B>Three Months Ended June 30,
      2010</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">except ounce and per ounce amounts) </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>San Martin</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="7%"><B>La Parrilla</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%"><B>La Encantada</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%"><B>Total</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>San Martin</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%"><B>La Parrilla</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%"><B>La Encantada</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%"><B>Total</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt"><B>Cost of sales (as reported)</B> </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;18,112</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap align=left
    width="7%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;12,324</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>
      <P style="MARGIN-LEFT: 5pt">Add (Deduct): Vancouver cost of sales and
      intercompany elimination </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%"></TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="7%"></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%"></TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">103 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%"></TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%"></TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%"></TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">(56</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt"><B>Cost of sales (mine)</B> </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;3,473</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%"
      bgColor=#e6efff><B>&nbsp;4,173</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;10,569</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;18,215</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;2,998</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;2,928</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;6,342</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;12,268</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Add: Third party smelting and refining </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">87 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%">1,458 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">480 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">2,025 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">122 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">1,026 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">720 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">1,868 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Deduct: By-product credits </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(387</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%" bgColor=#e6efff>(1,795</TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(225</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(2,407</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(595</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(1,215</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(492</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(2,302</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Deduct: Royalties </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%">(92</TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">(92</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">- </TD>

    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">(16</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">- </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">(16</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Deduct: Employee benefits </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(460</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%" bgColor=#e6efff>(160</TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(2,533</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(3,153</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(157</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(721</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(878</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Inventory changes </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">(26</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%">(114</TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">294 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">154 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">79 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">27 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">746 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">852 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Other non-cash costs </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(9</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%" bgColor=#e6efff>(74</TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(4</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(87</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(6</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>2 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(2</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>(6</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"><B>Total cash cost (A)</B> </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;2,678</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%"><B>&nbsp;3,396</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;8,581</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;14,655</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;2,441</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;2,752</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;6,593</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;11,786</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Tonnes produced </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>71,004 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%" bgColor=#e6efff>77,363 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>333,710 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>482,077 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>64,527 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>75,271 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>264,552 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>404,350 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"><B>Payable ounces of silver produced (B)</B>
      </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>249,755</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%"><B>383,957</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>1,127,985</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>1,761,697</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>241,044</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>363,532</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>915,312</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>1,519,888</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Add: Metal deduction ounces </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>1,255 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%" bgColor=#e6efff>11,760 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>5,668 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>18,683 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>1,211 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>11,933 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>5,766 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>18,910 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Add: Silver equivalent ounces from by-products
      </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">10,180 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%">47,587 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">5,683 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">63,450 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">27,703 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">60,518 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">29,145 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">117,367 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Total ounces of silver equivalents produced
      </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>261,190 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%" bgColor=#e6efff>443,304 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>1,139,336 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>1,843,830 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>269,958 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>435,983 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>950,223 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>1,656,165 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"><B>Total cash cost per ounce (A/B)</B> </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;10.72</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%"><B>&nbsp;8.84</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;7.61</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;8.32</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;10.13</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;7.57</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;7.20</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;7.75</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Mining cost per tonne </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;14.47 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%" bgColor=#e6efff>&nbsp;16.77
</TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;3.80 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;7.45 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;17.48 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;15.15 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;4.61 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;8.63 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Milling cost per tonne </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">17.36 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%">20.13 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">16.97 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">17.53 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">16.95 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">16.18 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">15.60 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">15.93 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Indirect cost per tonne </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>8.84 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%" bgColor=#e6efff>8.98 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>3.32 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>5.04 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>8.70 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>6.01 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>3.13 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>4.55 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"><B>Total production cost per tonne</B> </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;40.67</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%"><B>&nbsp;45.88</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;24.09</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;30.03</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;43.13</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;37.34</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;23.34</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%"><B>&nbsp;29.11</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Mining cost per ounce </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;4.11 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%" bgColor=#e6efff>&nbsp;3.38 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;1.12 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;2.04 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;4.68 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;3.14 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;1.33 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>&nbsp;2.30 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Milling cost per ounce </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">4.93 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%">4.06 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">5.02 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">4.80 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">4.54 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">3.35 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">4.51 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">4.24 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Indirect cost per ounce </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>2.52 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%" bgColor=#e6efff>1.80 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>0.99 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>1.38 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>2.32 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>1.24 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>0.90 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>1.19 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Transport and other selling costs cost per
      ounce </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">0.36 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%">0.48 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">0.25 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">0.32 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">0.55 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">0.36 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">0.21 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">0.30 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Smelting and refining costs cost per ounce
    </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>0.35 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%" bgColor=#e6efff>3.80 </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>0.43 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>1.15 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>0.51 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>2.82 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>0.79 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff>1.23 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">By-product credits cost per ounce </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">(1.55</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%">(4.68</TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">(0.20</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">(1.37</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">(2.47</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">(3.34</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">(0.54</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%">(1.51</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt"><B>Total cash cost per ounce</B> </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;10.72</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=right width="7%"
      bgColor=#e6efff><B>&nbsp;8.84</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;7.61</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;8.32</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;10.13</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;7.57</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;7.20</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" bgColor=#e6efff><B>&nbsp;7.75</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom noWrap align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>-7-</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">(expressed in thousands of U.S. dollars,
    </P></TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="40%" colSpan=12>
      <P align=center><B>Six Months Ended June 30, 2011</B> &nbsp; </P></TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="40%" colSpan=12>&nbsp; <B>Six Months Ended June
      30, 2010</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">except ounce and per ounce amounts) </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>San Martin</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%"><B>La Parrilla</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%"><B>La Encantada</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>Total</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>San Martin</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>La Parrilla</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%"><B>La Encantada</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%"><B>Total</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt"><B>Cost of sales (as reported)</B> </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;34,931</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;20,953</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>
      <P style="MARGIN-LEFT: 5pt">Add (Deduct): Vancouver cost of sales and
      intercompany elimination </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%"></TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%"></TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%"></TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">(55</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%"></TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%"></TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="7%"></TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="7%">390 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt"><B>Cost of sales (mine)</B> </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;6,782</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;7,490</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;20,604</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;34,876</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;5,837</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;5,922</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;9,584</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;21,343</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Add: Third party smelting and refining </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">167 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">2,790 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">939 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">3,896 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">225 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">1,990 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">2,514 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">4,729 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Deduct: By-product credits </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(591</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(3,154</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(300</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(4,045</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(1,358</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(2,373</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(1,793</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(5,524</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Deduct: Royalties </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">- </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(130</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">- </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(130</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">- </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(41</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">- </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(41</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Deduct: Employee benefits </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(710</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(162</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(4,571</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(5,443</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(157</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(721</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(878</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Inventory changes </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">122 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(71</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">21 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">72 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">39 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">102 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">563 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">704 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Other non-cash costs </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(21</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(78</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(7</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(106</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(6</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(4</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>(10</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"><B>Total cash cost (A)</B> </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;5,749</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;6,685</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;16,686</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;29,120</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;4,580</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;5,600</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;10,143</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;20,323</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Tonnes produced </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>138,295 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>151,866 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>648,422 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>938,583 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>133,444 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>148,714 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>334,794 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>616,952 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"><B>Payable ounces of silver produced (B)</B>
      </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>561,572</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>692,714</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>2,258,722</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>3,513,008</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>550,247</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>727,313</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>1,354,620</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>2,632,180</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Add: Metal deduction ounces </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>2,822 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>22,408 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>11,350 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>36,580 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>2,765 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>23,597 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>28,887 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>55,249 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Add: Silver equivalent ounces from by-products
      </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">19,890 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">91,831 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">7,888 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">119,609 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">75,538 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">130,678 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">119,968 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">326,184 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Total ounces of silver equivalents produced
      </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>584,284 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>806,953 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>2,277,960 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>3,669,197 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>628,550 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>881,588 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1,503,475 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>3,013,613 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"><B>Total cash cost per ounce (A/B)</B> </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;10.24</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;9.65</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;7.39</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;8.29</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;8.32</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;7.70</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;7.49</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;7.72</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Mining cost per tonne </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;16.21 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;15.61 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;3.87 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;7.58 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;16.90 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;16.75 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;7.55 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;11.79 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Milling cost per tonne </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">17.71 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">19.99 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">16.95 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">17.56 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">15.62 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">15.94 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">15.10 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">15.41 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Indirect cost per tonne </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>9.02 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>8.67 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>3.13 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>4.89 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>8.39 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>5.95 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>4.30 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>5.58 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"><B>Total production cost per tonne</B> </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;42.94</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;44.27</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;23.95</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;30.03</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;40.91</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;38.64</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;26.95</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;32.78</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Mining cost per ounce </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;3.99 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;3.42 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;1.11 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;2.03 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;4.10 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;3.42 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;1.87 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;2.76 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Milling cost per ounce </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">4.36 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">4.38 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">4.87 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">4.69 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">3.79 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">3.26 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">3.73 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">3.61 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Indirect cost per ounce </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>2.22 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1.90 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>0.89 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1.30 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>2.03 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1.21 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1.05 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1.31 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Transport and other selling costs cost per
      ounce </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">0.42 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">0.47 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">0.23 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">0.31 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">0.46 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">0.33 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">0.30 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">0.34 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Smelting and refining costs cost per ounce
    </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>0.30 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>4.03 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>0.42 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1.11 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>0.41 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>2.74 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1.86 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1.80 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">By-product credits cost per ounce </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(1.05</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(4.55</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(0.13</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(1.15</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(2.47</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(3.26</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(1.32</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(2.10</TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt"><B>Total cash cost per ounce</B> </P></TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;10.24</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;9.65</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;7.39</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;8.29</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;8.32</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;7.70</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;7.49</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;7.72</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Note 1 &#150; The table above does not include 261,957 silver
equivalent ounces of pre-commercial production from the La Encantada mill
expansion project during the quarter ended March 31, 2010, which were produced
at a cost of $2,348,346.</P>
<P align=justify><B>REVIEW OF MINING OPERATING RESULTS </B></P>
<P align=justify>Total mine production for the second quarter of 2011 consisted
of 1,843,830 ounces of silver equivalent representing an increase of 11%
compared to 1,656,165 ounces of silver equivalent produced in the second quarter
of 2010.</P>
<P align=justify>Production in the second quarter of 2011 consisted of 1,780,379
ounces of silver, an increase of 16% compared to the second quarter of 2010. A
total of 1,392,132 pounds of lead was produced, representing a decrease of 7%
compared to the second quarter of 2010, due to the discontinued flotation
production at the La Encantada mine at the end of the second quarter of 2010.
Gold production in the second quarter of 2011 was 337 ounces, representing a
decrease of 38% compared to the second quarter of 2010.</P>
<P align=justify>The ore processed during the second quarter of 2011 from the
Company's combined operations at the La Encantada Silver Mine, the La Parrilla
Silver Mine and the San Martin Silver Mine, amounted to 482,077 tonnes which is
an increase of 19% compared to the second quarter of 2010 and an increase of 6%
compared to the first quarter of 2011. </P>
<P align=justify>The average silver head grade in the second quarter of 2011 for
the three mines decreased to 198 grams per tonne (&#147;g/t&#148;) silver compared to 224
g/t silver in the second quarter of 2010 and from 211 g/t in the first quarter
of 2011. Consolidated grade is lower due to lower grade production from San Martin in the
second quarter. </P>
<P align=justify>The consolidated recovery was 58% in the second quarter of
2011, up marginally from 57% in the first quarter of 2011. Efforts are
continuing to increase the recoveries at La Encantada as the mixture of tailings
to fresh ore was increased from 3:1 (25% fresh ore) to 5:2 (29% fresh ore)
during the quarter. By the end of 2011, the mixture of tailings to fresh ore
should be reduced to 9:5 (36% fresh ore and 64% tailings). However, this
requires additional milling capacity (1,500 tpd), which will be supplied by an
additional ball mill that is expected to be commissioned in the fourth quarter. Under ideal conditions with the revised mix of fresh ore and tailings,
this plant should be able to achieve 60% recovery rates, based on 78% recoveries
for fresh ore and 50% recoveries for tailings.</P>
<P align=center>-8-</P>
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<P align="justify">
Management is also testing a new sulphuric acid leach process to extract manganese from the ore prior to processing, which is expected to further improve recoveries. During the quarter, extensive metallurgical tests were undertaken by two
independent labs in the United States and the Company's own lab at the La Encantada operation. The results of the metallurgic tests show the possibility to improve metallurgical recoveries substantially and are currently being evaluated further to
define the economic parameters of adding this additional process. </P>
<P align="justify">
The underground development in all operations and projects has been increased in the quarter with the objective of preparing the mines for future increases in production.  A total of 8,708 metres of underground development were completed in the
second quarter of 2011 compared to 7,025 metres completed in the first quarter of 2011 and 5,063 metres in the second quarter of 2010.</P>
<P align="justify">
Diamond drilling programs companywide during the second quarter of 2011 amounted to 12,446 metres over 48 holes consisting primarily of definition drilling, representing an increase of 303% compared to the 3,090 metres executed in the second quarter
of 2010. A total of 18,239 metres have been drilled in the first half of 2011 over 91 holes. </P>
<P align="justify">
Drilling has been focused on several objectives:<BR>
</P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
a) 	</TD>
	<TD>
<P align="justify">Definition drilling to assist in mining activities with the objective to plan for future production.</P>	</TD>
</TR>
<TR>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
b) 	</TD>
	<TD>
<P align="justify">An infill-drilling program has been conducted at the Del Toro mine to upgrade the resources, where the three known ore bodies were drilled, confirming the extension at depth, and at La Encantada, the Milagros breccia was drilled
at depth confirming also the continuity of the breccia.</P>	</TD>
</TR>
<TR>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
c) 	</TD>
	<TD>
<P align="justify">Drilling at the Company&#146;s three mines exploring for new ore bodies such as the new Temiz vein at the Rosarios area and continuing the drilling at surface to check some geologic targets at La Parrilla mine, at the La Encantada
mine where the first geophysics anomaly at the El Plomo area is being drilled.</P>	</TD>
</TR>
</TABLE>
<P align="justify">
<B>MINE UPDATES</B><BR>
</P>
<P align="justify">
<B>La Encantada Silver Mine, Coahuila, Mexico</B><BR>
</P>
<P align="justify">
The La Encantada Silver Mine is a producing underground mine located in Northern Mexico accessible via a 1.5 hour flight from Torreon, Coahuila. The La Encantada Silver Mine consists of a newly constructed 3,750 tonnes per day cyanidation plant, an
old 1,000 tonnes per day flotation plant (currently in care-and-maintenance), a village with 180 houses as well as administrative offices, laboratory, general store, hospital, schools, church, airstrip and all infrastructure required for such an
operation. The mine is comprised of 4,076 hectares of mining rights and surface land ownership of 1,343 hectares. The closest town, Muzquiz, is 225 km away via mostly paved road. On April 1, 2010, the new 3,750 tpd cyanidation mill achieved
commercial stage production and all revenues and costs from that date forward are recorded in the mine operating earnings.  The Company owns 100% of the La Encantada Silver Mine. </P>
<P align="justify">
With adjustments made to the tailings screening intake systems, and to the new tailings filter presses, the new plant at La Encantada, initially inaugurated with a capacity of 3,500 tpd, has been able to consistently achieve over 3,900 tpd
throughput during the second quarter, producing silver at a rate of over four million ounces of silver dor&eacute; annually. There was a failure of the #3 thickener which resulted in two days of lost production in the quarter which was made up
during the period. </P>
<P align="justify">
Ore processed in the second quarter of 2011 was 333,710 tonnes compared to 314,712 tonnes in the first quarter of 2011, an increase of 6% and an increase of 26% compared to the 264,552 tonnes processed in the second quarter of 2010. The average head
grade was 208 g/t in the second quarter of 2011, representing a decrease of 8% when compared to 225 g/t in the first quarter of 2011 and a decrease of 16% compared to the 248 g/t in the second quarter of 2010. Silver recovery in the second quarter
of 2011 was 51%, an increase from the 50% in the first quarter of 2011 and the 44% in the second quarter of 2010. Recoveries increased in the quarter due to an increase in the rate of feeding fresh ore and fine tuning the flow-circuit of the
cyanidation plant.</P>
<P align="center">
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<P align="justify">
A total of 1,139,336 equivalent ounces of silver were produced by the La Encantada plant during the second quarter of 2011, which was consistent with the 1,138,624 equivalent ounces of silver produced in first quarter of 2011, and an increase of 20%
compared to the 950,223 equivalent ounces of silver produced in the second quarter of 2010.  Silver production in the second quarter of 2011 consisted of 1,133,654 ounces of silver, which was consistent with the 1,136,419 ounces produced in the
first quarter of 2011, and an increase of 23% when compared to the 921,078 ounces produced in the second quarter of 2010.  No lead was produced during the second quarter of 2011, compared to 549,641 pounds in the second quarter of 2010, as
production from the flotation circuit was halted since the second quarter of 2010.</P>
<P align="justify">
Underground mine development consisted of 2,784 metres completed in the second quarter of 2011 compared to 2,837 metres of development completed in the first quarter of 2011, representing a decrease of 2%. The current development program is focused
on improving haulage and logistics for ore and waste that is transported by trucks from several production areas within the mine, including the San Javier/Milagros Breccias, Azul y Oro, the new Buenos Aires area and a newly developed area between
the 660 level and the Ojuelas ore bodies. The purpose of the ongoing underground development program is to prepare for increased production levels and to confirm additional Reserves and Resources. </P>
<P align="justify">
 A total of three diamond drill rigs are operating at La Encantada, completing a total of 3,493 metres of diamond drilling was completed in the second quarter of 2011 compared to 1,041 metres in the first quarter of 2011. Diamond drilling with three
drill rigs is currently focusing on upgrading Measured and Indicated Resources to Reserves and extending areas of previously defined Resources, such as the Milagros breccia where drilling at depth confirmed the continuation of the mineralization
below the 635 level and down to the 600 level, where development work was initiated. </P>
<P align="justify">
The preparation of the Buenos Aires area was completed in the first quarter of 2011 and preparation of new areas continues during the second quarter. These new areas will contribute to increased production from fresh ore to 1,250 tpd during the
second half of 2011, compared to the 1,150 tpd of fresh ore currently being processed in the second quarter of 2011, with a daily total average of 3,926 tonnes per day. During the third quarter, an additional ball mill will be installed at the fresh
ore grinding plant, which will enable the Company to increase fresh ore processing from 1,250 tpd to 1,500 tpd by the end of the year. This increase of fresh ore throughput is expected to have a positive impact on the blended head grades and
recoveries. </P>
<P align="justify">
During the first half of 2011, the automatic feed of reagents was completed at the new plant, achieving a more efficient use of reagents and an additional new power generator was added to the generation plant to replace the last old and inefficient
generator which is expected to result in future savings on spare parts, repairs and maintenance, and provide a more continuous operation of the plant and supporting infrastructure. A complete upgrade of the haulage level was completed and the two
production shafts, including the hoists, received a complete repair and upgrade. During the second quarter, extensive metallurgical tests were undertaken by two independent labs in the United States and the Company's own lab at the La Encantada
operation. A new process appears to improve metallurgical recoveries substantially and is currently being evaluated further to define the economic parameters of adding this additional process. </P>
<P align="justify">
<B>La Parrilla Silver Mine, Durango, Mexico</B><BR>
</P>
<P align="justify">
The La Parrilla Silver Mine, located approximately 65 kilometres southeast of the city of Durango, Mexico, is a group of producing underground operations consisting of the Rosarios / La Rosa and La Blanca mines which are inter-connected through
underground workings, and the San Marcos and the Quebradillas mines which are connected via gravel road ways. La Parrilla includes an 850 tpd processing plant consisting of two parallel 425 tpd cyanidation and flotation circuits, buildings, offices
and associated infrastructure.  In September 2010, the Company acquired an additional 16,630 hectares of land through staking, and 15 hectares of surface rights. The total mining concessions cover a contiguous area of 69,867 hectares. The Company
also leases 100 hectares of surface rights. The Company owns 100% of the La Parrilla Silver Mine. </P>
<P align="justify">
In the second quarter of 2011, 77,363 tonnes of ore were processed at La Parrilla, representing an increase of 4% when compared with the 74,503 tonnes processed in the first quarter of 2011, and an increase of 3% when compared with the 75,271 tonnes
processed in the second quarter of 2010.</P>
<P align="center">
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<P align="justify">
Total production at the La Parrilla Silver Mine was 443,304 equivalent ounces of silver in the second quarter of 2011. This was an increase of 22% compared to the first quarter of 2011 and an increase of 2% compared to the second quarter of 2010.
The composition of the silver equivalent production in the second quarter of 2011 consisted of 395,716 ounces of silver, 62 ounces of gold, 1,392,132 pounds of lead and 26,103 pounds of zinc. This compares with a composition of 319,405 ounces of
silver, 100 ounces of gold and 1,187,912 pounds of lead produced in the first quarter of 2011 and 375,465 ounces of silver, 100 ounces of gold and 945,087 pounds of lead in the second quarter of 2010. <B> </B>During the quarter, approximately 25,847
tonnes of oxide ore were extracted from the open pit area at the Quebradillas mine (59,388 tonnes for the six months ended June 30, 2011) which had an average grade of 180 g/t Ag, helping to increase the overall grade and recoveries from those of
the first quarter. Recovery levels of silver in the second quarter were 76% compared to 73% in the first quarter of 2011.<B> </B></P>
<P align="justify">
A total of 3,579 metres of underground development was completed in the second quarter of 2011, compared to 2,321 metres in the first quarter of 2011 and 1,780 metres in the second quarter of 2010. Accelerated development at the four mines which
make up the La Parrilla mining complex is underway to prepare the mine for increased production planned in the flotation circuit for the second half of the year and in the cyanidation circuit for the first quarter of 2012. Development in the lower
levels 8, 9 and 10 of the Rosarios / La Rosa vein continued during the quarter providing access to reserves and resources. Also, at level 10 preparation began on the vein to provide access for production to further reserves at depth, and also
allowing for the upgrading of Measured and Indicated and Inferred Resources of the lower part of the Rosarios/La Rosa vein.</P>
<P align="justify">
At the Quebradillas area, development was focused on the Q25 ore body which was previously defined from earlier diamond drilling programs. The access to this ore body will provide ore for the future production of zinc concentrates at the La Parrilla
flotation plant once the zinc circuit is in place. </P>
<P align="justify">
At the Las Vacas mine, development of the general access ramp was re-initiated during the quarter, with the objective of having an additional production area in the second half of the year and beyond. </P>
<P align="justify">
A total of 2,764 metres of diamond drilling was completed in the second quarter of 2011 compared to 2,393 metres of diamond drilling in the first quarter of 2011 and none in the second quarter of 2010, presently there are four diamond drill rigs
operating at La Parrilla. During the quarter, diamond drill holes intersected a new area that has been named the &#147;Temiz area&#148;, which appears to be an extension branch of the Rosarios vein. Development was conducted to reach this new area
at level 8 and additional drilling is being programmed to drill it at depth in level 10. </P>
<P align="justify">
An aggressive regional mapping is currently underway using two teams of geologists in the Company&#146;s 69,867 hectares of mining claims in order to define a broad exploration program including diamond drilling scheduled for the second half of
2011.</P>
<P align="justify">
In December 2010, a major expansion program at La Parrilla was launched and has made substantial advances. The new crushing area has been tested; the new ball mill for the sulphides circuit is installed; and the expansion of the flotation circuit
and the new thickeners and filters are all on schedule for completion during the third quarter. The cyanidation circuit is also advancing significantly and is on time to be completed by year end. The older leach tanks and counter-current thickeners
are being replaced; a new larger power line and new substation are progressing and expected to be completed also during the third quarter; a new counter current washing circuit is under construction; a new Merrill Crowe facility with the latest
induction furnaces are now being installed; and a new state of the art laboratory is under construction.</P>
<P align="justify">
This expansion once completed will result in the total mill capacity reaching 1,600 tpd, from the current 850 tpd, effectively doubling the current output of the La Parrilla operation from approximately 1.8 million ounces produced in 2010 to over
3.0 million ounces of silver equivalent production annually consisting of 2.3 million ounces of silver and 0.7 million ounces of silver equivalents in the form of lead and zinc. </P>
<P align="justify">
The total capital budget for the expansion, including expanded underground development is expected to be &#36;40.5 million, increasing from the previous budget of &#36;34.9 million due to additional civil work to ensure solid grounding of
foundations for tanks, thickeners and in the crushing and grinding areas, as well as additional civil work to prepare the La Parrilla laboratory for ISO certification and as a training lab for the Company&#146;s other mining
and exploration activities. The expansion is anticipated to result in the mill capacity reaching 1,600 tpd by the end of 2011. Flotation operations are anticipated to commence no later than October 1, 2011 and cyanidation at the new installations
are scheduled to start up no later than December 1, 2011. </P>
<P align="center">
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<P align="justify">
As at June 30, 2011, from a total budget of &#36;40.5 million, a total of &#36;13.3 million had been paid and a further &#36;15.3 million of capital expenditures have been committed.</P>
<P align="justify">
<B>San Martin Silver Mine, Jalisco, Mexico</B><BR>
</P>
<P align="justify">
The San Martin Silver Mine is a producing underground mine located adjacent to the town of San Martin de Bola&ntilde;os, in Northern Jalisco State, Mexico. The mine comprises approximately 7,841 hectares of mineral rights, 1,300 hectares of surface
land rights surrounding the mine, and another 104 hectares of surface land rights where the 900 tpd cyanidation plant and 500 tpd flotation plant, mine buildings, infrastructure and offices are located. The processing plant has historically produced
100% of its production in the form of silver dor&eacute; with some gold content. In early 2008, a 500 tpd flotation circuit was assembled to take advantage of the large sulphide resources at this mine, however, due to low base metal prices and high
costs of smelting concentrates, the circuit was placed into care and maintenance pending further capital investment and improved sulphide mineral economics. The Company owns 100% of the San Martin Silver Mine.</P>
<P align="justify">
In the second quarter of 2011, 71,004 tonnes were processed at the San Martin Mine, representing an increase of 6% when compared to the 67,291 tonnes milled in the first quarter of 2011 and an increase of 10% compared to the 64,527 tonnes milled in
the second quarter of 2010.  The average head grade was 141 g/t in the second quarter of 2011, representing a decrease of 21% when compared to the 179 g/t in the first quarter of 2011 and a decrease of 6% when compared to the 150 g /t in the second
quarter of 2010. </P>
<P align="justify">
Total production of 261,190 ounces of silver equivalent in the second quarter of 2011 was 19% lower than the 323,094 equivalent ounces of silver produced in the first quarter of 2011 and 3% lower than the 269,958 equivalent ounces of silver produced
in the second quarter of 2010. The equivalent ounces of silver in the second quarter of 2011 consisted of 251,009 ounces of silver and 251 ounces of gold. This compares with 313,384 ounces of silver and 225 ounces of gold produced in the first
quarter of 2011 and 242,255 ounces of silver and 428 ounces of gold in the second quarter of 2010. Silver recovery levels in the second quarter of 2011 decreased 3% to 78% compared to the first quarter of 2011 and were consistent with the second
quarter of 2010.</P>
<P align="justify">
During the second quarter of 2011, a total of 1,944 metres of underground development was completed compared to 1,497 metres in the first quarter of 2011. In addition, 4,488 metres of diamond drilling was completed in the second quarter of 2011
compared to 1,654 metres in the first quarter of 2011. </P>
<P align="justify">
Exploration continued with a short hole drilling program and 26 holes (covering 4,792 metres) of which 18 holes with 2,986 metres were drilled into the footwall and hanging wall has shown some success with the previous discovery of the San Pedro
area. This underground drilling program is continuing and is confirming the presence of structures similar to the San Pedro area which are continually providing additional oxide feed. The Company has five drill rigs currently operating at San Martin
both from surface and underground. During the quarter, a total of eight holes including 1,806 metres were drilled from surface which indicated evidence of economic ore in the Rosarios and La Huichola veins. Further drilling is underway. </P>
<P align="justify">
The 2009 surface exploration program defined the new La Esperanza vein which runs parallel to the Zuloaga vein and has high anomalous samples from 100 to 250 g/t of silver on surface. A total of eight holes were drilled of which six holes
intersected economic mineralization.  During the second quarter, the 3.5 kilometre road was completed to the La Esperanza area and the first 150 metres of 500 metres ramp was built reaching the Esperanza vein at 100 metres in depth. Development
following the vein is now underway. To date, 100 metres along strike have been completed and a first ore body has been defined. The grade within the structure is currently averaging 350 g/t silver with an average width of 1.40 metres over the 80
metres.</P>
<P align="center">
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<P align="justify">
<B>Del Toro Silver Mine, Zacatecas, Mexico</B><BR>
</P>
<P align="justify">
The Del Toro Silver Mine is located 60 km to the southeast of the Company&#146;s La Parrilla Silver Mine and consists of 393 contiguous hectares of mining claims plus an additional 129 hectares of surface rights covering the area surrounding the San
Juan mine. The Del Toro operation represents the consolidation of two old silver mines, the Perseverancia and San Juan mines, which are approximately one kilometre apart. Del Toro is an operating division of the Company&#146;s First Majestic Plata,
S.A. de C.V. subsidiary. First Majestic owns 100% of the Del Toro Silver Mine. </P>
<P align="justify">
The Del Toro Silver Mine is an advanced stage development project that has undergone an aggressive drilling program since 2005 to explore the various areas of interest within the Del Toro property holdings.</P>
<P align="justify">
In January 2010, the &#147;Change of Use of Land Permit&#148; for a new flotation plant was approved by the SEMARNAT. This permit was the last permit required to commence construction of a new operation. All necessary permits for the construction of
a 1,000 tpd flotation mill were granted by the Mexican authorities in the fourth quarter of 2009 and the first quarter of 2010.  Re-permitting is currently underway in conjunction with a Preliminary Economic Evaluation which is expected to be
released in October 2011. </P>
<P align="justify">
Commencing in late 2010, an extensive development program was launched consisting of 1,650 metres of ramp and crosscuts to achieve three objectives: 1) to gain access to each of the three defined ore bodies to upgrade the current NI 43-101 Resources
to Reserves, 2) to prepare the ore bodies for mining, and 3) to build multiple underground drilling stations to drill the ore bodies at depth to define additional resources. </P>
<P align="justify">
A crosscut was made at the 7<SUP>th</SUP> level (176 metres from surface) in the first quarter where two drill rigs were installed and continue to drill. As at quarter end, five holes were completed for a total of 2,401 metres, two of these holes
were drilled looking for the continuation of the mineralization at depth and three of the holes were drilled with the objective of infill drilling of these known ore bodies to upgrade the reserves and resources. </P>
<P align="justify">
During the quarter, 379 metres of development were completed. Development is continuing past the 7<SUP>th</SUP> level where the two drill rigs are currently stationed. To date, the ramp is 1,484 metres in length and 220 metres in vertical depth from
the surface. This ramp will continue for another 150 metres where a second crosscut will be constructed for an additional drill station. Also, this main ramp will act as an access to the three main ore bodies. Development for mining purposes began
in the third quarter and will continue over the next twelve months during the construction of the new mill. The drill program is extremely encouraging and is showing good signs of success. </P>
<P align="justify">
Also, during the second quarter, the Company received municipal government approval for construction of a water treatment facility to treat the sewage coming from the town of Chalchihuites and to supply water to the Del Toro mill. In
addition, after receiving approvals from the local Ejido, the Company constructed a three kilometre long road to allow for heavy equipment and vehicles to access the mine site bypassing the town of Chalchihuites. </P>
<P align="justify">
The Company plans the following activities to advance the Del Toro Silver Mine: </P>
<UL style="text-align:justify;">
<LI>Continue the underground infill drilling program in order to further define and upgrade resources at depth in the three ore bodies defined in the previous exploration programs;</LI>
<LI>Continue development of the main ramp an additional 400 metres in the second half of 2011 to gain access to ore body No. 3 at depth which is expected to become the starting production level for sulphide production;</LI>
<LI>Once the current underground drill program has been completed, an updated NI 43-101 Technical Report in the form of a Preliminary Economic Evaluation is anticipated to be released in the fourth quarter of 2011;</LI>
<LI>Continue with the preparation of the underground infrastructure for preparation of underground mining, which is expected to commence in the second quarter of 2012;</LI>
<LI>Commence construction of the power line and substation, road construction, processing plant, and all related surface installations such as laboratory, offices and warehouses; and</LI>
<LI>As a result of the development and drilling program currently underway, a much larger oxide resource is being defined than what was previously anticipated. A more detailed evaluation will be released with the NI 43-101 Technical Report, however,
preliminary plans are being designed in order to include a 1000 tpd
cyanidation circuit combined with the currently permitted 1000 tpd flotation circuit. Prior to the release of the newly updated technical report scheduled for release in October 2011, the following activities are being conducted; a bulk sample is
being collected in order to run a pilot test at the La Parrilla plant located 50 km from the Del Toro mine; complete engineering and design of a new 2000 tpd dual circuit plant; and update the Environmental Impact Statement in order to apply for a
modified environmental permit.</LI>
</UL>
<P align="center">
-13-</P>

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<!--$$/page=-->
<A name="page_14"></A>

<P align="justify">
In March 2011, the Company prepared an initial capital expenditure budget relating to the development and construction of the Del Toro Silver Mine. Initial capital costs, pending changes upon completion of the NI 43-101 Technical Report /
Preliminary Economic Evaluation which will include final metallurgical testing and final plant designs is estimated at &#36;43.9 million for 2011.</P>
<P align="justify">
Ground breaking commenced in April for the construction of the new 1,000 tpd flotation mill. During the second quarter, a re-design process was undertaken to take into consideration a larger dual process facility. Additional land clearing was
required and took place in advance of foundation construction which is expected to commence in late August. </P>
<P align="justify">
Current plans are for production to commence in the second quarter of 2012 with commercial production being reached later in the second half of 2012 for the flotation circuit, and the first quarter of 2013 for the cyanidation circuit. </P>
<P align="justify">
<B>La Luz Silver Project, San Luis Potosi, Mexico</B><BR>
</P>
<P align="justify">
The La Luz Silver Project (formerly referred to as the Real de Catorce Silver Project) was acquired in November 2009, through the acquisition of Normabec Mining Resources Ltd. ("Normabec"). As a result of the acquisition of Normabec, the Company
owns 100% of the La Luz Silver Project which is located 25 km west of the town of Matehuala in San Luis Potosi State, Mexico and consists of 35 mining concessions covering 5,738 hectares, with estimated historical production of 230 million ounces
between 1773 and 1990.</P>
<P align="justify">
After the acquisition of this historically famous silver mine (operated under the name Santa Ana at the time), the Company completed all of the necessary transfers of ownership of the mining claims to Normabec&#146;s Mexican subsidiary Minera Real
de Bonanza, S.A. de C.V.</P>
<P align="justify">
In November 2010, the Company agreed to acquire the 3% NSR, the surface rights of the property, the buildings located thereon covering the location of the previous mining operations, and all technical and geological information collected pertaining
to the area, in consideration for &#36;3.0 million.  Consideration for the purchase consisted of a cash payment of &#36;1.05 million and &#36;1.5 million in shares of the Company (152,798 shares) in November 2010, and &#36;0.45 million which was
paid by January 31, 2011. All payments in cash and shares have now been completed fulfilling the Company&#146;s objectives in acquiring all the necessary land and buildings for the La Luz Silver Project.<B> </B></P>
<P align="justify">
During the first quarter of 2011, the Environmental Assessment work commenced with the baseline study. During the second quarter of 2011, the Company commenced the Environment Impact Statement, the Risk Study and the Change of Use of Land Studies,
which are expected to be completed by the end of the third quarter.  A geo-hydrology study was completed to study the various and alternate water supply sources in the region and a metallurgical test is underway to define the final flow sheet
diagram for a flotation plant.  These studies are required prior to any permitting to commence activities in this project. </P>
<P align="justify">
The construction of a Thematic and Cultural Park project, which will include a mining museum, is underway. The final plan for the project will be presented to the federal environmental and heritage authorities for approval in the third quarter.
Meanwhile, cleaning and rehabilitation of the historic Santa Ana Hacienda and other old buildings commenced in the first quarter of 2011. In addition, cleaning of the impressive underground workings is underway to rehabilitate this historic mine for
public access. This new cultural facility and mining museum will bring needed employment to the local community and will also form part of the 'Sustainable Development Project' which will provide permanent jobs to the local communities. </P>
<P align="center">
-14-</P>

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<!--$$/page=--><A name=page_15></A>
<P align=justify><B>EXPLORATION PROPERTY UPDATES </B></P>
<P align=justify><B>Jalisco Group of Properties, Jalisco, Mexico</B></P>
<P align=justify>The Company acquired a group of mining claims totalling 5,240
hectares located in various mining districts located in Jalisco State, Mexico.
During 2008, surface geology and mapping began with the purpose of defining
future drill targets; however, exploration has since been discontinued as the
Company focuses its capital investment on other higher priority projects,
including the Del Toro Silver Mine and La Luz Silver Project. </P>
<P align=justify>In January 2011, the Company entered into a Letter of Intent
whereby the Company agreed to grant an option to acquire up to 90% in the
Jalisco Group of Properties (the &#147;Properties&#148;). A definitive agreement was entered into on April 15, 2011 with Sonora
Resources Corp. (the &#147;Optionee&#148;) whereby the Optionee issued 10 million shares
of common stock with a fair value of $3.4 million. Sonora has committed to spend
$3 million over the first three years to earn a 50% interest and $5 million over
five years to earn a 70% interest. In order to obtain a 90% interest, the
Optionee is required to complete a bankable feasibility study within seven
years. First Majestic will retain a 10% free carried interest and a 2.375% NSR.
The fair value of common shares received from the Optionee was recorded with a
corresponding reduction in the carrying value of the Minera El Pilon mining
interests during the period. </P>
<P align=justify><B>RESULTS OF OPERATIONS</B><BR></P>
<P align=justify><B>For the quarter ended June 30, 2011 compared to the quarter
ended June 30, 2010 (in $000&#146;s, except for share amounts): </B></P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" INDENTCOL="1">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    noWrap borderColor=#000000 align=left>
    <P style="MARGIN-LEFT: 5pt"></P></TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap borderColor=#000000
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap borderColor=#000000
    align=center width="11%"><B>For Quarter Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap borderColor=#000000
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap borderColor=#000000
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap borderColor=#000000
    align=center width="11%"><B>For Quarter Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap borderColor=#000000
    align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    noWrap borderColor=#000000 align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
    <P style="MARGIN-LEFT: 5pt"></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="11%"><B>June 30, 2011</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="11%"><B>June 30, 2010</B> </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
    <P style="MARGIN-LEFT: 5pt"><B>Revenues</B> </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>&nbsp;68,040</B> </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>&nbsp;27,456</B> </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(1) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff></TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
    <P style="MARGIN-LEFT: 5pt">Cost of sales </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">18,112 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">12,324 </TD>
    <TD noWrap align=center width="5%">(2) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
    <P style="MARGIN-LEFT: 5pt"><B>Gross margin</B> </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>49,928</B> </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>15,132</B> </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Depletion, depreciation and amortization
    </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">3,134 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">2,483 </TD>
    <TD noWrap align=center width="5%">(3) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
    <P style="MARGIN-LEFT: 5pt"><B>Mine operating earnings</B> </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>46,794</B> </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>12,649</B> </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(4) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
    <P style="MARGIN-LEFT: 5pt">General and administrative </P></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%">3,638 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%">2,143 </TD>
    <TD noWrap align=center width="5%">(5) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
    <P style="MARGIN-LEFT: 5pt">Share-based payments </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff>1,772 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff>828 </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(6) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Accretion of decommissioning liabilities
    </P></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%">112 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%">123 </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
    <P style="MARGIN-LEFT: 5pt">Foreign exchange loss (gain) </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff>284 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff>(1,616</TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(7) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
    <P style="MARGIN-LEFT: 5pt">Other (income) expenses </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">(292</TD>
    <TD noWrap align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">731 </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
    <P style="MARGIN-LEFT: 5pt"><B>Operating earnings</B> </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>41,280</B> </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>10,440</B> </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(8) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
    <P style="MARGIN-LEFT: 5pt">Investment income </P></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%">381 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%">620 </TD>
    <TD noWrap align=center width="5%">(9) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
    <P style="MARGIN-LEFT: 5pt">Finance costs </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"
    bgColor=#e6efff>(388</TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"
    bgColor=#e6efff>(88</TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
    <P style="MARGIN-LEFT: 5pt"><B>Earnings before income taxes</B> </P></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%"><B>41,273</B> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%"><B>10,972</B> </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
    <P style="MARGIN-LEFT: 5pt">Current income tax expense </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff>9,445 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff>43 </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
    <P style="MARGIN-LEFT: 5pt">Deferred income tax expense (recovery) </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">1,235 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">(49</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Income tax expense (recovery) </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"
    bgColor=#e6efff>10,680 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"
    bgColor=#e6efff>(6</TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(10) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"><B>Net earnings for the period attributable to
    equity</B> </P></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
    <P style="MARGIN-LEFT: 5pt"><B>holders of the Company</B> </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"
    bgColor=#e6efff><B>&nbsp;30,593</B> </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"
    bgColor=#e6efff><B>&nbsp;10,978</B> </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(11) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
    <P style="MARGIN-LEFT: 5pt"><B>Earnings per share (basic)</B> </P></TD>
    <TD noWrap align=left width="1%"><B>$</B></TD>
    <TD noWrap align=right width="11%"><B>&nbsp;0.30</B> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><B>$</B></TD>
    <TD noWrap align=right width="11%"><B>&nbsp;0.12</B> </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    noWrap align=left bgColor=#e6efff>
    <P style="MARGIN-LEFT: 5pt"><B>Earnings per share (diluted)</B> </P></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="11%"
    bgColor=#e6efff><B>&nbsp;0.29</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="11%"
    bgColor=#e6efff><B>&nbsp;0.12</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="5%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Revenues for the quarter ended June 30, 2011 increased by
      $40,584,000 or 148% to $68,040,000 from $27,456,000 in the second quarter
      of 2010. The increase was attributed to 13% increase in ounces of silver
      equivalents sold and an increase in average realized silver price from
      $18.38 per ounce in the second quarter of 2010 to $39.08 per ounce in the
      second quarter of 2011. Lower smelting &amp; refining charges per ounce (2% of gross revenue compared to 6% in the second
      quarter of 2010) also contributed to the increase in revenues in the
  second quarter of 2011.</P></TD></TR></TABLE>
<P align=center>-15-</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


<!--$$/page=-->
<A name="page_16"></A>

<BR><TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
2. 	</TD>
	<TD>
<P align="justify">Cost of sales increased by &#36;5,788,000 or 47%, to &#36;18,112,000 in the second quarter of 2011 from &#36;12,324,000 in the same quarter of 2010. This increase in cost of sales was primarily related to 13% increase in ounces of
silver equivalents sold. Furthermore, inflationary effects on costs in cyanide, electricity and diesel, and 6% stronger Mexican peso against the US dollar also contributed to the increase in cost of sales.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
3. 	</TD>
	<TD>
<P align="justify">Depletion, depreciation and amortization increased by &#36;651,000 or 26% to &#36;3,134,000 in the second quarter of 2011 from &#36;2,483,000 in the same quarter of 2010. The increase was due to higher depletion resulted from 19%
increase in tonnage of ore milled and higher depreciation expense after the Company has resumed its capital investments since the second half of 2010.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
4. 	</TD>
	<TD>
<P align="justify">Mine operating earnings increased by &#36;34,145,000 or 270% to &#36;46,794,000 for the quarter ended June 30, 2011, compared to &#36;12,649,000 for the same quarter in the prior year. This is primarily due to the &#36;40,584,000
increase in revenues, and is offset by the higher cost of sales and depletion, depreciation and amortization expenses during the second quarter of 2010.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
5. 	</TD>
	<TD>
<P align="justify">General and administrative expenses for the second quarter of 2011 increased by &#36;1,495,000 or 70% compared to the prior year due to higher legal litigation and professional fees, security costs, insurance costs, listing fees
and salaries and employee benefits.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
6. 	</TD>
	<TD>
<P align="justify">Share-based payments for the second quarter of 2011 increased by &#36;944,000 or 114% compared to the same quarter of the prior year. The increase was due to an increase in the Black-Scholes fair value of stock options granted as
a result of the significant increase in the Company&#146;s share price in the current quarter compared to the second quarter of 2010.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
7. 	</TD>
	<TD>
<P align="justify">Foreign exchange loss for the quarter was &#36;284,000 compared to a gain of &#36;1,616,000 in the second quarter of 2010. The foreign exchange loss for the quarter primarily reflects the effect of the weakening US dollar on the
Company&#146;s liabilities that are not denominated in US dollars.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
8. 	</TD>
	<TD>
<P align="justify">Operating earnings increased by &#36;30,840,000 or 295% to &#36;41,280,000 for the quarter ended June 30, 2011, compared to operating earnings of &#36;10,440,000 for the quarter ended June 30, 2010, due to the increase in mine
operating earnings associated with higher production levels and higher silver prices.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
9. 	</TD>
	<TD>
<P align="justify">During the quarter ended June 30, 2011, investment income decreased by &#36;239,000 or 39% to &#36;381,000, compared to &#36;620,000 in the same quarter in the prior year. The decrease is primarily attributed to a lower gain on
silver futures contracts.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
10. 	</TD>
	<TD>
<P align="justify">During the quarter ended June 30, 2011, the Company recorded an income tax expense of &#36;10,680,000 compared to a recovery of &#36;6,000 in the quarter ended June 30, 2010, and this is reflective of &#36;30,301,000 or 276%
increase in earnings before tax. Current income tax expense increased significantly compared to the second quarter of 2010, as the Company has fully utilized certain allowable tax loss carryforwards.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
11. 	</TD>
	<TD>
<P align="justify">As a result of the foregoing, net earnings for the period attributable to equity holders of the Company for the quarter ended June 30, 2011 increased to &#36;30,593,000 or basic earnings per share of &#36;0.30 compared to net
earnings of &#36;10,978,000 or &#36;0.12 per common share in the quarter ended June 30, 2010, for an increase of &#36;19,615,000 or 179% compared to the same period in the prior year.</P>	</TD>
</TR>
</TABLE>
<P align="center">
-16-</P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><A name=page_17></A>
<P align=justify><B>For the six months ended June 30, 2011 compared to the six
months ended June 30, 2010 (in $000&#146;s, except for share amounts): </B></P>


<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" INDENTCOL="1" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"></P></TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
      width="11%"><B>For the Six</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=center
      width="11%"><B>For the Six Months</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid"
    noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"></P></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="11%"><B>Months Ended</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="11%"><B>Ended</B> </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="11%"><B>June 30, 2011</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="11%"><B>June 30, 2010</B> </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt"><B>Revenues</B> </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>&nbsp;123,306</B>
</TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>&nbsp;45,202</B> </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(1) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Cost of sales </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">34,931 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">20,953 </TD>
    <TD noWrap align=center width="5%">(2) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt"><B>Gross margin</B> </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>88,375</B> </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>24,249</B> </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Depletion, depreciation and amortization
    </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">5,938 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">4,433 </TD>
    <TD noWrap align=center width="5%">(3) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt"><B>Mine operating earnings</B> </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>82,437</B> </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>19,816</B> </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(4) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">General and administrative </P></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%">7,528 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%">4,013 </TD>
    <TD noWrap align=center width="5%">(5) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Share-based payments </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff>3,661 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff>1,686 </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(6) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Accretion of decommissioning liabilities
    </P></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%">231 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%">182 </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Foreign exchange loss </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff>309 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff>1,567 </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(7) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Other expenses </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">10 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">1,064 </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt"><B>Operating earnings</B> </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>70,698</B> </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff><B>11,304</B> </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(8) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Investment income </P></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%">3,856 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%">654 </TD>
    <TD noWrap align=center width="5%">(9) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Finance costs </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"
    bgColor=#e6efff>(506</TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"
    bgColor=#e6efff>(396</TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"><B>Earnings before income taxes</B> </P></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%"><B>74,048</B> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="11%"><B>11,562</B> </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Current income tax expense </P></TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff>13,668 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="11%" bgColor=#e6efff>61 </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt">Deferred income tax expense </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">5,917 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="11%">81 </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt">Income taxes expense </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"
    bgColor=#e6efff>19,585 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"
    bgColor=#e6efff>142 </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(10) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"><B>Net earnings for the period attributable to
      equity</B> </P></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid" noWrap align=left
bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt"><B>holders of the Company</B> </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"
    bgColor=#e6efff><B>&nbsp;54,463</B> </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="11%"
    bgColor=#e6efff><B>&nbsp;11,420</B> </TD>
    <TD noWrap align=center width="5%" bgColor=#e6efff>(11) </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: medium none"
    noWrap align=left>
      <P style="MARGIN-LEFT: 5pt"><B>Earnings per share (basic)</B> </P></TD>
    <TD style="BORDER-BOTTOM: medium none" noWrap align=left
      width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: medium none" noWrap align=right
      width="11%"><B>&nbsp;0.54</B> </TD>
    <TD style="BORDER-BOTTOM: medium none" noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" noWrap align=left
      width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: medium none" noWrap align=right
      width="11%"><B>&nbsp;0.12</B> </TD>
    <TD style="BORDER-BOTTOM: medium none" noWrap align=left width="5%">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 2px solid; BORDER-BOTTOM: medium none"
    noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD
    style="BORDER-TOP: medium none; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    noWrap align=left bgColor=#e6efff>
      <P style="MARGIN-LEFT: 5pt"><B>Earnings per share (diluted)</B> </P></TD>
    <TD style="BORDER-TOP: medium none; BORDER-BOTTOM: #000000 2px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-TOP: medium none; BORDER-BOTTOM: #000000 2px solid" noWrap
    align=right width="11%" bgColor=#e6efff><B>&nbsp;0.51</B> </TD>
    <TD style="BORDER-TOP: medium none; BORDER-BOTTOM: #000000 2px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-TOP: medium none; BORDER-BOTTOM: #000000 2px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-TOP: medium none; BORDER-BOTTOM: #000000 2px solid" noWrap
    align=right width="11%" bgColor=#e6efff><B>&nbsp;0.12</B> </TD>
    <TD style="BORDER-TOP: medium none; BORDER-BOTTOM: #000000 2px solid" noWrap
    align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: medium none; BORDER-BOTTOM: #000000 2px solid"
    noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Revenues for the six months ended June 30, 2011 increased
      by $78,104,000 or 173% compared to $123,306,000 from $45,202,000 in the
      six months ended June 30, 2010. The increase was attributed to 20%
      increase in ounces of silver equivalents sold and an increase in average
      realized silver price from $17.66 per ounce in the six months ended June
      30, 2010 to $35.88 per ounce in the six months ended June 30, 2011. Lower
      smelting &amp; refining charges per ounce (3% of gross
      revenue compared to 9% in the first half of 2010) also contributed to the
  increase in revenues in the six months ended June 30, 2011.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Cost of sales increased by $13,978,000 or 67%, to
      $34,931,000 in the six months ended June 30, 2011 from $20,953,000 in the
      same period of 2010. This increase in cost of sales was primarily related
      to 20% increase in ounces of silver equivalents sold. Furthermore,
      inflationary effects on costs in cyanide, electricity and diesel, and 6%
      stronger Mexican peso against the US dollar also contributed to the
      increase in cost of sales.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Depletion, depreciation and amortization increased by
      $1,505,000 or 34% to $5,938,000 for the six months ended June 30, 2011
      from $4,433,000 in the same period of 2010, primarily due to higher
      depletion expense attributed to 27% increase in tonnage of ore milled.
      Depreciation expense also increased as depreciation for the La Encantada
      cyanidation plant did not commence until the plant achieved commercial
      production in April 2010, therefore only three months of depreciation was
      recognized in the first half of 2010 as compared to six months of
      depreciation in the first half of 2011. Increase in depreciation expense
      was also higher as the Company has resumed its capital investments since
      the second half of 2010.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Mine operating earnings increased by $62,621,000 or 316%
      to $82,437,000 for the quarter ended June 30, 2011, compared to
      $19,816,000 for the same quarter in the prior year. This is primarily due
      to the $78,104,000 increase in revenues, and is offset by the higher cost
      of sales and depletion, depreciation and amortization expenses during the
      second quarter of 2010.</P></TD></TR></TABLE>
<P align=center>-17-</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>General and administrative expenses for the six months
      period ended June 30, 2011 increased by $3,515,000 or 88% compared to the
      prior year due to higher legal litigation and professional fees, security
      costs, insurance costs, listing fees and an annual incentive bonus plan
      payout regarding 2010.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Share-based payments for the six months ended June 30,
      2011 increased by $1,975,000 or 117% compared to the same period of the
      prior year. The increase was due to an increase in the Black-Scholes fair
      value of stock options granted as a result of the significant increase in
      the Company&#146;s share price in the current quarter compared to the first
      half of 2010.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>Operating earnings increased by $59,394,000 or 525% to
      $70,698,000 for the six months ended June 30, 2011, compared to operating
      earnings of $11,562,000 for the six months ended June 30, 2010, due to the
      increase in mine operating earnings associated with higher production
      levels and higher silver prices.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>During the six months ended June 30, 2011, investment
      income increased by $3,202,000 or 490% compared to the same period in the
      prior year. The increase is primarily attributed to realized gain on
      silver futures contracts.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify>During the six months ended June 30, 2011, the Company
      recorded an income tax expense of $19,585,000 compared to $142,000 in the
      six months ended June 30, 2010. The increase is reflective of $62,486,000
      or 540% increase in earnings before taxes compared to the six months ended
      June 30, 2010. Current income tax expense increased significantly compared
      to the same period of 2010, as the Company has fully utilized certain
      allowable tax loss carryforwards</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify>As a result of the foregoing, net earnings for the period
      attributable to equity holders of the Company for the six months ended
      June 30, 2011 increased 377% to $54,463,000 or basic earnings per share of
      $0.54 compared to net earnings of $11,420,000 or $0.12 per common share in
      the six months ended June 30, 2010.</P></TD></TR></TABLE>
<P align=justify><B>SUMMARY OF QUARTERLY RESULTS </B></P>
<P align=justify>The following table presents selected financial information for
each of the most recent eight quarters:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=1 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=bottom align=left></TD>
    <TD vAlign=bottom align=center width="10%"><B>Quarter</B> </TD>
    <TD vAlign=bottom align=center width="10%"><B>Revenues</B> <BR><B>$</B>
</TD>
    <TD vAlign=bottom align=center width="10%"><B>Net earnings </B><B>after
      taxes<BR></B><B>$</B> </TD>
    <TD vAlign=bottom align=center width="10%"><B>Basic</B> <B>earnings
      per</B> <STRONG>common</STRONG> <B>share</B> <BR><B>$</B> </TD>
    <TD vAlign=bottom align=center width="10%"><B>Diluted</B> <B>earnings
      per</B> <B>common</B> <B>share</B> <BR><B>$</B> </TD>
    <TD vAlign=bottom align=center
      width="10%"><B>Share</B><B>-</B><B>based</B> <BR><STRONG>payments
      </STRONG>(9)&nbsp;<STRONG> <BR>$</STRONG> </TD>
    <TD vAlign=bottom align=center width="10%"><B>Note</B> </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center bgColor=#e6efff><B>Year ended December 31,
      2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff><B>Q2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;68,040</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>30,593 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>0.30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>0.29 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>1,772 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>1 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>Q1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; &nbsp; &nbsp; &nbsp;55,266 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">23,870 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">0.24 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">0.23 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">1,889 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">2 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff><B>Q4</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;40,092 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>13,654 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>0.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>0.13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>2,289 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>3 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center><B>Year ended December 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>Q3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; &nbsp; &nbsp; &nbsp;32,614 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">10,059 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">0.11 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">0.10 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">480 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">4 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff><B>Q2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;27,456 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>10,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>0.12 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>0.12 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>828 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>5 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>Q1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; &nbsp; &nbsp; &nbsp;17,746 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">444 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">0.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">0.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">858 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">6 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center bgColor=#e6efff><B>Year ended December 31,
      2009(1)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff><B>Q4</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;17,396 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>2,360 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>0.03 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>0.03 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff>1,041 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%"
    bgColor=#e6efff>7 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%"><B>Q3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">&nbsp; &nbsp; &nbsp; &nbsp;12,501 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">1,677 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">0.02 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">0.02 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%">461 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%">8 </TD></TR></TABLE></DIV>
<P>(1) The financial results for the periods ending prior to January 1, 2010
have not been restated in accordance with IFRS. </P>
<P>Notes:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>In the quarter ended June 30, 2011, sales revenues
      increased by $12,774,000 compared to the quarter ended March 31, 2011. The
      increase was primarily attributed to 20% increase in average realized
      silver price. Net earnings after taxes increased by $6,723,000 or 28% in
      the quarter ended June 30, 2011 compared to the quarter ended March 31,
      2011, primarily due to $11,151,000 increase in mine operating earnings,
      offset by $1,775,000 increase in income taxes and lower investment
      income.</P></TD></TR></TABLE>
<P align=center>-18-</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


<!--$$/page=-->
<A name="page_19"></A>

<BR><TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
2. 	</TD>
	<TD>
<P align="justify">In the quarter ended March 31, 2011, sales revenues increased by &#36;15,174,000 compared to the quarter ended December 31, 2010. The increase was primarily due to the 30% increase in silver price. Net earnings after taxes
increased 10,216,000 or 75% in the quarter ended March 31, 2011, compared to the quarter ended December 31, 2010, primarily due to &#36;11,332,000 increase in mine operating earnings.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
3. 	</TD>
	<TD>
<P align="justify">In the quarter ended December 31, 2010, sales revenues increased by &#36;7,478,000 compared to the quarter ended September 30, 2010. The increase was primarily due to the increase in silver price, partially offset by a 9.6%
decrease in silver equivalent ounces sold related to a slowdown in the holiday season. Net earnings after taxes increased &#36;3,595,000 or 36% in the quarter ended December 31, 2010, compared to the quarter ended September 30, 2010, due to
&#36;8,110,000 increase in mine operating earnings, which was partially offset by increases in non-cash share-based payments and deferred tax expenses.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
4. 	</TD>
	<TD>
<P align="justify">In the quarter ended September 30, 2010, sales revenues increased by &#36;5,158,000 compared to the quarter ended June 30, 2010. The increase was primarily due to a 15% increase, or 245,549 equivalent ounces of silver sold after
intercompany eliminations, in the third quarter of 2010 as compared to the second quarter of 2010, and an increase in silver price during the quarter. Net earnings after taxes decreased &#36;917,000 or 8% in the quarter ended September 30, 2010,
compared to the quarter ended June 30, 2010, mainly due to &#36;2,890,000 increase in deferred income tax expense due to utilization of certain loss carryforwards during the period.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
5. 	</TD>
	<TD>
<P align="justify">In the quarter ended June 30, 2010, sales revenues increased by &#36;9,710,000 compared to the quarter ended March 31, 2010 and was primarily due to an increase of 325,185 equivalent ounces of silver sold (after intercompany
eliminations) in the second quarter of 2010 compared to the first quarter of 2010. In the first quarter of 2010, pre-commercial sales were not included as equivalent ounces sold but instead were credited to the capitalization of the La Encantada
mill expansion project. Revenues and net earnings was positively affected by an increase of the average gross revenue per ounce realized of &#36;18.68 in the quarter ended June 30, 2010 compared to &#36;16.23 in the quarter ended March 31, 2010.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
6. 	</TD>
	<TD>
<P align="justify">In the quarter ended March 31, 2010, sales revenues was comparable to the quarter ended December 31, 2009. The Company sold an additional 153,097 equivalent ounces of silver (after intercompany eliminations) in the first quarter
of 2010 compared to the fourth quarter of 2009; however, the average gross revenue per ounce realized was &#36;16.23 in the quarter ended March 31, 2010 compared to &#36;17.72 in the quarter ended December 31, 2009; an average effect of &#36;1.82
per ounce or 10% (not including the &#36;2.3 million earnings from pre-commercial sales).</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
7. 	</TD>
	<TD>
<P align="justify">In the quarter ended December 31, 2009, sales revenues increased due to increasing silver prices. The average gross revenue per ounce of silver realized increased to &#36;17.72 in the quarter ended December 31, 2009, compared to
&#36;15.07 in the prior quarter ended September 30, 2009.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
8. 	</TD>
	<TD>
<P align="justify">In the quarter ended September 30, 2009, sales revenues increased due to rising prices. The average gross revenue per ounce of silver realized was &#36;15.07 in the quarter ended September 30, 2009, increasing from &#36;12.60 in
the prior quarter ended September 30, 2009.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>
9. 	</TD>
	<TD>
<P align="justify">Share-based payments - the net earnings are affected significantly by varying share-based payments amounts in each quarter. Share-based payments results from the issuance of stock options in any given period, as well as factors
such as vesting and the volatility of the Company&#146;s stock, and is a calculated amount based on the Black-Scholes Option Pricing Model of estimating the fair value of stock option issuances.</P>	</TD>
</TR>
</TABLE>
<P align="justify">
<B>REVENUES</B><BR>
</P>
<P align="justify">
Revenues are presented as the net sum of invoiced revenues related to delivered shipments of silver dor&eacute; bars, and concentrates, including associated metal by-products of gold, lead and zinc, after having deducted refining and smelting
charges, and after elimination of the intercompany shipments of silver being minted into coins, ingots and bullion products.</P>
<P align="justify">
The following is an analysis of the gross revenues prior to refining and smelting charges, and shows deducted smelting and refining charges to arrive at the net reportable revenue for the period per IFRS. Gross revenues are
divided by shipped payable ounces of silver to calculate the average realized price per ounce of silver sold.</P>
<P align="center">
-19-</P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=1 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=bottom align=center rowSpan=2><B>Revenue Analysis</B>
      <BR>(expressed in thousands of dollars, except ounce and per ounce
      amounts) </TD>
    <TD align=center width="26%" colSpan=2><B>Quarter Ended</B> <BR><B>June
      30,</B> </TD>
    <TD align=center width="26%" colSpan=2><B>Year to Date</B> <BR><B>June
      30,</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center width="13%"><B>2011</B> <BR><B>$</B> </TD>
    <TD align=center width="13%"><B>2010</B> <BR><B>$</B> </TD>
    <TD align=center width="13%"><B>2011</B> <BR><B>$</B> </TD>
    <TD align=center width="13%"><B>2010</B><B><SUP>(1)</SUP></B> <BR><B>$</B>
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#e6efff>
    <p style="margin-left: 5pt"><B>MEXICO</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="13%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="13%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="13%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="13%"
    bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
    <p style="margin-left: 5pt">Revenues
      from silver dore and concentrates sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">69,642 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">27,097 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">124,009 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">45,440 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#e6efff>
    <p style="margin-left: 5pt">Payable equivalent silver ounces sold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>1,804,304 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>1,573,834 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>3,566,546 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>2,864,600 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
    <p style="margin-left: 5pt">Average
      gross revenue per payable equivalent silver ounce sold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">39.55 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">18.36 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">35.72 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">17.44 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#e6efff>
    <p style="margin-left: 5pt"><B>CANADA</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="13%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="13%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="13%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="13%"
    bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
    <p style="margin-left: 5pt">Revenues
      from silver dore, coins, ingots and bullion sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">9,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">1,606 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">18,448 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">2,881 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#e6efff>
    <p style="margin-left: 5pt">Payable equivalent silver ounces sold, from Mexican
      production </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>237,140 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>81,953 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>508,671 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>151,182 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
    <p style="margin-left: 5pt">Average
      gross revenue per payable equivalent silver ounces sold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">38.58 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">19.60 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">36.46 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">19.06 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#e6efff>
    <p style="margin-left: 5pt"><B>CONSOLIDATED (after intercompany eliminations)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="13%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="13%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="13%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="13%"
    bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
    <p style="margin-left: 5pt">Revenues
      from silver dore, concentrates, coins, ingots and bullion sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">68,040 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">27,456 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">123,306 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">45,202 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#e6efff>
    <p style="margin-left: 5pt">Payable equivalent silver ounces sold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>1,784,397 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>1,592,946 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>3,530,523 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>2,813,959 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
    <p style="margin-left: 5pt">Average
      consolidated gross revenue per payable equivalent silver ounces sold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">39.08 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">18.38 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">35.88 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="13%">17.66 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    bgColor=#e6efff>
    <p style="margin-left: 5pt">Average market price per ounce of silver per COMEX </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>38.42 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>18.35 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>35.08 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"
    bgColor=#e6efff>17.63 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="2%">(1)&nbsp; </TD>
    <TD>
      <P align=justify>At March 31, 2010, the La Encantada mill expansion
      project had not achieved a commercial stage of production in the manner to
      which it was intended by management, therefore, sales receipts in the
      quarter ended March 31, 2010 of $4,646,000 in connection with the sale of
      262,403 silver equivalent ounces of precipitates during the pre-operating
      period were not recorded as sales revenues but instead were recorded as a
      reduction of capital in the construction in progress account. As at March
      31, 2010, total cash receipts of $5,576,000 in connection with the sale of
      316,680 silver equivalent ounces of precipitates during the pre-operating
      period were excluded from the above revenue
analysis.</P></TD></TR></TABLE>
<P align=justify><B>LIQUIDITY</B><BR></P>
<P align=justify>At June 30, 2011, the Company had cash and cash equivalents of
$105.0 million and working capital of $100.9 million, compared to cash and cash
equivalents of $41.2 million and working capital $46.1 million at December 31,
2010. Cash and cash equivalents increased by $63.8 million during the first half
of 2011 as a result of $72.4 million generated from operating activities and
$22.9 million from proceeds from exercise of options and warrants, $3.4 million
from gain on derivative financial instruments, offset by $28.4 million invested
in property, plant and equipment, and mineral property interests and $10.4
million increase in deposits on long-term assets. During the second quarter of
2011, cash and cash equivalents increased by $19.4 million as a result of $37.9
million generated from operating activities and $5.0 million from proceeds from
exercise of options and warrants, offset by $18.7 million invested in property,
plant and equipment, and mineral property interests and $6.7 million increase in
deposits on long-term assets. </P>
<P align=justify>During the first half of 2011, the Company spent $11.6 million
on mineral properties and $16.8 million on property, plant and equipment on a
cash basis. During the quarter ended June 30, 2011, the Company spent $6.4
million on its mineral properties and a further $12.4 million on plant and
equipment on a cash basis.</P>
<P align=justify>The Company is accumulating cash in treasury and preparing for
the additional investments in the mill expansion at La Parrilla and the
development of the Del Toro project. </P>
<P align=justify>Funds surplus to the Company&#146;s short-term operating needs are
invested in highly liquid short-term investments with maturities of three months
or less. The funds are not exposed to liquidity risk and there are no
restrictions on the ability of the Company to use these funds to meet its
obligations.</P>
<P align=justify>Cash flows from operations were strong at $72.4 million in the
first half of 2011, and with current silver prices the operational cash flows
are expected to remain robust through 2011. During the first half of 2011, $22.9
million was received from the exercises of options and warrants. As at the date
of this MD&amp;A, a total of 161,500 warrants remain outstanding and are
available to be exercised and will expire by the end of September 2011. As the
expiring warrants are at exercise prices of $3.30, we anticipate that all will
be exercised prior to expiring, potentially adding a further $0.5 million to
treasury in 2011. </P>
<P align=justify>As at the date of this MD&amp;A, with $110 million in treasury
and robust cash flows from operations expected through 2011, the Company
believes it has sufficient funds to meet current operating and capital
requirements, as well as the additional capital requirements of the $21.6
million expansion at La Parrilla (which includes additional
underground development requirements) and the Del Toro development of &#36;43.9 million. Should the Company adopt additional expansion plans, the Company would need to consider the funds required relative to the funds available in treasury at such
time, including expected cash flows from operations, to determine whether additional sources would be required for those pending additional expansion plans. </P>
<P align=center>-20-</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


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<A name="page_21"></A>

<P align="justify">
<B>2011 PRODUCTION OUTLOOK</B><BR>
</P>
<P align="justify">
This section of the MD&amp;A provides management&#146;s production forecasts for 2011.  These are forward-looking estimates and subject to the cautionary note regarding the risks associated with relying on forward-looking statements at the beginning
of this MD&amp;A.</P>
<P align="justify">
The Company expects to meet its previous guidance regarding total production of eight million equivalent ounces of silver for the 2011 fiscal year. However, a review of the Company&#146;s cost structure and primary drivers of cost per tonne was done
in connection with the review of the second quarter financial results. Costs in the first and second quarters were analyzed in detail and unit costs and inventories were reviewed to establish more precise guidance for the second half of the 2011
fiscal year. The Company re-ran its projection models with assumptions it believes are more representative of economic circumstances in the latter half of 2011, as well as indicative production parameters for grades and recoveries and throughputs
for each of its operations.  The revised economic and operating assumptions are listed in the table below with the expected costs per tonne and total cash costs per ounce for the remainder of 2011. </P>
<P align="justify">
Regarding the Company&#146;s revised cost assumptions for the second half of 2011, we have noted the following factors which will affect our costs moving forward: </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(i) 	</TD>
	<TD>
<P align="justify">Cyanide &#150; as a result of the purchase of some high priced cyanide in May and June and the known price increases from suppliers in the second half of 2011, we anticipate our cyanide costs will increase 26% in the second half
of 2011. This is expected to have an overall impact of increasing our total cash costs per ounce by &#36;0.27.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(ii) 	</TD>
	<TD>
<P align="justify">Foreign exchange &#150; with an expectation of 11.75:1 as the ratio of Pesos to USD in the second half of 2011 (irrespective of volatilities since June 30, 2011), this is a 6.7% increase over our prior assumption of 12.6:1 as it
applies to costs denominated in Pesos and reported in USD - on average 79% of all of our production costs are denominated in Pesos - this translates to a change of foreign exchange assumptions that results in an anticipated increase to total cash
cost of &#36;0.38 per ounce.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(iii) 	</TD>
	<TD>
<P align="justify">Security costs &#150; on average the Company&#146;s security costs have increased &#36;0.11 per ounce on average which has an impact on total consolidated cash costs.</P>	</TD>
</TR><TR>
	<TD width=5% valign=top>&nbsp;</TD>
	<TD width=5% valign=top>
(iv) 	</TD>
	<TD>
<P align="justify">Diesel and electricity costs &#150; on average the increases in these inputs are expected to increase total cash costs by &#36;0.22 per ounce. Electricity at La Encantada is produced by diesel fuelled generators whereas
electricity is acquired through power grids at La Parrilla and San Martin.</P>	</TD>
</TR>
</TABLE>
<P align="justify">
In total, we are anticipating an increase in total cash cost of approximately &#36;0.98 per ounce of silver as an increase that is explained by the above-noted primary cost drivers for our operations. Actual results may vary based on production
throughputs, grades, recoveries and changes in economic circumstances. </P>
<P align="center">
-21-</P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><A name=page_22></A>
<P align=justify>The actual results of the Company&#146;s past six quarters and the
outlook for the second half of 2011 are provided in the following table. </P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>&nbsp; </TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%"><B>2010</B> </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="2%">&nbsp;</TD>
    <TD
    style="BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%">&nbsp; </TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%">&nbsp; </TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="17%" colSpan=4><B>2011</B> </TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%">&nbsp; </TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="7%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid" noWrap
    align=left>&nbsp; </TD>
    <TD style="BORDER-LEFT: 1px solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid" noWrap align=center
width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid" noWrap align=center
width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid" noWrap align=center
width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid" noWrap align=center
width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid" noWrap align=center
width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>2011 Revised</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid" noWrap align=center
width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>2011 Prior</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid" noWrap align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left><B>OPERATING PARAMETERS</B> </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>Actual</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>Q1 Actual</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>Q2 Actual</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>H1 Actual</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>H2 Outlook</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>Outlook</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>Outlook</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff><B>La Encantada</B> </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Total Tonnes Processed </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>1,074,538</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">314,712 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">333,710 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">648,422 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">650,228 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>1,298,650</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>1,144,125</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Operating Days </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>339</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>83 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>82 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>165 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>171 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>336</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>339</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Tonnes Per Day (tpd) Processed </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>3,170</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">3,792 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">4,062 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">3,926 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">3,803 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>3,863</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>3,375</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Grade (g/t) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>234</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>225 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>208 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>216 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>215 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>216</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>200</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Recovery (%) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>48</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">50 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">51 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">50 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">55 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>53</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>60</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Ag Ounces from Production </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>3,854,979</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1,136,419 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1,133,654 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>2,270,073 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>2,472,050 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>4,742,123</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>4,414,133</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Total Equivalent Ounces Production <SUP>(2)</SUP> </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>3,980,230</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">1,138,624 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">1,139,336 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">2,277,960 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">2,472,050 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>4,750,010</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>4,414,133</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Total Cash Costs per Payable Silver
      Ounce <SUP>(1)</SUP> </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;7.14</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;7.17 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;7.61 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;7.39 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;7.18 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;7.28</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;6.64</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Total Production Cost per Tonne </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;21.54</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;23.80 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;24.09 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;23.95 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;25.21 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;24.58</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;23.51</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff><B>La Parrilla</B> </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Total Tonnes Processed </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>303,869</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">74,503 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">77,363 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">151,866 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">206,511 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>358,377</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>346,032</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Operating Days </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>331</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>81 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>83 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>164 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>167 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>331</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>331</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Tonnes Per Day (tpd) Processed </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>918</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">920 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">932 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">926 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">1,237 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>1,083</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>1,045</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Grade (g/t) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>209</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>184 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>208 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>196 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>224 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>212</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>226</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Recovery (%) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>76</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">73 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">76 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">75 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">77 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>76</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>77</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Ag Ounces from Production </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>1,548,832</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>319,405 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>395,716 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>715,121 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1,140,659 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>1,855,780</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>1,947,047</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Total Equivalent Ounces Production <SUP>(2)</SUP> </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>1,813,787</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">363,648 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">443,304 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">806,952 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">1,324,545 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>2,131,497</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>2,279,247</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Total Cash Costs per Payable Silver
      Ounce <SUP>(1)</SUP> </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;7.38</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;10.66 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;8.84 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;9.65 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;8.67 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;9.05</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;7.44</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Total Production Cost per Tonne </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;38.53</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;42.60 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;45.88 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;44.27 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;45.86 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;45.19</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;39.66</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff><B>San Martin</B> </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Total Tonnes Processed </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>264,449</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">67,291 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">71,004 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">138,295 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">138,401 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>276,696</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>252,450</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Operating Days </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>330</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>80 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>83 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>163 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>167 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>330</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>330</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Tonnes Per Day (tpd) Processed </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>801</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">841 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">855 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">848 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">829 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>838</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>765</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Grade (g/t) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>168</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>179 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>141 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>159 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>140 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>149</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>178</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Recovery (%) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>79</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">81 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">78 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">80 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">80 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>80</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>80</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Ag Ounces from Production </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>1,125,514</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>313,384 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>251,009 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>564,393 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>498,366 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>1,062,759</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>1,153,887</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Total Equivalent Ounces Production <SUP>(2)</SUP> </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>1,230,036</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">323,094 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">261,190 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">584,284 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">543,066 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>1,127,350</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>1,235,420</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Total Cash Costs per Payable Silver
      Ounce <SUP>(1)</SUP> </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;8.98</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;9.85 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;10.72 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;10.24 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;11.48 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;10.82</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;8.47</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Total Production Cost per Tonne </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;42.45</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;45.34 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;40.67 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;42.94 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;42.93 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;42.93</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;39.46</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff><B>Consolidated</B> </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="7%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Total Tonnes Processed </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>1,642,856</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">456,506 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">482,077 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">938,583 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">995,140 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>1,933,723</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>1,742,607</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Grade (g/t) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>219</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>212 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>198 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>205 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>206 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>206</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>202</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Recovery (%) </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>56</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">57 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">58 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">58 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">62 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>60</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>66</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Ag Ounces from Production </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>6,529,325</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1,769,208 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>1,780,379 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>3,549,587 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>4,111,075 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>7,660,662</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>7,515,067</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Total Equivalent Ounces Production <SUP>(2)</SUP> </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>7,024,053</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">1,825,366 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">1,843,830 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">3,669,196 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">4,339,661 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>8,008,857</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>7,928,800</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left bgColor=#e6efff>Total Cash Costs per Payable Silver
      Ounce <SUP>(1)</SUP> </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;7.53</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;8.26 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;8.32 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;8.29 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff>&nbsp;8.07 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;8.17</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;7.09</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left>Total Production Cost per Tonne </TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;28.05</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;30.04 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;30.03 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;30.03 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">&nbsp;31.91 </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;31.00</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-LEFT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%"><B>&nbsp;29.03</B> </TD>
    <TD style="BORDER-RIGHT: 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap
    align=left width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="2%">(1)&nbsp;</TD>
    <TD>
      <P align=justify>See reference to non-IFRS measures per page 6 of this
      MD&amp;A.</P></TD></TR>
  <TR>
    <TD vAlign=top width="2%">(2) </TD>
    <TD>
      <P align=justify>Assumptions:</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MXP:USD Foreign Exchange Rate: </TD>
    <TD noWrap align=left width="75%">11.75:1 (79% Mexican Pesos) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Parrilla 1,000 tpd flotation plant
      startup date: </TD>
    <TD noWrap align=left width="75%">September 1, 2011 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Parrilla 750 tpd cyanidation plant
      startup date: &nbsp;&nbsp;</TD>
    <TD noWrap align=left width="75%">November 1, 2011 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price of Silver $35.00/oz., Gold
      $1,600/oz. </TD>
    <TD noWrap align=left width="75%">&nbsp; </TD></TR></TABLE>
<P align=justify><B>OFF</B><B>-</B><B>BALANCE SHEET ARRANGEMENTS</B><BR></P>
<P align=justify>At June 30, 2011, the Company had no material off-balance sheet
arrangements such as guarantee contracts, contingent interest in assets
transferred to an entity, derivative instruments obligations or any obligations
that generate financing, liquidity, market or credit risk to the Company, other
than those disclosed in this MD&amp;A and the consolidated interim financial
statements and the related notes.</P>
<P align=justify><B>RELATED PARTY TRANSACTIONS</B><BR></P>
<P align=justify>Amounts paid to related parties were incurred in the normal
course of business and measured at the exchange amount, which is the amount
agreed upon by the transacting parties and on terms and conditions similar to
non-related parties. During the quarter ended June 30, 2011, there were no
significant transactions with related parties outside of the ordinary course of
business. </P>
<P align=center>-22-</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=justify><B>PROPOSED TRANSACTIONS</B><BR></P>
<P align=justify>Other than as disclosed herein, the board of directors of the
Company is not aware of any proposed transactions involving any proposed assets,
businesses, business acquisitions or dispositions which may have an effect on
the financial condition, results of operations and cash flows. </P>
<P align=justify><B>MANAGEMENT OF FINANCIAL AND CAPITAL RISK </B></P>
<P align=justify>There are no significant changes in management of financial and
capital risk compared to the Company&#146;s 2010 Canadian GAAP annual financial
statements except for the following: </P>
<P align=justify><B>Liquidity Risk</B><BR></P>
<P align=justify>Liquidity risk is the risk that the Company will not be able to
meet its financial obligations as they arise. The Company has in place a
planning and budgeting process to help determine the funds required to support
the Company&#146;s normal operating requirements on an ongoing basis and to support
its expansion plans. As at June 30, 2011, the Company has outstanding trade
payables of $6.5 million (December 31, 2010 - $6.0 million) which are generally
payable in 90 days or less and accrued liabilities of $15.2 million (December
31, 2010 - $6.3 million) which are generally payable within 12 months. </P>
<P align=justify>The Company believes it has sufficient cash on hand to meet
operating requirements as they arise for at least the next twelve months. </P>
<P align=justify>The Company&#146;s liabilities and commitments have maturities which
are summarized below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="27%"
    colSpan=7><B>Payments Due By Period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Balances in USD$'000 </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="7%">Total </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="7%">Less than </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="7%">1 to 3 </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="7%">4 to 5 </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="7%">After 5 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">1 year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>Finance Lease Obligations </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>&nbsp;9,359 </TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>&nbsp;2,654 </TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>&nbsp;5,021 </TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>&nbsp;1,684 </TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>&nbsp;- </TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Purchase Obligations </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">24,391 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">24,391 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">- </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">- </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="7%">- </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>Decommissioning liabilities </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>7,358 </TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>- </TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>- </TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>- </TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>7,358 </TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Trade
      payables and accrued liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">21,815 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">21,815 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=left
    bgColor=#e6efff><B>Total Obligations</B> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;62,923</B> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;48,860</B> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;5,021</B> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;1,684</B> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;7,358</B> </TD>
    <TD style="BORDER-BOTTOM: 3px double #000000; " noWrap align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>Currency Risk</B><BR></P>
<P align=justify>Financial instruments that impact the Company&#146;s net earnings or
other comprehensive income due to currency fluctuations include Canadian dollar
and Mexican peso denominated assets and liabilities. The sensitivity of the
Company&#146;s net earnings and other comprehensive income due to changes in the
exchange rate between the Canadian dollar and the Mexican peso against the U.S.
dollar is included in the table below: </P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>June 30, 2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="17%"
    colSpan=4><B>December 31, 2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left colSpan=3><B>Balances in USD$'000</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>Trade payables</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>Net assets</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>Net assets</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>Cash and cash</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>Trade and</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>and accrued</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>(liabilities)</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>Effect of +/- 10%</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>(liabilities)</B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="7%"><B>Effect of +/- 10%</B> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>equivalents</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>other receivable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>liabilities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>exposure</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="7%"
    ><STRONG>change in currency</STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="7%"><B>exposure</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="7%"
    ><STRONG>change in currency</STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>Canadian dollar </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>&nbsp;67,493 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>&nbsp;110 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>&nbsp;(2,596</TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>&nbsp;65,007 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>&nbsp;6,501 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>&nbsp;8,174 $ </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="7%" bgColor=#e6efff>817 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Mexican
      peso </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">3,708 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">4,022 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(17,164</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(9,434</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(943</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(10,726</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="7%">(1,073</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;71,201</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;4,132</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;(19,760</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;55,573</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;5,558</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="7%"
    bgColor=#e6efff><B>&nbsp;(2,552</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%"
    bgColor=#e6efff><B>) $</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="7%"
    bgColor=#e6efff><B>(256</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD></TR></TABLE>
<P align=justify><STRONG>Commodity Price Risk</STRONG> </P>
<P align=justify>Commodity price risk is the risk that movements in the spot
price of silver have a direct and immediate impact on the Company&#146;s income or
the value of its related financial instruments. The Company also derives
by-product revenue from the sale of gold, zinc and lead, which accounts for less
than 5% of the Company&#146;s gross revenue. The Company&#146;s sales are directly
dependent on commodity prices that have shown volatility and are beyond the
Company&#146;s control. The Company does not use derivative instruments to hedge its
commodity price risk. </P>
<P align=justify>As at June 30, 2011, based on unsettled silver ounces sold by
the Company that are subject to market price
adjustments, a 10% increase or decrease of silver price at June 30, 2011 does not have a significant impact in net earnings.</P>
<P align=center>-23-</P>
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<P align="justify">
<B>CRITICAL JUDGEMENTS AND ESTIMATES</B><BR>
</P>
<P align="justify">
The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of
revenue and expenses during the reporting period. Actual results may differ from those estimates. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances.
Revisions to estimates on the resulting effects of the carrying amounts of the Company&#146;s assets and liabilities are accounted for prospectively.</P>
<P align="justify">
All of the Company&#146;s significant accounting policies and the estimates are included in Note 3 of its consolidated interim financial statements for the three months ended March 31, 2011 and consolidated interim financial statements for the three
and six months ended June 30, 2011. While all of the significant accounting policies are important to the Company&#146;s consolidated financial statements, the following accounting policies and the estimates have been identified as being critical:
</P>
<UL style="text-align:justify;">
<LI>
<p style="margin-top: 0; margin-bottom: 12">Carrying Values of Property, Plant and Equipment and Mining Interests;</LI>
<LI>
<p style="margin-top: 0; margin-bottom: 12">Depletion and Depreciation of Property, Plant and Equipment;</LI>
<LI>
<p style="margin-top: 0; margin-bottom: 12">Decommissioning Liabilities;</LI>
<LI>
<p style="margin-top: 0; margin-bottom: 12">Income Taxes; and</LI>
<LI>
<p style="margin-top: 0; margin-bottom: 12">Share-based Payments.</LI>
</UL>
<P align="justify">
<U>Carrying Values of Property, Plant and Equipment and Mining Interests</U> </P>
<P align="justify">
The Company reviews and evaluates its mining interests for impairment at least annually or when events and changes in circumstances indicate that the related carrying amounts may not be recoverable.  Impairment is considered to exist if the total
estimated discounted future cash flows are less than the carrying amount of the assets. Estimated discounted future net cash flows for properties in which a mineral resource has been identified are calculated using estimated future production,
commodity prices, operating and capital costs and reclamation and closure costs. Recoverable value for exploration stage mineral properties are estimated by reference to the timing of exploration and development work, work programs proposed, the
exploration results achieved to date and the likely proceeds receivable if the Company sold specific properties to third parties. If it is determined that the future net cash flows from a property are less than the carrying value, then an impairment
loss is recorded to write down the property to fair value. </P>
<P align="justify">
The Company completed an impairment review of its properties at December 31, 2010 under GAAP and determined there was no impairment to its mineral property interests. The estimates used by management were subject to various risks and uncertainties.
It is reasonably possible that changes in estimates could occur which may affect the expected recoverability of the Company&#146;s investments in mining projects and other mineral property interests. </P>
<P align="justify">
<U>Depletion and Depreciation of Property, Plant and Equipment and Mining Interests</U> </P>
<P align="justify">
Property, plant and equipment comprise one of the largest components of the Company&#146;s assets and, as such, the amortization of these assets has a significant effect on the Company&#146;s financial statements.</P>
<P align="justify">
Depreciation is calculated on a straight-line basis over the useful life of the asset, ranging from two to fourteen years, and commences when the asset is in the condition and location necessary for it to operate in the manner intended by
management. Construction in progress is recorded at cost and re-allocated to mining equipment and machinery when it becomes available for use. Depreciation for mining equipment and machinery is calculated on a straight-line basis over the useful
life of the equipment, or the life of mine, when it becomes available for use.</P>
<P align="justify">
On the commencement of commercial production, depletion of each mining property is provided on the unit-of-production basis using estimated reserves and resources expected to be converted to reserves as the depletion
basis. The mining plant and equipment and other capital assets are depreciated, following the commencement of commercial production, over their expected economic lives using the straight-line method.  Capital projects in progress are not depreciated
until the capital asset has been put into operation. </P>
<P align="center">
-24-</P>

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<P align="justify">
The mineral reserves are determined based on a professional evaluation using accepted international standards for the assessment of mineral reserves.  The assessment involves the study of geological, geophysical and economic data and the reliance on
a number of assumptions. The estimates of the reserves may change, based on additional knowledge gained subsequent to the initial assessment. This may include additional data available from continuing exploration, results from the reconciliation of
actual mining production data against the original reserve estimates, or the impact of economic factors such as changes in the price of commodities or the cost of components of production. A change in the original estimate of reserves would result
in a change in the rate of depletion and depreciation of the related mining assets or could result in impairment resulting in a write-down of the assets.</P>
<P align="justify">
<U>Decommissioning Liabilities</U><BR>
</P>
<P align="justify">
The Company has an obligation to undertake restoration, rehabilitation and environmental work when environmental disturbance is caused by the development and ongoing production of a mining property, as well as the decommissioning of the plant or
other restoration work. A provision for environmental rehabilitation has been estimated based on the Company&#146;s interpretation of current regulatory requirements and is recognized at the present value of such costs.<B> </B></P>
<P align="justify">
The Company, using mine closure plans or other similar studies that outline the requirements planned to be carried out, estimates the future obligations from mine closure activities. Since the obligations are dependent on the laws and regulations of
the country in which the mines operate, the requirements could change resulting from amendments in those laws and regulations relating to environmental protection and other legislation affecting resource companies. </P>
<P align="justify">
Initially, decommissioning liabilities is recognized at its fair value in the period in which it is incurred. Upon initial recognition of the liability, the corresponding cost is added to the carrying amount of the related asset and the cost is
amortized as an expense over the economic life of the asset using either the unit-of-production method or the straight-line method, as appropriate. Following the initial recognition of the decommissioning liabilities, the carrying amount of the
liability is increased for the passage of time and adjusted for changes to the amount or timing of the underlying cash flows and the liability-specific discount rate needed to settle the obligation. </P>
<P align="justify">
As the estimate of obligations is based on future expectations, in the determination of closure provisions, management makes a number of assumptions and judgments. The liability is accreted over time to the amount ultimately payable through periodic
charges to earnings.  The undiscounted amount of estimated cash flows required to settle the Company&#146;s estimated obligations is discounted using a risk free discount rate. The closure provisions are more uncertain the further into the future
the mine closure activities are to be carried out. Actual costs incurred in future periods related to the disruption to date could differ materially from the discounted future value estimated by the Company at June 30, 2011. </P>
<P align="justify">
<U>Income Taxes</U><BR>
</P>
<P align="justify">
Deferred income tax assets and liabilities are computed based on differences between the carrying amounts of assets and liabilities on the balance sheet and their corresponding tax values, using the substantively enacted income tax rates at each
balance sheet date.  Deferred income tax assets also result from unused loss carry-forwards and other deductions. The valuation of deferred income tax assets is reviewed quarterly and adjusted, if necessary, by use of a valuation allowance to
reflect the estimated realizable amount. </P>
<P align="justify">
The determination of the ability of the Company to utilize tax loss carry-forwards to offset deferred income tax payable requires management to exercise judgment and make assumptions about the future performance of the Company.</P>
<P align="justify">
Management executed a corporate restructuring for tax purposes that became effective January 1, 2008, enabling it on a limited basis to consolidate its tax losses of certain subsidiaries against the taxable incomes of other
subsidiaries. Co-incident with the tax consolidation, Mexico introduced an alternative minimum tax known as the IETU, effective January 1, 2008, to attempt to limit certain companies from avoiding paying taxes on their cash earnings in Mexico.
Management has reviewed its IETU obligations and its consolidated tax position at June 30, 2011, and management assessed whether the Company is &#147;more likely than not&#148; to benefit from these tax losses prior to recording a benefit from the
tax losses. </P>
<P align="center">
-25-</P>

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<P align="justify">
In December 2009, Mexico introduced tax consolidation reform tax rules which, effective January 2010, would require companies to begin the recapture of the benefits of tax consolidation within five years of receiving the benefit, and phased in over
a five year period. First Majestic&#146;s first tax deferral benefit from consolidation was realized in 2008, and as such the benefit of tax consolidation would be recaptured from 2013 to 2018. Numerous companies in Mexico are challenging the
legality of these regressive tax reforms. It is unlikely that the outcome of these challenges will be determinable for several years. </P>
<P align="justify">
Other changes in economic conditions, metal prices and other factors could result in revisions to the estimates of the benefits to be realized or the timing of utilizing the losses. </P>
<P align="justify">
Due to the size, complexity and nature of the Company&#146;s operations, various tax matters arise in the ordinary course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated.
In the opinion of management, these matters will not have a material effect on the consolidated financial statements of the Company.<B> </B></P>
<P align="justify">
<U>Share</U><U>-</U><U>based Payments</U><BR>
</P>
<P align="justify">
The Company uses the Black-Scholes Option Pricing Model. Option pricing models require the input of subjective assumptions including the expected price volatility. Changes in the input assumptions can materially affect the fair value estimate, and
therefore the existing models do not necessarily provide an accurate single measure of the actual fair value of the Company&#146;s stock options granted during the year. </P>
<P align="justify">
<B>TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (&#147;IFRS&#148;) </B></P>
<P align="justify">
IFRS represents standards and interpretations approved by the International Accounting Standards Board (&#147;IASB&#148;), and are comprised of IFRSs, International Accounting Standards (&#147;IASs&#148;), and interpretations issued by the IFRS
Interpretations Committee (&#147;IFRICs&#148;) or the former Standing Interpretations committee (&#147;SICs&#148;).</P>
<P align="justify">
Effective January 1, 2011, the Company prepares its financial statements in accordance with IFRS.  The comparative financial information of 2010 in the MD&amp;A has also been restated to conform with IFRS. This MD&amp;A should be read in conjunction
with Note 24 &#147;First Time Adoption of IFRS&#148; of the Company&#146;s consolidated interim financial statements for the three months ended March 31, 2011 and Note 27 of the consolidated interim financial statements for the quarter and six
months ended June 30, 2011. </P>
<P align="justify">
<B>INTERNAL CONTROL OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES </B></P>
<P align="justify">
The Company&#146;s management is responsible for establishing and maintaining adequate internal control over financial reporting.  Any system of control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even
those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. The Company&#146;s officers and management are also responsible for establishing and maintaining
disclosure controls and procedures for the Company.  These disclosure controls and procedures are designed to provide reasonable assurance that any information required to be disclosed by the Company under securities legislation is recorded,
processed, summarized and reported within the applicable time periods and to ensure that required information is gathered and communicated to the Company&#146;s management so that decisions can be made about timely disclosure of that information.
</P>
<P align="center">
-26-</P>

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<A name="page_27"></A>

<P align="justify">
<B>OTHER MD&amp;A REQUIREMENTS</B><BR>
</P>
<P align="justify">
Additional information relating to the Company may be found on or in:</P>
<UL style="text-align:justify;">
<LI>
<p style="margin-top: 0; margin-bottom: 12">SEDAR at www.sedar.com,</LI>
<LI>
<p style="margin-top: 0; margin-bottom: 12">the Company&#146;s Annual Information Form,</LI>
<LI>
<p style="margin-top: 0; margin-bottom: 12">the Company&#146;s audited consolidated financial statements for the year ended December 31, 2010.</LI>
</UL>
<P align="center">
-27-</P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
